Marketing Test 1 Test bank.docx - Core Marketing 8e(Kerin Chapter 1 Creating Customer Relationships and Value through Marketing 1 In response to a

Marketing Test 1 Test bank.docx - Core Marketing 8e(Kerin...

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Unformatted text preview: Core: Marketing, 8e (Kerin) Chapter 1 Creating Customer Relationships and Value through Marketing 1) In response to a growing interest in healthful, simple products among consumers, Chobani introduced A) an Italian-style ragù sauce. B) a Turkish-style cottage cheese. C) a French-style butter. D) a Greek-style yogurt. E) an Asian-style teriyaki sauce. Answer: D Explanation: Chobani introduced a Greek yogurt, a product that is higher in protein, lower in sugar, and thicker and creamier than typical American yogurt. The timing fit perfectly with the shift in demand for healthier and simpler products. Difficulty: 1 Easy Topic: Environmental Influences on Marketing Learning Objective: 01-02 Explain how marketing discovers and satisfies consumer needs. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 2) From its inception, Chobani wanted to place its yogurt where? A) in organic food section of major grocery store chains B) in warehouse club stores like Sam's Club or Costco C) in the dairy cases of major grocery store chains D) in mass merchandise stores like Target E) in independent organic cooperatives, farmers' markets, and major organic grocery stores like Whole Foods or Sprouts Answer: C Explanation: Chobani pushed for distribution in major grocery chains rather than smaller niche stores, and encouraged placement of the product in the main dairy cases of the stores, not in the specialty or health food sections. The thinking was that Americans would really like Greek yogurt if they tried it, and that they would try it if they had heard about it and could find it easily in their grocery store. Difficulty: 2 Medium Topic: The 4Ps Learning Objective: 01-03 Distinguish between marketing mix factors and environmental forces. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 3) All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which? A) sponsor U.S. Olympic and Paralympic teams B) price the Chobani yogurt line below its major competitors (Yoplait and Dannon) to increase sales and market share C) create a variety of advertising campaigns for the Chobani YouTube channel D) rely on word of mouth to reach new customers E) air a Super Bowl commercial featuring a large bear searching for a snack Answer: B Explanation: Marketers at Chobani did not price the Chobani yogurt line below its major competitors (Yoplait and Dannon) to increase sales and market share. There is no mention of Chobani's pricing strategy or tactics in the chapter opener example of the textbook. Difficulty: 2 Medium Topic: The 4Ps Learning Objective: 01-03 Distinguish between marketing mix factors and environmental forces. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 4) Which of the following statements about marketing is most accurate? A) Unless you take a marketing class, you will never truly know anything about marketing. B) Marketing is nothing more than common sense. C) Marketing requires an innate sense of creativity; you either have it or you don't. D) You can call yourself a marketing expert only if you have sold something for a profit. E) You have significant marketing expertise since you make marketing-related decisions every day. Answer: E Explanation: You perform many marketing activities and make marketing-related decisions every day. Your experience in shopping gives you some expertise in marketing. As a consumer, you've been involved in thousands of marketing decisions, but mostly on the buying and not on the selling side. Difficulty: 2 Medium Topic: Define Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 5) Elon Musk was involved in the inception of all of the following companies except which? A) SpaceX B) PayPal C) Tesla D) Facebook E) SolarCity Answer: D Explanation: Elon Musk has been involved in a variety of innovative business ventures, including PayPal, SpaceX, Tesla, and Solar City. He was not a part of Facebook's inception. Difficulty: 1 Easy Topic: The Role of the Marketing Manager Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 6) Marketing refers to A) the production of products or services that will generate the highest return on investment. B) the strategies used in the advertising and promotion of products and services to customers around the globe. C) the process of identifying target market segments for a product or service and using selling tactics to reach them. D) the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers. E) the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Answer: E Explanation: Key term definition—marketing. Difficulty: 1 Easy Topic: Define Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 7) The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as A) manufacturing. B) advertising. C) marketing. D) selling. E) promotion. Answer: C Explanation: Key term definition—marketing. Difficulty: 1 Easy Topic: Define Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 8) All of the following are true about marketing except which? A) Marketing is a broader activity than advertising. B) Marketing stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas sold to customers. C) Successful marketing usually results in one "winner" and one or more "losers." D) When an organization engages in marketing, it should also create value for its partners and society. E) Marketing is a broader activity than personal selling. Answer: C Explanation: Marketing is defined as the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. Marketing is a far broader activity than simply advertising or personal selling. It stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers. Also, notice that an organization's marketing activities should also create value for its partners and for society. Difficulty: 2 Medium Topic: Define Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 9) An organization's stockholders, its suppliers, its employees, its customers, and society at large all share what in common with regard to an organization? A) All are stakeholders and should benefit from the marketing of an organization's offering. B) Everyone has a say in the ultimate design of a product. C) Everyone is legally culpable if something goes wrong with a product. D) All have to make some type of direct financial investment in the organization so it can profitably sell its products. E) All use the products and/or services marketed by the organization. Answer: A Explanation: Marketing is defined as the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. It stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers. Also, an organization's marketing activities should also create value for its partners and for society. Difficulty: 2 Medium Topic: Define Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 10) Mizuno designs and sells high quality baseball gloves. Who benefits from the firm's marketing activities for its gloves? A) a baseball or softball player who purchases a new Mizuno glove B) the Dick's Sporting Goods salesperson who sells a customer a Mizuno glove C) the supplier who provided the leather to Mizuno D) the shareholders of Mizuno, the company that designs and manufactures the gloves E) Actually, all stakeholders should be benefit from Mizuno's marketing efforts, even society at large. Answer: E Explanation: Marketing is defined as the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. It stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers. Also, notice that an organization's marketing activities should also create value for its partners and for society. Difficulty: 3 Hard Topic: Define Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Apply AACSB: Knowledge Application Accessibility: Keyboard Navigation 11) To serve both buyers and sellers, marketing seeks to ________ and satisfy the needs and wants of prospective customers. A) change B) create C) manipulate D) discover E) measure Answer: D Explanation: To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them. Difficulty: 2 Medium Topic: Consumer Needs and Wants Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 12) To serve both buyers and sellers, marketing seeks to discover and ________ the needs and wants of prospective customers. A) change B) satisfy C) create D) align E) preserve Answer: B Explanation: To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them. Difficulty: 2 Medium Topic: Consumer Needs and Wants Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 13) Whether an individual is considering a purchase for personal or household use, or an organization is buying for its own use or for resale, the individual or organization would be considered A) a prospective customer. B) a dual-purpose marketing decision maker. C) a potential distributor. D) an informed buyer. E) an end user. Answer: A Explanation: Prospective customers include both individuals, buying for themselves and their households, and organizations that buy for their own use (such as manufacturers) or for resale (such as wholesalers and retailers). Difficulty: 2 Medium Topic: Consumer Needs and Wants Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 14) A student wants to buy a smartphone so she can share pictures with her friends. An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures, write a report, etc.). If they both purchase the same model smartphone, such as an Apple iPhone, which statement is most accurate? A) The adjuster is a prospective customer because the smartphone will be used for work; the student is only a secondary user since the purpose of the smartphone is just for entertainment. B) Both the adjuster and the student are prospective customers because, in their own way, they both benefit from the smartphone. C) Neither the adjuster nor the student is a prospective customer since the company will pay for the adjuster's smartphone and the student's parents will pay for hers. D) The student is the prospective customer since there are more students buying smartphones for personal use than there are insurance adjusters buying smartphones for business use. E) Only a person who has bought a smartphone previously is a prospective customer because only previous owners of smartphones benefit from buying new ones. Answer: B Explanation: Prospective customers include both individuals, buying for themselves and their households, and organizations that buy for their own use (such as manufacturers) or for resale (such as wholesalers and retailers). A prospective customer includes anyone who could benefit from owning a product, whether previously owning one or not. Difficulty: 3 Hard Topic: Consumer Needs and Wants Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Apply AACSB: Knowledge Application Accessibility: Keyboard Navigation 15) The PAL-V Liberty is a two-seat, gas-powered gyrocopter with a flying range of about 250 miles at maximum weight. In car mode, the three-wheeled vehicle can hit 100 mph. Its maker is seeking safety certification in Europe, and 90 initial production models are now for sale starting at $399,000. The most likely prospective customers for this flying car would include A) students who attend college at least 500 miles away from home. B) retired seniors receiving Social Security. C) executives for whom time is extremely important. D) teens who like to try new things. E) families in need of a second vehicle. Answer: C Explanation: A prospective customer includes anyone who would benefit from owning a product. However, the most likely prospective customer in this case would be an executive for whom time is extremely important. Both the benefits of the PAL-V and the willingness and ability to pay for it are needed for prospective customers to become actual customers. Difficulty: 3 Hard Topic: Consumer Needs and Wants Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Apply AACSB: Knowledge Application Accessibility: Keyboard Navigation 16) In marketing, the idea of exchange refers to A) the negotiation phase between the manufacturer and the seller. B) the financial remuneration (monetary payment) for a product or service. C) the trade of things of value between buyer and seller so that each is better off after the trade. D) the bartering of products and services between nongovernmental organizations or individuals. E) the practice of swapping products and services for other products and services rather than for money. Answer: C Explanation: Key term definition—exchange. Difficulty: 1 Easy Topic: Product Value Creation Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 17) The trade of things of value between buyer and seller so that each is better off after the trade is referred to as A) financial remuneration. B) exchange. C) countertrade. D) barter. E) marketing. Answer: B Explanation: Key term definition—exchange. Difficulty: 1 Easy Topic: Product Value Creation Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Apply AACSB: Knowledge Application Accessibility: Keyboard Navigation 18) The American Red Cross creates advertisements to encourage people to donate blood. After viewing one, Amanda decided to donate a pint of blood. After she did, Amanda felt happy that she had performed a good deed. Did an exchange occur in a marketing sense? A) Yes, because the blood was donated to the Red Cross based on an advertisement, a marketing activity. B) Yes, because the donated blood was exchanged for a feeling of satisfaction. C) No, because the Red Cross is nonprofit organization. D) No, because no money changed hands. E) No, because the Red Cross, a service organization, did not provide Amanda with a product. Answer: B Explanation: Exchange is the trade of things of value between buyer and seller so that each benefits. An exchange occurred when Amanda exchanged her donated blood for a feeling of satisfaction, which she valued. The Red Cross received the donated blood to serve the needs of society in times of accident or disaster. Difficulty: 3 Hard Topic: Product Value Creation Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Apply AACSB: Knowledge Application Accessibility: Keyboard Navigation 19) A local college of business offers an outstanding graduate business school education program. Marissa pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high-paying, fulfilling position. Was this a marketing exchange? A) No, because the university earned a profit from Marissa's tuition. B) No, because money was exchanged in the form of tuition and Marissa's income will come from her employer, not the graduate school. C) No, because the school did not provide Marissa with a tangible product, only the potential of an education. D) Yes, because the university promised Marissa she would graduate on time, and she did. E) Yes, because paying tuition was exchanged for knowledge that directly led to Marissa's high-paying, fulfilling new job. Answer: E Explanation: Exchange is the trade of things of value between buyer and seller so that each benefits. In this instance, Marissa is the customer and the college is the marketer. An exchange occurred when Marissa paid her tuition to the college and received the education required to earn a degree that resulted in the job offer. Difficulty: 3 Hard Topic: Product Value Creation Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Apply AACSB: Knowledge Application Accessibility: Keyboard Navigation 20) A typical marketing department both shapes and ________ its relationship with internal and external groups. A) is shaped by B) directs C) motivates D) determines E) dominates Answer: A Explanation: Figure 1-1 in the text shows the key people, groups, and forces inside and outside the organization that influence its marketing activities. The marketing department is engaged in facilitating relationships, partnerships, and alliances with the organization's customers, shareholders/owners (or often representatives of groups served by a nonprofit organization), suppliers, and other organizations. The marketing department interacts with these internal and external groups in a dynamic relationship (note the two-way arrows). Difficulty: 2 Medium Topic: Environmental Influences on Marketing Learning Objective: 01-01 Define marketing and identify the diverse factors that influence marketing actions. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 21) ________ responsible for establishing the organization's mission and objectives. A) Marketers are B) Suppliers are C) Customers are D) Senior management is E) Shareholders are Answer: D Explanation: An organization's mission and objectives determine what business it is in and what goals it seeks. Within the organization, management is responsible for establishing these goals. The marketing department works closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive ...
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