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

For-profit organizations tend to focus more on their customers than not-for-profits do.

Which of the following involves marketing philosophies, policies, procedures, and actions whose primary objective is the enhancement of society?

Assume you want to increase the number of customers by applying the marketing concept. Which strategy would be most likely to use?

What must all organizations create in order to survive?

Virtually all colleges and universities have alumni associations that publish magazines, hold reunions, and try to raise funds. These activities constitute organization marketing.

Relationship marketing begins once the sales transaction is completed.

Which statement best describes the marketing era?

Wesley Pvt. Ltd. can avoid marketing myopia by finding innovative ways to reach new markets with existing goods and services.

What is the basic objective of place marketing?

Some not-for-profit organizations have adopted the marketing concept by partnering with for-profit companies.

In the global marketplace, brand standardization is the most effective way to market products. For example, having a single product name, such as Coke, Toshiba, or BMW, allows a company to create a universal marketing program that can be implemented to attract consumers from all the countries in which it markets.

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 did Sally encounter?

Which statement is most accurate when considering not-for-profit organizations against for-profit organizations?

Taylor purchased a new TV at Best Buy. Later that evening he invited his cousin, Marshall, to watch a baseball game. Impressed with the TV's performance, Marshall went home and purchased the same TV on Best Buy's website. Time, place, and ownership utility were created for Marshall.

Interactive marketing allows marketers and consumers to customize their communication.

The definition of marketing includes the assumption that the marketing processes will be conducted ethically and will serve the best interests of society, as well as the organization.

A problem unique to the not-for-profit organization is the major contributor who tries to interfere with the organization's marketing program to promote a message the contributor believes is relevant, rather than one the organization thinks is appropriate.

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 -A(n) _____ occurs when there are more sellers (or products) than buyers.

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 -are intermediaries that operate between producers and resellers.

What management approach would most likely endanger the future growth of a company?