Exam 1: Marketing: the Art and Science of Satisfying Customers

Buzz marketing is "spreading the word about a product or service" in an informal fashion. Due to the Internet, companies can do little to control or direct this type of consumer dialogue.

A trade dispute in Nigeria, a pipeline rupture in Alberta, or a tsunami in Asia can impact the price of everything from cars to clothing. The increased costs can be attributed solely to the cost of the gasoline used to deliver these goods.

Firms that narrowly define their organizational goals can avoid the problem of marketing myopia.

The limitation of a strategic alliance is that it eliminates competitive advantage.

Which factor contributed to the transition from the production era to the sales era?

While social responsibility varies from country to country, ethical behaviour is the same everywhere.

What is involved in the selling function of marketing?

Marketing is the indirect connection between a firm and its customers.

An exchange process is an activity in which two or more parties give something of value to each other to satisfy perceived needs.

One important difference between for-profit and not-for-profit organizations is that for-profits often market to multiple publics rather than the single public on which not-for-profits may focus.

In relationship marketing, employees serve customers within an organization as well as outside it.

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -"Word-of-mouth" advertising that has grown in effectiveness with the advent of the Internet is called _____.

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

Many hotel chains offer free stays and other perks to repeat customers. What is this an example of?

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -results from management's failure to recognize the scope of its business.

The marketing era is defined by the shift in focus from products and sales to satisfying a consumer's needs.

Honda Canada provides credit to Honda dealers, as well as buyers. What function is this an example of?

What term refers to items that can be produced, used, and disposed of with minimal impact on the environment?

What is the major difference between the sales era and marketing era?

The marketing department at Sun Oil Company uses the printing services within its own company to design, edit, and print marketing materials. After mistakes and missed deadlines, the marketing department hires an outside printer. Using the transaction-based marketing theory, the Sun Oil printing department lost a customer when its own marketing department outsourced the printing.