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Principles of Marketing questions




Question;1)All of the following are accurate descriptions of modern;marketing EXCEPT which one? A) Marketing is the creation of value for;customers.;B) Marketing is managing profitable customer relationships.;C) Selling and advertising are synonymous with marketing. D) Marketing involves;satisfying customers' needs.;E) Marketing is used;by for-profit and not-for-profit organizations.;2)According to management guru Peter Drucker, "The aim;of marketing is to ________." A) create customer value;B) identify customer demands C) make selling unnecessary;D) set realistic customer expectations E) sell products;3) ________ is defined as a social and managerial process by;which individuals and organizations obtain what they need and want through;value creation and exchange.;A)Selling;B)Advertising;C)Bartering;D)Marketing;E)Negotiating 1;4) Which steps of the five-step marketing process;are about understanding customers, creating customer value, and building strong;customer relationships?;A)the first two only;B)the first three only;C)the first four only;D)the last three only;E)the last four only;5) According to the simple five-step model of the;marketing process, a company needs to;before designing;a customer-driven marketing strategy.;A)determine how to deliver superior value;B)build profitable relationships with customers;C)use customer relationship management to create full;partnerships with key customers;D)understand the marketplace and customer needs and wants;E)construct key components of a marketing program;6) ________ are human needs as shaped by individual;personality and culture.;A)Needs;B)Wants;C)Demands;D)Values;E)Exchanges;7) When backed by buying power, wants become ________.;A)social needs;B)demands;C)physical needs;D)self-esteem needs;E)exchanges;8) A(n) ________ is some combination of products, services;information, or experiences offered to consumers to satisfy a need or want.;A)market offering;B)value proposition;C)demand satisfaction;D)need proposition;E)evoked set;9) Which of the following refers to sellers being;preoccupied with their own products and losing sight of underlying consumer;needs?;A)selling myopia;B)marketing management;C)value proposition;D)marketing myopia;E)the product concept;Answer: D;10) When marketers set low expectations for a market;offering, the biggest risk they run is;A)disappointing loyal customers;B)decreasing customer satisfaction;C)failing to attract enough customers;D)failing to understand their customers' needs;E)incorrectly identifying a target market;11) ________ is the act of obtaining a desired object from;someone by offering something in return.;A)Valuation;B)Exchange;C)Bribery;D)Value creation;E)Donation.;12) A(n) ________ is the set of actual and potential buyers;of a product.;A)market;B)audience;C)group;D)segment;E)exchange;13) Consumer research, product development, communication;distribution, pricing, and service are all core ________ activities.;A)exchange;B)marketing;C)management;D)production;E)customer relationship management;14) The art and science of choosing target markets and;building profitable relationships with them is called ________.;A)marketing management;B)positioning;C)segmentation;D)selling;E)differentiation;15) Selecting which segments of a population of customers to;serve is called ________.;A)market segmentation;B)positioning;C)customization;D)target marketing;E)managing the marketing effort;16) Which of the following is the set of benefits a company;promises to deliver to customers to satisfy their needs?;A)a money-back guarantee;B)low pricing;C)customer service;D)a value proposition;E)an attribute;17) Which customer question is answered by a company's value;proposition?;A)"Why should I buy your brand rather than a;competitor's?;B)"How does your brand benefit society?;C)"What are the costs and benefits of your brand?;D)"What kind of experience will I have with products;and services associated with this brand?;E)"What are the benefits of being a loyal consumer of;your brand?;18) Which of the following marketing management orientations;focuses primarily on improving efficiencies along the supply chain?;A)production concept;B)product concept;C)selling concept;D)marketing concept;E)societal marketing concept;19) Which of the following marketing management concepts is;most likely to lead to marketing myopia?;A)customer-driven marketing;B)customer-driving marketing;C)societal marketing;D)marketing;E)product;20) According to the production concept, consumers will;favor products that are ________ and;A)satisfying, quality focused;B)advertised, affordable;C)in high demand, hard to find;D)segmented, convenient;E)available, affordable;21) The ________ concept is aligned with the philosophy of;continuous product improvement and the belief that customers will choose;products that offer the most in quality, performance, and innovative features.;A)product;B)production;C)customer;D)marketing;E)promotion;22) The product concept says that a company should do which;of the following?;A)improve marketing of its best products;B)market only those products with high customer appeal;C)focus on the target market and make products that meet;those customers' demands;D)focus on making continuous product improvements;E)make promoting products the top priority;23) "Build a better mousetrap and the world will beat a;path to your door" reflects the;concept.;A)production;B)marketing;C)selling;D)product;E)target marketing;24)Which marketing orientation calls for aggressive;promotional efforts and focuses on generating transactions to obtain profitable;sales?;A) marketing concept B) production concept C) product;concept D) selling concept;E) societal marketing concept;25)Which marketing orientation holds that achieving;organizational goals depends on knowing the needs and wants of target markets;and delivering the desired satisfactions better than competitors do?;A) product concept B) production concept C) selling concept;D) marketing concept;E) societal marketing concept Answer: D;26)According to the authors of your text, the;concept is a "sense and respond" philosophy rather than a "make;and sell" philosophy.;A) product B) production C) marketing D) retailing;E) societal marketing;27)A firm that uses the selling concept takes a(n);approach.;A)outside-in;B)passive;C)inside-out;D)societal;E)customer service;28)Herb Kelleher of Southwest Airlines used the marketing;concept in his successful organization. Having a customer department rather;than a marketing department, as suggested by Kelleher, is an example of a(n);perspective.;A) outside-inB) external C) inside-out;D) continuous improvement E) traditional;29)Though often criticized, the selling concept is particularly;appropriate and effective with which of the following types of products?;A) convenience B) shopping C) specialty D) unsought E);demarketed;30)Which of the following reflects the marketing concept;philosophy?;A)"We don't have a marketing department, we have a;customer department.;B)"We're in the business of making and selling superior;products.;C)"We build them so you can buy them.;D)"When it's profits versus customers' needs, profits;will always win out.;E)"You won't find a better deal anywhere.;31) Customer-driven marketing usually works well;when ________ and when customers;A)a clear need exists, are difficult to identify;B)customers know what they want, are loyal to the brand;C)a firm can deliver the goods desired, are thoroughly;researched;D)a clear need exists, know what they want;E)a need exists, don't know what they want;32)Marie Ortiz enjoys her work at Futuristic Designs, Inc.;Her organization understands and anticipates customer needs even better than;customers themselves do and creates products and services to meet current and;future wants and demands. Marie's firm practices;marketing.;A) customer-drivenB) customer-drivingC);relationship;D) societal E) social;33)When customers don't know what they want or don't even;know what's possible, the most effective strategy is ________ marketing.;A) customer-drivenB) customer-drivingC) societal;D) production E) product;34)The societal marketing concept seeks to establish a;balance between consumer short-runwants and consumer ________.;A) short-run costs and profits;B) short-run ethics;C) long-run welfare D) immediate health E) value;propositions;35)Which marketing orientation holds that firms must strive;to deliver value to customers in a way that maintains or improves the;consumer's and society's well-being?;A) marketing concept B) selling concept C) product concept;D) societal marketing concept E) equity concept;36)The three areas of consideration that should be balanced;in the societal marketing concept are consumer wants, society's interests, and;A) human welfare B) want satisfaction C) company profits;D)short-run wants E)long-term needs;37)The set of marketing tools a firm uses to implement its;marketing strategy is called the;A) promotion mix B) product mix C) marketing mix D) TQM;E) marketing effort;38)Building, keeping, and growing profitable relationships;by delivering customer value and satisfaction is called ________.;A) customer lifetime value B) customer perceived value;C) customer relationship management D) database marketing;E) societal marketing;39)Of the following, which is the most important concept of;modern marketing?;A)customer relationship management;B)e-mail advertising;C)mass marketing;D)properly trained sales people;E)low prices;40) You have just taken a new position in an organization;and you're learning about the job functions of your new colleagues. You observe;that your marketing manager is heavily involved in the process of building and;maintaining profitable customer relationships. Your marketing manager;frequently speaks about the need to acquire, keep, and grow customers. Your;manager is concerned with which one of the following?;A)customer divestment;B)customer-managed relationships;C)the societal marketing concept;D)partner relationship management;E)customer relationship management Answer: E;41)Customer-perceived value is determined by a;customer's ________ of the benefits and costs of a market offering relative to;those of competing offers.;A) personal assessment B) rational expectations C) accurate;assessment D) objective evaluation;E) emotional understanding;42)It is most accurate to say that customers buy from stores;and firms that offer which of the following?;A) the highest value for the dollar;B) the highest customer-perceived value C) the;highest level of customer satisfaction D) the most attractive company image;E) the most concern for society's interests;43)The key to delivering customer satisfaction is to match;with ________.;A)company performance, the competition's performance;B)company performance, competitive prices;C)relationship building, performance tools;D)company performance, unique products;E)customer expectations, product performance;44)Which of the following is the term for customers who make;repeat purchases and tell others about their positive experiences with a;product or service?;A) barnacles;B) customer evangelists C) butterflies;D) full partners;E) social customers;45)Which of the following strategies would a company most likely;use to increase customer satisfaction?;A) decreasing the variety of offered services B) divesting;C) lowering prices;D) "firing" unprofitable customers;E) limiting customer experiences with a brand Answer: C;46)You are an assistant marketing director for a firm in a;market with many low-margincustomers. What type of relationship would be;most profitable for you to develop with these customers?;A) full partnerships B) basic relationships C) basic;partnerships D) club programs;E) selective relationships;47)A room upgrade offered by a hotel to a guest who often;stays in the hotel is an example of a;A) frequency marketing program B) basic customer;relationship C) club marketing program;D) partner relationship management technique E) structural;benefit;48)Pete Sanchez, a recent graduate of business school, has a;different approach than his marketing manager, who believes in keeping;customers at arm's length and using mass media advertising. Pete knows that;today few successful firms still practice true ________.;A) club marketing;B) frequency marketing C) mass marketing;D) customer satisfaction E) market segmentation;49)Which of the following has NOT contributed to the deeper;more interactive nature of today's customer relationships?;A) e-mail B) Web sites;C) online social networks D) traditional advertising E);video sharing;50)Which of the following best explains why consumers have;greater power and control in today's marketplace?;A) The production concept and competition have lowered;prices.;B) Implementation of the product concept has resulted in;continually improving products.;C) Customer-driven marketing creates products and;services that meet customers' future needs. D) More companies are implementing;societal marketing and weighing long-term costs and benefits.;E) Through new communication technologies, customers have;more access to information and more methods of sharing their opinions with;other customers.;51)The marketing world is embracing ________ because;consumers can wield greater power and control in the marketplace through;communication technologies.;A) partner relationship management B) supply chain;management;C) customer-managed relationships D) market;segmentation;E) target marketing;52)Greater consumer control means that companies must rely;more on marketing by;than by ________.;A) interruption, involvement B) attraction, intrusion;C) socialization, information D) producing, selling;E) inspiration, competition;53)Which of the following is an example;of consumer-generated marketing? A) Toyota's presence in online;communities;B) Nike's Nike Plus running Web site;C) MasterCard's use of "Priceless" commercials;shot by customers D) Neiman Marcus's InCircle Rewards program for its best;customers E) The Lexus Covenant aimed at creating customer delight;54)Partner relationship management focuses on working with;to bring more value to customers.;A) partners inside and outside of the company B) competitors;C) consumers;D) interest groups;E) partners outside of the company only;55)In today's world, marketing should be done by;employees in an organization.;A)only marketing;B)only marketing, sales, and customer-support;C)only sales and technology;D)only management and marketing;E)all;56) Through ________, many companies today are strengthening;their connections to all partners, from providers of raw materials to;components to final products that are delivered to final buyers.;A)supply chain management;B)direct marketing;C)partnership relationship marketing;D)customized marketing;E)equity marketing;57)Suzie Chan strengthens her company's connections by;treating suppliers of raw materials, vendors, and distributors as partners in;delivering customer value. What type of management is she practicing?;A) outside partnering B) inside partnering C) marketing;D) supply chain;E) customer development Answer: D;58)The final step in the marketing process is ________.;A)capturing value from customers;B)creating customer loyalty;C)creating customer lifetime value;D)understanding the marketplace;E)designing a customer-driven marketing strategy;59) Stew Leonard, the owner of a highly successful regional;supermarket chain, reacts adversely to losing a single customer sale. He feels;that this amounts to losing the entire stream of future purchases that a;customer is likely to make if she remains in the area. Stew Leonard's concern;is an illustration of which of the following?;A)share of customer;B)market share;C)partner relationship management;D)customer lifetime value;E)market share maintenance;60)When an airline goes after a "share of travel;from its customers, it is attempting to increase;A) partner equity B) share of customer C) profit margins;D) customer-managed relationships E) customer;ownership;61)Beyond simply retaining good customers, marketers want to;constantly increase their "share of customer." What does this mean in;marketing terms?;A) Marketers want to increase their market share.;B) Marketers want to increase the share they get of the;customer's purchasing in their product categories.;C) Marketers want to increase the profit margin with this;target market.;D) Marketers want to continuously increase their customers;levels of satisfaction. E) Marketers want to turn satisfied customers into;delighted customers.;62)________ is one of the best ways to increase share of;customer.;A)Targeting new customers;B)Using bait and switch;C)Cross-selling;D)Divesting;E)Partnership marketing;63) leverages relationships with its 35 million;customers by offering them music, videos, gifts, toys, consumer electronics;and office products, among other items. Based on previous purchase history, the;company recommends related CDs, books, videos, or other products that might;interest a customer. This most directly helps capture a greater;A) partner value;B) share of customer C) profit margin;D) social network E) customer loyalty 64)Which of the;following is the total combined customer lifetime values of all a company's;current and potential customers?;A) share of customer;B) customer lifetime value C) customer equity;D) profitability E) share of market;65)The ultimate aim of customer relationship management is;to produce ________.;A)customer equity;B)market share;C)sales volume;D)a reliable database;E)higher profit margins;66)A potentially highly;profitable, short-term customer is a ________. A) true friend;B) butterfly C) stranger D) barnacle;E) true believer;67)Customers can be classified into four relationship;groups, according to their profitability and projected loyalty. Which type of;customers have the highest profit potential and strong loyalty? A) barnacles;B) strangers C) butterflies D) true friends E) big fish;68)Afia, a team leader in charge of customer relationship;management, is planning strategies for improving the profitability of her;firm's least profitable but loyal customers. She is also examining methods for;firing" customers in this group who cannot be made profitable. To;which of the following customer relationship groups do these customers belong?;A) butterflies B) true friends C) strangers D) barnacles;E) short-term customers;69)Since the beginning of the Great Recession, marketers;have been emphasizing the;of their products more than ever. A) image;B) value;C) personality D) safety;E) uniqueness;70)Which of the following has been the most common consumer;response to the economic downturn that began in 2008?;A) spending more on luxury items;B) discontinuing any spending on luxury items;C) spending less and choosing products more carefully D);spending less but choosing products less carefully E) saving more but spending;more on credit cards;71)Which of the following is a true statement about the;Great Recession that began in 2008? A) The economic crisis caused;a short-term change in consumers' spending habits.;B) The average home value increased after the stock market;plunge.;C) Decreasing energy prices provided consumers with;unexpected savings. D) Consumers brought spending more in line with their;incomes.;E) Consumers quickly regained confidence in the economy.;72) Which of the following statements about the Internet is;most accurate?;A)Companies are cautiously using the Internet to build;closer relationships with customers and marketing partners alike.;B)After the dot-com meltdown of 2000, fewer;consumers are buying products and services online.;C)The Internet makes it easy for consumers to view, interact;with, and create marketing content.;D)Consumer e-commerce looks promising;but business-to-business e-commerce is declining.;E)Web 2.0 involves a less balanced approach to online;marketing than the original dot-comboom did.;73)Which version of the Web has introduced small, fast, and;customizable applications that can be accessed through multifunction mobile devices?;A) Web 1.0 B) Web 2.0 C) Web 3.0 D) Web 4.0 E) Web 5.0;74)Which of the following is currently;the fastest-growing form of marketing?;A)consumer-generated marketing;B)online marketing;C)mass media marketing;D)societal marketing;E)word-of-mouth marketing;75)As part of the rapid globalization of today's economy;companies are selling more locally produced goods in international markets and;A) taking a local view of their industry B) purchasing more;supplies abroad;C) reducing competition within their industry;D) downplaying concerns for social responsibility E);competing solely in traditional marketplaces;76)Which of the following is most essential to any;definition of marketing?;A)demand management;B)the production concept;C)customer relationships;D)making a sale;E)making a profit;77) Greg Williams now has the buying power to purchase the;computer system he has wanted for the last six months. Greg's want now has;become a(n) ________.;A)need;B)necessity;C)demand;D)exchange;E)transaction;78) Cathy's Clothes is a small retail chain successfully;selling women's clothing and accessories with a profitable focus on buyers who;have relatively modest means. This is an example of;A)convenience;B)social marketing;C)societal marketing;D)target marketing;E)value packing;79) An organic farmer has identified three distinct groups;who might be interested in his products: vegetarians, people who are concerned;about chemicals in their foods, and people who consider themselves innovators;and trendsetters. These three groups are examples of ________.;A)marketing mixes;B)market segments;C)value propositions;D)mass markets;E)marketing intermediaries;80) Jolene's firm markets preplanning services for a;mortician. She finds that most of her target market wants to avoid discussing;their future funeral needs, and she must somehow first get their attention.;Jolene's firm most likely practices the ________.;A)production concept;B)marketing concept;C)selling concept;D)social marketing concept;E)societal marketing concept;81) Henry Ford's philosophy was to perfect;the Model-T so that its cost could be reduced further for increased;consumer affordability. This reflects the ________ concept.;A)product;B)production;C)selling;D)marketing;E)societal marketing;82)Railroads were once operated based on the thinking that;users wanted trains rather than transportation, overlooking the challenge of;other modes of transportation. This reflects the;concept. A) product;B) production C) selling;D) marketing;E) societal marketing;83)Some fast-food restaurants offer tasty and;convenient food at affordable prices, but in doing so they contribute to a;national obesity epidemic and environmental problems. These fast-foodrestaurants;overlook the ________ philosophy.;A) marketing concept B) product concept C) production;concept;D) societal marketing concept E) selling concept;84)FedEx offers its customers fast and reliable package;delivery. When FedEx customers weigh these benefits against the monetary cost;of using FedEx along with any other costs of using the service, they are acting;upon ________.;A) loyalty;B) relationship marketing C)customer-perceived value D);social relationships;E) a societal marketing campaign;85)Sally purchased Brand X lotion. In comparing her;perception of how the lotion made her skin feel and look to her expectations;for Brand X lotion, Sally was measuring her level of;A) share of customer B) customer satisfaction C) customer;equity;D) demand;E) customer lifetime value;86)The Niketown running club that organizes twice weekly;evening runs and follow-upmeetings in the Nike Store is an example of;which of the following?;A) a frequency marketing program B) a basic customer relationship;C) a club marketing program;D) a partner relationship;E) a structural benefit provided for top customers;87)Elisandra, a marketing manager at a regional chain;restaurant, has decided to sponsor a contest calling for customers to create;commercials for the restaurant. Winning entries will be posted on the;organization's home page. Elisandra's plan is an example of ________.;A) consumer-generated marketing B) partner;relationship management C) customer lifetime value;D) community development around a brand E) customer;divestment;88)Kao Corp., which makes Ban deodorant, invited teenage;girls to make an ad that would encourage other girls to buy the product. This;program is an example of ________.;A) societal marketing;B) the production concept C) the selling orientation;D) partner relationship management;E)consumer-generated content;89)At Gina's Nails, the posted policy is "Without our;customers, we don't exist." Gina and her staff aim to delight each;customer, and they are quick to offer discounts or extra services whenever a;customer is anything less than satisfied. Gina and her staff strive to make;every customer a repeat customer. It is most accurate to say that instead of;focusing on each individual transaction, Gina and her staff put a priority on;A) partner relationship management B) enlisting customer;evangelists C) attracting "butterflies;D) converting "strangers;E) capturing customer lifetime value;90)Ben & Jerry's challenges all stakeholders, including;employees, top management, and even ice cream scoopers in their stores, to;consider individual and community welfare in their day-to- day;decisions. Actions such as this by companies seizing the opportunity to do well;by doing good reflects ________.;A) environmentalism B) social responsibility C) profit;marketing;D) partnership management E) myopia;91)A church targeting different demographic groups to;increase attendance is an example of;A) for-profit marketing;B) not-for-profit marketing C) societal marketing;D) customer evangelism E) caring capitalism;92)Your state's department of education has budgeted a;significant amount of money for a radio, print, television, and online;advertising campaign emphasizing the long-term benefits, both;educationally and professionally, of reading every day. This is an example of;a(n);campaign. A) ethical;B) social marketing C) for-profit;D) consumer-generatedE) differentiated;93) Which of the following is the most likely result of a;marketing strategy that attempts to serve all potential customers?;A)All customers will be delighted.;B)Customer-perceived value will increase.;C)Customer evangelists will become unpaid salespersons for;the service or product.;D)Not all customers will be satisfied.;E)The company will need to follow up with a service;campaign.;94)Which of the following reflects the marketing concept? A);The supplier is king.;B) "Marketing should be viewed as foraging and not;gardening." C) "This is what I make, won't you please buy it?;D) "This is what I want, won't you please make;it?" E) "Customers need to be told where they want to go.;95)In which of the following situations has a company most;actively embraced customer- managed relationships?;A) American Airlines awards frequent flyer points to;returning customers. B) Paige Premium Denim jeans provide a superior quality;and a perfect fit.;C) iRobot invites enthusiastic Roomba owners to develop and;share their own programs and uses for the company's robotic vacuum.;D) Best Buy distinguishes between its best customers;called angels, and its less profitable customers, called demons;stocking merchandise to appeal to separate groups of its angels. E) Toyota;develops a marketing presence on social networks and other online communities.;96) When the economy tightens, customer loyalty and customer;retention become ________ for marketers.;A)more important;B)less important;C)impossible;D)long-term but not short-term goals;E)short-term but not long-term goals;Refer to the scenario below to answer the following questions.;Carol Veldt, owner of Seagull Terrace, watched her;investment grow from a small, seaside motel to a;thriving year-round resort in just a few years. Atop a bluff;overlooking the Maine coast, Seagull Terrace had attracted thousands of visits;during the summer months, but then faced a tremendous downturn in business;during the winter months. "But, given the industry in the nearby towns;very little year-roundcompetition, and our close proximity to;Portland," Carol added, "I couldn't understand why seasonality had to;hit Seagull Terrace so hard!;So Carol spent her first winter devising a new marketing;plan. She put together a promotional package designed to attract business;travelers year-round. Carol's plan, then, involved a seasonal;promotionalgimmick-to be implemented from early winter to;late spring-that would attract the same numbers as the large summer;crowd. Her idea worked! During her second winter, Carol greeted numerous;businesstravelers-both satisfied repeat guests as well as new guests who had;been snagged by her promotional appeals.;We still have a long way to go," Carol admitted.;Our delicatessen offers delicious entrees, but we'd like to expand that.;We provide health club privileges off-site, but we'd like to;eventually provide our own. These are goals I hope to achieve in a few years.;Our first project, however, included a renovation of our guest rooms and I'm;quite proud of the results." Carol then added, "Actually there are so;many possibilities. With an indoor pool area, I will eventually offer;weekend get-awaysthroughout winter.;97) Which of the following groups is specifically part of;Seagull Terrace's target market?;A)seasonal business travelers;B)young families;C)retirees;D)summer campers;E)athletes;98)Carol Veldt's use of "promotional gimmicks" is;an example of the ________ concept. A) selling;B) marketing C) product D) production;E) societal marketing Answer: A;99)Renovations of the guest rooms at the Seagull Terrace and;plans to add an indoor pool area are examples of the ________ concept.;A) selling B) marketing C) product;D) production;E) societal marketing;100)Carol Veldt has decided to ask selected guests to;participate in an extensive survey about their experience at Seagull Terrace;and about their most desired amenities and vacation experiences. By;implementing the suggestions she receives from guests, Carol would be following;the ________ concept.;A) production B) product C) selling;D) marketing E) societal


Paper#47313 | Written in 18-Jul-2015

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