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Homework answers / question archive / Nova Southeastern University MKT 5125 A Framework for Marketing Management, 6e (Kotler) Chapter 1 Defining Marketing for the New Realities 1)Which of the following statements about marketing is TRUE? It is of little importance when products are standardized

Nova Southeastern University MKT 5125 A Framework for Marketing Management, 6e (Kotler) Chapter 1 Defining Marketing for the New Realities 1)Which of the following statements about marketing is TRUE? It is of little importance when products are standardized


Nova Southeastern University

MKT 5125

A Framework for Marketing Management, 6e (Kotler)

Chapter 1 Defining Marketing for the New Realities

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

    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 not needed in an Internet-fueled environment.
    5. It is seldom used by nonprofit organizations.




  1. A marketer's only concern is how best to create demand for a new product produced by his/her company. Marketing has little value for society as a whole.




  1.                        management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
    1. Marketing
    2. Knowledge
    3. Operations
    4. Strategic
    5. Distribution  



  1. As economies advance, a growing proportion of the economy's activities focuses on the production of      .
    1. products
    2. events
    3. experiences
    4. luxury goods
    5. services  




  1. Car rental firms, hair dressers, and management consultants provide                             .
    1. goods
    2. experiences
    3. events
    4. services
    5. information  




  1. Soccer's 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  



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




  1. People in emerging countries today are becoming increasingly health conscious and are seeking healthy food choices. As a result, demand for health foods is rising steadily, creating an opportunity for marketers to exploit this                                                                                                     market.
    1. demographic
    2. business
    3. need
    4. geographic
    5. service  




  1. Four key customer markets are the consumer, business, global, and                             market.
    1. demographic
    2. physical
    3. nonprofit
    4. product
    5. exclusive  



  1. For marketers, the term market refers to which of the following?
    1. a set of touch points such as store layouts and package designs
    2. a physical place where buyers and sellers gather
    3. a collection of buyers and sellers who transact over a particular product
    4. consumers and not businesses
    5. customer groups




  1. The responses marketers seek from prospects include all of the following EXCEPT


    1. decampment
    2. attention
    3. a purchase
    4. a vote
    5. a donation  



  1. In marketing cosmetics, laundry detergent, and products like Pringles to consumers, P&G manages        such as eye-catching package designs and innovative product functions.
    1. events
    2. prospects
    3. markets
    4. brands
    5. touch points  




  1. Which of the following is NOT a consumer touch point?
    1. store layouts
    2. package designs
    3. product functions
    4. shipping and logistics
    5. All of these are touch points.




  1. A short definition of marketing is "meeting needs profitably."




  1. Services constitute the bulk of most countries' production and marketing efforts.




  1. Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.




  1. Attracting tourists to Wisconsin is an example of marketing properties.




  1. "Friends Don't Let Friends Drive Drunk," is an example of marketing information to an interested audience.




  1. Selling through creative advertising is the most important element in business marketing.





  1. Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.




  1. Marketers are involved in marketing 10 types of entities. List and briefly characterize these entities.




  1. Selling is not the most important part of marketing. Explain why not.




  1.                        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




  1. 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. market
    5. prospect  



  1. 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




  1. 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  





  1. 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  



  1. Marketers identify which segments of buyers present the greatest opportunity. These segments are called                                                     markets.
    1. target
    2. capital
    3. tertiary
    4. demographic
    5. developing  



  1.                        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  



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





  1. 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 a new market
    4. develop brand loyalty
    5. position its product




  1. If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a                                                channel.
    1. service
    2. distribution
    3. communication
    4. relationship
    5. standardized  



  1. The                       is the channel 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




  1. 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






  1. The                       environment 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
    2. management
    3. strategic
    4. task
    5. tactical  



  1. Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of        media.
    1. owned
    2. earned
    3. paid
    4. service
    5. marketing  



  1. Wants are basic human requirements, such as food and shelter.




  1. The customer value triad consists of a combination of quality, durability, and price.




  1. Walmart and Target stores could be part of the distribution channel for a marketer of hair care products.





  1. The task environment of a firm consists of demographic, economic, natural, and technological environments, as well as the political-legal system and the social-cultural arena.




  1. The desire to eat a Philly cheesesteak, whether or not you are in the position to buy one, is an example of a demand.




  1. Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a true understanding of their "needs." List and briefly describe the five types of needs that most consumers have.



  1. What is the relationship between Apple's brand and its value proposition?




  1. Distinguish between the concepts of value and satisfaction.




  1. Ford Motor Company knows that to reach its target markets, it may use three kinds of marketing channels. What are these three marketing channels, and how might Ford use each of them?

Answer: The three marketing channels are communication, distribution, and service channels. Ford uses advertising to position its products and convey a certain message to consumers (communication channel). The delivery of cars to end consumers would require a distribution channel, such as a car dealership, and the company can have tie-ups with insurance companies to provide car insurance (service channel).




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


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




  1. Which of the three transformative forces mentioned in the chapter is associated with the Boston Consulting Group believing brand marketers must enhance their "digital balance sheets"?
    1. demographics
    2. accountability
    3. social responsibility
    4. globalization


    1. technology  




  1. The three central trends in Marketing 3.0 are collaborative marketing, globalization, and


    1. cultural relevance
    2. horizontal marketing
    3. consumer well-being
    4. the rise of a creative society
    5. sustained technological development




  1. The Body Shop, Timberland, and Patagonia behave in environmentally responsible ways that differentiate them from competitors, build consumer preference, and achieve notable sales and profit gains. This is an example of                                                                         .
    1. social responsibility
    2. technology
    3. globalization
    4. collaboration
    5. goodwill  



  1. 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  



  1. In response to threats from such companies as, established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings. This is known as .
    1. reintermediation
    2. disintermediation
    3. retail transformation
    4. e-collaboration
    5. new-market synchronization




  1. The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.




  1. The marketplace isn't what it used to be. List and briefly discuss the new behaviors, opportunities, and challenges that await the marketer in the 21st century.



  1. Discuss the concept of disintermediation and provide an example.



  1. The digital revolution has placed a whole new set of capabilities in the hands of consumers and businesses. Describe the advantages that you as a consumer have today that your parents or grandparents didn't have.



  1. The Internet has given today's companies a new set of capabilities. Among those capabilities is the ability to operate a new information channel. Describe how information can be used by the marketer in this new channel.




  1. Discuss how globalization has affected the marketing environment.




  1. Managers of                        businesses concentrate on achieving high manufacturing efficiency, low costs, and mass distribution.
    1. selling-oriented
    2. product-oriented
    3. production-oriented
    4. marketing-oriented
    5. consumer-oriented




  1. Tracy's is a chain of hair dressing salons for women. They use television, magazines, radio, and newspapers to advertise their services. The owners ensure that all communication channels deliver a common message to prospective customers. In so doing, Tracy's is practicing                                                                                                  marketing.
    1. internal
    2. integrated
    3. socially responsible
    4. global
    5. relationship  



  1. The ultimate outcome of relationship marketing is a unique company asset called the

                     , consisting of the company and its supporting stakeholders.

    1. brand
    2. supply chain
    3. marketing network
    4. value proposition
    5. service channel




  1. Which of the following statements is most consistent with the integrated marketing approach?
    1. A good product will sell itself.
    2. If left alone, consumers are inclined to purchase only inexpensive products.
    3. All communication to consumers must deliver a consistent message irrespective of the medium.
    4. In order to succeed, the main focus should be on having an efficient production process in place.
    5. Online marketing is less important than traditional marketing efforts.




  1. Which of the following reflects the "people" component of the marketing mix?
    1. the creativity, discipline, and structure brought to marketing management
    2. the development of new products by the marketers
    3. the firm's consumer-directed activities
    4. the right set of processes to guide activities and programs within the firm
    5. the internal marketing of the firm




  1. Which of the four new Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?
    1. programs
    2. processes
    3. promotion
    4. people
    5. performance  



  1. At the heart of any marketing program is the firm's                             , its tangible offering to the market.
    1. strategy
    2. product
    3. brand
    4. value
    5. people  





  1.                        activities include those the company undertakes to make the product accessible and available to target customers.
    1. Line extension
    2. Segmentation
    3. Marketing research
    4. Channel
    5. New-product development




  1. The production concept is one of the newest concepts in business.




  1. The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.




  1. The selling concept holds that consumers will prefer products that are ethical, environmentally responsible, legal, and social in the context of marketing activities and programs.




  1. Relationship marketing aims to build mutually satisfying long-term relationships with key parties.




  1. Proponents of holistic marketing consider internal marketing to be as important as marketing to consumers.





  1. A firm's tangible offering to the market includes product quality, design, features, and packaging.




  1. Building strong brands is the marketing task where the marketer is using a reliable marketing information system to monitor the marketing environment so s/he can assess market potential and forecast demand.




  1. The competing concepts under which organizations have conducted marketing activities include: the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. Evaluate the advantages and disadvantages of each concept. Which concept do you believe is the most effective? Why?



  1. Define internal marketing and its role in the company. Outline how various departments within the company can demonstrate a customer focus.




  1. Identify and define the traditional four Ps. Also identify the new four Ps and the reason for developing the new interpretation.




  1. Arthur Jones has decided to start a business. He wants to manufacture lawn mowers and believes in the production concept. If this approach is taken, what will be Mr. Jones' primary areas of concentration as he builds his business?

Answer: This orientation holds that consumers will prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on high production efficiency, low costs, and mass distribution. Jones will also want an efficient production process in place. This approach is also used when a company wants to expand the market. Students may use these facts as they design their answer.




  1. Increasingly, a key goal of marketing is to develop deep, enduring relationships with all entities that directly or indirectly affect the success of the firm. Discuss the merits of relationship marketing. From your experience as a consumer, describe the relationship marketing efforts undertaken by a company of your choice.




  1. What would be the marketing network elements for a motorcycle company such as Harley- Davidson?




  1. What are the basic elements of the marketing mix for a bank? What does the holistic marketing concept broaden these elements to include?




  1. Atlas camera division produces a range of professional quality 35mm and consumer-friendly digital cameras. The 35mm market is rapidly declining and the faster-growing digital camera segment is saturated with competition, so Atlas is struggling with sales. Identify the marketing tasks the management team would need to address to make Atlas competitive in the digital camera space.



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