MKT 305 Test queries and well
answered 100%
Which of the following is included in a broad definition of marketing? - ANS✅✅Creating customer
value, building customer relationships, and engaging customers
The first step of the marketing process is to ___________________. - ANS✅✅understand the
marketplace, which includes customer needs and wants.
Which of the following correctly identifies the five core customer and marketplace concepts? -
ANS✅✅Needs, wants, and demands; market offerings; value and satisfaction; exchanges and
relationships; and markets
Which of the following represent market offerings? - ANS✅✅Products, services, information, and
experiences
To design a winning marketing strategy, what are the two important questions a marketing manager
must answer? - ANS✅✅What customers will we serve? How can we serve these customers best?
Which marketing management orientation holds that a firm should have a customer focus to achieve
sales and profits? - ANS✅✅The marketing concept
What are the two keys to building lasting customer relationships? - ANS✅✅Value and satisfaction
A company rarely gets 100% of a customer's purchases for a product category. The share it does get
of the customer's purchasing in its product categories is called ________. - ANS✅✅share of
customer
Which of the following statements regarding the changing marketing landscape is correct? -
ANS✅✅The Great Recession caused consumers to rethink their buying priorities.
Digital marketing tools used in digital and social media marketing include ________. -
ANS✅✅social media, mobile apps, and blogs
,Zappos creates __________ for its customers by offering a wide selection, higher levels of service,
and customer-friendly return policies. - ANS✅✅value
Although Zappos was not legally bound to fulfill customer orders following its pricing snafu, failure
to do so would have significantly lowered __________, which is based on a company's performance
relative to the customers' expectations. - ANS✅✅customer satisfaction
While Zappos' pricing snafu cost the company nearly $1.6 million dollars, the company chose to
fulfill all the orders because it realized the long-term loss of patronage from these customers could
be even more expensive. A key metric that measures the long-term profitability of individual
customers or groups of customers is known as __________. - ANS✅✅customer lifetime value
Zappos offers customers wide selection, excellent service, and customer-friendly return policies. In
return, customers are willing to pay more for the company's offerings. This act of obtaining a desired
object from someone by offering something in return is known as __________. - ANS✅✅exchange
Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and
services they sell rather than on the benefits and experiences produced by their market offerings.
This trap is sometimes referred to as __________. - ANS✅✅marketing myopia
What is the ultimate aim of customer relationship management? - ANS✅✅Produce high customer
equity.
When is the selling concept typically used by marketers? - ANS✅✅For the purchase of unsought
goods
A local theatre group wants to increase the membership and attendance at its performances. To do
so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school.
In what is the theatre group engaging? - ANS✅✅Market exchange
Bob's Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is the
FIRST thing Bob's Bicycle Sales and Repair needs to do? - ANS✅✅Determine who in the
community wants or needs a bicycle or repair service.
How does the new concept of marketing differ from the old concept of marketing? - ANS✅✅The
new concept focuses on the needs of the customer.
, What is MOST likely to cause a variation in customer-perceived value? - ANS✅✅The customer's
opinion of what constitutes value
The ultimate goal of the marketing process is to do which of the following? - ANS✅✅Capture value
from customers.
June and Beatrice have started a new company, Junbee Inc., and are having trouble deciding which
marketing path to take to drive sales. June believes they should follow a make-and-sell philosophy
that focuses on improving their product, whereas Beatrice believes they should be more customer-
oriented and find the right products for their customers. Which of the following BEST describes this
situation? - ANS✅✅Should Junbee Inc. follow a product or marketing concept?
When a company divides the market into groups of customers, it is engaging in which of the
following? - ANS✅✅Market segmentation
Craig's Craft Beer structures its company in such a way to encourage its most profitable older
customers to remain loyal while also targeting a new generation of customers. What is Craig's Craft
Beer attempting to build? - ANS✅✅Customer equity
Which marketing philosophy holds that consumers will not buy enough of the firm's products unless
it undertakes a large-scale selling and promotion effort? - ANS✅✅Selling concept
How has the Internet MOST affected companies and customers? - ANS✅✅The Internet has
allowed consumers to take marketing content and share it.
Selling and advertising are part of a larger set of marketing tools that work together to satisfy
customer needs and build customer relationships known as _____________. - ANS✅✅the
marketing mix
Scott Frost has been coming to Adeline's Diner for 20 years and refuses to go anywhere else. Ada,
the owner of Adeline's, loves Scott's loyalty but admits he purchases only a cup of cappuccino each
visit. Scott would BEST be described as which of the following? - ANS✅✅barnacle
The act of obtaining a desired object from someone by offering something in return is known as
which of the following? - ANS✅✅an exchange
answered 100%
Which of the following is included in a broad definition of marketing? - ANS✅✅Creating customer
value, building customer relationships, and engaging customers
The first step of the marketing process is to ___________________. - ANS✅✅understand the
marketplace, which includes customer needs and wants.
Which of the following correctly identifies the five core customer and marketplace concepts? -
ANS✅✅Needs, wants, and demands; market offerings; value and satisfaction; exchanges and
relationships; and markets
Which of the following represent market offerings? - ANS✅✅Products, services, information, and
experiences
To design a winning marketing strategy, what are the two important questions a marketing manager
must answer? - ANS✅✅What customers will we serve? How can we serve these customers best?
Which marketing management orientation holds that a firm should have a customer focus to achieve
sales and profits? - ANS✅✅The marketing concept
What are the two keys to building lasting customer relationships? - ANS✅✅Value and satisfaction
A company rarely gets 100% of a customer's purchases for a product category. The share it does get
of the customer's purchasing in its product categories is called ________. - ANS✅✅share of
customer
Which of the following statements regarding the changing marketing landscape is correct? -
ANS✅✅The Great Recession caused consumers to rethink their buying priorities.
Digital marketing tools used in digital and social media marketing include ________. -
ANS✅✅social media, mobile apps, and blogs
,Zappos creates __________ for its customers by offering a wide selection, higher levels of service,
and customer-friendly return policies. - ANS✅✅value
Although Zappos was not legally bound to fulfill customer orders following its pricing snafu, failure
to do so would have significantly lowered __________, which is based on a company's performance
relative to the customers' expectations. - ANS✅✅customer satisfaction
While Zappos' pricing snafu cost the company nearly $1.6 million dollars, the company chose to
fulfill all the orders because it realized the long-term loss of patronage from these customers could
be even more expensive. A key metric that measures the long-term profitability of individual
customers or groups of customers is known as __________. - ANS✅✅customer lifetime value
Zappos offers customers wide selection, excellent service, and customer-friendly return policies. In
return, customers are willing to pay more for the company's offerings. This act of obtaining a desired
object from someone by offering something in return is known as __________. - ANS✅✅exchange
Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and
services they sell rather than on the benefits and experiences produced by their market offerings.
This trap is sometimes referred to as __________. - ANS✅✅marketing myopia
What is the ultimate aim of customer relationship management? - ANS✅✅Produce high customer
equity.
When is the selling concept typically used by marketers? - ANS✅✅For the purchase of unsought
goods
A local theatre group wants to increase the membership and attendance at its performances. To do
so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school.
In what is the theatre group engaging? - ANS✅✅Market exchange
Bob's Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is the
FIRST thing Bob's Bicycle Sales and Repair needs to do? - ANS✅✅Determine who in the
community wants or needs a bicycle or repair service.
How does the new concept of marketing differ from the old concept of marketing? - ANS✅✅The
new concept focuses on the needs of the customer.
, What is MOST likely to cause a variation in customer-perceived value? - ANS✅✅The customer's
opinion of what constitutes value
The ultimate goal of the marketing process is to do which of the following? - ANS✅✅Capture value
from customers.
June and Beatrice have started a new company, Junbee Inc., and are having trouble deciding which
marketing path to take to drive sales. June believes they should follow a make-and-sell philosophy
that focuses on improving their product, whereas Beatrice believes they should be more customer-
oriented and find the right products for their customers. Which of the following BEST describes this
situation? - ANS✅✅Should Junbee Inc. follow a product or marketing concept?
When a company divides the market into groups of customers, it is engaging in which of the
following? - ANS✅✅Market segmentation
Craig's Craft Beer structures its company in such a way to encourage its most profitable older
customers to remain loyal while also targeting a new generation of customers. What is Craig's Craft
Beer attempting to build? - ANS✅✅Customer equity
Which marketing philosophy holds that consumers will not buy enough of the firm's products unless
it undertakes a large-scale selling and promotion effort? - ANS✅✅Selling concept
How has the Internet MOST affected companies and customers? - ANS✅✅The Internet has
allowed consumers to take marketing content and share it.
Selling and advertising are part of a larger set of marketing tools that work together to satisfy
customer needs and build customer relationships known as _____________. - ANS✅✅the
marketing mix
Scott Frost has been coming to Adeline's Diner for 20 years and refuses to go anywhere else. Ada,
the owner of Adeline's, loves Scott's loyalty but admits he purchases only a cup of cappuccino each
visit. Scott would BEST be described as which of the following? - ANS✅✅barnacle
The act of obtaining a desired object from someone by offering something in return is known as
which of the following? - ANS✅✅an exchange
