Question;51. One traditional;depiction of marketing activities is in terms of the marketing mix or four Ps.;The four Ps are characterized as being ________.;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;52. From a buyer?s point of view, each marketing tool is designed to deliver a;customer benefit. The SIVA customer-centric breakdown of marketing activities;includes ________.;a. sale, interaction, voice, and availability;b. solution, information, value, and access;c. satisfaction, intention, value, and account;d. situation, importance, variability, and awareness;e. none of the above;53. A firm can ________ only in the long run.;a. reduce its sales-force size;b. develop new products;c. change its price;d. modify advertising expenditures;e. All of the above may be done in the short or long run.;54. Holistic marketing incorporates ________, ensuring that everyone in the;organization embraces appropriate marketing principles, especially senior;management.;a. profit objectives;b. share of customer;c. internal marketing;d. the marketing mix;e. strategic planning;55. Companies are recognizing that much of their market value comes from;particularly their brands, customer base, employees, distributor and;supplier relations, and intellectual capital.;a. variable assets;b. the value proposition;c. intangible assets;d. tangible assets;e. customer preferences;56. Holistic marketing incorporates ________, an understanding of broader;concerns in the ethical, environmental, legal, and social context of marketing;activities.;a. safe product design;b. cultural marketing;c. social responsibility marketing;d. cross-functional teams;e. direct-sales policies;57. The ________ holds that the organization?s task is to determine the needs;wants, and interests of target markets and to deliver the desired satisfactions;more effectively and efficiently than competitors in a way that preserves or;enhances the consumer?s and the society?s well-being.;a. customer-centered business;b. focused business model;c. societal marketing concept;d. ethically responsible marketing manager;e. production-centered business;58. At the heart of any marketing program is the ________?the firm?s tangible;offering to the market.;a. service offer;b. product;c. sales support team;d. packaging;e. auxiliary offer;59. ________ activities include those the company undertakes to make the;product accessible and available to target customers.;a. Consumer behavior;b. Market segmentation;c. Marketing research;d. Channel;e. New-product development;60. Marketing feedback and ________ processes are necessary to understand the;efficiency and effectiveness of marketing activities and how both could be;improved.;a. control;b. analysis;c. measurement;d. retrospective;e. consumer behavior;True/False;61. A short definition of marketing is ?meeting needs profitably.?;62. Value marketing is the ?art and science of choosing target markets and;getting, keeping, and growing customers through creating, delivering, and;communicating superior customer value.?;63. Services constitute the bulk of most countries? production and marketing;effort.;64. The U.S. economy today consists of a 70?30 services-to-goods mix.;65. ?Friends Don?t Let Friends Drive Drunk,? is an example of marketing an;experience to an interested audience.;66. Unwholesome demand occurs when consumers? purchases vary on a seasonal;monthly, weekly, daily, or even hourly basis.;67. When consumers share a strong need that cannot be satisfied by an existing;product, they are engaged in latent demand.;68. Companies selling goods and services in the global marketplace have the;advantage of being able to sell the goods and services in almost the same way;as they do in their domestic market.;69. Companies selling their goods to nonprofit organizations may charge an;extra premium over their normal prices because these organizations are largely;indifferent to price.;70. A marketspace is physical, as when you shop in a store.;71. Wants are basic human requirements such as food or air.;72. Demands are wants for specific products backed by an ability to pay.;73. Most marketers satisfy everyone in a market?that?s how they stay in;business.;74. The customer-value triad consists of a combination of quality, service, and;price.;75. A distribution channel includes distributors, wholesalers, retailers, and;agents that display, sell, or deliver the physical product or service(s) to the;buyer or user.;76. The main actors in the task environment are the components of demographics;economics, physical setting, technology, the political-legal system, and the;social-cultural arena.;77. Regulation of industries has created greater competition and growth;opportunities because the playing field has been leveled.;78. Industry boundaries are blurring at an incredible rate as companies are;recognizing that new opportunities lie at the intersection of two or more;industries.;79. The overabundance of information available on the Internet has made it more;difficult for consumers to compare product features and prices.;80. Companies can facilitate and speed external communication among customers;by creating online and off-line ?buzz? through brand advocates and user;communities.;81. The proliferation of targeted media and communication channels has allowed;marketers to become much more aware of their target consumers? preferences and;to customize both products and messages for individual consumers.;82. The marketing concept is one of the oldest concepts in business.;83. The selling concept holds that consumers will favor those products that;offer the most quality, performance, or innovative features.;84. The marketing concept stresses a customer-centered approach to marketing.;85. The selling concept is based on the development, design, and implementation;of marketing programs, processes, and activities that recognizes their breadth;and interdependencies.;86. Relationship marketing aims to build mutually satisfying long-term;relationships with key parties.;87. Attracting a new customer may cost five times as much as doing a good;enough job to retain an existing one.;88. The marketing-mix component called promotion includes such items as product;variety, design, packaging, services, and warranties.;89. When a marketer makes decisions involving channels, assortments, locations;and transportation, the marketer is making what are called place;decisions.;90. Advertising, sales promotion, and direct marketing are all part of what is;called the offering mix.;91. One of the key themes of integrated marketing is that there are very few;marketing activities that can effectively communicate and deliver value.;92. Internal marketing is an appropriate practice to be used in holistic;marketing.;93. In most companies, marketing should focus on the customer and other;departments should focus on the business itself.;94. Performance marketing involves reviewing metrics assessing market share;customer loss rate, customer satisfaction, and product quality in the;evaluation of the effectiveness of marketing activities.;95. The selling relationship concept holds that consumers will prefer products;that are ethical, environmentally responsible, legal, and social in the context;of marketing activities and programs.;96. The societal marketing concept holds that the organization?s task is to;determine the needs, wants, and interests of target markets and to deliver the;desired satisfactions more effectively and efficiently than competitors in a;way that preserves or enhances the consumer?s and the society?s well-being.;97. Cause-related marketing involves donating a percentage of revenues to a;specific cause based on the revenue occurring during the announced period of;support.;98. Making gifts of money, goods, or time to help nonprofit organizations;groups, or individuals is known as corporate philanthropy.;A;99. To understand what is happening inside and outside the company, the company;needs a reliable marketing information system.;100. Because of surprises and disappointments that can occur as marketing plans;are implemented, the company will need feedback and control to improve;itself.;Essay;101. Marketing has been described 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.
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