Question 1

Describe the process of relationship building in marketing.

Accepted Answer

Relationship building begins early in ma

Question 2

A(n)_____ occurs when there are more sellers (or products)than buyers.

Accepted Answer

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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing 
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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

Question 3

According to relationship marketing,the lifetime value of a customer should exceed the investment made by the firm to attract and keep the customer.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is true of a company with strong market orientation?

Accepted Answer

A)  It designs products with advantages and levels of quality compatible with its competitors. 
B)  It assumes that customers will resist purchasing nonessential goods. 
C)  It stresses on efficiency in producing a quality product, with the attitude toward marketing that "a good product will sell itself." 
D)  It has a focus on new-product development and the introduction of innovative products. 
A)  It designs products with advantages and levels of quality compatible with its competitors. 
B)  It assumes that customers will resist purchasing nonessential goods. 
C)  It stresses on efficiency in producing a quality product, with the attitude toward marketing that "a good product will sell itself." 
D)  It has a focus on new-product development and the introduction of innovative products.

Question 5

When a firm contributes to environment protection and human welfare programs,which type of behavior is it exhibiting?

Accepted Answer

A)  Relationship marketing 
B)  Social responsibility 
C)  Economic neutrality 
D)  One-to-one marketing 
A)  Relationship marketing 
B)  Social responsibility 
C)  Economic neutrality 
D)  One-to-one marketing

Question 6

A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy.

Accepted Answer

A)  production 
B)  marketing 
C)  sales 
D)  relationship 
A)  production 
B)  marketing 
C)  sales 
D)  relationship

Question 7

An important difference between not-for-profit and for-profit organizations is that,not-for-profit organizations cannot market tangible goods.

Accepted Answer

A) True 
 B)False

Question 8

A buyer's market is characterized by:

Accepted Answer

A)  more goods and services than buyers to buy them. 
B)  a small number of firms dominating the production of goods offered. 
C)  practically no competition in the marketplace. 
D)  a single firm producing a major share of the products or services offered. 
A)  more goods and services than buyers to buy them. 
B)  a small number of firms dominating the production of goods offered. 
C)  practically no competition in the marketplace. 
D)  a single firm producing a major share of the products or services offered.

Question 9

_____ are intermediaries that operate between producers and resellers.

Accepted Answer

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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing 
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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

Question 10

Manufacturers create goods and services based on research and their belief that consumers need them.In doing so,what marketing function are they performing?

Accepted Answer

A)  Financing 
B)  Standardizing and grading 
C)  Risk taking 
D)  Physical distribution 
A)  Financing 
B)  Standardizing and grading 
C)  Risk taking 
D)  Physical distribution

Question 11

Some Florida drivers have license plates that say "Save the Manatee." This is an example of _____ marketing.

Accepted Answer

A)  organization 
B)  cause 
C)  place 
D)  event 
A)  organization 
B)  cause 
C)  place 
D)  event

Question 12

List the eight universal functions of marketing.

Accepted Answer

Marketing is responsible for the perform

Question 13

Indigo Ltd.wanted to increase its customers by applying the marketing concept.Which of the following would be an appropriate way to apply this approach?

Accepted Answer

A)  Maximize production of goods 
B)  Focus on meeting the needs of the consumers 
C)  Offer more product variety than competitors 
D)  Produce high quality goods 
A)  Maximize production of goods 
B)  Focus on meeting the needs of the consumers 
C)  Offer more product variety than competitors 
D)  Produce high quality goods

Question 14

In not-for-profit organizations,_____ may interfere with the organization's marketing program.

Accepted Answer

A)  stockholders 
B)  the government 
C)  service-users 
D)  major contributors 
A)  stockholders 
B)  the government 
C)  service-users 
D)  major contributors

Question 15

Relationship marketing relies heavily on:

Accepted Answer

A)  mass marketing and global promotions. 
B)  technology to store customer data and to customize products/services. 
C)  strategic alliances and creating competitive advantage. 
D)  aligning business goals with a social cause. 
A)  mass marketing and global promotions. 
B)  technology to store customer data and to customize products/services. 
C)  strategic alliances and creating competitive advantage. 
D)  aligning business goals with a social cause.

Question 16

Phoebe was asked to bring a can of food for the local food bank as the "price of admission" for a certain ceremony.This is an example of _____.

Accepted Answer

A)  person marketing 
B)  organization marketing 
C)  ownership utility 
D)  cause marketing 
A)  person marketing 
B)  organization marketing 
C)  ownership utility 
D)  cause marketing

Question 17

The moral standards of behavior expected by a society are known as _____.

Accepted Answer

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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing 
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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

Question 18

The growth of wireless technology has given rise to a new marketing strategy called _____.

Accepted Answer

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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing 
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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

Question 19

_____ results from management's failure to recognize the scope of its business.

Accepted Answer

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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing 
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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

Question 20

_____ refers to buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties.

Accepted Answer

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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing 
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)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

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

Describe the process of relationship building in marketing.

A(n)_____ occurs when there are more sellers (or products)than buyers.

According to relationship marketing,the lifetime value of a customer should exceed the investment made by the firm to attract and keep the customer.

Which of the following is true of a company with strong market orientation?

When a firm contributes to environment protection and human welfare programs,which type of behavior is it exhibiting?

A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy.

An important difference between not-for-profit and for-profit organizations is that,not-for-profit organizations cannot market tangible goods.

A buyer's market is characterized by:

_____ are intermediaries that operate between producers and resellers.

Manufacturers create goods and services based on research and their belief that consumers need them.In doing so,what marketing function are they performing?

Some Florida drivers have license plates that say "Save the Manatee." This is an example of _____ marketing.

List the eight universal functions of marketing.

Indigo Ltd.wanted to increase its customers by applying the marketing concept.Which of the following would be an appropriate way to apply this approach?

In not-for-profit organizations,_____ may interfere with the organization's marketing program.

Relationship marketing relies heavily on:

Phoebe was asked to bring a can of food for the local food bank as the "price of admission" for a certain ceremony.This is an example of _____.

The moral standards of behavior expected by a society are known as _____.

The growth of wireless technology has given rise to a new marketing strategy called _____.

_____ results from management's failure to recognize the scope of its business.

_____ refers to buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties.

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Business-to-Business (B2B)Marketing

Global Marketing

Market Segmentation, Targeting, and Positioning

Marketing Research and Sales Forecasting

Relationship Marketing and Customer Relationship Management (CRM)

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, Wholesalers, and Direct Marketers

Integrated Marketing Communications, Advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Pricing Strategies

Your Career in Marketing

Developing an Effective Marketing Plan

Financial Analysis in Marketing

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