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Promoting: An Introduction, 11e (Armstrong) Phase 1 Promoting: Creating and Capturing Client Value 1) ________ is identified as a cultural and managerial process through which individuals and organizations obtain what they need and need through creating and changing value with others. A) Value reengineering B) Hrm C) Loans D) Marketing E) Root cause analysis Response: D Webpage Ref: your five Difficulty: Convenient Chapter LO: 1 Course LO: Discuss the fundamental concepts of marketing 2) The first step in the marketing procedure is ________.

A) recording value coming from customers to produce profits and customer value B) making an integrated marketing program that delivers superior benefit C) building profitable relationships and creating customer please D) comprehending the marketplace and customer requires and desires E) creating a customer-driven marketing strategy Answer: D Webpage Ref: 6 Difficulty: Moderate Chapter LO: 1 Training course LO: Go over the fundamental concepts of marketing 3) ________ are states of felt starvation.

A) Requires B) Needs C) Needs D) Beliefs E) Exchanges

Answer: A Page Ref: 6th Difficulty: Easy Chapter LO: 2 Study course LO: Discuss the fundamental ideas of marketing 4) ________ are human demands as designed by individuality and tradition. A) Offerings B) Wishes C) Needs D) Ideals E) Exchanges Answer: N Page Ref: 6 Problems: Easy Part LO: 2 Course LO: Discuss the fundamental concepts of promoting 5) The moment backed by obtaining power, desires become ________. A) social needs B) demands C) physical demands D) self-esteem needs E) exchanges Response: B Webpage Ref: 6th Difficulty: Easy Chapter LO: 2

Course LO: Talk about the fundamental ideas of marketing 6) Abel now has the buying power to buy the computer that he wished for the last six months. Abel’s need has now turn into a(n) ________. A) will need B) need C) require D) exigency E) desire Answer: C Page Ref: 6 Problems: Challenging Phase LO: two AACSB: Inductive skills Course LO: Talk about the fundamental ideas of marketing 7) ________ identifies the mistake of paying more attention to the specific goods a company offers than to the benefits and experiences made by these products.

A) Buyer’s embarrassment B) Out-of-home advertising C) Caveat emptor D) Advertising myopia E) Winner’s curse Answer: G Page Ref: 7 Difficulty: Moderate Phase LO: two Course LO: Discuss the essential concepts of marketing 8) The art and science of choosing target market segments and building profitable human relationships with all of them is called ________. A) marketing management B) market increased C) advertising liquidity D) market excitement E) marketing liberalization Response: A Page Ref: 9 Difficulty: Easy Section LO: three or more Course LO: Discuss the primary concepts of promoting ) Selecting particular sections of a inhabitants of customers to serve is known as ________. A) value reengineering B) company synchronizing C) mass designing D) target marketing E) selective administering Answer: M Page Ref: 9 Problems: Moderate Phase LO: 3 Course LO: Discuss the basic concepts of marketing 10) The BakeWay Bite is a popular cookie sandwich marketed by the Posco Division of Home Foods. It can be famous for their white cream-filled center. House Foods create a different version of these biscuits for buyers in Indonesia.

To appeal to German born consumers, Residence Food created dark chocolate stuffing for the same cookie sandwiches. This is an example of ________. A) bulk breaking B) cost leadership C) diversification D) target marketing E) vertical the use Answer: D Page Ref: 9 Problems: Challenging Part LO: several AACSB: Discursive skills Training course LO: Talk about the fundamental ideas of marketing 11) A brand’s ________ is definitely the set of rewards or principles it pledges to deliver to consumers to satisfy their needs. A) dominant influence B) fringe benefit C) cardinality D) value task

E) primary benefit Answer: D Page Ref: on the lookout for Difficulty: Easy Chapter LO: 3 Course LO: Discuss the fundamental principles of marketing 12) Which in the following marketing management concepts is most likely to acquire to marketing myopia? A) the customer-driven marketing idea B) the customer-driving promoting concept C) the societal marketing idea D) the selling principle E) the availability concept Response: E Webpage Ref: twelve Difficulty: Moderate Chapter LO: 3 Training course LO: Go over the fundamental principles of marketing 13) The production concept holds that ________.

A) consumers will never buy enough of the business products unless of course the company undertakes a large-scale offering and advertising effort B) a company’s marketing decisions should consider customers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run hobbies C) customers will benefit products that are offered and highly affordable D) achieving organizational goals is determined by knowing the requires and wishes of concentrate on markets and delivering the desired satisfactions greater than competitors carry out E) buyers will favor products that provide the most in quality, performance, and ground breaking features Solution: C

Page Ref: twelve Difficulty: Moderate Chapter LO: 3 Study course LO: Talk about the fundamental ideas of marketing 14) Henry Ford’s philosophy was to perfect the Model-T to ensure that its cost could possibly be reduced further more for elevated consumer affordability. This displays the ________. A) customer-driving marketing concept B) promoting concept C) societal marketing concept D) production idea E) providing concept Response: D Site Ref: 12 Difficulty: Demanding Chapter LO: 3 AACSB: Analytic abilities Course LO: Discuss the basic concepts of marketing 5) In line with the product strategy, a company ought to ________. A) improve marketing of it is best goods only B) market only those products that have substantial customer charm C) give attention to the target industry and make products that meet those customers’ demands D) devote its energy to making continuous product advancements E) produce promoting products the company’s main concern Answer: D Page Ref: 10 Problems: Moderate Chapter LO: several Course LO: Discuss the fundamental concepts of promoting 16) The selling concept holds that ________.

A) consumers will not likely buy enough of the firm’s products except if the company undertakes a large-scale providing and campaign effort B) a company’s marketing decisions should consider customers’ wants, the company’s requirements, customers’ long-run interests, and society’s long-run pursuits C) customers will prefer products available and extremely affordable D) achieving company goals will depend on knowing the demands and desires of target markets and delivering the specified satisfactions much better than competitors carry out E) buyers will prefer products that provide the most in quality, performance, and innovative features Response: A

Web page Ref: 15 Difficulty: Moderate Chapter LO: 3 Training course LO: Go over the fundamental principles of marketing 17) Which from the following displays the marketing concept beliefs? A) We don’t have a marketing department, we certainly have a customer division. B) We are going to in the business of producing and offering superior goods. C) All of us build them so you can buy them. D) When it’s profits vs . customers’ requirements, profits will always win out. E) You won’t find a better deal anywhere else. Answer: A website Ref: 10-11 Difficulty: Average Chapter LO: 3

Training course LO: Talk about the fundamental principles of marketing 18) The ________ concept keeps that reaching organizational desired goals depends on the actual needs and wants of target market segments and delivering the desired satisfactions better than opponents do. A) marketing B) product C) production D) selling E) societal marketing Answer: A Page Ref: twelve Difficulty: Convenient Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 19) Customer-driven advertising is most likely to work well when ________ and once customers ________. A) a need exists, are hard to identify

B) customers do not know what they want, possess limited finances C) you will discover few rivals, are concerned about their particular long-run welfare D) an obvious need is available, know what they desire E) a want is present, cannot afford that Answer: G Page Ref: 11 Problems: Moderate Part LO: several Course LO: Discuss the primary concepts of marketing 20) When ever customers can’t say for sure what they want or don’t possibly know exactly what is possible, the very best strategy is definitely ________ promoting. A) customer-driven B) customer-driving C) societal D) production E) merchandise Answer: W Page Ref: 11 Difficulty: Moderate Section LO: several

Course LO: Discuss the essential concepts of marketing 21) Josie enjoys her work at Cutting-edge Designs Inc. Her business understands and anticipates buyer needs better yet than buyers themselves perform and produces products and services to fulfill existing and latent needs, now and the future. Josie’s firm procedures ________ promoting. A) product concept B) customer-driving C) societal D) donor E) production idea Answer: M Page Ref: 11 Difficulty: Challenging Phase LO: a few AACSB: Inductive skills Course LO: Talk about the fundamental ideas of marketing 22) The social marketing principle holds that ________.

A) consumers will never buy enough of the business’s products until the firm undertakes a large-scale offering and campaign effort B) a industry’s marketing decisions should consider customers’ wants, you can actually requirements, customers’ long-run passions, and society’s long-run hobbies C) the society can favor items that are available and highly cost-effective D) attaining organizational goals depends on the actual needs and wants of target market segments and delivering the desired satisfactions better than opponents do E) consumers will certainly favor products that offer the most in quality, performance, and innovative features Answer: M

Page Ref: 11 Problems: Moderate Phase LO: several Course LO: Discuss the primary concepts of promoting 23) The societal promoting concept tries to establish a balance between consumer short-run wants and consumer ________. A) short-run costs B) short-run rewards C) long-run welfare D) long-run costs E) long-run reputation Solution: C Site Ref: eleven Difficulty: Easy Chapter LO: 3 Study course LO: Go over the fundamental concepts of marketing 24) Some prêt à manger restaurants provide tasty and convenient meals at affordable prices, however in doing so they will contribute to the nationwide obesity outbreak and environmental problems.

These types of fast-food eating places overlook the ________ concept. A) marketing B) product C) production D) societal promoting E) providing Answer: D Page Ref: 11 Difficulty: Moderate Part LO: several AACSB: Moral understanding and reasoning talents Course LO: Discuss the primary concepts of promoting 25) ________ marketing is usually socially and environmentally dependable marketing that meets the modern day needs of shoppers and businesses while also preserving or perhaps enhancing the capacity of foreseeable future generations to fulfill their needs. A) Customer-driven B) Mass C) Sustainable

D) Customer-driving E) Differential Answer: C Page Ref: 11 Difficulty: Average Chapter LO: 3 Program LO: Discuss the fundamental ideas of marketing 26) The overall technique of building and maintaining successful customer associations by providing superior client value and satisfaction is called ________. A) customer life span management B) societal advertising C) customer relationship managing D) databases marketing E) sustainable customer management Solution: C Site Ref: 13 Difficulty: Average Chapter LO: 4 Program LO: Go over the fundamental concepts of marketing 7) Which of the following conditions refers to a customer’s analysis of the difference between all of the benefits and all the costs of your marketing present relative to the ones from competing gives? A) customer-perceived value B) customer-oriented brand equity C) customer-perceived performance D) customer-oriented promotional blend E) customer-oriented price combine Answer: A website Ref: 13 Difficulty: Average Chapter LO: 4 Training course LO: Go over the fundamental ideas of marketing 28) Nickson unveiled a new array of watches that had been titled following the famous mountaineer Adam Legal documents.

These fresh watches were promoted through claims the design is actually a favorite of Adam Wills who employed a similar watch designed by Nickson for its large durability and quality in the expeditions. These kinds of a assess to entice customers to get one’s products aims at creating ________. A) customer collateral B) marriage marketing campaign C) customer-perceived value D) fair relationship E) societal marketing campaign Answer: C Page Ref: 13 Problems: Challenging Section LO: 4 AACSB: Inductive skills Course LO: Discuss the fundamental concepts of marketing 29) Sally bought the recently launched “Jolie” lotion.

By simply attempting to find away if the lotion’s perceived overall performance matches her expectations, Sally was testing her level of customer ________. A) identified value B) satisfaction C) equity D) engagement E) lifetime value Answer: W Page Ref: 14 Problems: Challenging Part LO: 4 AACSB: Discursive skills Course LO: Discuss the fundamental principles of marketing 30) Ryan tries to deliver client satisfaction every day in the installation business, Audio Expressions. The key to achieving this goal is to match the customer-perceived performance of his product with ________. A) company predictions

B) customer values C) customer expectations D) consumer relationship amounts E) firm expectations Answer: C Webpage Ref: 14 Difficulty: Difficult Chapter LO: 4 AACSB: Analytic expertise Course LO: Discuss the basic concepts of promoting 31) Expenses recently bought a BMW M3. Bill got several preconceived notions around the elegance and reliability of the car. Following your purchase, this individual discovered that the auto had a much more attributes than he initially perceived. Hence, it produced an emotional relationship with all the car resulting in ________. A) customer please B) consumer satiety

C) customer equity D) customer value E) customer involvement Answer: A website Ref: 13 Difficulty: Challenging Chapter LO: 4 AACSB: Analytic expertise Course LO: Discuss the essential concepts of promoting 32) Which will of the following terms identifies the customers who have make do it again purchases and tell others about their great experiences which has a product or service? A) hyper-satisfied consumers B) client evangelists C) viral promoting D) romantic relationship partners E) social buyers Answer: W Page Ref: 14 Problems: Moderate Chapter LO: some Course LO: Discuss the essential concepts of promoting 3) Firms can build customer interactions at many levels, with regards to the nature in the target market. Consequently, a company with few customers and high margins is most likely to seek to formulate ________ with key buyers. A) total partnerships B) basic associations C) selective relationships D) categorical relationships E) community relationships Answer: A Page Ref: 16 Problems: Moderate Section LO: four Course LO: Discuss the primary concepts of marketing 34) You are an assistant marketing representative for a organization in a marketplace with many low-margin customers.

Which in turn of the following types of relationships would be most rewarding for you to develop with these kinds of customers? A) full relationships B) simple relationships C) categorical relationships D) selective relationships E) community associations Answer: N Page Ref: 16 Difficulty: Challenging Section LO: four AACSB: Discursive skills Study course LO: Talk about the fundamental principles of marketing 35) The Niketown running membership that sets up twice every week evening operates for Nike customers can be an example of a ________. A) frequency program B) customer-driven marketing celebration C) membership marketing program

D) consumer-generated program E) environmentally friendly marketing event Answer: C Page Ref: 16 Problems: Challenging Phase LO: four AACSB: A fortiori skills Course LO: Discuss the fundamental principles of marketing 36) Greater client control ensures that companies must rely even more on marketing by ________ rather than marketing by ________. A) interruption, involvement B) attraction, attack C) socialization, information D) producing, providing E) ideas, competition Solution: B Site Ref: 18 Difficulty: Modest Chapter LO: 4 Training course LO: Discuss the fundamental concepts of marketing 7) Which with the following is usually an example of consumer-generated marketing? A) Toyota’s site on Facebook which provides info on its forthcoming cars to its consumers B) Nike’s Nike Additionally Web site which in turn helps their customers to customize their very own shoes C) BMW’s make use of brand-related movies posted on video-sharing Web sites simply by its buyers D) Neiman Marcus’s InCircle Rewards plan for its best customers E) the Lexus Covenant aimed at creating buyer delight Answer: C Page Ref: nineteen Difficulty: Tough Chapter LO: 4 AACSB: Analytic expertise, Use of i . t Course LO: Discuss the basic concepts of promoting 8) Ellis, a marketing supervisor at a regional chain restaurant, features decided to build a contest calling for customers to produce commercials pertaining to the cafe. Winning articles will be submitted to the organization’s home page. Ellis’ plan is usually an example of ________ marketing. A) consumer-generated B) sustainable C) customer team D) gear E) mass Answer: A Page Ref: 19 Difficulty: Difficult Chapter LO: 4 AACSB: Analytic skills Course LO: Discuss the fundamental concepts of promoting 39) ________ describes an extended channel, stretching from unprocessed trash to parts to last products which have been carried to final potential buyers.

A) The provision chain B) Direct marketing C) Collaboration relationship marketing D) DSS E) CRM Answer: A Page Ref: 20 Difficulty: Easy Chapter LO: 4 Training course LO: Discuss the fundamental concepts of marketing 40) The final step inside the marketing procedure is ________. A) capturing value via customers B) constructing an integrated marketing program C) building profitable relationships while using customers D) understanding the marketplace E) designing a customer-driven marketing strategy Solution: A Page Ref: 20 Problems: Moderate Section LO: 4 Course LO: Discuss the fundamental concepts of promoting 1) For Ken’s shop, the insurance plan statement submitted in the reception states that “Without our customers, we all don’t are present. ” Ashton kutcher and his personnel aim to joy each consumer and they are speedy to offer discount rates or extra services every time a customer is usually anything lower than satisfied. Instead of focusing on every individual transaction, Ashton kutcher and his staff are putting a priority upon ________. A) maintaining customer-perceived value B) managing spouse relationships C) attracting “butterflies” D) transforming “strangers” in “butterflies” E) capturing buyer lifetime worth Answer: E Page Ref: 21 Problems: Challenging Chapter LO: 5

AACSB: Inductive skills Course LO: Discuss the fundamental ideas of marketing 42) ________ identifies the area of the user’s purchase that a company gets in its product categories. A) Value proposition B) Share of buyer C) Brand equity D) Customer title E) Customer equity Solution: B Page Ref: twenty one Difficulty: Average Chapter LO: 4 Study course LO: Discuss the fundamental principles of marketing 43) ________ is the total put together customer life-time values of all the company’s current and potential customers. A) Talk about of customer B) Client payoff C) Customer value D) Buyer cardinality E) Customer identified value Answer: C

Web page Ref: twenty two Difficulty: Modest Chapter LO: 4 Training course LO: Go over the fundamental concepts of marketing 44) The ultimate aim of customer marriage management should be to produce ________. A) excessive customer fairness B) excessive current market share C) constant sales quantity D) substantial customer benefit E) revenue maximization Solution: A Page Ref: 22 Problems: Moderate Part LO: some Course LO: Discuss the fundamental concepts of promoting 45) Buyers can be grouped into four relationship groupings, according with their profitability and projected commitment. Based on this kind of classification, you should avoid ________ and ought not to invest anything at all in all of them.

A) barnacles B) unknown people C) butterflies D) the case believers E) true close friends Answer: N Page Ref: 22-23 Problems: Easy Part LO: four Course LO: Discuss the essential concepts of promoting 46) Buyers can be grouped into several relationship groups, according for their profitability and projected dedication. According to the classification, a highly profitable, initial customer is actually a ________. A) true good friend B) butterflies C) unfamiliar person D) barnacle E) the case believer Answer: B Page Ref: twenty-three Difficulty: Easy Chapter LO: 4 Course LO: Talk about the fundamental concepts of marketing 7) Customers could be classified in four relationship groups, in accordance to their earnings and projected loyalty. With reference to this classification, a firm should certainly turn true friends in to ________, who come back on a regular basis and inform others about their good experiences with the company. A) barnacles B) butterflies C) strangers D) the case believers E) stars Response: D Webpage Ref: 23 Difficulty: Easy Chapter LO: 4 Training course LO: Discuss the fundamental ideas of marketing 48) Carla, a team leader in charge of consumer relationship managing, is planning strategies for enhancing the profitability of her firm’s least rofitable but faithful customers. She is also analyzing methods for “firing” customers with this group who cannot be manufactured profitable. Where of the following customer relationship groups carry out these buyers belong? A) butterflies B) true friends C) unknown people D) barnacles E) immediate customers Response: D Webpage Ref: 23 Difficulty: Demanding Chapter LO: 4 AACSB: Analytic abilities Course LO: Discuss the primary concepts of promoting 49) Which of the following has been the most frequent consumer respond to the economic depression that started out in 08? A) spending more on luxury things B) stopping any spending on luxury products

C) spending less and choosing items more properly D) spending more upon leisure and travel E) saving the spending more on grocery store items Solution: C Site Ref: 24 Difficulty: Convenient Chapter LO: 5 50) Your state’s department of health has budgeted a tremendous amount of money to get a radio, print, television, and online advertising marketing campaign emphasizing the ill effects of smoking. This can be an example of a(n) ________ marketing campaign. A) honest B) marketing campaign C) for-profit D) consumer-generated E) differentiated Answer: M Page Ref: 28 Problems: Challenging Phase LO: five AACSB: A fortiori skills

Program LO: Discuss the fundamental principles of marketing 51) With its online marketing strategy chosen, the company constructs an integrated marketing program that includes a blend of advertising mix elements called the ________, that transforms the marketing strategy into real value for customers. A) three stars B) consumer values C) four Playstation D) identified attributes E) five domains Answer: C Page Ref: 29 Problems: Moderate Chapter LO: your five Course LO: Discuss the fundamental concepts of promoting 52) Marketing is managing profitable consumer relationships. Answer: TRUE Web page Ref: your five Difficulty: Moderate Chapter LO: 1

Training course LO: Talk about the fundamental principles of marketing 53) The twofold goal of marketing is to appeal to new customers by simply promising remarkable value and to keep and grow current customers by delivering pleasure. Answer: THE CASE Page Ref: 5 Problems: Moderate Phase LO: one particular Course LO: Discuss the basic concepts of marketing 54) Wishes are the type human requirements take as they are shaped simply by culture and individual personality. Response: TRUE Page Ref: 6 Difficulty: Moderate Chapter LO: 2 Course LO: Go over the fundamental ideas of marketing 55) The difference between human requirements and wants is that requirements are not affected by marketers.

Answer: THE CASE Page Ref: 6 Difficulty: Moderate Phase LO: a couple of Course LO: Discuss the essential concepts of promoting 56) When ever backed by obtaining power, requires become wishes. Answer: FALSE Page Ref: 6 Problems: Moderate Chapter LO: 2 Course LO: Discuss the fundamental concepts of marketing 57) Industry offerings are limited to physical products. Answer: FALSE Webpage Ref: six Difficulty: Easy Chapter LO: 2 Study course LO: Talk about the fundamental concepts of marketing 58) Market offerings can include goods, services, details, or encounters offered to an industry to satisfy a purpose or want.

Answer: ACCURATE Page Ref: 6 Problems: Easy Section LO: 2 Course LO: Discuss the basic concepts of marketing 59) Once sellers shell out less attention to the specific goods they offer and more attention to the rewards and encounters produced by these products, they endure marketing myopia. Answer: FAKE Page Ref: 7 Problems: Moderate Chapter LO: two Course LO: Discuss the primary concepts of marketing 60) If perhaps marketers collection consumer targets too low, they might satisfy those who buy although fail to entice enough buyers. Answer: ACCURATE Page Ref: 7 Problems: Easy Part LO: two 1) The process of dividing the marketplace into sections of customers is referred to as market transmission. Answer: PHONY Page Ref: 9 Problems: Moderate Section LO: a few Course LO: Discuss the basic concepts of marketing 62) Marketing managers are interested in serving most customers in every single way to stay competitive in today’s markets. Response: FALSE Page Ref: being unfaithful Difficulty: Average Chapter LO: 3 Training course LO: Go over the fundamental ideas of marketing 63) A brand’s value idea is the pair of benefits or values that promises to provide to buyers to satisfy the requirements. Answer: THE CASE Page Ref: 9

Difficulty: Easy Chapter LO: a few Course LO: Discuss the basic concepts of promoting 64) The availability concept and product idea are orientations that can lead to marketing myopia. Answer: AUTHENTIC Page Ref: 10 Problems: Easy Section LO: several Course LO: Discuss the essential concepts of marketing 65) Nickson Cameras has developed a new design for digital cameras that their particular staff thinks will offer one of the most in terms of quality, performance, and innovative features. Nickson Cams is training the production concept here. Response: FALSE Web page Ref: 10 Difficulty: Modest Chapter LO: 3 AACSB: Analytic abilities

Course LO: Discuss the primary concepts of promoting 66) The selling principle holds that consumers will never buy enough of the business products until it undertakes a considerable selling and promotion effort. Answer: ACCURATE Page Ref: 10 Difficulty: Easy Part LO: 3 Course LO: Discuss the fundamental concepts of marketing 67) The main difference between customer-driving marketing and customer-driven marketing is that the customer-driving marketing views only existing needs. Answer: FALSE Site Ref: 11 Difficulty: Average Chapter LO: 3 Course LO: Go over the fundamental concepts of marketing 8) The societal marketing strategy holds that the company’s advertising decisions should consider consumers’ desires, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. Solution: TRUE Webpage Ref: eleven Difficulty: Average Chapter LO: 3 Training course LO: Go over the fundamental principles of marketing 69) Product, price, place, and promotion from the elements of a firm’s advertising mix. Solution: TRUE Web page Ref: doze Difficulty: Easy Chapter LO: 3 Program LO: Discuss the fundamental ideas of marketing 70) In its largest sense, customer relationship managing (CRM) can be described as customer info management activity.

Answer: PHONY Page Ref: 13 Difficulty: Moderate Part LO: some Course LO: Discuss the essential concepts of promoting 71) Consumer value is described as the user’s evaluation with the perceived big difference between all of the benefits and everything the costs of any marketing offer relative to those of competing presents. Answer: TRUE Page Ref: 13 Difficulty: Moderate Phase LO: 4 Course LO: Discuss the primary concepts of promoting 72) To any or all consumers, benefit means reasonable products at inexpensive costs. Answer: FALSE Page Ref: 13 Problems: Easy Phase LO: 4 Course LO: Discuss the primary concepts of marketing 3) Customer-perceived value depend upon which product’s identified performance relative to a buyer’s expectations. Solution: FALSE Web page Ref: 13 Difficulty: Average Chapter LO: 4 Course LO: Go over the fundamental concepts of marketing 74) In markets with handful of customers and high margins, sellers should try to develop fundamental relationships rather than full partnerships. Answer: PHONY Page Ref: 16 Difficulty: Moderate Part LO: 5 Course LO: Discuss the fundamental concepts of promoting 75) Club marketing applications reward buyers who purchase frequently or in considerable amounts. Answer: FALSE

Page Ref: 16 Difficulty: Moderate Phase LO: some Course LO: Discuss the fundamental concepts of marketing 76) Better consumer control means that businesses can no longer count on marketing simply by attraction. Response: FALSE Webpage Ref: 18 Difficulty: Modest Chapter LO: 4 Training course LO: Discuss the fundamental principles of marketing 77) Through consumer-generated marketing, consumers themselves are playing a bigger position in surrounding their own brand experiences and those of others. Answer: TRUE Site Ref: nineteen Difficulty: Easy Chapter LO: 4 Program LO: Discuss the fundamental concepts of marketing 8) In addition to being good at customer relationship management, internet marketers must also operate closely with others inside and outside the company to jointly bring more quality to buyers. Answer: THE CASE Page Ref: 20 Difficulty: Moderate Section LO: 4 Course LO: Discuss the essential concepts of promoting 79) Success at delivering customer benefit rests on how well their very own entire source chain works against competitors’ supply stores. Answer: ACCURATE Page Ref: 20 Difficulty: Easy Section LO: four Course LO: Discuss the primary concepts of marketing 80) Customer equity is actually a measure of the past value with the company’s consumer bottom.

Answer: FAKE Page Ref: 22 Problems: Moderate Phase LO: 5 Course LO: Discuss the essential concepts of promoting 81) Customers can be grouped into four relationship organizations, according for their profitability and projected devotion. With reference to this classification, “barnacles” are possibly profitable although not loyal. Answer: FALSE Web page Ref: twenty-three Difficulty: Moderate Chapter LO: 4 Course LO: Go over the fundamental principles of marketing 82) Ever since the truly amazing Recession, marketers are centering on value-for-the-money, practicality, and durability in their product offerings and promoting pitches.

Answer: TRUE Web page Ref: twenty four Difficulty: Easy Chapter LO: 5 Training course LO: Go over the fundamental concepts of marketing 83) Most traditional brick-and-mortar companies have now turn into click-and-mortar businesses. Answer: AUTHENTIC Page Ref: 27 Difficulty: Easy Part LO: your five Course LO: Discuss the primary concepts of promoting 84) In the final stage, the company reaps the rewards of its strong client relationships simply by capturing benefit from buyers. Answer: THE CASE Page Ref: 30 Difficulty: Moderate Phase LO: five Course LO: Discuss the primary concepts of marketing 5) What is marketing? Quickly describe the marketing process. Answer: We all define promoting as the process by which corporations create worth for customers and make strong consumer relationships to be able to capture worth from buyers in return. The marketing procedure consists of five steps. In the first several steps (Understand the marketplace and customer demands and wants, Design a customer-driven online strategy, Construct a built-in marketing program that delivers superior value, and create profitable human relationships and produce customer delight), companies work to understand onsumers, create client value, and build strong client relationships. In the final stage (Capture value from consumers to create income and consumer equity), corporations reap the rewards of making superior client value. By simply creating benefit for consumers, they in return capture benefit from consumers in the form of sales, profits, and long-term client equity. Page Ref: 5-6 Difficulty: Modest Chapter LO: 1 Training course LO: Discuss the fundamental ideas of marketing 86) Briefly compare the ideas of requires, wants, and demands, presenting an example of every. Discuss just how these concepts relate to marketing practices.

Response: Human requires are claims of sensed deprivation. Requirements are portion of the human makeup, they are not created by external pushes. Humans possess a basic physical need for meals, clothing, heat, and security, a basic sociable need for that belong and devotion, and a fundamental individual requirement for knowledge and self-expression. Contrary to needs, wants are not inborn, instead, would like are demands shaped by simply culture, culture, and individual personality. For example , a north american needs food but wishes a Big Mac and comfortable drink. An American needs meals, wants a major Mac and soft drink, and demands lunchtime at B.

Wants become demands when they are backed by consumers’ buying electrical power. Marketers execute extensive research to understand customers’ wants and demands. Then they attempt to satisfy customers’ wishes and needs through their particular market offerings. Page Ref: 6 Problems: Challenging Phase LO: 2 AACSB: Inductive skills Program LO: Go over the fundamental concepts of marketing 87) Explain marketplace offerings and marketing myopia. Answer: Consumers’ needs and wants happen to be fulfilled through market offerings”some combination of goods, services, info, or experience offered to an industry to satisfy a purpose or a desire.

Market offerings are not restricted to physical items. They also incorporate services”activities or perhaps benefits provided for sale which might be essentially intangible and do not make ownership of anything. For example banking, aircarrier, hotel, retailing, and home repair services. More generally, market offerings also include different entities, such as persons, places, organizations, data, and concepts. Many retailers make the mistake of paying more attention towards the specific products they offer than to the benefits and activities produced by these items. These vendors suffer from marketing myopia.

They can be so considered with their items that they target only upon existing wants and drop sight of underlying client needs. They will forget that a product is just a tool to resolve a consumer problem. A manufacturer of quarter-inch drill portions may think which the customer has to have a drill tad. But what the consumer really requires is a quarter-inch hole. These sellers will have trouble if the new product comes that acts the user’s need better or fewer expensively. The client will have the same need but will want the modern product. Web page Ref: 6-7 Difficulty: Modest Chapter LO: 2 Course LO: Discuss the fundamental principles of marketing 8) How does a business decide whom it will provide? Answer: A firm decides whom it will provide by separating the market in segments of shoppers (market segmentation) and selecting which segments it will pursue (target marketing). Some people think about marketing administration as obtaining as many buyers as possible and increasing require. But marketing managers realize that they cannot serve all consumers in every method. By looking to serve all customers, they could not provide any consumers well. Rather, the company desires to select just customers which it can serve well and profitably.

Ultimately, marketing managers must decide which customers they wish to target and the level, timing, and characteristics of their require. Page Ref: 9 Problems: Moderate Section LO: 3 Course LO: Discuss the basic concepts of marketing 89) Compare and contrast the product and production concepts. Answer: The availability concept retains that buyers will benefit products that exist and very affordable. Consequently , management should focus on improving production and distribution performance. This concept is among the oldest orientations that guides sellers.

The production concept is a useful idea in some scenarios. For example , both personal computer machine Lenovo and home machine maker Haier dominate the highly competitive, price-sensitive Oriental market through low labor costs, substantial production effectiveness, and mass distribution. However , although useful in some scenarios, the production concept can lead to marketing myopia. Firms adopting this orientation run a major likelihood of focusing too narrowly independently operations and losing eyesight of the true objective-satisfying consumer needs and building buyer relationships.

The merchandise concept retains that consumers will favour products that offer the most in quality, efficiency, and innovative features. Beneath this concept, online strategy focuses on producing continuous merchandise improvements. Merchandise quality and improvement are very important parts of many marketing strategies. However , focusing only on the provider’s products can also lead to advertising myopia. For instance , some suppliers believe that if perhaps they can “build a better mousetrap, the world will certainly beat a path to their particular doors. inches But they are frequently rudely surprised.

Buyers can be looking for a better solution to a mouse issue but not necessarily for a better mousetrap. The better solution may be a chemical spray, a great exterminating service, a house cat, or something else that suits their needs even better than a mousetrap. Furthermore, a much better mousetrap will never sell except if the manufacturer patterns, packages, and costs it superbly, places this in convenient distribution channels, brings that to the attention of people who require it, and convinces buyers that it is better product.

Page Ref: 10 Problems: Challenging Section LO: a few AACSB: Inductive skills Training course LO: Go over the fundamental concepts of marketing 90) Compare the selling and marketing principles, listing the main element components of every philosophy. Response: The offering concept demonstrates an inside-out philosophy, as the marketing idea takes a great outside-in perspective. The selling concept is usually practiced when an organization is usually marketing products or services that potential buyers do not normally think of getting, such as insurance or blood vessels donation.

Intense selling targets creating sales transaction rather than on building long lasting relationships with customers, with all the aim of providing what the business makes rather than making the actual customer would like. The promoting concept, on the other hand, is based upon identifying the needs and wants of target market segments and then rewarding those requirements and desires better than competitors do. Within the marketing principle, customer target and benefit are the routes to profits. Instead of a product-centered make promote philosophy, the marketing principle is a customer-centered sense and respond philosophy.

The job is definitely not to find the right customers for your product but to find the right items for your customers. Page Ref: 10-11 Problems: Challenging Section LO: 3 AACSB: Discursive skills Course LO: Talk about the fundamental principles of marketing 91) Briefly make clear the social marketing idea. Give one of an organization which has effectively used the social marketing concept. Answer: The societal marketing concept concerns whether the natural marketing concept overlooks conceivable conflicts among consumer short-run wants and consumer long-run welfare.

Is known as a firm that satisfies instant needs and wants of target marketplaces always performing what’s great for its consumers in the long run? The societal promoting concept keeps that online marketing strategy should deliver value to customers in a manner that maintains or perhaps improves both consumer’s and society’s well-being. It requires sustainable marketing, socially and environmentally dependable marketing that meets the present needs of shoppers and businesses while also preserving or enhancing the capacity of long term generations to fulfill their needs.

Meeks , Johnson is among the a company which includes successfully implemented the societal marketing concept. The organization tensions honesty, honesty, and putting people ahead of profits, an ethic that helped Manley , Johnson quickly talk about and recover from the dangerous tampering of Tylenol capsules in 1982. Site Ref: 11-12 Difficulty: Average Chapter LO: 3 AACSB: Ethical understanding and reasoning abilities Program LO: Discuss the fundamental concepts of marketing 92) Define client perceived worth. Answer: Bringing in and holding onto customers could be a difficult task.

Buyers often confront a staggering array of services and products from which to choose. A customer buys from the firm that provides the highest customer-perceived value. It can be defined as the customer’s evaluation of the difference between all the benefits and everything the costs of your market giving relative to those of competing gives. Importantly, customers often usually do not judge beliefs and costs “accurately” or perhaps “objectively. inch They do something about perceived worth. Page Ref: 13 Problems: Easy Phase LO: 5 Course LO: Discuss the primary concepts of marketing 3) The goal of customer romantic relationship management is usually to create not just customer satisfaction, although customer delight. Explain. Answer: Customer satisfaction can not be taken for granted. Because brand loyalty is dependent upon good customer satisfaction, companies strive to maintain, satisfy, as well as delight current customers. Companies create consumer delight simply by promising simply what they can easily deliver after which delivering more than what they guaranteed. They also generate emotional human relationships with essential customers. Delighted customers produce repeated buys and become clients for life.

More importantly, they also essentially become a great unpaid salesforce for the firm because “customer evangelists’ who tell other customers about their positive experiences while using product. Web page Ref: 16 Difficulty: Modest Chapter LO: 4 Training course LO: Discuss the fundamental principles of marketing 94) Companies can build consumer relationships at many levels, depending on the character of the target audience. Explain the several types of relationships with examples. Response: At one extreme, a business with many low-margin customers may well seek to develop basic human relationships with them.

For example , Nike does not telephone or ask all of the consumers to get to know them individually. Instead, Nike creates human relationships through brand-building advertising, public relations, and its many Web sites advertising apps. At the other severe, in marketplaces with handful of customers and high margins, sellers want to create total partnerships with key customers. For example , Nike sales representatives work strongly with the Athletics Authority, Dick’s Sporting Goods, Feet Locker, and also other large suppliers. In between both of these extremes, various other levels of client relationships are appropriate.

Beyond supplying consistently quality and satisfaction, marketers may use specific marketing tools to formulate stronger bonds with consumers. For example , many organisations offer frequency marketing applications that reward customers who have buy frequently or in large amounts. Airlines offer frequent-flyer programs, resorts give room upgrades to their frequent guests, and grocery stores give appui discounts to “very crucial customers. inch Other companies attract club marketing programs that offer members particular benefits and create member communities. Webpage Ref: sixteen Difficulty: Average Chapter LO: 4

Study course LO: Talk about the fundamental concepts of marketing 95) Discuss the opportunities and advantages that new interaction technologies have created for online marketers. Answer: Throughout the Internet and related solutions, people can now interact in direct and surprisingly personal ways with large sets of others, by neighbors within a local community in people across the world. With communication solutions such as email, blogs, Internet sites, online communities, online networks, and Facebook, today’s entrepreneurs incorporate fun approaches that help build targeted, two-way customer relationships.

Marketers can easily create deeper consumer engagement and a sense of community around a brand, producing a brand a meaningful element of consumers’ interactions and lives. However , when new interaction tools produce relationship-building options for entrepreneurs, they also generate challenges. They provide consumers a better voice, and therefore greater electricity and control in the marketplace. This consumers have an overabundance information about brands than ever before, and they have loads of platforms pertaining to airing and sharing their very own brand views with other consumers.

This benefits companies when views of its products happen to be positive, but can be harming when customers share reports of unfavorable experiences having a company’s products. Page Ref: 18 Problems: Challenging Section LO: 4 AACSB: Discursive skills, Use of information technology Course LO: Go over the fundamental principles of marketing 96) Compare and contrast between customer-managed associations and consumer-generated marketing. Answer: Today’s customers have more information regarding brands than in the past, and they include a wealth of systems for airing and posting their manufacturer views to consumers.

As a result, the marketing world has become embracing not merely customer relationship management, nevertheless also customer-managed relationships. Increased consumer control means that firms can no longer count on marketing by intrusion. Rather, marketers need to practice marketing by attraction”creating market offerings and messages that involve consumers instead of interrupt them. Hence, most marketers right now augment their mass-media advertising efforts with a rich mix of direct marketing techniques that showcase brand-consumer discussion. For example , many brands happen to be creating dialogues with buyers via their particular or existing online social networks.

An evergrowing part of the fresh customer discussion is consumer-generated marketing, in which consumers are playing a larger role in shaping their own brand experiences and those of others. This might happen through unwanted consumer-to-consumer exchanges in sites, video-sharing sites, and other digital forums. Yet increasingly, companies are inviting buyers to play a far more active role in framing products and company messages. Taking consumer-generated articles can be a labor intensive and high priced process. Site Ref: 18-19 Difficulty: Average Chapter LO: 4 AACSB: Communication talents

Course LO: Discuss the basic concepts of promoting 97) Determine customer equity and describe why it is crucial to a business. Answer: Customer equity is the sum in the lifetime beliefs of all of the industry’s current and potential customers. Buyer equity depends upon customer dedication from a firm’s successful customers. Since customer collateral is a reflection of a company’s foreseeable future, companies must manage this carefully, viewing customers because assets that really must be maximized. Web page Ref: twenty-two Difficulty: Easy Chapter LO: 4 Program LO: Talk about the fundamental principles of marketing 8) Describe and compare the four types of customers categorized by their potential profitability for an organization. Determine how a business should deal with each type of customer. Response: The four types of customers are strangers, butterflies, the case friends, and barnacles. 1 . “Strangers” possess low potential profitability and loyalty. A company’s offerings do not in shape well having a stranger’s desires and requirements. Companies probably should not invest in creating a relationship with this type of client. 2 . Another kind of customer in which a company must not invest is the “barnacle. Barnacles are highly dedicated but not very profitable since there is a limited fit between the requirements and the company’s offerings. The organization might be able to improve barnacles’ profitability by selling them more, elevating their fees, or reducing service to them. However , in the event that they cannot come in profitable, they must be “fired. ” 3. Like strangers, “butterflies” are not faithful. However , they may be potentially lucrative because there is a good fit between the company’s offerings and their demands. Like actual butterflies, this kind of customer should come and proceed without to become permanent, dedicated consumer of any company’s items.

Companies should certainly use advertising blitzes to attract these customers, create rewarding and rewarding transactions with them, after which cease buying them before the next time around. 4. The ultimate type of buyers is “true friends, ” they are both rewarding and loyal. We have a strong suit between their needs and the industry’s offerings, hence the company will need to make continuous relationship purchases of an effort to travel beyond satisfying and to joy these buyers. A company need to pleasure true close friends so they are going to tell other folks about their great experiences with the company.

Page Ref: 22-23 Difficulty: Tough Chapter LO: 4 AACSB: Analytic skills Course LO: Discuss the fundamental concepts of promoting 99) Clarify how the Net has changed the way in which we all do business today. Answer: The net links people and businesses of all types to each other. The Internet allows businesses access to interesting new marketspaces. The Internet has spawned an entirely new variety of “click only” companies”the “dot-coms. ” The post-Internet frenzy of the overdue 1990s has introduced companies which might be both experienced and confront promising options contracts.

These companies use a set of new Web solutions to reach clients, including sites (web logs), cell phones, video gaming, and social networking sites. “Brick-and-mortar” corporations of the past are now “click-and-mortar” companies, with online presences aimed at appealing to new customers and strengthening a genuine with current customers. Much more than 75% of yankee Internet users right now shop online, producing a Web presence a necessity for any organization. Web page Ref: 26-27 Difficulty: Demanding Chapter LO: 5 AACSB: Use of information technology Course LO: Describe things involved in producing an advertising marketing campaign