Marketing Management Trivia Questions

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AlexGhandour

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1/53 Questions

All of the following are accurate descriptions of modern marketing, EXCEPT which one?
- A) Selling and advertising are synonymous with marketing.
- B) Marketing is the creation of value for customers.
- C) Marketing involves satisfying customers' needs.
- D) Marketing is managing profitable customer relationships.
- E) Marketing is used by for-profit and not-for-profit organizations.

About This Quiz

This quiz tests knowledge in marketing management, focusing on modern marketing definitions, customer relationship strategies, and foundational marketing concepts. It is ideal for learners aiming to understand marketing dynamics and management strategies.

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2.

According to the opening scenario, the Tide marketing team is MOST concerned about which of the following?
- A) maintaining its brand share
- B) advertising their product's benefits
- C) comparing the effectiveness of their product to other brands
- D)incorporating consumer-generated marketing in the marketing mix
- E) fostering customers' emotional connections with their product
Correct Answer

A. E) fostering customers' emotional connections with their product

Explanation

The opening scenario suggests that the Tide marketing team is most concerned about fostering customers' emotional connections with their product. This implies that they want to create a strong bond between customers and the Tide brand, making it more than just a functional cleaning product. By fostering emotional connections, the team aims to create a sense of loyalty and attachment among customers, which can lead to repeat purchases and positive word-of-mouth recommendations. This indicates that the team values the emotional aspect of marketing and believes it is crucial for building a strong brand.

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3.

According to management guru Peter Drucker, "The aim of marketing is to ________."
- A) make selling unnecessary
- B) create customer value
- C) sell products
- D) identify customer demands
- E) set realistic customer expectations
Correct Answer

A. A) make selling unnecessary

Explanation

The aim of marketing, according to Peter Drucker, is to make selling unnecessary. This means that effective marketing should create such strong customer demand and loyalty that the product or service sells itself. By understanding and meeting customer needs, marketing can eliminate the need for aggressive sales tactics and instead focus on building long-term relationships with customers. This approach emphasizes the importance of creating value for customers and building trust, ultimately leading to sustainable business success.

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4.

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.
- A) Selling
- B) Negotiating
- C) Bartering
- D) Advertising
- E) Marketing
Correct Answer

A. E) Marketing

Explanation

Marketing is the correct answer because it encompasses the entire process of identifying, creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It involves understanding customer needs and wants, developing products or services that satisfy those needs, promoting and communicating the value of those offerings, and ultimately exchanging them for something of value. Marketing is a holistic approach that goes beyond just selling, negotiating, bartering, or advertising, as it involves all aspects of creating and delivering value to customers and stakeholders.

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5.

Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships?
- A) the first three only
- B) the first four only
- C) the first two only
- D) the last four only
- E) the last three only
Correct Answer

A. B) the first four only

Explanation

The first four steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships. These steps include understanding the marketplace and customer needs, designing a customer-driven marketing strategy, constructing an integrated marketing program that delivers superior value, and building profitable relationships and creating customer delight. The last step of the marketing process, capturing value from customers, focuses on capturing the value created in the previous steps.

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6.

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy
- A) construct key components of a marketing program
- B) build profitable relationships with customers
- C) use customer relationship management to create full partnerships with key customers
- D) determine how to deliver superior value
- E) understand the marketplace and customer needs and wants 1
Correct Answer

A. E) understand the marketplace and customer needs and wants 1

Explanation

According to the simple five-step model of the marketing process, a company needs to understand the marketplace and customer needs and wants before designing a customer-driven marketing strategy. This step is crucial because it allows the company to gather information about the target market, including their preferences, behaviors, and desires. By understanding the marketplace and customer needs and wants, the company can tailor its marketing strategy to meet those needs and wants effectively, ensuring customer satisfaction and ultimately driving sales and profitability.

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7.

________ are human needs as shaped by individual personality and culture.
- A) Values
- B) Needs
- C) Demands
- D) Wants
- E) Exchanges
Correct Answer

A. D) Wants

Explanation

Wants refer to the desires and preferences of individuals, which are influenced by their personality and culture. They are specific goods, services, or experiences that individuals seek to satisfy their needs. Values represent the beliefs and principles that guide individuals' behavior and decision-making. Needs are the basic requirements for survival and well-being. Demands are wants that are backed by purchasing power. Exchanges refer to the process of obtaining desired goods or services by giving something in return. Therefore, the correct answer is D) Wants.

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8.

When backed by buying power, wants become ________.
- A) exchanges
- B) social needs
- C) physical needs
- D) demands
- E) self-esteem needs
Correct Answer

A. D) demands

Explanation

When backed by buying power, wants become demands. This means that when individuals have the ability and willingness to pay for their wants, they transform into demands. Wants are simply desires or preferences, but demands imply a more concrete intention to purchase a product or service. Buying power gives individuals the means to fulfill their wants and turn them into demands in the market.

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9.

What do companies call a set of benefits that they promise to consumers to satisfy their needs?
- A) value proposition
- B) demand satisfaction
- C) need proposition
- D) evoked set
- E) market offering
Correct Answer

A. A) value proposition

Explanation

Companies call a set of benefits that they promise to consumers to satisfy their needs a "value proposition". This refers to the unique combination of products, services, and experiences that a company offers to its target market in order to differentiate itself from competitors and meet customer needs. A value proposition is designed to communicate the value and benefits that customers can expect to receive from choosing a particular company or brand.

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10.

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
- A) selling myopia
- B) the product concept
- C) marketing management
- D) marketing myopia
- E) value proposition
Correct Answer

A. D) marketing myopia

Explanation

Marketing myopia refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. This means that instead of focusing on understanding and fulfilling the needs and wants of their target market, companies become too focused on their own products and fail to adapt to changing customer preferences. This can result in a decline in sales and market share.

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11.

When marketers set low expectations for a market offering, the biggest risk they run is ________.
- A) failing to attract enough customers
- B) failing to understand their customers' needs
- C) incorrectly identifying a target market
- D) decreasing customer satisfaction
- E) disappointing loyal customers
Correct Answer

A. A) failing to attract enough customers

Explanation

Setting low expectations for a market offering can lead to failing to attract enough customers. This is because when marketers set low expectations, they may not effectively communicate the value and benefits of the offering to potential customers. As a result, customers may not perceive the offering as attractive or valuable enough to make a purchase. This can result in low demand and ultimately, the failure to attract enough customers to sustain the business.

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12.

________ is the act of obtaining a desired object from someone by offering something in return.
- A) Exchange
- B) Donation
- C) Value creation
- D) A value proposition
- E) Bribery
Correct Answer

A. A) Exchange

Explanation

Exchange refers to the act of obtaining a desired object from someone by offering something in return. It involves a mutual agreement between two parties where both parties benefit from the transaction. In an exchange, there is a transfer of goods, services, or resources between the parties involved, based on the principle of give and take. This process is essential for the functioning of a market economy and plays a crucial role in trade and commerce.

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13.

A(n) ________ is the set of actual and potential buyers of a product.
- A) segment
- B) group
- C) audience
- D) market
- E) exchange
Correct Answer

A. D) market

Explanation

A market refers to the set of actual and potential buyers of a product. It includes individuals or organizations that have a need or desire for the product and are willing and able to pay for it. A market can be segmented based on various factors such as demographics, psychographics, and behavior, allowing businesses to target specific groups within the larger market. By understanding the market, businesses can tailor their marketing strategies and offerings to meet the needs and preferences of their target audience.

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14.

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.
- A) production
- B) exchange
- C) marketing
- D) management
- E) customer relationship management
Correct Answer

A. C) marketing

Explanation

Consumer research, product development, communication, distribution, pricing, and service are all core marketing activities. Marketing encompasses all these activities as it involves understanding consumer needs through research, developing products and services to meet those needs, communicating the value of those products and services to the target market, distributing them effectively, setting appropriate pricing strategies, and providing excellent customer service. Marketing is a comprehensive process that involves all these elements to create and deliver value to customers.

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15.

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?
- A) Customer evangelists will become unpaid salespersons for the service or product.
- B) All customers will be delighted.
- C) Customer-perceived value will increase.
- D) The company will need to follow up with a demarketing campaign.
- E) Not all customers will be satisfied.
Correct Answer

A. E) Not all customers will be satisfied.

Explanation

A marketing strategy that attempts to serve all potential customers is likely to result in not all customers being satisfied. This is because different customers have different needs, preferences, and expectations. It is impossible to fulfill all of these perfectly, leading to some customers being dissatisfied. Additionally, trying to cater to everyone may dilute the company's focus and resources, making it difficult to provide exceptional value to any specific customer segment. Therefore, it is more realistic to expect that not all customers will be satisfied with a broad marketing strategy.

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16.

In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently.
- A) demarketing
- B) marketing
- C) surplusing
- D) value marketing
- E) negotiating
Correct Answer

A. A) demarketing

Explanation

In the case of excess demand, demarketing may be required to reduce the number of customers or to shift demand temporarily or permanently. Demarketing refers to the strategic reduction of marketing efforts or the intentional discouragement of customers from purchasing a product or service. This can be done through various means such as increasing prices, limiting availability, or promoting alternative products. By implementing demarketing strategies, businesses can manage excess demand and ensure a more balanced supply and demand relationship.

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17.

The art and science of choosing target markets and building profitable relationships with them is called ________.
- A) positioning
- B) selling
- C) marketing management
- D) differentiation
- E) segmentation
Correct Answer

A. C) marketing management

Explanation

Marketing management refers to the process of selecting target markets and developing strategies to build profitable relationships with them. It involves analyzing consumer behavior, identifying market opportunities, and developing marketing plans and tactics to reach and satisfy customers. Marketing management encompasses various activities such as market segmentation, targeting, positioning, and differentiation. It is a comprehensive approach to managing and implementing marketing strategies to achieve business objectives.

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18.

Selecting which segments of a population of customers to serve is called ________.
- A) customization
- B) target marketing
- C) positioning
- D) market segmentation
- E) managing the marketing effort
Correct Answer

A. B) target marketing

Explanation

Target marketing refers to the process of selecting specific segments of a population of customers to focus on and tailor marketing efforts towards. This involves identifying the needs, preferences, and characteristics of these target segments in order to develop and implement effective marketing strategies. By choosing to serve specific segments, companies can allocate their resources more efficiently and effectively, resulting in better customer satisfaction and higher chances of success in the market.

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19.

Which of the following is the set of benefits a company promises to deliver to the customer to satisfy their needs?
- A) a value proposition
- B) a money-back guarantee
- C) an attribute
- D) low pricing
- E) good customer service
Correct Answer

A. A) a value proposition

Explanation

A value proposition refers to the set of benefits that a company promises to deliver to the customer in order to satisfy their needs. It is a statement that explains why a customer should choose a particular product or service over others in the market. It outlines the unique value and advantages that the company offers, addressing the customer's pain points and providing a solution. A value proposition is crucial in attracting and retaining customers by clearly communicating the value they can expect to receive from the company.

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20.

Which customer question is answered by a company's value proposition?
- A) "How does your brand benefit me and society?"
- B) "What are the benefits of being a loyal consumer of your brand?"
- C) "What kind of experience will I have with products and services associated with this brand?"
- D) "What are the costs and benefits of your brand?"
- E) "Why should I buy your brand rather than a competitor's?"
Correct Answer

A. E) "Why should I buy your brand rather than a competitor's?"

Explanation

A company's value proposition is a statement that explains the unique value and benefits that a company's product or service offers to its customers. It answers the question of why a customer should choose their brand over a competitor's. Therefore, the correct answer is E) "Why should I buy your brand rather than a competitor's?"

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21.

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
- A) product concept
- B) selling concept
- C) production concept
- D) marketing concept
- E) social marketing concept
Correct Answer

A. E) social marketing concept

Explanation

The social marketing concept focuses on improving efficiencies along the supply chain by considering the societal and environmental impacts of marketing activities. It emphasizes the importance of sustainable practices, ethical considerations, and meeting the needs of both consumers and society as a whole. This orientation aims to create long-term value by reducing waste, conserving resources, and promoting social responsibility throughout the entire supply chain.

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22.

Which of the following marketing management concepts is most likely to lead to marketing myopia?
- A) selling
- B) customer-driven marketing
- C) customer-driving marketing
- D) social marketing
- E) production
Correct Answer

A. A) selling

Explanation

The marketing management concept of "selling" is most likely to lead to marketing myopia because it focuses on the company's immediate goal of making sales rather than understanding and meeting the needs of the customers. This approach can result in a narrow and short-term perspective, where the company may overlook the changing market demands and fail to adapt its products or services accordingly. By solely focusing on selling, the company may miss out on opportunities to build long-term customer relationships and sustainable business growth.

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23.

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.
- A) promotion
- B) production
- C) customer
- D) marketing
- E) product
Correct Answer

A. C) customer

Explanation

The customer concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. This means that companies should prioritize understanding and meeting customer needs and preferences in order to develop and market products that will be successful in the market. By focusing on the customer, companies can ensure that their products are meeting the demands and expectations of their target audience, ultimately leading to increased customer satisfaction and loyalty.

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24.

The product concept says that a company should do which of the following?
- A) make promoting products the top priority
- B) focus on the target market and make products that meet those customers' demands
- C) focus on making continuous product improvements
- D) market only those products with high customer appeal
- E) improve marketing of its best products
Correct Answer

A. C) focus on making continuous product improvements

Explanation

The product concept suggests that a company should focus on making continuous product improvements. This means that the company should constantly strive to enhance the features, quality, and performance of its products in order to meet the evolving needs and preferences of its target market. By prioritizing continuous product improvements, the company can stay competitive, attract and retain customers, and ultimately achieve long-term success.

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25.

"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept.
- A) selling
- B) target marketing
- C) marketing
- D) production
- E) product
Correct Answer

A. E) product

Explanation

This quote reflects the concept of focusing on creating a superior product. It suggests that if you can invent a better mousetrap, people will naturally be drawn to it and seek it out. This concept emphasizes the importance of product quality and innovation in attracting customers and achieving success in the market.

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26.

Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales?
- A) selling
- B) societal marketing
- C) marketing
- D) production
- E) product
Correct Answer

A. A) selling

Explanation

The concept that calls for aggressive selling and focuses on generating transactions to obtain profitable sales is selling. This concept emphasizes on persuading customers to buy the product or service through various sales techniques and tactics. It is primarily concerned with achieving sales targets and maximizing revenue in the short term. This approach may not necessarily prioritize the long-term satisfaction of customers or building strong customer relationships.

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27.

Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
- A) product
- B) marketing
- C) selling
- D) equity
- E) production
Correct Answer

A. B) marketing

Explanation

Marketing is the correct answer because it is the concept that focuses on understanding the needs and wants of target markets and providing better satisfaction compared to competitors. Marketing involves conducting market research, developing products or services that meet customer demands, and implementing strategies to promote and sell these offerings effectively. By adopting a marketing mindset, organizations can identify and meet customer needs, build strong customer relationships, and ultimately achieve their organizational goals.

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28.

A firm that uses the selling concept takes a(n) ________ approach.
- A) myopic
- B) inside-out
- C) customer service
- D) societal
- E) outside-in
Correct Answer

A. B) inside-out

Explanation

A firm that uses the selling concept takes an inside-out approach. This means that the firm focuses on its own products or services and uses aggressive sales and promotional techniques to convince customers to buy them. The firm's primary goal is to make sales and generate profits, rather than focusing on the needs and wants of the customers. This approach may not be as effective in today's customer-centric market, where businesses are increasingly adopting an outside-in approach, prioritizing customer needs and creating value for them.

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29.

According to the production concept, consumers will favour products that are ________ and ________.
- A) in high demand; hard to find
- B) segmented; convenient
- C) advertised; affordable
- D) satisfying; quality focused
- E) available; affordable
Correct Answer

A. E) available; affordable

Explanation

According to the production concept, consumers will favor products that are available and affordable. This means that consumers are more likely to choose products that are easily accessible and within their budget. Availability ensures that consumers can easily find and purchase the product, while affordability ensures that the product is priced reasonably and is within the consumer's purchasing power. This concept focuses on the importance of making products easily obtainable and affordable to attract and satisfy consumers.

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30.

Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization. Having a customer department rather than a marketing department, as suggested by Kelleher, is an example of a(n) ________ perspective.
- A) external
- B) traditional
- C) outside-in
- D) inside-out
- E) modern
Correct Answer

A. C) outside-in

Explanation

Herb Kelleher's suggestion of having a customer department instead of a marketing department reflects an outside-in perspective. This means that the organization focuses on understanding and meeting the needs of the customers first, and then aligning their marketing efforts accordingly. This approach emphasizes the importance of customer-centricity and building relationships with customers to drive business success.

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31.

Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products?
- A) shopping
- B) specialty
- C) demarketed
- D) unsought
- E) convenience
Correct Answer

A. D) unsought

Explanation

The selling concept is particularly appropriate and effective with unsought products. Unsought products are those that consumers do not actively seek out or think about purchasing, such as funeral services or insurance. In these cases, companies need to use aggressive selling techniques to create awareness, generate interest, and convince consumers to make a purchase. Since consumers may not be actively looking for these products, companies need to take a proactive approach to selling and create demand through persuasive marketing strategies.

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32.

Which of the following reflects the marketing concept philosophy?
- A) "We don't have a marketing department; we have a customer department."
- B) "When it's profits versus customers' needs, profits will always win out."
- C) "We build them so you can buy them."
- D) "We're in the business of making and selling superior products."
- E) "You won't find a better deal anywhere."
Correct Answer

A. A) "We don't have a marketing department; we have a customer department."

Explanation

The correct answer reflects the marketing concept philosophy because it emphasizes the importance of the customer. By stating that they have a "customer department" instead of a marketing department, it suggests that the organization prioritizes understanding and meeting the needs of the customer. This aligns with the marketing concept philosophy, which focuses on creating customer value and satisfaction as the key to achieving organizational goals.

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33.

Customer-driven marketing usually works well when ________ and when customers ________.
- A) customers know what they want; are loyal to the brand
- B) a need exists; don't know what they want
- C) a clear need exists; know what they want
- D) a firm can deliver the goods desired; are thoroughly researched
- E) a clear need exists; are difficult to identify
Correct Answer

A. C) a clear need exists; know what they want

Explanation

Customer-driven marketing usually works well when a clear need exists and when customers know what they want. This means that when there is a specific demand or problem that customers are looking to solve, and they have a clear idea of what they are looking for, customer-driven marketing can effectively meet their needs. By understanding the customers' needs and preferences, businesses can tailor their marketing strategies and offerings to align with what customers are seeking, resulting in higher customer satisfaction and loyalty.

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34.

Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing.
- A) customer-driven
- B) relationship
- C) social
- D) customer-driving
- E) donor
Correct Answer

A. D) customer-driving

Explanation

The correct answer is D) customer-driving. This is because the statement mentions that Marie's organization understands and anticipates customer needs even better than customers themselves do, indicating that the organization is actively driving and shaping customer wants and demands. This aligns with the concept of customer-driving marketing, where the organization takes the lead in understanding and fulfilling customer needs.

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35.

When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.
- A) production
- B) customer-driven
- C) product
- D) customer-driving
- E) societal
Correct Answer

A. D) customer-driving

Explanation

Customer-driving marketing is the most effective strategy when customers don't know what they want or don't even know what's possible. This approach involves actively engaging and involving customers in the marketing process, allowing them to provide input, feedback, and suggestions. By doing so, companies can better understand customer needs and preferences, and tailor their marketing efforts accordingly. This approach helps to create a customer-centric marketing strategy that focuses on meeting the evolving needs and desires of customers, even when they are uncertain or unaware of what they want.

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36.

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.
- A) immediate health
- B) value propositions
- C) short-run ethics
- D) short-run costs and profits
- E) long-run welfare
Correct Answer

A. E) long-run welfare

Explanation

The societal marketing concept aims to consider not only the immediate wants of consumers but also their long-term welfare. It emphasizes the importance of balancing consumer satisfaction with the well-being of society as a whole. By focusing on long-term welfare, companies can ensure that their actions and products have a positive impact on society, leading to sustainable business practices and customer loyalty.

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37.

Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being?
- A) marketing
- B) equity
- C) societal marketing
- D) selling
- E) product
Correct Answer

A. C) societal marketing

Explanation

Societal marketing is the concept that firms should not only focus on delivering value to customers but also consider the well-being of society. It emphasizes the importance of creating products and services that benefit both the consumer and society as a whole. This approach takes into account ethical considerations, environmental sustainability, and social responsibility. By adopting societal marketing, companies can build a positive reputation, establish long-term relationships with customers, and contribute to the betterment of society.

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38.

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________.
- A) want satisfaction
- B) long-term needs
- C) short-run wants
- D) company profits
- E) human welfare
Correct Answer

A. D) company profits

Explanation

The societal marketing concept is a marketing philosophy that aims to balance the needs and interests of consumers, society, and the company. While consumer wants and society's interests are important considerations, the company's profits also need to be taken into account. This is because a company needs to generate profits in order to sustain its operations, invest in research and development, and create value for its stakeholders. By considering company profits, the societal marketing concept ensures that businesses can continue to meet consumer wants and contribute to societal welfare in the long run.

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39.

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
- A) TQM
- B) promotion mix
- C) marketing effort
- D) product mix
- E) marketing mix
Correct Answer

A. E) marketing mix

Explanation

The marketing mix refers to the set of marketing tools that a firm uses to implement its marketing strategy. These tools include the four Ps: product, price, place, and promotion. By carefully blending these elements, a company can effectively reach its target market and achieve its marketing objectives. TQM (Total Quality Management) is a management approach focused on quality improvement, not directly related to marketing tools. Promotion mix refers specifically to the promotional tools used by a company. Marketing effort is a broad term that encompasses all the activities a company undertakes to market its products or services. Product mix refers to the range of products offered by a company.

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40.

Of the following, which is the most important concept of modern marketing?
- A) societal marketing
- B) properly trained salespeople
- C) customer relationship management
- D) low prices
- E) consumer-generated marketing
Correct Answer

A. C) customer relationship management

Explanation

Customer relationship management (CRM) is the most important concept of modern marketing because it focuses on building and maintaining strong relationships with customers. CRM involves understanding customers' needs and preferences, providing personalized experiences, and fostering long-term loyalty. By effectively managing customer relationships, businesses can enhance customer satisfaction, increase retention rates, and drive revenue growth. CRM also enables companies to gather valuable customer data, which can be used to improve marketing strategies and make informed business decisions. Overall, CRM plays a crucial role in creating a customer-centric approach and driving success in the modern marketing landscape.

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41.

Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________.
- A) customer lifetime value
- B) societal marketing
- C) customer relationship management
- D) database marketing
- E) customer perceived value
Correct Answer

A. D) database marketing

Explanation

Database marketing refers to the practice of using customer data and information to create targeted marketing campaigns and strategies. It involves building and maintaining a database of customer information, such as purchase history, preferences, and demographics, to better understand and serve customers. This allows businesses to tailor their marketing efforts to specific customer segments, increasing the likelihood of customer value and satisfaction.

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42.

Customer-perceived value is determined by a customer's ________ of the benefits and costs of a market offering relative to those of competing offers.
- A) rational expectations
- B) accurate assessment
- C) objective evaluation
- D) personal assessment
- E) emotional understanding
Correct Answer

A. C) objective evaluation

Explanation

Customer-perceived value is determined by a customer's objective evaluation of the benefits and costs of a market offering relative to those of competing offers. This means that customers assess the benefits they will receive from a product or service and compare it to the costs they will incur, such as the price, time, and effort. The evaluation is done objectively, considering the tangible and measurable aspects of the offering and comparing it to other alternatives in the market. This helps customers make informed decisions based on their assessment of value.

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43.

It is most accurate to say that customers buy from stores and firms that offer which of the following?
- A) the most concern for society's interests
- B) the highest level of customer satisfaction
- C) the highest customer-perceived value
- D) the most attractive company image
- E) the highest value for the dollar
Correct Answer

A. C) the highest customer-perceived value

Explanation

Customers are more likely to buy from stores and firms that offer the highest customer-perceived value. This means that customers perceive the products or services offered by these stores and firms to be worth the price they are paying. Customer-perceived value takes into account the benefits and quality of the product or service, as well as the price and any additional factors that contribute to the overall value. By offering the highest customer-perceived value, stores and firms are able to attract and retain customers who believe they are getting the most value for their money.

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44.

________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers.
- A) Customer satisfaction
- B) Customer equity
- C) Customer evangelism
- D) Marketing myopia
- E) Customer-perceived value
Correct Answer

A. E) Customer-perceived value

Explanation

Customer-perceived value refers to the customer's assessment of the benefits and costs associated with a marketing offer compared to competing offers. It encompasses the customer's subjective evaluation of the overall value they receive from a product or service, taking into account factors such as quality, price, convenience, and customer service. This perception of value plays a crucial role in shaping customer satisfaction, loyalty, and purchase decisions. By understanding and delivering on customer-perceived value, companies can effectively differentiate their offerings and gain a competitive advantage in the market.

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45.

Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service?
- A) butterflies
- B) social customers
- C) customer evangelists
- D) satisfied customers
- E) full partners
Correct Answer

A. C) customer evangelists

Explanation

Customer evangelists are customers who not only make repeat purchases but also actively promote and share positive experiences about a product or service with others. They are enthusiastic and passionate advocates who voluntarily spread the word about a brand, helping to generate positive word-of-mouth and attract new customers. This term emphasizes the strong loyalty and advocacy of these customers, making them valuable assets for a business.

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46.

Which of the following strategies would a company most likely use to increase customer satisfaction?
- A) "firing" unprofitable customers
- B) limiting customer experiences with a brand
- C) decreasing the variety of offered services
- D) lowering prices
- E) demarketing
Correct Answer

A. D) lowering prices

Explanation

Lowering prices is a strategy that a company would most likely use to increase customer satisfaction. By reducing prices, the company can make its products or services more affordable and accessible to a wider range of customers. This can attract new customers and also encourage existing customers to make repeat purchases. Lower prices can create a perception of value for customers and make them feel like they are getting a good deal, leading to increased satisfaction with the company and its offerings.

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47.

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a ________.
- A) club marketing program
- B) partner relationship management technique
- C) structural benefit
- D) basic customer relationship
- E) frequency marketing program
Correct Answer

A. E) frequency marketing program

Explanation

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a frequency marketing program. This program aims to reward and incentivize loyal customers by offering them special benefits or privileges based on their frequency of purchases or visits. In this case, the hotel is recognizing the guest's loyalty and rewarding them with a room upgrade, which is a special benefit provided as part of the frequency marketing program.

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48.

IRobot, the makers of Roomba, have involved their customers in product development, marketing, and technical support in an effort to foster which of the following?
- A) basic relationships
- B) frequency marketing programs
- C) customer-perceived value
- D) customer delight
- E) selective relationship management
Correct Answer

A. D) customer delight

Explanation

iRobot, the makers of Roomba, involve their customers in product development, marketing, and technical support. This indicates that they prioritize customer satisfaction and aim to exceed customer expectations. By involving customers in these areas, iRobot aims to create a sense of delight among their customers, going beyond just meeting their needs or providing good customer service. This approach focuses on creating a positive emotional connection with customers, leading to long-term loyalty and advocacy.

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49.

Using customer profitability analysis to weed out unprofitable customers and target winning ones for pampering is referred to as ________.
- A) positioning
- B) database marketing
- C) selective relationship management
- D) marketing myopia
- E) customer relationship management
Correct Answer

A. C) selective relationship management

Explanation

Selective relationship management refers to the practice of using customer profitability analysis to identify and prioritize profitable customers, while minimizing resources spent on unprofitable customers. This approach allows businesses to focus their efforts on nurturing and maintaining relationships with customers who generate the most value, while potentially reducing costs associated with less profitable customers.

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Marketing Management Trivia Questions

All of the following are accurate descriptions of modern marketing, EXCEPT which one?

Quiz Preview

According to the opening scenario, the Tide marketing team is MOST concerned about which of the following?

According to management guru Peter Drucker, "The aim of marketing is to ________."

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships?

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy

________ are human needs as shaped by individual personality and culture.

When backed by buying power, wants become ________.

What do companies call a set of benefits that they promise to consumers to satisfy their needs?

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

When marketers set low expectations for a market offering, the biggest risk they run is ________.

________ is the act of obtaining a desired object from someone by offering something in return.

A(n) ________ is the set of actual and potential buyers of a product.

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?

In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently.

The art and science of choosing target markets and building profitable relationships with them is called ________.

Selecting which segments of a population of customers to serve is called ________.

Which of the following is the set of benefits a company promises to deliver to the customer to satisfy their needs?

Which customer question is answered by a company's value proposition?

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

Which of the following marketing management concepts is most likely to lead to marketing myopia?

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.

The product concept says that a company should do which of the following?

"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept.

Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales?

Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

A firm that uses the selling concept takes a(n) ________ approach.

According to the production concept, consumers will favour products that are ________ and ________.

Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization. Having a customer department rather than a marketing department, as suggested by Kelleher, is an example of a(n) ________ perspective.

Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products?

Which of the following reflects the marketing concept philosophy?

Customer-driven marketing usually works well when ________ and when customers ________.

Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing.

When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.

Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being?

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________.

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Of the following, which is the most important concept of modern marketing?

Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________.

Customer-perceived value is determined by a customer's ________ of the benefits and costs of a market offering relative to those of competing offers.

It is most accurate to say that customers buy from stores and firms that offer which of the following?

________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service?

Which of the following strategies would a company most likely use to increase customer satisfaction?

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a ________.

IRobot, the makers of Roomba, have involved their customers in product development, marketing, and technical support in an effort to foster which of the following?

Using customer profitability analysis to weed out unprofitable customers and target winning ones for pampering is referred to as ________.

According to the production concept, consumers will favour products that are and .

Customer-driven marketing usually works well when and when customers .