Chapter 1 – Defining Marketing for the Twenty-First Century

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