Question 1

The use of databases, electronic bulletin boards, online information services, and the Internet can assist marketers in

Accepted Answer

A)  tracing buying behavior of customers. 
B)  determining where their product is in the product life cycle. 
C)  creating brand loyalty with their customers. 
D)  comparing their product with other products. 
E)  deciding when to implement a particular pricing strategy. 
A)  tracing buying behavior of customers. 
B)  determining where their product is in the product life cycle. 
C)  creating brand loyalty with their customers. 
D)  comparing their product with other products. 
E)  deciding when to implement a particular pricing strategy.

Question 2

During the 1950s, the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of

Accepted Answer

A)  satisfying customers' needs. 
B)  researching new technologies. 
C)  developing human resources. 
D)  developing corporate cultures. 
E)  creating positive public relations. 
A)  satisfying customers' needs. 
B)  researching new technologies. 
C)  developing human resources. 
D)  developing corporate cultures. 
E)  creating positive public relations.

Question 3

The forces that make up the external marketing environment of a firm

Accepted Answer

A)  have little effect on internal operations. 
B)  can be controlled to the firm's advantage. 
C)  result from the operations of the firm. 
D)  are generally beyond the firm's control. 
E)  include price, promotion, distribution, and product. 
A)  have little effect on internal operations. 
B)  can be controlled to the firm's advantage. 
C)  result from the operations of the firm. 
D)  are generally beyond the firm's control. 
E)  include price, promotion, distribution, and product.

Question 4

To implement the marketing concept, a firm must first

Accepted Answer

A)  mobilize its marketing resources. 
B)  promote the product. 
C)  obtain information about its customers' needs. 
D)  develop the product. 
E)  determine if customers want the firm to practice the marketing concept. 
A)  mobilize its marketing resources. 
B)  promote the product. 
C)  obtain information about its customers' needs. 
D)  develop the product. 
E)  determine if customers want the firm to practice the marketing concept.

Question 5

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. Marketing research involves

Accepted Answer

A)  satisfying customers. 
B)  determining a target market. 
C)  creating a product mix. 
D)  interpreting information. 
E)  product promotion. 
A)  satisfying customers. 
B)  determining a target market. 
C)  creating a product mix. 
D)  interpreting information. 
E)  product promotion.

Question 6

In a marketing information system, data from internal sources include all of the following except

Accepted Answer

A)  economic conditions. 
B)  product and marketing costs. 
C)  sales figures. 
D)  inventory levels. 
E)  sales force activities. 
A)  economic conditions. 
B)  product and marketing costs. 
C)  sales figures. 
D)  inventory levels. 
E)  sales force activities.

Question 7

Car manufacturers tend to use the ____ approach in choosing their target market.

Accepted Answer

A)  product differentiation 
B)  undifferentiated 
C)  differentiated 
D)  target market 
E)  marketing-mix 
A)  product differentiation 
B)  undifferentiated 
C)  differentiated 
D)  target market 
E)  marketing-mix

Question 8

Fern Motors is offering a rebate on cars purchased this month. This activity involves the ____ ingredient of the marketing mix.

Accepted Answer

A)  distribution 
B)  promotion 
C)  pricing 
D)  timing 
E)  product 
A)  distribution 
B)  promotion 
C)  pricing 
D)  timing 
E)  product

Question 9

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. Caroline's purchased its Thanksgiving products in June. However, in October, when the store finally displays the Thanksgiving products, which form of utility is being provided?

Accepted Answer

A)  Possession 
B)  Place 
C)  Market 
D)  Time 
E)  Form 
A)  Possession 
B)  Place 
C)  Market 
D)  Time 
E)  Form

Question 10

If Carolyn Smith purchases office supplies for her home office from which she operates her insurance business, she is a member of which type of market?

Accepted Answer

A)  Consumer 
B)  Business-to-business 
C)  Reseller 
D)  Institutional 
E)  Producer 
A)  Consumer 
B)  Business-to-business 
C)  Reseller 
D)  Institutional 
E)  Producer

Question 11

What is a company sales forecast? Why is it important to the sales department as well as to the people who handle raw materials inventory, finished goods inventory, hiring, and advertising?

Accepted Answer

A company sales forecast is a prediction

Question 12

From the beginning of the Industrial Revolution until the early twentieth century, business effort was directed mainly toward

Accepted Answer

A)  developing new machinery. 
B)  the production of goods. 
C)  the development of new markets. 
D)  keeping the cost of labor low. 
E)  fighting unionization. 
A)  developing new machinery. 
B)  the production of goods. 
C)  the development of new markets. 
D)  keeping the cost of labor low. 
E)  fighting unionization.

Question 13

Kathryn, a marketing researcher, is currently analyzing the information collected and determining what possible opportunities it has for management. At which stage of marketing research is she?

Accepted Answer

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

Question 14

CRM technology allows companies to make an investment in building long-term relationships with their customers.

Accepted Answer

A) True 
 B)False

Question 15

A fairly recent technology-related tool that many companies use to solicit feedback from customers about the company's existing or upcoming products is

Accepted Answer

A)  social media. 
B)  sales forecasts. 
C)  consumer buying behavior. 
D)  market segmenting. 
E)  customer relationship management. 
A)  social media. 
B)  sales forecasts. 
C)  consumer buying behavior. 
D)  market segmenting. 
E)  customer relationship management.

Question 16

The ingredient of the marketing mix concerned with both base prices and various kinds of discounts is

Accepted Answer

A)  quality. 
B)  promotion. 
C)  pricing. 
D)  product. 
E)  distribution. 
A)  quality. 
B)  promotion. 
C)  pricing. 
D)  product. 
E)  distribution.

Question 17

Bic ballpoint pens appeal to price-conscious consumers because of their affordability. Bic has segmented its market on a ____ basis.

Accepted Answer

A)  behavioristic 
B)  geographic 
C)  brand-related 
D)  psychographic 
E)  demographic 
A)  behavioristic 
B)  geographic 
C)  brand-related 
D)  psychographic 
E)  demographic

Question 18

Kim Nguyen's monthly net income from all sources less Social Security taxes is $3,000. This income is called ____ income.

Accepted Answer

A)  ordinary 
B)  gross 
C)  disposable 
D)  discretionary 
E)  personal 
A)  ordinary 
B)  gross 
C)  disposable 
D)  discretionary 
E)  personal

Question 19

Females in a market can be classified as

Accepted Answer

A)  a market segment. 
B)  a marketing mix. 
C)  market segmentation. 
D)  an independent market. 
E)  a classified market. 
A)  a market segment. 
B)  a marketing mix. 
C)  market segmentation. 
D)  an independent market. 
E)  a classified market.

Question 20

The effects of changes that can cause a product to become obsolete almost overnight would best be called ____ forces.

Accepted Answer

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

Exam 12: Building Customer Relationships Through Effective Marketing

The use of databases, electronic bulletin boards, online information services, and the Internet can assist marketers in

During the 1950s, the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of

The forces that make up the external marketing environment of a firm

To implement the marketing concept, a firm must first

In a marketing information system, data from internal sources include all of the following except

Car manufacturers tend to use the ____ approach in choosing their target market.

Fern Motors is offering a rebate on cars purchased this month. This activity involves the ____ ingredient of the marketing mix.

If Carolyn Smith purchases office supplies for her home office from which she operates her insurance business, she is a member of which type of market?

What is a company sales forecast? Why is it important to the sales department as well as to the people who handle raw materials inventory, finished goods inventory, hiring, and advertising?

From the beginning of the Industrial Revolution until the early twentieth century, business effort was directed mainly toward

Kathryn, a marketing researcher, is currently analyzing the information collected and determining what possible opportunities it has for management. At which stage of marketing research is she?

CRM technology allows companies to make an investment in building long-term relationships with their customers.

A fairly recent technology-related tool that many companies use to solicit feedback from customers about the company's existing or upcoming products is

The ingredient of the marketing mix concerned with both base prices and various kinds of discounts is

Bic ballpoint pens appeal to price-conscious consumers because of their affordability. Bic has segmented its market on a ____ basis.

Kim Nguyen's monthly net income from all sources less Social Security taxes is $3,000. This income is called ____ income.

Females in a market can be classified as

The effects of changes that can cause a product to become obsolete almost overnight would best be called ____ forces.

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

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