$DONE$-Chapter 1

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+. ,al-!art has become the worlds largest retailer by delivering on its promise"Always low prices/always.0 This would be an e)ample of the marketingphilosophy that says:a. Take care of your customers" and market share and profits will follow.0

b. uy cheap" sell cheap.0 c. Always take discounts and pass some of them on to consumers.0 d. $istribution is the secret to all conuests in marketing.0

Answer: ( D!""!#$%&': (+ P)e: *

. Today" marketing must be understood in a new sense that can be characterized as: a. telling and selling.0 b. management of youth demand.0 c. get there first with the most.0 d. satisfying customer needs.0

Answer: (, D!""!#$%&': (+ P)e: -

3. ((((((((((((((((( is a social and managerial process by which individuals andgroups obtain what they need and want through creating and e)changing products and

value with others. a. !anagement b. !arketing c. 4conometrics d. $emand

Answer: (b D!""!#$%&': (1 P)e: -

5. The most basic concept underlying marketing is that of: a. products and services. b. human needs. c. barter. d. transactions.

Answer: (b D!""!#$%&': (. P)e: -

6. (((((((((((( are states of felt deprivation. a. $emands b. ,ants c. 7eeds d. 'ore transactions

Answer: (# D!""!#$%&': (1 P)e: -

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18. asic needs" such as those for food" clothing" and safety" refer to: a. physical needs. b. social needs. c. individual needs.

d. physical wants.

Answer: ( D!""!#$%&': (+ P)e: -

11. (((((((((( are shaped by ones society and are described in terms of ob9ects. a. 7eeds b. ,ants c. $emands d. Transactions

Answer: (b D!""!#$%&': (1 P)e: -

12. ,hen backed by buying power" wants become: a. needs. b. relationships. c. ob9ect relationships. d. demands.

Answer: (, D!""!#$%&': (+ P)e: -

1&. n outstanding companies" people at all levels" including top management": a. work more than eight hours a day. b. are constantly inventing new products. c. are addicted to time management. d. stay close to customers.

Answer: (, D!""!#$%&': (+ P)e: /

1*. Anything that can be offered to a market for attention" acuisition" use" orconsumption that might satisfy a want or need is called a:

a. demand. b. basic staple. c. product. d. service.

Answer: (# D!""!#$%&': (+ P)e: 0

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1+. A ((((((((((((((( is any activity or benefit offered for sale that is essentiallyintangible and does not result in the ownership of anything.

a. demand b. basic staple

c. product d. service

Answer: (, D!""!#$%&': (1 P)e: 0

1. f a company is guilty of marketing myopia"0 then it is: a. in danger of having dangerous cost overruns because it is trying to please too many diverse customer groups. b. so taken with its products that it focuses only on e)isting wants and loses sight of underlying consumer needs. c. guilty of pre9udice toward certain customer groups.

d. falling into the trap of copying0 rather than inventing0 products.

Answer: (b D!""!#$%&': (. P)e:

13. The difference between the values the customer gains from owning and using aproduct and the costs of obtaining the product is called ((((((((((((((.

a. customer uality b. customer satisfaction c. customer value d. perceptual relationships

Answer: (# D!""!#$%&': (. P)e:

15. 'ustomers often do not 9udge product values and costs accurately or ob9ectively. nstead" they act on (((((((((((((((((((. a. customer satisfaction b. customer uality c. needs d. perceived value

Answer: (, D!""!#$%&': (+ P)e: 12

16. ((((((((((((((((( depend;s< on a products perceived performance in delivering value relative to a buyers e)pectations. a. 'ustomer satisfaction b. 'ustomer uality c. 'ustomer value d. 'ustomer needs

Answer: ( D!""!#$%&': (. P)e: 12

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28. ,ith respect to customer satisfaction" smart companies aim to: a. give the customer anything and everything they want. b. make customers addicted to their products and services. c. delight customers by promising only what they can deliver" then delivering more

than they promise. d. always save the customers money" time" and other resources.

Answer: (# D!""!#$%&': (+ P)e: 12

21. An approach in which all the companys people are involved in constantly improving the uality of products" services" and business processes is called: a. 'igna 1888. b. total uality management. c. total relationship opportunity. d. e)change management.

Answer: (b D!""!#$%&': (+ P)e: 11

22. !arketing occurs when people decide to satisfy needs and wants through ((((((((. a. selling b. e)change c. transaction d. relationships

Answer: (b D!""!#$%&': (+ P)e: 1+

2&. A;n< (((((((((((((( consists of a trade of values between parties. a. sale b. e)change c. transaction d. marketAnswer: (# D!""!#$%&': (. P)e: 1+

2*. Trading your old calculator for tickets to a %arth rooks concert would be what kindof transaction=

a. monetary transaction b. barter transaction c. market transaction d. customer transaction

Answer: (b D!""!#$%&': (1 P)e: 1+

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2+. Transaction marketing is part of the larger idea of (((((((((((((((((. a. customer returns and allowances b. trade discounts c. relationship marketing

d. promotional stimulation marketing

Answer: (# D!""!#$%&': (. P)e: 1+

2. A ((((((((((((((( consists of the company and all its supporting stakeholders. a. demand channel b. marketing network c. communication triad d. product flow process

Answer: (b D!""!#$%&': (. P)e: 1+

23. As '4>s and other managers have reviewed business functions" they have foundthat" ultimately" ((((((((((( is the art of attracting" keeping" and growingprofitable customers.

a. marketing b. finance c. electronic commerce d. demand management

Answer: ( D!""!#$%&': (+ P)e: 1*

25. n a contemporary sense" a market is thought to be: a. wherever a marketer sells products. b. the people who may buy the product. c. the set of actual and potential buyers of a product. d. the suare in the middle of the city where trade occurs.

Answer: (# D!""!#$%&': (+ P)e: 1*

26. The main actors in a modern marketing system would include all of the following4?'4@T: ;elect the B4AT BC4BD.ne party gives ? to another party and gets D in return. This would be an e)ample of a transaction.

Answer: (Tr$e D!""!#$%&': (1 P)e: 1+

3*. The concepts of e)change and relationships lead to the concept of demarketing.

Answer: (F%se D!""!#$%&': (. P)e: 1*3 1/

3+. !arketing to reduce demand temporarily or permanently is called demarketing.

Answer: (Tr$e D!""!#$%&': (+ P)e: 1/

3. f a company used F18 million on television advertising" a sales force of 288 people"and had a marketing department to coordinate and further marketing efforts" thecompany would be employing the marketing practice of interpreneurial marketing.

Answer: (F%se D!""!#$%&': (. P)e: 10

33. The primary concept used in selling unsought goods such as encyclopedias orinsurance is the product concept.

Answer: (F%se D!""!#$%&': (+ P)e: +2

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35. The selling concept takes an inside-out0 perspective toward the e)change process.

Answer: (Tr$e D!""!#$%&': (+ P)e: +1

36. The production concept uestions whether the pure marketing concept is adeuate in an age of environmental problems" resource shortages" rapid population growth" worldwide economic problems" and neglected social services.

Answer: (F%se D!""!#$%&': (+ P)e: ++

58. 'onnecting more selectively" connecting for life" and connecting directly are all characteristics connections with customers.

Answer: (Tr$e D!""!#$%&': (+ P)e: +03 F!)$re 14-

51. Ceeping old customers would be a part of the old marketing thinking as applied to connections with customers.

Answer: (F%se D!""!#$%&': (+ P)e: ./3 Tb%e 141

52. !arketing locally and globally would be part of the new marketing thinking asapplied to connections with the world around us.

Answer: (Tr$e D!""!#$%&': (1 P)e: ./3 Tb%e 141

ESSA7 QUESTIONS

5&. $efine marketing and discuss its role in the economy.

Answer:

!arketing is a social and managerial process by which individuals and groups obtainwhat they need and want through creating and e)changing products and values withothers. 4conomic roles include: meeting needs" wants" and demands ;of a variety oftypes


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Answer:

The core marketing concepts can be seen in Eigure 1-1. They are listed as: a< needs"wants" and demandsK b< products" services" and e)periencesK c< value" satisfaction" andualityK d< e)change" transactions" and relationshipsK and e< markets. These key concepts

are linked and form the basis by which marketing is understood and practiced.

D!""!#$%&': (+ P)e: -41*3 F!)$re 141 n, ss8#!&e, &e9&

5+. Bist and briefly discuss three ways 7ike has demonstrated that they care about their customers.

Answer:

7ike seems to care as much about its customers lives as their bodies. ,ays that thecompany demonstrates that it cares are:;a< t doesnt 9ust promote sales" it promotes sports for the benefit of all.

;b< 7ike invests in a wide range of lesser-known sports" even though they provide less lucrative marketing opportunities.;c< 7ike is focusing on innovations ;especially those demanded by the consumers


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53. !arketing practice often passes through three stages. Bist and briefly describe eachof these stages.

Answer:

The stages may be listed as:1


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56. The new connected millennium has brought about changes for the marketingfunction. Jsing connecting technologies ;computer" information" communication" andtransportation


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Answer:

tudents should be allowed to be creative with this uestion. This uestion should not beattempted unless the students have been e)posed to the concepts of relationshipmarketing and a marketing network. f they have" the uestions answers should be

somewhat similar to the information indicated below.

According to the te)t" beyond creating short-term transactions" marketers need to buildlong-term relationships with valued customers" distributors" dealers" and suppliers.Today" companies want to build a uniue company asset called a marketing network. Amarketing networkconsists of the company and all its supporting stakeholders. Thesewould be the customers" employees" suppliers" distributors" retailers" ad agencies" andothers with whom it has built mutually profitable business relationships. Tools that themarketer might use to develop stronger bonds with consumers might be to add or increasefinancial benefits" social benefits" structural ties" and make sure that all customers areprofitable customers. The idea behind relationship marketing through a marketing

network is that if a company builds a good network of relationships with keystakeholders" profits will follow for all.

tudents should describe customers ;for the bottled water market

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$DONE$-Chapter 1