(Test Bank) Testbank-Mark 1012 Marketing Fundamental

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Chapter 01 Testbank Key 1. Marketers might wish to sell their products to everyone, but it is not practical to do so. TRUE A good marketer will seek out potential customers who have an interest in the product and the ability to buy it. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 2. The four Ps include product, promotion, planning and place. FALSE The four Ps are product, price, promotion and place. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 3. The group of firms that makes and delivers a given set of goods and/or services is called a supply chain. TRUE Supply chain (or marketing channel) partners include all firms involved in manufacturing and delivering goods and services, from raw material suppliers to retailers and shipping companies. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.3 Understand why marketing is important, both within and outside the firm 4. Value is what you get for what you give. TRUE Value is the relationship between the benefits received and the costs. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 5. In value co-creation, the customer participates in the creation of a good or service, which provides additional value to the customer. TRUE In value co-creation, the firm and the customer work together to create the good or service. This process adds value because the good or service can be tailored to the customer’s needs. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 6. Over the past decade or so, marketers have begun to realise that it is best to structure a firm's customer orientation in terms of transactions rather than relationships. FALSE A transactional orientation focuses only on the current exchange, whereas a relational orientation attempts to build a long-term relationship with the customer, resulting in a stream of transactions and (usually) higher profits. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.2 Explain the concept of value in marketing 7. When a good or service is promoted, the purpose of the promotion is to inform, persuade or remind customers. TRUE Promotions are generally designed to inform, persuade, or remind potential buyers about a good or service. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 8. When a car manufacturer sells trucks, cars, and car parts to the government or military, this is an example of B2C marketing. FALSE This is an example of B2B (business to business) marketing. B2C marketing would involve selling cars or trucks to individual consumers. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 9. The power adapters Dell sells with its computers are built by small companies who specialise in power-related accessories. Dell and the power adapter manufacturers are engaging in B2B marketing. TRUE Dell, a business, is purchasing supplies from another business, so this is an example of business-to-business (B2B) marketing. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 10. Garage sales and online classified ads are examples of C2C marketing. TRUE These are C2C marketing scenarios, where consumers market to each other. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 11. Margo likes a brand of coffee that is only sold at Starbucks, so she plans her route to work to drive by Starbucks every morning. Margo is being influenced by the 'place' element of the marketing mix. TRUE Place represents all the activities necessary to get the product to the right customer when that customer wants it. For instance, marketing channel considerations have pushed a growing number of businesses to adopt multiple convenient locations. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 12. When a t-shirt manufacturer states, 'We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently', their statement reflects the views that were popular in which era of the evolution of marketing? A. Production-oriented B. Sales-oriented C. Market-oriented D. Value-based marketing This question refers to the Production-oriented era, which is when companies manufactured items without taking individuals' needs or wants into consideration. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 13. Xavier is analysing potential market segments. He should carefully seek potential customers who have both an interest in his products and: A. a thorough knowledge of his brand messages B. the ability to buy them C. knowledge of competing products D. are removed from traditional marketing alternatives If Xavier selects customers with an interest in the kinds of products he offers and the ability to purchase, he can communicate the value his offerings provide and offer competitive comparisons as part of his marketing mix. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 14. Whenever Valerie has a new massage therapy customer, she invites the person to be on her email distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering: A. information B. promotional capital C. value co-creation D. feedback In this case, Valerie's customer receives a massage and she receives both payment and information (in the form of the customer's email address) as part of the exchange process. AACSB: Communication Bloom’s: Apply Difficulty: Hard Learning Objective: 1.1 Define the role of marketing in organisations 15. Henriette offers financial counselling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on: A. choosing an average price that she will charge all her clients B. changes in technology allowing consumers to manage their own affairs C. how different customers perceive the value of her services D. how much her competitors charge for similar services Although the other factors might need to be considered in pricing, the primary consideration should be perceived value—and the reason different customers are willing to pay different rates is because they perceive the value differently. AACSB: Analytic Bloom’s: Analyse Difficulty: Hard Learning Objective: 1.1 Define the role of marketing in organisations 16. Yesenia, the new university course scheduling manager, is struggling with adjustments to the autumn schedule. She is trying to determine how to offer the classes students need at the times students need them. Yesenia is struggling with the marketing function of: A. communicating the value proposition B. supply chain management C. capturing value D. value co-creation Getting a product (in this case, a class) to customers when and where they want them describes the Place component of the marketing mix, which involves managing the supply chain. AACSB: Analytic Bloom’s: Apply Difficulty: Hard Learning Objective: 1.1 Define the role of marketing in organisations 17. __________ is communication by a marketer that informs, persuades or reminds potential customers about a product. A. Pricing B. Promotion C. Placement D. A relational orientation This is the definition of promotion. AACSB: Communication Bloom’s: Remember Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 18. Auction sites like eBay have mainly increased opportunities for __________ marketing. A. B2B B. C2C C. D2C D. C2D Consumers can buy and sell from each other on sites like eBay, increasing the amount of consumer-to-consumer (C2C) marketing that takes place. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 19. Which of the following is NOT true about marketing ideas? A. Opinions, philosophies, intellectual concepts and even thoughts can be effectively marketed. B. The marketing of ideas does not involve true exchange of value. C. Ideas can be 'purchased' by convincing someone to change his or her behaviour. D. Marketing can be directed toward primary and secondary targets to increase knowledge and change behaviour. The marketing of ideas does, in fact, involve exchange of value. One party benefits from exposure to a new idea, while the other generally asks for a particular behaviour. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 20. The evolution of marketing progressed along the following continuum: A. sales, marketing, value-based marketing, production B. marketing, value-based marketing, production, sales C. value-based marketing, production, sales, marketing D. production, sales, marketing, value-based marketing The production-oriented era was followed by the sales-oriented era, then the marketing-oriented era and finally the value-based marketing era. AACSB: Analytic Bloom’s: Understand Difficulty: Easy Learning Objective: 1.1 Define the role of marketing in organisations 21. The idea that a good product will sell itself is associated with the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing In the production-oriented era, the assumption was that if companies built good products, they would sell without any particular effort. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 22. Melanie works for a small computer software company. Her boss is constantly improving their products but neglecting customers, billing and promoting the company. Her boss is probably stuck in the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing The production-oriented era of marketing dealt primarily with manufacturing processes and the design of a good product, but without concern for meeting specific customer needs. AACSB: Analytic Bloom’s: Apply Difficulty: Hard Learning Objective: 1.1 Define the role of marketing in organisations 23. The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing In the sales-oriented era, firms believed that a hard-sell approach was the answer to building sales. AACSB: Analytic Bloom’s: Understand Difficulty: Medium Learning Objective: 1.1 Define the role of marketing in organisations 24. Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates in the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing Trey is thinking in terms of the value his customers perceive (benefits minus costs) and thus is thinking about value-based marketing. AACSB: Analytic Bloom’s: Apply Difficulty: Hard Learning Objective: 1.1 Define the role of marketing in organisations 25. Christie has just started with a travel agency. She has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas and building customised tour packages for each one based on their suggestions. Peter's approach is based on: A. transaction-oriented marketing B. premium pricing C. special incentives from tour operators D. value co-creation Peter is collaborating with his clients to build custom packages, which is an example of value co-creation. AACSB: Analytic Bloom’s: Analyse Difficulty: Hard Learning Objective: 1.1 Define the role of marketing in organisations 26. As owner of a retail franchise food store, Mary Grey purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven principle of: A. sharing information across the organisation B. balancing customers' benefits and costs C. evaluating strategic competitive partnerships D. building relationships with customers Apparently the national headquarters forgot to inform franchisees of the special, suggesting a failure of information sharing. AACSB: Analytic Bloom’s: Apply Difficulty: Hard Learning Objective: 1.2 Explain the concept of value in marketing 27. If you are involved in a buying or selling situation in which you do not expect to do business with the other party again, you are engaged in a: A. transaction B. negotiation C. relationship D. C2C channel A one-time purchase between buyer and seller is a transaction, as opposed to a relationship in which a continual stream of transactions is expected. AACSB: Analytic Bloom’s: Understand Difficulty: Hard Learning Objective: 1.2 Explain the concept of value in marketing 28. A relational orientation is based on the philosophy that buyers and sellers develop: A. a complete understanding of each other's needs B. a long-term relationship C. a price-value comparison matrix D. supply chain synergy A relational orientation expects a relationship to develop over the long term. AACSB: Analytic Bloom’s: Remember Difficulty: Easy Learning Objective: 1.2 Explain the concept of value in marketing 29. Franco uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be 'in the buying mode'. Franco's system is part of: A. C2C marketing B. customer relationship management C. a transactional marketing orientation D. supply chain management Franco's system is one element of a customer relationship management system, in that it tracks customers and seeks to meet their specific needs in order to build loyalty. AACSB: Analytic Bloom’s: Apply Difficulty: Hard Learning Objective: 1.2 Explain the concept of value in marketing