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

International markets are becoming more important but less interdependent than in years past.This trend is due to growth in electronic commerce and other computer technologies that have simplified the way business is conducted.

Which of the following are included in the facilitating functions of marketing?

Buying an iPod generates ownership utility; however, buying a concert ticket does not.

Which of the following is NOT a reason for a growing global marketplace?

Match each item to the statement or sentence listed below. 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.one-to-one marketing p.strategic alliances q.not-for-profit r.ethics -A(n) _____ occurs when buyers outnumber sellers or product supply. 2.An advertisement for a political party candidate is an example of _____. 3.The want-satisfying power of a product is its _____. 4.results from management's failure to recognize the scope of its business. 5.A(n) _____ occurs when there are more sellers (or products) than buyers. 6.For-profit organizations and not-for-profit organizations often form _____. 7.The _____ occurs when two or more parties exchange something of value. 8.is a customized marketing program designed to build long-term relationships with individual customers. 9.Buyer-seller communications in which the customer controls the amount and type of information received from a marketer is called _____. 10.The promotion of music concerts and movies is referred to as _____. 11.Many not-for-profits utilize _____ in order to influence people to accept their goals or contribute in some way. 12.describes the current era in the history of marketing. 13.An advertisement titled "Discover Ontario" is an example of _____. 14.The _____ equals the revenues and benefits a customer brings to an organization, minus expenses to attract and maintain the relationship. 15.Corporations that voluntarily recycle paper, glass, and electronics practise _____. 16."Word-of-mouth" advertising that has grown in effectiveness with the advent of the Internet is called _____. 17.The Canadian Cancer Society in the private sector and the Ontario Ministry of Small Business and Consumer Services in the public sector are examples of _____. 18.The moral standards of behaviour expected by a society are known as _____.

When we go to the grocery store and buy milk, steak, and a dozen eggs, whether we know it or not, we are experiencing the effect of one of the facilitating functions of marketing.

By combining fabric, thread, wood, springs, and other components, a furniture maker creates time utility for its consumers.

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

One important difference between for-profit and not-for-profit organizations is that for-profits often market to multiple publics rather than the single public on which not-for-profits may focus.

Explain the potential challenges created by a major contributor to a not-for-profit organization.

Which of the following BEST applies to a strong market orientation?

What type of behaviour do Walmart stores exhibit by contributing to local scholarships and community programs?

An alumni association at a university sends out announcements promoting the upcoming football game and an alumni association function.What two types of marketing is this example a combination of?

What is the most obvious difference between a for-profit and a not-for-profit organization?

Schwann's Foods sells its products through both grocery stores and door-to-door sales.Selling, order taking, delivery, and limited customer service are all conducted by the drivers.What two marketing functions overlap as a result of the drivers' required responsibilities?

The traditional view of marketing can be described as transaction-based marketing.

A strategic alliance is defined as a partnership between a for-profit business and a not-for-profit organization.

Production-era marketing paid close attention to the different needs of the consumer.

General Motors Acceptance Corporation provides credit to GM dealers, as well as buyers.What function is this an example of?

What era of marketing history had a marketing philosophy that could be summarized by the phrase "a good product will sell itself"?