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.blogspot.in/2009/09/defining-marketing-for-21st-century.html”>Defining Marketing For The 21st Century

Chapter 1: Defining Marketing for the 21st Century

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GENERAL CONCEPT QUESTIONS

Multiple Choice

1. The most formal definition of marketing is ________.

a. meeting needs profitably

b. identifying and meeting human and social needs

c. the four Ps (product, price, place, promotion)

d. an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

e. improving the quality of life for consumers

2. ________ takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

a. Marketing management

b. Forecasting

c. Segmentation

d. Targeting

e. Distribution

3. Marketing management is ________.

a. managing the marketing process

b. monitoring the profitability of the company’s products and services

c. selecting target markets

d. developing marketing strategies to move the company forward

e. the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value

4. A social definition of marketing says ________.

a. effective marketing requires companies to remove intermediary parties to achieve a closer connection with direct consumers

b. a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

c. marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

d. marketing is the process of extracting maximal value from consumers to facilitate corporate growth

e. marketing is the process of aggressive selling and promotion to encourage the purchase of products that might otherwise be unsought by the consumer

5. ________ goods constitute the bulk of most countries’ production and marketing efforts.

a. Durable

b. Impulse

c. Physical

d. Service

e. Event

6. As economies advance, a growing proportion of their activities focuses on the production of ________.

a. products

b. events

c. experiences

d. places

e. services

7. ________ actively work to build a strong, favorable, and unique image in the minds of their target publics.

a. Information

b. Shopping goods

c. Durable goods

d. Organizations

e. Properties

8. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.”

a. we make profits

b. we challenge competitors

c. we implement ads

d. we sell hope

e. we sell quality

9. A ________ is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the ________.

a. salesperson; customer

b. fund-raiser; contributor

c. politician; voter

d. marketer; prospect

e. celebrity; audience

10. In ________, consumers may share a strong need that cannot be satisfied by an existing product.

a. negative demand

b. latent demand

c. declining demand

d. irregular demand

e. nonexistent demand

11. In ________, more customers would like to buy the product than can be satisfied.

a. latent demand

b. irregular demand

c. overfull demand

d. excessive

e. negative demand

12. In ________, consumers dislike the product and may even pay a price to avoid it.

a. nonexistent demand

b. overfull demand

c. irregular demand

d. negative demand

e. declining demand

13. Marketers often use the term ________ to cover various groupings of customers.

a. people

b. buying power

c. demographic segment

d. social class position

e. market

14. Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in markets called ________.

a. business markets

b. global markets

c. consumer markets

d. nonprofit and governmental markets

e. service markets

15. Much of a brand’s strength in consumer markets depends on ________.

a. developing a superior product

b. creating superior packaging

c. ensuring the product’s availability

d. backing the product with engaging communications and reliable service

e. all of the above

16. In business markets, advertising can play a role, but a stronger role may be played by the sales force, ________, and the company’s reputation for reliability and quality.

a. brand image

b. distribution

c. promotion

d. price

e. performance

17. Global marketers must decide ________.

a. which countries to enter

b. how to enter each country (as an exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer)

c. how to adapt their product and service features to each country

d. how to price their products in different countries

e. all of the above

18. Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

a. metamarket

b. vertical integration

c. horizontal integration

d. betamarket

e. synchronized marketing

19. The ________ process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.

a. marketing planning

b. strategic planning

c. market research

d. opportunity analysis

e. share of customer

:

20. ________ are basic human requirements; ________ are the ways in which we satisfy those requirements, and they are shaped by our society.

a. Wants; needs

b. Demands; wants

c. Needs; wants

d. Needs; demands

e. Demands; needs

21. A(n) ________ need is a need that the consumer explicitly verbalizes.

a. stated

b. real

c. unstated

d. delight

e. secret

22. The identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as ________.

a. segmentation

b. integration

c. disintermediation

d. targeting

e. partner relationship management

23. Companies address needs by putting forth a(n) ________, a set of benefits that they offer to customers to satisfy their needs.

a. brand

b. value proposition

c. offering

d. target market

e. demand

24. A(n) ________ need is one that motivates the consumer but that the consumer is reluctant or unwilling to explicitly verbalize.

a. real

b. unstated

c. delight

d. secret

e. stated

25. During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________.

a. target markets

b. primary markets

c. tertiary markets

d. demographic markets

e. focused markets

26. For each target market, the firm develops a ________. The offering is then positioned in the minds of the target buyers as delivering some central benefit(s).

a. value offering

b. niche offering

c. market offering

d. segment offering

e. social offering

27. ________ reflects a customer’s judgment of a product’s performance in relation to his or her expectations.

a. Loyalty

b. Satisfaction

c. Value

d. Expectations

e. Comparison shopping

28. If a marketer decides to use warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using what is called a ________.

a. service channel

b. distribution channel

c. brand channel

d. relationship channel

e. intermediary channel

29. The ________ is a long channel stretching from raw materials to components to final products that are carried to final buyers.

a. communication channel

b. distribution channel

c. supply chain

d. service channel

e. marketing channel

30. Value reflects ________.

a. the price consumers are charged for a product

b. the cost of manufacturing a product

c. the degree to which consumer demand for the product is positive

d. the sum of the perceived tangible and intangible benefits and costs to customers

e. all of the above

31. ________ includes all the actual and potential rival offerings and substitutes that a buyer might consider.

a. Competition

b. The product offering

c. A value proposition

d. The supply chain

e. The marketing environment

32. The ________ includes the actors involved in producing, distributing, and promoting the offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.

a. operations environment

b. management environment

c. strategic environment

d. task environment

e. tactical environment

33. Many countries have ________ industries to create greater competition and growth opportunities.

a. open-market

b. deregulated

c. regulated

d. scientifically segmented

e. created mass market

34. Rising promotion costs and shrinking profit margins are the result of ________.

a. changing technology

b. globalization

c. deregulation

d. privatization

e. heightened competition

35. Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries—this is called ________.

a. globalization

b. customization

c. industry convergence

d. heightened competition

e. acquisition

36. In response to giant retailers and category killers, entrepreneurial retailers are building entertainment into stores with coffee bars, lectures, demonstrations, and performances. They are marketing a(n) ________ rather than a product assortment.

a. experience

b. customer value

c. customer delight

d. total service solution

e. intangible benefit(s)

37. In response to threats from such companies as AOL, Amazon.com, Yahoo!, eBay, E*TRADE, and dozens of others, established manufacturers and retailers became “brick-and-click” oriented by adding online services to their existing offerings. This process became known as ________.

a. reintermediation

b. disintermediation

c. e-commerce

d. e-collaboration

e. new-market synchronization

38. Many brick-and-click competitors became stronger contenders in the marketplace than the pure-click firms because they had a larger pool of resources to work with and ________.

a. better prices

b. greater value

c. well-established brand names

d. one-on-one communications

e. direct-selling capability

39. Managers of ________-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution.

a. selling

b. product

c. production

d. marketing

e. consumer

40. The feasibility of companies dealing with customers one at a time has risen as a result of advances in ________, computers, the Internet, and database marketing software.

a. improved communication flow

b. information technology

c. just-in-time manufacturing

d. factory customization

e. customer-centered strategies

41. The ________ concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

a. product

b. marketing

c. production

d. selling

e. holistic marketing

42. The ________ is practiced most aggressively with unsought goods, goods that buyers normally do not think of buying, such as insurance, encyclopedias, and cemetery plots.

a. marketing concept

b. selling concept

c. production concept

d. product concept

e. holistic marketing concept

43. The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products.

a. production

b. selling

c. marketing

d. product

e. holistic marketing

44. Several scholars have found that companies who embrace the marketing concept achieve superior performance. This was first demonstrated for companies practicing a ________—understanding and meeting customers’ expressed needs.

a. reactive market orientation

b. proactive marketing orientation

c. total market orientation

d. impulsive market orientation

e. holistic market orientation

45. According to Theodore Levitt, who drew contrasts between the selling and marketing concepts, ________ is preoccupied with the need to convert products into cash.

a. marketing

b. selling

c. direct marketing

d. holistic marketing

e. service marketing

46. Companies that practice both a reactive and proactive marketing orientation are implementing a ________ and are likely to be the most successful.

a. total market orientation

b. external focus

c. customer focus

d. competitive, customer focus

e. confrontation process

47. Companies that adopt and employ the marketing concept switch from being solely product centered to being more ________ centered.

a. competency

b. strategy

c. marketing

d. customer

e. sales

48. ________ can be seen as the development, design, and implementation of marketing programs, processes, and activities that recognizes the breadth and interdependencies of their effects.

a. Niche marketing

b. Holistic marketing

c. Relationship marketing

d. Supply chain marketing

e. Demand-centered marketing

49. ________ marketing aims to build mutually satisfying long-term relations with key parties such as customers, suppliers, distributors, and other marketing partners.

a. Holistic

b. Demand-based

c. Direct

d. Relationship

e. Synthetic

50. The strength of the ________ depends on the mutually profitable business relationships built by the company and its supporting stakeholders.

a. sales network

b. holistic union

c. marketing network

d. supply chain network

e. integrated network

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