BUSM&L 3150 Chapter 1 Quiz Questions

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect?
Making product decisions
Effective promotion enhances a product or service’s
perceived value.
Even though they operate from out-of-the-way airports and offer few extra services, discount airlines like Ryanair and EasyJet have been successful. Consumers obviously consider
the benefit of lower prices to be greater than the cost of reduced services and less convenience.
Marketers involved in supply chain management are constantly balancing
the goal of minimizing costs against satisfying the service levels customers expect
Henry Ford’s statement, “Customers can have any color they want so long as it’s black,” typified the __________ era of marketing
production-oriented
Many firms with complex products have “missionary” salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers’ needs and wants. These salespeople focus on a(n) __________ orientation with their customers.
relational
__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product.
Promotion
The importance of supply chain management is often overlooked in the study of marketing because
many of the activities take place behind the scenes.
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on
how different customers perceive the value of her services
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes
the value of their time and energy.
Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant to improve benefits to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or
improve products and services at the same cost.
The fundamental goal of marketers when creating goods, services, or combinations of both, is to:
create value
Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.
benefits
Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called
supply chain management.
After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that
lifetime profitability of relationships matters more than profits from a particular transaction.
Of primary interest to marketers are __________ buyers.
qualified potential
Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era
sales-oriented
The traditional marketing channel through which consumers most often find and purchase goods and services is known as
B2C
The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called
Marketing
Value is
you get what you give
During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers.
sales-oriented
Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he would sell monthly. He has researched his competition and talked to some customers and has decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on?
Place
Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing.
C2C
When referring to “exchange,” marketers are focusing on
The trading of things of value
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
Place
In the past, manufacturer’s representatives did not have up-to-minute data about the products they were selling. Today, manufacturer’s representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven through
sharing information across the organization.
By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to
increase the perceived value of their products.
Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter’s approach is based on
value cocreation.
As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing.
B2B; B2C
Jeff opened a sporting apparel store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?
Price
The process of value __________, in which customers collaborate in product design, often provides additional value to the firm’s customers.
cocreation
Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.
marketing mix
The basic difference between a good and a service is that a good
can be physically touched
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT
Performance
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
long-term relationships
Four Winds Art Gallery recently began offering appraisals of customers’ art collections, in addition to continuing to sell paintings. Four Winds is
expanding from offering just goods to also offering services.
When a tee shirt manufacturer states, “We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently,” their statement reflects the views that were popular in which era of the evolution of marketing?
Production-oriented
UPS, FedEx, DHL, and other shipping companies support other firms’ __________ marketing goals.
supply chain management
Marketing channel management is related to which of the four Ps?
Place
Auction sites like eBay have increased opportunities for __________ marketing.
C2C