Quiz 1 (Chapters 1 & 4)

e. the trading of things of value.
When referring to “exchange,” marketers are focusing on

a. the location where products and services are traded.

b. the price charged, adjusted for currency exchange rates.

c. location-based tactics for creating value.

d. promotional offers designed to stimulate barter.

e. the trading of things of value.

c. performance
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, which includes all of the following except

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

e. create value.
The fundamental goal of marketers when creating goods, services, or combinations of both is to

a. defeat the competition.

b. serve all consumers.

c. operate according to government regulations.

d. stimulate short-term sales.

e. create value.

e. place
Which element of the marketing mix deals with supply chain management?

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

a. B2C
When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered _______ marketing.

a. B2C
b. B2B
c. R2C
d. C2C
e. C2B

a. production-oriented
Henry Ford’s statement, “Customers can have any color they want so long as it’s black,” typified the __________ era of marketing.

a. production-oriented

b. sales-oriented

c. market-oriented

d. value-based marketing

e. retailing-oriented

b. sales-oriented
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.

a. production-oriented
b. sales-oriented
c. market-oriented
d. value-based marketing
e. retailing-oriented

d. value-based marketing
Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena most likely operates in the __________ era of marketing.

a. production-oriented
b. sales-oriented
c. market-oriented
d. value-based marketing
e. retailing-oriented

b. customer relationship management
A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using _______ to build loyalty among its customers.

a. value cocreation
b. customer relationship management
c. transactional marketing
d. B2B marketing
e. the supply chain

a. value cocreation
What is the name of the process in which customers collaborate in product design, often providing additional value to the firm’s customers?

a. value cocreation
b. product positioning
c. B2C marketing
d. supply chain management
e. value-based marketing

d. marketing ethical issues.
The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of

a. internal, controllable marketing issues.
b. issues that don’t even need to be discussed in ethical firms.
c. marketing issues but not ethical issues.
d. marketing ethical issues.
e. ethical issues but not marketing issues.

c. be more socially responsible.
Compared to the average company, firms with strong ethical climates tend to

a. employ more business development consultants.
b. offer more goods and services.
c. be more socially responsible.
d. invest more in sales training software.
e. have higher turnover.

b. promote the firm’s corporate social responsibility efforts.
The ethical decision-making framework includes all of the following steps except

a. identify issues.
b. promote the firm’s corporate social responsibility efforts.
c. gather information and identify stakeholders.
d. brainstorm alternatives.
e. choose a course of action.

a. corporate social responsibility.
For every consumer who purchases a pair of TOMS shoes for $55, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in

a. corporate social responsibility.
b. business ethics.
c. marketing ethics.
d. environmental marketing.
e. overpricing of its products.

c. shareholder interests with the needs of society.
The primary ethical dilemma facing managers is how to balance

a. profits and expenses.
b. employees’ needs with the needs of the firm.
c. shareholder interests with the needs of society.
d. costs and benefits.
e. ethical actions with making money.