Marketing Final Exam

Communicating delivering and exchanging offerings

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Unformatted text preview: processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. PTS: 1 REF: 3 Thinking KEY: CB&E Model Strategy OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Knowledge 5. Which of the following occurs when people give up something in order to receive something they would rather have? a. Exchange b. c. d. e. Synergy Transformation Leveraging Reciprocity ANS: A Exchange is people giving up something to receive something they would rather have. PTS: 1 REF: 4 Thinking KEY: CB&E Model Product OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Knowledge 6. All of the following are necessary for exchange to occur EXCEPT: a. each party is capable of communication and delivery b. each party signs a contract before exchange occurs c. each party believes it is appropriate or desirable to deal with the others d. each party is free to accept or reject the exchange offer e. each party must have something the other party considers to be valuable ANS: B Exchange can occur without a legal contract. PTS: 1 REF: 4 Thinking KEY: CB&E Model Customer OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Evaluation 7. A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has been legally harvested. In places like Indonesia, as much as 80 percent of timber available for sale is illegally cut. Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests. Which of the following conditions required for an exchange to occur is missing when a company tries to sell illegally acquired logs to The Home Depot? a. There are more than two parties involved. b. Each party has something of value to bring to the exchange. c. One party is free to accept the exchange offer. d. Each party believes it is appropriate to deal with the other party. e. Nobody sees the exchange as producing value. ANS: D For an exchange to occur, two or more parties must be involved. Both parties are free to accept or reject the exchange. If The Home Depot believes the timber has been illegally harvested, then it will not want to deal with the loggers. PTS: 1 REF: 4 Thinking KEY: CB&E Model Customer OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Application 8. Kellogg’s is offering free DVDs to consumers who collect five official Collection certificates from the back panels of specially marked packages of Kellogg’s cereals and then mail them with the official order form. Within 90 days, these consumers will receive the movie of their choice. A(n) _____ will occur when a movie fan mails in his or her certificates for a movie. a. synergy b. sublimation c. exchange d. entropy e. reciprocity ANS: C For an exchange to occur, two or more parties must be involved. Both parties are free to accept or reject the exchange. Furthermore, each party must have something that is of value to the other party. Each...
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