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Chapter 1: Defining Marketing for the 21st Century

GENERAL CONCEPT Mu$tip$e Choi%e


1. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the four Ps (product, price, place, promotion) d. an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ays that benefit the organization and its stakeholders e. improving the !uality of life for consumers "ns er# d Page# $ %ifficulty# &edium '. ________ takes place hen at least one party to a potential e(change thinks about the means of achieving desired responses from other parties. a. &arketing management b. )orecasting c. *egmentation d. Targeting e. %istribution "ns er# a Page# $ %ifficulty# &edium ""+*,# +ommunication -. &arketing management is ________. a. managing the marketing process b. monitoring the profitability of the company.s products and services c. selecting target markets d. developing marketing strategies to move the company for ard e. the art and science of choosing target markets and getting, keeping, and gro ing customers through creating, delivering, and communicating superior customer value "ns er# e Page# $ %ifficulty# /asy

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6. " social definition of marketing says ________. a. effective marketing re!uires companies to remove intermediary parties to achieve a closer connection ith direct consumers b. a company should focus e(clusively on achieving high production efficiency, lo costs, and mass distribution to facilitate the broadest possible access to the company.s products c. marketing is a societal process by hich individuals and groups obtain hat they need and ant through creating, offering, and freely e(changing products and services of value ith others d. marketing is the process of e(tracting ma(imal value from consumers to facilitate corporate gro th e. marketing is the process of aggressive selling and promotion to encourage the purchase of products that might other ise be unsought by the consumer "ns er# c Page# $ %ifficulty# &edium $. ________ goods constitute the bulk of most countries. production and marketing efforts. a. %urable b. 3mpulse c. Physical d. *ervice e. /vent "ns er# c Page# 7 %ifficulty# &edium 7. "s economies advance, a gro ing proportion of their activities focuses on the production of ________. a. products b. events c. e(periences d. places e. services "ns er# e Page# 7 %ifficulty# /asy ""+*,# "nalytic *kills 8. ________ actively ork to build a strong, favorable, and uni!ue image in the minds of their target publics. a. 3nformation b. *hopping goods c. %urable goods d. 9rganizations e. Properties "ns er# d Page# 8 %ifficulty# &edium ""+*,# "nalytic *kills

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+hapter 1# %efining &arketing for the '1st +entury

:. +harles ;evson of ;evlon observed# <3n the factory, e make cosmetics= in the store, &&&&&&&&.> a. e make profits b. e challenge competitors c. e implement ads d. e sell hope e. e sell !uality "ns er# d Page# 8 %ifficulty# /asy ""+*,# ;eflective Thinking 2. " ________ is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the &&&&&&&&' a. salesperson= customer b. fund?raiser= contributor c. politician= voter d. marketer= prospect e. celebrity= audience "ns er# d Page# 8 %ifficulty# 4ard ""+*,# "nalytic *kills 11. 3n ________, consumers may share a strong need that cannot be satisfied by an e(isting product. a. negative demand b. latent demand c. declining demand d. irregular demand e. none(istent demand "ns er# b Page# : %ifficulty# &edium 11. 3n ________, more customers ould like to buy the product than can be satisfied. a. latent demand b. irregular demand c. overfull demand d. e(cessive e. negative demand "ns er# c Page# : %ifficulty# &edium 1'. 3n ________, consumers dislike the product and may even pay a price to avoid it. a. none(istent demand b. overfull demand c. irregular demand d. negative demand e. declining demand "ns er# d Page# : %ifficulty# &edium

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1-. &arketers often use the term ________ to cover various groupings of customers. a. people b. buying po er c. demographic segment d. social class position e. market "ns er# e Page# 2 %ifficulty# 4ard ""+*,# "nalytic *kills 16. +ompanies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and athletic shoes and e!uipment spend a great deal of time trying to establish a superior brand image in markets called ________. a. business markets b. global markets c. consumer markets d. nonprofit and governmental markets e. service markets "ns er# c Page# 2 %ifficulty# &edium ""+*,# "nalytic *kills 1$. &uch of a brand.s strength in consumer markets depends on ________. a. developing a superior product b. creating superior packaging c. ensuring the product.s availability d. backing the product ith engaging communications and reliable service e. all of the above "ns er# e Page# 2 %ifficulty# 4ard ""+*,# "nalytic *kills 17. 3n business markets, advertising can play a role, but a stronger role may be played by the sales force, ________, and the company.s reputation for reliability and !uality. a. brand image b. distribution c. promotion d. price e. performance "ns er# d Pages# 2@11 %ifficulty# 4ard ""+*,# +ommunication 18. Alobal marketers must decide ________. a. hich countries to enter b. ho to enter each country (as an e(porter, licenser, Boint venture partner, contract manufacturer, or solo manufacturer) c. ho to adapt their product and service features to each country d. ho to price their products in different countries e. all of the above "ns er# e Page# 11 %ifficulty# &edium ""+*,# ;eflective Thinking

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+hapter 1# %efining &arketing for the '1st +entury

1:. &ohan *a hney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries. a. metamarket b. vertical integration c. horizontal integration d. betamarket e. synchronized marketing "ns er# a Page# 11 %ifficulty# 4ard 12. The ________ process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort. a. marketing planning b. strategic planning c. market research d. opportunity analysis e. share of customer "ns er# a Page# 11 %ifficulty# &edium ""+*,# "nalytic *kills '1. ________ are basic human re!uirements= ________ are the ays in hich e satisfy those re!uirements, and they are shaped by our society. a. Cants= needs b. %emands= ants c. Deeds= ants d. Deeds= demands e. %emands= needs "ns er# c Page# 1' %ifficulty# &edium ""+*,# /thical ;easoning '1. "(n) ________ need is a need that the consumer e(plicitly verbalizes. a. stated b. real c. unstated d. delight e. secret "ns er# a Page# 1' %ifficulty# 4ard ""+*,# ;eflective Thinking ''. The identification and profiling of distinct groups of buyers ho might prefer or re!uire varying product and service mi(es is kno n as ________. a. segmentation b. integration c. disintermediation d. targeting e. partner relationship management "ns er# a Page# 1%ifficulty# &edium

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'-. +ompanies address needs by putting forth a(n) ________, a set of benefits that they offer to customers to satisfy their needs. a. brand b. value proposition c. offering d. target market e. demand "ns er# b Page# 1%ifficulty# &edium '6. "(n) ________ need is one that motivates the consumer but that the consumer is reluctant or un illing to e(plicitly verbalize. a. real b. unstated c. delight d. secret e. stated "ns er# d Page# 1%ifficulty# 4ard ""+*,# ;eflective Thinking '$. %uring market segmentation analysis, the marketer identifies hich segments present the greatest opportunity. These segments are called ________. a. target markets b. primary markets c. tertiary markets d. demographic markets e. focused markets "ns er# a Page# 1%ifficulty# &edium ""+*,# "nalytic *kills '7. )or each target market, the firm develops a ________. The offering is then positioned in the minds of the target buyers as delivering some central benefit(s). a. value offering b. niche offering c. market offering d. segment offering e. social offering "ns er# c Page# 1%ifficulty# &edium '8. ________ reflects a customer.s Budgment of a product.s performance in relation to his or her e(pectations. a. Eoyalty b. *atisfaction c. Falue d. /(pectations e. +omparison shopping "ns er# b Page# 16 %ifficulty# &edium ""+*,# ;eflective Thinking

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+hapter 1# %efining &arketing for the '1st +entury

':. 3f a marketer decides to use arehouses, transportation companies, banks, and insurance companies to facilitate transactions ith potential buyers, the marketer is using hat is called a ________. a. service channel b. distribution channel c. brand channel d. relationship channel e. intermediary channel "ns er# a Page# 16 %ifficulty# &edium ""+*,# "nalytic *kills '2. The ________ is a long channel stretching from ra materials to components to final products that are carried to final buyers. a. communication channel b. distribution channel c. supply chain d. service channel e. marketing channel "ns er# c Page# 16 %ifficulty# &edium -1. Falue reflects ________. a. the price consumers are charged for a product b. the cost of manufacturing a product c. the degree to hich consumer demand for the product is positive d. the sum of the perceived tangible and intangible benefits and costs to customers e. all of the above "ns er# d Page# 16 %ifficulty# 4ard ""+*,# /thical ;easoning -1. ________ includes all the actual and potential rival offerings and substitutes that a buyer might consider. a. +ompetition b. The product offering c. " value proposition d. The supply chain e. The marketing environment "ns er# a Page# 16 %ifficulty# /asy ""+*,# ;eflective Thinking -'. The ________ includes the actors involved in producing, distributing, and promoting the offering. The main actors are the company, suppliers, distributors, dealers, and the target customers. a. operations environment b. management environment c. strategic environment d. task environment e. tactical environment "ns er# d Page# 1$ %ifficulty# &edium ""+*,# "nalytic *kills

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--. &any countries have ________ industries to create greater competition and gro th opportunities. a. open?market b. deregulated c. regulated d. scientifically segmented e. created mass market "ns er# b Page# 1$ %ifficulty# &edium ""+*,# &ulticulturalG%iversity -6. ;ising promotion costs and shrinking profit margins are the result of ________. a. changing technology b. globalization c. deregulation d. privatization e. heightened competition "ns er# e Page# 1$ %ifficulty# 4ard ""+*,# ;eflective Thinking -$. 3ndustry boundaries are blurring rapidly as companies identify ne the intersection of t o or more industriesHthis is called ________. a. globalization b. customization c. industry convergence d. heightened competition e. ac!uisition "ns er# c Page# 1$ %ifficulty# &edium opportunities at

-7. 3n response to giant retailers and category killers, entrepreneurial retailers are building entertainment into stores ith coffee bars, lectures, demonstrations, and performances. They are marketing a(n) ________ rather than a product assortment. a. e(perience b. customer value c. customer delight d. total service solution e. intangible benefit(s) "ns er# a Page# 1$ %ifficulty# &edium ""+*,# ;eflective Thinking -8. 3n response to threats from such companies as "9E, "mazon.com, IahooJ, e,ay, /KT;"%/, and dozens of others, established manufacturers and retailers became <brick?and?click> oriented by adding online services to their e(isting offerings. This process became kno n as ________. a. reintermediation b. disintermediation c. e?commerce d. e?collaboration e. ne ?market synchronization "ns er# a Page# 17 %ifficulty# 4ard ""+*,# 5se of 3T

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+hapter 1# %efining &arketing for the '1st +entury

-:. &any brick?and?click competitors became stronger contenders in the marketplace than the pure?click firms because they had a larger pool of resources to ork ith and ________. a. better prices b. greater value c. ell?established brand names d. one?on?one communications e. direct?selling capability "ns er# c Page# 17 %ifficulty# &edium ""+*,# 5se of 3T -2. &anagers of ________?oriented businesses concentrate on achieving high production efficiency, lo costs, and mass distribution. a. selling b. product c. production d. marketing e. consumer "ns er# c Page# 1: %ifficulty# &edium ""+*,# ;eflective Thinking 61. The feasibility of companies dealing ith customers one at a time has risen as a result of advances in ________, computers, the 3nternet, and database marketing soft are. a. improved communication flo b. information technology c. Bust?in?time manufacturing d. factory customization e. customer?centered strategies "ns er# d Page# 1: %ifficulty# 4ard ""+*,# 5se of 3T 61. The ________ concept holds that consumers ill favor those products that offer the most !uality, performance, or innovative features. a. product b. marketing c. production d. selling e. holistic marketing "ns er# a Page# 1: %ifficulty# /asy 6'. The ________ is practiced most aggressively ith unsought goods, goods that buyers normally do not think of buying, such as insurance, encyclopedias, and cemetery plots. a. marketing concept b. selling concept c. production concept d. product concept e. holistic marketing concept "ns er# b Page# 12 %ifficulty# &edium ""+*,# "nalytic *kills

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6-. The ________ concept holds that consumers and businesses, if left alone, ordinarily not buy enough of the organization.s products. a. production b. selling c. marketing d. product e. holistic marketing "ns er# b Page# 12 %ifficulty# &edium

ill

66. *everal scholars have found that companies ho embrace the marketing concept achieve superior performance. This as first demonstrated for companies practicing a ________Hunderstanding and meeting customers. e(pressed needs. a. reactive market orientation b. proactive marketing orientation c. total market orientation d. impulsive market orientation e. holistic market orientation "ns er# a Page# 12 %ifficulty# &edium 6$. "ccording to Theodore Eevitt, ho dre contrasts bet een the selling and marketing concepts, ________ is preoccupied ith the need to convert products into cash. a. marketing b. selling c. direct marketing d. holistic marketing e. service marketing "ns er# b Page# 12 %ifficulty# &edium 67. +ompanies that practice both a reactive and proactive marketing orientation are implementing a ________ and are likely to be the most successful. a. total market orientation b. e(ternal focus c. customer focus d. competitive, customer focus e. confrontation process "ns er# a Page# 12 %ifficulty# &edium ""+*,# ;eflective Thinking 68. +ompanies that adopt and employ the marketing concept s itch from being solely product centered to being more ________ centered. a. competency b. strategy c. marketing d. customer e. sales "ns er# d Page# 12 %ifficulty# 4ard ""+*,# "nalytic *kills

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+hapter 1# %efining &arketing for the '1st +entury

6:. ________ can be seen as the development, design, and implementation of marketing programs, processes, and activities that recognizes the breadth and interdependencies of their effects. a. Diche marketing b. 4olistic marketing c. ;elationship marketing d. *upply chain marketing e. %emand?centered marketing "ns er# b Pages# 12@'1 %ifficulty# &edium ""+*,# ;eflective Thinking 62. ________ marketing aims to build mutually satisfying long?term relations ith key parties such as customers, suppliers, distributors, and other marketing partners. a. 4olistic b. %emand?based c. %irect d. ;elationship e. *ynthetic "ns er# d Page# '1 %ifficulty# /asy ""+*,# +ommunication $1. The strength of the ________ depends on the mutually profitable business relationships built by the company and its supporting stakeholders. a. sales net ork b. holistic union c. marketing net ork d. supply chain net ork e. integrated net ork "ns er# c Page# '' %ifficulty# 4ard ""+*,# +ommunication $1. 9ne traditional depiction of marketing activities is in terms of the marketing mi( 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 "ns er# e Page# '' %ifficulty# &edium $'. )rom a buyer.s point of vie , each marketing tool is designed to deliver a customer benefit. The *3F" customer?centric breakdo n 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 a areness e. none of the above "ns er# b Page# '%ifficulty# &edium ""+*,# &ulticulturalG%iversity

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$-. " firm can ________ only in the long run. a. reduce its sales?force size b. develop ne products c. change its price d. modify advertising e(penditures e. "ll of the above may be done in the short or long run. "ns er# b Page# '%ifficulty# &edium ""+*,# ;eflective Thinking $6. 4olistic marketing incorporates ________, ensuring that everyone in the organization embraces appropriate marketing principles, especially senior management. a. profit obBectives b. share of customer c. internal marketing d. the marketing mi( e. strategic planning "ns er# c Page# '6 %ifficulty# 4ard ""+*,# "nalytic *kills $$. +ompanies 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 "ns er# c Page# '7 %ifficulty# /asy ""+*,# ;eflective Thinking $7. 4olistic marketing incorporates ________, an understanding of broader concerns in the ethical, environmental, legal, and social conte(t of marketing activities. a. safe product design b. cultural marketing c. social responsibility marketing d. cross?functional teams e. direct?sales policies "ns er# c Page# '7 %ifficulty# &edium $8. The ________ holds that the organization.s task is to determine the needs, ants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a ay that preserves or enhances the consumer.s and the society.s ell?being. a. customer?centered business b. focused business model c. societal marketing concept d. ethically responsible marketing manager e. production?centered business "ns er# c Page# '8 %ifficulty# &edium ""+*,# "nalytic *kills

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+hapter 1# %efining &arketing for the '1st +entury

$:. "t the heart of any marketing program is the ________Hthe firm.s tangible offering to the market. a. service offer b. product c. sales support team d. packaging e. au(iliary offer "ns er# b Page# '2 %ifficulty# &edium ""+*,# "nalytic *kill $2. ________ activities include those the company undertakes to make the product accessible and available to target customers. a. +onsumer behavior b. &arket segmentation c. &arketing research d. +hannel e. De ?product development "ns er# d Pages# '2?-1 %ifficulty# &edium ""+*,# +ommunication 71. &arketing feedback and ________ processes are necessary to understand the efficiency and effectiveness of marketing activities and ho both could be improved. a. control b. analysis c. measurement d. retrospective e. consumer behavior "ns er# a Page# -1 %ifficulty# &edium ""+*,# "nalytic *kills

True()a$se
71. " short definition of marketing is <meeting needs profitably.> "ns er# True Page# $ %ifficulty# /asy ""+*,# "nalytic *kills 7'. Falue marketing is the <art and science of choosing target markets and getting, keeping, and gro ing customers through creating, delivering, and communicating superior customer value.> "ns er# )alse Page# $ %ifficulty# &edium 7-. *ervices constitute the bulk of most countries. production and marketing effort. "ns er# )alse Page# 7 %ifficulty# &edium ""+*,# "nalytic *kills 76. The 5.*. economy today consists of a 81@-1 services?to?goods mi(. "ns er# True Page# 7 %ifficulty# &edium 7$. <)riends %on.t Eet )riends %rive %runk,> is an e(ample of marketing an e(perience to an interested audience. "ns er# )alse Page# 8 %ifficulty# 4ard ""+*,# ;eflective Thinking

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77. 5n holesome demand occurs hen consumers. purchases vary on a seasonal, monthly, eekly, daily, or even hourly basis. "ns er# )alse Page# : %ifficulty# 4ard ""+*,# "nalytic *kills 78. Chen consumers share a strong need that cannot be satisfied by an e(isting product, they are engaged in latent demand. "ns er# True Page# : %ifficulty# &edium 7:. +ompanies selling goods and services in the global marketplace have the advantage of being able to sell the goods and services in almost the same ay as they do in their domestic market. "ns er# )alse Page# 11 %ifficulty# /asy ""+*,# &ulticulturalG%iversity 72. +ompanies selling their goods to nonprofit organizations may charge an e(tra premium over their normal prices because these organizations are largely indifferent to price. "ns er# )alse Page# 11 %ifficulty# &edium ""+*,# ;eflective Thinking 81. " marketspace is physical, as hen you shop in a store. "ns er# )alse Page# 11 %ifficulty# &edium ""+*,# 5se of 3T 81. Cants are basic human re!uirements such as food or air. "ns er# )alse Page# 1' %ifficulty# &edium 8'. %emands are ants for specific products backed by an ability to pay. "ns er# True Page# 1' %ifficulty# /asy ""+*,# "nalytic *kills 8-. &ost marketers satisfy everyone in a marketHthat.s ho they stay in business. "ns er# )alse Page# 1%ifficulty# &edium 86. The customer?value triad consists of a combination of !uality, service, and price. "ns er# True Page# 16 %ifficulty# 4ard ""+*,# "nalytic *kills 8$. " distribution channel includes distributors, holesalers, retailers, and agents that display, sell, or deliver the physical product or service(s) to the buyer or user. "ns er# True Page# 16 %ifficulty# /asy 87. The main actors in the task environment are the components of demographics, economics, physical setting, technology, the political?legal system, and the social? cultural arena. "ns er# )alse Page# 16 %ifficulty# &edium ""+*,# "nalytic *kills 88. ;egulation of industries has created greater competition and gro th opportunities because the playing field has been leveled. "ns er# )alse Page# 1$ %ifficulty# 4ard ""+*,# ;eflective Thinking

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+hapter 1# %efining &arketing for the '1st +entury

8:. 3ndustry boundaries are blurring at an incredible rate as companies are recognizing that ne opportunities lie at the intersection of t o or more industries. "ns er# True Page# 1$ %ifficulty# &edium 82. The overabundance of information available on the 3nternet has made it more difficult for consumers to compare product features and prices. "ns er# )alse Page# 17 %ifficulty# /asy ""+*,# ;eflective Thinking :1. +ompanies can facilitate and speed e(ternal communication among customers by creating online and off?line <buzz> through brand advocates and user communities. "ns er# True Page# 18 %ifficulty# /asy ""+*,# +ommunication :1. The proliferation of targeted media and communication channels has allo ed marketers to become much more a are of their target consumers. preferences and to customize both products and messages for individual consumers. "ns er# True Page# 18 %ifficulty# &edium ""+*,# +ommunication :'. The marketing concept is one of the oldest concepts in business. "ns er# )alse Page# 1: %ifficulty# &edium :-. The selling concept holds that consumers ill favor those products that offer the most !uality, performance, or innovative features. "ns er# )alse Page# 1: %ifficulty# &edium ""+*,# "nalytic *kills :6. The marketing concept stresses a customer?centered approach to marketing. "ns er# True Page# 12 %ifficulty# /asy ""+*,# "nalytic *kills :$. The selling concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies. "ns er# )alse Page# 12 %ifficulty# &edium ""+*,# "nalytic *kills :7. ;elationship marketing aims to build mutually satisfying long?term relationships ith key parties. "ns er# True Page# '1 %ifficulty# &edium :8. "ttracting a ne customer may cost five times as much as doing a good enough Bob to retain an e(isting one. "ns er# True Page# '' %ifficulty# &edium ""+*,# "nalytic *kills ::. The marketing?mi( component called promotion includes such items as product variety, design, packaging, services, and arranties. "ns er# )alse Page# '%ifficulty# &edium

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Part 1# 5nderstanding &arketing &anagement

:2. Chen a marketer makes decisions involving channels, assortments, locations, and transportation, the marketer is making hat are called place decisions. "ns er# True Page# '%ifficulty# &edium 21. "dvertising, sales promotion, and direct marketing are all part of offering mix. "ns er# )alse Page# '%ifficulty# &edium hat is called the

21. 9ne of the key themes of integrated marketing is that there are very fe marketing activities that can effectively communicate and deliver value. "ns er# )alse Page# '' %ifficulty# &edium ""+*,# ;eflective Thinking 2'. 3nternal marketing is an appropriate practice to be used in holistic marketing. "ns er# True Page# '6 %ifficulty# /asy ""+*,# ;eflective Thinking 2-. 3n most companies, marketing should focus on the customer and other departments should focus on the business itself. "ns er# )alse Page# '6 %ifficulty# /asy ""+*,# ;eflective Thinking 26. Performance marketing involves revie ing metrics assessing market share, customer loss rate, customer satisfaction, and product !uality in the evaluation of the effectiveness of marketing activities. "ns er# True Page# '7 %ifficulty# &edium 2$. The selling relationship concept holds that consumers ill prefer products that are ethical, environmentally responsible, legal, and social in the conte(t of marketing activities and programs. "ns er# )alse Page# '8 %ifficulty# &edium ""+*,# "nalytic *kills 27. The societal marketing concept holds that the organization.s task is to determine the needs, ants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a ay that preserves or enhances the consumer.s and the society.s ell?being. "ns er# True Page# '8 %ifficulty# /asy 28. +ause?related marketing involves donating a percentage of revenues to a specific cause based on the revenue occurring during the announced period of support. "ns er# True Page# '8 %ifficulty# &edium ""+*,# "nalytic *kills 2:. &aking gifts of money, goods, or time to help nonprofit organizations, groups, or individuals is kno n as corporate philanthropy. "ns er# True Page# '8 %ifficulty# &edium 22. To understand hat is happening inside and outside the company, the company needs a reliable marketing information system. "ns er# True Page# ': %ifficulty# /asy ""+*,# ;eflective Thinking

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+hapter 1# %efining &arketing for the '1st +entury

111. ,ecause of surprises and disappointments that can occur as marketing plans are implemented, the company ill need feedback and control to improve itself. "ns er# True Page# -1 %ifficulty# /asy ""+*,# ;eflective Thinking

Essay
111. &arketing has been described being both an <art> and a <science.> %iscuss the differences and similarities bet een these t o marketing thrusts. Provide your theoretical response and a <real?life> e(ample here you have seen both processes ork effectively at creating customer value and loyalty. "uggeste* Ans+er: The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services. They should also see the <art> side of human behavior, here the customer makes decisions based on emotions, such as the perceived benefits. Page# $ %ifficulty# &edium ""+*,# ;eflective Thinking 11'. &arketing people are involved in marketing 11 types of entities. Eist and briefly characterize those entities. "uggeste* Ans+er: The types of entities that marketing people are involved in marketing are (1) goodsHphysical goods, (') servicesHhotels and car rental, (-) eventsHtime?based events such as trade sho s, (6) e(periencesHCalt %isney.s &agic Lingdom, ($) personsHcelebrity marketing, (7) placesHcities, states, regions, and even hole nations, (8) propertiesHintangible rights of o nership of either real property or financial property, (:) organizationsHcorporate identity, (2) informationHinformation produced and marketed as a product, and (11) ideas Hmarketing the basic idea of a market offering. Pages# 7@8 %ifficulty# 4ard ""+*,# "nalytic *kills

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11-.

&arketers are skilled in stimulating demand for a company.s products, but this is too limited a vie of the tasks they perform. Must as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. &arketing managers seek to influence the level, timing, and composition of demand to meet the organization.s obBectives. Eist and briefly characterize the eight demand states described in the te(t. "uggeste* Ans+er: The eight different demand states are (1) negative demandH consumers dislike the product and may even pay a price to avoid it, (') none(istent demandHconsumers may be una are or uninterested in the product, (-) latent demandHconsumers may share a strong need that cannot be satisfied by an e(isting product, (6) declining demandHconsumers begin to buy the product less fre!uently or not at all, ($) irregular demandHconsumer purchases vary on a seasonal, monthly, eekly, daily, or even hourly basis, (7) full demandH consumers are ade!uately buying all products put into the marketplace, (8) overfull demandHmore consumers ould like to buy the product than can be satisfied, and (:) un holesome demandHconsumers may be attracted to products that have undesirable social conse!uences. Page# : %ifficulty# 4ard ""+*,# "nalytic *kills

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Ce can distinguish among five types of customer needs. Eist and provide an e(ample of each of those customer needs. "uggeste* Ans+er: The five types of customer needs are (note the e(ample from the te(t)# (1) stated needsHthe customer ants an ine(pensive car, (') real needs Hthe customer ants a car hose operating cost, not its initial price, is lo , (-) unstated needsHthe customer e(pects good service from the dealer, (6) delight needsHthe customer ould like the dealer to include an onboard navigation system, and ($) secret needsHthe customer ants to be seen by friends as a savvy consumer. Pages# 1'@1- %ifficulty# &edium ""+*,# "nalytic *kills

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%istinguish bet een the concepts of value and satisfaction. "uggeste* Ans+er: The offering ill be successful if it delivers value and satisfaction to the target buyer. The buyer chooses bet een different offerings on the basis of hich is perceived to deliver the most value. Value reflects the perceived tangible and intangible benefits and costs to customers. Falue can be seen as primarily a combination of !uality, service, and price (called the customer-value triad). Satisfaction reflects a person.s comparative Budgments resulting from a product.s perceived performance (or outcome) in relation to his or her e(pectations. Pages# 1-@16 %ifficulty# &edium ""+*,# ;eflective Thinking

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+hapter 1# %efining &arketing for the '1st +entury

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/(amine and document the factors that have brought about customers. higher e(pectations of their suppliers. Chat are the maBor shifts in marketing management that have brought about these changesN "uggeste* Ans+er: *tudents may not understand that our orld.s capacity to produce products e(ceeds the needs. Therefore, customers have more choices and can be more demanding. The time crunch has allo ed ne providers to enter the market. )or e(ample, Detfli( competes effectively ith ,lockbuster Fideo because they deliver videos to your home. 3t.s service like this that fits the customer needs to satisfy hat money can buyHtime. *tudents may use appropriate marketing management shifts as described in the chapter. Pages# 17@18 %ifficulty# 4ard ""+*,# ;eflective Thinking

118.

The competing concepts under hich organizations have conducted marketing activities include# the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. /valuate the advantages and disadvantages of each concept as defined and presented in your te(tbook. Chich concept do you believe is the most effectiveN ChyN "uggeste* Ans+er: "lthough students ill be e(pected to research each concept, they should conclude the most effective concept is the holistic marketing concept, here companies need to have a more complete, cohesive approach that goes beyond traditional applications of the marketing concept. Pages# 1:@'' %ifficulty# &edium ""+*,# ;eflective Thinking

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3ncreasingly, a key goal of marketing is to develop deep, enduring relationships ith all people or organizations that could directly or indirectly affect the success of the firm.s marketing activities. Relationship marketing has the aim of building mutually satisfying long?term relations ith key partiesHcustomers, suppliers, distributors, and other marketing partnersHin order to earn and retain their business. %iscuss the merits of relationship marketing. %escribe in detail a company ho is in business today that models relationship marketing. "uggeste* Ans+er: *tudents should understand the relationship bet een any supplier and customer is not Bust in the mechanics of the transaction, but more importantly ho the customer is treated during the transaction. The better the relationship, the more apt the customer ill remain loyal. They should pick a company that has served them ell and made them feel special each and every time. Pages# '1@'' %ifficulty# &edium ""+*,# +ommunication

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Part 1# 5nderstanding &arketing &anagement

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3dentify and define the four Ps and the corresponding consumer?oriented *3F" dimensions. "uggeste* Ans+er: The four Ps are# Product (product variety, !uality, design, features, brand name, packaging, sizes, services, arranties, returns), Price (list price, discounts, allo ances, payment period, credit terms), Promotion (sales promotion, advertising, sales force, public relations, direct marketing), and Place (channels, coverage, assortments, locations, inventory, transportation). " complementary breakdo n of marketing activities that approaches the process from a customer?centric vie point is the *3F" frame ork# *olution (4o can 3 solve my problemN), 3nformation (Chere can 3 learn more about itN), Falue (Chat is my total sacrifice to get the solutionN), and "ccess (Chere can 3 find itN). Page# '%ifficulty# 4ard ""+*,# "nalytic *kills

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"ccording to *tarbucks +hairman 4o ard *chultz, <+onsumers no commonly engage in a cultural audit of Oproduct and serviceP providers. People ant to kno your value and ethics demonstrated by ho you treat employees, the community in hich you operate.> %iscuss the concept of social responsibility marketing and ho it impacts both companies and consumers. "uggeste* Ans+er: The societal marketing concept holds that the organization.s task is to determine the needs, ants, and interests of target markets and to deliver the desired satisfaction more effectively and efficiently than competitors in a ay that preserves or enhances the consumer.s and society.s long?term ell?being. &any companies actively engaged in corporate social responsibility campaigns to both motivate employees and attract consumers. "s goods become more commoditized, and as consumers gro more socially conscious, some companies are adding social responsibility as a ay to differentiate themselves from competitors, build consumer preference, and achieve notable sales and profit gains. They believe customers ill increasingly look for signs of good corporate citizenship. Pages# '7@'8 %ifficulty# &edium ""+*,# /thical ;easoning

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+hapter 1# %efining &arketing for the '1st +entury

APPL#CAT#ON Mu$tip$e Choi%e


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!E"T#ON"

Chen 3L/" noticed that people anted good furniture at a substantially lo er price and created knockdo n furniture, they demonstrated marketing savvy and turned a private or social need into a(n) ________. a. market need b. profitable business opportunity c. product development d. invention e. customer ant "ns er# b Page# $ %ifficulty# &edium ""+*,# ;eflective Thinking 11'. +ar rental firms, barbers, and management consultants provide ________. a. goods b. e(periences c. places d. services e. information "ns er# d Page# 7 %ifficulty# /asy ""+*,# "nalytic *kills 11-. Calt %isney.s &agic Lingdom represents ________ marketing# +ustomers visit a fairy kingdom, a pirate ship, or a haunted house. a. e(periential b. services c. event d. celebrity e. goods "ns er# a Page# 7 %ifficulty# &edium ""+*,# "nalytic *kills 116. Manet is very upset that she can.t get tickets to the ne ;olling *tones concert. <Chy do they keep advertising the sho if you can.t get ticketsN> onders Manet. Chich of the follo ing demand states applies to Manet.s situationN a. none(istent demand b. latent demand c. full demand d. un holesome demand e. overfull demand "ns er# e Page# : %ifficulty# &edium ""+*,# "nalytic *kills

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Part 1# 5nderstanding &arketing &anagement

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Chen Mack purchases his air?conditioning unit in the inter to avoid the high prices found in the summer, he is e(hibiting ________ demand. a. irregular b. declining c. impulse d. latent e. negative "ns er# a Page# : %ifficulty# &edium ""+*,# "nalytic *kills 117. Mulia hates smoking and is illing to pay an e(tra ta( Bust to help eliminate smoking in her city. *he is e(hibiting ________ ith respect to smoking. a. negative demand b. none(istent demand c. latent demand d. declining demand e. un holesome demand "ns er# a Page# : %ifficulty# &edium ""+*,# "nalytic *kills 118. 3n a modern e(change economy, all of the follo ing markets are likely to e(ist /Q+/PT ________. a. resource market b. manufacturer market c. government market d. consumer market e. class market "ns er# e Page# 2 %ifficulty# &edium ""+*,# ;eflective Thinking 11:. 3n a simple marketing system, if the automobile industry sends advertising and personal sales messages to prospective buyers, it e(pects ________ in e(change. a. goods b. services c. money d. information e. image enhancement "ns er# d Page# 2 %ifficulty# &edium ""+*,# "nalytic *kills 112. "utomobile manufactures, ne car and used car dealers, financing companies, and insurance companies are all part of the automobile ________. a. marketplace b. marketspace c. metamediary d. marketportal e. metamarket "ns er# e Page# 11 %ifficulty# &edium

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+hapter 1# %efining &arketing for the '1st +entury

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Chen )rank identifies a marketing opportunity to market his company.s ski and sno board helmets to baby boomers interested in inter sports through advertisements in enthusiast magazines, )rank is going through the _____. a. metamarket b. marketing planning process c. social marketing concept d. supply chain conglomeration e. negative demand "ns er# b Page# 11 %ifficulty# &edium ""+*,# "nalytic *kills 1'1. Chen a customer has a(n) ________ need, the customer might e(pect something like admiration from friends because he or she has purchased something that might indicate a certain market savvy. a. real b. unstated c. delight d. secret e. stated "ns er# d Page# 1%ifficulty# 4ard ""+*,# "nalytic *kills 1''. Chen Folvo runs advertisements suggesting that it is the safest car money can buy, it is engaging in hich of the follo ing forms of marketing programmingN a. Technological b. *ervice c. &arket segmentation d. Public relations e. Positioning "ns er# e Page# 1%ifficulty# &edium ""+*,# +ommunication 1'-. Chen online dot?coms, such as e,ay and "mazon.com cut out the maBority of middlemen that normally ould participate in the e(change process, they ere advocating ________. a. category killers b. every?day?lo prices c. reintermediation d. disintermediation e. supply chain conglomeration "ns er# d Page# 17 %ifficulty# &edium ""+*,# 5se of 3T

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Part 1# 5nderstanding &arketing &anagement

1'6.

5nder hich of the follo ing company orientations to ard the marketplace ould e e(pect to find the <better mousetrap> fallacyN a. Production concept b. Product concept c. *elling concept d. &arketing concept e. 4olistic marketing concept. "ns er# b Page# 1: %ifficulty# 4ard ""+*,# ;eflective Thinking 1'$. 3f marketers are characterized as <gardening> rather than <hunting,> the ________ is most likely to be the concept the marketers are follo ing. a. production concept b. product concept c. selling concept d. marketing concept e. social responsibility concept "ns er# d Page# 12 %ifficulty# 4ard ""+*,# ;eflective Thinking 1'7. Chen -&, 4P, and &otorola practice researching or imaging latent needs of consumers through a <probe?and?learn> process, they are most likely using hich of the follo ing marketing orientations ith respect to their consumersN a. *elling orientation b. Promotion orientation c. *upply?side orientation d. ;eactive market orientation e. Proactive marketing orientation "ns er# e Page# 12 %ifficulty# &edium ""+*,# ;eflective Thinking 1'8. +ompanies that practice ________ are implementing a total market orientation and are likely to be the most successful. a. reactive market orientation b. proactive marketing orientation c. both reactive and proactive marketing orientation d. consolidation and ac!uisition e. <invent and market> "ns er# c Page# 12 %ifficulty# &edium ""+*,# ;eflective Thinking 1':. 3n hich of the follo ing dimensions of holistic marketing might e find an emphasis on communications, products and services, and channelsN a. 3nternal marketing b. 3ntegrated marketing c. *ocially responsible marketing d. Alobal marketing e. ;elationship marketing "ns er# b Page# '1 %ifficulty# &edium ""+*,# "nalytic *kills

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+hapter 1# %efining &arketing for the '1st +entury

1'2.

Lroger supermarkets are aggressively pursuing a strategy of capturing a larger share of the customer.s <stomach.> Chich of the follo ing shifts in marketing management is most appropriate for this e(ampleN a. )rom relying on old market positions to uncovering ne ones. b. )rom marketing does the marketing to everyone does the marketing. c. )rom a focus on gaining market share to a focus on building customer share. d. )rom focusing on profitable transactions to focusing on customer lifetime value. e. )rom building brands through advertising to building brands through performance and integrated communications. "ns er# c Page# '' %ifficulty# 4ard ""+*,# "nalytic *kills 1-1. " number of companiesHincluding the ,ody *hop, ,en R Merry.s, and Patagonia Hhave achieved notable sales and profit gains by adopting and practicing a form of the societal marketing concept called ________, by hich a company ith an image, product, or service to market builds a relationship or partnership ith a cause, or a number of causes, for mutual benefit. a. social marketing b. environmental marketing c. cause?related marketing d. benefit marketing e. responsible marketing "ns er# c Page# '8 %ifficulty# /asy

"hort Ans+er
1-1. Chat ould be a good social definition of marketingN "uggeste* Ans+er: &arketing is a societal process by hich individuals and groups obtain hat they need and ant through creating, offering, and freely e(changing products and services of value ith others. Page# $ %ifficulty# &edium

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Part 1# 5nderstanding &arketing &anagement

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%iscuss the eight demand states ith respect to bifocal lenses for glasses. "uggeste* Ans+er: *tudent ans ers may vary, but a possible ans er includes the follo ing# (1) negative demandHmany people don.t ant to admit they need bifocals, (') none(istent demandH hen bifocal lenses ere first introduced, people didn.t kno they e(isted, (-) latent demandHbefore they ere introduced, many people thought such a product ould be nice, but didn.t think it ould ever e(ist, (6) declining demandHthis ill occur hen something better is invented, such as surgery to repair the eyes, ($) irregular demandHthe consumer perceives a need for eye care devices only periodically, possibly hen they begin having trouble seeing, (7) full demandHthe manufacturers of the lenses are making all they possibly can, (8) overfull demandHthe manufacturers of the lenses can.t make enough and inventories are lo , and (:) un holesome demandHseeking alternatives, consumers may find that alternatives have undesirable social conse!uences. Page# : %ifficulty# 4ard ""+*,# ;eflective Thinking

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De terms are no being used to describe here marketing is done. 5sing the automobile market, describe automotive buying behavior for a# (1) marketplace, (') marketspace, and (-) metamarket. "uggeste* Ans+er: ;esponses to this !uestion should include a reference to the follo ing# (1) marketplaceHshopping for an automobile at a dealer.s lot, (') marketspaceHshopping for an automobile via the 3nternet, e,ay, or even designing your o n car via a manufacturer.s Ceb site, and (-) metamarketH(a cluster of complementary products and services that are closely related in the customer.s mind but are spread across a diverse set of industries) that might include insurance companies, the racing industry, the travel industry, the customization industry, et cetera. 3ndividual ans ers might vary. Page# 11 %ifficulty# &edium ""+*,# "nalytic *kills

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3dentify the five key functions of the +&9 in leading marketing organization.

ithin the

"uggeste* Ans+er: The five key functions of the +&9 in leading marketing ithin the organization are# (1) strengthening brands, (') measuring marketing effectiveness, (-) driving ne ?product development based on customer needs, (6) getting meaningful customer insights, ($) utilizing ne marketing technology. Page# 11 %ifficulty# &edium ""+*,# ;eflective Thinking

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+hapter 1# %efining &arketing for the '1st +entury

1-$.

"ssume that you have been given the task of assisting a company in designing its marketing planning process. Chat components should be in such a processN ,e specific in your ans er. "uggeste* Ans+er: The marketing planning process consists of analyzing marketing opportunities, selecting target markets, designing strategies, developing marketing programs, and managing the marketing effort. *tudents might also revie )igure 1.7 for additional information. Page# 11 %ifficulty# 4ard ""+*,# "nalytic *kills

1-7.

+onsumers often have many needs that are not readily obvious. Must observing their behavior inside a retail store is not enough to get a true feel for their <needs.> Eist and briefly describe the five types of needs that most consumers have. "uggeste* Ans+er: The various consumer needs are# (1) stated needsH hat the consumer says he or she antsHa car, (') real needsHthe customer ants a car hose operating costs, not its initial price, is lo , (-) unstated needsHthe customer e(pects good service and honesty from the dealer, (6) delight needsH the customer ould like a %F% player set?up thro n in to guarantee a !uick signing of the purchase agreement, and ($) secret needsHinner fantasies such as gaining prestige ith members of the opposite se( or friends. Pages# 1'@1- %ifficulty# 4ard ""+*,# "nalytic *kills

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Cal?&art kno s that to reach its target markets three kinds of marketing channels may be used. Chat are these three marketing channels and ho might Cal?&art use each of themN "uggeste* Ans+er: The three marketing channels are communication, distribution, and service channels. Cal?&art could use advertising to communicate price specials to consumers (communication channel), use holesalers to assemble merchandise assortments to be sold in the Cal?&art stores (distribution channels), and use transportation companies (service channels) to e(tend Cal?&art.s global reach. Page# 16 %ifficulty# 4ard ""+*,# "nalytic *kills

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The marketplace isn.t hat it used to be. Eist and briefly discuss hat ne behaviors, ne opportunities, and ne challenges a ait the marketer in the '1st century. "uggeste* Ans+er: ;esponses to this !uestion should include# (1) changing technology, (') globalization, (-) deregulation, (6) privatization, ($) customer resistance, (7) heightened competition, (8) industry convergence, (:) retail transformation, and (2) disintermediation. Pages# 1$@17 %ifficulty# 4ard ""+*,# ;eflective Thinking

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Part 1# 5nderstanding &arketing &anagement

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The digital revolution has placed a hole ne set of capabilities in the hands of consumers and businesses. +onsider hat consumers have today that they didn.t have yesterday. "s indicated in the chapter, hat ould appear on such a listN "uggeste* Ans+er: ;esponses to this !uestion should include# (1) a substantial increase in buying po er, (') a greater variety of available goods and services, (-) a great amount of information about practically anything, (6) a greater ease in interacting and placing and receiving orders, and ($) an ability to compare notes on products and services. Page# 17 %ifficulty# 4ard ""+*,# 5se of 3T

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%iscuss the concept of disintermediation and provide an e(ample. "uggeste* Ans+er: %isintermediation gre out of the rush to embrace the dot? coms and e?commerce. /ssentially, the dot?coms removed many of the traditional intermediaries that brought goods and services to consumers by encouraging consumers to deal directly ith the dot?coms via the 3nternet. <,rick?and?click> businesses eventually brought some of the intermediaries back through a process called reintermediation. Page# 17 %ifficulty# &edium ""+*,# 5se of 3T

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The 3nternet has given today.s companies a ne set of capabilities. "mong those capabilities is the ability to operate a ne information channel. %escribe ho information can be used by the marketer in this ne channel. "uggeste* Ans+er: +ompanies can operate a po erful ne information and sales channel, the 3nternet, ith augmented geographical reach to inform and promote their businesses and products orld ide. ,y establishing one or more Ceb sites, a company can list its products and services, its history, its business philosophy, its Bob opportunities, and other information of interest to visitors. )or additional information, see chapter section. Page# 18 %ifficulty# &edium ""+*,# 5se of 3T

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"rthur Mones has decided to build his manufacturing business (la n mo ers) around the production concept. 3f this approach is taken, hat ill be &r. Mones. primary areas of concentration as he builds his businessN "uggeste* Ans+er: This orientation holds that consumers ill prefer products that are idely available and ine(pensive. &anagers of production?oriented businesses concentrate on high production efficiency, lo costs, and mass distribution. This approach is also used hen a company ants to e(pand the market. *tudents may use these facts as they design their ans er. Page# 1: %ifficulty# &edium ""+*,# "nalytic *kills

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+hapter 1# %efining &arketing for the '1st +entury

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3llustrate the differences bet een a reactive market orientation and a proactive marketing orientation. Aive an e(ample of a company that uses a proactive marketing orientation "uggeste* Ans+er: 3n a reactive market orientation a company might be content to keep up ith understanding and meeting customers. e(pressed needs. 3n a proactive market orientation a company such as &otorola might prefer to make a practice of researching and imagining latent needs through a <probe?and?learn> process. *tudents. ans ers may vary but the basic concepts of reaction and proactivity should be clear in ans ers. Page# 12 %ifficulty# &edium ""+*,# "nalytic *kills

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The ultimate outcome of relationship marketing is the building of a uni!ue company asset called a marketing network. Chat ould be the parts of a marketing net ork for a motorcycle company such as 4arley?%avidsonN "uggeste* Ans+er: " marketing net ork consists of the company and its supporting stakeholders. These stakeholders (in 4arley?%avidson.s case) might be customers, employees, suppliers, distributors, retailers, repair services, ad agencies, lobby groups, and motorcycle support clubs. The operating principle is simple# ,uild an effective net ork of relationships ith key stakeholders, and profits ill follo . Page# '' %ifficulty# &edium ""+*,# "nalytic *kills

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Einda /vans has been given the task of developing the product portion of her company.s marketing mi(. Eist the components that ill likely be included in this element of the marketing mi(. "uggeste* Ans+er: Product variety, !uality, design, features, brand names, packaging, sizes, services, arranties, and returns are the key elements of the product portion of the marketing mi(. To see a more complete diagram of the four Ps process, see )igure 1.$. Page# '%ifficulty# &edium ""+*,# "nalytic *kills

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%iscuss ho companies can use the 3nternet to build their brands. Aive an e(ample of a company that has done so. "uggeste* Ans+er: 9nline marketing activities can be used to build brands by increasing consumer e(posure to the brand and creating an interactive e(perience bet een the customer and the brand, giving consumers access not only to company?created information but also consumer?generated content. )or e(ample, +arnival +onnections, an online cruise?booking site, made it easy for cruise fans to compare notes on cruise destinations and onboard entertainment. Pages# '-@'6 %ifficulty# &edium ""+*,# ;eflective Thinking

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%efine internal marketing and its role in the company. 9utline ho various departments ithin the company outside marketing can demonstrate a customer focus. "uggeste* Ans+er: 3nternal marketing must take place on t o levels. "t one level, the various marketing functions must ork together. "t the second level, other departments must embrace marketing and <think customer.> *tudents may use Table 1.1 to furnish various e(amples of customer?centric focus outside the marketing department. Pages# '6@'$ %ifficulty# 4ard ""+*,# ;eflective Thinking

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"ccording to information provided in the chapter, &c%onald.s has been involved in a variety of corporate social initiatives. Aive an e(ample of ho &c%onald.s might initiate cause?related marketing, and define hat cause?related marketing is. "uggeste* Ans+er: +ause?related marketing is donating a percentage of revenues to a specific cause based on revenue occurring during the announced period of support. The e(ample used in the chapter noted &c%onald.s earmarking of S1 for ;onald &c%onald +hildren.s +harities from the sale of every ,ig &ac and pizza sold on &c4appy %ay. *tudents may create additional e(amples but each should meet the parameters set above. Page# '8 %ifficulty# &edium ""+*,# "nalytic *kills

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Iou have been given the assignment of Bustifying cause?related marketing to your board of directors. Chat ould be your primary argument in favor of such a proposalN "uggeste* Ans+er: +ompanies see cause?related marketing as an opportunity to enhance their corporate reputation, raise brand a areness, increase customer loyalty, build sales, and increase press coverage. They believe customers ill increasingly look for signs of good corporate citizenship that go beyond supplying rational and emotional benefits. Page# '8 %ifficulty# 4ard ""+*,# /thical ;easoning

1$1.

Iour firm is in the process of moving from focusing on a financial scorecard as the basis for running and evaluating your organization to a marketing scorecard approach. Chat is a marketing scorecard approach and hat might be some of its componentsN "uggeste* Ans+er: Top management is going beyond sales revenue alone to e(amine the marketing scorecard. Today, the shift to the marketing scorecard attempts to interpret hat is happening to market share, customer loss rate, customer satisfaction, product !uality, and other measures. &anagers kno changes in marketing indicators predict changes in financial results. Pages# '7@'8 %ifficulty# 4ard ""+*,# ;eflective Thinking

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