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Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. From a societal point of view, marketing is the link between a societys material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. Marketing may be defined in several ways, depending on the role of the advertised enterprise in relation to the strategic role in positioning the firm within its competitive market. The main definition is often credited to Philip Kotler, recognized as the originator of the most recent developments in the field
CHAPTER 1 MARKETING IN A CHANGING WORLD: CREATING CUSTOMER VALUE AND SATISFACTION MULTIPLE CHOICE QUESTIONS 1. Today’s successful companies at all levels have one thing in common. The common theme can best be described as one where the companies are: a. oriented around public service. b. strongly customer focused and heavily committed to marketing. c. moving toward globalization and socialization. d. more interested in governmental regulation and control than ever before. Answer: (b) Difficulty: (1) Page: 4 2. According to Bernie Marcus, cofounder of Home Depot, the Holy Grail of business is: a. the bottom line. b. promotion, promotion, and more promotion. c. an almost blind, passionate commitment to taking care of customers. d. meet every competitive threat with strength, commitment, and the courage to win. Answer: (c) Difficulty: (2) Page: 4 3. Creating __________________ is at the very heart of modern marketing thinking and practice. a. profit maximization b. increased stock value c. award winning products d. customer value and satisfaction Answer: (d) Difficulty: (2) Page: 4 4. The twofold goal of marketing is to attract new customers by promising superior value and: a. win advertising and industry awards for excellence. b. to keep and grow current customers by delivering satisfaction. c. enhance shareholder value. d. pay as few taxes as possible. Answer: (b) Difficulty: (1) Page: 4 1 5. Wal-Mart has become the world’s largest retailer by delivering on its promise, “Always low prices—always.” This would be an example of the marketing philosophy that says: a. “Take care of your customers, and market share and profits will follow.” b. “Buy cheap, sell cheap.” c. “Always take discounts and pass some of them on to consumers.” d. “Distribution is the secret to all conquests in marketing.” Answer: (a) Difficulty: (2) Page: 4 6. Today, marketing must be understood in a new sense that can be characterized as: a. “telling and selling.” b. “management of youth demand.” c. “get there first with the most.” d. “satisfying customer needs.” Answer: (d) Difficulty: (2) Page: 5 7. _________________ is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. a. Management b. Marketing c. Econometrics d. Demand Answer: (b) Difficulty: (1) Page: 5 8. The most basic concept underlying marketing is that of: a. products and services. b. human needs. c. barter. d. transactions. Answer: (b) Difficulty: (3) Page: 5 9. ____________ are states of felt deprivation. a. Demands b. Wants c. Needs d. Core transactions Answer: (c) Difficulty: (1) Page: 5 2 10. Basic needs, such as those for food, clothing, and safety, refer to: a. physical needs. b. social needs. c. individual needs. d. physical wants. Answer: (a) Difficulty: (2) Page: 5 11. __________ are shaped by one’s society and are described in terms of objects. a. Needs b. Wants c. Demands d. Transactions Answer: (b) Difficulty: (1) Page: 5 12. When backed by buying power, wants become: a. needs. b. relationships. c. object relationships. d. demands. Answer: (d) Difficulty: (2) Page: 5 13. In outstanding companies, people at all levels, including top management,: a. work more than eight hours a day. b. are constantly inventing new products. c. are addicted to time management. d. stay close to customers. Answer: (d) Difficulty: (2) Page: 6 14. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called a: a. demand. b. basic staple. c. product. d. service. Answer: (c) Difficulty: (2) Page: 7 3 15. A _______________ is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything. a. demand b. basic staple c. product d. service Answer: (d) Difficulty: (1) Page: 7 16. If a company is guilty of “marketing myopia,” then it is: a. in danger of having dangerous cost overruns because it is trying to please too many diverse customer groups. b. so taken with its products that it focuses only on existing wants and loses sight of underlying consumer needs. c. guilty of prejudice toward certain customer groups. d. falling into the trap of “copying” rather than “inventing” products. Answer: (b) Difficulty: (3) Page: 8 17. The difference between the values the customer gains from owning and using a product and the costs of obtaining the product is called ______________. a. customer quality b. customer satisfaction c. customer value d. perceptual relationships Answer: (c) Difficulty: (3) Page: 8 18. Customers often do not judge product values and costs accurately or objectively. Instead, they act on ___________________. a. customer satisfaction b. customer quality c. needs d. perceived value Answer: (d) Difficulty: (2) Page: 10 19. _________________ depend(s) on a product’s perceived performance in delivering value relative to a buyer’s expectations. a. Customer satisfaction b. Customer quality c. Customer value d. Customer needs Answer: (a) Difficulty: (3) Page: 10 4 20. With respect to customer satisfaction, smart companies aim to: a. give the customer anything and everything they want. b. make customers addicted to their products and services. c. delight customers by promising only what they can deliver, then delivering more than they promise. d. always save the customers money, time, and other resources. Answer: (c) Difficulty: (2) Page: 10 21. An approach in which all the company’s people are involved in constantly improving the quality of products, services, and business processes is called: a. Cigna 1000. b. total quality management. c. total relationship opportunity. d. exchange management. Answer: (b) Difficulty: (2) Page: 11 22. Marketing occurs when people decide to satisfy needs and wants through ________. a. selling b. exchange c. transaction d. relationships Answer: (b) Difficulty: (2) Page: 12 23. A(n) ______________ consists of a trade of values between parties. a. sale b. exchange c. transaction d. market Answer: (c) Difficulty: (3) Page: 12 24. Trading your old calculator for tickets to a Garth Brooks concert would be what kind of transaction? a. monetary transaction b. barter transaction c. market transaction d. customer transaction Answer: (b) Difficulty: (1) Page: 12 5 25. Transaction marketing is part of the larger idea of _________________. a. customer returns and allowances b. trade discounts c. relationship marketing d. promotional stimulation marketing Answer: (c) Difficulty: (3) Page: 12 26. A _______________ consists of the company and all its supporting stakeholders. a. demand channel b. marketing network c. communication triad d. product flow process Answer: (b) Difficulty: (3) Page: 12 27. As CEOs and other managers have reviewed business functions, they have found that, ultimately, ___________ is the art of attracting, keeping, and growing profitable customers. a. marketing b. finance c. electronic commerce d. demand management Answer: (a) Difficulty: (2) Page: 14 28. In a contemporary sense, a market is thought to be: a. wherever a marketer sells products. b. the people who may buy the product. c. the set of actual and potential buyers of a product. d. the square in the middle of the city where trade occurs. Answer: (c) Difficulty: (2) Page: 14 29. The main actors in a modern marketing system would include all of the following EXCEPT: (Select the LEAST LIKELY.) a. suppliers. b. marketing intermediaries. c. the end user. d. advertising agencies. Answer: (d) Difficulty: (2) Page: 15, Figure 1-2 6 30. The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives is called ___________________. a. relationship marketing b. demand management c. marketing d. marketing management Answer: (d) Difficulty: (2) Page: 15 31. If the Golden Gate Bridge becomes consistently overcrowded with an unsafe level of traffic, the California Transit Authority in San Francisco might have to undertake a _______________ campaign to reduce traffic levels during high demand periods of the day or week. a. public relations b. regulation program c. demarketing d. sales Answer: (c) Difficulty: (2) Page: 16 32. The aim of demarketing is to: a. destroy demand. b. increase demand. c. initiate demand. d. reduce or shift demand. Answer: (d) Difficulty: (1) Page: 16 33. In the past, marketers followed a _______________ approach to gaining customers. This meant that growing markets supplied endless new consumer candidates and the company did not have to worry about older customers who might become dissatisfied and leave the company’s marketing offerings. a. “first in, first out” b. “treadmill” c. “funnel” d. “leaky bucket” Answer: (d) Difficulty: (2) Page: 16 7 34. Taco Bell has found that the lifetime value of a Taco Bell customer is about $12,000. Study has shown that the key to customer retention is: a. offer the lowest prices. b. constantly advertise. c. offer superior customer value and satisfaction. d. offer a variety of products. Answer: (c) Difficulty: (2) Page: 17 35. Jim Koch, founder of Samuel Adams beer, was often seen talking to bartenders and bar customers to encourage consumption of his brewery’s products. This would be an illustration of which of the following marketing practice stages? a. intrepreneurial marketing b. entrepreneurial marketing c. formulated marketing d. demand-based marketing Answer: (b) Difficulty: (2) Page: 17 36. John Botros feels the heat of competition on his new Internet-based home delivery pizza business. Rather than just advertising, John is encouraging his managers to get out of their offices and meet the public on their own ground. In fact, Botros makes it a practice to give at least one public speech per week. This would be an illustration of which of the following marketing practice stages? a. intrepreneurial marketing b. entrepreneurial marketing c. formulated marketing d. demand-based marketing Answer: (a) Difficulty: (3) Page: 17 37. Over time, marketing management has offered five distinct concepts under which organizations conduct their marketing activities. Which of the following DOES NOT belong on the correct list of these concepts? a. econometric concept b. production concept c. product concept d. marketing concept Answer: (a) Difficulty: (2) Page: 19 8 38. The _______________ holds that consumers will favor products that are available and highly affordable (therefore, management should work on improving production and distribution efficiency). a. product concept b. production concept c. production cost expansion concept d. marketing concept Answer: (b) Difficulty: (2) Page: 19 39. The _________________ holds that consumers will favor products that offer the most quality, performance, and innovative features. Thus, an organization should devote energy to making continuous product improvements. a. marketing concept b. production concept c. selling concept d. product concept Answer: (d) Difficulty: (3) Page: 20 40. If a manufacturer was following the product concept, their operating philosophy would rely on which of the following phrases? a. “Build a better mousetrap, and the world will beat a path to your door.” b. “Location, location, location.” c. “Watch your costs at all cost.” d. “The consumer is king.” Answer: (a) Difficulty: (3) Page: 20 41. Which philosophy of business is typically practiced when marketing unsought goods? a. the marketing concept b. the product concept c. the production concept d. the selling concept Answer: (d) Difficulty: (3) Page: 20 42. When faced with overcapacity, most firms practice _________________. a. the marketing concept b. the product concept. c. the production concept d. the selling concept Answer: (d) Difficulty: (2) Page: 20 9 43. _______________________ holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. a. The marketing concept b. The product concept c. The selling concept d. The societal marketing concept Answer: (a) Difficulty: (2) Page: 20 44. All of the following organizational philosophy phrases are associated with the marketing concept EXCEPT: (Pick the phrase that DOES NOT fit.) a. “We make it happen for you.” b. “To fly, to serve.” c. “If it ain’t broke, don’t fix it.” d. “Let us exceed your expectations.” Answer: (c) Difficulty: (1) Page: 20 45. The ________________ questions whether the pure marketing concept is adequate in an age of environmental problems, resource shortages, rapid population growth, worldwide economic problems, and neglected social services. a. service concept b. societal marketing concept c. product concept d. not-for-profit concept Answer: (b) Difficulty: (2) Page: 22 46. In an example discussed in your text, Johnson & Johnson’s recall of their Tylenol product following the discovery that several bottles of Tylenol had been laced with cyanide is consistent with which business philosophy? a. the marketing concept b. the product concept c. the selling concept d. the societal marketing concept Answer: (d) Difficulty: (2) Page: 23 47. The major marketing developments as we enter the new millennium can be summed up in a single theme: a. innovation. b. the Internet. c. virtuality. d. connectedness. 10 [...]... the economy Answer: Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others Economic roles include: meeting needs, wants, and demands (of a variety of types); creating products; creating value and satisfaction; aiding in the facilitation of exchanges, transactions, and mutually beneficial... with customers, be sales and product centered, serve any customer, and make standardized products would be examples of which form of thinking? a the new marketing thinking b the old marketing thinking c global marketing d relationship marketing thinking Answer: (b) Difficulty: (2) Page: 36, Table 1-1 13 60 Marketing locally and globally, conducting e-commerce in marketspaces, and 60 assuming social and. .. new marketing thinking b the old marketing thinking c global marketing d relationship marketing thinking Answer: (a) Difficulty: (2) Page: 36, Table 1-1 TRUE/FALSE QUESTIONS 61 Selling is the delivery of customer satisfaction at a profit Answer: (False) Difficulty: (2) Page: 4 62 The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers... experiences; c) value, satisfaction, and quality; d) exchange, transactions, and relationships; and e) markets These key concepts are linked and form the basis by which marketing is understood and practiced Difficulty: (2) Page: 5-14, Figure 1-1 and associated text 85 List and briefly discuss three ways Nike has demonstrated that they care about their customers Answer: Nike seems to care as much about its customers’... consumer choice, and providing fair profits for business organizations Difficulty: (2) Page: 4, 5, Figure 1-1 and associated text 84 List and briefly discuss the core marketing concepts All of these concepts are important to understanding the definition of marketing 16 Answer: The core marketing concepts can be seen in Figure 1-1 They are listed as: a) needs, wants, and demands; b) products, services, and. .. delivering satisfaction Answer: (True) Difficulty: (2) Page: 4 63 Marketing is really only selling and advertising Answer: (False) Difficulty: (2) Page: 5 64 Selling is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others Answer: (False) Difficulty: (2) Page: 5 65 The first of the core marketing. .. opportunity and knock on every door to gain attention 2) Formulated marketing as small companies achieve success, they inevitably move toward more formulated marketing They use television advertising, sales forces, and marketing departments to achieve their goals and objectives 3) Intrepreneurial marketing many large and mature companies get stuck in formulated marketing, pouring over the latest reports and. .. between the values the customer gains from owning and using a product and the costs of obtaining the product is called customer satisfaction Answer: (False) Difficulty: (3) Page: 8 73 One party gives X to another party and gets Y in return This would be an example of a transaction Answer: (True) Difficulty: (1) Page: 12 74 The concepts of exchange and relationships lead to the concept of demarketing... Difficulty: (3) Page: 14, 16 75 Marketing to reduce demand temporarily or permanently is called demarketing Answer: (True) Difficulty: (2) Page: 16 76 If a company used $10 million on television advertising, a sales force of 200 people, and had a marketing department to coordinate and further marketing efforts, the company would be employing the marketing practice of interpreneurial marketing Answer: (False)... connecting with suppliers and distributors, and connecting through strategic alliances 3) Connections with the World Around Us—considerations are global connections, connections with values and responsibilities, and broadened connections Difficulty: (3) Page: 26-35, Figure 1-5 90 Marketing connections are in transition Compare and contrast the old marketing thinking versus the new marketing thinking using