Question 1

Organizational buyers are described as

Accepted Answer

A)   only companies that purchase raw materials and natural resources for manufacturing.
B)   employees who purchase household items for their personal use.
C)   any individual or group making a purchase worth over $100,000.
D)   manufacturers, retailers, or government agencies that buy products for their own use or for resale.
E)   any organization that uses products purchased or meant for a household.F) A) and E)
G) A) and D)

Question 2

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Accepted Answer

To serve both buyers and sellers, market...

Question 3

Marketing refers to the

Accepted Answer

A)   research and development of new products that existing customers want to purchase.
B)   expansion of companies into other countries.
C)   process of identifying the best local plants to serve particular geographic markets.
D)   activity involved in getting a product or service from the manufacturer to the ultimate consumers and organizational buyers.
E)   activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.F) A) and B)
G) B) and E)

Question 4

The value to consumers that comes from having the offering available where consumers need it constitutes __________ utility.

Accepted Answer

A)   time
B)   place
C)   possession
D)   market
E)   formF) A) and C)
G) A) and E)

Question 5

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Accepted Answer

A)   the product.
B)   the industry.
C)   promotion.
D)   the place or distribution.
E)   a market segment.F) B) and D)
G) B) and E)

Question 6

What are the three components of a person's ability to buy an offering?

Accepted Answer

The three components...

Question 7

To attend a winter concert presented by the community chorus, every attendee was asked to donate one unwrapped toy at the concert hall door. The donation is most closely related to the ________ element of the marketing mix.

Accepted Answer

A)   product
B)   philanthropy
C)   price
D)   place
E)   promotionF) A) and B)
G) All of the above

Question 8

Customer value refers to

Accepted Answer

A)   the need of a customer to receive the highest-quality product at the lowest possible price.
B)   the least expensive product that will provide customers with most of the basic benefits.
C)   a statement that, before product development begins, identifies a well-defined target market; specific customers' needs, wants, and preferences; and what the product will be and do to satisfy consumers.
D)   the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
E)   the cluster of benefits that an organization promises customers to satisfy their needs.F) C) and D)
G) A) and C)

Question 9

The ability to buy an energy drink from a vending machine demonstrates which element of the marketing mix?

Accepted Answer

A)   product
B)   price
C)   promotion
D)   place
E)   processF) B) and C)
G) B) and D)

Question 10

Which statement about the marketing concept is most accurate?

Accepted Answer

A)   The marketing concept can trace its roots to early Greek culture.
B)   The goal of the marketing concept is that both companies and consumers can satisfy their needs.
C)   In using the marketing concept, companies focus on sales and advertising.
D)   The marketing concept is most effective when production is limited and the product will sell itself.
E)   All U.S. firms are now operating with a marketing concept philosophy.F) A) and D)
G) A) and C)

Question 11

Publix Supermarkets and The Little Clinic signed an exclusive agreement, placing small walk-in health clinics inside selected stores. Publix customers can have simple medical needs addressed in a convenient and familiar environment seven days a week and pick up their prescriptions from the pharmacy without leaving the store. This is an example of

Accepted Answer

A)   supplier management.
B)   customer valuation.
C)   societal marketing.
D)   market aggregation.
E)   relationship marketing.F) B) and C)
G) C) and D)

Question 12

Relationship marketing refers to

Accepted Answer

A)   the selection and the assignment of a firm's personnel for a specific product or product line to a group of current or prospective customers.
B)   the belief that it is easier and less expensive to find new customers than to retain old ones.
C)   the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
D)   the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
E)   exclusive legally binding contractual agreements between retailers and customers in order to create enhanced value for each party.F) B) and C)
G) A) and D)

Question 13

In U.S. business history, the marketing concept era was introduced in

Accepted Answer

A)   the mid-19 th century.
B)   the 1920s.
C)   the 1950s.
D)   the mid-1980s.
E)   the early 21st century.F) A) and B)
G) A) and C)

Question 14

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as

Accepted Answer

A)   manufacturing.
B)   advertising.
C)   marketing.
D)   selling.
E)   promotion.F) A) and B)
G) B) and D)

Question 15

The United States Army was both praised and criticized for its use of a popular video game, America's Army, which was designed to reach potential recruits. The game's creator, Colonel Casey Wardynski, wanted to provide a sense of the training and teamwork one could find in the Army's military environment. The game was designed for "boys 14 years or older," which represent the Army's

Accepted Answer

A)   mass market.
B)   actual recruits.
C)   restricted market.
D)   target market.
E)   untapped market.F) B) and D)
G) A) and B)

Question 16

All of the following are aspects of Trader Joe's customer experience except which?

Accepted Answer

A)   It has a large and expensive research and development facility.
B)   It offers unusual food products not available from other retailers.
C)   Its commitment to customer experience has resulted in its rank as a favorite supermarket.
D)   It sets low prices by offering its own brands, not national ones.
E)   It encourages employee "engagement" to help customers.F) A) and E)
G) None of the above

Question 17

Which statement best describes a good?

Accepted Answer

A)   Goods are physical objects.
B)   Goods are the only currency that can be used in an exchange.
C)   Goods are intangible concepts and thoughts about ideas or causes.
D)   Goods are the benefits organizations receive for selling products and services.
E)   Goods can be either tangible or intangible.F) A) and B)
G) A) and C)

Question 18

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Accepted Answer

A)   a product.
B)   promotion.
C)   the price.
D)   the place or distribution.
E)   advertising.F) A) and C)
G) All of the above

Question 19

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Accepted Answer

A)   marketing strategy
B)   marketing program
C)   macromarketing tactic
D)   micromarketing tactic
E)   customer relationship profileF) A) and E)
G) C) and D)

Question 20

Which group would be the least likely target market for a company producing canned food in single-serving sizes?

Accepted Answer

A)   single adults
B)   school kitchens
C)   campers
D)   senior citizens
E)   vending machine ownersF) None of the above
G) B) and D)

Exam 1: Creating Customer Relationships and Value Through Marketing

Which group would be the least likely target market for a company producing canned food in single-serving sizes?

Correct Answer
verified

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Correct Answer
verified

Which statement best describes a good?

Correct Answer
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The ability to buy an energy drink from a vending machine demonstrates which element of the marketing mix?

Correct Answer
verified

To attend a winter concert presented by the community chorus, every attendee was asked to donate one unwrapped toy at the concert hall door. The donation is most closely related to the ________ element of the marketing mix.

Correct Answer
verified

Organizational buyers are described as

Correct Answer
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Customer value refers to

Correct Answer
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Marketing refers to the

Correct Answer
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Relationship marketing refers to

Correct Answer
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A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Correct Answer
verified

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Correct Answer
verified

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as

Correct Answer
verified

Which statement about the marketing concept is most accurate?

Correct Answer
verified

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Correct Answer
verified
To serve both buyers and sellers, market...
View Answer

All of the following are aspects of Trader Joe's customer experience except which?

Correct Answer
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What are the three components of a person's ability to buy an offering?

Correct Answer
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The three components...
View Answer

The value to consumers that comes from having the offering available where consumers need it constitutes __________ utility.

Correct Answer
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Correct Answer
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In U.S. business history, the marketing concept era was introduced in

Correct Answer
verified

Correct Answer
verified

Exam 1: Creating Customer Relationships and Value Through Marketing

Which group would be the least likely target market for a company producing canned food in single-serving sizes?

Correct AnswerverifiedShow Answer

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Correct AnswerverifiedShow Answer

Which statement best describes a good?

Correct AnswerverifiedShow Answer

The ability to buy an energy drink from a vending machine demonstrates which element of the marketing mix?

Correct AnswerverifiedShow Answer

To attend a winter concert presented by the community chorus, every attendee was asked to donate one unwrapped toy at the concert hall door. The donation is most closely related to the ________ element of the marketing mix.

Correct AnswerverifiedShow Answer

Organizational buyers are described as

Correct AnswerverifiedShow Answer

Customer value refers to

Correct AnswerverifiedShow Answer

Marketing refers to the

Correct AnswerverifiedShow Answer

Relationship marketing refers to

Correct AnswerverifiedShow Answer

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Correct AnswerverifiedShow Answer

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Correct AnswerverifiedShow Answer

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as

Correct AnswerverifiedShow Answer

Which statement about the marketing concept is most accurate?

Correct AnswerverifiedShow Answer

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Correct AnswerverifiedTo serve both buyers and sellers, market...View AnswerShow Answer

All of the following are aspects of Trader Joe's customer experience except which?

Correct AnswerverifiedShow Answer

What are the three components of a person's ability to buy an offering?

Correct AnswerverifiedThe three components...View AnswerShow Answer

The value to consumers that comes from having the offering available where consumers need it constitutes __________ utility.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In U.S. business history, the marketing concept era was introduced in

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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To serve both buyers and sellers, market...
View Answer

Correct Answer
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Correct Answer
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The three components...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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