SAINT MKT301 MODULE 1 QUIZ 1

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Vendor lock-in

Social loafing

Value proposition

Marketing myopia

Conspicuous consumption (Page Ref: 7)

Points Received: 5 of 5

Comments:

Question 2. Question : Which of the following customer questions is answered by a company's value proposition?

"Why should I buy your brand rather than a competitor's?"

"What is your company's estimated customer equity?"

"What are the costs involved in the production of your brand?"

"What is the budget allocated by your company for research and development?"

"What is the financial stability of your company?" (Page Ref: 9)

Points Received: 5 of 5

Comments:

Question 3. Question : Which of the following is NOT an accurate description of modern marketing?

Marketing is the creation of value for customers.

Marketing involves managing profitable customer relationships.

Marketing emphasizes selling and advertising exclusively.

Marketing involves satisfying customers' needs.

Marketing is building value-laden exchange relationships with customers. (Page Ref: 4-5)

Points Received: 5 of 5

Comments:

Question 4. Question : The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a __________.

market segment

strategic business unit (SBU)

question mark

prospect

product portfolio (Page Ref: 42)

Points Received: 5 of 5

Comments:

Question 5. Question : __________ are a type of SBU that often require heavy investments to finance their rapid growth.

Cash cows

Question marks

Stars

Dogs

Bears (Page Ref: 42)

Points Received: 5 of 5

Comments:

Question 6. Question : Which of the following follows a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

Market segmentation

The production concept

The marketing concept

The inside-out perspective

Marketing myopia (Page Ref: 10)

Points Received: 5 of 5

Comments:

Question 7. Question : Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

The product concept

The production concept

The selling concept

The marketing concept

The societal marketing concept (Page Ref: 10)

Points Received: 5 of 5

Comments:

Question 8. Question : A firm that uses the selling concept takes a(n) __________ approach.

outside-in

niche marketing

inside-out

societal marketing

customer-driven (Page Ref: 10)

Points Received: 5 of 5

Comments:

Question 9. Question : __________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Customer-perceived value

Customer lifetime value

Share of customer

Customer-managed relationship

Brand value proposition (Page Ref: 12)

Points Received: 5 of 5

Comments:

Question 10. Question : Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Full partnerships

Basic relationships

Causal relationships

Club marketing programs

Inverse relationships (Page Ref: 15)

Points Received: 5 of 5

Comments:

Question 11. Question : The set of marketing tools a firm uses to implement its marketing strategy is called the _________.

promotion mix

product mix

marketing mix

market offering

marketing effort (Page Ref: 12)

Points Received: 5 of 5

Comments:

Question 12. Question : A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of __________.

product development

market development

market penetration

diversification

product differentiation (Page Ref: 45)

Points Received: 5 of 5

Comments:

Question 13. Question : The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of __________.

market penetration

product development

mass marketing

market development

product adaptation (Page Ref: 45)

Points Received: 5 of 5

Comments:

Question 14. Question : The Really Tasteless Frozen Food Company has decided that, based on the financial projections, they are not going to be required to make any adjustments in their contribution margins. Identify the part of the marketing mix most closely identified with this activity.

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 5 of 5

Comments:

Question 15. Question : Sony Electronics has determined that because home theater products have gotten so complex, they are going to include an automated setup process built into each TV. What part of the marketing mix does this describe?

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 0 of 5

Comments:

Question 16. Question : It’s About Time, an online vintage clothing store, encourages its customers to create an avatar that can be dressed in clothing typical of the products sold on the site. What part of the marketing mix does the avatar best represent?

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 5 of 5

Comments:

Question 17. Question : The Marketing Director for Terrible Tours just bought a series of commercials on the Today Show and a run of print ads in the AARP magazine. Which part of the marketing mix best describes this activity?

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 5 of 5

Comments:

Question 18. Question : Coronary Foods has contracted with UPS to manage all their shipping, warehousing, and store deliveries, including stocking the shelves at big box stores. What part of the marketing mix is UPS providing?

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 5 of 5

Comments:

Question 19. Question : The Farmer’s Pantry, an all-natural grocery store and bakery, has launched a bottom-up customer service model empowering frontline employees to solve most customer complaints, even those that are somewhat complex. What part of the marketing mix does this describe?

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 5 of 5

Comments:

Question 20. Question : Golden Oldies, an online music store specializing in classic rock ‘n roll, developed an algorithm that predicts what albums, posters, and books will appeal to a buyer based on the answers to a few questions about the 1960s. What part of the marketing mix is Golden Oldies employing?

Product

Price

Promotion

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Points Received: 5 of 5