Question 1

More than half of new businesses fail within __________ years of their launch.

Accepted Answer

A)  two
B)  three
C)  four
D)  five
E)  tenF) B) and E)
G) A) and D)

Question 2

FIGURE 1-1 
-As shown in Figure 1-1 above, the __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders, its suppliers, and other organizations.

Accepted Answer

A)  purchasing
B)  marketing
C)  human resources
D)  accounting
E)  information systemsF) A) and D)
G) All of the above

Question 3

Innovators at 3M developed Scotchbrite® Never Rust Wool Soap Pads from recycled plastic bottles.Even though these soap pads are more expensive than competitive brands (Brillo and SOS) , customers are willing to pay the premium price.Customers appreciate the value of a superior product (they don't rust or scratch)  and appreciate the fact that their purchase is environmentally responsible.This demonstrates that

Accepted Answer

A)  an organization can be environmentally conscious while still satisfying its customers and remaining competitive in the market.
B)  an organization can use a customer's sense of social responsibility to its own advantage even though the effects are minimal.
C)  if a company uses recycled materials, they can always charge more than what a product is actually worth.
D)  it is more important to act in a socially responsible manner than to consider the profits and goals of the organization.
E)  the first brand that creates a new product gets to charge the highest price and make the largest profits.F) A) and D)
G) A) and E)

Question 4

Which of the following most directly explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each a month?

Accepted Answer

A)  The profit motive since aging baby boomers are a highly significant market
B)  The social responsibility concept
C)  The necessity of matching competitors' actions
D)  New regulatory Medicare mandates
E)  Increased influence of religious leaders in political affairsF) A) and D)
G) A) and E)

Question 5

Define the marketing concept.

Accepted Answer

The marketing concept is the i...

Question 6

Which of the following statements about stakeholders is most accurate?

Accepted Answer

A)  Ultimately the only stakeholder is the customer.
B)  The organization doing the marketing, suppliers, shareholders, employees, and consumers are all potential stakeholders.Ultimately all of society should benefit.
C)  Employees can be stakeholders only if they own shares in their company.
D)  Suppliers are the most important stakeholders because without them, products could never reach the consumer.
E)  The only way to be a stakeholder is to have a financial investment in a good, idea, or service.F) None of the above
G) A) and E)

Question 7

Marketing managers used a combination of four tools in order to develop a complete marketing program to reach consumers.Briefly define these four tools.

Accepted Answer

To reach consumers, marketing managers u...

Question 8

The four Ps are commonly known as

Accepted Answer

A)  the environmental or uncontrollable factors.
B)  the environmental or controllable factors.
C)  the marketing mix or controllable factors.
D)  the marketing mix or uncontrollable factors.
E)  predict, produce, price, and promote.F) B) and D)
G) D) and E)

Question 9

A television advertisement shows several teenagers searching through the refrigerator for something to quench their thirst.The refrigerator offers the youngsters many alternatives-soft drinks, fruit drinks, sport drinks, and bottles of Sunny Delight drinks.The ad, which shows the teens happily selecting Sunny Delight over all the other product offerings, appeals to the consumers' __________ for liquid and attempts to shape consumers' __________ for the advertised product.

Accepted Answer

A)  wants; needs
B)  wants; desire
C)  desire; needs
D)  needs; wants
E)  needs; preferencesF) A) and E)
G) A) and B)

Question 10

Which of the following best describes the concept of social entrepreneurship?

Accepted Answer

A)  A method of assessing needs in order to facilitate communicating and exchange.
B)  A place where two or more people gather to bargain prices and conduct exchanges.
C)  A method of promotion and a simple way to place the product with the customer.
D)  Innovative activities that help solve the practical needs of society.
E)  A view that organizations should discover and satisfy the needs of society.F) A) and E)
G) A) and C)

Question 11

Jakubowski Farms Gourmet Bread Base is the brand name for a mix designed for use in bread machines.The mixes are sold in 2-pound canisters for $14.99 plus postage.The products are only available through the mail.People learn about the product through word-of-mouth and through bread machine demonstrations the company's founder gives to groups in the area of Wisconsin where she lives.This is a description of the company's

Accepted Answer

A)  action plan.
B)  market segmentation strategy.
C)  mission statement.
D)  marketing mix.
E)  target market.F) D) and E)
G) A) and B)

Question 12

Identify the six types of pre-launch issue that needed to be addressed before the Post-it® Flag Highlighter could be introduced.

Accepted Answer

The types of pre-launch issues...

Question 13

Today's __________ era is one in which firms seek continuously to satisfy the high expectations of customers.

Accepted Answer

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

Question 14

In the 1960s, marketing became the motivating force among many American firms and the __________ dawned.

Accepted Answer

A)  sales era
B)  production era
C)  age of consumerism
D)  marketing concept era
E)  customer relationship eraF) A) and E)
G) B) and D)

Question 15

Marketing mix refers to

Accepted Answer

A)  the multiple strategies that can be used to promote a product.
B)  the uncontrollable factors-social, economic, technological, competitive, and regulatory forces to which the marketing manager must constantly adapt.
C)  the marketing manager's controllable factors-product, price, promotion, and place--that can be used to solve marketing problems.
D)  the multiple channels of distribution by which a product will ultimately reach the consumer.
E)  a set of complementary products that when sold together generate more sales than when sold apart.F) B) and E)
G) A) and B)

Question 16

Imagine you have the sole marketing rights to a new herbal shampoo that stops hair loss and actually causes new hair growth.You plan to sell your product on an Internet site, which you will advertise on late night television.You are also hoping to obtain free publicity in men's fashion magazines.You are planning to sell a 15-ounce bottle for $24.99 plus $7.99 shipping and handling.Using the information provided, identify each element of your marketing mix.Identify the target market for your shampoo and explain how can you use relationship marketing to increase sales?

Accepted Answer

The shampoo is the product element.The I...

Question 17

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange.To marketing people exchange refers to the

Accepted Answer

A)  negotiation phase between the manufacturer and the seller.
B)  financial remuneration (monetary payment)  for an item or service.
C)  trade of things of value between buyer and seller so that each is better off after the trade.
D)  bartering of goods and services for other goods and services of greater or equal value.
E)  acquisition of something of value that equals or exceeds the customer's expectations.F) A) and D)
G) B) and C)

Question 18

Which of the following statements about customer value is most accurate?

Accepted Answer

A)  Firms gain loyal customers by providing unique value.
B)  Loyal customers are less profitable in the long-run since they expect the lower initial price offering.
C)  Research suggests that all firms can provide value to everyone.
D)  It is impossible to place a dollar value on a loyal satisfied customer.
E)  Quality, price, convenience, on-time delivery, and both before-sale and after-sale service are all elements used to create unique benefits to targeted buyers.F) None of the above
G) A) and E)

Question 19

while also trying to achieve the organization's goals is referred to as the

Accepted Answer

A)  sales concept.
B)  societal marketing concept.
C)  marketing concept.
D)  relationship marketing concept.
E)  customer value concept.F) C) and D)
G) All of the above

Question 20

Explain what is meant by the concept of marketing utility.Identify and describe the four utilities created by marketing.

Accepted Answer

Marketing creates utility, the benefits ...

Exam 1: Creating Customer Relationships and Value Through Marketing

Which of the following most directly explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each a month?

Correct Answer
verified

Define the marketing concept.

Correct Answer
verified
The marketing concept is the i...
View Answer

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange.To marketing people exchange refers to the

Correct Answer
verified

Marketing mix refers to

Correct Answer
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Correct Answer
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The shampoo is the product element.The I...
View Answer

Correct Answer
verified

Which of the following statements about stakeholders is most accurate?

Correct Answer
verified

More than half of new businesses fail within __________ years of their launch.

Correct Answer
verified

while also trying to achieve the organization's goals is referred to as the

Correct Answer
verified

In the 1960s, marketing became the motivating force among many American firms and the __________ dawned.

Correct Answer
verified

Correct Answer
verified

Explain what is meant by the concept of marketing utility.Identify and describe the four utilities created by marketing.

Correct Answer
verified
Marketing creates utility, the benefits ...
View Answer

The four Ps are commonly known as

Correct Answer
verified

Identify the six types of pre-launch issue that needed to be addressed before the Post-it^® Flag Highlighter could be introduced.

Correct Answer
verified
The types of pre-launch issues...
View Answer

Today's __________ era is one in which firms seek continuously to satisfy the high expectations of customers.

Correct Answer
verified

Which of the following statements about customer value is most accurate?

Correct Answer
verified

Marketing managers used a combination of four tools in order to develop a complete marketing program to reach consumers.Briefly define these four tools.

Correct Answer
verified
To reach consumers, marketing managers u...
View Answer

FIGURE 1-1 -As shown in Figure 1-1 above, the __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders, its suppliers, and other organizations.

Correct Answer
verified

Correct Answer
verified

Which of the following best describes the concept of social entrepreneurship?

Correct Answer
verified

Exam 1: Creating Customer Relationships and Value Through Marketing

Which of the following most directly explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each a month?

Correct AnswerverifiedShow Answer

Define the marketing concept.

Correct AnswerverifiedThe marketing concept is the i...View AnswerShow Answer

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange.To marketing people exchange refers to the

Correct AnswerverifiedShow Answer

Marketing mix refers to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe shampoo is the product element.The I...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Which of the following statements about stakeholders is most accurate?

Correct AnswerverifiedShow Answer

More than half of new businesses fail within __________ years of their launch.

Correct AnswerverifiedShow Answer

while also trying to achieve the organization's goals is referred to as the

Correct AnswerverifiedShow Answer

In the 1960s, marketing became the motivating force among many American firms and the __________ dawned.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Explain what is meant by the concept of marketing utility.Identify and describe the four utilities created by marketing.

Correct AnswerverifiedMarketing creates utility, the benefits ...View AnswerShow Answer

The four Ps are commonly known as

Correct AnswerverifiedShow Answer

Identify the six types of pre-launch issue that needed to be addressed before the Post-it® Flag Highlighter could be introduced.

Correct AnswerverifiedThe types of pre-launch issues...View AnswerShow Answer

Today's __________ era is one in which firms seek continuously to satisfy the high expectations of customers.

Correct AnswerverifiedShow Answer

Which of the following statements about customer value is most accurate?

Correct AnswerverifiedShow Answer

Marketing managers used a combination of four tools in order to develop a complete marketing program to reach consumers.Briefly define these four tools.

Correct AnswerverifiedTo reach consumers, marketing managers u...View AnswerShow Answer

FIGURE 1-1 -As shown in Figure 1-1 above, the __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders, its suppliers, and other organizations.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following best describes the concept of social entrepreneurship?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
The marketing concept is the i...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The shampoo is the product element.The I...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Marketing creates utility, the benefits ...
View Answer

Correct Answer
verified

Identify the six types of pre-launch issue that needed to be addressed before the Post-it^® Flag Highlighter could be introduced.

Correct Answer
verified
The types of pre-launch issues...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
To reach consumers, marketing managers u...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified