marketing practice PDF

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Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

1. A church targeting different demographic groups to increase attendance is an example of ________. a. affiliate marketing b. affinity marketing c. societal marketing d. evangelism marketing e. not-for-profit marketing Grade: User Responses: Feedback:

0 c.societal marketing

2. Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy. a. selling concept b. product concept c. marketing concept d. production concept e. societal marketing concept Grade: User Responses: Feedback:

1 e.societal marketing concept

3. Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith targeting to increase? a. shared value b. customer loyalty c. social responsibility d. customer-generated marketing e. share of customer Grade: User Responses: Feedback:

1 e.share of customer

1

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

4. Refer to the scenario below to answer the following questions.

Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. " But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!" So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick to be implemented from early winter to late spring that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. "We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter." Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept. a. b. c. d. e.

societal marketing production selling marketing product

2

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Grade: User Responses: Feedback:

Questions Attempted: 110/110 Submission No: 1/1

1 d.marketing

5. Which of the following statements reflects the marketing concept? a. focusing on a product-centered make-and-sell philosophy b. focusing on making continuous product improvements c. undertaking a large-scale selling and promotion effort d. emphasizing an inside-out perspective e. considering customer focus and value as the paths to sales and profits Grade: User Responses: Feedback:

1 e.considering customer focus and value as the paths to sales and profits

6. Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers? a. share of customer b. customer-perceived value c. marketing mix d. customer equity e. target market Grade: User Responses: Feedback:

1 d.customer equity

7. Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? a. All customers will be delighted. b. Not all customers will be satisfied. c. Customer-perceived value will increase. d. Customers will not show interest in any other company's products. e. All customers will directly turn into customer evangelists. Grade: User Responses: Feedback:

1 b.Not all customers will be satisfied.

3

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

8. An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice _ _______ marketing. a. affinity b. ambush c. customer-driving d. societal e. customer-driven Grade: User Responses: Feedback:

0 e.customer-driven

9. The primary key to delivering customer satisfaction is to match product performance with ________. a. customer expectations b. the competitor products' performance c. limited customer services d. aggressive advertising e. competitive prices Grade: User Responses: Feedback:

1 a.customer expectations

4

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

10. Refer to the scenario below to answer the following questions.

Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. " But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"

So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick—to be implemented from early winter to late spring—that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—b oth satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. "We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter." Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________. a. b. c. d. e.

marketing mix target market product positioning market offering market segment Grade: User Responses: Feedback:

0 c.product positioning

5

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

11. The set of marketing tools a firm uses to implement its marketing strategy is called the ________. a. promotion mix b. market offering c. product mix d. marketing effort e. marketing mix Grade: User Responses: Feedback:

1 e.marketing mix

12. The difference between human needs and wants is that needs are not created by marketers. a. True b. False Grade: User Responses: Feedback:

1 a.True

13. The marketing world is most likely embracing ________ because consumers wield greater power nowadays with a wealth of platforms for airing and sharing their brand views with other consumers. a. consumer ethnocentrism b. partner relationship management c. customer-managed relationships d. supply chain management e. market segmentation Grade: User Responses: Feedback:

1 c.customer-managed relationships

14. Human needs are shaped by culture and individual personality. a. True b. False Grade: User Responses: Feedback:

1 b.False

15. The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. a. production b. societal marketing c. marketing d. selling e. product

6

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Grade: User Responses: Feedback:

Questions Attempted: 110/110 Submission No: 1/1

1 e.product

16. According to the five-step model of the marketing process, which of the following is tthe he final step in creating value for customers? a. understanding the marketplace and customer needs b. capturing value from customers to create profit and customer equity c. building profitable relationships and creating customer delight d. constructing an integrated marketing program that delivers superior value e. designing a customer-driven marketing strategy Grade: User Responses: Feedback:

0 b.capturing value from customers to create profit and customer equity

17. Which of the following terms refer to customers who make repeat purchases and tell others about their positive experiences with a product or service? a. butterflies b. customer evangelists c. barnacles d. market mavens e. surrogate customers Grade: User Responses: Feedback:

1 b.customer evangelists

18. It is most accurate to say that when customers purchase products they act on ________ as they judge values and costs. a. society's interests b. perceived value c. customer lifetime value d. company image e. objective value Grade: User Responses: Feedback:

0 c.customer lifetime value

7

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

19. FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh tthese hese benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________. a. customer equity b. brand loyalty c. customer-perceived value d. a societal marketing campaign e. customer lifetime value Grade: User Responses: Feedback:

1 c.customer-perceived value

20. As part of the rapid globalization of today's economy, companies are selling more domestically produced goods in international markets and ________. a. competing solely in traditional marketplaces b. taking a local view of their industry c. purchasing more supplies abroad d. downplaying concerns for social responsibility e. reducing competition within their industry Grade: User Responses: Feedback:

1 c.purchasing more supplies abroad

8

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

21. Refer to the scenario below to answer the following questions.

Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. " But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"

So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick—to be implemented from early winter to late spring—that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—b oth satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. "We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter." Carol Veldt's plan also involves a seasonal promotional gimmick which she wants to promote aggressively. This is an example of the ________ concept. a. b. c. d. e.

marketing product production selling societal marketing Grade: User Responses: Feedback:

1 d.selling

9

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

22. A financial services firm has several loyal customers who conduct business with them exclusively. However, the company has noticed that this customer group is the least profitable for tthe he company, and in some cases, it increases their losses when engaging in business with this group. Which of the following customer groups is being referred to in this scenario? a. true friends b. barnacles c. strangers d. butterflies e. cash cows Grade: User Responses: Feedback:

1 b.barnacles

23. According to management guru Peter Drucker, "The aim of marketing is to ________." a. emphasize customer wants and not customer needs b. make selling unnecessary c. sell products d. fulfill unrealistic customer expectations e. maximize profits of the company Grade: User Responses: Feedback:

1 b.make selling unnecessary

24. ________ is the act of obtaining a desired object from someone by offering something in return. a. Exchange b. Confiscation c. Valuation d. Donation e. Market offering Grade: User Responses: Feedback:

1 a.Exchange

25. The societal marketing concept seeks to establish a balance between ________. a. an inside-out perspective and an outside-in perspective b. customer lifetime value and customer equity c. customer-driven marketing and customer-driving marketing d. marketing mixes and market offerings e. consumer short-run wants and consumer long-run welfare

10

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Grade: User Responses: Feedback:

Questions Attempted: 110/110 Submission No: 1/1

1 e.consumer short-run wants and consumer long-run welfare

26. Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________. a. social marketing b. cause marketing c. societal marketing d. target marketing e. ambush marketing Grade: User Responses: Feedback:

1 d.target marketing

27. Which of the following statements is true of the production concept? a. It considers customer focus and value to be the paths to sales and profits. b. It follows the customer-centered sense-and-respond philosophy. c. It calls for sustainable marketing. d. It leads to companies focusing too narrowly on their own operations. e. It takes an outside-in perspective. Grade: User Responses: Feedback:

1 d.It leads to companies focusing too narrowly on their own operations.

28. Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________. a. customer relationship management b. partner relationship management c. customer equity d. customer lifetime value e. customer-perceived value Grade: User Responses: Feedback:

1 a.customer relationship management

11

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Questions Attempted: 110/110 Submission No: 1/1

29. Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms? a. Marketers want to increase their market share. b. Marketers want to increase the share they get of the customer's purchasing in their product categories. c. Marketers want to turn satisfied customers into delighted customers. d. Marketers want to diversify their operations and customize their products to cater to the entire market. e. Marketers want to continuously increase their customers' levels of satisfaction. Grade: User Responses:

1 b.Marketers want to increase the share they get of the customer's purchasing in their product categories.

Feedback: 30. When backed by buying power, wants become ________. a. self-esteem needs b. exchanges c. demands d. social needs e. physical needs Grade: User Responses: Feedback:

1 c.demands

31. ________ is one of the best ways to increase share of customer. a. Cross-selling b. Targeting new customers c. Partnership marketing d. Divesting e. Using bait and switch Grade: User Responses: Feedback:

1 a.Cross-selling

32. Following the change in consumer values and consumption patterns after the Great Recession, marketers have changed their marketing strategies to emphasize the ________ of their products. a. durability b. safety c. value d. uniqueness e. image

12

Homework1

Section:

Marketing

Yabuwat,Janet Doshiya

Submitted: 11/10/2014 1:08:48 PM Gradebook Grade:81.8%

Grade: User Responses: Feedback:

Questions Attempted: 11...