Test bank for MM 2nd edition by iacobucci

MSC: AACSB Reflective Thinking | TB&E Model Strategy | Knowledge of General Business Functions 2.. MSC: AACSB Reflective Thinking | TB&E Model Marketing Plan | Knowledge of General Busin

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Full file at http://testbanksstore.eu/Test-Bank-for-MM-2nd-Edition-by-Iacobucci

Chapter 1: What Is Marketing?

TRUE/FALSE

1 Marketing is defined as an exchange between a firm and its customers

MSC: AACSB Reflective Thinking | TB&E Model Strategy | Knowledge of General Business

Functions

2 Customers typically do not mind paying for purchases

MSC: AACSB Analytic | TB&E Model Customer | Knowledge of General Business Functions

3 Marketers try to figure out what customers want and then they try to figure out how to provide it and make money doing so

MSC: AACSB Analytic | TB&E Model Customer | Managing Strategy & Innovation

4 In an exchange, the customer wants something from the company but the company wants nothing from the customer

MSC: AACSB Analytic | TB&E Model Customer | Knowledge of Human Behavior & Society

5 Companies like taking in profits more than they care about their customers

MSC: AACSB Reflective Thinking | TB&E Model Customer | Managing Human Capital

6 The term “market” sounds like it involves selling simple, tangible goods, but as you know, hardly anything can be marketed

MSC: AACSB Reflective Thinking | TB&E Model Marketing Plan | Managing Strategy & Innovation

7 Marketers help athletes, celebrities, and politicians with their images in their respective marketplaces (to fans and agents, intelligentsia, or the public)

MSC: AACSB Communication | TB&E Model Promotion | Knowledge of Media Communications & Delivery

8 Some things that can be marketed include goods, services, experiences, events, and people

9 These days we live in a truly product-oriented and product-empowered marketing world

MSC: AACSB Analytic | TB&E Model Product | Knowledge of Technology, Design, & Production

10 Many management gurus believe that marketing has succeeded so well that it really isn’t a function in

an organization anymore

MSC: AACSB Reflective Thinking | TB&E Model Marketing Plan | Knowledge of General Business Functions

11 Diana is the marketing vice president at Company ABC As she assesses any particular business problem or opportunity in terms of general analysis, she should review the 5Ps

12 One of the factors currently stressing marketers is the pressure to show results

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Full file at http://testbanksstore.eu/Test-Bank-for-MM-2nd-Edition-by-Iacobucci MSC: AACSB Analytic | TB&E Model Research | Operations Skills

13 Marketing management is the overseeing of the processes of the 5C, STP, and 4P components

MSC: AACSB Reflective Thinking | TB&E Model Marketing Plan | Managing Administration & Control

14 You’ll always be a step ahead of your competition if you simply think about your company

MSC: AACSB Reflective Thinking | TB&E Model Strategy | Strategic & System Skills

15 The 5Cs, STP, and 4Ps operate interdependently

MSC: AACSB Analytic | TB&E Model Marketing Plan | Managing Strategy & Innovation

16 Every purchase begins with an assessment of convenience or wants

MSC: AACSB Analytic | TB&E Model Strategy | Managing Decision-Making Processes

17 Buyers look for possible products and try to find information to guide them as to which might be the best brand for their unique situation

MSC: AACSB Reflective Thinking | TB&E Model Customer | Knowledge of Human Behavior & Society

18 The buying process varies depending on whether the buyer is a consumer or a business

MSC: AACSB Analytic | TB&E Model Marketing Plan | Managing Decision-Making Processes

19 B2B marketers have identified four kinds of purchases

MSC: AACSB Reflective Thinking | TB&E Model Pricing | Managing Decision-Making Processes

20 Cultural and social factors heavily influence differences in customer preferences

MSC: AACSB Diversity | TB&E Model Customer | Knowledge of Human Behavior & Society

21 Great marketing is based on sound, logical—emotional and physical—laws of human and organization behavior

22 Country, culture, and subculture influence consumer purchases but NOT organizational purchase decisions

MULTIPLE CHOICE

1 Marketers try to figure out what _ want and then they try to figure out how to provide it and make money doing so

MSC: AACSB Analytic | TB&E Model Customer | Managing Strategy & Innovation

2 Which of the following is defined to be an exchange between a firm and its customers?

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MSC: AACSB Reflective Thinking | TB&E Model Strategy | Operations Skills

3 If companies are good and if they’re lucky, the exchange continues iterating between the customer and the company, _ the tie between them

MSC: AACSB Reflective Thinking | TB&E Model Strategy | Operations Skills

4 Marketers help/work with all of the following EXCEPT

5 On what did the early marketplace primarily focus?

MSC: AACSB Reflective Thinking | TB&E Model Product | Managing Strategy & Innovation

6 Today’s marketplace is focused more on

MSC: AACSB Communication | TB&E Model Customer | Knowledge of Human Behavior & Society

7 Marketing is thought to be evidence of an evolved

MSC: AACSB Analytic | TB&E Model Strategy | Knowledge of General Business Functions

8 What is the result companies see from happier customers due to marketing?

a Companies are less profitable c Companies are more profitable

MSC: AACSB Analytic | TB&E Model Marketing Plan | Managing Decision-Making Processes

9 The letters CMO represent

a Chief Management Officer c Central Management Officer

b Central Marketing Organization d Chief Marketing Officer

10 Advertising's goal is to enhance

MSC: AACSB Communication | TB&E Model Promotion | Managing Strategy & Innovation

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11 Which of the following is NOT part of the 5Cs?

MSC: AACSB Analytic | TB&E Model Marketing Plan | Knowledge of General Business Functions

12 A company’s marketing executives should assess the _ in terms of a general analysis of a business problem or opportunity the company is facing

13 Which of the following is NOT a part of STP?

14 The 4Ps include all of the following EXCEPT

15 Fundamentally, the best marketers put themselves in the place of their

MSC: AACSB Reflective Thinking | TB&E Model Customer | Managing Strategy & Innovation

16 What order is correct for a situation analysis?

17 What kind of customer is an agent buying something on behalf of an organization?

MSC: AACSB Communication | TB&E Model Strategy | Managing the Task Environment

18 Which approach assumes that a customer would compare all the possible brands along the attribute

or dimension that is most important to them?

MSC: AACSB Reflective Thinking | TB&E Model Product | Strategic & System Skills

19 B2B marketers have said there are three kinds of purchases - new buy, modified rebuy, and

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MSC: AACSB Reflective Thinking | TB&E Model Customer | Knowledge of General Business Functions

20 Which of the following is NOT involved in a B2B purchase?

21 Brian is a recent college graduate employed as a sales representative at a medical equipment

company Brian’s boss, the VP of marketing, is explaining the concept of “buying centers” in B2B marketing His boss indicates that with big, expensive, complicated business purchases, it’s not just one person making the decision and that each purchase involves a half dozen or so roles Further, the

VP says that person who first kicks-off the purchase process is the

22 Jon works for Company ABC in the accounting department and is asked to work with the shipping & receiving department as this department considers several options for a new inventory management computer system Jon most likely plays which role in the purchase decision?

23 Ed works for Company ABC as a shipping & receiving department manager Ed most likely plays which role in Company ABC’s purchase of a new inventory management computer system?

MSC: AACSB Analytic | TB&E Model Promotion | Knowledge of General Business Functions

24 Pete works for Company ABC as a shipping & receiving department clerk He picks orders and ships them to customers using the company’s current inventory management system On several

occasions, he has mentioned to management that the current system has some glitches Pete most likely plays which role in the purchase decision?

MSC: AACSB Analytic | TB&E Model Promotion | Knowledge of General Business Functions

25 The various factors that impact how buyers form impressions and preferences, collect information, and make brand choices do NOT include

b social group factors d product factors

MSC: AACSB Analytic | TB&E Model Customer | Knowledge of Human Behavior & Society

ESSAY

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1 Define marketing’s exchange relationship

ANS:

Marketing is defined to be an exchange between a firm and its customers The customer wants

something from the firm, and the firm wants something from the customer Marketers try to figure out what customers want and then they try to figure out how to provide it and make money doing so

MSC: AACSB Reflective Thinking | TB&E Model Customer | Managing Strategy & Innovation

2 List and describe the 5Cs

ANS:

The 5Cs are customer, company, context, collaborators, and competitors These Cs help us assess any particular business problem or opportunity in terms of a general analysis of the entire business

situation The customer and company are obviously the central players in the marketing exchange The

context includes things like the macroenvironment: How are our economy and that of our suppliers

doing? What legal constraints might we face? What cultural differences do our global segments

manifest? The collaborators and competitors are the companies and people we work with vs those we

compete against, although drawing the line is sometimes difficult in today’s global, networked

economy

3 Define STP and explain how it influences the marketing process

ANS:

STP stands for segmentation, targeting, and positioning The STP part of marketing refers to the

fact that we are very unlikely to be all things to all people, so it’s best to identify groups, or segments,

of customers who share similar needs and wants Once we understand the different segments’

preferences, and we presumably can identify our own company’s strengths, we can identify the

segment we should target with our marketing efforts We then strike up a conversation and relationship with that target segment by positioning our product to them in the marketplace via the 4Ps.

4 List and describe the 4Ps

ANS:

The 4Ps are product, price, promotion, and place A marketer's responsibilities are to create a

product that customers are likely to need or want; price the product appropriately; promote it via

advertising and sales promotions to help customers understand the product’s benefits and value; and,

finally, make the product available for purchase in easily accessed places.

5 Describe the lexicographic approach to buying

ANS:

The idea is that a customer compares all the possible brands along the attribute or dimension that is most important to him or her (e.g., quality, price, size, color) Whichever brands make the cut on this first dimension become potential brands in the customer’s consideration set The brands are then compared on the next most important attribute, and so on, until one or hopefully only a few brands are left from which to choose

MSC: AACSB Reflective Thinking | TB&E Model Customer | Managing Decision-Making Processes

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