Question 1

Knowing about marketing can help you evaluate the types of corrective measures needed to stop questionable marketing practices.

Accepted Answer

A) True 
 B)False

Question 2

The marketing concept affects

Accepted Answer

A) just the marketing department. 
B) all organizational activities. 
C) only marketing and finance. 
D) only production and marketing. 
E) few decisions in an organization.

Question 3

In today's market environment, you might pay $15 for a physical CD by your favorite musical artist. Approximately how much of that price goes to activities related to marketing (promotion, distribution, profit margins)?

Accepted Answer

A) $1.70 
B) $3.40 
C) $5.10 
D) $7.50 
E) $12.75

Question 4

Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as

Accepted Answer

A) marketing synthesis. 
B) relationship marketing. 
C) a marketing orientation. 
D) the marketing concept. 
E) strategic marketing.

Question 5

What are the three ways that marketing environment forces affect a marketer's ability to create satisfying exchange relationships?

Accepted Answer

The answer of What are the three ways that marketing...

Question 6

Explain why marketing efforts should be oriented toward creating and sustaining satisfying exchange relationships.

Accepted Answer

The answer of Explain why marketing efforts should be oriented...

Question 7

In general, when marketers focus on customers chosen for their lifetime value, they earn lower profits in future periods than when they focus on customers selected for other reasons.

Accepted Answer

A) True 
 B)False

Question 8

Scenario 1.2
Use the following to answer the questions.
Paws and Claws Hotel is a full-service pet salon and boarding kennel. Paws and Claws has an interactive website where customers can directly book a grooming appointment, obedience class, or overnight accommodations for their dog or cat. Paws and Claws has several unexpected services, such as a 600-square foot swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool. Customers can also drop their dog or cat off each morning for pet day care. Paws and Claws has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet "furniture" so that the cats and dogs can lie on sofas just like at home. Paws and Claws is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.
The cost for an overnight stay at Paws and Claws averages $50, compared to competing kennels at about $30. The day care costs are $25 for either a dog or cat. The majority of Paws and Claws' competitors don't offer the day care service, and require an two-day minimum for overnight stays.
Informal discussions with customers led to the addition of pet day care and 24-hour hours of operation. Previously, Paws and Claws was more interested in competing based on its prices.
-Refer to Scenario 1.2. Paws and Claws' addition of unexpected services, pick-up and delivery, and 24-hour access while charging a higher price than its competition is best described as which type of value?

Accepted Answer

A) Value = monetary price - customer benefits. 
B) Value = customer costs - customer benefits. 
C) Value = customer benefits - customer costs. 
D) Value = customer benefits - monetary price. 
E) Value = customer benefits - time and effort.

Question 9

A target market is always defined by demographics.

Accepted Answer

A) True 
 B)False

Question 10

Kashi Heart to Heart cereal is aimed at people concerned about their heart health. These people represent the Kashi

Accepted Answer

A) marketing mix. 
B) marketing strategy. 
C) target market. 
D) marketing tactic. 
E) consumer advocates.

Question 11

Which of the following best describes the acceptance of the marketing concept by American organizations?

Accepted Answer

A) The marketing concept has yet to be fully accepted by all organizations. 
B) All organizations fully utilize the marketing concept to run their businesses. 
C) Nearly half of all organizations are still in the sales orientation and have not implemented the marketing concept. 
D) Most organizations have really not accepted the marketing concept because of its many costs and problems. 
E) Although American organizations fully accept the marketing concept, many foreign companies do not.

Question 12

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

Accepted Answer

A) Profits for the seller 
B) A good bargain on the product for the buyer 
C) Reducing the seller's inventory 
D) One party having to compromise in the exchange 
E) Satisfaction for both the buyer and seller

Question 13

The product variable of the marketing mix can include all of the following except

Accepted Answer

A) creation of brand names. 
B) consumer perception of the product price. 
C) development of product packaging. 
D) warranty issues. 
E) repair services.

Question 14

The marketing concept is

Accepted Answer

A) a management philosophy. 
B) synonymous with exchange. 
C) a component of the marketing mix. 
D) a function of the marketing environment. 
E) focused solely on satisfying customer objectives.

Question 15

Which of the following is most likely to be an idea marketer?

Accepted Answer

A) Car salesperson 
B) Airline pilot 
C) Attorney 
D) Abuse counselor 
E) Orthodontist

Question 16

Which of the following statements about marketing environment forces is correct?

Accepted Answer

A) They influence customers by affecting their lifestyles, standards of living, and preferences and needs for products. 
B) They do not influence customers' reactions to a firm's marketing mix. 
C) They fluctuate slowly and thereby create threats to a firm's marketing mix. 
D) They never fluctuate quickly. 
E) They do not influence the way a marketing manager performs certain marketing activities.

Question 17

During the Industrial Revolution demand for manufactured goods was

Accepted Answer

A) weak. 
B) nonexistent. 
C) declining. 
D) strong. 
E) mediocre.

Question 18

Which of the following is essentially an uncontrollable factor in developing a marketing mix?

Accepted Answer

A) Product adaptations 
B) Pricing strategies 
C) Government regulations 
D) Advertising campaigns 
E) Retail locations

Question 19

Marketing costs consume about one-half of a buyer's dollar.

Accepted Answer

A) True 
 B)False

Question 20

In managing customer relationships, the three primary ways profits can be obtained are by

Accepted Answer

A) acquiring new customers, enhancing the profitability of new customers, and shortening the duration of relationships with existing customers. 
B) enhancing the profitability of existing customers, eliminating customers who provide smaller profits, and finding new customers. 
C) extending the length of relationships with customers, cutting organizational costs, and enhancing the profitability of new customers. 
D) eliminating long-term customers who have decreased purchases, finding new customers, and increasing sales to existing customers. 
E) enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

Exam 1: An Overview of Strategic Marketing

Knowing about marketing can help you evaluate the types of corrective measures needed to stop questionable marketing practices.

The marketing concept affects

In today's market environment, you might pay $15 for a physical CD by your favorite musical artist. Approximately how much of that price goes to activities related to marketing (promotion, distribution, profit margins) ?

Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as

What are the three ways that marketing environment forces affect a marketer's ability to create satisfying exchange relationships?

Explain why marketing efforts should be oriented toward creating and sustaining satisfying exchange relationships.

In general, when marketers focus on customers chosen for their lifetime value, they earn lower profits in future periods than when they focus on customers selected for other reasons.

A target market is always defined by demographics.

Kashi Heart to Heart cereal is aimed at people concerned about their heart health. These people represent the Kashi

Which of the following best describes the acceptance of the marketing concept by American organizations?

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

The product variable of the marketing mix can include all of the following except

The marketing concept is

Which of the following is most likely to be an idea marketer?

Which of the following statements about marketing environment forces is correct?

During the Industrial Revolution demand for manufactured goods was

Which of the following is essentially an uncontrollable factor in developing a marketing mix?

Marketing costs consume about one-half of a buyer's dollar.

In managing customer relationships, the three primary ways profits can be obtained are by