IBM 301 CH 1

One of the key components of a successful marketing approach involves decision making by the firm that is…

a. ethical in nature
b. company-focused
c. driven by greed
d. competitor-focused
e. unprincipled in nature

a. ethical in nature
The four P’s consist of promotion, place, price, and…
product
Place the following stages from earliest to latest to depict how marketing has evolved throughout history. note- the earliest stage should be the first, or the top, item on your list.

sales orientation
product orientation
marketing concept
relationship marketing

1. product orientation
2. sales orientation
3. marketing concept
4. relationship marketing
As defined by your text, which of the following is/are categorized as being basic needs?

jewelry
clothing
education
shelter
food

clothing
shelter
food
What is the overall purpose of marketing as it relates to customers?

a. to generate ‘buzz’ about a product or service
b. to entice customers to spread positive word-of-mouth about a product
c. to provide customers with value
d. to promote products in an engaging and entertaining manner
e. to generate repeat sales from each and every customer

c. to provide customers with value
The role of marketing is to provide products that meet consumers’ wants which in turn will satisfy their underlying…
Need
Wants are the form that human needs take. What three things does your text say shapes a person’s wants?

a. culture
b. demographics
c. money
d. personality
e. buying situation

a. culture
d. personality
e. buying situation
Setting a price is one of the most important strategic decisions a firm faces because it relates to the … consumers place on the product
value
The American society at large, expects that toys manufactured for children will be free from safety hazards and will not be manufactured with ingredients that pose a health risk. These moral standards are referred to as…

a. stakeholder responsibility
b. ethics
c. goals
d. ideals

b. ethics
Which era in history of marketing began in the early years of the United States prior to the 1920s?

a. marketing concept
b. sales orientation
c. product orientation
d. relationship marketing
e. customer orientation

c. product orientation
There are … steps in the ethical decision-making framework.
EIGHT
1. determine the facts in an unbiased manner.
2. identify the ethical issue at hand
3. identify the stakeholders impacted the decision
4. consider all available alternatives
5. consider how the decision will affect the stakeholders
6. discuss the pending decision with the stakeholders
7. make the decision
8. monitor and assess the quality of the decision
The marketing concept began to emerge in the…
1950s
Charities, churches, and some hospitals and universities are all examples of … organizations.
Non-profit
Collectively, all the things that a firm can do to influence demand for its good, service, or idea is referred to as the marketing …

a. mix
b. place
c. model
d. concept
e. matrix

a. mix
Which of the following are ethical values spelled out in the AMA’s Code of Ethics.

a. citizenship
b. transparency
c. cooperation
d. competition
e. honesty

a. citizenship
b. transparency
e. honesty
Which of the following questions related to the place element of the marketing mix?

a. Should i offer customers a discount?
b. How much inventory should I keep?
c. Do I need to hire more salespeople?
d. How long has my product existed?
e. Where should I advertise?

b. How much inventory should I keep?

Place includes the activities a firm undertakes to make its product available to potential customers. It includes decisions on suppliers, delivery, and inventory.

WHY E IS INCORRECT- Deciding where to advertise falls under PROMOTION decisions.

A(n)… has taken place when a buyer and seller trade things of value with each party being better off as a result.
exchange
Which of the following is/are a company’s external stakeholders?

a. employees
b. customers
c. owners
d. creditors
e. suppliers
f. society

b. customers
d. creditors
e. suppliers
f. society
Customer … refers to the perceived benefits, both monetary and non-monetary, that customers receive from a product compared to the cost associated with obtaining the product.
value
Corporate social responsibility is an organization’s…

a. obligation to achieve the maximum profit for its stakeholders.
b. obligation to maximize its positive impact and minimize its negative impact on society.
c. charitable endeavors that will benefit society as a whole.
d. duty to provide benefits to those who help the firm achieve its objectives.
e. obligation to provide a good product at a fair price.

b. obligation to maximize its positive impact and minimize its negative impact on society.
During which point in American history was the sales orientation strategy particularly important?

a. prohibition
b. The Civil Rights Movement
c. The Vietnam War
d. The Great Depression
e. World War I

d. The Great Depression
The part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final consumer is called …
logistics
When asked ‘What is marketing?’ most people would think of the … element of the marketing mix.

a. promotion
b. production
c. price
d. place
e. product

a. promotion
The crown on its label, its Clydesdale horses, and the slogan ‘The King of Beers’ are all elements that help to identify Budweiser from other beer manufacturers. There elements are all part of Budweiser’s ….
brand
When a firm is concerned with the obligations it has to those who can affect whether or not it achieves its objectives, the firm is focusing on…

a. relationship marketing
b. stakeholder responsibility
c. corporate social responsibility
d. ethical marketing
e. employee morale

b. stakeholder responsibility
Any discussion of the marketing mix typically begins with which of the four P’s?

a. promotion
b. product
c. place
d. price
e. profit

c. product
A firm engaged in … marketing, would consciously address its customers, markets, and competition throughout the world.
global
A flow of multiple companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer is referred to as the …

a. delivery chain
b. logistics chain
c. production cycle
d. marketing cycle
e. supply chain

e. supply chain
Which of the following ethical questions relates to the product element of the marketing mix?
two answers

a. Should we charge different prices for a product based on customers’ ability to pay?
b. Should we use environmentally-friendly packaging even if it costs more?
c. Does our advertising message represent our product’s benefits honestly?
d. What safety risks might our product pose?
e. Are the relationships between wholesales and retailers inappropriate?

b. Should we use environmentally friendly packaging even if it costs more?

d. What safety risks might our product pose?

Marketers create … for customers when they develop products that allow customers to satisfy their needs and wants through exchange relationships.

a. a need
b. a variety
c. a value
d. a want

c. a value