Quiz 1 Flashcards
(15 cards)
Which of the following is NOT an accurate description of modern marketing?
A) Marketing is the creation of value for customers
B) Marketing involves managing profitable customer relationships
C) Marketing emphasizes selling and advertising exclusively
D) Marketing involves satisfying customers’ needs
E) Marketing is building value-laden exchange relationship with customers
Marketing emphasizes selling and advertising exclusively
Which of the following is true with regard to the product/expansion grid?
It is a useful device for identifying growth opportunities
Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.
Marketing
Which of the following uses a customer-centered “sense-and-respond” philosophy rather than a product-centered “make-and-sell” philosophy?
marketing concept
Henry Ford’s philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.
A)product B)production C)selling D)marketing societal marketing
Production
Which of the following companies has a product-oriented business definition?
A) A luxury hotel, whose business definition is: “We sell out-of-the-world experiences to our guests.”
B) A real estate company, whose business definition is: “We sell dreams.”
C) A cosmetic company, whose business definition is: “We offer hope and self-expression.”
D) A shoe manufacturer, whose business definition is: “We manufacture affordable and long-lasting shoes for all.”
E) A high-technology company, whose business definition is: “We sell inspirations.”
D) A shoe manufacturer, whose business definition is: “We manufacture affordable and long-lasting shoes for all.”ition is: “We sell inspirations.”
According to management guru Peter Drucker, “The aim of marketing is to ________.”
A) create customer value B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products
C) make selling unnecessary
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.
Market penetration
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.
Product positioning
Greater consumer control means that companies can no longer rely on ________.
marketing by intrusion
Which of the following customer questions is answered by a company’s value proposition?
“Why should I buy your brand rather than a competitor’s?”
Amor, a successful brand of women’s clothing, recently introduced a line of fitness equipment. This is an example of ________.
Diversification
The final step in the marketing process is ________.
a. designing a customer-driven marketing strategy
b. constructing an integrated marketing program
c. building profitable relationships with the customers
d. understanding the marketplace
e. capturing value from customers
e. capturing value from customers
Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.
A. product development B. mass customization C. benchmarking D. diversification E. downsizing
A.
product development
According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.
A) relative market share B) product development C) market diversification D) product attribute E) market segmentation
A) relative market share
