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Unformatted text preview: party is capable of communication and delivery and believes it is desirable to do so.
In this case, the value for Kellogg’s is customer loyalty. The value for the customer is the cereal
and free movie.
KEY: CB&E Model Customer
9. For an exchange to take place:
e. OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Application
there must be at least two parties involved
money must be used in the transaction
each party must feel obligated to accept the
at least one party must have something of
value that the other party desires
neither party must communicate with the
other ANS: A
For exchange to occur, there must be at least two parties, each party has something that might be
of value to the other party, each party is capable of communication and delivery, each party is free
to accept or reject the exchange offer, and each party believes it is appropriate or desirable to deal
with the other party.
KEY: CB&E Model Customer OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Comprehension 10. The concept of exchange is important to marketing because:
if all the conditions for an exchange are in
place, then the exchange will be completed
exchange provides money to marketers c.
d. marketing activities help to create exchange
marketing activities are a requirement for
exchange to take place
money is the only medium of exchange for
business marketers e. ANS: C
Marketing activities help the exchange to take place, but marketing can occur without an
KEY: CB&E Model Customer OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Evaluation 11. Barry collects antique watches and has decided to sell a few of them on eBay. Some of the
watches he wants to sell are rare and very valuable. What condition is necessary for an exchange
to occur between Barry and a buyer?
His watch should have a certificate of
The opening bid must be lower than other
watches being sold on the site.
Buyers must provide payment before the item
Delivery must take place within 2 days of the
Potential buyers must be able to see the watch
and understand its qualities.
For an exchange to take place, there must be at least two parties, each party must have something
the other values, the parties must be able to communicate, each party must believe that it is
appropriate to deal with the other, and each party must be free to accept or reject the exchange
KEY: CB&E Model Customer OBJ: 01-1 TOP: AACSB Reflective MSC: BLOOMS Application 12. All of the following are marketing management philosophies EXCEPT:
societal marketing orientation
The four marketing philosophies are commonly referred to as production, sales, market, and
societal marketing orientations.
Thinking REF: 4 OBJ: 01-2 TOP: AACSB Reflecti...
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This document was uploaded on 09/29/2013.
- Fall '13