(Test Bank) Marketing An Introduction, Canadian Edition

Armstrong, 7

Business

Test Bank

7th Edition

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Test Bank for Marketing An Introduction, Canadian Edition, The downloadable file consists of 306 pages, and the total size of the file is 4.64 MB. Purchase now only for highly discounted price.

Author(s): Armstrong

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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept. A)selling B)marketing C)production D)societal marketing E)product1) 2)Rather than using hard -sell product pitches, Bark uses social media to share original comedic videos and stories - often without even mentioning their product - BarkBox. This is an example of ________. A)public relations B)societal marketing C)intense social media blitzing D)soft-sell marketing E)engagement marketing2) 3)The ________ concept 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)societal marketing B)production C)product D)selling E)marketing3) 4)In which of the following customer relationship groups do organizations generally avoid investing? A)true believers B)barnacles C)strangers D)true friends E)butterflies4) 5)Many leading business and marketing thinkers are now preaching the concept of "shared value" which recognizes that ________ needs, not just economic needs, define markets. A)individual B)societal C)physical D)functional E)marketing5) 1CHAPTER 16)Which of the following marketing tools is NOT used for digital and social media marketing?A)mobile ads and appsB)social mediaC)online videoD)websitesE)telemarketing6)7)The selling concept holds that ________.A)consumers will only favour products that are available and highly affordableB)achieving organizational goals depends on knowing the needs and wants of targetmarkets and delivering the desired satisfactions better than competitors doC)consumers will favour products that offer the most in quality, performance, andinnovative featuresD)a company's marketing decisions should consider consumers' wants, the company'srequirements, consumers' long-run interests, and society's long-run interestsE)consumers will not buy enough of a firm's products unless the firm undertakeslarge-scale persuasion and promotion efforts7) 8)According to the five-step model of the marketing process, the first step in marketing is________.A)designing a customer-driven marketing strategyB)engaging customers, building profitable relationships, and creating customer delightC)capturing value from customers to create profits and customer equityD)constructing an integrated marketing program that delivers superior valueE)understanding the marketplace and customer needs and wants8) 9)L.L. Bean, the outdoor apparel retailer was founded on the principle of ________.A)customer satisfactionB)low cost productsC)trend setting outdoor fashionD)environmental stewardshipE)customer relationship management9)10)Procter & Gamble's Tide detergent does not attempt to get to know customers personally.Instead, Tide creates engagement and relationships through brand-building advertising,websites, and social media presence. Which of the following types of associations would be mostprofitable for the firm to develop with these customers?A)joint venturesB)basic relationshipsC)strategic alliancesD)full partnershipsE)business partnering10) 211)Companies that invite consumers play a role in shaping ads and social media (Tesla) or byoffering suggestions for product design (Oreo's, Mountain Dew) are leveraging whatincreasingly popular marketing approach?A)process marketingB)engagement marketingC)direct marketingD)consumer-generated marketingE)low cost marketing campaign development11) 12)Which of the following transforms marketing strategies into real values for consumers?A)a firm's value propositionB)customer satisfaction surveysC)customer equityD)share of customerE)the four Ps of marketing12)13)________ refers to the portion of the customer's purchase that a company gets in its productcategories.A)Customer lifetime valueB)Brand equityC)Value propositionD)Share of customerE)Customer equity13) 14)Which of the following terms refers to a customer's evaluation of the difference between all thebenefits and all the costs of a market offering relative to those of competing offers?A)customer profitabilityB)customer-perceived valueC)customer equityD)customer lifetime valueE)share of customer14) 15)Canadian telecommunications giant BELL has committed resources to continue its annual, "Let'sTalk" day to promote greater awareness in mental health. This is an example of a marketingoffering for a(n) ________.A)ideaB)personC)exchangeD)productE)place15) 16)Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further forincreased consumer affordability. This most likely reflects the ________.A)societal marketing conceptB)marketing conceptC)selling conceptD)production conceptE)customer-driving marketing concept16) 317)Efforts to convert ________ into loyal customers are rarely successful.A)laggardsB)strangersC)true believersD)butterfliesE)barnacles17)18)________ refers to a channel stretching from raw materials to components to final products thatare carried to final buyers.A)A demand chainB)A market segmentC)A marketing-mix channelD)A supply chainE)A marketing channel18) 19)The final step in the marketing process is ________.A)designing a customer-driven marketing strategyB)constructing an integrated marketing programC)building profitable relationships with the customersD)capturing value from customersE)understanding the marketplace19)20)________ are customers who show low potential profitability and little projected loyalty.A)True friendsB)ButterfliesC)StrangersD)True believersE)Barnacles20)21)Marketing, more than any other business function, deals with ________.A)salesB)brandsC)customersD)new productsE)advertising21)22)A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy theirneeds.A)dividend yieldB)perquisiteC)value propositionD)dominant effectE)fringe benefit22) 423)The overall process of building and maintaining profitable customer relationships by deliveringsuperior customer value and satisfaction is referred to as ________.A)perceived-value managementB)partner relationship managementC)societal marketingD)enterprise resource planningE)customer relationship management23) 24)Marketers are said to suffer from marketing myopia when they ignore underlying consumerneeds and focus excessively on ________.A)competitors' strengthsB)competitors' threatsC)consumers' existing wantsD)consumers' brand experiencesE)consumers' future demands24) 25)Dollarama profitably appeals to families with more modest means. The retailer's approach ismost likely referred to as ________.A)cost leadershipB)undifferentiated marketingC)target marketingD)mass distributionE)consumer-generated marketing25) 26)________ marketing is perhaps the fastest-growing marketing platform.A)OnlineB)BlogC)Social mediaD)WebsiteE)Mobile26)27)Rather than assume that each client has the same needs, a travel agency that understandsmarketing creates separate departments; one dedicated to retirees, another to the businesstraveler, a third department concentrates on student travel and the fourth department focusingon families. This is an example of a firm that has considered ________.A)market SegmentationB)value engineeringC)mass customizationD)positioningE)cost leadership27) 28)________ is the act of obtaining a desired object from someone by offering something in return.A)ExchangeB)PositioningC)TargetingD)SegmentationE)Differentiation28) 529)PC manufacturer, Lenovo, focuses on low labour costs and mass distribution to ensure thecontinuous availability of its products at reasonable prices. Lenovo most likely follows the________.A)customer-driving marketing conceptB)production conceptC)selling conceptD)societal marketing conceptE)marketing concept29) 30)Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without everasking, they seem to know when customers want a king-size bed, non-allergenic pillow, extrabody gel, or the blinds open upon arrival. An amazing 95 percent of departing guests report thattheir stay has been a truly memorable experience. This is an example of ________.A)customer lifetime valueB)customer delightC)customer shareD)customer-perceived valueE)customer equity30) 31)Amazon, like many other successful companies, is driven by one primary objective, namely________.A)acquiring companies in order to add to its many product offerings.B)value creation for the customers.C)acquiring market share from industry leader, Walmart.D)providing shareholders with healthy returns on their investments.E)fast and reliable delivery.31) 32)________ is the art and science of choosing target markets and building profitable relationshipswith them.A)PositioningB)DifferentiationC)SegmentationD)Customer-perceived valueE)Marketing management32) 33)The Walt Disney World Resort doesn't just offer amusement park rides, it uses its famed Disneymagic to create carefully orchestrated ________.A)benefitsB)experiencesC)service offeringsD)valuesE)wants33) 634)Which of the following marketing management orientations may yield the unintendedconsequence of aggressive selling by creating short term sales transactions rather than onbuilding long-term relationships?A)selling conceptB)direct marketing conceptC)production conceptD)marketing conceptE)product concept34) 35)Customer-driven marketing is most effective when ________.A)customers seek new products and technological innovationsB)customers have wants but cannot afford themC)a clear need exists among customers, but the need is difficult to identifyD)clear needs exist and customers know what they wantE)customers do not know what they want but are easily persuaded35)36)Which of the following is a difference between the marketing concept and the selling concept?A)The marketing concept focuses on customer conquest, whereas the selling concept focuseson targeting the right customers.B)The marketing concept is product-centered, whereas the selling concept isproduction-centered.C)The marketing concept focuses on customer needs, whereas the selling concept focuses onexisting products.D)The marketing concept takes an inside-out perspective, whereas the selling concept takesan outside-in perspective.E)The marketing concept focuses on short-term sales, whereas the selling concept strives tobuild long-term customer relationships.36) 37)British Columbia-based Flair Airlines gives you "Canada's ticket to ultra-low airfares" is their________.A)value propositionB)segmentation strategyC)production conceptD)selling conceptE)market offering37) 38)When considering the factors that influence the experience of the Walt Disney World Resort,something as simple as how each employee is identified makes a difference. At Disney World,employees are called ________.A)Mickey's MouseketeersB)SuperstarsC)Precious JewelsD)Cast MembersE)Mickey's Crew38) 739)Customer evangelists are those who ________.A)work with quality-assurance teams to improve product safetyB)evaluate newly launched products in the marketplaceC)spread the word about their good experiences with a brand or productD)use personal selling methods to market products and servicesE)use their expertise to influence people about specific products39)40)In which of the following circumstances is an organization likely to engage in full partnershipswith key consumers?A)when the market has a huge number of customersB)when the market has few customers and high marginsC)when the firm has few marketing resources at its disposalD)when the firm has a large number of low-margin customersE)when the firm has a frequency marketing program40) 41)Consumers' needs and wants are fulfilled through ________.A)valueB)ideasC)market offeringsD)desireE)demand41)42)The ultimate aim of customer relationship management is to ________.A)divide markets into distinct segmentsB)produce high customer equityC)turn "strangers" into "butterflies"D)evaluate current sales shareE)evaluate customer lifetime value42)43)Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete withcostumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto theoriginal store, which now serves more than 300,000 customers each week. This legion of loyalshoppers is largely a result of the store's passionate approach to customer service. Instead offocusing on individual transactions, Stew and his staff are putting a priority on ________.A)capturing customer lifetime valueB)decreasing customer-perceived valueC)converting "strangers" into "butterflies"D)attracting "butterflies"E)managing partner relationships43) 44)________ is the total combined customer lifetime values of all the company's current andpotential customers.A)Share of customerB)Value propositionC)Customer-perceived valueD)Customer equityE)Market share44) 845)Amazon Prime strives to convert casual shoppers into loyal customers. An Amazon Primecustomer can be classified as a ________.A)true believerB)laggardC)barnacleD)strangerE)butterfly45) 46)________ refers to working closely with people inside and outside the company to jointly bringmore value to customers.A)Partner relationship managementB)Integrated communicationC)Channel value propositionD)Demand managementE)Customer-generated marketing46) 47)Carla, a team leader in charge of customer relationship management, is planning strategies toimprove the profitability of her firm's least profitable but loyal customers. She is also examiningmethods for "firing" customers in this group who cannot be made profitable. To which of thefollowing customer relationship groups do these customers belong?A)strangersB)true friendsC)innovatorsD)butterfliesE)barnacles47) 48)The societal marketing concept holds that ________.A)the society will only favour products that are available and highly affordableB)consumers will favour products that offer the most in quality, performance, andinnovative featuresC)a company's marketing decisions should focus on creating economic value in a way thatalso creates value for the surrounding environmentD)consumers will not buy enough of a firm's products unless the firm undertakes alarge-scale selling and promotion effortE)achieving organizational goals depends on knowing the needs and wants of targetmarkets and delivering the desired satisfactions better than competitors do48) 49)Abel now has the buying power to purchase the computer that he wanted to buy six monthsago. Abel's want has most likely become a ________.A)desireB)needC)valueD)demandE)market offering49) 950)Which of the following is an example of consumer-generated marketing?A)Barton's, a local pet supply store, rewards frequent buyers with vouchers and exclusiveoffers.B)Energix, a manufacturer of soft drinks, attracts customers through televisedadvertisements.C)Cristal, a jewellery store, uses its page on Facebook to provide information about itsupcoming products to its customers.D)Fun & Run, a local amusement park, promotes its services by allowing consumers toupload videos and write reviews about the park.E)Figa, a leading provider of athletic shoes, helps its customers customize their shoes on itswebsite and choose personalized settings.50) 51)A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as a________.A)barnacleB)butterflyC)strangerD)true friendE)true believer51) 52)A Steinway piano—any Steinway piano—costs a lot. But to those who own one, a Steinway is agreat value. This is an example of ________.A)customer experienceB)share of customerC)customer perceived valueD)customer lifetime valueE)customer share52) 53)Customers who are classified as true believers ________.A)are not very profitable for a companyB)are attracted to a company's competitor's deals and offersC)tell others about their good experiences with a companyD)are projected to be less loyal to any brandE)have needs and wants that do not fit a company's offerings53)54)________ are defined as states of felt deprivation.A)NeedsB)IdeasC)ValuesD)ExchangesE)Demands54)55)As described in the text, both Airbnb and Target's CEO's share a practice that they believe makesthem more capable leaders of their company. This practice involves more frequent ________.A)interviews with the media (Fortune Magazine, Wall Street Journal)B)blog posts on how to run a company (Jeff Bullas, James Altucher)C)personal vacations to ensure they get rested while enjoying time away from their roleD)isolation from the market in order to make more refined decisionsE)visits to their locations (AirBnb hosts and Target stores)55) 1056)________ are the form human needs take as they are shaped by culture and individualpersonality.A)ServicesB)RisksC)NecessitiesD)BenefitsE)Wants56) 57)________ marketing is defined as socially and environmentally responsible marketing that meetsthe present needs of consumers and businesses while also preserving or enhancing the ability offuture generations to meet their needs.A)Customer-drivingB)AmbushC)MassD)SustainableE)Customer-driven57) 58)The ABC, a leading provider of personal computer systems, began manufacturing tablet devicesafter predicting a future consumer need for portability. Which of the following was most likelyimplemented by the ABC company?A)the production conceptB)the product conceptC)the selling conceptD)sustainable marketingE)customer-driving marketing58) 59)In recent years marketers have leveraged various forms of social media and other technologiesto advance their primary goal of ________.A)faster product developmentB)gathering more sales data (big data)C)finding less expensive ways to operate thus driving higher levels of profitability.D)gaining favourable media attentionE)being better able to reach the customer directly, personally and interactively59) 60)A customer who is both loyal and profitable is referred to as a ________.A)strangerB)barnacleC)butterflyD)true believerE)laggard60)61)Mountain Equipment Co-op (MEC) lives by a long-standing belief in being socially andenvironmentally accountable. This most likely reflects the ________.A)Selling ConceptB)Societal Marketing ConceptC)Marketing ConceptD)Product ConceptE)Production Concept61) 1162)Various government agencies have launched campaigns to encourage energy conservation andconcern for the environment as well as discourage smoking, illegal drug use, and obesity. Thisillustrates ________ marketing.A)ambushB)consumer-generatedC)for-profitD)socialE)multi-level62) 63)Which of the following concepts calls for sustainable marketing?A)the production conceptB)the marketing conceptC)the selling conceptD)the societal marketing conceptE)the product concept63)TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.64)Customer equity is a measure of the past value of a company's customer base.64)65)Product, price, place, and promotion make up the elements of a firm's marketing mix.65)66)A brand's value proposition is the set of benefits or values it promises to deliver to consumers tosatisfy their needs.66)67)The product concept is a customer-centered, sense-and-respond philosophy.67)68)A market is a segment of potential consumers who share a common need or want.68)69)Customer-perceived value is defined as a customer's evaluation of the perceived differencebetween all the benefits and all the costs of a market offering relative to those of competingoffers.69)70)The Internet of Things (IoT) is a global environment where everything and everyone is digitallyconnected to everything and everyone else.70)71)Market offerings are limited to physical products.71)72)When sellers pay less attention to the specific products they offer and more attention to thebenefits and experiences produced by these products, they suffer from marketing myopia.72)73)In the final step of a marketing process, a company reaps the rewards of its strong customerrelationships by capturing value from customers.73)74)Through consumer-generated marketing, consumers themselves are playing a bigger role inshaping their own brand experiences and those of others.74)75)Companies like Coca-Cola and Facebook deliver customer satisfaction by spreading happinessand connecting individuals through shared experiences.75)1276)Today, almost every company, large or small, is touched in some way by global competition.76)77)A greater focus on underlying customer needs than on existing customer wants leads tomarketing myopia.77)78)Market offerings include entities such as people, places, information, and ideas.78)79)Success at delivering customer value rests on how well a company's entire supply chainperforms against competitors' supply chains.79)80)Organizations that follow the production concept most likely practice socially andenvironmentally responsible marketing.80)81)The selling concept holds that consumers will favour products that offer the most in quality,performance, and innovative features.81)82)Management guru Peter Drucker stated, "The aim of marketing is to make selling unnecessary."82)83)The more loyal a firm's profitable customers, the lower its customer equity.83)84)Xenon Corp. releases frequent updates to improve its expensive software products. Thismarketing approach used by the firm is most likely based on the production concept.84)85)In markets with few customers and high margins, sellers should try to develop basicrelationships rather than full partnerships.85)ESSAY. Write your answer in the space provided or on a separate sheet of paper.86)The aim of customer relationship management is to create not just customer satisfaction, but customerdelight as well. Explain.87)Explain, with examples, the different types of relationships that a company can build with its customers.88)Briefly explain the societal marketing concept.89)Discuss the opportunities and challenges that new communication technologies have created for marketers.90)Define customer equity and explain why it is important to a company.91)Compare the selling and marketing concepts, and list the key components of each concept.92)Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discusshow these concepts relate to marketing practices.93)Describe and compare the four types of customers classified by their potential profitability to anorganization. Identify how an organization should manage each type of customer.1394)Explain market offerings and marketing myopia.95)Compare and contrast customer-managed relationships and consumer-generated marketing.96)Explain how the Internet has transformed the way in which we do business today.97)Why do companies generally divide a market into segments of customers?98)Compare and contrast the product and production concepts.99)What is marketing? Briefly describe the marketing process.100)Describe how the Loblaws clothing brand, Joe Fresh, differentiates itself from other clothing labels. 14Answer KeyTestname: CHAP 01_7CE1)D2)E3)E4)C5)B6)E7)E8)E9)A10)B11)D12)E13)D14)B15)A16)D17)D18)D19)D20)C21)C22)C23)E24)C25)C26)E27)A28)A29)B30)B31)B32)E33)B34)A35)D36)C37)A38)D39)C40)B41)C42)B43)A44)D45)A46)A47)E48)C49)D15