Question 1

People with both the desire and ability to buy a specific offering are referred to as a __________.

Accepted Answer

A)  customer pool
B)  customer base
C)  market
D)  sales set
E)  target segmentF) A) and E)
G) B) and D)

Question 2

The marketing mix elements are called __________ because they are under the jurisdiction of the marketing department in an organization.

Accepted Answer

A)  priorities factors
B)  controllable factors
C)  profitability factors
D)  pricing factors
E)  placement factorsF) All of the above
G) C) and D)

Question 3

Many large consulting firms are beginning to sponsor "women-only" networking events.The purpose of these events is to offer an opportunity for women in management to network with other women, either clients or mentors or protégés.This is an example of what type of environmental force?

Accepted Answer

A)  Social
B)  Economic
C)  Technological
D)  Competitive
E)  RegulatoryF) B) and D)
G) B) and C)

Question 4

Intangible concepts and thoughts about products, actions, or causes are called __________.

Accepted Answer

A)  ethics
B)  macromarketing
C)  goods
D)  services
E)  ideasF) C) and E)
G) B) and E)

Question 5

The benefits or customer value received by users of a product is called __________.

Accepted Answer

A)  utility
B)  synergy
C)  consumerism
D)  cost-benefit ratio
E)  buyer-seller reciprocityF) All of the above
G) A) and D)

Question 6

Why are you, as a student, already somewhat of an expert in marketing before taking this course? Provide a specific example from your own personal experience and relate it to something you just "formally" learned in this chapter.

Accepted Answer

Students are, in a sense, marketing expe...

Question 7

Who benefits from marketing in U.S.society, and how?

Accepted Answer

Virtually everyone benefits from marketi...

Question 8

It is said that goods, services, and ideas are marketed.Define goods, services, and ideas and give at least one example of each.

Accepted Answer

Goods are physical objects, such as toot...

Question 9

Marketing program refers to

Accepted Answer

A)  a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
B)  the process of selecting specific product benefits and attributes to be added or subtracted to a given product in order to create variations within a product line.
C)  the marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem.
D)  the allocation of resources within a firm towards individual marketing programs.
E)  the selection of personnel and the assignment of specific job responsibilities for a given product or product line.F) B) and D)
G) A) and B)

Question 10

Customer relationship management (CRM)  is most closely related to the __________ era in U.S.business history because it aids businesses in practicing a market orientation.

Accepted Answer

A)  production
B)  sales
C)  marketing concept
D)  customer relationship
E)  societal marketingF) None of the above
G) C) and E)

Question 11

The process of taking wool off sheep and using it to make soft sweaters shows how manufacturing can create __________ utility.

Accepted Answer

A)  time
B)  place
C)  possession
D)  market
E)  formF) A) and E)
G) C) and D)

Question 12

The five major environmental forces considered in marketing are

Accepted Answer

A)  climate change, natural resources, pollution, natural disasters, and global conflict (war) .
B)  corporate ownership, internal management, supplier relations, manufacturing capabilities, and consumer demand.
C)  product, price, promotion, place, and process.
D)  social, technological, economic, competitive, and regulatory.
E)  natural resources, weather, social awareness, economic factors, and regulation.F) A) and B)
G) A) and C)

Question 13

Market refers to

Accepted Answer

A)  people united by a similar need or desire for a particular product or service.
B)  people with both the desire and ability to buy a specific offering.
C)  the central location for all buying and selling of commodities.
D)  a physical edifice, whether temporary, rented, leased, or permanent, that offers both a place to show one's wares and the materials necessary to complete an exchange.
E)  a location either permanent or temporary used to safely store or display merchandise of a specific form or type.F) A) and B)
G) B) and C)

Question 14

Which of the following statements about the study of marketing is most accurate?

Accepted Answer

A)  Unless you take a marketing class, you will never truly know anything about marketing.
B)  Marketing is nothing more than common sense; unfortunately most people have none.
C)  Marketing cannot really be taught.It requires an innate sense of creativity; you either have it or you don't.
D)  You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.
E)  You can call yourself a marketing expert only if you have been in sales (even if you only sold something as a child) .F) A) and D)
G) A) and C)

Question 15

The internal response that customers have to all aspects of an organization and its offerings is referred to as __________.

Accepted Answer

A)  customer experience
B)  primary encounters
C)  internal customer audit
D)  reactionary response rate
E)  impression assessmentF) B) and D)
G) A) and B)

Question 16

An organization that focuses its efforts on continuously collecting information about customers' needs and competitors' capabilities, sharing this information across departments, and using the information to create customer values is said to

Accepted Answer

A)  stress the societal marketing concept.
B)  have a focus on macromarketing.
C)  have a nonprofit orientation.
D)  have a market orientation.
E)  have a profit maximization orientation.F) A) and E)
G) A) and D)

Question 17

The period of American business history when firms could produce more than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Accepted Answer

A)  marketing concept
B)  production
C)  sales
D)  societal marketing concept
E)  consumerismF) None of the above
G) All of the above

Question 18

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets.This statement deals with which part of the marketing mix?

Accepted Answer

A)  Product
B)  Process
C)  Price
D)  Place
E)  Target marketsF) A) and E)
G) A) and B)

Question 19

The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.

Accepted Answer

A)  product
B)  price
C)  promotion
D)  place
E)  philanthropyF) None of the above
G) A) and B)

Question 20

Whether an individual is buying for personal use or use for his household, or an organization is buying for its own use or for resale, the individual or organization would be considered

Accepted Answer

A)  a prospective customer.
B)  the primary marketing decision maker.
C)  a potential marketing risk.
D)  an informed buyer.
E)  an unqualified prospect.F) A) and B)
G) C) and E)

Exam 1: Creating Customer Relationships and Value Through Marketing

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets.This statement deals with which part of the marketing mix?

Correct AnswerverifiedShow Answer

Who benefits from marketing in U.S.society, and how?

Correct AnswerverifiedVirtually everyone benefits from marketi...View AnswerShow Answer

Intangible concepts and thoughts about products, actions, or causes are called __________.

Correct AnswerverifiedShow Answer

The period of American business history when firms could produce more than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Correct AnswerverifiedShow Answer

Whether an individual is buying for personal use or use for his household, or an organization is buying for its own use or for resale, the individual or organization would be considered

Correct AnswerverifiedShow Answer

The internal response that customers have to all aspects of an organization and its offerings is referred to as __________.

Correct AnswerverifiedShow Answer

An organization that focuses its efforts on continuously collecting information about customers' needs and competitors' capabilities, sharing this information across departments, and using the information to create customer values is said to

Correct AnswerverifiedShow Answer

The marketing mix elements are called __________ because they are under the jurisdiction of the marketing department in an organization.

Correct AnswerverifiedShow Answer

Why are you, as a student, already somewhat of an expert in marketing before taking this course? Provide a specific example from your own personal experience and relate it to something you just "formally" learned in this chapter.

Correct AnswerverifiedStudents are, in a sense, marketing expe...View AnswerShow Answer

Which of the following statements about the study of marketing is most accurate?

Correct AnswerverifiedShow Answer

Market refers to

Correct AnswerverifiedShow Answer

Marketing program refers to

Correct AnswerverifiedShow Answer

People with both the desire and ability to buy a specific offering are referred to as a __________.

Correct AnswerverifiedShow Answer

It is said that goods, services, and ideas are marketed.Define goods, services, and ideas and give at least one example of each.

Correct AnswerverifiedGoods are physical objects, such as toot...View AnswerShow Answer

Customer relationship management (CRM) is most closely related to the __________ era in U.S.business history because it aids businesses in practicing a market orientation.

Correct AnswerverifiedShow Answer

The benefits or customer value received by users of a product is called __________.

Correct AnswerverifiedShow Answer

Many large consulting firms are beginning to sponsor "women-only" networking events.The purpose of these events is to offer an opportunity for women in management to network with other women, either clients or mentors or protégés.This is an example of what type of environmental force?

Correct AnswerverifiedShow Answer

The five major environmental forces considered in marketing are

Correct AnswerverifiedShow Answer

The process of taking wool off sheep and using it to make soft sweaters shows how manufacturing can create __________ utility.

Correct AnswerverifiedShow Answer

The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.

Correct AnswerverifiedShow Answer

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Virtually everyone benefits from marketi...
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Students are, in a sense, marketing expe...
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Goods are physical objects, such as toot...
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