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Exam 1: Marketing: the Art of Satisfying Customers

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Question 1

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The utility of a product or service is its:

A) want-satisfying power.
B) reusability.
C) function as a commodity.
D) design quality.

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Question 2

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At the local farmer's market, you sell one-pound bags of organically grown and naturally dried beans. In your business, standardizing and grading is a common function, as exemplified by which of the following?

A) Redesigning your packaging so your bags, labels, business cards, and website have the same look and feel
B) Narrowing your product offering to six different kinds of beans
C) Adding labels that explain the criteria for being an "organic" farmer
D) Removing as many bad beans as possible before bagging

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Question 3

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As the marketing manager for a small video game developer, you are constantly participating in and monitoring your company's social media feeds. Not only is it a great way to inform your customers about your products and build relationships, it's also an excellent tool for gathering customer feedback that you report out to your product development team. Social media participation is part of both the ______ and ______ strategies for your organization.

There's a new pricing strategy at Big Apple Bagel Bakery, which means they're going:

As the marketing director for Kia Motors, you've been tasked with marketing a new, moderately priced vehicle that runs on gas or electric and meets high safety standards. It seats up to five, holds a lot of cargo, and features an onboard vacuum cleaner. Which of the following market segments will you focus on primarily?

You've certainly got your customers' paper needs covered! Not only do you sell copier paper for businesses of all sizes, you will retrieve paper files for either storage or destruction (shredding) . Of the following activities, which would you say best represents the function of storing in your business?

The marketing concept focuses on the objective of achieving short-term profits instead of long-run success during tough economic times.

Phoebe was asked to bring a can of food for the local food bank as the "price of admission" for a certain ceremony. This is an example of _____.

Your fruit juice brand is known worldwide, but you're always looking for new tactics to incorporate into your distribution strategy. Which of the following options do you find most appealing in terms of expanding your distribution network?

The application of relationship marketing requires attention to levels of customer loyalty. Which of the following is the highest level as defined by this type of marketing?

Which of the following factors contributed to the transition from the production era to the sales era?

Melissa is campaigning for Janet, her friend, who is contesting for the presidency of the student council at Riverdale Junior College. Melissa's effort is an example of _____ marketing.

Explain how the economy influences an organization's pricing strategy. Then choose an industry and provide an example of how the economy has affected the pricing strategy of the major players in that industry.

Edward Don & Company maintains over 12,000 food service and supply items for the hospitality industry as well as any organization that provides food service such as hospitals, schools, or prisons. Customers enjoy the opportunity to streamline their transactions by purchasing a large number of items from a single company. Customers may place orders online or order from their Edward Don sales representative. Edward Don purchases their items directly from the manufacturer and provides them to the business customer. What business function does Edward Don & Company provide?

In the context of marketing, which of the following is the best example of financing?

You're the marketing manager for a cellphone manufacturer, and your company has just come out with a truly unique design with unusual features. You've decided the best way to introduce this interesting new product is to offer it at a low introductory price with a rebate, and then to gradually increase the price until you find the price ceiling for it. Your plan is part of both the ______ and ______ strategies for the product.

The Parker & Frank brand is synonymous with the fine quality and exceptional styling of its leather handbags, shoes, luggage, belts, and other accessories. Earlier this year the company introduced a new direction in the company's ________: a branded line of furniture manufactured by one of the top furniture makers in the country.

When bad weather damages crops such as wheat and corn, food manufacturers such as Kraft often have to pass the additional cost of scarce supplies along to their customers in the form of higher prices.

Given that a farmer's products are subject to unpredictable influences such as weather and pests, a farmer could be said to be engaging in which of the Eight Universal Marketing Functions?

Fame-us is a talent hunt agency focusing on the youth looking to enter Hollywood. As part of their marketing strategy, Fame-us generates time and place utility by: