In its simplest form, marketing may be defined as a/an _____ between a buyer and a seller.

	a. conflict
	b. conversation
	c. exchange
	d. transformation

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What are two benefits of marketing to society?

	a. Marketing encourages austerity and leads to economic sanctions.
	b. Marketing redistributes community wealth and makes all people equal.
	c. Marketing facilitates trade and creates jobs.
	d. Marketing improves people’s lives and lets companies get rich.

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Creating offerings is part of which of the traditional components of the marketing mix?

	a. Product
	b. Promotion
	c. Price
	d. Placement

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Advertising and personal selling are part of which of the traditional components of the marketing mix?

	a. Product
	b. Promotion
	c. Price
	d. Placement

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Developing an offering to a point at which the customer can purchase it describes which of the traditional components of the marketing mix?

	a. Product
	b. Promotion
	c. Price
	d. Placement

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The monetary amount charged for a product describes which of the traditional components of the marketing mix?

	a. Product
	b. Promotion
	c. Price
	d. Placement

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Viewing marketing from the customer’s point of view, the benefits of an offering are known as _____.

	a. customer value
	b. cost to the customer
	c. convenience for the buyer
	d. communication

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Viewing marketing from the customer’s point of view, _____ refers to the costs paid for an offering as well as the time and money spent traveling to a store or paying a shipping fee for a product bought online.

	a. customer value
	b. cost to the customer
	c. convenience for the buyer
	d. communication

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Viewing marketing from the customer’s point of view, _____ is most closely associated with the traditional marketing component of place and considers the ease with which customers can find information about offerings and make purchases.

	a. customer value
	b. cost to the customer
	c. convenience for the buyer
	d. communication

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Viewing marketing from the customer’s point of view, the traditional marketing component of promotion is focused on _____.

	a. customer value
	b. cost to the customer
	c. convenience for the buyer
	d. communication

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Which of the statements below does not describe a benefit of strategic planning?

	a. Strategic planning takes into account a company’s internal conditions.
	b. Strategic planning takes into account external factors that affect the success of a company.
	c. Strategic planning takes into account short-term and long-term tactics for business success.
	d. Strategic planning is short-sighted and encourages executives to make decisions based on gut responses to crises.

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Which of the components below is not a consideration in a strategic plan?

	a. Value proposition
	b. Target markets
	c. Company competition
	d. Executive compensation

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Which of the sets of components below contains demographic data that is commonly used to develop a customer profile?

	a. Holidays, religions, and hairstyles
	b. Generations, occupations, and genders
	c. States, cities, and climates
	d. Hobbies, values, opinions, and attitudes

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Which of the sets of components below contains psychographic data that is commonly used to develop a customer profile?

	a. Holidays, religions, and hairstyles
	b. Generations, occupations, and genders
	c. States, cities, and climates
	d. Hobbies, values, opinions, and attitudes

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Which of the sets of components below contains geographic data that is commonly used to develop a customer profile?

	a. Holidays, religions, and hairstyles
	b. Generations, occupations, and genders
	c. States, cities, and climates
	d. Hobbies, values, opinions, and attitudes

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Customer satisfaction is an important part of marketing because _____.

	a. satisfied customers stop buying a company’s products.
	b. satisfied customers often tell friends and family not to purchase an offering.
	c. dissatisfied customers will continue to purchase the same product until it makes them happy.
	d. satisfied customers become ambassadors for a company’s offerings and brand by sharing positive stories about offerings through personal communication.

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_____ is the amount of benefit a customer gets from an offering compared with its cost.

	a. Customer lifestyle
	b. Customer convenience
	c. Customer satisfaction
	d. Customer value

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_____ includes collecting, analyzing, and reporting marketing information that can be used to better plan strategies to help a company reach its financial goals.

	a. Marketing research
	b. Public relations
	c. Consumer behavior
	d. Benchmarketing

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Which of the following is NOT an example of how marketing research can benefit a company?

	a. Predicting the weather
	b. Developing product ideas and designs
	c. Evaluating packaging types
	d. Identifying market segments for a product

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_____ includes the study of markets and customers in order to understand what strategies or tactics might work best for companies to be successful.

	a. Marketing research
	b. Merchandising
	c. Sales
	d. Benchmarketing

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Coke and Pepsi both sell the same types of products to a similar target market, a fact that makes Coke and Pepsi _____.

	a. competition
	b. collaboration
	c. partnership
	d. publics

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_____ is the process by which organizations understand their current competitors as well as potential competitors that may arise in the future.

	a. Competition
	b. Competitive analysis
	c. Data analysis
	d. Competition relations

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_____ is the process of analyzing a company’s potential consumers and breaking down this mass audience into smaller groups of potential buyers that share similar characteristics.

	a. Marketing
	b. Positioning
	c. Public relations
	d. Segmentation

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Segmentation requires marketers to distinguish their target market from their consumer population by analyzing which of the following?

	a. Demographics, geography, and psychographics
	b. Product, purpose, and distribution
	c. Branding and market share
	d. Positioning and public relations

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How are the concepts of marketing and advertising related to one another?

	a. Marketing is a subset of advertising.
	b. Marketing and advertising are two names for the same concept.
	c. Advertising is part of the promotions component of marketing.
	d. Advertising is rarely used in marketing campaigns today.

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How are the concepts of advertising and sales related to one another?

	a. Advertising and sales are two names for the same concept.
	b. Companies use advertising to educate customers and lead them toward the sales process.
	c. Sales is more important than advertising in the marketing mix.
	d. All of the above answers are correct.

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How are the concepts of marketing and sales related to one another?

	a. Marketing is a subset of sales.
	b. Marketing and sales are two names for the same concept.
	c. Sales is a concept unique to manufactured goods.
	d. Increases in sales often can be attributed to successful marketing strategies.

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_____ involves paying to communicate a message about a company or its offerings through a large distribution system such as mass media.

	a. Advertising
	b. Personal selling
	c. Public relations
	d. Sales promotions

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When a company employs _____ to promote its offerings, it typically uses incentives such as coupons, contests, games, and rebates in order to encourage customers to take action quickly, make large purchases, and/or repeat purchases.

	a. advertising
	b. personal selling
	c. public relations
	d. sales promotions

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_____ differs from other forms of promotions because a company is not paying for the attention it is receiving from mass media.

	a. Advertising
	b. Personal selling
	c. Publicity
	d. Sales promotions

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_____ is a promotional tactic in which a buyer and a seller interact, either face-to-face, by telephone, or by another telecommunication technology.

	a. Advertising
	b. Personal selling
	c. Public relations
	d. Sales promotions

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Which of the following forms of promotion involves delivering personalized promotional materials directly to individual consumers?

	a. Advertising
	b. Direct marketing
	c. Public relations
	d. Sales promotions

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Which of the following factors influences the selection of promotion elements?

	a. The available budget
	b. The target market
	c. Government regulations
	d. All of the above answers are correct.

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A consumer goods company is using a social media campaign to launch a new mobile device targeted toward college-age consumers. This tactic illustrates which concept that is considered when developing a promotions mix?

	a. Abiding by government regulations
	b. Researching competitors
	c. Considering the marketing budget
	d. Understanding consumer media preferences

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The use of postal mail is most closely associated with which form of promotions?

	a. Advertising
	b. Direct marketing
	c. Public relations
	d. Sales promotions

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Which of the following sets of components is an area of concern to marketers as they develop marketing messages in the promotional mix?

	a. Appeals, targeted demographics, tactics, and positioning
	b. Product, placement, price, and medium
	c. Sales, reputation, image, and public awareness
	d. Hooks, zingers, testimonials, and sales

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A company spends money on advertising in order to educate consumers about its offerings, often comparing its offerings with those of the competition in order to encourage sales. Which stage of the product life cycle does this scenario describe?

	a. Introduction stage
	b. Growth stage
	c. Maturity stage
	d. Decline stage

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Consider a scenario in which a company spends a sustained, often long period of time increasing sales through promotional strategies that are used to differentiate its product from the competition in order to maintain market share. Which stage of the product life cycle does this scenario describe?

	a. Introduction stage
	b. Growth stage
	c. Maturity stage
	d. Decline stage

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Consider a scenario in which sales of a product are beginning to wane due to new competition in the marketplace, and promotional strategies for this product are being reduced due to increasing costs. Which stage of the product life cycle does this scenario describe?

	a. Introduction stage
	b. Growth stage
	c. Maturity stage
	d. Decline stage

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In which stage of the product life cycle would marketing research be used to identify additional market segments for the product?

	a. Introduction stage
	b. Growth stage
	c. Maturity stage
	d. Decline stage

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In which stage of the product life cycle would marketing research be used to make pricing decisions?

	a. Introduction stage
	b. Growth stage
	c. Maturity stage
	d. Decline stage

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Which pricing strategy, often associated with the introduction stage of the product life cycle, would be used by a company to set a high initial price for a product in order to recoup its investment as quickly as possible?

	a. Leader pricing
	b. Penetration pricing
	c. Prestige pricing
	d. Skimming pricing strategy

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Using _____, a company assigns an intentionally higher price to an offering in order to give it a high-quality image.

	a. Leader pricing
	b. Penetration pricing
	c. Prestige pricing
	d. Skimming pricing strategy

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Using _____, a company prices one or more products intentionally low in order to get customers into the company’s store/s.

	a. Leader pricing
	b. Penetration pricing
	c. Prestige pricing
	d. Skimming pricing strategy

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Which distribution strategy includes trying to sell a product in as many outlets as possible?

	a. Exclusive distribution
	b. Intensive distribution
	c. Micro distribution
	d. Selective distribution

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Which distribution strategy involves selling products at select outlets in specific locations?

	a. Exclusive distribution
	b. Intensive distribution
	c. Micro distribution
	d. Selective distribution

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Which distribution strategy involves selling products through a few prestigious outlets?

	a. Exclusive distribution
	b. Intensive distribution
	c. Micro distribution
	d. Selective distribution

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What is the specific avenue that a seller uses in order to get an offering to customers for purchase?

	a. Advertising and sales
	b. The marketing channel
	c. The marketing mix
	d. The promotional mix

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What is the name used for firms that actively promote and sell a product as it travels through a channel to buyers?

	a. Channel partners
	b. Channel products
	c. Channel services
	d. Channel distributors

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_____ obtain large quantities of products, then store them, then break them down into smaller units that are more convenient for stores to buy and sell.

	a. Distributors
	b. Producers
	c. Retailers
	d. Wholesalers

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_____ is the difference between what a customer gets from an offering and what a customer has to give in order to get the offering.

	a. Customer feedback
	b. Customer relations
	c. Customer satisfaction
	d. Customer value

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_____ is derived when a company delivers the product that it promised, at the time it was promised, and in the way it was promised.

	a. Customer empowerment
	b. Customer relations
	c. Customer satisfaction
	d. Customer value

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Market research is used to improve the relationship that customers have with a company, its brand, and its offerings. A company might also conduct _____ in an effort to learn customers’ views about a competitor’s products and services.

	a. competitive analysis
	b. mystery shopping
	c. product substitution
	d. marketing mixes

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Marketing professionals conduct research in order to understand loyal customer relationships. What two dimensions of customer loyalty are investigated by this research?

	a. Attitudinal and behavioral dimensions
	b. Product and price dimensions
	c. Internal and external dimensions
	d. Willpower and trust dimensions

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The central theme of _____ is customers’ ability to take control of the marketing activities that are aimed toward them.

	a. customer empowerment
	b. customer relations
	c. customer satisfaction
	d. customer value

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_____ programs are marketing efforts designed to increase sales by rewarding a customer for frequent purchases and consumption of offerings.

	a. Customer empowerment
	b. Customer loyalty
	c. Customer satisfaction
	d. Customer value

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Successful _____ relies on creating feedback channels that are easy and widely available, asking for and encouraging feedback about products, and enabling customers to participate in the design of products.

	a. customer empowerment
	b. customer loyalty
	c. customer satisfaction
	d. customer value

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Evaluate the following scenario and choose the best answer from the options below. You work for a company that wants to achieve the following outcomes: increase the longevity of its customer relationships; block competitors’ marketing efforts; encourage customers to buy related offerings; and accelerate customers’ purchases. Which type of program would you create to satisfy the above expectations?

	a. Customer empowerment
	b. Customer loyalty
	c. Customer satisfaction
	d. Customer value

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Evaluate the following scenario and choose the best answer from the options below. Mary is telling her friend Jill about a weekend trip she took recently with her family. Mary excitedly talks about how the hotel upgraded her family’s accommodations and treated them like royalty all weekend. Mary suggests that Jill try the hotel, adding that she plans to stay there again in the near future because the hotel exceeded her expectations. This scenario is an example of which of the following concepts?

	a. Customer empowerment
	b. Customer loyalty
	c. Customer satisfaction
	d. Customer value

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Evaluate the following scenario and choose the best answer from the options below. Joe is a risk-averse shopper. Recently he purchased a new computer from a local computer boutique, where he was given a written warranty and a purchase guarantee, along with five hours of free technical support. Joe is excited to tell his friends about his new purchase. This scenario is an example of which of the following concepts?

	a. Customer empowerment
	b. Customer loyalty
	c. Customer satisfaction
	d. Customer value

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