Question 1

The pricing strategy for 3M's Post-it Flag Highlighters was to

Accepted Answer

A)   match its principal competitors' highlighters' prices.
B)   charge a price that would be reasonable to the target customer segment and provide a profit to distributors and itself.
C)   set an initially low price with the intent of bringing down the price even further later if sales were less than anticipated.
D)   place the product in discount office supply retailers to make it easier to purchase.
E)   use the same pricing strategy as its 3M's Post-it Flag and Post-it Note offerings.

Question 2

Explain what is meant by the concept of marketing utility. Identify and describe the four utilities created by marketing.

Accepted Answer

Marketing creates utility, the benefits ...

Question 3

With respect to the history of American business, the ________ era covered the years from the 1920s to the 1960s.

Accepted Answer

A)   production
B)   sales
C)   marketing concept
D)   customer relationship
E)   market orientation

Question 4

What is the definition of marketing? How does this differ from your previous notion of marketing before beginning this course?

Accepted Answer

The American Marketing Association defin...

Question 5

A student would like to buy a crossover SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation because

Accepted Answer

A)   two or more parties have unsatisfied needs.
B)   there is no desire on the part of either party to satisfy its needs.
C)   one of the involved parties does not have the ability to satisfy its needs.
D)   there is no way for each party to communicate with one another.
E)   there has been no assessment of consumer wants and needs.

Question 6

With respect to the history of American business, the ________ era covered the early years of the United States up until the 1920s.

Accepted Answer

A)   sales
B)   marketing concept
C)   customer relationship
D)   market orientation
E)   production

Question 7

All of the following are examples of products or services that satisfy a consumer need except which?

Accepted Answer

A)   a pair of socks
B)   an apple
C)   a student dormitory
D)   a sales tax
E)   a jacket

Question 8

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

Accepted Answer

A)   the Five Fs of marketing.
B)   environmental forces.
C)   business conditions.
D)   a marketing ecosystem.
E)   the business sphere.

Question 9

A marketing program refers to

Accepted Answer

A)   a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
B)   the selection of product benefits and attributes that are added to or subtracted from a given product to create variations within a product line.
C)   the marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem.
D)   the specific ratio within a marketing budget that divides resources between advertising, promotions, and personal selling.
E)   the allocation of resources within a firm toward individual marketing mix elements.

Question 10

The four Ps of the marketing mix are

Accepted Answer

A)   priorities, personnel, placement, and profits.
B)   prediction, production, price, and promotion.
C)   product, price, production, and place.
D)   product, price, promotion, and place.
E)   prediction, production, packaging, and persuasion.

Question 11

In product development, showstoppers refer to

Accepted Answer

A)   creative or innovative members of a marketing team.
B)   unexpected alternative uses for a product that result in a sudden increase in sales.
C)   factors that might doom a product in the marketplace.
D)   a sudden loss of financial backing even though the item is in production.
E)   a situation when a competitor's product suddenly beats a firm's new product to the marketplace.

Question 12

Which statement about marketing is most accurate?

Accepted Answer

A)   Unless you take a marketing class, you will never truly know anything about marketing.
B)   Marketing is nothing more than common sense.
C)   Marketing requires an innate sense of creativity; you either have it or you don't.
D)   You can call yourself a marketing expert only if you have sold something for a profit.
E)   You have significant marketing expertise since you make marketing-related decisions every day.

Question 13

A factor that might doom a product in the marketplace is referred to as

Accepted Answer

A)   an albatross.
B)   a land mine.
C)   a pitfall.
D)   a showstopper.
E)   a wild card.

Question 14

A want refers to a

Accepted Answer

A)   sense of personal inadequacy based upon observations by others around you.
B)   powerful desire that causes a person to take action.
C)   need that is shaped by a person's knowledge, culture, or personality.
D)   feeling of being deprived of something, but not fully understanding what it may be.
E)   feeling of deprivation of basic necessities such as food, clothing, and shelter.

Question 15

The marketing concept refers to

Accepted Answer

A)   the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
B)   the belief that an organization should continuously collect information about customers' needs, share this information across departments, and use it to create customer value.
C)   the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
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)   the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.

Question 16

A typical marketing department both shapes and ________ its relationship with internal and external groups.

Accepted Answer

A)   is shaped by
B)   organizes
C)   directs
D)   determines
E)   dominates

Question 17

The marketing department of an organization is responsible for facilitating

Accepted Answer

A)   relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.
B)   healthy competition with other product manufacturers.
C)   financial contracts with banks and other lending institutions.
D)   alliances with firms with noncompetitive products that target similar markets.
E)   the coordination between the various departments within the entire firm.

Question 18

What do an organization's stockholders, its suppliers, its employees, its customers, and society at large all share what have in common with regard to an organization?

Accepted Answer

A)   All should benefit from the marketing of an organization's offering.
B)   Everyone has a say in the ultimate design of a product.
C)   Everyone is legally culpable if something goes wrong with a product.
D)   All have to make some type of direct financial investment in the organization so it can profitably sell its products.
E)   All use the products and/or services marketed by the organization.

Question 19

Imagine you have the sole marketing rights to a new herbal shampoo that stops hair loss and actually causes new hair growth. You plan to sell your product on an Internet website, which you will advertise on late-night television. You are also hoping to obtain free publicity to place stories in men's fashion magazines. You are planning to sell online a 15-ounce bottle for $24.99 plus $7.99 shipping and handling. Using the information provided, identify each element of your marketing mix.

Accepted Answer

The shampoo is the product element. The ...

Question 20

Define the marketing concept.

Accepted Answer

The marketing concept is the i...

Exam 1: Creating Customer Relationships and Value Through Marketing

A marketing program refers to

Correct Answer
verified

A student would like to buy a crossover SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation because

Correct Answer
verified

In product development, showstoppers refer to

Correct Answer
verified

Correct Answer
verified
The shampoo is the product element. The ...
View Answer

A want refers to a

Correct Answer
verified

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

Correct Answer
verified

The pricing strategy for 3M's Post-it Flag Highlighters was to

Correct Answer
verified

The four Ps of the marketing mix are

Correct Answer
verified

What is the definition of marketing? How does this differ from your previous notion of marketing before beginning this course?

Correct Answer
verified
The American Marketing Association defin...
View Answer

The marketing concept refers to

Correct Answer
verified

Which statement about marketing is most accurate?

Correct Answer
verified

What do an organization's stockholders, its suppliers, its employees, its customers, and society at large all share what have in common with regard to an organization?

Correct Answer
verified

With respect to the history of American business, the ________ era covered the early years of the United States up until the 1920s.

Correct Answer
verified

The marketing department of an organization is responsible for facilitating

Correct Answer
verified

Define the marketing concept.

Correct Answer
verified
The marketing concept is the i...
View Answer

With respect to the history of American business, the ________ era covered the years from the 1920s to the 1960s.

Correct Answer
verified

All of the following are examples of products or services that satisfy a consumer need except which?

Correct Answer
verified

A factor that might doom a product in the marketplace is referred to as

Correct Answer
verified

A typical marketing department both shapes and ________ its relationship with internal and external groups.

Correct Answer
verified

Explain what is meant by the concept of marketing utility. Identify and describe the four utilities created by marketing.

Correct Answer
verified
Marketing creates utility, the benefits ...
View Answer

Exam 1: Creating Customer Relationships and Value Through Marketing

A marketing program refers to

Correct AnswerverifiedShow Answer

A student would like to buy a crossover SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation because

Correct AnswerverifiedShow Answer

In product development, showstoppers refer to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe shampoo is the product element. The ...View AnswerShow Answer

A want refers to a

Correct AnswerverifiedShow Answer

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

Correct AnswerverifiedShow Answer

The pricing strategy for 3M's Post-it Flag Highlighters was to

Correct AnswerverifiedShow Answer

The four Ps of the marketing mix are

Correct AnswerverifiedShow Answer

What is the definition of marketing? How does this differ from your previous notion of marketing before beginning this course?

Correct AnswerverifiedThe American Marketing Association defin...View AnswerShow Answer

The marketing concept refers to

Correct AnswerverifiedShow Answer

Which statement about marketing is most accurate?

Correct AnswerverifiedShow Answer

What do an organization's stockholders, its suppliers, its employees, its customers, and society at large all share what have in common with regard to an organization?

Correct AnswerverifiedShow Answer

With respect to the history of American business, the ________ era covered the early years of the United States up until the 1920s.

Correct AnswerverifiedShow Answer

The marketing department of an organization is responsible for facilitating

Correct AnswerverifiedShow Answer

Define the marketing concept.

Correct AnswerverifiedThe marketing concept is the i...View AnswerShow Answer

With respect to the history of American business, the ________ era covered the years from the 1920s to the 1960s.

Correct AnswerverifiedShow Answer

All of the following are examples of products or services that satisfy a consumer need except which?

Correct AnswerverifiedShow Answer

A factor that might doom a product in the marketplace is referred to as

Correct AnswerverifiedShow Answer

A typical marketing department both shapes and ________ its relationship with internal and external groups.

Correct AnswerverifiedShow Answer

Explain what is meant by the concept of marketing utility. Identify and describe the four utilities created by marketing.

Correct AnswerverifiedMarketing creates utility, the benefits ...View AnswerShow Answer

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The shampoo is the product element. The ...
View Answer

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Correct Answer
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The American Marketing Association defin...
View Answer

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Correct Answer
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Correct Answer
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The marketing concept is the i...
View Answer

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Correct Answer
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Correct Answer
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Marketing creates utility, the benefits ...
View Answer