Exam 1: Marketing: the Art of Satisfying Customers

Nations Bank has engaged in extensive marketing research to learn more about its customers - especially those in the 18 to 30 age group. The research identified that these consumers do not enjoy visiting a bank branch location and prefer to manage their banking via their smart phone, tablet, or computer. The bank has invested in sophisticated applications that enable consumers to deposit checks, check their balances, pay bills, and transfer funds. Nations Bank believes this investment in research to understand consumer needs enables them to develop the right array of services that will lead to improved market success and overall performance. This is an example of a(n):

Within a business environment, the marketing function is responsible for the creation of time, place, and ownership utility, whereas the production function creates form utility.

Availability of goods and services at convenient locations creates:

When a company pays a market research firm to conduct a marketing research project, it is engaging in which one of the Eight Universal Marketing Functions?

The advent of a strong buyer's market created the need for consumer orientation by businesses.

Of the following actions, which one is most likely to be part of the new promotion strategy at Panera Bread?

In the sales era, firms attempted to match their output to the potential number of customers who would want it.

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

Which of the following is a combination of person, cause, and organization marketing?

Relationship marketing focuses more attention on _____ customers because new customers are _____ to acquire compared to existing customers.

Compare the purchase of an AM/FM radio with the purchase of a satellite radio. Describe the creation of utility from the perspective of the manufacturer and marketer. Describe the utility relationship between the customer and the marketer.

In the practice of relationship marketing, the definition of a customer is taken to another level. Which of the following best illustrates how a company practicing relationship marketing is different from a traditional transaction-based marketer?

During the most recent Thanksgiving holiday weekend in the United States, gasoline retailers increased the price of gas an average of five cents a gallon. Which statement is most likely to be true about gasoline retailers' pricing strategy?

Marketing of sporting, cultural, and recreational activities to selected target markets is known as cause marketing.

The emergence of the marketing concept can best be explained by:

Marketing of a product begins after it hits the shelf.

Describe social marketing, and give at least three examples of the types of communications social marketers use.

Sally Myers, head of marketing at Sally's Salon, serviced six new customers over the past two weeks. Through a feedback form, Sally learned that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of:

The Mistletoe Christmas Tree Farm has been in your family for generations, and you've been running it for more than 20 years. Today you are _______, which is a good example of the universal function of buying.

Differentiate between transaction-based marketing and relationship marketing.