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Exam 1: Defining Marketing for the 21st Century

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Question 51

Multiple Choice

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E. Jerome McCarthy classified marketing activities into the four Ps of the marketing mix. These four Ps stand for ________.

A) product, positioning, place, and price
B) product, production, price, and place
C) promotion, place, positioning, and price
D) place, promotion, production, and positioning
E) product, price, promotion, and place

F) A) and B)
G) C) and D)

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Question 52

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The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

A) True
B) False

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Question 53

Multiple Choice

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In Tokyo Disneyland, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.

Contrary to popular belief, marketers do not create needs.

Which of the following statements about marketing is true?

Which of the four new Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?

Which of the following reflects the "people" component of the marketing mix?

Your firm is in the process of moving from focusing on a financial scorecard as the basis for running and evaluating the organization to a marketing scorecard approach. What is a marketing scorecard approach and what might be some of its components?

Car rental firms, hair dressers, and management consultants provide ________.

Identify and define the traditional four Ps. Also identify the new four Ps and the reason for developing the new interpretation.

If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________.

Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.

When consumers share a strong need that cannot be satisfied by an existing product, they are exhibiting latent demand.

You have been given the assignment of justifying cause-related marketing to your board of directors. What would be your primary argument in favor of such a proposal?

The value of an offering is described as ________.

The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization's products.

Properties are bought and sold, and this requires marketing.

Properties are intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds).

________ makes sense in developing countries such as China where the largest PC manufacturer, Lenovo, and domestic appliances giant, Haier, take advantage of the country's huge inexpensive labor pool to dominate the market.

The marketplace isn't what it used to be. List and briefly discuss the new behaviors, opportunities, and challenges that await the marketer in the 21st century.