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Test Bank For Contemporary Marketing, 16th Edition - Document preview page 1

Test Bank For Contemporary Marketing, 16th Edition - Page 1

Document preview content for Test Bank For Contemporary Marketing, 16th Edition

Test Bank For Contemporary Marketing, 16th Edition

Maximize your study time with Test Bank For Contemporary Marketing, 16th Edition, featuring a range of exam questions and answers for rapid review.

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Test Bank For Contemporary Marketing, 16th Edition - Page 1 preview imageChapter 1: Marketing: The Art and Science of Satisfying CustomersTRUE/FALSE1.Information technologies give organizations fast new ways to interact and develop long-termrelationships with their customers and suppliers.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge2.Production and marketing of goods and services are two basic functions that create utility.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge3.Form utility refers to conversion of raw materials and components into finished goods and services.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge4.An auto manufacturer creates ownership utility for its consumers by combining metal, rubber, plasticand petroleum products.ANS:FPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-1NAT:BUSPROG: Reflective ThinkingSTA:DISC: CustomerTOP:A-Head: What Is Marketing?KEY:Bloom's: Application5.Within a business environment, the marketing function is responsible for the creation of time, place,and ownership utility, whereas the production function creates form utility.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge6.Buying an iPod generates ownership utility; however, buying a concert ticket does not.ANS:FPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-1NAT:BUSPROG: Reflective ThinkingSTA:DISC: CustomerTOP:A-Head: What Is Marketing?KEY:Bloom's: Application7.Owen buys a car for himself. Owen has created ownership utility.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-1NAT:BUSPROG: Reflective thinkingSTA:DISC: CustomerTOP:A-Head: What Is Marketing?KEY:Bloom's: Application8.An organization creates a customer through a three-step approach: identifyingneeds in the marketplace, finding out which needs the organization can profitably serve, anddeveloping goods and services to convert potential buyers into customers.
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Test Bank For Contemporary Marketing, 16th Edition - Page 2 preview image
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Test Bank For Contemporary Marketing, 16th Edition - Page 3 preview imageANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge9.The expanded concept of marketing activities permeates all functions in businesses and not-for profitorganizations.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge10.Marketing is the organizational function that refers to all forms of selling from institutional sales topersonal selling.ANS:FPTS:1DIF:Difficulty: ChallengingOBJ:LO: 1-1NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge11.Marketing of a product begins after it hits the shelf.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge12.The establishment of the WTO, the passage of NAFTA, and the creation of the Euro are examples ofprotectionism on the part of nations concerned with increased globalization of the marketplace.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: International PerspectiveTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge13.An exchange process is an activity in which two or more parties give something of value to each otherto satisfy perceived needs.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge14.Production orientation is a business philosophy that stresses on the importance of quantity of productsrather than the quality of products.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge15.In the sales era, firms attempted to match their output to the potential number of customers who wouldwant it.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 4 preview image16.A seller’s market is one in which there are more goods and services than people willing to buy them.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge17.The marketing era is the successive historical outcome of the production era.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge18.The marketing era is defined by a shift in focus from products and sales to satisfying a consumer’sneeds.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge19.The emergence of the marketing concept can be linked to the shift from a seller’s market to a buyer’smarket.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge20.The advent of a strong buyer’s market created the need for consumer orientation by businesses.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge21.The marketing concept focuses on the objective of achieving short-term profits instead of long-runsuccess during tough economic times.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge22.It can be said that Glen Inc., a woolen products manufacturing company based in Switzerland, is a firmthat uses a market-driven strategy because it produces goods based on local customers’ experiences,needs, and preferences.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-2NAT:BUSPROG: Reflective ThinkingSTA:DISC: StrategyTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Application23.While many firms claim to have adopted the marketing concept, there is little evidence that a strongmarket orientation contributes to market success and overall performance.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 5 preview image24.A firm with a fully developed marketing concept is one with a company-wide consumer orientationwith the objective of achieving long-term success.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge25.The relationship era builds on the marketing era’s customer orientation by only focusing onmaintaining relationships with customers.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge26.Product-oriented rather than customer-oriented management endangers the future growth of anorganization.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-3NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: Avoiding Marketing MyopiaKEY:Bloom's: Knowledge27.Marketing myopia occurs when management fails to recognize the scope of its business.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-3NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: Avoiding Marketing MyopiaKEY:Bloom's: Knowledge28.Wesley Pvt. Ltd., can avoid marketing myopia by finding innovative ways to reach new markets withexisting goods and services.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-3NAT:BUSPROG: Reflective ThinkingSTA:DISC: StrategyTOP:A-Head: Avoiding Marketing MyopiaKEY:Bloom's: Application29.Firms that narrowly define their organizational goals can avoid the problem of marketing myopia.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-3NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: Avoiding Marketing MyopiaKEY:Bloom's: Knowledge30.The private sector has an even greater array of not-for-profit organizations than the public sector.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge31.Not-for-profit organizations havenumerous organizational objectives other than profitability due totheir diversity.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge32.The financial bottom line refers to the limitations laid on the budgets of a firm.
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Test Bank For Contemporary Marketing, 16th Edition - Page 6 preview imageANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge33.The main goal of not-for-profit organizations is to generate revenues above and beyond their costs tomake money for all stakeholders involved.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge34.An important difference between not-for-profit and for-profit organizations is that, not-for-profitorganizations cannot market tangible goods.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge35.Not-for-profit organizations are generally less concerned with the bottom line than for-profitorganizations.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge36.A service user of a not-for-profit organization has more control over the organization’s destiny thancustomers of a profit-seeking firm.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge37.Not-for-profit organizations face complex decision-making issues about the correct markets to targetas they often must market to multiple publics.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge38.On account of their unselfish goals of serving society, not-for-profit organizations are not required tohave marketing objectives.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge39.The most obvious distinction between not-for-profit organizations and for-profit firms is the focus ongenerating revenues above and beyond the costs.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 7 preview image40.For-profit organizations tend to focus more on their customers than not-for-profits do.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-4NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Marketing in Not-for-Profit OrganizationsKEY:Bloom's: Knowledge41.Celebrities use person marketing as a way to increase their value in the marketplace.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-5NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Nontraditional MarketingKEY:Bloom's: Application42.Promotional events designed to attract visitors to a particular area or to improve the image of a city,state, or nation would be examples of event marketing.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-5NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Nontraditional MarketingKEY:Bloom's: Knowledge43.Branches of the U.S. military sometimes show recruitment advertisements in cinemas featuring moviesthat are most likely to attract viewers of military age. This is an example of place marketing.ANS:FPTS:1DIF:Difficulty: ChallengingOBJ:LO: 1-5NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Nontraditional MarketingKEY:Bloom's: Application44.A theater group promoting a performance to raise funds in the fight against cancer is an example ofboth cause marketing and event marketing.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-5NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Nontraditional MarketingKEY:Bloom's: Application45.Marketing of sporting, cultural, and recreational activities to selected target markets is known as causemarketing.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-5NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Nontraditional MarketingKEY:Bloom's: Knowledge46.Virtually all colleges and universities have alumni associations that publish magazines, hold reunions,and try to raise funds. These activities constitute organization marketing.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-5NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Nontraditional MarketingKEY:Bloom's: Application47.The traditional view of marketing can be described as transaction-based marketing.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 8 preview image48.According to relationship marketing, the lifetime value of a customer should exceed the investmentmade by the firm to attract and keep the customer.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge49.In relationship marketing, employees serve customers within an organization as well as outside it.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge50.According to relationship marketing, firms must apply higher standards of customer satisfaction toexternal customer relationships over intradepartmental relationships.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge51.Programs that improve customer service inside a company raise productivity and staff morale,resulting in better customer relationships outside the firm.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge52.Relationship marketing moves customers up a loyalty ladder—from new customers to regularpurchasers, then to loyal supporters of the firm and its goods and services, and finally to advocateswho not only buy its products but recommend them to others.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge53.Relationship building in marketing starts with excellent customer service after purchase.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge54.Relationship marketing tries to rebuild damaged relationships and rejuvenate unprofitable customers.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 9 preview image55.Interactive marketing refers to buyer-seller communication in which the customer controls the amountand type of information received from a marketer.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge56.Interactive promotions put customers in control because they can gain immediate access to keyproduct information when they want it.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: PromotionTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge57.Mobile marketing is a term used to describe marketing messages sent via wireless technology.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: PromotionTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge58.Interactive marketing allows marketers and consumers to customize their communication.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge59.The cost of finding new customers is far less than the cost of maintaining existing ones.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: CustomerTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge60.Compared to transaction marketing, relationship marketing relies more heavily on informationtechnologies.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge61.Firms that make the most efficient use of buzz marketing claim that it is a “one-way” approach tobuilding customer relationships.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 10 preview image62.Information technology has enhanced the effectiveness of relationship marketing by leveraging mass-marketing campaigns.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge63.Buzz marketing excludes visual aspects as it does not consist of a tangible expression of an issue orposition.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge64.A strategic alliance is defined as a partnership between a for-profit business and a not-for-profitorganization.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge65.The limitation of a strategic alliance is that it eliminates competitive advantage.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge66.In the past, firms have viewed their suppliers as adversaries against whom they must fiercely negotiateprices, playing one off against the other.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge67.Company A provides a component to Company B, which then sells it under its own brand. This is anexample of a vertical alliance.ANS:TPTS:1DIF:Difficulty: ChallengingOBJ:LO: 1-6NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Application68.Product development partnerships and vertical alliances are two examples of strategic alliances.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-6NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: From Transaction-Based Marketing to Relationship MarketingKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 11 preview image69.On average, marketing expenses account for half of the costs involved in a product.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge70.Intermediaries that operate between producers and resellers are known as wholesalers.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: DistributionTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge71.Buying, selling, transporting, and storing are known as the facilitating functions of marketing becausethey represent the exchange and physical distribution functions.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: DistributionTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge72.The functions of marketing can be grouped into three major categories: exchange functions, physicaldistribution functions, and financing functions.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge73.The physical distribution functions of marketing are related to advertising, personal selling, and salespromotion in the attempt to match products and services to consumer needs.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: PromotionTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge74.Manufacturers engage in risk taking when they create goods and services based on research and theirbelief that consumers need them.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge75.Marketing is the indirect connection between a firm and its customers.ANS:FPTS:1DIF:Difficulty: EasyOBJ:LO: 1-7NAT:BUSPROG: AnalyticSTA:DISC: PromotionTOP:A-Head: Costs and Functions of MarketingKEY:Bloom's: Knowledge76.Social responsibility includes marketing philosophies, policies, procedures, and actions whose primaryobjective is to enhance society and protect the environment through sustainable products and practices.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-8NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: A-Head: Ethics and Social Responsibility: Doing Well by Doing GoodKEY:Bloom's: Knowledge
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Test Bank For Contemporary Marketing, 16th Edition - Page 12 preview image77.Sustainable products are products that can be produced, used, and disposed of with minimal impact onthe environment.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-8NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: A-Head: Ethics and Social Responsibility: Doing Well by Doing GoodKEY:Bloom's: Knowledge78.ARC Inc., a waste management company, expands its scope of business to recycle liquids that can beturned into fuel-grade ethanol, demonstrating the socially responsible approach of the company.ANS:TPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-8NAT:BUSPROG: AnalyticSTA:DISC: StrategyTOP:A-Head: A-Head: Ethics and Social Responsibility: Doing Well by Doing GoodKEY:Bloom's: Application79.Electronic commerce and computer technologies have created unprecedented opportunitiesin businesstoday.ANS:TPTS:1DIF:Difficulty: EasyOBJ:LO: 1-8NAT:BUSPROG: AnalyticSTA:DISC: International PerspectiveTOP:A-Head: A-Head: Ethics and Social Responsibility: Doing Well by Doing GoodKEY:Bloom's: KnowledgeMULTIPLE CHOICE1.Noel Pvt. Ltd. combines metal, rubber, and other components in the production of appliances. In doingso the company creates _____ utility.a.ownershipb.formc.placed.timeANS:BPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-1NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Application2.The utility of a product or service is its:a.want-satisfying power.b.re-usability.c.function as a commodity.d.design quality.ANS:APTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge3.Fame-us is a talent hunt agency focusing on the youth looking to enter Hollywood. As part of theirmarketing strategy, Fame-us generate time and place utility by:a.creating a nationwide advertising campaign to attract applicants.b.launching roadshows across cities and conduct talent hunts at campuses duringThanksgiving.c.endorsing their services using famous celebrities from Hollywood.
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Test Bank For Contemporary Marketing, 16th Edition - Page 13 preview imaged.opening a well-equipped studio with pre and post-production facilities.ANS:BPTS:1DIF:Difficulty: ChallengingOBJ:LO: 1-1NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Application4.Theability to transfer title to goods or services from marketer to buyer is described as:a.ownership utility.b.form utility.c.time utility.d.place utility.ANS:APTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge5.Availability of goods and services at convenient locations creates:a.form utility.b.time utility.c.place utility.d.ownership utility.ANS:CPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge6.Creating _____ utility is the responsibility of the production function.a.placeb.formc.timed.ownershipANS:BPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge7.Banks have recently begun to install ATMs in supermarkets to address customers’ wants for instantcash when they go shopping. What type of utility are banks creating for customers?a.Formb.Possessionc.Placed.OwnershipANS:CPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-1NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Application8.The organizational function and set of processes that creates, communicates, and delivers value tocustomers and manages customer relationships in ways that benefit the organization and itsstakeholders is called _____.a.marketingb.financingc.operationsd.administrationANS:APTS:1DIF:Difficulty: Easy
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Test Bank For Contemporary Marketing, 16th Edition - Page 14 preview imageOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge9.Which of the following is true regarding marketing?a.The marketing concept emphasizes creating and maintaining short-term successfulrelationships with customers and suppliers.b.Marketing encompasses such a broad scope of activities and ideas that settling on onedefinition is often difficult.c.Marketing refers to an activity in which two or more parties give something of value toeach other to satisfy perceived needs.d.The marketing concept is a belief that consumers will resist purchasing nonessential goodsand services.ANS:BPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: International PerspectiveTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge10.Which of the following statements concerning the global marketplace is true?a.The global marketplace is diminishing because of Internet technology.b.The global marketplace is growing because of trade agreements.c.The global marketplace is growing due to the threat of the ability of a single nation tomanufacture, supply, and consume all that it produces.d.The global marketplace is growing owing to the talent shortage in the home countries ofnational companies.ANS:BPTS:1DIF:Difficulty: EasyOBJ:LO: 1-1NAT:BUSPROG: AnalyticSTA:DISC: International PerspectiveTOP:A-Head: What Is Marketing?KEY:Bloom's: Knowledge11.The marketing philosophy summarized by the phrase “a high-quality product will sell itself” is acharacteristic of the _____ era.a.productionb.salesc.marketingd.relationshipANS:APTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge12.Which of the following factors contributed to the transition from the production era to the sales era?a.Increased consumer demandb.Sophisticated production techniquesc.Increase in urbanizationd.The Great DepressionANS:BPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge13.A company produces a high-quality product, with a maximum monthly output of 10,000 units.Production levels are constant and the company relies on its marketing department to find customersfor its output. This approach is consistent with which era in marketing history?
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Test Bank For Contemporary Marketing, 16th Edition - Page 15 preview imagea.Production erab.Relationship erac.Marketing erad.Sales eraANS:DPTS:1DIF:Difficulty: ModerateOBJ:LO: 1-2NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Application14.A company with a _____ orientation assumes that customers will resist purchasing nonessential goodsand services and that the task of personal selling and advertising is to persuade them to buy.a.productionb.marketingc.salesd.relationshipANS:CPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge15.A market in which there are more buyers for fewer goods and services is known as a:a.seller’s market.b.monopoly.c.buyer’s market.d.oligopoly.ANS:APTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge16.Which of the following statements regarding the marketing era is true?a.Marketing and selling would no longer be considered synonymous terms.b.Marketing was relegated to a supplemental role performed after the production process.c.The marketing concept was linked to a shift from a buyer’s market to a seller’s market.d.Business success often was defined solely in terms of production successes.ANS:APTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge17.A buyer’s market is characterized by:a.more goods and services than buyers to buy them.b.a small number of firms dominating the production of goods offered.c.practically no competition in the marketplace.d.a single firm producing a major share of the products or services offered.ANS:APTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge18.The emergence of the marketing concept can best be explained by:a.higher production levels.b.greater sophistication in the production of goods.c.the shift from a seller’s market to a buyer’s market.d.a focus on product quality.
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Test Bank For Contemporary Marketing, 16th Edition - Page 16 preview imageANS:CPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge19.Assume you want to increase the number of customers by applying the marketing concept. Which ofthe following strategies would be most consistent with this approach?a.Reduce product costsb.Offer more product variety than competitorsc.Target marketsd.Employ inexpensive laborANS:CPTS:1DIF:Difficulty: ChallengingOBJ:LO: 1-2NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Application20.Indigo Ltd. wanted to increase its customers by applying the marketing concept. Which of thefollowing would be an appropriate way to apply this approach?a.Maximize production of goodsb.Focus on meeting the needs of the consumersc.Offer more product variety than competitorsd.Produce high quality goodsANS:BPTS:1DIF:Difficulty: ChallengingOBJ:LO: 1-2NAT:BUSPROG: Reflective ThinkingSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Application21.Which of the following is true of a company with strong market orientation?a.It designs products with advantages and levels of quality compatible with its competitors.b.It assumes that customers will resist purchasing nonessential goods.c.It stresses on efficiency in producing a quality product, with the attitude toward marketingthat “a good product will sell itself.”d.It has a focus on new-product development and the introduction of innovative products.ANS:DPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge22.The business philosophy incorporating the marketing concept that emphasizes first determining unmetconsumer needs and then designing a system for satisfying them is known as:a.customer persuasion.b.consumer orientation.c.aggressive marketing.d.sales orientation.ANS:BPTS:1DIF:Difficulty: EasyOBJ:LO: 1-2NAT:BUSPROG: AnalyticSTA:DISC: Marketing PlanTOP:A-Head: Five Eras in the History of MarketingKEY:Bloom's: Knowledge23.The _____ is a companywide consumer orientation with the objective of achieving long-run success.a.marketing myopiab.exchange processc.marketing conceptd.seller’s marketANS:CPTS:1DIF:Difficulty: Easy
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Marketing
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Contemporary Marketing by Louis E. ...

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