Question 1

The marketing activities associated with time, place, and possession utility account for about ____ of every consumer dollar spent.

Accepted Answer

A)  ten cents 
B)  one-fourth 
C)  one-third 
D)  one-half 
E)  three-fourths 
A)  ten cents 
B)  one-fourth 
C)  one-third 
D)  one-half 
E)  three-fourths

Question 2

Chrysler Corporation is designing a new sports car but is unsure of future demand for the product. Since it will take at least four years to bring the car to market, Chrysler requires ____ sales estimates at introduction and ____ sales estimates to determine future marketing requirements.

Accepted Answer

A)  medium-range; long-range 
B)  short-range; medium-range 
C)  short-range; long-range 
D)  medium-range; short-range 
E)  long-range; medium-range 
A)  medium-range; long-range 
B)  short-range; medium-range 
C)  short-range; long-range 
D)  medium-range; short-range 
E)  long-range; medium-range

Question 3

A marketing information system provides information for specific marketing projects.

Accepted Answer

A) True 
 B)False

Question 4

Federated Insurance wants to expand its line of life insurance products by introducing a new policy. In keeping with the marketing concept, it likely will research all of the following except

Accepted Answer

A)  what price level is acceptable to customers. 
B)  what features potential customers are most interested in. 
C)  who the major competitors' most recent buyers are. 
D)  what promotional activities will best illustrate the new product's benefits. 
E)  where the product should be distributed. 
A)  what price level is acceptable to customers. 
B)  what features potential customers are most interested in. 
C)  who the major competitors' most recent buyers are. 
D)  what promotional activities will best illustrate the new product's benefits. 
E)  where the product should be distributed.

Question 5

When Food Lion grocery stores offer milk and eggs at all of its locations, it is providing customers with ____ utility.

Accepted Answer

A)  time 
B)  place 
C)  form 
D)  marketing 
E)  possession 
A)  time 
B)  place 
C)  form 
D)  marketing 
E)  possession

Question 6

From time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process.

Accepted Answer

A) True 
 B)False

Question 7

Ikea furniture store promotes its furniture to its target market based on its customers' personality attributes and lifestyles. Therefore, it is segmenting the furniture market on which type of basis?

Accepted Answer

A)  Demographic 
B)  Behavioristic 
C)  Psychographic 
D)  Geographic 
E)  Social class 
A)  Demographic 
B)  Behavioristic 
C)  Psychographic 
D)  Geographic 
E)  Social class

Question 8

Turner Broadcasting Systems uses internal Web pages that all employees can access in order to share information and improve communication. This is a(n)

Accepted Answer

A)  LAN. 
B)  Internet. 
C)  intranet. 
D)  MIS. 
E)  database. 
A)  LAN. 
B)  Internet. 
C)  intranet. 
D)  MIS. 
E)  database.

Question 9

A market segment toward which a company directs its marketing effort is called a

Accepted Answer

A)  marketing group. 
B)  marketing sample. 
C)  target market. 
D)  consumer market. 
E)  marketing median. 
A)  marketing group. 
B)  marketing sample. 
C)  target market. 
D)  consumer market. 
E)  marketing median.

Question 10

Walmart has its own trucks that ship merchandise to its warehouses from the supplier for backstock purposes. Walmart is carrying out which of the following functions?

Accepted Answer

A)  Contracting with suppliers 
B)  Standardizing and grading its facilities 
C)  Buying and selling 
D)  Risking obsolescence of its products 
E)  Transporting and storing 
A)  Contracting with suppliers 
B)  Standardizing and grading its facilities 
C)  Buying and selling 
D)  Risking obsolescence of its products 
E)  Transporting and storing

Question 11

Caroline's Crafts 'N Things
Sarah works for a retail shop called Caroline's Crafts 'N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Sarah's supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Sarah's boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers.
Over the next few months, Sarah began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Sarah to look further into the pros and cons of her idea.
After evaluating Sarah's research, her boss decided to move forward with the idea, asking Sarah to head up this new venture for the company. Sarah then realized that retail is not just about making the sale; the customer should be the focus of all operations. Sarah now looks up to her boss, and is very glad that she was there to mentor her.
-Refer to Caroline's Crafts 'N Things. Doing business on eBay allows an entrepreneur to

Accepted Answer

A)  develop a business-to-business selling model. 
B)  develop form utility. 
C)  create place utility. 
D)  find out what works, fast. 
E)  explore producer markets. 
A)  develop a business-to-business selling model. 
B)  develop form utility. 
C)  create place utility. 
D)  find out what works, fast. 
E)  explore producer markets.

Question 12

Your Best, Inc.
Marietta worked for a retail company and noticed there were many things it could do better. She shared some of her ideas with upper management, but management did not want to do things differently. When Marietta went home to talk to her husband, they both realized that, given her passion, it would be better for Marietta to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store―right next to her house.
To be certain to address all aspects of the business, Marietta hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband's support and a good marketing plan, Marietta felt that she would be prepared to make the right decisions.
-Refer to Your Best, Inc. Marietta thought about focusing on the four elements of the marketing mix. Which of the following is one of those elements?

Accepted Answer

A)  Production 
B)  Price 
C)  Power 
D)  Possession 
E)  Personal income 
A)  Production 
B)  Price 
C)  Power 
D)  Possession 
E)  Personal income

Question 13

The pricing ingredient is concerned primarily with the producer's costs of design.

Accepted Answer

A) True 
 B)False

Question 14

When KFC Corporation decides on brand names, package designs, sizes of orders, and flavors of sauces and recipes, it is controlling which element of the marketing mix?

Accepted Answer

A)  Price 
B)  Distribution 
C)  Product 
D)  Promotion 
E)  Chicken 
A)  Price 
B)  Distribution 
C)  Product 
D)  Promotion 
E)  Chicken

Question 15

Rene studies how individuals go about purchasing products for their personal consumption and what factors influence these decisions. Leslie studies

Accepted Answer

A)  business buying behavior. 
B)  consumer buying behavior. 
C)  marketing psychology. 
D)  purchasing psychology. 
E)  marketing research. 
A)  business buying behavior. 
B)  consumer buying behavior. 
C)  marketing psychology. 
D)  purchasing psychology. 
E)  marketing research.

Question 16

Companies that manufacture typewriters found themselves in trouble quickly when personal computers and word processors became popular. These companies were most impacted by ____ forces.

Accepted Answer

A)  technological 
B)  economic 
C)  competitive 
D)  political 
E)  sociocultural 
A)  technological 
B)  economic 
C)  competitive 
D)  political 
E)  sociocultural

Question 17

What is a market?

Accepted Answer

A market is a medium that allows buyers

Question 18

Describe the three major targeting strategies, and give an example of each.

Accepted Answer

The three major targeting strategies are

Question 19

If Susan Gonzalez, vice president of marketing, is at the stage in her market research where she is gathering information about the problem from published data and from people who have experience with the problem, she is at which stage?

Accepted Answer

A)  Defining the problem 
B)  Gathering factual information 
C)  Making a preliminary investigation 
D)  Planning the research 
E)  Interpreting information 
A)  Defining the problem 
B)  Gathering factual information 
C)  Making a preliminary investigation 
D)  Planning the research 
E)  Interpreting information

Question 20

Accurate and timely information is the foundation of effective marketing, especially of the marketing concept.

Accepted Answer

A) True 
 B)False

Exam 12: Building Customer Relationships Through Effective Marketing

The marketing activities associated with time, place, and possession utility account for about ____ of every consumer dollar spent.

Chrysler Corporation is designing a new sports car but is unsure of future demand for the product. Since it will take at least four years to bring the car to market, Chrysler requires ____ sales estimates at introduction and ____ sales estimates to determine future marketing requirements.

A marketing information system provides information for specific marketing projects.

Federated Insurance wants to expand its line of life insurance products by introducing a new policy. In keeping with the marketing concept, it likely will research all of the following except

When Food Lion grocery stores offer milk and eggs at all of its locations, it is providing customers with ____ utility.

From time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process.

Ikea furniture store promotes its furniture to its target market based on its customers' personality attributes and lifestyles. Therefore, it is segmenting the furniture market on which type of basis?

Turner Broadcasting Systems uses internal Web pages that all employees can access in order to share information and improve communication. This is a(n)

A market segment toward which a company directs its marketing effort is called a

Walmart has its own trucks that ship merchandise to its warehouses from the supplier for backstock purposes. Walmart is carrying out which of the following functions?

The pricing ingredient is concerned primarily with the producer's costs of design.

When KFC Corporation decides on brand names, package designs, sizes of orders, and flavors of sauces and recipes, it is controlling which element of the marketing mix?

Rene studies how individuals go about purchasing products for their personal consumption and what factors influence these decisions. Leslie studies

Companies that manufacture typewriters found themselves in trouble quickly when personal computers and word processors became popular. These companies were most impacted by ____ forces.

What is a market?

Describe the three major targeting strategies, and give an example of each.

If Susan Gonzalez, vice president of marketing, is at the stage in her market research where she is gathering information about the problem from published data and from people who have experience with the problem, she is at which stage?

Accurate and timely information is the foundation of effective marketing, especially of the marketing concept.

Exploring the World of Business and Economics

A: Being Ethical and Socially Responsible

B: Being Ethical and Socially Responsible

A: Exploring Global Business

B: Exploring Global Business

Choosing a Form of Business Ownership

Small Business, Entrepreneurship, and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees and Teams

Enhancing Union-Management Relations

A: Creating and Pricing Products That Satisfy Customers

B: Creating and Pricing Products That Satisfy Customers

Wholesaling, Retailing, and Physical Distribution

Developing Integrated Marketing Communications

Social Media, E-Business, and Accounting

Using Management and Accounting Information

Understanding Money, Banking, and Credit

Mastering Financial Management

A: Understanding Personal Finances and Investments

B: Understanding Personal Finances and Investments

Filters

Chrysler Corporation is designing a new sports car but is unsure of future demand for the product. Since it will take at least four years to bring the car to market, Chrysler requires sales estimates at introduction and sales estimates to determine future marketing requirements.