Exam (elaborations)

All Chapters Testbank

0 purchase

Course
Solution

Institution
Solution

All Chapters Testbank 1 Chapter 1 – Defining Marketing for the Twenty-First Century True/False Questions 1. Consumers today have greater ease in interacting and placing and receiving orders than ever before. True (easy) p. 2 2. Because of the digital revolution, customers can easily compare...

[Show more]

Preview 4 out of 280 pages

View example

Uploaded on December 11, 2021
Number of pages 280
Written in 2021/2022
Type Exam (elaborations)
Contains Questions & answers

all chapters testbank

SolutionsStuvia

Member since 5 year 12429 documents sold

1198

208

124

113

$2.99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Chapter 1 – Defining Marketing for the Twenty-First Century
True/False Questions

1. Consumers today have greater ease in interacting and placing and receiving orders than ever before.
True (easy) p. 2

2. Because of the digital revolution, customers can easily compare notes with other shoppers when
considering a major purchase. True (moderate) p. 2

3. The Internet allows companies to do consumer research online. True (easy) p. 3

4. The computer metamarket consists of the manufacturers of computer memory chips, monitors,
keyboards, coaxial cables, modems, software, as well as those who install computers and software
and who repair or upgrade computers and software. True (moderate) p. 7

5. Entrepreneurial marketing is practiced by individuals who start a company because they see a market
opportunity. True (moderate) p. 4

6. A concert by Jimmy Eat World is an example of a product. True (moderate) pp. 4-5

7. A brand is an offering from a known source. True (moderate) p. 8

8. Exchange is synonymous with transaction. False (difficult) p. 8

9. A latent demand is one that cannot be satisfied with existing products. True (moderate) p. 5

10. A market segment is the product choice the marketer chooses to sell to the public. False (difficult)
p. 6

11. A marketing network consists of the company, all its supporting stakeholders, and others who have
built a profitable business relationship. True (moderate) p. 10

12. The operating principle of relationship marketing is build profitable transactions and good
relationships will follow. False (moderate) p. 9

13. The task environment of an organization consists of the demographic environment, the economic
environment, the natural environment, the technological environment, the political-legal environment,
and the socio-cultural environment. False (difficult) p. 11

14. The production concept holds that consumers will prefer products that are widely available and
inexpensive. True (moderate) p. 12

15. A value proposition is a set of benefits offered to satisfy customer needs. True (moderate) p. 8

16. The ultimate purpose of the marketing concept is to help organizations achieve their objectives. True
(moderate) pp. 13-14

17. The “four Cs” that correspond to the “four Ps” of the marketing mix are customer solution, customer
confidence, convenience, and communication. False (difficult) p. 11

1

,18. External marketing refers to integrated marketing efforts directed at people outside the company.
True (moderate) p. 15

19. The societal marketing concept takes the marketing concept one step further by considering long-run
societal welfare. True (moderate) p. 17

20. When a company benchmarks, it looks at the worst practices in the industry and tries to avoid them.
False (moderate) p. 18

Multiple Choice Questions

21. When Anne Peterson began Olde Westport Spice and Trading Co., she had one product, an all-
purpose seasoning mix called Olde Westport’s Special Blend for adding flavor to bland casseroles.
She mixed and packaged the product in her basement. She sold her product at craft fairs throughout
the Midwest. Peterson was practicing _______________ marketing.
a.) formulated
b.) entrepreneurial (moderate) p. 4
c.) demand
d.) intrepreneurial
e.) societal

22. Which of the following is an example of an entity that marketing people market?
a.) a Civil War novel about two sisters
b.) an actor like Rob Lowe
c.) the Homespun Arts & Crafts Festival
d.) plastic
e.) all of the above (difficult) pp. 4-5

23. Which of the following is not an entity that can be marketed?
a.) places
b.) events
c.) information
d.) persons
e.) All of the above can be marketed. (moderate) pp. 4-5

24. Overfull demand is
a.) where consumers avoid a product _______________.
b.) where demand varies by season, hour, or day
c.) where there is more demand than can be handled (moderate) p. 5
d.) where consumers demand unhealthy products
e.) where consumers lack interest in the product

25. Which of the following products will have the strongest negative demand?
a.) nursing home care (moderate) p. 5
b.) Star Wars collectible figures
c.) McDonald’s Happy Meals
d.) ice cream
e.) landscaping

2

,26. Jane and Henry produce and sell garden artwork. They are debating over a description of the
potential customers for their artwork. Jane and Henry are debating _______________.
a.) the definition of customer value
b.) customer satisfaction
c.) who their market is (moderate) pp. 6
d.) what constitutes an exchange
e.) relationship marketing

27. _______________ is the societal process by which individuals and groups obtain what they need and
want through creating, offering, and exchanging products and services of value freely with others.
a.) Marketing (easy) p. 6
b.) Management
c.) Strategic planning
d.) Ethics
e.) Consumer behavior

28. Marketing ____________ is the process of planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual
and organizational goals.
a.) internally
b.) management (moderate) p. 6
c.) segmentation
d.) training
e.) integration

29. Which of the following is correct?
a.) A metamediary is a physical marketplace.
b.) A marketspace is a stall in a flea market.
c.) A metamarket is a huge store.
d.) A marketspace is a digital shopping “area.” (difficult) p. 7
e.) A megamarket includes only suppliers.

30. The computer ______________ consists of the manufacturers of computer memory chips, monitors,
keyboards, coaxial cables, modems, software, as well as those who install computers and software
and who repair or upgrade computers and software.
a.) marketplace
b.) metamarket (moderate) p. 7
c.) macromarket
d.) marketspace
e.) micromarket

31. Which is true?
a.) Needs preexist marketers. (moderate) p. 7
b.) Marketers create needs.
c.) A person’s need for food or shelter is a creation of marketers.
d.) Wants become needs when they are directed at specific objects that might satisfy the want.
e.) Demand strictly means desire for some object.

3

, 32. ______________ are wants for specific products backed by an ability to pay.
a.) Demands (moderate) p. 7
b.) Needs
c.) Values
d.) Morals
e.) Exchanges

33. A brand name such as BMW carries many associations in the minds of people: speed, expensive,
engineering, status, the BMW logo. These associations make up BMW’s ____________.
a.) brand strength
b.) customer value triad
c.) brand image (moderate) p. 8
d.) effective demand
e.) value proposition

34. Which of the following is an example of a product?
a.) a screenplay based on the life of Bill Clinton
b.) a haircut
c.) a seminar on time management
d.) a carton of eggs
e.) all of the above (difficult) pp. 4-5

35. A ______________ is an offering from a known source.
a.) product
b.) demand
c.) need
d.) brand (moderate) p. 8
e.) service

36. _______________ is the ratio between what the customer gets and what the customer gives.
a.) Value (moderate) p. 8
b.) Cost
c.) Satisfaction level
d.) Price
e.) Benefit

37. Marketers can increase the value of a customer offering by
a.) lowering benefits and raising costs.
b.) reducing benefits.
c.) raising costs.
d.) raising benefits. (difficult) p. 8
e.) not considering the competitive offering.

38. The act of obtaining a desired product from someone by offering something in return is known as
_______________.
a.) product valuation
b.) the service desired of the product
c.) an exchange (moderate) p. 8
d.) the cost of the product
e.) customer satisfaction

4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SolutionsStuvia. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Exam (elaborations)

All Chapters Testbank

Document information

Subjects

Written for

Seller

Reviews received

Content preview