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Exam 1: Overview of Marketing

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Question 41

Multiple Choice

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The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

A) communicating the value proposition.
B) managing the supply chain.
C) performing service marketing.
D) capturing value.
E) managing price and performance.

F) A) and B)
G) C) and D)

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Question 42

Multiple Choice

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How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of

A) a marketing plan.
B) a marketing exchange.
C) supply chain logistics.
D) production management.
E) delivery of the value proposition.

F) B) and D)
G) A) and B)

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Question 43

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As your first assignment in an advertising agency, your manager asks you to come up with messages for three billboards promoting the university you attended. The manager wants one ad for each of the three types of promotion objectives. Create an example of a one-sentence billboard advertising message for each objective: inform, persuade, and remind.

People who organize, operate, and assume the risk of a business venture are called

Understanding the marketplace and especially a consumer's needs and wants, is fundamental to marketing success.

A group of firms that make and deliver a given set of goods and services is known as a distribution network.

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

Serena studies her customer profiles, marketing research data, complaints, and other information for the primary purpose of discovering her customers' wants and needs. Serena most likely operates in the ________ era of marketing.

After major storms, many ethical home repair and building supply businesses continue to charge pre-storm prices to their customers, even though they know they can charge more due to the huge increase in demand for their services and products. These firms probably recognize that

How does value cocreation provide additional value to customers?

A local art gallery keeps information on its customers' artist and art style preferences. The gallery uses this information to inform the customers when new pieces arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using ________ to build loyalty among its customers.

The basic difference between a good and a service is that a good

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

In which era of the marketing evolution did firms begin to focus on what consumers wanted and needed before designing, making, or selling a product?

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.

Without a strong and efficient marketing channel system, merchandise isn't available when customers want it.

The era in which manufacturers were not concerned with satisfying the needs of individual consumers characterizes the ________ era of marketing.

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

In marketing, an exchange is when the buyer and the seller trade things of value to benefit the other.

UPS, FedEx, and other shipping companies support other firms' ________ marketing goals.