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Test Bank for Marketing: Real People, Real Choices , 9th Edition

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    1 Marketing: Real People, Real Choices, 9e (Solomon/Marshall/Stuart) Chapter 1 Welcome to the World of Marketing: Create and Deliver Value 1) A ________ is the ultimate user of a good or service. A) stakeholder B) market C) target market D) marketer E) consumer Answer: E Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 2) ________ is 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. A) Demand satisfaction B) Competitive advantage building C) Marketing D) Total quality management E) Value chain management Answer: C Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication 3) ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers. A) Distinctive competency B) Market position C) Value proposition D) Differential benefit E) Marketing mix Answer: E Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    2 4) The Four Ps are ________. A) price, product, place, and promotion B) price, profit, production, and possession C) product, production, possession, and promotion D) product, promotion, price, and profit E) place, production, process, and profit Answer: A Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication 5) Which of the following is a true statement about the Four Ps of the marketing mix? A) A decision about one of the Ps affects every other marketing-mix decision. B) Price is always the most important of the Four Ps. C) Place is typically the least important of the Four Ps. D) The Four Ps have little effect on a product's market position. E) The Four Ps are used to determine a product's target market. Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication 6) Which of the following is part of the product element of the marketing mix? A) a quality discount B) a store coupon C) a newspaper advertisement D) the packaging E) publicity releases Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 7) A ________ is a good, service, idea, place, or person — whatever is offered for sale in the exchange. A) product B) place C) utility D) benefit E) demand Answer: A Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    3 8) ________ is the assignment of a product's value, or the amount the consumer must exchange to receive the offering. A) Promotion B) Price C) Benefit D) Need E) Utility Answer: B Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 9) The ________ element of the marketing mix informs consumers about products and encourages them to buy these products using forms such as personal selling, advertising, coupons, and publicity. A) production B) place C) price D) distribution E) promotion Answer: E Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication 10) Marketing communication is also referred to as ________. A) production B) selling orientation C) societal marketing D) exchange E) promotion Answer: E Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication

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    4 11) For an exchange to occur, ________. A) at least two people or organizations must be willing to make a trade, and each must have something the other wants B) there must be one winner and one loser C) someone must make a financial profit D) the item must be tangible E) time utility must be created Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 12) Which element of the marketing mix is most closely associated with a company's channel of distribution? A) production B) place C) price D) profit E) promotion Answer: B Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 13) ________ are intangible products that we pay for and use but never own. A) Consumer goods B) Services C) Industrial goods D) E-commerce products E) Value products Answer: B Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 14) ________ are the tangible products that individuals purchase for personal or family use. A) Consumer services B) Consumer goods C) Value propositions D) Branded content E) Industrial goods Answer: B Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    5 15) ________ marketing is the marketing of goods and services from one organization to another. A) Distributive B) Consumer C) Customer D) Business-to-business E) Target Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 16) Nongovernmental organizations are also known as ________. A) consumer organizations B) public organizations C) private organizations D) not-for-profit organizations E) for-profit organizations Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 17) Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________. A) the stakeholder orientation B) the marketing concept C) total quality management D) collaborative consumption E) the marketing mix Answer: B Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 18) When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________. A) benefit B) demand C) need D) value E) utility Answer: C Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    6 19) A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced. A) benefit B) demand C) value D) utility E) want Answer: E Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 20) A ________ delivered by a product is the outcome that motivates a customer's buying behavior. A) benefit B) demand C) value D) need E) want Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 21) A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________. A) benefit B) demand C) need D) utility E) service Answer: B Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    7 22) To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product. A) demand center B) audience C) value proposition D) marketplace E) market Answer: E Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 23) A glitzy shopping mall, a mail-order catalog, a television shopping network, and an e- commerce website are all examples of ________. A) marketing concepts B) value chains C) monopolies D) marketplaces E) strategic business units Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Information Technology 24) The trend of consumers renting out their belongings when they are not in use to other consumers who need them for a limited time is called ________. A) e-commerce B) virtual exchange of goods C) the attention economy D) collaborative consumption E) user-generated content Answer: D Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    8 25) All of the following are forms of utility created by marketing processes EXCEPT ________. A) form utility B) place utility C) time utility D) possession utility E) price utility Answer: E Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 26) ________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown. A) Form B) Place C) Time D) Possession E) Price Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 27) Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of ________ utility. A) form B) place C) time D) possession E) price Answer: C Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 28) ________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy a product. A) Form B) Place C) Time D) Possession E) Price Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    9 29) Buyers, sellers, investors, and community residents are all considered ________ in a company. A) stakeholders B) shareholders C) consumers D) channel of distribution members E) collaborative consumers Answer: A Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 30) When Tony rented a loft apartment where he would live for the summer, he acted as a ________. A) consumer B) shareholder C) producer D) marketer E) retailer Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 31) Chris just landed her dream job but realizes that her college wardrobe is not going to work for her new professional position. In this situation, Chris has a(n) ________. A) benefit B) exchange C) value D) need E) utility Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    10 32) Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want has become a(n) ________. A) need B) necessity C) demand D) exchange E) transaction Answer: C Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 33) Ruth Terry is a realtor. In her ads, Terry offers the free use of a moving truck to every customer she helps either buy or sell a house. This free use of a moving truck is an example of ________. A) a benefit B) a demand C) business-to-business marketing D) a need E) the rentrepreneur trend Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 34) Which of the following is the best example of a consumer good? A) the riding lawn mower purchased by the landscaping company B) the disposable diapers purchased by the new mother for her baby C) the paint purchased by the contractor D) the cookies purchased for the daycare center E) the art supplies purchased for the elementary school art center Answer: B Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    11 35) Which of the following is the best example of a service? A) the medical examination Jonathon had yesterday B) the sheet music purchased by the piano teacher C) the software Monica purchased from the website D) the cleaning supplies purchased for the veterinarian's office E) the t-shirt you got for running in a 5K race Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 36) Alex paid for a(n) ________ when he took his car to the carwash to be washed and waxed. A) service B) industrial product C) consumer good D) commercial good E) business product Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 37) Which of the following is an example of a transaction that might occur in business-to- business marketing? A) Maurice buys a new razor on his way home from work. B) The amateur gardener buys a new wheelbarrow. C) The retail outlet buys athletic shoes to sell in its store. D) The professional chef bakes a birthday cake for her son. E) Robyn's mother hires a math tutor to help Robyn pass algebra. Answer: C Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    12 38) Jack provides heating and air conditioning equipment for office buildings. He sells ________. A) distributive goods B) consumer services C) consumer goods D) industrial goods E) intangible goods Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 39) Which of the following is an example of a not-for-profit organization that would use marketing principles? A) a fast-food restaurant B) a manufacturer of bicycles C) a software developer D) Six Flags Amusement Park E) the Bronx Zoo Answer: E Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 40) A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility. A) form B) place C) possession D) time E) creation Answer: A Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    13 41) Shane pulled her car into the gas station just as the fuel gauge dropped below empty. In this example, Shane benefited from the ________ utility offered by the gas station. A) creation B) place C) value D) marketing E) quality Answer: B Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 42) Seth's mother didn't want to build a climbing wall as a permanent feature in her backyard, but it was certainly convenient to rent one from the company that catered Seth's 12th birthday party. The catering company created both ________ utility when it rented her the climbing wall. A) form and place B) place and creation C) possession and price D) time and place E) creation and possession Answer: D Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 43) A(n) ________ occurs when Kirin Albers trades Max Lynch three hours of babysitting Max's three-year-old daughter in exchange for Max fixing the hole in his porch roof A) differential benefit B) promotion C) exchange D) collaborative consumption E) virtual trade Answer: C Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    14 44) Two teachers purchased art supplies for their classes. One paid $103.45 for eight large boxes of crayons. The other teacher purchased ten identical boxes for $105.55. The second teacher got more for her money because she took advantage of a quantity discount, a reduced price for buying ten or more boxes. Which element of the marketing mix most directly relates to these purchases? A) production B) profit C) price D) place E) possession Answer: C Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge 45) Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix. A) production B) place C) price D) profit E) promotion Answer: B Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 46) Susannah owns a one-bedroom apartment in Manhattan that she posts for short-term weekend and summer rentals on Craigslist when she plans to be out of town. This is an example of ________. A) not-for-profit marketing B) institutional marketing C) collaborative consumption D) people marketing E) consumer-generated marketing Answer: C Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    15 47) The principles of marketing can apply to people, just as they apply to goods and services. Answer: TRUE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 48) The term "marketing" is synonymous with the term "advertising." Answer: FALSE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication 49) Marketers define a need as the difference between a consumer's actual state and some ideal or desired state. Answer: TRUE Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 50) Although having something to eat or drink may be a want, the desire for a specific brand name is referred to as a need . Answer: FALSE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 51) Very little of the online action in e-commerce is in business-to-business marketing. Answer: FALSE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Information Technology 52) Many not-for-profit organizations use marketing principles. Answer: TRUE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 53) The marketing mix is the marketer's strategic toolbox. Answer: TRUE Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing

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    16 54) Business-to-business marketing represents greater total sales than business-to-consumer marketing. Answer: TRUE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 55) The elements of the marketing mix are the Four Ps. Answer: TRUE Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 56) The pricing element of the marketing mix always involves monetary exchanges. Answer: FALSE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 57) The promotion element of the marketing mix includes the design of the product. Answer: FALSE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and Oral Communication 58) Within the context of the marketing mix, place refers to the availability of the product to the customer at the desired time and location. Answer: TRUE Diff: 1 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 59) Automobiles, haircuts, tutoring, and lighting fixtures are all examples of consumer goods. Answer: FALSE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 60) Ria, a college sophomore, writes a daily blog that typically has over 50,000 readers each week. Ria could be described as a microcelebrity. Answer: TRUE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking

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    17 61) An entertainer such as Garth Brooks, a television show, and a magazine subscription are all examples of products. Answer: TRUE Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 62) Discuss how the principles of marketing can be applied to people. Answer: The principles of marketing apply to people in the same way that they apply to products and services. People market, or "sell," themselves all of the time, whether they are applying for a job, hoping to gain a promotion, or participating in online dating. People package and promote themselves through the clothes and accessories they choose, the cars they drive, the music they listen to, the books they read, and much more. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 63) How would an ice cream vendor create the four types of utility? Answer: The ice cream vendor would create form utility by combining ingredients to make a milkshake or a sundae. Place utility would mean the ice cream is available where the customer wants it. Time utility would mean the ice cream is available when the customer wants it. Possession utility refers to the enjoyment consumers have eating the ice cream. Diff: 3 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge 64) What does the phrase "exchange relationship" mean in relation to marketing? Answer: An exchange occurs when something is obtained for something else in return. The buyer receives an object, service, or idea that satisfies a need, and the seller receives something she feels is of equivalent value. For an exchange to occur, at least two people or organizations must be willing to make a trade, and each must have something the other wants. Both parties must agree on the value of the exchange and how it will be carried out. Each party also must be free to accept or reject the other's terms for the exchange. An exchange is at the heart of every marketing act. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge

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    18 65) What is the difference between consumer goods and consumer services? Give an example of each. Answer: Consumer goods are the tangible products that individual consumers purchase for personal or family use. Consumer services are intangible products that consumers pay for and use but never own. Examples will vary, but should reflect these definitions. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge 66) Identify the Four Ps in the following description: Rosa Alvarez markets 23 different varieties of salsa in 8-ounce and 12-ounce bottles at supermarkets in the southwestern United States. The 8-ounce bottle sells for $5.95, and the larger size sells for $7.95. Periodically, she sets up a table in one of the marketplaces that carries her salsa brand and offers customers a sample. She recently received considerable publicity for being the "Hispanic Entrepreneur of the Year." Answer: The Four Ps are product, price, place, and promotion. Product: 23 different varieties of salsa in 8-ounce and 12-ounce bottles Price: $5.95 for smaller size and $7.95 for larger size Place: supermarkets in southwestern United States Promotion: sampling and publicity Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge 67) Provide a brief explanation of what marketing is. Answer: Marketing is 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. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 68) Select one real company located in your home state. Identify at least four different types of stakeholders in this company. Answer: Each student will present different information in responding to this question. Stakeholders should include the company's customers, the company's employees, investors in the company, and residents of the community. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge

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    19 69) Can a consumer of a product be a stakeholder in the company that markets the product? Briefly explain your answer. Answer: Yes. A consumer is one type of stakeholder. A stakeholder can be a buyer, seller, or investor in a company; a community resident; or a citizen of the nation where the company's goods or services are made or sold. A consumer is the ultimate user of a good or service. Therefore, a consumer could be a stakeholder who is also the ultimate consumer using the product. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge 70) Briefly describe the collaborative consumption trend. Answer: In a trend called collaborative consumption, consumers become "rentrepreneurs" by renting out their belongings – tools, cars, homes, etc. – when they are not using them. This appeals to many consumers, particularly younger consumers, who would prefer to rent products rather than purchase and own them. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical Thinking 71) Give three examples of modern marketplaces. Answer: Answers will vary, but should reflect the broad range of marketplaces, from stand- alone retailers and shopping malls to mail-order catalogs and websites. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge 72) Explain the concept of business-to-business marketing and give an example of a business-to- business transaction. Answer: Business-to-business marketing is the marketing of goods and services from one organization to another. Examples will vary, but should reflect this definition. Diff: 2 LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of Knowledge

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    20 73) In which kind of market would a production orientation be most successful? A) a buyer's market in which supply exceeds demand B) a market in which there are more sellers than buyers C) a seller's market in which demand is greater than supply D) a market that sells only intangible products E) an e-commerce market Answer: C Diff: 2 LO: 1.2: Explain the evolution of the marketing concept 74) Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business. A) consumer B) marketing C) selling D) societal E) relationship Answer: C Diff: 2 LO: 1.2: Explain the evolution of the marketing concept 75) A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants. A) consumer B) promotion C) selling D) production E) quality Answer: A Diff: 1 LO: 1.2: Explain the evolution of the marketing concept 76) The total quality management (TQM) philosophy involves all employees in ________. A) customer relationship management B) continuous product quality improvement C) market positioning D) creating sustainability E) increasing the lifetime value of customers Answer: B Diff: 1 LO: 1.2: Explain the evolution of the marketing concept

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    21 77) In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following? A) sustainability B) the production orientation C) the selling orientation D) not-for-profit marketing E) collaborative consumption Answer: A Diff: 3 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 78) Which of the following lists the three components of the triple bottom line orientation? A) the financial bottom line, the social bottom line, and the environmental bottom line B) the financial bottom line, the social bottom line, and the political bottom line C) the financial bottom line, the cultural bottom line, and the business bottom line D) the value bottom line, the service bottom line, and the business bottom line E) the product bottom line, the service bottom line, and the relationship bottom line Answer: A Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 79) ________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm. A) Value propositioning B) Collaborative consumption C) The societal marketing concept D) A sales orientation E) Green marketing Answer: C Diff: 1 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 80) A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs. A) the selling orientation B) the production orientation C) total quality management D) sustainability E) return on investment Answer: D Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning

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    22 81) Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers? A) collaborative consumption B) green marketing C) triple-bottom-line orientation D) societal marketing E) corporate citizenship Answer: B Diff: 1 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 82) The direct financial impact of a firm's expenditure on marketing activities is called the ________. A) value chain B) value proposition C) differential benefit D) return on marketing investment (ROMI) E) utility function Answer: D Diff: 1 LO: 1.2: Explain the evolution of the marketing concept 83) Which of the following is LEAST likely to be of growing importance in marketing in the near future? A) mobile marketing B) corporate citizenship C) big data D) a selling orientation E) user-generated content Answer: D Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Information Technology 84) Interacting with consumers via portable technology such as smart phones, tablets, and wearable screens is referred to as ________. A) mobile marketing B) social marketing C) societal marketing D) user-generated marketing E) branded marketing Answer: A Diff: 1 LO: 1.2: Explain the evolution of the marketing concept AACSB: Information Technology

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    23 85) A flour producer that identifies its mission as "the milling of fine flour in the most efficient manner possible" most likely has a ________ orientation. A) customer B) marketing C) selling D) production E) new era Answer: D Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Analytical Thinking 86) Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing future funeral needs, so she must somehow first get their attention. Jolene's firm most likely uses the ________. A) production orientation B) sustainability concept C) selling orientation D) consumer orientation E) societal marketing concept Answer: C Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Analytical Thinking 87) IBM manager Celia Moore coordinates IBM's long-standing "Reinventing Education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do. In the process, the program is actually helping to shape a market of significant interest to IBM. "We see the program very much as an investment, rather than handing out money," says Moore. The existence of this program indicates that IBM has a(n) ________ orientation. A) environmental B) financial bottom line C) selling D) production E) triple-bottom-line Answer: E Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Analytical Thinking 88) Today, it's most likely that companies selling unsought goods will use a selling orientation. Answer: TRUE Diff: 2 LO: 1.2: Explain the evolution of the marketing concept

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    24 89) Green marketing and sustainability are interchangeable terms describing the same concept. Answer: FALSE Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 90) The consumer orientation maintains that marketers must satisfy customers' needs in ways that also benefit society. Answer: FALSE Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 91) The acronym ROI stands for rely on instinct. Answer: FALSE Diff: 1 LO: 1.2: Explain the evolution of the marketing concept 92) Explain why and how a company would adopt a consumer orientation. Answer: A company might adopt a consumer orientation to better identify and satisfy the needs and wants of customers. In the competitive marketplace of today, a company has to go beyond the selling and production orientations and consider the customer's desires. Following a consumer orientation, marketers would conduct research to understand the needs of different customers, tailor products to the needs of these various groups, and design marketing messages to speak to the needs of those customers. Diff: 3 LO: 1.2: Explain the evolution of the marketing concept AACSB: Application of Knowledge 93) Explain the concept of corporate citizenship and why it is important for companies today. Answer: Corporate citizenship, also called corporate social responsibility, refers to a company's responsibility to the community in which it operates and to society in general. This concept of doing well by doing good is of growing importance, and is likely to continue to grow in importance, as more and more consumers reward companies who do "good" and punishing those who are found to be irresponsible. Diff: 2 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 94) Explain why it is often difficult to measure the value of marketing activities. Answer: Marketing objectives are sometimes stated in vague terms, such as "increase product awareness." This lack of specificity in objectives makes it difficult to measure the impact of marketing. Diff: 3 LO: 1.2: Explain the evolution of the marketing concept AACSB: Application of Knowledge

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    25 95) Who are growth hackers, and why might their work be controversial? Answer: Growth hackers are industry experts who work on apps and sites to better hook consumers into spending more time on the app or site. This may be controversial because of the growing trend of young children, teens, and adults becoming screen addicts, sometimes negatively affecting their physical and mental health. Diff: 3 LO: 1.2: Explain the evolution of the marketing concept AACSB: Ethical Understanding and Reasoning 96) A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased. A) product position B) market segment C) mass market D) value proposition E) target market Answer: D Diff: 1 LO: 1.3: Understand value from the perspectives of customers, producers, and society 97) The ratio of benefits to costs is one way to think of ________. A) sustainability B) profits C) value D) competitive advantage E) distinctive competency Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society 98) When companies calculate the lifetime value of a customer they look at ________. A) how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future B) the positive word of mouth about the product that the customer can spread among her family, friends, and acquaintances C) the lifetime expectancy of the product the customer purchased D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company Answer: A Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society

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    26 99) A firm's capability that is superior to that of its competition is referred to as a(n) ________. A) distinctive competency B) added value C) value proposition D) value chain E) social benefit Answer: A Diff: 1 LO: 1.3: Understand value from the perspectives of customers, producers, and society 100) The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers. A) target market B) service C) marketing mix D) market position E) differential benefit Answer: E Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society 101) A(n) ________ provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference. A) exchange B) differential benefit C) industrial good D) value chain E) customer lifetime value Answer: B Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society 102) A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product. A) value proposition B) production orientation C) value chain D) marketing concept E) market position Answer: C Diff: 1 LO: 1.3: Understand value from the perspectives of customers, producers, and society

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    27 103) In addition to marketing activities, the ________ includes business functions such as human resource management and technology development. A) value chain B) marketing mix C) utility function D) customer relationship management process E) market position Answer: A Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society 104) The main activities of value chain members include all of the following EXCEPT ________. A) bringing in materials to make the product B) converting the materials into the final product C) providing unbiased information about the product to consumers D) shipping out the final product E) servicing the product after purchase Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society 105) The value chain activity of ________ refers to converting materials into a final product for consumers. A) inbound logistics B) outbound logistics C) operations D) marketing E) service Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society 106) The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay. A) production orientation B) the triple-bottom-line orientation C) consumer-generated value D) socially responsible marketing E) the marketing concept Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Information Technology

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    28 107) Social networking is an integral part of which of the following? A) the triple-bottom-line orientation B) lifetime value of a customer C) the value chain D) Web 2.0 E) Web 1.0 Answer: D Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Information Technology 108) Which of the following is true of Web 2.0? A) It categorized entries according to a strict taxonomy. B) It offered two-way communication between marketers and consumers. C) It was based on the open source model. D) It was based on the wisdom of crowds model. E) It improved as the number of users decreased. Answer: B Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Information Technology 109) Which of the following is NOT characteristic of Web 3.0? A) Consumers create value through social media. B) Web participation is a necessity for brands. C) Websites are created to accomplish one specific function. D) Marketers can track consumers' browser behavior. E) Consumers and marketers can have real-time instant communication. Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Information Technology 110) According to the theory of the wisdom of crowds, under the right circumstances ________. A) a mass market approach is favorable to a target market approach B) a target market approach is favorable to a mass market approach C) groups are smarter than the smartest people in them D) companies can make money by giving their products away for free E) consumers can generate value Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society

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    29 111) ________ is a network of servers, all having different functions, providing an almost infinite amount of storage space. A) A social networking platform B) The Cloud C) The value chain D) Wikipedia E) The virtual marketplace Answer: B Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Information Technology 112) Alcoholism and cigarette smoking are both examples of ________. A) anticonsumption behaviors B) "bait-and-switch" behaviors C) consumer addictions D) shrinkage E) consumed consumer behaviors Answer: C Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Ethical Understanding and Reasoning 113) Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft? A) bait-and-switch B) anticonsumption C) demarketing D) shrinkage E) lifetime cost of a customer Answer: D Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Ethical Understanding and Reasoning 114) Product tampering and spray-painting graffiti on buildings are both examples of ________. A) demarketing B) exploitative consumption C) addictive consumption D) shrinkage E) anticonsumption Answer: E Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Ethical Understanding and Reasoning

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    30 115) A new shampoo advertisement on television identifies all of the wonderful benefits the consumer will enjoy when using one company's shampoo as opposed to another company's shampoo. What is this company seeking to convey in this television commercial? A) the product's time utility B) the product's distinctive competency C) the company's production orientation D) the company's marketing segmentation process E) the product's differential benefits Answer: E Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Analytical Thinking 116) Kao Corp., which makes Ban deodorant, invited teenage girls to create an ad that would encourage other girls to buy the product. This program is an example of ________. A) the wisdom of crowds B) the production concept C) the selling orientation D) open-source modeling E) consumer-generated content Answer: E Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Analytical Thinking 117) Terrible Tees is an online t-shirt company that invites consumers to enter their t-shirt designs in a monthly contest. All visitors to the site are invited to vote on their favorite design, and at the end of the month, the company produces and takes orders for the t-shirt design with the most votes. This is an example of ________. A) the wisdom of crowds B) the production concept C) the selling orientation D) a folksonomy E) a brandfest Answer: A Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society AACSB: Analytical Thinking 118) To calculate lifetime value, a company would estimate the amount of money a person would spend with the company over a lifetime and then subtract what it will cost the company to maintain this relationship. Answer: TRUE Diff: 2 LO: 1.3: Understand value from the perspectives of customers, producers, and society

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