Question 1

________ are the tangible products that individuals purchase for personal or family use.
A)Consumer services
B)Consumer goods
C)E-services
D)E-products
E)Industrial goods

Accepted Answer

Consumer goods are tangible products that individuals buy for personal or family use. They can be further categorized into durable goods (e.g. appliances, cars) and non-durable goods (e.g. food, toiletries).

Question 2

The Total Quality Management (TQM)philosophy involves all employees in ________.
A)customer relationship management
B)continuous product quality improvement
C)market positioning
D)creating sustainability
E)increasing the lifetime value of customers

Accepted Answer

The TQM philosophy focuses on continuous improvement of product quality, and involves all employees in achieving this goal. While customer relationship management, market positioning, creating sustainability, and increasing the lifetime value of customers may be important elements of business strategy, they may not be directly related to the TQM philosophy.

Question 3

Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft?
A)bait-and-switch
B)anticonsumption
C)demarketing
D)shrinkage
E)lifetime cost of a customer

Accepted Answer

Shrinkage refers to the industry term for inventory and cash losses from shoplifting and employee theft. Bait-and-switch refers to a deceptive marketing tactic, anticonsumption refers to the opposition or avoidance of consumerism, demarketing refers to the strategy of reducing demand for a product, and lifetime cost of a customer refers to the total amount a customer spends on a company's products or services over their lifetime.

Question 4

Which of the following lists the three components of the triple bottom line orientation?
A)the financial bottom line,the social bottom line,and the environmental bottom line
B)the financial bottom line,the social bottom line,and the political bottom line
C)the financial bottom line,the cultural bottom line,and the business bottom line
D)the value bottom line,the service bottom line,and the business bottom line
E)the product bottom line,the service bottom line,and the relationship bottom line

Accepted Answer

The triple bottom line orientation consists of three components: the financial bottom line, the social bottom line, and the environmental bottom line. These three components together represent the economic, social, and environmental performance of a company or organization.

Question 5

It is most accurate to say that popular culture consists of the ________ that the mass market consumes.
A)myths
B)social services
C)consumer goods
D)forms of entertainment
E)value propositions

Accepted Answer

Popular culture refers to the cultural products and forms of entertainment that are widely consumed by the mass market. These may include music, movies, TV shows, video games, sports, and other forms of entertainment. While consumer goods may be part of popular culture, they are not the defining characteristic. Myths and social services are also not accurate representations of popular culture. Value propositions are a business concept and not directly related to popular culture.

Question 6

________ are intangible products that we pay for and use but never own.
A)Consumer goods
B)Services
C)Industrial goods
D)E-commerce products
E)Value products

Accepted Answer

Services are intangible products that are paid for and used, but never owned. Consumer goods, industrial goods, and e-commerce products are all tangible products that can be owned. Value products is not a specific category of products.

Question 7

________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm.
A)Value propositioning
B)Customer relationship management (CRM)
C)The social marketing concept
D)A sales orientation
E)Value chain management

Accepted Answer

The social marketing concept suggests that companies should not only aim to satisfy customers' needs but also ensure that their actions benefit society while being profitable for the firm. This approach involves taking into consideration the social and ethical implications of marketing decisions and striving to create long-term value for all stakeholders.

Question 8

________ marketing is the marketing of goods and services from one organization to another.
A)Distributive
B)Consumer
C)Customer
D)Business-to-business
E)Target

Accepted Answer

Business-to-business marketing involves the sale of goods and services from one business to another. This type of marketing is also known as B2B marketing.

Question 9

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?
A)greenwashing
B)green marketing
C)triple bottom line orientation
D)social marketing
E)social networking

Accepted Answer

Green marketing refers to marketing efforts that promote environmentally responsible products and practices, with the goal of establishing a differential benefit in the minds of consumers based on environmental factors. This can include promoting eco-friendly production methods, using sustainable materials, and reducing waste and pollution. Green marketing is often used by companies seeking to appeal to environmentally conscious consumers, and can be an effective way to differentiate products and build brand loyalty.

Question 10

The direct financial impact of a firm's expenditure on marketing activities is called the ________.
A)value chain
B)value proposition
C)differential benefit
D)return on investment (ROI)
E)utility function

Accepted Answer

The direct financial impact of a firm's expenditure on marketing activities is measured by return on investment (ROI). This is a key metric used by businesses to evaluate the effectiveness of their marketing campaigns and to determine which tactics are delivering the best returns. ROI is calculated by dividing the net profit generated by a campaign by the total amount spent on that campaign.

Question 11

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.
A)consumer
B)promotion
C)selling
D)production
E)quality

Accepted Answer

A consumer orientation focuses on understanding and meeting the needs and wants of the target market. This involves researching and analyzing customer preferences and behavior, and developing products and services that are tailored to meet those needs. The other options (promotion, selling, production, and quality) are important aspects of marketing, but they do not specifically address customer satisfaction and understanding consumers' needs.

Question 12

A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs.
A)the selling orientation
B)the production orientation
C)Total Quality Management
D)sustainability
E)return on investment

Accepted Answer

Sustainability is the concept of meeting current needs without compromising the ability of future generations to meet their own needs. A company that focuses on sustainability is concerned with creating products and services that are environmentally and socially responsible, as well as economically profitable.

Question 13

Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business.
A)consumer
B)marketing
C)selling
D)societal
E)relationship

Accepted Answer

Selling orientation focuses on making one-time sales and persuading customers to buy a product. This approach is more effective in generating immediate revenue but does not prioritize building customer loyalty or repeat business.

Question 14

The Internet has created a paradigm shift for businesses,moving us toward an attention economy in which a company's success will be measured by its ________.
A)sustainability
B)social responsibility
C)consumer-generated value
D)social network
E)share of mind

Accepted Answer

The concept of an attention economy refers to the idea that in a world where attention is a scarce resource and consumers are bombarded with a constant stream of information, businesses must find ways to capture and hold their audiences' attention. Therefore, a company's success will be measured by its ability to grab and maintain its consumers' "share of mind."

Question 15

More goods and services are sold in the ________ market than in the ________ market.
A)domestic;international
B)business-to-business;consumer
C)consumer;producer
D)industrial;business-to-business
E)e-commerce;Internet

Accepted Answer

The answer of More goods and services are sold in...

Question 16

________ is the buying and selling of products over the Internet.
A)Consumer-generated marketing
B)Consumer relationship management
C)E-commerce
D)Social marketing
E)Social networking

Accepted Answer

E-commerce is specifically defined as the buying and selling of products over the internet. The other options listed do not refer to the direct exchange of goods or services between buyers and sellers online.

Question 17

________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.
A)Value propositioning
B)Customer relationship management (CRM)
C)Differential benefit development
D)Sales orientation
E)Value chain management

Accepted Answer

Customer relationship management (CRM) involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. CRM can help companies build stronger and more profitable relationships with their customers by providing personalized service, targeted promotions, and other benefits that are tailored to each customer's needs and preferences.

Question 18

Ronald McDonald confounds the Hamburglar in the basic struggle of good versus evil as played out in a McDonald's commercial.This is an example of a marketing message communicated in the form of ________.
A)social marketing
B)e-commerce
C)value management
D)a myth
E)a distinctive competency

Accepted Answer

The scenario described in the question is an example of a myth, as Ronald McDonald and the Hamburglar are characters in a story playing out a battle between good and evil. This is a common advertising technique to make a brand more memorable and engaging for consumers.

Question 19

In general,companies that focus on a triple bottom line are most likely to place a priority on which of the following?
A)sustainability
B)the production orientation
C)the selling orientation
D)manufacturing on demand
E)instapreneurship

Accepted Answer

Companies that focus on a triple bottom line prioritize sustainability, which includes environmental and social impact in addition to financial performance. The other options, such as production orientation and selling orientation, are more focused on efficiency and profitability without considering broader impacts. Manufacturing on demand is a specific approach to production that can fit into a sustainable business model, but it is not the primary focus of a triple bottom line approach. Instapreneurship is not a commonly used term and is not directly related to triple bottom line principles.

Question 20

A(n)________ only produces a product when it is ordered.
A)social marketer
B)business-to-business marketer
C)e-commerce marketer
D)marketing planner
E)instapreneur

Accepted Answer

The answer of A(n)________ only produces a product when it...

Quiz 1: Welcome to the World of Marketing: Create and Deliver Value

________ are the tangible products that individuals purchase for personal or family use.

The Total Quality Management (TQM) philosophy involves all employees in ________.

Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft?

Which of the following lists the three components of the triple bottom line orientation?

It is most accurate to say that popular culture consists of the ________ that the mass market consumes.

________ are intangible products that we pay for and use but never own.

________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm.

________ marketing is the marketing of goods and services from one organization to another.

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?

The direct financial impact of a firm's expenditure on marketing activities is called the ________.

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.

A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs.

Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business.

The Internet has created a paradigm shift for businesses,moving us toward an attention economy in which a company's success will be measured by its ________.

More goods and services are sold in the market than in the market.

________ is the buying and selling of products over the Internet.

________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.

Ronald McDonald confounds the Hamburglar in the basic struggle of good versus evil as played out in a McDonald's commercial.This is an example of a marketing message communicated in the form of ________.

In general,companies that focus on a triple bottom line are most likely to place a priority on which of the following?

A(n) ________ only produces a product when it is ordered.