Question 1

Which of the following are two core marketing concepts?

Accepted Answer

A)   supply and demand
B)   money and time
C)   skill and expertise
D)   quality and quantity
E)   value and exchangeF) B) and C)
G) A) and E)

Question 2

Shari's manager asked her to identify, track, evaluate, and provide key benchmarks for improvement in her marketing department. To do this, Shari used ________.

Accepted Answer

A)   marketing metrics
B)   market research
C)   the marketing mix
D)   market creation
E)   strategic marketingF) B) and E)
G) A) and D)

Question 3

When Henry Ford said, "People can have the Model T in any color-so long that it's black," he was reflecting a sales orientation.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is NOT a facet of marketing?

Accepted Answer

A)   research
B)   advertising
C)   brand development
D)   public relations
E)   recruitingF) D) and E)
G) A) and B)

Question 5

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation.

Accepted Answer

A)   production
B)   sales
C)   marketing
D)   customer
E)   relationshipF) A) and B)
G) A) and C)

Question 6

The marketing concept was first articulated in the Annual Report of ________.

Accepted Answer

A)   Ford Motor Company
B)   AT&T
C)   RCA
D)   General Motors
E)   General ElectricF) None of the above
G) All of the above

Question 7

Customer relationship management (CRM)  is designed primarily to ________.

Accepted Answer

A)   assess the personality characteristics of target customers
B)   identify profitable customers in new markets
C)   position products to serve very specific customer groups
D)   clearly distinguish a firm's products from those of competitors in the minds of customers
E)   facilitate higher levels of customer satisfactionF) C) and D)
G) B) and D)

Question 8

Which of the following areas of business is highly public and readily visible outside the confines of the internal business operation?

Accepted Answer

A)   marketing
B)   finance
C)   manufacturing
D)   operations management
E)   human resource managementF) None of the above
G) A) and B)

Question 9

From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?

Accepted Answer

A)   Exchange
B)   Strategy
C)   Sustainability
D)   Value
E)   PowerF) A) and B)
G) A) and C)

Question 10

When the text states that marketers need to create tools for ongoing, meaningful measurement of marketing productivity, it is referring to the need for ________.

Accepted Answer

A)   accountability
B)   responsibility
C)   subjectivity
D)   visibility
E)   identificationF) B) and D)
G) A) and C)

Question 11

The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

Accepted Answer

A) True 
 B)False

Question 12

In order for Marketing (Big M)  to succeed, firms should create ________ strategies.

Accepted Answer

A)   predatory pricing
B)   market-driving
C)   diversification
D)   vertical integration
E)   market-drivenF) B) and C)
G) A) and B)

Question 13

Microsoft's revolution of the information field and Disney's creation of the modern theme park industry are classic examples of ________.

Accepted Answer

A)   marketing mix
B)   marketing (little m) 
C)   pro-social marketing
D)   green marketing
E)   market creationF) A) and D)
G) A) and C)

Question 14

To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi's clothing website or some company-owned stores and order a pair of jeans that will be made especially for them. Levi's has adopted a ________ orientation approach.

Accepted Answer

A)   market
B)   mass customization
C)   differentiation
D)   product
E)   relationshipF) A) and B)
G) B) and D)

Question 15

A misconception about marketing is that it is ________.

Accepted Answer

A)   relevant to everyone
B)   no more inherently unethical than other business areas
C)   all about selling
D)   highly visible by nature
E)   highly publicF) B) and E)
G) D) and E)

Question 16

If aspects of marketing can't be measured, they can still be managed.

Accepted Answer

A) True 
 B)False

Question 17

The 4Ps of marketing refer to ________.

Accepted Answer

A)   product, price, place, and promotion
B)   policy, production, plan, and preference
C)   promotion, plan, place, and procedure
D)   price, policy, program, and position
E)   place, production, provision, and planF) None of the above
G) C) and E)

Question 18

DeWanda's business spent a large amount of time determining its brand image and how it would deliver its message to its customers. These are elements of ________.

Accepted Answer

A)   Marketing (Big M) 
B)   marketing (little m) 
C)   strategic marketing
D)   the supply chain
E)   stakeholder relationsF) A) and E)
G) None of the above

Question 19

The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the ________.

Accepted Answer

A)   shift to product glut and customer shortage
B)   shift in power from marketer to customer
C)   shift in generational values and preferences
D)   shift to distinguishing Marketing (Big M)  from marketing (little m) 
E)   shift to justifying the relevance and payback of the marketing investmentF) A) and B)
G) A) and C)

Question 20

In contrast to Marketing (Big M), marketing (little m) serves the firm and its stakeholders at a functional or operational level.

Accepted Answer

A) True 
 B)False

Exam 1: Marketing in Today's Business Milieu

Shari's manager asked her to identify, track, evaluate, and provide key benchmarks for improvement in her marketing department. To do this, Shari used ________.

Correct AnswerverifiedShow Answer

Which of the following is NOT a facet of marketing?

Correct AnswerverifiedShow Answer

Microsoft's revolution of the information field and Disney's creation of the modern theme park industry are classic examples of ________.

Correct AnswerverifiedShow Answer

The 4Ps of marketing refer to ________.

Correct AnswerverifiedShow Answer

The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

Correct AnswerverifiedShow Answer

Customer relationship management (CRM) is designed primarily to ________.

Correct AnswerverifiedShow Answer

From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?

Correct AnswerverifiedShow Answer

The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the ________.

Correct AnswerverifiedShow Answer

Which of the following areas of business is highly public and readily visible outside the confines of the internal business operation?

Correct AnswerverifiedShow Answer

The marketing concept was first articulated in the Annual Report of ________.

Correct AnswerverifiedShow Answer

In order for Marketing (Big M) to succeed, firms should create ________ strategies.

Correct AnswerverifiedShow Answer

Which of the following are two core marketing concepts?

Correct AnswerverifiedShow Answer

If aspects of marketing can't be measured, they can still be managed.

Correct AnswerverifiedShow Answer

DeWanda's business spent a large amount of time determining its brand image and how it would deliver its message to its customers. These are elements of ________.

Correct AnswerverifiedShow Answer

A misconception about marketing is that it is ________.

Correct AnswerverifiedShow Answer

In contrast to Marketing (Big M), marketing (little m) serves the firm and its stakeholders at a functional or operational level.

Correct AnswerverifiedShow Answer

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation.

Correct AnswerverifiedShow Answer

To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi's clothing website or some company-owned stores and order a pair of jeans that will be made especially for them. Levi's has adopted a ________ orientation approach.

Correct AnswerverifiedShow Answer

When Henry Ford said, "People can have the Model T in any color-so long that it's black," he was reflecting a sales orientation.

Correct AnswerverifiedShow Answer

When the text states that marketers need to create tools for ongoing, meaningful measurement of marketing productivity, it is referring to the need for ________.

Correct AnswerverifiedShow Answer

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