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Exam 1: Defining Marketing for the 21st Century

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Question 41

Multiple Choice

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A social definition of marketing says ________.

A) effective marketing requires companies to remove intermediaries 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 the maximum 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

F) All of the above
G) A) and B)

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Question 42

Multiple Choice

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Marketers at Oh Le Pte Ltd believe in putting their customers ahead of everything else. Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction. Oh Le follows the ________ concept in doing business.

A) production
B) product
C) selling
D) marketing
E) social responsibility

F) C) and D)
G) A) and E)

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Question 43

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The selling concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.

New terms are now being used to describe where marketing is done. Using the automobile market, describe automotive buying behavior for a: (1) marketplace, (2) marketspace, and (3) metamarket.

When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________.

Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception.

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

Consider the real estate industry. The ________ for this industry includes construction companies, financing institutions, paint manufacturers, interior decorators, furniture manufacturers, and plumbing industries.

Define internal marketing and its role in the company. Outline how various departments within the company can demonstrate a customer focus.

The production concept is one of the newest concepts in business.

The marketing concept holds that ________.

Discuss the concept of disintermediation and provide an example.

A ________ is 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.

The digital revolution has placed a whole new set of capabilities in the hands of consumers and businesses. Describe the advantages that you as a consumer have today that your parents or grandparents didn't have.

Cause-related marketing involves donating a percentage of revenues to a specific cause based on the revenue occurring during the announced period of support.

When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________.

Increasingly, a key goal of marketing is to develop deep, enduring relationships with all entities that directly or indirectly affect the success of the firm. Discuss the merits of relationship marketing. From your experience as a consumer, describe the relationship marketing efforts undertaken by a company of your choice.

The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being.

When companies measure the number of people who are willing and able to buy their products, they are measuring ________.

________ marketing aims to build mutually satisfying long-term collaboration with key constituents, such as customers, employees, suppliers, distributors, and other marketing partners, in order to earn and retain their business.