MKTG 350- Exam 1 WVU || with Errorless Solutions 100%.
Peter Drucker, the father of modern management, stated that the only purpose of an organization
is to ________. correct answers create a customer
________ is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large. correct answers Marketing
From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer
receives from an offering, compared to the costs incurred by the customer in acquiring that
bundle of benefits? correct answers Value
Which of the following are two core marketing concepts? correct answers value and exchange
Frequently purchased, relatively low-cost products for which customers have little interest in
seeking new information and rely heavily on prior purchase behavior are called ________ goods.
correct answers convenience
Henry Ford is well known to business students for creating the assembly line that enabled mass
production of the Model T. This is an example of the ________ orientation. correct answers
production
The stereotypical automobile dealership uses tactics like high pressure and bargaining to get
customers to buy. This is an example of the ________ orientation. correct answers sales
Making a change in any one of the marketing mix elements will ________. correct answers have
a domino effect on the other elements
Which of the following is NOT part of the marketing mix? correct answers policy
Today customers have limitless access to facts about companies, products, competitors, other
customers, and even detailed elements of marketing plans and strategies. In the context of change
drivers impacting the future of marketing, this reflects the ________. correct answers shift in
information power from marketer to customer
The primary function of marketing and the entire organization, in a broader context, is to
________. correct answers deliver value to the customer
The failure of Apple Newton, the first PDA, highlights the fact that ________. correct answers
the best product technically is not always the most successful product
________ can be defined as anything that delivers value to satisfy a need or want and includes
physical merchandise, services, events, people, places, organizations, information, even ideas.
correct answers product
, In the context of product characteristics, companies translate the essential benefit into physical,
tangible elements known as the ________ product. correct answers core
Companies often use features to differentiate themselves from competitors. However, a company
must balance the features customers want with ________. correct answers what customers will
pay
More than any other product discriminator, style offers the advantage to a company of being
________. correct answers difficult for competition to copy
When companies provide too few products in a product line, they run the risk of ________.
correct answers missing important market opportunities
Combining all the products offered by a company is called the product ________. correct
answers mix
A commonly held misconception about marketing is that it is all about advertising and selling.
(TRUE/FALSE?) correct answers TRUE
A luxury car dealership assigns a service representative to each customer. This service rep
handles all routine and emergency service appointments, writes thank-you letters, and advises the
car owner when the next service date is anticipated. This dealership has adopted a ________
approach. correct answers relationship orientation
To significantly enhance customer choices, Levi combines flexible manufacturing with flexible
marketing. Customers may visit the Levi's clothing website or some company-owned stores and
order a pair of jeans that will be made especially for them. Levi's has adopted a ________
orientation approach. correct answers mass customization
The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers
impacting the future of marketing, this reflects the ________. correct answers shift in
generational values and preferences
The _____ of a Nikon camera is to capture life's important moments. correct answers essential
benefit
Which of the following is NOT true about product managers?
A) Product managers have authority over different functional areas (e.g., sales, advertising,
production, purchasing, R&D) in which s/he is relying on to develop and implement the strategy.
B) A key responsibility of product managers is marketing planning.
C) Product managers are often called "mini-CEOs" because s/he has total accountability for the
product.
D) A product manager oversees all aspects of a product (or product line). correct answers A)
Product managers have authority over different functional areas (e.g., sales, advertising,
production, purchasing, R&D) in which s/he is relying on to develop and implement the strategy.
