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| 1 | |
The practice of marketing has an impact on customers, the firm, the market and society in general. All of the following are part of marketing EXCEPT: |
| | A) | ensuring financial statements reflect good will and the value of brands. |
| | B) | satisfying customer needs and wants. |
| | C) | creating value. |
| | D) | efforts by individuals and organizations. |
| | E) | exchange. |
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| 2 | |
Your marketing instructor might ask any of the following questions about marketing in class discussions: |
| | A) | Where should products be promoted? |
| | B) | How much should products cost? |
| | C) | How should products be designed? |
| | D) | How should products be delivered to the customer? |
| | E) | All of the above. |
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| 3 | |
Customers give up things they value, for example, money, information or time, to a firm. The firm in return offers goods, services and idea. This process is known in marketing as: |
| | A) | the marketing mix. |
| | B) | customer relationship management |
| | C) | the free market economy |
| | D) | exchange |
| | E) | barter |
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| 4 | |
The four Ps comprise the ________________, which is the controllable set of activities that the firm uses to respond to the wants of its target markets. |
| | A) | value statement |
| | B) | marketing mission |
| | C) | rules of engagement |
| | D) | marketing mix |
| | E) | strategic options |
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| 5 | |
In addition to marketing goods, marketers also work with ______________, which are the intangible customer benefits that are produced by people or machines and cannot be separated from the producer. |
| | A) | product features |
| | B) | values statements |
| | C) | ideas |
| | D) | services |
| | E) | financial instruments |
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| 6 | |
The goal of _____________ is to inform, persuade or remind potential buyers about a product or service. |
| | A) | price negotiations |
| | B) | product placement |
| | C) | packaging |
| | D) | promotion |
| | E) | all of the above |
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| 7 | |
Just as savvy job seekers use ideas from marketing to improve their chance of getting a better job, some employers are using research, brand images and value propositions to find what they consider to be the "best and brightest" new employees. The practice of these firms is known as: |
| | A) | the employment social contract |
| | B) | the invisible hand of working |
| | C) | employment Marketing |
| | D) | business networking |
| | E) | creating quality circles |
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| 8 | |
Marketing has evolved from early beginnings into a business function that creates value. Which of the following is NOT one of the recognized eras in its evolution: |
| | A) | Sales-oriented era |
| | B) | Production-oriented era |
| | C) | Market-oriented era |
| | D) | Communications-oriented era |
| | E) | Value-based marketing era |
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| 9 | |
Some firms like Nike and Mars, Inc, the maker of M&M's, involve customer directly in the design of products and services to create additional value and strengthen the relationship between the customer and the firm. This practice is known as: |
| | A) | ultimate customer service |
| | B) | customer teams |
| | C) | Marketing 2.0 |
| | D) | customer appreciation |
| | E) | value co-creation |
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| 10 | |
Customers seek benefits and will consider trade-offs among them, while looking for the lowest costs. In value-based marketing, the marketer must: |
| | A) | seek to find the few benefits that most customers want and promote them. |
| | B) | find a balance between meeting as many needs as possible while keeping costs down |
| | C) | gather the most desirable benefits into "features bundles" to find effective ways to cover costs and still offer customers options. |
| | D) | seek the lowest cost of the goods and avoid expensive features to give customers the greatest value. |
| | E) | None of the above |
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| 11 | |
Customer relationship management is all of the following EXCEPT: |
| | A) | a philosophy |
| | B) | a set of strategies |
| | C) | a program |
| | D) | systems |
| | E) | a transaction approach. |
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| 12 | |
When expanding globally, marketing provides the critical function of: |
| | A) | production efficiency. |
| | B) | understanding customers. |
| | C) | personnel management. |
| | D) | economic analysis. |
| | E) | accounting accuracy. |
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