Question 1

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 2

For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

Accepted Answer

A) True 
 B)False

Question 3

The definition of marketing implies that ____ should receive benefits from exchange relationships.

Accepted Answer

A) only customers 
B) only businesses 
C) company management 
D) both customers and businesses 
E) only the most important customers 
A) only customers 
B) only businesses 
C) company management 
D) both customers and businesses 
E) only the most important customers

Question 4

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Accepted Answer

A) Marketing orientation 
B) Monetary price 
C) Product assessment 
D) Price assessment 
E) Value 
A) Marketing orientation 
B) Monetary price 
C) Product assessment 
D) Price assessment 
E) Value

Question 5

The forces of the marketing environment include

Accepted Answer

A) political, legal and regulatory, sociocultural, technological, economic, and competitive. 
B) sociocultural, legal, regulatory, economic, and competitive. 
C) legal, regulatory, political, and sociocultural. 
D) competitive and noncompetitive forces that affect most lifestyles. 
E) fairly static components. 
A) political, legal and regulatory, sociocultural, technological, economic, and competitive. 
B) sociocultural, legal, regulatory, economic, and competitive. 
C) legal, regulatory, political, and sociocultural. 
D) competitive and noncompetitive forces that affect most lifestyles. 
E) fairly static components.

Question 6

Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.

Accepted Answer

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

Question 7

The marketing concept is a management philosophy that affects

Accepted Answer

A) only marketing activities. 
B) all efforts of the organization. 
C) mainly the efforts of sales personnel. 
D) mainly customer relations. 
E) only business organizations. 
A) only marketing activities. 
B) all efforts of the organization. 
C) mainly the efforts of sales personnel. 
D) mainly customer relations. 
E) only business organizations.

Question 8

The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing environment.

Accepted Answer

A) True 
 B)False

Question 9

Scenario 1.2
Use the following to answer the questions.
Paws and Claws Hotel is a full-service pet salon and boarding kennel. Paws and Claws has an interactive website where customers can directly book a grooming appointment, obedience class, or overnight accommodations for their dog or cat. Paws and Claws has several unexpected services, such as a 600-square foot swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool. Customers can also drop their dog or cat off each morning for pet day care. Paws and Claws has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet "furniture" so that the cats and dogs can lie on sofas just like at home. Paws and Claws is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The cost for an overnight stay at Paws and Claws averages $50, compared to competing kennels at about $30. The day care costs are $25 for either a dog or cat. The majority of Paws and Claws' competitors don't offer the day care service, and require an two-day minimum for overnight stays.
Informal discussions with customers led to the addition of pet day care and 24-hour hours of operation. Previously, Paws and Claws was more interested in competing based on its prices.
-Refer to Scenario 1.2. The fact that Paws and Claws is open 24 hours each day is part of the _______ marketing mix variable while the swimming pool is part of the _______ variable.

Accepted Answer

A) Product; Distribution 
B) Price; Product 
C) Distribution; Promotion 
D) Distribution; Product 
E) Distribution; Environment 
A) Product; Distribution 
B) Price; Product 
C) Distribution; Promotion 
D) Distribution; Product 
E) Distribution; Environment

Question 10

Marketing knowledge and skills

Accepted Answer

A) are not necessary for a nonprofit organization. 
B) enhance consumer awareness and help provide people with satisfying goods and services. 
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) enhance consumer awareness and help provide people with satisfying goods and services. 
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 11

Scenario 1.2
Use the following to answer the questions.
Paws and Claws Hotel is a full-service pet salon and boarding kennel. Paws and Claws has an interactive website where customers can directly book a grooming appointment, obedience class, or overnight accommodations for their dog or cat. Paws and Claws has several unexpected services, such as a 600-square foot swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool. Customers can also drop their dog or cat off each morning for pet day care. Paws and Claws has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet "furniture" so that the cats and dogs can lie on sofas just like at home. Paws and Claws is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The cost for an overnight stay at Paws and Claws averages $50, compared to competing kennels at about $30. The day care costs are $25 for either a dog or cat. The majority of Paws and Claws' competitors don't offer the day care service, and require an two-day minimum for overnight stays.
Informal discussions with customers led to the addition of pet day care and 24-hour hours of operation. Previously, Paws and Claws was more interested in competing based on its prices.
-Refer to Scenario 1.2. Previously, Paws and Claws was most likely using a ____ orientation, while now it is now in the process of employing the _______.

Accepted Answer

A) Sales; Marketing concept. 
B) Sales; Marketing mix. 
C) Promotion; Marketing concept. 
D) Sales; Promotion orientation. 
E) Sales; Product orientation. 
A) Sales; Marketing concept. 
B) Sales; Marketing mix. 
C) Promotion; Marketing concept. 
D) Sales; Promotion orientation. 
E) Sales; Product orientation.

Question 12

The marketing concept is a philanthropic philosophy aimed at helping customers at the expense of the business organization.

Accepted Answer

A) True 
 B)False

Question 13

To satisfy customers' objectives as well as its own, a company must coordinate all its activities.

Accepted Answer

A) True 
 B)False

Question 14

Organizations should define themselves not according to the products they produce but according to

Accepted Answer

A) how profitable they are. 
B) the price of their stock. 
C) the abundance of their product selection. 
D) how they treat employees. 
E) how they satisfy customers. 
A) how profitable they are. 
B) the price of their stock. 
C) the abundance of their product selection. 
D) how they treat employees. 
E) how they satisfy customers.

Question 15

Long-term relationships with profitable customers is the key objective of

Accepted Answer

A) personal selling. 
B) customer relationship management. 
C) production oriented firms. 
D) e-marketing. 
E) distribution channels. 
A) personal selling. 
B) customer relationship management. 
C) production oriented firms. 
D) e-marketing. 
E) distribution channels.

Question 16

As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation.

Accepted Answer

A) market 
B) societal 
C) sales 
D) evolutionary 
E) production 
A) market 
B) societal 
C) sales 
D) evolutionary 
E) production

Question 17

Price is seldom used as a competitive tool.

Accepted Answer

A) True 
 B)False

Question 18

Services are provided by applying human and mechanical efforts to people or objects.

Accepted Answer

A) True 
 B)False

Question 19

During the market orientation, businesspeople realized that if they could produce products efficiently, customers would buy them.

Accepted Answer

A) True 
 B)False

Question 20

Approximately 20 percent of civilian employees in this country perform marketing activities.

Accepted Answer

A) True 
 B)False

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

For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

The definition of marketing implies that ____ should receive benefits from exchange relationships.

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

The forces of the marketing environment include

Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.

The marketing concept is a management philosophy that affects

The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing environment.

Marketing knowledge and skills

The marketing concept is a philanthropic philosophy aimed at helping customers at the expense of the business organization.

To satisfy customers' objectives as well as its own, a company must coordinate all its activities.

Organizations should define themselves not according to the products they produce but according to

Long-term relationships with profitable customers is the key objective of

As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation.

Price is seldom used as a competitive tool.

Services are provided by applying human and mechanical efforts to people or objects.

During the market orientation, businesspeople realized that if they could produce products efficiently, customers would buy them.

Approximately 20 percent of civilian employees in this country perform marketing activities.

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

Developing and Managing Products

Services Marketing

Branding and Packaging

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

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

For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

The definition of marketing implies that ____ should receive benefits from exchange relationships.

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

The forces of the marketing environment include

Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.

The marketing concept is a management philosophy that affects

The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing environment.

Marketing knowledge and skills

The marketing concept is a philanthropic philosophy aimed at helping customers at the expense of the business organization.

To satisfy customers' objectives as well as its own, a company must coordinate all its activities.

Organizations should define themselves not according to the products they produce but according to

Long-term relationships with profitable customers is the key objective of

As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation.

Price is seldom used as a competitive tool.

Services are provided by applying human and mechanical efforts to people or objects.

During the market orientation, businesspeople realized that if they could produce products efficiently, customers would buy them.

Approximately 20 percent of civilian employees in this country perform marketing activities.

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

Developing and Managing Products

Services Marketing

Branding and Packaging

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