Question 1

Christie has just started with a travel agency,and she has been offering clients and prospective clients a range of packaged tours.She is concerned,because the commissions she is earning on her sales are lower than she had hoped.Her colleague Peter,who has been with the agency for several years,is having a great deal of success by working closely with the clients,seeking their ideas,and building customized tour packages for each one based on their suggestions.Peter's approach is based on
A) transaction-oriented marketing.
B) premium pricing.
C) his seniority at the firm.
D) special incentives from tour operators.
E) value cocreation.

Accepted Answer

Peter's approach involves working closely with clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. This approach is based on value co-creation, which means actively involving customers in the creation of value. This approach can lead to increased customer satisfaction and loyalty, which can ultimately lead to higher commissions for the travel agent.

Question 2

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant that will increase value to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or
A) improve products and services at the same cost.
B) increase prices to increase revenue.
C) offset higher hotel rates with lower restaurant prices.
D) reduce customer expectations through reduced service.
E) lower the quality and the price.

Accepted Answer

Yolanda is focused on increasing value for customers, which can be achieved through either providing the same quality at a lower cost, or improving products and services without increasing cost. Option A aligns with the former strategy, which is a common approach to increasing value in a competitive market.

Question 3

Serena studies her customer profiles,market research data,complaints,and other information,attempting to better understand what her customers want.Serena most likely operates in the __________ era of marketing.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The answer of Serena studies her customer profiles,market research data,complaints,and...

Question 4

Melanie works for a small computer software company.Her boss is constantly improving the company's products but neglects customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The description of Melanie's boss suggests a focus on improving the products without much attention towards the customers, billing, and promotion - this indicates a production-oriented approach to marketing. This approach is centered around the idea that consumers will favor products that are widely available and affordable, and that the company should focus on improving production efficiency and reducing costs to offer those products at lower prices. It often results in a lack of attention to customer needs and preferences, and a failure to differentiate the products from those of competitors.

Question 5

In the past,manufacturer's representatives did not have real-time inventory data about the products they were selling.Today,manufacturer's representatives are often provided online access to inventory data for the companies they represent.These online inventory systems allow companies to become more value driven by
A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with government regulators of marketing institutions.
E) keeping prices below those charged by competitors.

Accepted Answer

The answer of In the past,manufacturer's representatives did not have...

Question 6

During the __________ era,manufacturers and retailers began to focus on what consumers wanted and needed before they designed,made,or attempted to sell their products.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

In a market-oriented era, manufacturers and retailers prioritize understanding and fulfilling the needs and desires of their target consumers. This approach is in contrast to a production-oriented era, where the focus is on maximizing production efficiency, or a sales-oriented era, where the focus is on aggressive selling techniques. "Value-based marketing" is not widely recognized as a distinct era or approach to marketing. "Retailing-oriented" is too narrow in focus to describe an entire era of marketing.

Question 7

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
A) higher prices than the market leader charges.
B) increased competition.
C) long-term relationships.
D) strong connections among competing firms in the marketplace.
E) lower prices.

Accepted Answer

Value-driven marketing focuses on understanding and meeting the needs and wants of customers. By doing so, companies are likely to build strong, long-term relationships with their customers. This can lead to increased loyalty, repeat business, and positive word-of-mouth marketing, all of which can ultimately increase profitability.

Question 8

As owner of a retail franchise food store,Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system.One Monday,she was surprised to find customers asking for specials she hadn't been informed of in advance.The franchise company failed to live up to the value-driven activity of
A) sharing information across the organization.
B) balancing customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping prices below those charged by competitors.

Accepted Answer

The franchise company's failure to inform Mary Gray of the specials advertised nationally suggests that they did not effectively share information across the organization, which is a key aspect of value-driven activity.

Question 9

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

Henry Ford's statement reflects a production-oriented approach, where the focus is on maximizing production efficiency and minimizing costs, rather than catering to customer preferences. The emphasis is on producing large quantities of standardized products that are affordable and widely accessible to consumers. In this era, companies did not have a deep understanding of customer needs and preferences, nor did they have the technology and communication channels that we have today to gather customer insights and feedback.

Question 10

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates as if he were in the __________ era.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The answer of Trey sells consumer electronics.He knows his customers...

Question 11

During the __________ era,manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

During the value-based marketing era, manufacturers and retailers recognized the importance of offering their customers greater value than their competitors, focusing on customer satisfaction and building relationships based on value.

Question 12

During the __________ era,firms had excess capacity and used personal selling and advertising to generate customers.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

The sales-oriented era was characterized by firms having excess capacity and using personal selling and advertising to generate customers.

Question 13

Which of the following statements reflects the philosophy of the market-oriented era?
A) A good product will sell itself.
B) The customer is king.
C) Firms should take advantage of a seller's market.
D) Advertising and personal selling should be emphasized in order to make the sale.
E) Firms should focus on value.

Accepted Answer

The market-oriented era emphasized the importance of satisfying customer needs, wants, and preferences. This is reflected in the statement "The customer is king."

Question 14

Many U.S.companies first discovered marketing during the __________ era.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

Many U.S. companies first discovered marketing during the market-oriented era, which emerged after the end of World War II. This period was characterized by a focus on understanding and meeting the needs and wants of consumers, rather than merely focusing on production or sales.

Question 15

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

By increasing advertising spending and giving extra incentives to salespeople, Move-Them-Out automobile dealership is operating in a sales-oriented era, where the focus is on selling as much inventory as possible, rather than on understanding and satisfying customer needs.

Question 16

Value is
A) the lowest cost option.
B) represented by brand names.
C) the highest-priced alternative.
D) everyday low prices.
E) what you get for what you give.

Accepted Answer

Value is defined as what you get for what you give, which means that you are getting the most for your money in terms of quality and satisfaction. It is not necessarily the cheapest option, nor is it always associated with brand names or high prices. Therefore, the best choice is E.

Question 17

To become a more value-driven organization,Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires.By doing so,Pokrah University is becoming more value driven through
A) sharing information across the organization.
B) balancing its customers' benefits and costs.
C) evaluating strategic competitive partnerships.
D) building relationships with customers.
E) keeping the faculty members happy.

Accepted Answer

By engaging in regular discussions and surveys with students and graduates, Pokrah University is directly interacting with its primary customers (the students) to understand and meet their needs, thereby building stronger relationships with them.

Question 18

Value-driven firms constantly measure the __________ that customers perceive,compared to the prices of their offerings.
A) information
B) benefits
C) relationships
D) rebates
E) merchandise

Accepted Answer

Value-driven firms focus on providing benefits to customers that are perceived to be greater than the price of their offerings. This is often measured through customer surveys and feedback to ensure that customers feel they are getting a good deal for their money.

Question 19

In delivering value,marketing firms attempt to find the most desirable balance between
A) the need for value and the perception of value.
B) explicit versus implicit value.
C) the need to provide benefits to customers and keep down costs.
D) the desire to satisfy customers and the desire to satisfy employees.
E) the need for product improvement and the need for advertising.

Accepted Answer

Marketing firms need to provide benefits to customers while keeping down costs in order to deliver value. This means finding the right balance between meeting customer needs and ensuring profitability for the business. The other options do not fully encompass the main goal of delivering value to customers.

Question 20

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.
A) production-oriented
B) sales-oriented
C) market-oriented
D) value-based marketing
E) retailing-oriented

Accepted Answer

During the sales-oriented era, the focus was on selling products that were already made, rather than making products based on what the market wanted. This approach often involved finding customers for inventories that went unsold, emphasizing aggressive sales techniques.

Quiz 1: Overview of Marketing

Yolanda is the new restaurant manager in a major hotel.When considering changes in the restaurant that will increase value to customers,Yolanda will likely attempt to either provide the same quality at a lower cost or

Serena studies her customer profiles,market research data,complaints,and other information,attempting to better understand what her customers want.Serena most likely operates in the __________ era of marketing.

Melanie works for a small computer software company.Her boss is constantly improving the company's products but neglects customers,billing,and promoting the company.Her boss is probably stuck in the __________ era of marketing.

During the __________ era,manufacturers and retailers began to focus on what consumers wanted and needed before they designed,made,or attempted to sell their products.

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

Henry Ford's statement,"Customers can have any color they want so long as it's black," typified the __________ era of marketing.

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates as if he were in the __________ era.

During the __________ era,manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

During the __________ era,firms had excess capacity and used personal selling and advertising to generate customers.

Which of the following statements reflects the philosophy of the market-oriented era?

Many U.S.companies first discovered marketing during the __________ era.

Near the end of the model year,Move-Them-Out automobile dealership had an unusually high inventory level.The manager increased her advertising spending and gave extra incentives to its salespeople.Move-Them-Out operates as if it were in the __________ era.

Value is

To become a more value-driven organization,Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires.By doing so,Pokrah University is becoming more value driven through

Value-driven firms constantly measure the __________ that customers perceive,compared to the prices of their offerings.

In delivering value,marketing firms attempt to find the most desirable balance between

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.