Question 1

Nations Bank has engaged in extensive marketing research to learn more about its customers - especially those in the 18 to 30 age group. The research identified that these consumers do not enjoy visiting a bank branch location and prefer to manage their banking via their smart phone, tablet, or computer. The bank has invested in sophisticated applications that enable consumers to deposit checks, check their balances, pay bills, and transfer funds. Nations Bank believes this investment in research to understand consumer needs enables them to develop the right array of services that will lead to improved market success and overall performance. This is an example of a(n):

Accepted Answer

A)  marketing concept 
B)  consumer listening 
C)  marketing advocation 
D)  sales orientation

Question 2

Within a business environment, the marketing function is responsible for the creation of time, place, and ownership utility, whereas the production function creates form utility.

Accepted Answer

A) True 
 B)False

Question 3

Availability of goods and services at convenient locations creates:

Accepted Answer

A)  form utility. 
B)  time utility. 
C)  place utility. 
D)  ownership utility.

Question 4

When a company pays a market research firm to conduct a marketing research project, it is engaging in which one of the Eight Universal Marketing Functions?

Accepted Answer

A)  Buying 
B)  Selling 
C)  Securing information 
D)  Risk-taking

Question 5

The advent of a strong buyer's market created the need for consumer orientation by businesses.

Accepted Answer

A) True 
 B)False

Question 6

Of the following actions, which one is most likely to be part of the new promotion strategy at Panera Bread?

Accepted Answer

A)  To change the menu seasonally to reflect the use of fresh, local ingredients 
B)  To offer a cookie or pastry for $1 with the purchase of any meal combo 
C)  To offer a free $10 gift card with the purchase of at least $50 in gift cards throughout December 
D)  To set up Panera branded kiosks in grocery stores

Question 7

In the sales era, firms attempted to match their output to the potential number of customers who would want it.

Accepted Answer

A) True 
 B)False

Question 8

In the context of marketing, which of the following is the best example of selling?

Accepted Answer

A)  An app designer making her services available to clients 
B)  A food truck owner acquiring hamburger and lunch meat for his sandwiches 
C)  A custom furniture maker purchasing an old oak tree to make a dining table 
D)  A bakery owner hiring a marketing firm to promote her new cupcakes

Question 9

Which of the following is a combination of person, cause, and organization marketing?

Accepted Answer

A)  Tiger Woods' endorsement of Nike, a sports company and Accenture, a consulting company. 
B)  The Nobel Peace Prize for Al Gore for his work on global warming. 
C)  UNICEF's work to improve the living conditions of children across the world. 
D)  Angelina Jolie's role as a UN Goodwill Ambassador for refugees.

Question 10

Relationship marketing focuses more attention on _____ customers because new customers are _____ to acquire compared to existing customers.

Accepted Answer

A)  existing; less expensive 
B)  new; less expensive 
C)  existing; more expensive 
D)  new; more expensive

Question 11

Compare the purchase of an AM/FM radio with the purchase of a satellite radio. Describe the creation of utility from the perspective of the manufacturer and marketer. Describe the utility relationship between the customer and the marketer.

Accepted Answer

The answer of Compare the purchase of an AM/FM radio...

Question 12

In the practice of relationship marketing, the definition of a customer is taken to another level. Which of the following best illustrates how a company practicing relationship marketing is different from a traditional transaction-based marketer?

Accepted Answer

A)  The city pool allows kids 12 years and younger to swim for free on Fridays. 
B)  A local coffee shop distributes coupons for $.50 off each cup of coffee. 
C)  The purchasing department of a defense contractor invites its suppliers to attend an annual golf outing. 
D)  The heads of the financial departments meet with the Chief Financial Officer to discuss year-end financial reporting.

Question 13

During the most recent Thanksgiving holiday weekend in the United States, gasoline retailers increased the price of gas an average of five cents a gallon. Which statement is most likely to be true about gasoline retailers' pricing strategy?

Accepted Answer

A)  Gasoline retailers must be greedy. 
B)  There was fierce competition among gasoline retailers. 
C)  The economy was strong, so gasoline retailers felt comfortable capitalizing on consumers' willingness to pay more for goods. 
D)  The economy was weak, and gasoline retailers needed to make up for shortfalls earlier in the year.

Question 14

Marketing of sporting, cultural, and recreational activities to selected target markets is known as cause marketing.

Accepted Answer

A) True 
 B)False

Question 15

The emergence of the marketing concept can best be explained by:

Accepted Answer

A)  higher production levels. 
B)  greater sophistication in the production of goods. 
C)  the shift from a seller's market to a buyer's market. 
D)  a focus on product quality.

Question 16

Marketing of a product begins after it hits the shelf.

Accepted Answer

A) True 
 B)False

Question 17

Describe social marketing, and give at least three examples of the types of communications social marketers use.

Accepted Answer

The answer of Describe social marketing, and give at least...

Question 18

Sally Myers, head of marketing at Sally's Salon, serviced six new customers over the past two weeks. Through a feedback form, Sally learned that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of:

Accepted Answer

A)  transaction-based marketing. 
B)  sales orientation. 
C)  marketing myopia. 
D)  buzz marketing.

Question 19

The Mistletoe Christmas Tree Farm has been in your family for generations, and you've been running it for more than 20 years. Today you are _______, which is a good example of the universal function of buying.

Accepted Answer

A)  studying sales records from the last five years to determine whether you need to import more trees from other farms 
B)  placing ads in the local newspaper throughout November and December 
C)  hiring a designer to create a new website promoting Mistletoe Farm 
D)  planning family-friendly activities such as caroling, ornament making, and cookie decorating

Question 20

Differentiate between transaction-based marketing and relationship marketing.

Accepted Answer

The answer of Differentiate between transaction-based marketing and relationship marketing....

Exam 1: Marketing: the Art of Satisfying Customers

Within a business environment, the marketing function is responsible for the creation of time, place, and ownership utility, whereas the production function creates form utility.

Availability of goods and services at convenient locations creates:

When a company pays a market research firm to conduct a marketing research project, it is engaging in which one of the Eight Universal Marketing Functions?

The advent of a strong buyer's market created the need for consumer orientation by businesses.

Of the following actions, which one is most likely to be part of the new promotion strategy at Panera Bread?

In the sales era, firms attempted to match their output to the potential number of customers who would want it.

In the context of marketing, which of the following is the best example of selling?

Which of the following is a combination of person, cause, and organization marketing?

Relationship marketing focuses more attention on _ customers because new customers are _ to acquire compared to existing customers.

Compare the purchase of an AM/FM radio with the purchase of a satellite radio. Describe the creation of utility from the perspective of the manufacturer and marketer. Describe the utility relationship between the customer and the marketer.

In the practice of relationship marketing, the definition of a customer is taken to another level. Which of the following best illustrates how a company practicing relationship marketing is different from a traditional transaction-based marketer?

During the most recent Thanksgiving holiday weekend in the United States, gasoline retailers increased the price of gas an average of five cents a gallon. Which statement is most likely to be true about gasoline retailers' pricing strategy?

Marketing of sporting, cultural, and recreational activities to selected target markets is known as cause marketing.

The emergence of the marketing concept can best be explained by:

Marketing of a product begins after it hits the shelf.

Describe social marketing, and give at least three examples of the types of communications social marketers use.

Sally Myers, head of marketing at Sally's Salon, serviced six new customers over the past two weeks. Through a feedback form, Sally learned that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of:

The Mistletoe Christmas Tree Farm has been in your family for generations, and you've been running it for more than 20 years. Today you are _______, which is a good example of the universal function of buying.

Differentiate between transaction-based marketing and relationship marketing.