Chapter 1 Quiz- Questions & Answers PDF

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Questions & Answers from Chapter 1 quiz for marketing 3321...

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1. 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% of timber available for sale is illegally cut. Companies like Home Depot do not want to sell timber from illegally logged forests, even though demand is great for timber from rainforests. Which of the following required for an exchange is missing when a company tries to sell illegally acquired logs to Home Depot? a. Each party has something of value to the other party b. There are at least two parties involved c. Each party is capable of communication and delivery d. Each party believes it is appropriate to deal with the other party e. None of the above 2. Henry Ford invented the first automobile---the Model T. His statement that "You can have it in any color, as long as it's black" reflects a(n) ____________ orientation a. Sales b. Retailing c. Production d. Wholesaler e. None of the above 3. ______________ is the relationship between benefits and the sacrifice necessary to obtain those benefits a. Brand loyalty b. Customer relationship management c. Customer satisfaction d. Empowerment e. None of the above (Customer value is correct) 4. A homeowner called Handyman Direct to replace a noisy bathroom exhaust fan. When the repairman arrives at the house and examines the fan, he convinces the homeowner that the fan simply needs to be cleaned and oiled rather than replaced. This would fix the problem better than replacing the fan---with less trouble and less expensive. This sort of discussion between employees and customers is common at Handyman Direct, and indicates that the business has a(n) ____________ orientation. a. Sales b. Retailing c. Production d. Wholesaler e. None of the above 5. The Ritz-Carlton chain of luxury hotels encourages its employees to enhance guests' experiences, and to resolve their problems. By delegating this authority to its employees, the Ritz-Carlton practices ___________ in its procedures and policies. a. Brand loyalty

b. Customer relationship management c. Customer satisfaction d. Empowerment e. None of the above 6. According to ____________, the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives. a. The marketing concept b. The customer value proposition c. Relationship marketing d. The marketing mix e. None of the above 7. Customer satisfaction results when: a. The customer is being reasonable b. The customer believes a product is the cheapest of all options he considered purchasing c. Marketers downplay a product's benefits in advertising to keep customers' expectations low d. The customer's pre purchase expectations surpass his experience with the product e. None of the above 8. Life is Good has developed its "Good Karma" line of environmentally-friendly, 100% organic cotton apparel. The production of the Good Karma line is consistent with a(n) ____________ orientation. a. Production b. Sales c. Marketing d. Societal marketing e. None of the above 9. Firms with a(n) _____________ orientation focus on the external marketplace rather than their internal capabilities. a. Wholesaler b. Retailer c. Sales d. Market e. None of the above 10. Toys Unique encourages continuing patronage among its customers by giving them a stamp card, which tracks every purchase they make. When customers have made ten purchases at Toys Unique, customers are rewarded by receiving a product equal to the average value of the ten purchases made. Companies that use programs like this are practicing:

a. b. c. d. e.

Commitment marketing Transactional marketing Relationship marketing Monogamous marketing None of the above...