MKTG 3310 Chapter 1 Test Prep

_____ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product. A. Purchasing power B. Customer relationship C. Consumer confidence D. Customer value E. Customer service

Which of the following is true of customer value? A. A customer's perception of value is not defined by a customer's wants. B. To create value, the new good, service, or idea must satisfy a perceived marketplace demand. C. Marketers should not worry about getting their message out to customers. D. The monetary benefits associated with a product do not impact the customer value. E. Supply chains are not related to customer value.

Once a company has created value, the next thing that the company must do is to A. understand customers' perceptions of value. B. gauge customer confidence in that value. C. deliver that value to potential customers. D. create a need for that value. E. communicate that value.

Lara and her friends visit a new restaurant in town called Betelgeuse. They just happen to notice it while on a long drive. Lara and her friends like the ambience, décor, as well as the food. Lara is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Betelgeuse failed? A. catering to both needs and wants of customers B. creating value for potential customers C. communicating value to potential customers D. delivering value to customers E. measuring the customers' perception of value

Freez is an ice-cream manufacturer in Ceda, a predominantly agrarian nation. Freez does not spend too much on marketing its products. Instead, it focuses on improving the processes through which it manufactures ice cream. Freez believes that the quality of the ice cream alone is enough to differentiate itself from other manufacturers and generate sales. In this scenario, Freez's marketing strategy is A. promotion oriented. B. production oriented. C. relationship-marketing oriented. D. sales oriented. E. marketing-concept oriented.

What did firms such as Ford do during the Great Depression when product sales decreased? A. They employed company-wide policies to improve human resource acquisition. B. They scaled production capacities to flood the market with new products. C. They resorted to personal selling and advertising. D. They stressed the need to satisfy customers' wants. E. They focused on attracting, maintaining, and enhancing customer relationships.

Which of the following led to the development of the marketing concept strategy? A. the economic slowdown during the Great Depression B. the introduction of new media such as electronic mail C. the surplus of products in the market beginning in the early 1950s D. the creation of efficient production processes E. the optimization of manufacturing facilities

Which of the following is characterized by customer orientation? A. marketing concept B. sales forecasting C. production orientation D. mathematical modeling E. sales orientation

During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels manufacturer, caters to this need. Which of the following actions would represent the conversion of this need into a want? A. Raindrop produces umbrellas and raincoats in different sizes to cater to different ages. B. Raindrop sells umbrellas and raincoats as bundled products. C. Raindrop produces umbrellas and raincoats under different brand names. D. Raindrop offers a discount on raincoats and umbrellas during summer. E. Raindrop introduces a line of see-through umbrellas that glow in the dark.

Needs are states of felt deprivation that A. are shaped by personality, culture, and buying situation. B. cannot be satisfied by a process of exchange. C. are created when customers lack something useful or desirable. D. can be created solely by marketers. E. do not fit well with basic human makeup.

Why should marketers distinguish between needs and wants? A. It allows them to create different products for wants and needs which, are inherently different. B. It helps marketers show customers that their wants are actually needs in disguise. C. It ensures that the customer is aware of whether a want is being satisfied or a need. D. It guarantees the sale of products due to clear distinction of product functionality. E. It helps them provide products that fulfill customers' wants and satisfy their underlying needs.

Which of the following can be considered a product decision? A. determining the features of a product B. determining the price of a product C. determining the discount or introductory offers on a product D. determining the number of salespeople needed to sell a product E. determining the target market of the product

P7J, a chain of discount stores across the United States, has many store brands including Wire, a line of sports shoes. Wire is a popular brand among regular store customers and they vouch for its quality being as good as other top brands. Facing competition from other shoe brands, P7J reduced the prices on Wire products by 30 percent. While it sold an average of 800 units per day at a price of $30 per unit amounting to $24,000 before the discount, it sold 1,000 units per day amounting to $21,000 after the discount. Which of the following is exemplified by this scenario? A. Customers' positive perception of a brand does not always translate to more sales. B. A product that is priced higher is perceived to be of a higher quality. C. Competing on product quality generates more sales than competing on price. D. A reduction in pricing does not necessarily increase overall revenue earned from a product. E. Pricing is typically the most difficult marketing mix element to change.

Which of the following is the role of the promotion element in the marketing mix? A. delivering the value of a product to customers B. making the value of a product affordable for customers C. communicating the value of a product to customers D. selling the value of a product to customers E. creating the value of a product for prospective customers

The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is referred to as A. the marketing mix. B. a sales orientation. C. valuation. D. a brand. E. a product.

Why is it important for companies to market globally? A. Selling products globally does not require the use of all elements of the marketing mix. B. Compared to domestic marketing, it is less expensive to market globally. C. It is easier to sell products internationally than it is domestically. D. Most of the world's population lives outside the United States. E. The benefits of marketing globally always outweigh the costs.

What tool would a company use if it wants to justify how its advertising dollars are being spent or how to utilize its collection of consumer data? A. marketing analytics B. a marketing mix C. logistics D. branding strategies E. social media

_____ are moral standards expected by a society. A. Relationships B. Exchanges C. Needs D. Ethics E. Wants

Which of the following is a useful guideline to make ethical decisions? A. Consider how an ethical decision will affect stakeholders rather than discussing it with them. B. The first alternative available must be chosen when solving an ethical problem. C. The factual elements of a problem cannot be determined without the influence of personal bias. D. When dealing with ethical problems, protecting internal stakeholder interests should be the primary concern. E. It is possible to avoid ethical problems if the ethical issue is clearly identified.

Which of the following makes it absolutely essential that nonprofit organizations engage in marketing efforts? A. Funding from the government is directed toward nonprofit organizations like hospitals. B. Nonprofit organizations, like for-profit organizations, lay off people during recessions. C. Nonprofit organizations are among the major contributors to the U.S. economy. D. Churches, zoos, and universities attract the most funding in the United States. E. Successful marketing helps attract membership and much-needed funds.