51. One traditional
depiction of marketing activities is in terms of the marketing mix or four Ps.
The four Ps are characterized as being ________.

a. product, positioning, place, and price

b. product, production, price, and place

c. promotion, place, positioning, and price

d. place, promotion, production, and positioning

e. product, price, promotion, and place

52. From a buyer’s point of view, each marketing tool is designed to deliver a
customer benefit. The SIVA customer-centric breakdown of marketing activities
includes ________.

a. sale, interaction, voice, and availability

b. solution, information, value, and access

c. satisfaction, intention, value, and account

d. situation, importance, variability, and awareness

e. none of the above

53. A firm can ________ only in the long run.

a. reduce its sales-force size

b. develop new products

c. change its price

d. modify advertising expenditures

e. All of the above may be done in the short or long run.

54. Holistic marketing incorporates ________, ensuring that everyone in the
organization embraces appropriate marketing principles, especially senior
management.

a. profit objectives

b. share of customer

c. internal marketing

d. the marketing mix

e. strategic planning

55. Companies are recognizing that much of their market value comes from
________, particularly their brands, customer base, employees, distributor and
supplier relations, and intellectual capital.

a. variable assets

b. the value proposition

c. intangible assets

d. tangible assets

e. customer preferences

56. Holistic marketing incorporates ________, an understanding of broader
concerns in the ethical, environmental, legal, and social context of marketing
activities.

a. safe product design

b. cultural marketing

c. social responsibility marketing

d. cross-functional teams

e. direct-sales policies

57. The ________ holds that the organization’s task is to determine the needs,
wants, and interests of target markets and to deliver the desired satisfactions
more effectively and efficiently than competitors in a way that preserves or
enhances the consumer’s and the society’s well-being.

a. customer-centered business

b. focused business model

c. societal marketing concept

d. ethically responsible marketing manager

e. production-centered business

58. At the heart of any marketing program is the ________—the firm’s tangible
offering to the market.

a. service offer

b. product

c. sales support team

d. packaging

e. auxiliary offer

59. ________ activities include those the company undertakes to make the
product accessible and available to target customers.

a. Consumer behavior

b. Market segmentation

c. Marketing research

d. Channel

e. New-product development

60. Marketing feedback and ________ processes are necessary to understand the
efficiency and effectiveness of marketing activities and how both could be
improved.

a. control

b. analysis

c. measurement

d. retrospective

e. consumer behavior

True/False

61. A short definition of marketing is “meeting needs profitably.”

62. Value marketing is the “art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering, and
communicating superior customer value.”

63. Services constitute the bulk of most countries’ production and marketing
effort.

64. The U.S. economy today consists of a 70–30 services-to-goods mix.

65. “Friends Don’t Let Friends Drive Drunk,” is an example of marketing an
experience to an interested audience.

66. Unwholesome demand occurs when consumers’ purchases vary on a seasonal,
monthly, weekly, daily, or even hourly basis.

67. When consumers share a strong need that cannot be satisfied by an existing
product, they are engaged in latent demand.

68. Companies selling goods and services in the global marketplace have the
advantage of being able to sell the goods and services in almost the same way
as they do in their domestic market.

69. Companies selling their goods to nonprofit organizations may charge an
extra premium over their normal prices because these organizations are largely
indifferent to price.

70. A marketspace is physical, as when you shop in a store.

71. Wants are basic human requirements such as food or air.

72. Demands are wants for specific products backed by an ability to pay.

73. Most marketers satisfy everyone in a market—that’s how they stay in
business.

74. The customer-value triad consists of a combination of quality, service, and
price.

75. A distribution channel includes distributors, wholesalers, retailers, and
agents that display, sell, or deliver the physical product or service(s) to the
buyer or user.

76. The main actors in the task environment are the components of demographics,
economics, physical setting, technology, the political-legal system, and the
social-cultural arena.

77. Regulation of industries has created greater competition and growth
opportunities because the playing field has been leveled.

78. Industry boundaries are blurring at an incredible rate as companies are
recognizing that new opportunities lie at the intersection of two or more
industries.

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

80. Companies can facilitate and speed external communication among customers
by creating online and off-line “buzz” through brand advocates and user
communities.

81. The proliferation of targeted media and communication channels has allowed
marketers to become much more aware of their target consumers’ preferences and
to customize both products and messages for individual consumers.

82. The marketing concept is one of the oldest concepts in business.

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

84. The marketing concept stresses a customer-centered approach to marketing.

85. The selling concept is based on the development, design, and implementation
of marketing programs, processes, and activities that recognizes their breadth
and interdependencies.

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

87. Attracting a new customer may cost five times as much as doing a good
enough job to retain an existing one.

88. The marketing-mix component called promotion includes such items as product
variety, design, packaging, services, and warranties.

89. When a marketer makes decisions involving channels, assortments, locations,
and transportation, the marketer is making what are called place
decisions.

90. Advertising, sales promotion, and direct marketing are all part of what is
called the offering mix.

91. One of the key themes of integrated marketing is that there are very few
marketing activities that can effectively communicate and deliver value.

92. Internal marketing is an appropriate practice to be used in holistic
marketing.

93. In most companies, marketing should focus on the customer and other
departments should focus on the business itself.

94. Performance marketing involves reviewing metrics assessing market share,
customer loss rate, customer satisfaction, and product quality in the
evaluation of the effectiveness of marketing activities.

:

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

96. The societal marketing concept holds that the organization’s task is to
determine the needs, wants, and interests of target markets and to deliver the
desired satisfactions more effectively and efficiently than competitors in a
way that preserves or enhances the consumer’s and the society’s well-being.

97. Cause-related marketing involves donating a percentage of revenues to a
specific cause based on the revenue occurring during the announced period of
support.

98. Making gifts of money, goods, or time to help nonprofit organizations,
groups, or individuals is known as corporate philanthropy.

A

99. To understand what is happening inside and outside the company, the company
needs a reliable marketing information system.

100. Because of surprises and disappointments that can occur as marketing plans
are implemented, the company will need feedback and control to improve
itself.

Essay

101. Marketing has been described 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.