Test Bank For Mktg 8, 8th Edition

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1. Marketing is defined as producing, promoting, and selling products.a.Trueb.FalseANSWER:FalseRATIONALE:Marketing is the activity, set of institutions, and processes for creating, communicating,delivering, and exchanging offerings that have value for customers, clients, partners, andsociety at large.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level I Knowledge2. According to the American Marketing Association, marketing is the activity, set of institutions, and processes forcreating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, andsociety at large.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension3. An exchange cannot take place unless each party in the exchange has something that the other party values.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension

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4. Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to the introduction, thecompany had not conducted market research among its customers, but it was confident that its science andtechnology department had produced a successful new product. Based on this example, Sara Lee is a goodexample of a production-oriented company.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model ResearchOTHER:BLOOMS Level III Application5. Unlike a production-orientated firm, a firm embracing a sales orientation focuses on customer wants and needs so itcan develop the best product at the lowest cost that will require very little selling effort.a.Trueb.FalseANSWER:FalseRATIONALE:A sales orientation is based on the ideas that people will buy more goods and services ifaggressive sales techniques are used and that high sales result in high profits.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension6. The focus of a production-oriented firm is on what it can make or do best.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level I Knowledge

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7.The marketing concept states that the social and economic justification for an organization’s existence is thesatisfaction of customers’ wants and needs while meeting organizational objectives.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level II Comprehension8. The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants and needs ofits consumers.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level VI Evaluation9.The societal marketing concept considers society’s longterm best interests along with the satisfaction ofcustomers’ wants and needs.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level II Comprehension10. Increasingly well informed customers have shifted the power from manufacturers and retailers to consumers.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level I Knowledge

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11.Personnel in salesoriented firms tend to be “outward looking,” focusing on selling what the market wants.a.Trueb.FalseANSWER:FalseRATIONALE:Personnel in salesoriented firms tend to be “inward looking,” focusing on selling what theorganization makes rather than making what the market wants.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level I Knowledge12. Customer value is the relationship between company profits and company costs.a.Trueb.FalseANSWER:FalseRATIONALE:Customer value is the relationship between benefits and the sacrifice necessary to obtainthose benefits.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level I Knowledge13. The way to achieve customer satisfaction and value is to offer the lowest price.a.Trueb.FalseANSWER:FalseRATIONALE:Marketers interested in customer value offer realistic prices and try to achieve customersatisfaction and value by ensuring customer expectations are met or exceeded.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level II Comprehension

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14. 3D Systems is a company that uses computers to generate new product prototypes. It has generated loyal businessclients by providing the best customer support in the industry. The company also provides direct sales consultationsthat give its salespeople intimate knowledge about what exactly its customers want. This partnership between 3DSystems and its customers is relationship marketing.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application15.Only a firm’s salespeople need to be customer oriented.a.Trueb.FalseANSWER:FalseRATIONALE:All employees need to be customer oriented because in the customer’s eyes, the employee(regardless of the position held in the organization) is the firm and may be the only firmrepresentative the customer ever sees.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level VI Evaluation16. Retailers who give their sales clerks the authority to handle customer complaints without having to get approvalfrom a supervisor are using empowerment.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application

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17.In the early 1920s, Ford promised its customers any color vehicle they wanted as long as it was black. Ford’smanagement assumed anyone buying a car would accept the color black, so it made products affordable by offeringonly one variety in large quantities. Ford is an example of a market-oriented firm.a.Trueb.FalseANSWER:FalseRATIONALE:A market-oriented organization recognizes that different customers groups want differentfeatures or benefits.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application18. While most marketing organizations rely on various forms of promotion to succeed, sales-oriented organizationsmake the most effective use of their entire marketing mix.a.Trueb.FalseANSWER:FalseRATIONALE:Sales-oriented firms usually rely more heavily on promotion alone than do market-orientedfirms.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension19. A local grocer recently began grouping its customers into specific groups based on what they bought and when theyshopped. The grocer then began to schedule shipments of specific items based on these customer segments and tooffer different promotions to different shopper groups. This is an example of CRM.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application

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20. Salespeople who work for market-oriented organizations are generally perceived by their customers as problemsolvers and important links to supply sources and new products.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.03 - 1-3TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level II Comprehension21. Marketing is important to business, so marketing should be part of the job of everyone in the organization, not justthose in marketing.a.Trueb.FalseANSWER:TruePOINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.04 - 1-4TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level VI Evaluation22. One facet of marketing is that it is:a. an approach that focuses on maximizing salesb. a short-term oriented approach to profit maximizationc. an approach that requires diversityd. a philosophy that stresses customer satisfactione. independent of value creationANSWER:dRATIONALE:Marketing has two facets. First, it is a philosophy, an attitude, a perspective, or amanagement orientation that stresses customer satisfaction. Second, marketing is anorganization function and a set of processes used to implement this philosophy.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension

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23. A business is concerned with many day-to-day activities. Some of the most important of these activities are theplanning and development of a product, its ability to communicate value, its pricing policy, and the distributionstrategy. These activities are all a part of:a. a control systemb. marketingc. accountingd. productione. human resourcesANSWER:bRATIONALE:Marketing is the activity, set of institutions, and processes for creating, communicating,delivering, and exchanging offerings that have value for customers, clients, partners, andsociety at large.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model Distribution | CB&E Model Pricing | CB&E Model ProductOTHER:BLOOMS Level IV Analysis24. _____ is a set of activities used to implement a management orientation that stresses customer satisfaction.a. Planning strategyb. Customer managementc. Marketingd. A control systeme. ReciprocityANSWER:cRATIONALE:This is the focus of marketing.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model ProductOTHER:BLOOMS Level II Comprehension

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25.The American Marketing Association’s definition of marketing:a. is limited to promotional activitiesb. focuses on the value of empowerment, teamwork, and customer valuec. shows how marketing benefits the marketerd. relies on the synergy created by exchangee. includes creating, communicating, delivering, and exchanging offerings that have value for customers, clients,partners, and society at large.ANSWER:eRATIONALE:According to the American Marketing Association, marketing is the activity, set of institutions,and processes for creating, communicating, delivering, and exchanging offerings that havevalue for customers, clients, partners, and society at large.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level I Knowledge26. Which of the following occurs when people give up something in order to receive something they would ratherhave?a. Exchangeb. Synergyc. Transformationd. Leveraginge. ReciprocityANSWER:aRATIONALE:Exchange is people giving up something to receive something they would rather have.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model ProductOTHER:BLOOMS Level I Knowledge

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27. All of the following are necessary for exchange to occur EXCEPT:a. each party is capable of communication and deliveryb. each party signs a contract before exchange occursc. each party believes it is appropriate or desirable to deal with the othersd. each party is free to accept or reject the exchange offere. each party must have something the other party considers to be valuableANSWER:bRATIONALE:Exchange can occur without a legal contract.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level VI Evaluation28. A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has beenlegally harvested. In places like Indonesia, as much as 80 percent of timber available for sale is illegally cut.Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand isgreat for timber from rain forests. Which of the following conditions required for an exchange to occur is missingwhen a company tries to sell illegally acquired logs to The Home Depot?a. There are more than two parties involved.b. Each party has something of value to bring to the exchange.c. One party is free to accept the exchange offer.d. Each party believes it is appropriate to deal with the other party.e. Nobody sees the exchange as producing value.ANSWER:dRATIONALE:For an exchange to occur, two or more parties must be involved. Both parties are free toaccept or reject the exchange. If The Home Depot believes the timber has been illegallyharvested, then it will not want to deal with the loggers.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application

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29.Kellogg’s is offering free DVDs to consumers who collect five official Collection certificates from the back panelsof specially marked packages of Kellogg’s cereals and then mail them with the official order form. Within 90 days,these consumers will receive the movie of their choice. A(n) _____ will occur when a movie fan mails in his or hercertificates for a movie.a. synergyb. sublimationc. exchanged. entropye. reciprocityANSWER:cRATIONALE:For an exchange to occur, two or more parties must be involved. Both parties are free toaccept or reject the exchange. Furthermore, each party must have something that is of valueto the other party. Each party is capable of communication and delivery and believes it isdesirable to do so. In this case, the value for Kellogg’s is customer loyalty. The value for thecustomer is the cereal and free movie.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application30. For an exchange to take place:a. there must be at least two parties involvedb. money must be used in the transactionc. each party must feel obligated to accept the offerd. at least one party must have something of value that the other party desirese. neither party must communicate with the otherANSWER:aRATIONALE:For exchange to occur, there must be at least two parties, each party has something thatmight be of value to the other party, each party is capable of communication and delivery,each party is free to accept or reject the exchange offer, and each party believes it isappropriate or desirable to deal with the other party.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level II Comprehension

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31. The concept of exchange is important to marketing because:a. if all the conditions for an exchange are in place, then the exchange will be completedb. exchange provides money to marketersc. marketing activities help to create exchanged. marketing activities are a requirement for exchange to take placee. money is the only medium of exchange for business marketersANSWER:cRATIONALE:Marketing activities help the exchange to take place, but marketing can occur without anexchange.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level VI Evaluation32. Barry collects antique watches and has decided to sell a few of them on eBay. Some of the watches he wants tosell are rare and very valuable. What condition is necessary for an exchange to occur between Barry and a buyer?a. His watch should have a certificate of authenticity.b. The opening bid must be lower than other watches being sold on the site.c. Buyers must provide payment before the item is shipped.d. Delivery must take place within 2 days of the purchase.e. Potential buyers must be able to see the watch and understand its qualities.ANSWER:eRATIONALE:For an exchange to take place, there must be at least two parties, each party must havesomething the other values, the parties must be able to communicate, each party mustbelieve that it is appropriate to deal with the other, and each party must be free to accept orreject the exchange offer.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.01 - 1-1TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model CustomerOTHER:BLOOMS Level III Application

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33. All of the following are marketing management philosophies EXCEPT:a. sales orientationb. societal marketing orientationc. market orientationd. profitability orientatione. production orientationANSWER:dRATIONALE:The four marketing philosophies are commonly referred to as production, sales, market, andsocietal marketing orientations.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level VI Evaluation34. Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products.The typical Indonesian logging company has a(n) _____ orientation.a. exchangeb. productc. productiond. salese. environmentalANSWER:cRATIONALE:A production orientation is a philosophy that focuses on the internal capabilities of the firmrather than on the desires and needs of the marketplace.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level III Application

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35. Firms with a _____ orientation focus on the internal capabilities of the firm rather than on the desires and needs ofthe marketplace.a. salesb. productionc. marketd. customere. customer-benefitANSWER:bRATIONALE:A production orientation is a philosophy that focuses on the internal capabilities of the firmrather than on the desires and needs of the marketplace.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension36. A company that sets its goals and strategies based on what its current equipment can produce, what productsengineering can design, and what the company itself can do best, has a(n) _____ orientation.a. marketplaceb. salesc. marketd. exchangee. productionANSWER:eRATIONALE:A production orientation focuses on the internal capabilities of the firm.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level II Comprehension

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37. Researchers at PPG Industries spent considerable time, effort, and money developing a bluish windshield thatwould let in filtered sunlight but block out the heat. Little market research was done, but the scientists wereconvinced this new product would be significantly better than existing windshields even though it was moreexpensive and of a different color than the current models on the market. This scenario suggests PPG most likelyhas a(n) _____ orientation.a. exchangeb. productionc. salesd. promotione. customerANSWER:bRATIONALE:A production orientation is a philosophy that focuses on the internal capabilities of the firmrather than on the desires and needs of the marketplace.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model StrategyOTHER:BLOOMS Level III Application38.A newspaper ad for a hospital that states, “We have the most modern delivery rooms and stateofthe art medicalequipment,” is an indication of which marketing management philosophy?a. Salesb. Customerc. Marketd. Societale. ProductionANSWER:eRATIONALE:A production orientation focuses on the internal capabilities of the firm.POINTS:1LEARNING OBJECTIVES:MKTG.LAMB.15.01.02 - 01-02TOPICS:AACSB Reflective ThinkingKEYWORDS:CB&E Model Promotion | CB&E Model StrategyOTHER:BLOOMS Level III Application

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