Exam (elaborations)
Marketing 2nd Edition By Shane Hunt - Test Bank
Marketing 2nd Edition By Shane Hunt - Test Bank
[Show more]
Content preview
, Chapter 01Test Bank
1. Marketing is defined as
A. the process of targeting and selecting a group of consumers or organizational buyers in order to promote a product or service.
B. the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization
and its employees, customers, investors, and society as a whole.
C. the set of activities needed to produce and deliver a product that produces the highest return on investment.
D. the process of managing the supply chain to ensure that products are delivered where and when customers want them.
E. any activity used to advertise and promote a product or service.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: Define Marketing
Feedback: Maketing is not about just advertising and promotion. It is the process of communicating and delivering value to customers, and managing
relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.
2. As it relates to customers, the aim of marketing is to
A. provide customers with value.
B. increase profits by ensuring customers pay the highest price possible for a product.
C. accurately and truthfully advertise the product.
D. generate repeat sales from each and every customer.
E. reduce the number of customer complaints.
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: Whether they are selling a product or a service, organizations today are constantly looking for new ways to create value for the customer.
3. Marketers define customer value as
A. selling a product regardless of whether or not it meets a customer's needs and/or wants.
B. the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining
it.
C. the ability to provide a product at the lowest possible price after covering all production expenses.
D. providing a product or a service to a customer such that he or she will purchase that same product or service again in the future.
E. being able to sell products that generate little to no customer returns or complaints.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: Customer value is the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost
associated with obtaining it.
4. The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining
it is referred to as
A. customer value.
B. relationship marketing.
C. the marketing mix.
D. a marketing exchange.
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
,E. benefit segmentation.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: Customer value is the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost
associated with obtaining it.
5. What is the key to creating value?
A. being the first to create a new product or service
B. making sure that products are priced lower than the competition
C. providing consumers with benefits that meet their needs and wants
D. convincing consumers that they need a product, even if they do not perceive that they do
E. accurately advertising a product
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: The key ingredient for creating value is providing consumers with benefits that meet their needs and wants. Merely creating a new product
does not guarantee success.
6. After listening to customer requests for travel routes to the Northwest, Southwest Airlines has added cross-country routes to both Seattle and
Portland. By providing its customers with benefits that meet their needs, Southwest is providing
A. customer value.
B. benefit segmentation.
C. a marketing mix.
D. benefit marketing.
E. customer service.
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: The key ingredient for creating value is providing consumers with benefits that meet their needs and wants. By adding new routes based
on customer requests, Southwest is providing value to its customers.
7. What percentage of new products fail in the marketplace?
A. 5 to 10 percent
B. approximately 25 percent
C. over 80 percent
D. 50 percent
E. less than 3 percent
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: Consistently, over 80 percent of all new products introduced into the marketplace will fail regardless of whether economic conditions are
good or bad.
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
, 8. According to your text, what is the secret of great marketing when it comes to creating value?
A. figuring out how to charge the highest price for a product that customers are willing to pay
B. understanding the marketplace demands before competitors do
C. consistently creating new products for the marketplace
D. convincing customers that they need a product even if they do not
E. saturating the market with all forms of advertising promotions
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: To create value, the new good, service, or idea must satisfy a perceived marketplace demand. Understanding marketplace demands before
competitors do is one of the secrets of great marketing.
9. The Fantastically Fit health club has just opened a new location in your neighborhood. The club has mailed a flyer to all households in the area that
contains information about the club and a coupon for a one-month free membership. In doing so, Fantastically Fit is most likely attempting to
A. market value.
B. explain value.
C. communicate value.
D. deliver value.
E. forecast value.
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: If customers do not know that a new health club exists in the neighborhood, the business could likely fail. By sending households
information about the club, with a coupon for a one-month free membership, the health club is communicating what its product is and the value the
product brings to potential customers.
10. On a personal level, as you begin looking for a job after you graduate, it will be critical for you to know how to
A. explain value.
B. communicate value.
C. forecast value.
D. deliver value.
E. market value.
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-01 Describe a marketer's role in creating, communicating, and delivering value.
Topic: The Value of Marketing
Feedback: When it comes time to look for a job, if your resume looks like every other resume in the stack, odds are your value will not be
communicated. It is critical to be able to communicate value to a potential employer if you wish to land a job.
11. Having an efficient supply chain is directly related to which element of value?
A. creating value
B. communicating value
C. marketing value
D. delivering value
E. forecasting value
AACSB: Analytical Thinking
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
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 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 evileye251. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £20.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now