Question 1

Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets

Accepted Answer

A)  goods. 
B)  ideas. 
C)  services. 
D)  political figures. 
E)  applications. 
A)  goods. 
B)  ideas. 
C)  services. 
D)  political figures. 
E)  applications.

Question 2

CEO Jeff Bezos has a public e-mail address and encourages customers to contact him if they have problems that have not been resolved. Amazon.com seems to embrace a ___________ orientation.

Accepted Answer

A)  value 
B)  sales 
C)  production 
D)  stakeholder 
E)  market 
A)  value 
B)  sales 
C)  production 
D)  stakeholder 
E)  market

Question 3

A market orientation requires the organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it.

Accepted Answer

A) True 
 B)False

Question 4

To fully appreciate what an effective marketing concept means to the firm, the marketer must first understand that _______________ is the major focus of the marketing concept. This in turn should enable the firm to _______________. Ultimately, this all leads to _________________.

Accepted Answer

A)  customer satisfaction; earn long-term profits; increased shareholder value 
B)  securing management; earn long-term profits; management continuity 
C)  employee satisfaction; earn long-term profits; positive labor relations 
D)  selling products; earn long-term profits; organizational stability 
E)  regulatory compliance; earn long-term profits; reduced regulatory costs 
A)  customer satisfaction; earn long-term profits; increased shareholder value 
B)  securing management; earn long-term profits; management continuity 
C)  employee satisfaction; earn long-term profits; positive labor relations 
D)  selling products; earn long-term profits; organizational stability 
E)  regulatory compliance; earn long-term profits; reduced regulatory costs

Question 5

The equation a buyer applies to assess a product's value is

Accepted Answer

A)  value = monetary price − customer benefits. 
B)  value = customer costs − customer benefits. 
C)  value = customer benefits − customer costs. 
D)  value = customer benefits − monetary price. 
E)  value = customer benefits − time and effort. 
A)  value = monetary price − customer benefits. 
B)  value = customer costs − customer benefits. 
C)  value = customer benefits − customer costs. 
D)  value = customer benefits − monetary price. 
E)  value = customer benefits − time and effort.

Question 6

The focal point of all marketing activities

Accepted Answer

A)  are products. 
B)  is the marketing mix. 
C)  are profits. 
D)  are sales. 
E)  are customers. 
A)  are products. 
B)  is the marketing mix. 
C)  are profits. 
D)  are sales. 
E)  are customers.

Question 7

Scenario 1.3
A recent meeting of the Council of Supply Chain Management Professionals featured an executive from Dell, which is known for its ability to customize computers to customers' needs as well as their ability to provide quality products at economical prices through their retail channel. The executive discussed the capabilities of their firm regarding the ability to produce products that are "built-to-order" and noted that recent customer insight showed customers were less willing to wait 7 to 10 days to receive their computer even though it was built to their specifications. As a result of this customer trend, Dell began forging relationships with retailers such as Walmart to provide a limited number of computer models in the retailers' stores. In order to fulfill the orders to Walmart, Dell was required to make changes in their production and manufacturing such as holding more products in inventory and utilizing different modes of transportation. For example, Dell was able to shift from a focus on air transportation to over-the-road trucking, which enabled them to cut costs in some areas. As Dell shifted from a "build-to-order" manufacturer to a "make-to-stock" manufacturer, they also had to make investments in customer analytics to identify customer needs as well as collect insight regarding pricing. This customer insight was especially important to the retail partners like Walmart who require their vendors to justify product stock decisions and provide proof that retail inventory will sell at the projected price points. Dell's ability to modify their business model by forging relationships with retailers such as Walmart as well as customer insights has helped the company achieve its revenue and profitability goals.
Refer to Scenario 1.3. Which environmental factor is exemplified by the customer trend that consumers were no longer willing to wait 7 to 10 days for a "build-to-order" computer and led Dell to modify their business model to become a "make-to-stock" manufacturer?

Accepted Answer

A)  Economic 
B)  Competitive 
C)  Legal and regulatory 
D)  Sociocultural 
A)  Economic 
B)  Competitive 
C)  Legal and regulatory 
D)  Sociocultural

Question 8

Consumers buying products online have dramatically affected the ____ variable of the marketing mix.

Accepted Answer

A)  product 
B)  price 
C)  distribution 
D)  research 
E)  promotion 
A)  product 
B)  price 
C)  distribution 
D)  research 
E)  promotion

Question 9

Scenario 1.3 A recent meeting of the Council of Supply Chain Management Professionals featured an executive from Dell, which is known for its ability to customize computers to customers' needs as well as their ability to provide quality products at economical prices through their retail channel. The executive discussed the capabilities of their firm regarding the ability to produce products that are "built-to-order" and noted that recent customer insight showed customers were less willing to wait 7 to 10 days to receive their computer even though it was built to their specifications. As a result of this customer trend, Dell began forging relationships with retailers such as Walmart to provide a limited number of computer models in the retailers' stores. In order to fulfill the orders to Walmart, Dell was required to make changes in their production and manufacturing such as holding more products in inventory and utilizing different modes of transportation. For example, Dell was able to shift from a focus on air transportation to over-the-road trucking, which enabled them to cut costs in some areas. As Dell shifted from a "build-to-order" manufacturer to a "make-to-stock" manufacturer, they also had to make investments in customer analytics to identify customer needs as well as collect insight regarding pricing. This customer insight was especially important to the retail partners like Walmart who require their vendors to justify product stock decisions and provide proof that retail inventory will sell at the projected price points. Dell's ability to modify their business model by forging relationships with retailers such as Walmart as well as customer insights has helped the company achieve its revenue and profitability goals.
Refer to Scenario 1.3. Which variable of the marketing mix is most impacted by Dell's decision to become a "make-to-stock" manufacturer?

Accepted Answer

A)  Product variable 
B)  Pricing variable 
C)  Distribution variable 
D)  Promotion variable 
A)  Product variable 
B)  Pricing variable 
C)  Distribution variable 
D)  Promotion variable

Question 10

The marketing concept focuses on

Accepted Answer

A)  achieving the goals of top executives. 
B)  creating maximum visibility for the firm. 
C)  maximizing sales in a way that helps to achieve organizational objectives. 
D)  maximizing market share in a way that helps to achieve organizational objectives. 
E)  satisfying customers' needs in a way that helps to achieve organizational objectives. 
A)  achieving the goals of top executives. 
B)  creating maximum visibility for the firm. 
C)  maximizing sales in a way that helps to achieve organizational objectives. 
D)  maximizing market share in a way that helps to achieve organizational objectives. 
E)  satisfying customers' needs in a way that helps to achieve organizational objectives.

Question 11

Customers are interested in a product's price because they are concerned about the value obtained in an exchange.

Accepted Answer

A) True 
 B)False

Question 12

A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on

Accepted Answer

A)  cost-cutting measures. 
B)  continually selling to new customers and markets. 
C)  creating and maintaining satisfying exchange relationships. 
D)  high-volume, low-margin sales. 
E)  increasing shelf space for their brands. 
A)  cost-cutting measures. 
B)  continually selling to new customers and markets. 
C)  creating and maintaining satisfying exchange relationships. 
D)  high-volume, low-margin sales. 
E)  increasing shelf space for their brands.

Question 13

Which of the following would not be a customer cost considered in determination of product value?

Accepted Answer

A)  Product's purchase price 
B)  Time spent purchasing the product 
C)  Effort spent purchasing the product 
D)  Benefits received in the exchange for the products 
E)  Risk of purchasing the product 
A)  Product's purchase price 
B)  Time spent purchasing the product 
C)  Effort spent purchasing the product 
D)  Benefits received in the exchange for the products 
E)  Risk of purchasing the product

Question 14

Marketing knowledge and skills

Accepted Answer

A)  are not necessary for a nonprofit organization. 
B)  are valuable personal and professional assets. 
C)  constitute the marketing mix 
D)  were most important during the production era. 
E)  are most valuable for advertising executives but less important for wholesalers and distributors. 
A)  are not necessary for a nonprofit organization. 
B)  are valuable personal and professional assets. 
C)  constitute the marketing mix 
D)  were most important during the production era. 
E)  are most valuable for advertising executives but less important for wholesalers and distributors.

Question 15

The actual physical production of goods is a marketing activity.

Accepted Answer

A) True 
 B)False

Question 16

Marketing is the process of

Accepted Answer

A)  promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders. 
B)  creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. 
C)  delivering a standard of living to a society. 
D)  creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives. 
E)  focusing on customers' needs. 
A)  promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders. 
B)  creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. 
C)  delivering a standard of living to a society. 
D)  creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives. 
E)  focusing on customers' needs.

Question 17

The marketing concept stresses that a business organization can best achieve its goal by providing customer satisfaction through coordinated activities.

Accepted Answer

A) True 
 B)False

Question 18

The process people use to determine the value of a product is not highly scientific.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following about marketing is true?

Accepted Answer

A)  Marketing knowledge enhances consumer awareness. 
B)  Marketing is only used by for-profit and government organizations. 
C)  Marketing is more likely to lead to a more just government. 
D)  Marketing activities are declining due to new technology. 
E)  The marketing profession is the highest-paying profession. 
A)  Marketing knowledge enhances consumer awareness. 
B)  Marketing is only used by for-profit and government organizations. 
C)  Marketing is more likely to lead to a more just government. 
D)  Marketing activities are declining due to new technology. 
E)  The marketing profession is the highest-paying profession.

Question 20

Define the term value, and explain how people determine a product's value.

Accepted Answer

Value is defined as a customer's subject

Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets

CEO Jeff Bezos has a public e-mail address and encourages customers to contact him if they have problems that have not been resolved. Amazon.com seems to embrace a ___________ orientation.

A market orientation requires the organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it.

To fully appreciate what an effective marketing concept means to the firm, the marketer must first understand that _______ is the major focus of the marketing concept. This in turn should enable the firm to _. Ultimately, this all leads to ___________.

The equation a buyer applies to assess a product's value is

The focal point of all marketing activities

Consumers buying products online have dramatically affected the ____ variable of the marketing mix.

The marketing concept focuses on

Customers are interested in a product's price because they are concerned about the value obtained in an exchange.

A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on

Which of the following would not be a customer cost considered in determination of product value?

Marketing knowledge and skills

The actual physical production of goods is a marketing activity.

Marketing is the process of

The marketing concept stresses that a business organization can best achieve its goal by providing customer satisfaction through coordinated activities.

The process people use to determine the value of a product is not highly scientific.

Which of the following about marketing is true?

Define the term value, and explain how people determine a product's value.

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Target Markets, Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts, Branding, and Packaging

Developing and Managing Products

Services Marketing

Marketing Channels and Supply Chain Management

Retailing, Direct Marketing and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters

Exam 1: An Overview of Strategic Marketing

Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets

CEO Jeff Bezos has a public e-mail address and encourages customers to contact him if they have problems that have not been resolved. Amazon.com seems to embrace a ___________ orientation.

A market orientation requires the organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it.

To fully appreciate what an effective marketing concept means to the firm, the marketer must first understand that _______________ is the major focus of the marketing concept. This in turn should enable the firm to _______________. Ultimately, this all leads to _________________.

The equation a buyer applies to assess a product's value is

The focal point of all marketing activities

Consumers buying products online have dramatically affected the ____ variable of the marketing mix.

The marketing concept focuses on

Customers are interested in a product's price because they are concerned about the value obtained in an exchange.

A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on

Which of the following would not be a customer cost considered in determination of product value?

Marketing knowledge and skills

The actual physical production of goods is a marketing activity.

Marketing is the process of

The marketing concept stresses that a business organization can best achieve its goal by providing customer satisfaction through coordinated activities.

The process people use to determine the value of a product is not highly scientific.

Which of the following about marketing is true?

Define the term value, and explain how people determine a product's value.

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Target Markets, Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts, Branding, and Packaging

Developing and Managing Products

Services Marketing

Marketing Channels and Supply Chain Management

Retailing, Direct Marketing and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters

To fully appreciate what an effective marketing concept means to the firm, the marketer must first understand that _______ is the major focus of the marketing concept. This in turn should enable the firm to _. Ultimately, this all leads to ___________.