Question 1

Briefly explain and discuss the five types of utility discussed in Chapter 1. Which type(s) of utility is the most important and why?

Accepted Answer

The five types of utility are:
1. Form U...

Question 2

A customer's decision to purchase one product or group of products over another is primarily a function of:

Accepted Answer

A)   the convenience of acquiring the product or group of products.
B)   how well that choice will fulfill that person's needs and satisfy his or her wants.
C)   the product's features relative to competing products.
D)   the product's price.
E)   the availability of the product or group of products.F) B) and D)
G) B) and E)

Question 3

In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?

Accepted Answer

A)   Airline firms compete in a declining industry.
B)   Airline customers have become increasingly demanding.
C)   There is very little differentiation among product offerings in the industry.
D)   The industry experiences very little change over time.
E)   Airlines have been forced to develop partnerships to remain competitive.F) B) and D)
G) A) and D)

Question 4

Which of the following statements about pricing decisions in marketing strategy is TRUE?

Accepted Answer

A)   Price is one of two elements of the marketing mix that leads to revenue.
B)   Price has a direct connection with customer demand.
C)   Pricing is the least manipulated element of the marketing mix.
D)   Pricing is the most difficult element of the marketing mix to change.
E)   Customers will always equate higher prices with higher quality products.F) D) and E)
G) None of the above

Question 5

In the traditional transactional marketing approach, the ultimate goal of marketing is to:

Accepted Answer

A)   serve customers' needs and wants.
B)   develop long-term customer relationships.
C)   create value in the buyer-seller relationship.
D)   acquire new customers and complete a large number of exchanges.
E)   All of the above are goals of transactional marketing.F) A) and B)
G) A) and C)

Question 6

A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:

Accepted Answer

A)   marketspace
B)   market
C)   metamediary
D)   marketing channel
E)   metamarketF) B) and D)
G) A) and B) E

Question 7

_____ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

Accepted Answer

A)   Specialization
B)   Commoditization
C)   Maturation
D)   Price Devaluation
E)   Market HomogeneityF) A) and B)
G) A) and C)

Question 8

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion)  to delivering _____ and a shift from creating exchanges to creating _____.

Accepted Answer

A)   satisfaction; customer relationships
B)   value; customer relationships
C)   quality; transactions
D)   value; satisfaction
E)   quality; valueF) A) and B)
G) All of the above

Question 9

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?

Accepted Answer

A)   retailers
B)   wholesalers
C)   customers
D)   manufacturers
E)   market research firmsF) None of the above
G) C) and D)

Question 10

What type of planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

Accepted Answer

A)   market planning
B)   strategic planning
C)   local planning
D)   lower-level planning
E)   tactical planningF) A) and D)
G) A) and B)

Question 11

The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

Accepted Answer

The seven issues are: 1) Power Shift to Customers, 2) Massive Increase in Product Selection, 3) Audience and Media Fragmentation, 4) Changing Value Propositions, 5) Shifting Demand Patterns, 6) Privacy, Security, and Ethical Concerns, and 7) Unclear Legal Jurisdiction. The common thread that ties them together is the increase in information and choices made available by the Internet.

Question 12

Which of the following IS NOT one of the five conditions of exchange in marketing?

Accepted Answer

A)   There must be at least two parties to the exchange
B)   Each party has something of value to offer the other party
C)   Each party must be free to accept or reject the exchange
D)   Each party must be capable of immediate delivery
E)   Each party believes that it is desirable to exchange with the other partyF) A) and B)
G) None of the above D

Question 13

Edmunds.com provides a collection of online services and information pertaining to the automotive market. Edmunds offers reviews, free pricing reports, discussion boards, and links to a variety of car manufacturers, dealers, insurance companies, and finance companies. What role does Edmunds.com play in today's economy?

Accepted Answer

A)   distributor
B)   marketspace
C)   metamediary
D)   metamarket
E)   electronic brokerF) All of the above
G) A) and D)

Question 14

Marketers who offer supplemental services such as financing, home delivery, or installation do so in an effort to increase what type of utility?

Accepted Answer

A)   time utility
B)   place utility
C)   possession utility
D)   form utility
E)   psychological utilityF) A) and D)
G) C) and E)

Question 15

Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

Accepted Answer

One of the greatest frustrations and opp...

Question 16

A product that provides the utmost in convenience is said to offer exceptional:

Accepted Answer

A)   time and place utility
B)   place and possession utility
C)   time and possession utility
D)   form and time utility
E)   form and place utilityF) A) and E)
G) B) and D)

Question 17

_____ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

Accepted Answer

A)   Competitive intelligence
B)   Environmental scanning
C)   Tactical planning
D)   Marketing research
E)   External analysisF) A) and B)
G) C) and D)

Question 18

All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:

Accepted Answer

A)   Customers are much less brand loyal than in the past.
B)   Today's customers are very price sensitive.
C)   Today's customers are exceptionally demanding.
D)   Product quality is much lower now than at any time in the past.
E)   Customers are more cynical, have more information, and have more attitude than ever before.F) A) and B)
G) A) and E)

Question 19

One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:

Accepted Answer

A)   international markets
B)   domestic, interstate markets
C)   business-to-business markets
D)   metamarkets
E)   peer-to-peer transactionsF) None of the above
G) All of the above

Question 20

Changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. What is that lesson?

Accepted Answer

A)   Customers will always seek the best value regardless of quality.
B)   Customers will always turn to the most recognized brand.
C)   Customers would rather perform service for themselves to save money.
D)   Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
E)   Customers will always seek the best quality regardless of price.F) A) and B)
G) A) and C)

Exam 1: Marketing in Todays Economy

Briefly explain and discuss the five types of utility discussed in Chapter 1. Which type(s) of utility is the most important and why?

Correct Answer
verified
The five types of utility are:
1. Form U...
View Answer

A customer's decision to purchase one product or group of products over another is primarily a function of:

Correct Answer
verified

In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?

Correct Answer
verified

Which of the following statements about pricing decisions in marketing strategy is TRUE?

Correct Answer
verified

In the traditional transactional marketing approach, the ultimate goal of marketing is to:

Correct Answer
verified

A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:

Correct Answer
verified
E

_____ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

Correct Answer
verified

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _ and a shift from creating exchanges to creating _.

Correct Answer
verified

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?

Correct Answer
verified

What type of planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

Correct Answer
verified

The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

Which of the following IS NOT one of the five conditions of exchange in marketing?

Correct Answer
verified
D

Correct Answer
verified

Marketers who offer supplemental services such as financing, home delivery, or installation do so in an effort to increase what type of utility?

Correct Answer
verified

Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

Correct Answer
verified
One of the greatest frustrations and opp...
View Answer

A product that provides the utmost in convenience is said to offer exceptional:

Correct Answer
verified

_____ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

Correct Answer
verified

All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:

Correct Answer
verified

One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:

Correct Answer
verified

Changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. What is that lesson?

Correct Answer
verified

Exam 1: Marketing in Todays Economy

Briefly explain and discuss the five types of utility discussed in Chapter 1. Which type(s) of utility is the most important and why?

Correct AnswerverifiedThe five types of utility are:1. Form U...View AnswerShow Answer

A customer's decision to purchase one product or group of products over another is primarily a function of:

Correct AnswerverifiedShow Answer

In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?

Correct AnswerverifiedShow Answer

Which of the following statements about pricing decisions in marketing strategy is TRUE?

Correct AnswerverifiedShow Answer

In the traditional transactional marketing approach, the ultimate goal of marketing is to:

Correct AnswerverifiedShow Answer

A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:

Correct AnswerverifiedE

_____ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

Correct AnswerverifiedShow Answer

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _____ and a shift from creating exchanges to creating _____.

Correct AnswerverifiedShow Answer

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?

Correct AnswerverifiedShow Answer

What type of planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

Correct AnswerverifiedShow Answer

The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

Which of the following IS NOT one of the five conditions of exchange in marketing?

Correct AnswerverifiedD

Correct AnswerverifiedShow Answer

Marketers who offer supplemental services such as financing, home delivery, or installation do so in an effort to increase what type of utility?

Correct AnswerverifiedShow Answer

Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

Correct AnswerverifiedOne of the greatest frustrations and opp...View AnswerShow Answer

A product that provides the utmost in convenience is said to offer exceptional:

Correct AnswerverifiedShow Answer

_____ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

Correct AnswerverifiedShow Answer

All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:

Correct AnswerverifiedShow Answer

One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:

Correct AnswerverifiedShow Answer

Changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. What is that lesson?

Correct AnswerverifiedShow Answer

Correct Answer
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The five types of utility are:
1. Form U...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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E

Correct Answer
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In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _ and a shift from creating exchanges to creating _.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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D

Correct Answer
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Correct Answer
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Correct Answer
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One of the greatest frustrations and opp...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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