Nova Southeastern University

MKT 5070

Chapter 1 Defining Marketing for the 21st Century

1)Which of the following statements about marketing is true?

1. 1. It is of little importance when products are standardized.
   2. It can help create jobs in the economy by increasing demand for goods and services.
   3. It helps to build a loyal customer base but has no impact on a firm's intangible assets.
   4. It is more important for bigger organizations than smaller ones.
   5. It is seldom used by nonprofit organizations.

2.                        goods constitute the bulk of most countries' production and marketing efforts.
   1. Durable
   2. Impulse
   3. Physical
   4. Luxury
   5. Intangible
3. Car rental firms, hair dressers, and management consultants provide                             .
   1. goods
   2. experiences
   3. events
   4. services
   5. information  

4. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n)                                                                             .
   1. idea
   2. place
   3. luxury item
   4. event
   5. service  

5. The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of

                      marketing.

1. 1. event
   2. property
   3. service
   4. place
   5. idea  

6. In Walt Disney's Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n)                                                                                 .
   1. experience
   2. service
   3. event
   4. organization
   5. good  

7.                        are basic human requirements, while                           are the ways in which those requirements are satisfied.
   1. Wants; needs
   2. Demands; wants
   3. Needs; wants
   4. Needs; demands
   5. Demands; needs

8. When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n)                                                                                                                                    .
   1. need
   2. want
   3. demand
   4. unstated need
   5. latent demand

9. When companies measure the number of people who are willing and able to buy their products, they are measuring                                                               .
   1. demand
   2. price elasticity
   3. real needs
   4. standard of living
   5. disposable income

10. A(n)                         need is one that the consumer is reluctant or unwilling to explicitly verbalize.
    1. secondary
    2. unstated
    3. delight
    4. secret
    5. stated  

11. A(n)                         need is a need that the consumer explicitly verbalizes.
    1. stated
    2. affirmative
    3. unsought
    4. delight
    5. secret  

12. Companies address needs by putting forth a                          , a set of benefits that they offer to customers to satisfy their needs.
    1. brand
    2. value proposition
    3. deal
    4. marketing plan
    5. demand  

13. During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called                                                   .
    1. target markets
    2. capital markets
    3. tertiary markets
    4. demographic markets
    5. developing markets

14.                        reflects a customer's judgment of a product's performance in relation to his or her expectations.
    1. Brand equity
    2. Satisfaction
    3. Value
    4. Perception
    5. Brand image  

15. The value of an offering is described as                            .
    1. the price consumers are charged for a product
    2. the cost of manufacturing a product
    3. the degree to which consumer demand for a product is positive
    4. the sum of the tangible and intangible benefits and costs to customers
    5. the intangible benefits gained from a product

16. When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to            .
    1. segment the market
    2. provide a service
    3. enter into a new market
    4. develop brand loyalty
    5. position its product

17. If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a

                     .

1. 1. service channel
   2. distribution channel
   3. communication channel
   4. relationship channel
   5. standardized channel

18. The                        is the channel stretching from raw materials to components to final products that are carried to final buyers.
    1. communication channel
    2. distribution channel
    3. supply chain
    4. service chain
    5. marketing chain

19. The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the   .
    1. supply chain
    2. global market
    3. value proposition
    4. competition
    5. marketing environment

20. The                        includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.
    1. economic environment
    2. management environment
    3. strategic environment
    4. task environment
    5. tactical environment

21. In an attempt to create greater competition and growth opportunities, countries often

                     .

1. 1. increase trade barriers
   2. protect industries
   3. deregulate industries
   4. encourage intermediation
   5. reduce privatization

22. Rising promotion costs and shrinking profit margins are the result of                                .
    1. new and improved technology
    2. disintermediation
    3. industry convergence
    4. privatization
    5. heightened competition

23. Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries. This is called                                                                             .
    1. globalization
    2. customization
    3. industry convergence
    4. disintermediation
    5. privatization

24. The success of online purchasing resulted in                              in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.
    1. disintermediation
    2. diversification
    3. reduced competition
    4. deregulation
    5. privatization