Quiz 1

Capture value from customers.
The ultimate goal of the marketing process is to do which of the following?
The new concept focuses on the needs of the customer.
How does the new concept of marketing differ from the old concept of marketing?
For the purchase of unsought goods
When is the selling concept typically used by marketers?
An exchange
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
Should Junbee Inc. follow a product or marketing concept?
June and Beatrice have started a new company, Junbee Inc., and are having trouble deciding which marketing path to take to drive sales. June believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Beatrice believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation?
Market exchange
A local theatre group wants to increase the membership and attendance at its performances. To do so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school. In what is the theatre group engaging?
Needs are satisfied by wants, and buying power converts wants into demand.
How do market demands relate to needs and wants?
They focus more on products than the customer’s underlying need.
What is the main problem that sellers suffering from marketing myopia face?
the marketing mix
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as _____________.
Market segmentation
When a company divides the market into groups of customers, it is engaging in which of the following?
Profit
Which of the following is NOT one of the four Ps of the marketing mix?
Selling concept
Which marketing philosophy holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort?
To ensure that the company serves as many customers as it can and as well as it can
Why is good marketing management critical?
Produce high customer equity.
What is the ultimate aim of customer relationship management?
Determine who in the community wants or needs a bicycle or repair service.
Bob’s Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is the FIRST thing Bob’s Bicycle Sales and Repair needs to do?
Frequency marketing program
Advantage Airlines has instituted a loyalty rewards program that rewards customers with free Wi-Fi, seat upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines using?
The customer’s opinion of what constitutes value
What is MOST likely to cause a variation in customer-perceived value?
Barnacle
Scott Frost has been coming to Adeline’s Diner for 20 years and refuses to go anywhere else. Ada, the owner of Adeline’s, loves Scott’s loyalty but admits he purchases only a cup of cappuccino each visit. Scott would BEST be described as which of the following?
Customer equity
Craig’s Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Craig’s Craft Beer attempting to build?
Build the right relationships with the right customers.
Which of the following describes the current trend in businesses regarding relationships with customers?
Delay responding to environmental legislation as it is instituted.
You can practice sustainable marketing by adhering to general practices. Which of the following would allow a company to profit by serving immediate needs and long-term interests but not necessarily be a practice of sustainable marketing?
Not-for-profit marketing
Vince’s Video has suffered in the current economy because fewer people have the money for videos and because people utilize available technology, including online streaming sites like YouTube and Hulu. The videos Vince’s Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected Vince’s Video?
The Internet has allowed consumers to take marketing content and share it.
How has the Internet MOST affected companies and customers?
Consumers are showing an enthusiasm for frugality.
How has the Great Recession of 2008-2009 affected consumers’ attitudes?