Defining Marketing for the New Realities

Chapter 1 Defining Marketing for the New Realities 1) Which of the following statements about marketing is TRUE? A) It is of little importance when products are standardized. B) It can help create jobs in the economy by increasing demand for goods and services. C) It helps to build a loyal customer base but has no impact on a firm's intangible assets. D) It is not needed in an Internet-fueled environment. E) It is seldom used by nonprofit organizations. Answer: B Diff: 1 LO: 1.1: Why is marketing important? AACSB: Reflective thinking 2) A marketer's only concern is how best to create demand for a new product produced by his/her company. Marketing has little value for society as a whole. Answer: FALSE Diff: 1 LO: 1.1: Why is marketing important? AACSB: Reflective thinking 3) management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. A) Marketing B) Knowledge C) Operations D) Strategic E) Distribution Answer: A Diff: 1 LO: 1.2: What is the scope of marketing? AACSB: Reflective thinking 4) As economies advance, a growing proportion of the economy's activities focuses on the production of . A) products B) events C) experiences D) luxury goods E) services Answer: E Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Reflective thinking 5) Car rental firms, hair dressers, and management consultants provide . A) goods B) experiences C) events D) services E) information Answer: D Diff: 1 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking; Application of knowledge 6) Soccer's World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) . A) idea B) place C) luxury item D) event E) service Answer: D Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Application of knowledge 7) The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of marketing. A) event B) property C) service D) place E) idea Answer: D Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking; Application of knowledge 8) People in emerging countries today are becoming increasingly health conscious and are seeking healthy food choices. As a result, demand for health foods is rising steadily, creating an opportunity for marketers to exploit this market. A) demographic B) business C) need D) geographic E) service Answer: C Diff: 3 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking 9) Four key customer markets are the consumer, business, global, and market. A) demographic B) physical C) nonprofit D) product E) exclusive Answer: C Diff: 1 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking 10) For marketers, the term market refers to which of the following? A) a set of touch points such as store layouts and package designs B) a physical place where buyers and sellers gather C) a collection of buyers and sellers who transact over a particular product D) consumers and not businesses E) customer groups Answer: E Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking 11) The responses marketers seek from prospects include all of the following EXCEPT . A) decampment B) attention C) a purchase D) a vote E) a donation Answer: A Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Reflective thinking 12) In marketing cosmetics, laundry detergent, and products like Pringles to consumers, P&G manages such as eye-catching package designs and innovative product functions. A) events B) prospects C) markets D) brands E) touch points Answer: E Diff: 3 LO: 1.2: What is the scope of marketing? AACSB: Application of knowledge 13) Which of the following is NOT a consumer touch point? A) store layouts B) package designs C) product functions D) shipping and logistics E) All of these are touch points. Answer: E Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking 14) A short definition of marketing is "meeting needs profitably." Answer: TRUE Diff: 1 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking 15) Services constitute the bulk of most countries' production and marketing efforts. Answer: FALSE Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking 16) Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies. Answer: TRUE Diff: 1 LO: 1.2: What is the scope of marketing? 17) Attracting tourists to Wisconsin is an example of marketing properties. Answer: FALSE Diff: 2 LO: 1.2: What is the scope of marketing? 18) "Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience. Answer: FALSE Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Reflective thinking 19) Selling through creative advertising is the most important element in business marketing. Answer: FALSE Diff: 2 LO: 1.2: What is the scope of marketing? AACSB: Diverse and multicultural work environments 20) Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty. Answer: The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services. This requires application of state-of-the art tools and techniques. It is also an art as marketers try to find creative solutions to consumer needs. Diff: 3 LO: 1.2: What is the scope of marketing? AACSB: Reflective thinking 21) Marketers are involved in marketing 10 types of entities. List and briefly characterize these entities. Answer: The types of entities that are marketed are: ∙ goods–physical goods ∙ services–hotels and car rental services ∙ events–time-based events such as trade shows ∙ experiences–Walt Disney's Magic Kingdom ∙ persons–celebrity marketing ∙ places–cities, states, regions, and even whole nations ∙ properties–intangible rights of ownership of either real property or financial property ∙ organizations–corporate identity ∙ information–information produced and marketed as a product ∙ ideas–marketing the basic idea of a market offering Diff: 3 LO: 1.2: What is the scope of marketing? AACSB: Analytical thinking; Application of knowledge