MKT 340 - ALL QUIZZES AND
CORRECT ANSWERS
Marketing has traditionally been divided into a set of four interrelated decisions known as the
marketing mix, or four Ps, including all of the following except ✅✅CORRECT ANSW-performance
The fundamental goal of marketers when creating goods, services, or combinations of both is to
✅✅CORRECT ANSW-create value
Brett is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-
book or a paperback. Brett is addressing which core marketing aspect? ✅✅CORRECT ANSW-
making product decisions
The basic difference between a good and a service is that a good ✅✅CORRECT ANSW-can be
physically touched
Four Winds Art Gallery sells paintings. They have also recently begun offering appraisals of
customers' art collections. Four Winds is ✅✅CORRECT ANSW-expanding from offering just goods
to also offering services
When Katie Murphy was considering a career in marketing. she was concerned about the image of
marketers as fast-talking, high-pressure people who care only about making a sale. When reading
about the core aspects of marketing, Katie was relieved to learn that in marketing ✅✅CORRECT
ANSW-All parties should be satisfied
Jamie sells construction equipment. Whenever she calls on her building contractor customers, she
asks if they are having any problems. In doing so, Jamie is addressing which of the following core
aspects of marketing? ✅✅CORRECT ANSW-satisfying customer needs and wants
When referring to "exchange," marketers are focusing on ✅✅CORRECT ANSW-the trading of
things of value
Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
✅✅CORRECT ANSW-its value
,Some discount stores put products in large bins and let consumers hunt and find bargains. The price
these consumers pay includes ✅✅CORRECT ANSW-the value of their time and energy
Marketing channel management is also known as ✅✅CORRECT ANSW-supply chain management
________ represents all the activities necessary to get the product to the right customer when that
customer wants it. ✅✅CORRECT ANSW-Place
Many marketing students initially overlook the importance of marketing channel management
because ✅✅CORRECT ANSW-many of these activities take place behind the scenes
Which element of the marketing mix deals with supply chain management? ✅✅CORRECT ANSW-
place
UPS, FedEx, and other shipping companies support other firms' ________ marketing goals.
✅✅CORRECT ANSW-supply chain management
Effective promotion enhances a product or service's ✅✅CORRECT ANSW-perceived value
By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to
✅✅CORRECT ANSW-increase the perceived value of its products
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller
amounts. When they sell to consumers, it is considered ________ marketing. ✅✅CORRECT
ANSW-B2C
By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and
Etsy cater to ________ marketing. ✅✅CORRECT ANSW-C2C
As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but
decided instead to continue to sell through their existing dealer networks. The car manufacturers
considered switching from ________ to ________ marketing. ✅✅CORRECT ANSW-B2B; B2C
, When the publisher of the well-known Babar books wanted to celebrate the 80th anniversary of the
series, it initiated a $100,000 campaign. Which of the four Ps does this campaign represent?
✅✅CORRECT ANSW-promotion
Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores,
represent Starbucks' effort to improve its offering on which dimension of the marketing mix?
✅✅CORRECT ANSW-place
Maria is the new restaurant manager in a major hotel. When considering changes in the restaurant
that will increase value to customers, Maria will likely attempt to either provide the same quality at
a lower cost or ✅✅CORRECT ANSW-improve products and services at the same cost
Chris has just started with a travel agency, and she has been offering clients and prospective clients a
range of packaged tours. She is concerned because the commissions she is earning on her sales are
lower than she had hoped. Her colleague Pete, who has been with the agency for several years, is
having a great deal of success by working closely with the clients, seeking their ideas, and building
customized tour packages for each one based on their suggestions. Pete's approach is based on
✅✅CORRECT ANSW-value co-creation
To build relationships, firms focus on the ________ of the relationship, not how much money is
made during each transaction. ✅✅CORRECT ANSW-lifetime profitability
To build a sustainable competitive advantage, companies should focus on a single macro or
overarching strategy. ✅✅CORRECT ANSW-False
Customer retention programs are based on what concept? ✅✅CORRECT ANSW-customer
relationships should be viewed from a lifetime value perspective rather than on a transaction-by-
transaction basis
How a product or service will be conceived or designed, how much it should cost, where and how it
will be promoted, and how it will get to the consumer are all elements of ✅✅CORRECT ANSW-a
marketing plan
The first step in the marketing planning process (i. e. in developing a marketing plan) is to
✅✅CORRECT ANSW-establish the overall mission and objectives
CORRECT ANSWERS
Marketing has traditionally been divided into a set of four interrelated decisions known as the
marketing mix, or four Ps, including all of the following except ✅✅CORRECT ANSW-performance
The fundamental goal of marketers when creating goods, services, or combinations of both is to
✅✅CORRECT ANSW-create value
Brett is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-
book or a paperback. Brett is addressing which core marketing aspect? ✅✅CORRECT ANSW-
making product decisions
The basic difference between a good and a service is that a good ✅✅CORRECT ANSW-can be
physically touched
Four Winds Art Gallery sells paintings. They have also recently begun offering appraisals of
customers' art collections. Four Winds is ✅✅CORRECT ANSW-expanding from offering just goods
to also offering services
When Katie Murphy was considering a career in marketing. she was concerned about the image of
marketers as fast-talking, high-pressure people who care only about making a sale. When reading
about the core aspects of marketing, Katie was relieved to learn that in marketing ✅✅CORRECT
ANSW-All parties should be satisfied
Jamie sells construction equipment. Whenever she calls on her building contractor customers, she
asks if they are having any problems. In doing so, Jamie is addressing which of the following core
aspects of marketing? ✅✅CORRECT ANSW-satisfying customer needs and wants
When referring to "exchange," marketers are focusing on ✅✅CORRECT ANSW-the trading of
things of value
Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
✅✅CORRECT ANSW-its value
,Some discount stores put products in large bins and let consumers hunt and find bargains. The price
these consumers pay includes ✅✅CORRECT ANSW-the value of their time and energy
Marketing channel management is also known as ✅✅CORRECT ANSW-supply chain management
________ represents all the activities necessary to get the product to the right customer when that
customer wants it. ✅✅CORRECT ANSW-Place
Many marketing students initially overlook the importance of marketing channel management
because ✅✅CORRECT ANSW-many of these activities take place behind the scenes
Which element of the marketing mix deals with supply chain management? ✅✅CORRECT ANSW-
place
UPS, FedEx, and other shipping companies support other firms' ________ marketing goals.
✅✅CORRECT ANSW-supply chain management
Effective promotion enhances a product or service's ✅✅CORRECT ANSW-perceived value
By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to
✅✅CORRECT ANSW-increase the perceived value of its products
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller
amounts. When they sell to consumers, it is considered ________ marketing. ✅✅CORRECT
ANSW-B2C
By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and
Etsy cater to ________ marketing. ✅✅CORRECT ANSW-C2C
As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but
decided instead to continue to sell through their existing dealer networks. The car manufacturers
considered switching from ________ to ________ marketing. ✅✅CORRECT ANSW-B2B; B2C
, When the publisher of the well-known Babar books wanted to celebrate the 80th anniversary of the
series, it initiated a $100,000 campaign. Which of the four Ps does this campaign represent?
✅✅CORRECT ANSW-promotion
Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores,
represent Starbucks' effort to improve its offering on which dimension of the marketing mix?
✅✅CORRECT ANSW-place
Maria is the new restaurant manager in a major hotel. When considering changes in the restaurant
that will increase value to customers, Maria will likely attempt to either provide the same quality at
a lower cost or ✅✅CORRECT ANSW-improve products and services at the same cost
Chris has just started with a travel agency, and she has been offering clients and prospective clients a
range of packaged tours. She is concerned because the commissions she is earning on her sales are
lower than she had hoped. Her colleague Pete, who has been with the agency for several years, is
having a great deal of success by working closely with the clients, seeking their ideas, and building
customized tour packages for each one based on their suggestions. Pete's approach is based on
✅✅CORRECT ANSW-value co-creation
To build relationships, firms focus on the ________ of the relationship, not how much money is
made during each transaction. ✅✅CORRECT ANSW-lifetime profitability
To build a sustainable competitive advantage, companies should focus on a single macro or
overarching strategy. ✅✅CORRECT ANSW-False
Customer retention programs are based on what concept? ✅✅CORRECT ANSW-customer
relationships should be viewed from a lifetime value perspective rather than on a transaction-by-
transaction basis
How a product or service will be conceived or designed, how much it should cost, where and how it
will be promoted, and how it will get to the consumer are all elements of ✅✅CORRECT ANSW-a
marketing plan
The first step in the marketing planning process (i. e. in developing a marketing plan) is to
✅✅CORRECT ANSW-establish the overall mission and objectives
