Marketing Final Exam

B in order for starbucks to continue to grow and

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Unformatted text preview: on ANS: B In order for Starbucks to continue to grow and prosper, it needed to keep its stable base of loyal customers happy. PTS: 1 REF: 8 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Application 104. Refer to Starbucks. The creation of a consumer response blog is an example of _____. a. how to increase sales b. technology at its best c. d. e. relationship marketing good training product improvements ANS: C Relationship marketing is a strategy that focuses in keeping and improving relationships with current customers. PTS: 1 REF: 9 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Application 105. Refer to Starbucks. The fact that management realized that coffee drinkers had different needs, whether it be using coupons, wanting a milder brew of coffee, or watching free Wi-Fi, shows that Starbucks is now using a _____-oriented approach. a. sales b. market c. production d. societal e. product ANS: B A market-oriented organization recognizes that different consumer groups want different features or benefits. PTS: 1 REF: 11 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Application ESSAY 1. Explain how marketing is both a philosophy and a set of activities. ANS: The first facet of marketing is its philosophy. This philosophy is an attitude, perspective, or management orientation that stresses the importance of customer satisfaction. The second facet of marketing is the organization function and the set of activities used to implement this philosophy. These activities include (but are not limited to) planning, pricing, promotion, distribution, selling, advertising, and inventory management. PTS: 1 REF: 3 Communication KEY: CB&E Model Strategy OBJ: 01-1 TOP: AACSB MSC: BLOOMS Synthesis 2. What is the American Marketing Association’s (AMA) definition of marketing and what does marketing entail? ANS: According to the AMA, marketing is 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. Marketing entails the processes that focus on delivering value and benefits to customers, not just selling goods, services, and/or ideas. PTS: 1 REF: 3 Communication KEY: CB&E Model Strategy OBJ: 01-1 TOP: AACSB MSC: BLOOMS Synthesis 3. Describe the concept of exchange, and list the five conditions that must be satisfied for exchange to occur. If all conditions are met, does that guarantee exchange will occur? Explain why or why not. ANS: The concept of exchange simply means that people give up something in order to receive something they would rather have. Money, goods, or services may be the medium of exchange. The five conditions of exchange are: 1. There must be at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party i...
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