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Exam 1: Marketing: the Art and Science of Satisfying Customers

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Question 81

Multiple Choice

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What is the want-satisfying power of a good or service called?

A) utility
B) price
C) buyer's attraction
D) function

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Question 82

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Interactive promotions put customers in control because they can gain immediate access to key product information when they want it.

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Question 83

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Why do marketers apply quality and quantity control standards?

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -describes the current era in the history of marketing.

What function is financing a part of?

Which statement would suggest that a firm has avoided marketing myopia?

If a company such as Bison Transport wanted to avoid marketing myopia, how should it define its business?

Melissa is managing the campaign of her friend for the presidency of the student council. What type of marketing is Melissa's effort an example of?

Mobile marketing is a term used to describe marketing messages sent via wireless technology.

List the activities that marketers must perform in order to create the customers organizations want.

Relationship marketing moves customers up a loyalty ladder-from new customers to regular purchasers, then to loyal supporters of the firm and its goods and services, and finally to advocates who not only buy its products but recommend them to others.

Which statement best describes a strong market orientation?

What type of marketing do federal and provincial departments of tourism typically engage in?

ARC Inc., a waste management company, expands its scope of business to recycle liquids that can be turned into fuel-grade ethanol, demonstrating the socially responsible approach of the company.

A firm with a fully developed marketing concept is one with a company-wide consumer orientation with the objective of achieving long-term success.

Marketers are responsible for functions such as identifying customer needs and designing products to meet these needs. Pricing decisions are typically left to finance or accounting departments.

Westbrook & Co. seeks products that will appeal to its customers and then uses advertising, personal selling, and sales promotion to match the goods and services with the appropriate customers. This part of the marketing process is described as the facilitating function of marketing.

Information technologies give organizations fast new ways to interact and develop long-term relationships with their customers and suppliers.

What characterizes a seller's market?

Freedom to focus on altruistic goals, rather than profitability alone, allows not-for-profit organizations flexibility to operate successfully without the use of recognized marketing principles.