Marketing 300 exam 1 study guide, HW ch. 1-6 |
Verified Q’s and A’s
c. Price, Product, and distribution - -In a memo giving the time and date for your
company's marketing strategy session, you see that the only topic on the agenda is
"Promotion." Knowing that promotion is only one variable in the marketing mix, you
contact the memo writer to suggest additional topics that will cover all the relevant
variables. What topics do you suggest?
a. Social Media, Social Responsibility, and Product Design
b. Product, Distribution, and Social Responsibility
c. Price, Product, and Distribution
d. Product, Distribution, and Social Media
e. Price, Product, and Target Market
-c. place - -International retailer IKEA is known not only for value-priced furniture and
home goods, but also for the unique children's playrooms and family cafeterias offered in
all its stores. These amenities enhance which type(s) of utility for IKEA customers?
a. Price
b. Ownership
c. Place
d. Time
e. Value
-a. Percentage of industrywide annual sales represented by Iams products.
and
c. Number of competitors and how much pet food each competitor sells per year. - -Procter
& Gamble wants to determine both the market share of Iams and the customer lifetime
value of Iams buyers. These measurements are calculated based on different variables.
Customer lifetime value calculations are complex, but are usually based on the frequency
and dollar amounts of an individual customer's purchases, how long the relationship
endures, how purchasing patterns change over the course of the relationship, the cost of
servicing customers, the profitability of each customer over time, and whether existing
customers bring in new customers through word of mouth or other means.
A number of possible measurements are listed below. Choose those answers that are not
focused on customer lifetime value.
a. Percentage of industrywide annual sales represented by Iams products.
b. Change in the number of Iams products each customer buys each year.
c. Number of competitors and how much pet food each competitor sells per year.
d. Number of years customers remain loyal to Iams.
,e. Percentage of customers who return products frequently or require intensive customer
service interactions.
-b. The problem stems from the product variable, because this variable may involve
decisions about customer service. - -You have been hired as a marketing director for
Terraineous, a hiking apparel and footwear company. Your most urgent problem is that
sales of its newest product, a hiking boot, are failing to meet projections. In analyzing the
situation, you learn that the company is falling short in customer service; no one has been
designated to answer buyers' questions about how to clean and care for the boot.
When you meet with the CEO, you want to pinpoint exactly which variable of the marketing
mix is at the root of this problem. What should you tell her?
a. The problem stems from the promotion variable, because customer questions should be
answered in ads and sales brochures.
b. The problem stems from the product variable, because this variable may involve
decisions about customer service.
c. The problem stems from the distribution variable, because the stores selling the boot
should answer buyers' questions.
d. The problem stems from the price variable, because if the boot is cheap enough people
will expect little customer service.
e. The problem stems from the training variable, because this variable addresses employee
performance issues
-e. Your state's Department of Environmental Protection is seeking a candidate who will
plan an ad campaign to promote the theme "Save Our Trees: Don't Waste Paper." - -You
have just graduated from college and are searching for jobs online. Your ideal position
would be in cause marketing. Which of the following positions would come closest to your
ideal?
a. A retail chain wants to hire someone to develop a series of winter holiday concerts at its
stores.
b. A real estate marketing firm wants to hire a recent college graduate to create ads
targeting millennial home buyers.
c. The Red Cross is looking for a major gifts coordinator to cultivate and facilitate major
giving to the organization.
d. Your state's Department of Tourism is recruiting marketers for an initiative to attract
new employers to the state.
e. Your state's Department of Environmental Protection is seeking a candidate who will
plan an ad campaign to promote the theme "Save Our Trees: Don't Waste Paper."
-d. Institute a loyalty program that rewards regular customers through a point system. - -
You work for a multimillion-dollar supermarket chain whose executives have been
strategizing around ways to enhance their relationships with customers.
Which of the following steps would you take to address this need if your company is
committed to the practices of the relationship era?
,a. Develop weekly Web-based newsletters that go out to customers.
b. Establish a mobile application that allows customers to pre-order their groceries.
c. Conduct a needs assessment and develop a product that customers want.
d. Institute a loyalty program that rewards regular customers through a point system.
e. Develop vibrant products that customers can only find at your company's retailers.
-1. 50%
2. production
3. eight - -Fill in the words from the drop-down list that would best complete the passages.
It is estimated that, on average, marketing costs account for ___ % of overall product costs.
These costs are not associated with manufacturing, product design, or any of the other ___
functions. Instead, the expenditures go toward the performance of ___ universal functions
of marketing.
-e. Nike's effort to sell the line is primarily an example of person marketing. - -Nike has
been able to capitalize on its relationship with basketball star LeBron James, not only by
endorsing him, but by also developing a LeBron James Collection composed of T-shirts,
socks, basketball apparel, and sneakers. The LeBron X shoe line has been especially
successful: When released, the base shoe was priced at about $180, while a version
embedded with Nike-plus sensors—which track how high a player can jump and how far
he or she can run—sold for $260.
Which of the following statements about the LeBron X shoe line is NOT accurate?
a. LeBron James is a celebrity endorser of the shoe line.
b. Embedding the shoe with sensors enhanced the effectiveness of Nike's product
marketing.
c. Nike's effort to sell the line is primarily an example of product marketing.
d. The LeBron X shoe line gets a boost from the fame of the basketball star.
e. Nike's effort to sell the line is primarily an example of person marketing.
-d. While it's important to attract new customers, it's even more important to encourage
current customers to keep coming back. - -For decades Superior Ski Hotel was a thriving
New England resort, relying on families who returned faithfully year after year. Its
marketers had complete confidence in the loyalty of their longtime customers, so their only
promotional campaigns focused on attracting new customers by offering steep discounts
on first-time stays.
But as competition intensified, Superior began to lose business. Eventually the hotel was
forced to close.
Which of the following principles of relationship marketing did the company neglect?
a. In the social media era, customer relationships are increasingly short-lived.
, b. While it's important to offer discounts, it's even more important to build brand
awareness.
c. Customer relationships are fragile in the face of strong competition.
d. While it's important to attract new customers, it's even more important to encourage
current customers to keep coming back.
-b. recommend; increase - -The central focus of the marketer's activities is to develop
mutually beneficial relationships with customers and potential customers. If the marketer
is able to convince the customer to buy the firm's products, then the customer's lifetime
value to the firm is enhanced. Marketers also seek to encourage customers to
_________________ the firm's products because that will ____________ the customer's lifetime
value to the firm.
Which of the following terms/words best express what marketers should do to enhance a
customer's lifetime value to the firm?
a. give passive word-of-mouth recommendations about; maintain
b. recommend; increase
c. give strong word-of-mouth recommendations about; stabilize
d. critique; maintain
e. critique; increase
-d. Marketing creates value by providing different types of utility to customers. - -Which
one of the following statements best describes the basic goal of marketing?
a. Marketing creates value by providing attentive customer service.
b. Marketing encourages people to maximize their disposable incomes.
c. Marketing boosts the utility of company salespeople to customers.
d. Marketing creates value by providing different types of utility to customers.
e. Marketing enhances consumers' lives through memorable advertising.
-b. Buying, transporting, and storing - -There's Nothing Like Knitting is a unique new shop
that sells unusual varieties of wool. Thanks to heavy advertising leading up to its grand
opening, the shop was crowded with eager knitters during its first two weeks.
But suppliers were late in shipping their products, so TNLK soon ran short of merchandise.
The owners brought backup goods from their warehouse, but the ceiling of the flimsy
storage building had leaked and the wool was wet and moldy. Angry customers demanded
refunds and didn't come back. Now TNLK is on the brink of bankruptcy.
TNLK's problems reflected breakdown in which of the functions of marketing?
a. Storing, selling, and standardizing
b. Buying, transporting, and storing
c. Risk taking and transporting
d. Selling
e. Buying, selling, and risk taking
Verified Q’s and A’s
c. Price, Product, and distribution - -In a memo giving the time and date for your
company's marketing strategy session, you see that the only topic on the agenda is
"Promotion." Knowing that promotion is only one variable in the marketing mix, you
contact the memo writer to suggest additional topics that will cover all the relevant
variables. What topics do you suggest?
a. Social Media, Social Responsibility, and Product Design
b. Product, Distribution, and Social Responsibility
c. Price, Product, and Distribution
d. Product, Distribution, and Social Media
e. Price, Product, and Target Market
-c. place - -International retailer IKEA is known not only for value-priced furniture and
home goods, but also for the unique children's playrooms and family cafeterias offered in
all its stores. These amenities enhance which type(s) of utility for IKEA customers?
a. Price
b. Ownership
c. Place
d. Time
e. Value
-a. Percentage of industrywide annual sales represented by Iams products.
and
c. Number of competitors and how much pet food each competitor sells per year. - -Procter
& Gamble wants to determine both the market share of Iams and the customer lifetime
value of Iams buyers. These measurements are calculated based on different variables.
Customer lifetime value calculations are complex, but are usually based on the frequency
and dollar amounts of an individual customer's purchases, how long the relationship
endures, how purchasing patterns change over the course of the relationship, the cost of
servicing customers, the profitability of each customer over time, and whether existing
customers bring in new customers through word of mouth or other means.
A number of possible measurements are listed below. Choose those answers that are not
focused on customer lifetime value.
a. Percentage of industrywide annual sales represented by Iams products.
b. Change in the number of Iams products each customer buys each year.
c. Number of competitors and how much pet food each competitor sells per year.
d. Number of years customers remain loyal to Iams.
,e. Percentage of customers who return products frequently or require intensive customer
service interactions.
-b. The problem stems from the product variable, because this variable may involve
decisions about customer service. - -You have been hired as a marketing director for
Terraineous, a hiking apparel and footwear company. Your most urgent problem is that
sales of its newest product, a hiking boot, are failing to meet projections. In analyzing the
situation, you learn that the company is falling short in customer service; no one has been
designated to answer buyers' questions about how to clean and care for the boot.
When you meet with the CEO, you want to pinpoint exactly which variable of the marketing
mix is at the root of this problem. What should you tell her?
a. The problem stems from the promotion variable, because customer questions should be
answered in ads and sales brochures.
b. The problem stems from the product variable, because this variable may involve
decisions about customer service.
c. The problem stems from the distribution variable, because the stores selling the boot
should answer buyers' questions.
d. The problem stems from the price variable, because if the boot is cheap enough people
will expect little customer service.
e. The problem stems from the training variable, because this variable addresses employee
performance issues
-e. Your state's Department of Environmental Protection is seeking a candidate who will
plan an ad campaign to promote the theme "Save Our Trees: Don't Waste Paper." - -You
have just graduated from college and are searching for jobs online. Your ideal position
would be in cause marketing. Which of the following positions would come closest to your
ideal?
a. A retail chain wants to hire someone to develop a series of winter holiday concerts at its
stores.
b. A real estate marketing firm wants to hire a recent college graduate to create ads
targeting millennial home buyers.
c. The Red Cross is looking for a major gifts coordinator to cultivate and facilitate major
giving to the organization.
d. Your state's Department of Tourism is recruiting marketers for an initiative to attract
new employers to the state.
e. Your state's Department of Environmental Protection is seeking a candidate who will
plan an ad campaign to promote the theme "Save Our Trees: Don't Waste Paper."
-d. Institute a loyalty program that rewards regular customers through a point system. - -
You work for a multimillion-dollar supermarket chain whose executives have been
strategizing around ways to enhance their relationships with customers.
Which of the following steps would you take to address this need if your company is
committed to the practices of the relationship era?
,a. Develop weekly Web-based newsletters that go out to customers.
b. Establish a mobile application that allows customers to pre-order their groceries.
c. Conduct a needs assessment and develop a product that customers want.
d. Institute a loyalty program that rewards regular customers through a point system.
e. Develop vibrant products that customers can only find at your company's retailers.
-1. 50%
2. production
3. eight - -Fill in the words from the drop-down list that would best complete the passages.
It is estimated that, on average, marketing costs account for ___ % of overall product costs.
These costs are not associated with manufacturing, product design, or any of the other ___
functions. Instead, the expenditures go toward the performance of ___ universal functions
of marketing.
-e. Nike's effort to sell the line is primarily an example of person marketing. - -Nike has
been able to capitalize on its relationship with basketball star LeBron James, not only by
endorsing him, but by also developing a LeBron James Collection composed of T-shirts,
socks, basketball apparel, and sneakers. The LeBron X shoe line has been especially
successful: When released, the base shoe was priced at about $180, while a version
embedded with Nike-plus sensors—which track how high a player can jump and how far
he or she can run—sold for $260.
Which of the following statements about the LeBron X shoe line is NOT accurate?
a. LeBron James is a celebrity endorser of the shoe line.
b. Embedding the shoe with sensors enhanced the effectiveness of Nike's product
marketing.
c. Nike's effort to sell the line is primarily an example of product marketing.
d. The LeBron X shoe line gets a boost from the fame of the basketball star.
e. Nike's effort to sell the line is primarily an example of person marketing.
-d. While it's important to attract new customers, it's even more important to encourage
current customers to keep coming back. - -For decades Superior Ski Hotel was a thriving
New England resort, relying on families who returned faithfully year after year. Its
marketers had complete confidence in the loyalty of their longtime customers, so their only
promotional campaigns focused on attracting new customers by offering steep discounts
on first-time stays.
But as competition intensified, Superior began to lose business. Eventually the hotel was
forced to close.
Which of the following principles of relationship marketing did the company neglect?
a. In the social media era, customer relationships are increasingly short-lived.
, b. While it's important to offer discounts, it's even more important to build brand
awareness.
c. Customer relationships are fragile in the face of strong competition.
d. While it's important to attract new customers, it's even more important to encourage
current customers to keep coming back.
-b. recommend; increase - -The central focus of the marketer's activities is to develop
mutually beneficial relationships with customers and potential customers. If the marketer
is able to convince the customer to buy the firm's products, then the customer's lifetime
value to the firm is enhanced. Marketers also seek to encourage customers to
_________________ the firm's products because that will ____________ the customer's lifetime
value to the firm.
Which of the following terms/words best express what marketers should do to enhance a
customer's lifetime value to the firm?
a. give passive word-of-mouth recommendations about; maintain
b. recommend; increase
c. give strong word-of-mouth recommendations about; stabilize
d. critique; maintain
e. critique; increase
-d. Marketing creates value by providing different types of utility to customers. - -Which
one of the following statements best describes the basic goal of marketing?
a. Marketing creates value by providing attentive customer service.
b. Marketing encourages people to maximize their disposable incomes.
c. Marketing boosts the utility of company salespeople to customers.
d. Marketing creates value by providing different types of utility to customers.
e. Marketing enhances consumers' lives through memorable advertising.
-b. Buying, transporting, and storing - -There's Nothing Like Knitting is a unique new shop
that sells unusual varieties of wool. Thanks to heavy advertising leading up to its grand
opening, the shop was crowded with eager knitters during its first two weeks.
But suppliers were late in shipping their products, so TNLK soon ran short of merchandise.
The owners brought backup goods from their warehouse, but the ceiling of the flimsy
storage building had leaked and the wool was wet and moldy. Angry customers demanded
refunds and didn't come back. Now TNLK is on the brink of bankruptcy.
TNLK's problems reflected breakdown in which of the functions of marketing?
a. Storing, selling, and standardizing
b. Buying, transporting, and storing
c. Risk taking and transporting
d. Selling
e. Buying, selling, and risk taking
