Question 1

Terrafugia Transition is a flying car with an anticipated price of $250,000.The MOST LIKELY prospective customers for this aircraft/vehicle would be

Accepted Answer

A)   college students who are interested in high technology products.
B)   retired seniors who live off their Social Security checks.
C)   corporate executives of Fortune 1000 companies whose time is valuable.
D)   16-year old teenagers who just got their drivers' licenses.
E)   no one, since the Transition is too revolutionary and expensive for anyone to buy it.F) A) and B)
G) A) and C)

Question 2

marketing concept refers to

Accepted Answer

A)   the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
B)   the belief that an organization should focus its efforts on (1)  continuously collecting information about customers' needs, (2)  sharing this information across departments, and (3)  using it to create customer value.
C)   the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
D)   the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
E)   the idea that an organization should (1)  strive to satisfy the needs of consumers (2)  while also trying to achieve the organization's goals.F) C) and D)
G) B) and E)

Question 3

of the following are aspects of Trader Joe's customer experience EXCEPT:

Accepted Answer

A)   it has stores in all 48 states in the continental United States
B)   it offers unusual food products not available from other retailers
C)   it stocks yuppie-friendly staples on its shelves
D)   it sets low prices by offering its own brands, not national ones
E)   it provides rare employee "engagement" to help customersF) A) and B)
G) A) and C)

Question 4

attend a winter concert presented by the community chorus,every person had to donate one unwrapped toy at the concert hall door.This statement is most closely related to the __________ element of the marketing mix.

Accepted Answer

A)   product
B)   philanthropy
C)   price
D)   place
E)   promotionF) C) and E)
G) C) and D)

Question 5

Explain the market research that David Windorski,3M inventor,did to develop the Post-it® Flag Highlighter.

Accepted Answer

During the new-product development proce...

Question 6

inventor for 3M,David Windorski questioned dozens of students about how they study.They told him

Accepted Answer

A)   to make new products that have higher quality.
B)   that the average backpack was already too heavy.
C)   that it would be reasonable to put Post-it® Flags together with a highlighter.
D)   to determine the ratio of 3M products to study aid products of other competitors.
E)   that highlighters and Post-it® Notes should not be combined.F) A) and B)
G) A) and E)

Question 7

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."

Accepted Answer

A)   33
B)   50
C)   67
D)   75
E)   94F) C) and E)
G) D) and E)

Question 8

Which of the following organizations engage in marketing?

Accepted Answer

A)   Chicago Cubs
B)   San Francisco Opera
C)   the city of Denver
D)   the president of the United States
E)   Every organization or individual can engage in marketing to some extent.F) A) and E)
G) C) and D)

Question 9

Describe two different target markets for two different products or services you,your friends,or your family have recently purchased or used.

Accepted Answer

A target market is a specific group of p...

Question 10

Figure 1-2
-Figure 1-2 above,"C" represents a firm's ownership with

Accepted Answer

A)   other organizations.
B)   suppliers.
C)   shareholders.
D)   customers.
E)   other departments.F) A) and B)
G) A) and E)

Question 11

Define the marketing concept.

Accepted Answer

The marketing concept is the i...

Question 12

Social responsibility is

Accepted Answer

A)   the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
B)   the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
C)   the idea that an organization should (1)  strive to satisfy the needs of consumers (2)  while also trying to achieve the organization's goals.
D)   the idea that individuals and organizations are accountable to a larger society.
E)   the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.F) B) and E)
G) B) and C)

Question 13

element of the marketing mix that describes a means of communication between the seller and buyer is known as

Accepted Answer

A)   a product.
B)   promotion.
C)   the price.
D)   the place or distribution.
E)   advertising.F) A) and D)
G) A) and B)

Question 14

period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Accepted Answer

A)   sales
B)   marketing concept
C)   production
D)   goods
E)   market orientationF) A) and B)
G) C) and D)

Question 15

of the following are environmental forces EXCEPT:

Accepted Answer

A)   economic.
B)   customers.
C)   social.
D)   regulatory.
E)   technological.F) C) and E)
G) A) and C)

Question 16

Imagine a confectionary company has introduced a new nutty candy bar during the 1930s (the sales era in U.S.business history) .Which of the following statements would you MOST LIKELY expect management to make if sales of this new candy bar were much lower than expected?

Accepted Answer

A)   "We'd better do some market testing to determine why people are dissatisfied."
B)   "Perhaps we should make candy bars with raisins."
C)   "Let's put more aggressive salespeople in the field."
D)   "Let's lower the price and change the name."
E)   "Don't worry about it; we're the largest candy manufacturer in the area. Sooner or later they'll get hungry enough that they'll come to us."F) A) and E)
G) All of the above

Question 17

pricing strategy for its Post-it® Flag Highlighters was as follows:

Accepted Answer

A)   match its principal competitors' highlighters' prices.
B)   charge $3.99 to $4.99 for a single Post-it Flag Highlighter or $5.99 to $7.99 for a three-pack, which would give a reasonable bookstore price to students and an acceptable profit to distributors and 3M.
C)   set an initially low price with the intent of bringing down the price even further later if sales were less than anticipated.
D)   make the product easier to purchase by placing the Post-it® Flag Highlighter in discount office supply retailers.
E)   use the same pricing strategy as its 3M's Post-it® Flag and Post-it® Note offerings.F) All of the above
G) B) and C)

Question 18

factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.

Accepted Answer

A)   a way for the parties to communicate
B)   a healthy competitive environment
C)   government approval
D)   a sense of social responsibility
E)   an ability to see hidden potential within an environmental forceF) D) and E)
G) C) and D)

Question 19

cluster of benefits that an organization promises customers to satisfy their needs is referred to as a(n) __________.

Accepted Answer

A)   core benefit proposal
B)   product protocol
C)   marketing program
D)   customer value
E)   customer value propositionF) B) and E)
G) C) and E)

Question 20

idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals reflects the

Accepted Answer

A)   concept of synergy.
B)   marketing concept.
C)   principle of customer relationship management.
D)   societal marketing concept.
E)   consumerism concept.F) A) and B)
G) All of the above

Exam 1: Creating Customer Relationships and Value Through Marketing

Explain the market research that David Windorski,3M inventor,did to develop the Post-it® Flag Highlighter.

Correct AnswerverifiedDuring the new-product development proce...View AnswerShow Answer

attend a winter concert presented by the community chorus,every person had to donate one unwrapped toy at the concert hall door.This statement is most closely related to the __________ element of the marketing mix.

Correct AnswerverifiedShow Answer

idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals reflects the

Correct AnswerverifiedShow Answer

Define the marketing concept.

Correct AnswerverifiedThe marketing concept is the i...View AnswerShow Answer

Figure 1-2 -Figure 1-2 above,"C" represents a firm's ownership with

Correct AnswerverifiedShow Answer

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."

Correct AnswerverifiedShow Answer

period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Correct AnswerverifiedShow Answer

of the following are aspects of Trader Joe's customer experience EXCEPT:

Correct AnswerverifiedShow Answer

Imagine a confectionary company has introduced a new nutty candy bar during the 1930s (the sales era in U.S.business history) .Which of the following statements would you MOST LIKELY expect management to make if sales of this new candy bar were much lower than expected?

Correct AnswerverifiedShow Answer

of the following are environmental forces EXCEPT:

Correct AnswerverifiedShow Answer

factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.

Correct AnswerverifiedShow Answer

Social responsibility is

Correct AnswerverifiedShow Answer

inventor for 3M,David Windorski questioned dozens of students about how they study.They told him

Correct AnswerverifiedShow Answer

cluster of benefits that an organization promises customers to satisfy their needs is referred to as a(n) __________.

Correct AnswerverifiedShow Answer

element of the marketing mix that describes a means of communication between the seller and buyer is known as

Correct AnswerverifiedShow Answer

pricing strategy for its Post-it® Flag Highlighters was as follows:

Correct AnswerverifiedShow Answer

marketing concept refers to

Correct AnswerverifiedShow Answer

Which of the following organizations engage in marketing?

Correct AnswerverifiedShow Answer

Describe two different target markets for two different products or services you,your friends,or your family have recently purchased or used.

Correct AnswerverifiedA target market is a specific group of p...View AnswerShow Answer

Terrafugia Transition is a flying car with an anticipated price of $250,000.The MOST LIKELY prospective customers for this aircraft/vehicle would be

Correct AnswerverifiedShow Answer

Explain the market research that David Windorski,3M inventor,did to develop the Post-it^®Flag Highlighter.

Correct Answer
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During the new-product development proce...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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The marketing concept is the i...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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pricing strategy for its Post-it^® Flag Highlighters was as follows:

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified
A target market is a specific group of p...
View Answer

Correct Answer
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