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elatedmusteringΛογισμικό & κατασκευή λογ/κού

21 Φεβ 2014 (πριν από 3 χρόνια και 3 μήνες)

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True

or False

Questions



[QUESTION]

1
. In the financial markets it is a company’s top line

its
sales

that is most important.

Answer: False

Degree of difficulty:

Medium

Page: 5

Take
-
Away: 1


[QUESTION]

2. According to management guru Peter Drucker, everyt
hing a company does internally is a cost
center.

Answer: True

Degree of difficulty: Easy

Page: 5

Take
-
Away: 1


[QUESTION]

3. Decreased division and increased specialization of labor are some of the most important changes
that occur as societies move from a

primitive economy toward higher levels of economic
development.

Answer: False

Degree of difficulty:

Medium

Page: 6

Take
-
Away: 1


[QUESTION]

4. An unsatisfied need is a gap between a person’s actual and desired states on some physical or
psychological dime
nsion.

Answer: True

Degree of difficulty:

Easy

Page: 7


Take
-
Away: 4


[QUESTION]

5
. Marketers and other social forces can create needs deriving from the biological and emotional
imperatives of human nature.

Answer: False

Degree of difficulty:

Medium

Page:
8

Take
-
Away: 4


[QUESTION]

6
. The laws of probability dictate that
at least half of all

new products
should
succeed
if a sufficient
amount
is spent on marketing research.

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

2

Answer: False

Degree of difficulty:

M
edium

Page: 9

Take
-
Away: 1


[QUESTION]

7
. When p
eople buy products to satisfy their needs, they are really buying the benefits they believe
the products provide, rather than the products per se.

Answer: True

Degree of difficulty:

Easy

Page: 10
-
11

Take
-
Away
: 2


[QUESTION]

8
. Value is a function of extrin
sic product features, service, and price.

Answer: False

Degree of difficulty:

Medium

Page: 11

Take
-
Away: 3


[QUESTION]

9
. Lifetime customer value is the present value of a stream of revenue that can be produced by a
customer over time.

Answer: True

Degree
of difficulty:

Easy

Page: 12

Take
-
Away: 3


[QUESTION]

1
0
. A brand’s value to the company depends on how much value the company thinks the brand
provides customers.

Answer: False

Degree of difficulty:

Easy

Page: 1
2

Take
-
Away: 3


[QUESTION]

1
1
. Each market s
egment seeks a different set of benefits from the same product category.

Answer: True

Degree of difficulty:

Easy

Page: 13

Take
-
Away: 6


[QUESTION]

1
2
. The four Cs that need to be analyzed before decisions are made concerning specific
components of

the mark
eting program are
c
ustomer,
c
ost
,
c
ategory
, and the
c
ompany itself.

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You can buy the this complete file at http://testbanksfor.com

Answer:
False

Degree of difficulty:

Medium

Page: 14
-
15

Take
-
Away: 5


[QUESTION]

13
.
IBM has reduced its focus and the proportion of resources it devotes to its traditional computer
hardwar
e businesses and
is now seeking future growth and profits by investing heavily in
developing information engineering, software, and business consulting services. This change in
emphasis reflects IBM’s new business
-
level strategy.

Answer: False

Degree of di
fficulty:

Medium

Page: 15

Take
-
Away: 6


[QUESTION]

14
. The primary purpose of marketing activities is to facilitate and encourage exchange
transactions with potential customers.

Answer: True

Degree of difficulty:

Easy

Page: 17

Take
-
Away: 6


[QUESTION]

15
.
The controllable elements of a marketing program are the product offering
;
price
;
promotion
;
and place.

Answer: True

Degree of difficulty:

Easy

Page: 18

Take
-
Away: 6


[QUESTION]

16
.
In the
first part of
a
marketing plan
, the marketing manager usually

detai
ls the strategy for the
coming period.

Answer: False

Degree of difficulty:

Medium

Page: 20

Take
-
Away: 6


[QUESTION]

1
7
. Internal control of the full range of marketing functions and activities is referred to as vertical
integration.

Answer: True

Degree of
difficulty:

Medium

Page: 22

Take
-
Away: 1

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

4


[QUESTION]

18
. Merchant wholesalers sell goods and services directly to final consumers for their personal,
nonbusiness use.

Answer: False

Degree of difficulty:

Easy

Page: 22

Take
-
Away: 6


[QUESTION]

19. Venus pref
ers to buy a week’s groceries on a single trip to the supermarket rather than engage
in separate transactions with a butcher, a baker, and a variety of food processors, thereby
increasing transactional efficiency.

Answer: True

Degree of difficulty: Medium

Page: 23

Take
-
Away: 1


[QUESTION]

20
. One benefit of an extensive marketing system is that specialization of labor and economies of
scale lead to functional efficiency.

Answer: True

Degree of difficulty:

M
e
dium

Page: 23

Take
-
Away: 1


[QUESTION]

21
. A produ
ct has greater
place
utility for a potential customer when it can be purcha
sed with a
minimum of risk and
shopping time.

Answer: False

Degree of difficulty:

Medium

Page: 23

Take
-
Away: 3


[QUESTION]

2
2
. The title marketing manager is necessarily and intent
ionally vague because many people are
directly involved with an organization’s marketing activities.

Answer: True

Degree of difficulty:

Medium

Page: 24

Take
-
Away: 6


[QUESTION]

23
.
All

marketing activities
that are
performed in
-
house are within the domain
of the marketing
department.

Answer: False

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You can buy the this complete file at http://testbanksfor.com

Degree of difficulty:

Medium

Page: 24

Take
-
Away: 1


[QUESTION]

2
4
.
Implementing a marketing plan requires cooperation and coordination across many specialized
functional areas, but the final authority should alwa
ys be the marketing department. In short,
marketing should not be “everybody’s business.”

Answer:
False

Degree of difficulty:

Medium

Page: 24

Take
-
Away: 1


[QUESTION]

2
5
. A service can be defined as “any activity or benefit that one party can offer another

that is
essentially intangible and that does not result in the ownership of anything.


Answer: True

Degree of difficulty:

Easy

Page: 25

Take
-
Away: 3


[QUESTION]

26
. The intangible nature of many services can create unique challenges for marketers.

Answer:

True

Degree of difficulty:

Easy

Page: 25

Take
-
Away: 3


[QUESTION]

27. Available data suggests that roughly 80 percent of Internet revenues are from
Business
-
to
-
Consumer (B2C) transactions.

Answer:
False

Degree of difficulty: Easy

Page: 26

Take
-
Away: 1


[Q
UESTION]

28. Auction sites, such as eBay, QXL are examples of Consumer
-
to
-
Consumer (C2C)
channels.

Answer: True

Degree of difficulty: Easy

Page: 27

Take
-
Away: 1


[QUESTION]

29.
Information available over the Internet is affecting consumer purchase patterns

even when the
purchases are made in traditional retail outlets.

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

6

Answer: True

Degree of difficulty: Easy

Page: 27

Take
-
Away: 6


[QUESTION]

30
. Though the boundaries between functional areas still remain, marketing programs are
increasingly becoming a group

activity.

Answer: False

Degree of difficulty:

Medium

Page: 28

Take
-
Away: 1



Multiple Choice

Questions


[QUESTION]

3
1.
The most

important characteristic of marketing as a business function is its focus on:

A
.
interfunctional responsibilities.

B
.
customer
needs.

C
.
barter exchange requirements.

D
.
production efficiencies.

E
.
technological trends.

Answer: B

Degree of difficulty: Easy

Page:
5

Take
-
Away: 5


[QUESTION]

3
2. A society cannot reap the full benefits of specialization until it develops the means to
facilitate:

A
.
importation of essentials from other societies.

B
.
production of essentials by each member of society.

C
.
the trade and exchange of surpluses among its members.

D
.
countertrade with other societies.

E
.
production of
goods
in addition to
serv
ices
.

Answer: C

Degree of difficulty: Easy

Page:
6

Take
-
Away: 1


[QUESTION]

3
3.

A social process involving the activities necessary to enable individuals and organizations to
obtain what they need and want through exchanges with others


is a definition of
:

A
.
distribution.

B
.
marketing.

C
.
barter.

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You can buy the this complete file at http://testbanksfor.com

D
.
countertrade.

E
.
industrialization.

Answer: B

Degree of difficulty: Easy

Page:
6

Take
-
Away: 1


[QUESTION]

34
. The utilization of marketing approaches by hospitals, theaters, universities and nonprofit
organiza
tions:

A
.
has not changed compared to practices in the past.

B
.
has increased substantially in the
recent past
.

C
.
is outside the domain of marketing per se.

D
.
is only appropriate in for
-
profit situations.

E
.
has decreased substantially in the past decade
.

Answer: B

Degree of difficulty: Medium

Page:
7

Take
-
Away: 6


[QUESTION]

35
. Those who buy goods and services for their own personal use or the use of others in their
immediate household are:

A
.
utilitarian consumers.

B
.
organizational customers.

C
.
inter
mediaries.

D
.
industrial customers.

E
.
ultimate consumers.

Answer: E

Degree of difficulty: Medium

Page:
7

Take
-
Away: 2


[QUESTION]

36
. Those who buy goods and services for resale, as inputs to production of other goods or
services, or for use in the day
-
to
-
day operations of the organization are:

A
.
intermediaries.

B
.
ultimate consumers.

C
.
organizational customers.

D
.
utilitarian consumers.

E
.
countertraders.

Answer: C

Degree of difficulty: Medium

Page:
7

Take
-
Away: 2


Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

8

[QUESTION]

37
. A gap between a person

s actual and desired state on some physical or psychological
dimension is a(n):

A
.
unsatisfied need.

B
.
want state.

C
.
market inefficiency.

D
.
demand function.

E
.
intermediary.

Answer: A

Degree of difficulty: Easy

Page:
7

Take
-
Away: 4


[QUESTION]

38
. Facto
rs not created by marketers or other social forces, but flowing from basic biological and
psychological human makeup, are:

A
.
needs.

B
.
wants.

C
.
demands.

D
.
urges.

E
.
requirements.

Answer: A

Degree of difficulty: Easy

Page:
7

Take
-
Away: 4


[QUESTION]

39
.
When a non
-
profit organization, like a university, purchases copying paper for its
photocopying machines, what is it purchasing?

A
.
A

consumer good
.

B
.
A

consumer service
.

C
.
A
n industrial good
.

D
.
A
n industrial service
.

E
.
A
n emotional good
.

Answer: C

Deg
ree of difficulty: Easy

Page:
7

Take
-
Away: 1


[QUESTION]

40
. For some brand loyal customers what does wearing Levi

s 501 jeans provide that other jeans
cannot?

A
.
N
eed fulfillment

B
.
N
eed creation

C
.
N
eed recognition

D
.
W
ant satisfaction

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E
.
W
ant recognitio
n

Answer: D

Degree of difficulty: Medium

Page:
7

Take
-
Away: 4


[QUESTION]

41
. The desire to drink a Coke instead of orange juice is an example of a(n):

A
.
necessity
.

B
.
need.

C
.
demand.

D
.
want.

E
.
requirement.

Answer: D

Degree of difficulty: Easy

Page:
7

Take
-
Away: 4


[QUESTION]

42
. In addition to being provided with physical objects, people

s needs may be satisfied in a less
tangible form through:

A
.
differential forms.

B
.
products.

C
.
goods.

D
.
services.

E
.
product modifications.

Answer: D

Degree of diff
iculty: Medium

Page:
10

Take
-
Away: 4


[QUESTION]

43
. When people buy products to satisfy their wants and needs, instead of buying the products per
se, they are buying:

A
.
performance features.

B
.
product attributes.

C
.
benefits.

D
.
physical attributes.

E
.
goods.

Answer: C

Degree of difficulty: Easy

Page:
10

Take
-
Away: 2


[QUESTION]

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

10

44
. Studies have shown that, if their complaint
s

were handled satisfactorily, ____ percent of those
who complain would do business with the same company again.

A
.
30

B
.
10

C
.
50

D
.
70

E
.
90

Answer: C

Degree of difficulty: Easy

Page:
12

Take
-
Away: 3


[QUESTION]

45
. When the market is sufficiently homogeneous, a company can practice marketing approaches
that are:

A
.
pre
-
emptive.

B
.
differentiated.

C
.
segmented.

D
.
situational.

E
.
un
differentiated.

Answer: E

Degree of difficulty: Medium

Page:
12

Take
-
Away: 5


[QUESTION]

46
.

Individuals and organizations who are interested and willing to buy a particular product to
obtain benefits that will satisfy a specific need or want, and who hav
e the resources to engage in
such a transaction


is the definition of a(n):

A
.
industrial buyer.

B
.
segment.

C
.
opportunity.

D
.
focus group.

E
.
market.

Answer: E

Degree of difficulty: Easy

Page:
12

Take
-
Away: 1


[QUESTION]

47
. When the total market for a g
iven product category is fragmented into several groups of people
having relatively homogeneous needs, wants, and sought after benefits, these groups are termed:

A
.
market fragmentation.

B
.
a differentiated market.

C
.
a counter
-
market.

D
.
a market segment.

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E
.
market homogenization.

Answer: D

Degree of difficulty: Medium

Page:
13

Take
-
Away: 5


[QUESTION]

48
. When a company is attempting to determine what markets to target their product towards as
part of its strategic marketing planning activities, which of
the following is it attempting to define?

A
.
W
hy its competitors have not already exploited this niche
.

B
.
W
hat the best promotion vehicle
would be
for this market
.

C
.
W
hich segments

have to be

target
ed
.

D
.
How
to position the product
.

E
.
What
its distribu
tion strategy

would
be
.

Answer: C

Degree of difficulty: Hard

Page:
13

Take
-
Away: 5


[QUESTION]

49
. Haier, the rapidly growing Chinese manufacturer of washing machines discussed in the text,
modifies its product designs and marketing programs to the needs o
f customers in Saudi Arabia.
The company is:

A
.
trying to provide a unique benefit to a segment of the washing machine market.

B
.
trying to provide a unique benefit to the overall market for washing machines.

C
.
production oriented.

D
.
trying to position i
ts product as a me
-
too type of washing machine.

E
.
trying to build economies of scale.

Answer: A

Degree of difficulty: Hard

Page:
13

Take
-
Away: 2


[QUESTION]

50
. What is the focus of marketing management?

A
.
Analysis

B
.
C
oordination

C
.
Beneficial exchange

D
.
Distribution

E
.
Execution

Answer: C

Degree of difficulty: Easy

Page: 14

Take
-
Away: 1


[QUESTION]

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

12

5
1. “The process of analyzing, planning, implementing, coordinating, and controlling programs
involving the conception, pricing, promotion, and distribution

of products, services, and ideas
designed to create and maintain beneficial exchanges with target markets for the purpose of
achieving organizational objectives” is a definition of:

A
.
marketing communications.

B
.
marketing management.

C
.
marketing strate
gy.

D
.
strategic management.

E
.
marketing tactics.

Answer: B

Degree of difficulty: Easy

Page: 14

Take
-
Away: 5


[QUESTION]

5
2.
Analyzing

the 4Cs
is necessary to provide the foundation for a good strategic marketing plan.
Which of the following is NOT one am
ong them?

A.
C
ompany

B.
C
ontext

C.
C
ustomers

D.
C
ost

E.
C
ompetitors

Answer:
D

Degree of difficulty: Medium

Page: 14

Take
-
Away: 6


[QUESTION]

53
. Which aspect of the marketing management process does environmental and competitor
analysis represent?

A
.
Mark
eting program components

B
.
Implementing and controlling marketing programs

C
.
Formulating strategic marketing programs

D
.
Market opportunity analysis

E
.
Strategic market communication

Answer: D

Degree of difficulty: Medium

Page: 1
5

Take
-
Away: 5


[QUESTION
]

54
. What type of strategy states the company’s mission and its strengths and policies for growth?

A
.
Business
-
level strategy

B
.
Functional strategy

C
.
Marketing strategy

D
.
Corporate strategy

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E
.
Segmentation strategy

Answer: D

Degree of difficulty: Mediu
m

Page: 15

Take
-
Away: 5


[QUESTION]

55
. What type of decision is reflected in an organization’s business
-
level strategy?

A
.
Choosing suppliers

B
.
Picking an advertising slogan

C
.
Deciding how to compete in its business

D
.
Deciding which products to sell

E
.

Defining its overall purpose

Answer: C

Degree of difficulty: Medium

Page: 16

Take
-
Away: 6


[QUESTION]

56
. When PepsiCo attempts to define which products, promotions, prices, and distribution
arrangements to include in its snacks food line, what type of st
rategy is it pursuing?

A
.
Marketing strategy

B
.
Functional
-
level strategy

C
.
Corporate strategy

D
.
Operational strategy

E
.
Market segmentation strategy

Answer: A

Degree of difficulty: Medium

Page: 16

Take
-
Away: 5


[QUESTION]

57
. When a company is attemptin
g to differentiate its products to distinguish them from
competitors’ products, in which aspect of strategic management planning is the company
engaged?

A
.
Market segmentation strategy

B
.
Distribution strategy

C
.
Targeting strategy

D
.
Pricing strategy

E
.
P
ositioning strategy

Answer: E

Degree of difficulty: Hard

Page: 17

Take
-
Away: 5


[QUESTION]

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

14

58
.
_____
is the combination of controllable marketing variables that a manager uses to carry out a
marketing strategy.

A
.
A
dvertising

B
.
P
ricing

strategy

C
.
Market
segmentation

D
.
P
ublicity

E
.
Marketing
mix

Answer: E

Degree of difficulty: Easy

Page: 18

Take
-
Away: 6


[QUESTION]

59
. Advertising, personal selling, point
-
of
-
purchase displays, and publicity are related to which
element of the marketing mix?

A
.
Place

B
.
Pr
oduct

C
.
Price

D
.
Promotion

E
.
Personnel

Answer: D

Degree of difficulty: Easy

Page: 19

Take
-
Away: 6


[QUESTION]

60
. Quality, features, style, options, brand name, packaging, guarantees and warranties, and
service are related to which element of the marketi
ng mix?

A
.
Place

B
.
Price

C
.
Product

D
. P
romotion

E
.
Personnel

Answer: C

Degree of difficulty: Easy

Page: 19

Take
-
Away: 6


[QUESTION]

61
. When a buyer purchases a new Fiat Punto and the purchase price includes free parts and labor
on repairs that occur wit
hin the first three years or 36,000 miles, whichever comes first, what
aspect of the product does this component represent?

A
.
R
eturn policy

B
.
W
arranty

C
.
S
ales promotion

D
.
A
llowance

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E
.
S
pare parts availability

Answer: B

Degree of difficulty: Medium

Page
:
19

Take
-
Away: 2


[QUESTION]

62
. The primary advantage to direct distribution for a firm like Dell computers is:

A
.
more control over channel activities.

B
.
less hassle for the customer.

C
.
broader market coverage.

D
.
lower distribution costs.

E
.
less has
sle for the firm.

Answer: A

Degree of difficulty: Hard

Page:
22

Take
-
Away: 6


[QUESTION]

63
.
Dell Computer’s reliance on the Internet to attract customers and process orders together with
a flexible manufacturing system that produces computers to order and

minimizes finished
inventories, and Canon’s reliance on its own factories, salesforce, and distribution facilities to
produce and market its copiers and printers
are examples of

a
:

A
.
vertically integrated distribution system
.

B
.
horizontally integrated d
istribution system
.

C
.
wheel
-
and
-
spoke distribution system
.

D
.
cohesive distribution system
.

E
.
pyramid selling system
.

Answer: A

Degree of difficulty: Hard

Page:
22

Take
-
Away: 6


[QUESTION]

64
. Groups of institutions, or middlemen, that distribute goods a
re known as:

A
.
pyramid distribution systems.

B
.
cohesive distribution system
.

C
.
horizontal distribution systems.

D
.
wheel
-
and
-
spoke distribution systems.

E
.
marketing channels.

Answer: E

Degree of difficulty: Medium

Page:
22

Take
-
Away: 6


[QUESTION]

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

16

65
.
A manufacturer

s representative for General Electric is an example of which type of

middleman?


A
.
R
etailers

B
.
A
gent middlemen

C
.
M
erchant wholesalers

D
.
F
acilitating agents

E
.
C
ommissioned agents

Answer: B

Degree of difficulty: Medium

Page:
22

Take
-
Away
: 6


[QUESTION]

66
. Those who sell goods and services directly to final consumers for their personal, nonbusiness
use are:

A
.
retailers.

B
.
agent middlemen.

C
.
merchant wholesalers.

D
.
facilitating agents.

E
.
commissioned agents.

Answer: A

Degree of diffic
ulty: Easy

Page:
22

Take
-
Away: 6


[QUESTION]

67
. In developed countries, approximately what percentage of the retail price of consumer
products consists of the costs of marketing and distribution of these products?

A
.
10 percent

B
.
30 percent

C
.
50 percent

D
.
70 percent

E
.
90 percent

Answer: C

Degree of difficulty: Medium

Page:
23

Take
-
Away: 5


[QUESTION]

68
. Because manufacturers and their agents can perform exchange activities at a lower cost than
individual consumers, we say that they have achieved:

A
.
p
rice efficiency.

B
.
functional efficiency.

C
.
transaction efficiency.

D
.
vertical integration.

E
.
horizontal integration.

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You can buy the this complete file at http://testbanksfor.com

Answer: B

Degree of difficulty: Hard

Page:
23

Take
-
Away: 1


[QUESTION]

69
. When a consumer purchases a product at a convenient locatio
n and when she is ready to use the
product, we say that the product has achieved _________ utility and _________ utility,
respectively.

A
.
time; place

B
.
place; time

C
.
possession; place

D
.
possession; functional

E
.
time; possession

Answer: B

Degree of dif
ficulty: Easy

Page:
23

Take
-
Away: 3


[QUESTION]

70
. What factor has changed in the past 10 years that has made the customer service function far
more important to the firm

s financial success
?

A
.
global population levels.

B
.
global competition levels.

C
.
d
atabase marketing.

D
.
wireless communications.

E
.
market fragmentation.

Answer: B

Degree of difficulty: Hard

Page:
26

Take
-
Away: 3


Essay Questions


[QUESTION]

71
. How many transactions must occur for three manufacturers to sell to each of three consumers
(a) without and (b) with a distributor? What does this indicate about the efficiency introduced by

middlemen

?

Answer:

Without a distributor, each of the three manufacturers must contact each of the three consumers
separately, for a total of nine transact
ions. With a distributor, each of the three manufacturers must
contact the distributor once, and the distributor must contact each consumer once, for a total of six
transactions. From the standpoint of total system transactions, the distributor based syste
m is
one
-
third more efficient.

Degree of difficulty: Medium

Page:
6

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

18

Take
-
Away: 1


[QUESTION]

72
. What conditions must exist before an exchange occurs?

Answer:

There must be (1) at least two parties, both of whom: (2) offer something of value, (3) are aware

of
the other

s existence, (4) are free to accept or reject the other

s offer,
and
(5) are willing to
negotiate.

Degree of difficulty: Easy

Page:
6

Take
-
Away: 1


[QUESTION]

73
. Distinguish between an ultimate consumer and an organizational customer. Provid
e an
example of each.

Answer:

An example of the former is when

a customer

buy
s

a shirt; the latter is when
a store
’s
management

buys racks of clothing.

Degree of difficulty: Medium

Page:
7

Take
-
Away: 5


[QUESTION]

74.
Discuss the value of long
-
term custome
r relationships.

Answer:

A
s global markets have become increasingly competitive and volatile, many firms have turned
their attention to building a continuing long
-
term relationship between the organization and the
customer as the ultimate objective of a su
ccessful marketing strategy. They are taking action to
increase lifetime customer value

the present value of a stream of revenue that can be produced
by a customer over time. For an automobile manufacturer, for instance, the lifetime value of a
first
-
time

car buyer who can be kept satisfied and loyal to the manufacturer

buying all future new
cars from the same company

is well over a million dollars.

Degree of difficulty: Medium

Page: 12

Take
-
Away: 3


[QUESTION]

75.
Discuss b
rand
e
quity
.

Answer:

The assets

including customers’ perceptions of a product’s benefits and value, their positive past
experiences, and their loyalty over time

linked to a brand’s name and symbol constitute the
brand’s equity. Brand equity reflects the value of the brand name and logo a
s promotional tools for
attracting future buyers and building market share and profitability.

A

brand’s value to the
company depends on how much value customers think the brand provides for them; value creation
cuts both ways.

Degree of difficulty: Medium

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You can buy the this complete file at http://testbanksfor.com

Page: 12

Take
-
Away: 6


[QUESTION]

76
. What are the important questions which a marketing manager must ask in order to define a
target market?

Answer:

Questions such as:

Which customer needs or wants are not being well
-
satisfied by our
competitors?
,

,

How

do potential segments differ by important demographic dimensions, in
benefits desired, and in choice criteria?

,

Which segments should we target and why have we
chosen these segments?

, and

How will we position our product so that we can differentiate i
t
from our competitors


offerings?


are typical questions that have to be answered

in order to define
a target market
.

Degree of difficulty: Medium

Page:
13

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-
Away: 5


[QUESTION]

77.
What
elements should be

analyzed

for a good strategic marketing plan?

Answer:

The analysis necessary to provide the foundation for a good strategic marketing plan should focus
on four elements of the overall environment that may influence a given strategy’s appropriateness
and ultimate success: (1) the company’s internal res
ources, capabilities, and strategies; (2) the
environmental context

such as broad social, economic, and technology trends

in which the
firm will compete; (3) the needs, wants, and characteristics of current and potential customers; and
(4) the relative st
rengths and weaknesses of competitors and trends in the competitive
environment. Marketers refer to these elements as the 4Cs
.

Degree of difficulty: Hard

Page: 15
-
16

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-
Away: 5


[QUESTION]

7
8. Compare and contrast the three levels of organizational strat
egy.

Answer:

Corporate strategy reflects the company’s mission and provides direction for decisions about what
business it should pursue, how it should allocate its available resources, and its growth policies.

Business
-
level strategy addresses how the bus
iness intends to compete in its industry.

Functional strategy, such as marketing, involves decisions about implementation of specific tactics
to reach business
-
level goals (e.g., what products to offer a given market segment).

Degree of difficulty: Hard

Pa
ge: 15
-
16

Take
-
Away: 6


[QUESTION]

79
. List and describe the four types of marketing intermediaries.

Answer:

Chapter 01 The Marketing Management Process


Test Bank,
Chapter 1

20

1. Merchant wholesalers take title to the goods they sell and sell primarily to other resellers.

2.

Agent middlemen also sell to other resellers an
d industrial or commercial customers but they do
not take title to the goods they sell.

3.

Retailers sell to ultimate consumers.

4.

Facilitating agents, like advertising agencies and railroads, provide specialized marketing
functions.

Degree of difficulty:

Medium

Page:
22

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-
Away: 5


[QUESTION]

80
. Describe and provide an example of each of the three types of product utility.

Answer:

Lunch at a fast
-
food restaurant is a combination of the (1) lunch

(possession utility)
, (2) being
conveniently located (pla
ce utility), (3) when you are ready for lunch (time utility).

Degree of difficulty: Medium

Page:
23

Take
-
Away: 5