Question 1

Interactive promotions put customers in control because they can gain immediate access to key product information when they want it.

Accepted Answer

A) True 
 B)False

Question 2

The marketing philosophy summarized by the phrase "a high-quality product will sell itself" is a characteristic of the _____ era.

Accepted Answer

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

Question 3

Which of the following statements regarding the marketing era is true?

Accepted Answer

A) Marketing and selling would no longer be considered synonymous terms. 
B) Marketing was relegated to a supplemental role performed after the production process. 
C) The marketing concept was linked to a shift from a buyer's market to a seller's market. 
D) Business success often was defined solely in terms of production successes.

Question 4

What is the major difference between the sales era and marketing era?

Accepted Answer

The answer of What is the major difference between the...

Question 5

​After receiving a marketing degree with honors,you surprised your friends by going to work for an animal rescue organization.They thought the job would be so easy that you wouldn't be able to put your skills and knowledge to good use.You decide to set them straight,explaining that the unique challenges of marketing the group are exactly what attracted you to the field.What do you say?

Accepted Answer

A) ​Marketing a nonprofit has nothing in common with marketing a profit-seeking business. 
B) ​Marketing a nonprofit is made especially difficult by the fact that these organizations do not have access to social networking tools. 
C) ​Nonprofit marketing is complicated by the need to serve multiple publics at once. 
D) ​Nonprofit marketing is exactly the same as marketing a business - just with fewer, smaller resources. 
E) ​Nonprofit marketers offer only intangible services, not tangible goods.

Question 6

A seller's market is one in which there are more goods and services than people willing to buy them.

Accepted Answer

A) True 
 B)False

Question 7

Buzz marketing excludes visual aspects as it does not consist of a tangible expression of an issue or position.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following statements is true regarding marketing myopia?

Accepted Answer

A) ​A firm who focuses on product orientation endangers future growth 
B) ​Firms who apply a customer orientation are in danger of lower levels of profiability 
C) ​Failure to recognize the impact of social media can lead to myopia 
D) ​Marketing myopia only applies to companies with a physical or tangible product

Question 9

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

Question 10

The term 'bottom line' is a reference to:

Accepted Answer

A) overall company profitability. 
B) a firm's social responsibility. 
C) the limits on marketing budgets. 
D) the ethical and social viability of marketing.

Question 11

​You just graduated from college with a degree in business.You are excited about beginning your professional career.To begin your job search,you are doing some soul searching to decide what type of company you want to work for.You have come up with the following list of characteristics that your ideal company would have: 1.Your ideal company does not seek to maximize shareholder value.
2)Your ideal company will be a service organization with a public mission.
3)Your ideal company will consider marketing an essential function.
4)Your ideal company will reinvest all its revenues into achieving the organization's objectives.
Based on these characteristics,you should most appropriately pursue professional opportunities in a _____________ company.​

Accepted Answer

A) ​Non-profit 
B) Social services 
C) ​Profit oriented 
D) Consumer advocacy 
E) ​Strategic alliance

Question 12

Social responsibility includes marketing philosophies,policies,procedures,and actions whose primary objective is to enhance society and protect the environment through sustainable products and practices.

Accepted Answer

A) True 
 B)False

Question 13

Explain the essence of marketing.

Accepted Answer

The answer of Explain the essence of marketing....

Question 14

An exchange process is an activity in which two or more parties give something of value to each other to satisfy perceived needs.

Accepted Answer

A) True 
 B)False

Question 15

Product development partnerships and vertical alliances are two examples of strategic alliances.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following forms the first half of the exchange process?

Accepted Answer

A) Standardizing 
B) Buying 
C) Selling 
D) Storing

Question 17

Explain the concept of marketing.What are some common misconceptions about marketing?

Accepted Answer

The answer of Explain the concept of marketing.What are some...

Question 18

Differentiate between transaction-based marketing and relationship marketing.

Accepted Answer

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

Question 19

The emergence of the marketing concept can be linked to the shift from a seller's market to a buyer's market.

Accepted Answer

A) True 
 B)False

Question 20

Your technology company has decided to form a strategic alliance with a major technology company based in South Korea.Which of the following statements is TRUE about the characteristics,benefits and business aspects of a strategic alliance?

Accepted Answer

A) Each company will give up some of its autonomy while gaining new opportunities from the alliance. 
B) ​The alliance will require both companies to change their organizational structures. 
C) ​The alliance will guarantee that each company will expand into new markets. 
D) ​The alliance may help each company to develop an advantage over its competition. 
E) ​The alliance will involve your company and the South Korean company pooling resources to form a separate business entity.

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

Interactive promotions put customers in control because they can gain immediate access to key product information when they want it.

The marketing philosophy summarized by the phrase "a high-quality product will sell itself" is a characteristic of the _____ era.

Which of the following statements regarding the marketing era is true?

What is the major difference between the sales era and marketing era?

A seller's market is one in which there are more goods and services than people willing to buy them.

Buzz marketing excludes visual aspects as it does not consist of a tangible expression of an issue or position.

Which of the following statements is true regarding marketing myopia?

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

The term 'bottom line' is a reference to:

Social responsibility includes marketing philosophies,policies,procedures,and actions whose primary objective is to enhance society and protect the environment through sustainable products and practices.

Explain the essence of marketing.

An exchange process is an activity in which two or more parties give something of value to each other to satisfy perceived needs.

Product development partnerships and vertical alliances are two examples of strategic alliances.

Which of the following forms the first half of the exchange process?

Explain the concept of marketing.What are some common misconceptions about marketing?

Differentiate between transaction-based marketing and relationship marketing.

The emergence of the marketing concept can be linked to the shift from a seller's market to a buyer's market.

Your technology company has decided to form a strategic alliance with a major technology company based in South Korea.Which of the following statements is TRUE about the characteristics,benefits and business aspects of a strategic alliance?