Question 1

Your friend is writing a "how-to" book and asks you for marketing advice. You start by exploring the four Ps. What questions will you ask? Be specific.

Accepted Answer

Product-related questions should relate ...

Question 2

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.

Accepted Answer

A)   B2C
B)   C2B
C)   B2B
D)   C2C
E)   underground

Question 3

When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

Accepted Answer

A) True 
 B)False

Question 4

Many marketing students initially overlook the importance of marketing channel management because

Accepted Answer

A)   marketing has no responsibility for supply chain management.
B)   marketing channel management doesn't add much value for customers.
C)   companies do not want customers to know anything about the supply chain.
D)   many of these activities take place behind the scenes.
E)   marketing channel management is already transparent.

Question 5

Marketing is important because without it, it would be difficult for any of us to learn about new products and services.

Accepted Answer

A) True 
 B)False

Question 6

Xavier must determine the price of his products carefully on the basis of the potential buyer's interest in his products and

Accepted Answer

A)   a thorough knowledge of his brand messages.
B)   the buyer's belief about the products' value.
C)   knowledge of competing products.
D)   ability to negotiate discounts.
E)   susceptibility to traditional marketing alternatives.

Question 7

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?

Accepted Answer

A)   around the turn of the 20th century
B)   shortly before the Great Depression
C)   just after World War II
D)   during the Roaring Twenties
E)   during the civil rights movement

Question 8

Which of the following is true with regard to mobile advertising?

Accepted Answer

A)   Within just a couple of years, mobile advertising will be a smaller market than digital advertising.
B)   Within just a couple of years, mobile advertising will be a bigger market than digital advertising.
C)   Within just a couple of years, the mobile advertising market will be equal to that of the digital advertising market.
D)   Companies no longer advertise using mobile marketing.
E)   The approach and marketing plan of mobile advertising is the same as the approach and marketing plan of digital advertising.

Question 9

Marketers must determine the price of a product carefully on the basis of the potential buyer's beliefs about

Accepted Answer

A)   its value.
B)   the environment.
C)   the cost to manufacture the product.
D)   the economic outlook.
E)   the product's new advertising campaign.

Question 10

Marketing channel management is also known as

Accepted Answer

A)   endless chain marketing.
B)   a transactional orientation.
C)   wholesaling.
D)   production management.
E)   supply chain management.

Question 11

Value is what you get for what you give.

Accepted Answer

A) True 
 B)False

Question 12

When Apple makes innovations compatible with its existing products, it is encouraging consumers to maintain long-term relationships with the company.

Accepted Answer

A) True 
 B)False

Question 13

Which type of orientation would you expect among ethically challenged marketers: a relational or transactional orientation? Explain.

Accepted Answer

A transactional orientation, b...

Question 14

Marketing enriches society by

Accepted Answer

A)   focusing primarily on maximizing profits to stimulate the economy.
B)   making socially responsible action a core component of everything a firm does.
C)   staying focused on its own core competencies.
D)   facilitating the smooth flow of goods through the supply chain.
E)   coordinating marketing functions with other functional areas in the company.

Question 15

Yolanda is the new restaurant manager in a major hotel. When considering which changes would most likely increase the restaurant's value to customers, Yolanda must provide her customers the menu items that they want and the quality service that they need as well as

Accepted Answer

A)   a better dining experience than what her competitors can give.
B)   increase prices to increase revenue.
C)   offset higher hotel rates with lower restaurant prices.
D)   reduce customer expectations through reduced service.
E)   minimize menu items but increase the price of popular entrees.

Question 16

Firms become value driven, in part, by sharing information about their customers and competitors across their own organization and other firms.

Accepted Answer

A) True 
 B)False

Question 17

Value-oriented marketers constantly measure

Accepted Answer

A)   promotional effectiveness against ethical advertising standards.
B)   the problem of price maximization against cost-efficiency.
C)   perceived customer benefits against the costs of their offerings.
D)   the desire to achieve against the need for a stable source of supply.
E)   the goal of efficiency against the price charged by competitors.

Question 18

In their battle for chocolate lovers, Godiva and Hershey's must divide the population into different categories of consumers, for example, luxury versus cost-conscious, those looking for a quick energy boost versus those looking for a gift for a loved one.

Accepted Answer

A) True 
 B)False

Question 19

A friend of yours is starting a new business. She is confident that her product is superior to her competitors' and doesn't want to budget any money for marketing. You would recommend that she rethink her position on marketing for all of the following reasons except

Accepted Answer

A)   marketing helps new ventures organize, operate, and assess risk.
B)   marketers help address unmet customer needs, regardless of the size of the firm.
C)   marketing focuses on the product, but only as one element; three other areas are promotion, price, and place.
D)   marketers are skilled at communicating the value of the product to potential customers.
E)   marketing isn't essential now, but it will be in a year or two when the product takes off.

Question 20

Which of the following statements reflects the philosophy of the market-oriented era?

Accepted Answer

A)   A good product will sell itself.
B)   The customer is king.
C)   Firms should take advantage of a seller's market.
D)   Advertising and personal selling should be emphasized in order to make the sale.
E)   Firms should focus on value.

Exam 1: Overview of Marketing

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?

Correct AnswerverifiedShow Answer

When Apple makes innovations compatible with its existing products, it is encouraging consumers to maintain long-term relationships with the company.

Correct AnswerverifiedShow Answer

Marketing is important because without it, it would be difficult for any of us to learn about new products and services.

Correct AnswerverifiedShow Answer

A friend of yours is starting a new business. She is confident that her product is superior to her competitors' and doesn't want to budget any money for marketing. You would recommend that she rethink her position on marketing for all of the following reasons except

Correct AnswerverifiedShow Answer

Which type of orientation would you expect among ethically challenged marketers: a relational or transactional orientation? Explain.

Correct AnswerverifiedA transactional orientation, b...View AnswerShow Answer

Marketing channel management is also known as

Correct AnswerverifiedShow Answer

Firms become value driven, in part, by sharing information about their customers and competitors across their own organization and other firms.

Correct AnswerverifiedShow Answer

Which of the following is true with regard to mobile advertising?

Correct AnswerverifiedShow Answer

Marketing enriches society by

Correct AnswerverifiedShow Answer

Value-oriented marketers constantly measure

Correct AnswerverifiedShow Answer

Yolanda is the new restaurant manager in a major hotel. When considering which changes would most likely increase the restaurant's value to customers, Yolanda must provide her customers the menu items that they want and the quality service that they need as well as

Correct AnswerverifiedShow Answer

Your friend is writing a "how-to" book and asks you for marketing advice. You start by exploring the four Ps. What questions will you ask? Be specific.

Correct AnswerverifiedProduct-related questions should relate ...View AnswerShow Answer

Many marketing students initially overlook the importance of marketing channel management because

Correct AnswerverifiedShow Answer

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.

Correct AnswerverifiedShow Answer

When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

Correct AnswerverifiedShow Answer

Marketers must determine the price of a product carefully on the basis of the potential buyer's beliefs about

Correct AnswerverifiedShow Answer

Xavier must determine the price of his products carefully on the basis of the potential buyer's interest in his products and

Correct AnswerverifiedShow Answer

Which of the following statements reflects the philosophy of the market-oriented era?

Correct AnswerverifiedShow Answer

In their battle for chocolate lovers, Godiva and Hershey's must divide the population into different categories of consumers, for example, luxury versus cost-conscious, those looking for a quick energy boost versus those looking for a gift for a loved one.

Correct AnswerverifiedShow Answer

Value is what you get for what you give.

Correct AnswerverifiedShow Answer

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A transactional orientation, b...
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Product-related questions should relate ...
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