SAINT MKT301 MODULE 1 QUIZ 1

Which
of the following terms refers to sellers being preoccupied with their own
products and losing sight of underlying consumer needs?
Vendor lock-in
Social loafing
Value proposition
Marketing myopia
Conspicuous consumption (Page Ref: 7)
Points Received: 5 of 5
Comments:
Question 2. Question
: Which of the following
customer questions is answered by a company’s value proposition?
“Why should I buy your brand rather than
a competitor’s?”
“What is your company’s estimated
customer equity?”
“What are the costs involved in the
production of your brand?”
“What is the budget allocated by your
company for research and development?”
“What is the financial stability of your
company?” (Page Ref: 9)
Points Received: 5 of 5
Comments:
Question 3. Question
: Which of the following is NOT
an accurate description of modern marketing?
Marketing is the creation of value for
customers.
Marketing involves managing profitable
customer relationships.
Marketing emphasizes selling and advertising
exclusively.
Marketing involves satisfying customers’
needs.
Marketing is building value-laden exchange
relationships with customers. (Page Ref: 4-5)
Points Received: 5 of 5
Comments:
Question 4. Question
: The key businesses of
Kimberley and Price consist of a division that produces and sells breakfast
cereals and another that manufactures gardening tools. Each of these businesses
is called a __________.
market segment
strategic business unit (SBU)
question mark
prospect
product portfolio (Page Ref: 42)
Points Received: 5 of 5
Comments:
Question 5. Question
: __________ are a type of SBU
that often require heavy investments to finance their rapid growth.
Cash cows
Question marks
Stars
Dogs
Bears (Page Ref: 42)
Points Received: 5 of 5
Comments:
Question 6. Question
: Which of the following follows
a customer-centered “sense-and-respond” philosophy rather than a
product-centered “make-and-sell” philosophy?
Market segmentation
The production concept
The marketing concept
The inside-out perspective
Marketing myopia (Page Ref: 10)
Points Received: 5 of 5
Comments:
Question 7. Question
: Which of the following
marketing orientations holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do?
The product concept
The production concept
The selling concept
The marketing concept
The societal marketing concept (Page Ref: 10)
Points Received: 5 of 5
Comments:
Question 8. Question
: A firm that uses the selling
concept takes a(n) __________ approach.
outside-in
niche marketing
inside-out
societal marketing
customer-driven (Page Ref: 10)
Points Received: 5 of 5
Comments:
Question 9. Question
: __________ is determined by a
customer’s evaluation of the benefits and costs of a market offering relative
to those of competing offers.
Customer-perceived value
Customer lifetime value
Share of customer
Customer-managed relationship
Brand value proposition (Page Ref: 12)
Points Received: 5 of 5
Comments:
Question 10. Question
: Hank is an assistant marketing
director for a firm in a market with many low-margin customers. What type of
relationship with these customers would be the most profitable for him?
Full partnerships
Basic relationships
Causal relationships
Club marketing programs
Inverse relationships (Page Ref: 15)
Points Received: 5 of 5
Comments:
Question 11. Question
: The set of marketing tools a
firm uses to implement its marketing strategy is called the _________.
promotion mix
product mix
marketing mix
market offering
marketing effort (Page Ref: 12)
Points Received: 5 of 5
Comments:
Question 12. Question
: A women’s apparel manufacturer
in California recently acquired a Houston-based company that manufactures
office furniture. This is an example of __________.
product development
market development
market penetration
diversification
product differentiation (Page Ref: 45)
Points Received: 5 of 5
Comments:
Question 13. Question
: The managers of Arrow, an
American retail chain, are currently reviewing new demographic markets to sell
the firm’s current products. This is an example of __________.
market penetration
product development
mass marketing
market development
product adaptation (Page Ref: 45)
Points Received: 5 of 5
Comments:
Question 14. Question
: The Really Tasteless Frozen
Food Company has decided that, based on the financial projections, they are not
going to be required to make any adjustments in their contribution margins.
Identify the part of the marketing mix most closely identified with this
activity.
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 5 of 5
Comments:
Question 15. Question
: Sony Electronics has
determined that because home theater products have gotten so complex, they are
going to include an automated setup process built into each TV. What part of
the marketing mix does this describe?
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 0 of 5
Comments:
Question 16. Question
: It’s About Time, an online
vintage clothing store, encourages its customers to create an avatar that can
be dressed in clothing typical of the products sold on the site. What part of
the marketing mix does the avatar best represent?
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 5 of 5
Comments:
Question 17. Question
: The Marketing Director for
Terrible Tours just bought a series of commercials on the Today Show and a run
of print ads in the AARP magazine. Which part of the marketing mix best
describes this activity?
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 5 of 5
Comments:
Question 18. Question
: Coronary Foods has contracted
with UPS to manage all their shipping, warehousing, and store deliveries,
including stocking the shelves at big box stores. What part of the marketing
mix is UPS providing?
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 5 of 5
Comments:
Question 19. Question
: The Farmer’s Pantry, an
all-natural grocery store and bakery, has launched a bottom-up customer service
model empowering frontline employees to solve most customer complaints, even
those that are somewhat complex. What part of the marketing mix does this
describe?
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 5 of 5
Comments:
Question 20. Question
: Golden Oldies, an online music
store specializing in classic rock ‘n roll, developed an algorithm that
predicts what albums, posters, and books will appeal to a buyer based on the
answers to a few questions about the 1960s. What part of the marketing mix is
Golden Oldies employing?
Product
Price
Promotion
People
Place (distribution/logistics)
Proof (physical evidence)
Process
Points Received: 5 of 5