Title: Chapter 01 - Question 01
1) The key focus of the American Marketing Association's (AMA) 2013 definition of marketing is:
a. organizational activities.
Feedback: Incorrect. The AMA definitions stresses the importance of considering the customer, of determining their requirements, or needs by defining marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2013).
Page reference: 6
b. product components.
Feedback: Incorrect. The AMA definitions stresses the importance of considering the customer, of determining their requirements, or needs by defining marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2013).
Page reference: 6
c. shareholder returns.
Feedback: Incorrect. The AMA definitions stresses the importance of considering the customer, of determining their requirements, or needs by defining marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2013).
Page reference: 6
*d. customers.
Feedback: Correct. The AMA definitions stresses the importance of considering the customer, of determining their requirements, or needs by defining marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2013).
Page reference: 6
Type: multiple choice question
Title: Chapter 01 - Question 02
2) The key difference between sales and marketing is that:
*a. marketing emphasizes the process of ‘product pull’ and sales focuses on ‘product push’.
Feedback: Correct. The difference between sales and marketing is that sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long term. Marketing on the other hand is more focussed on creating ‘product pull’.
Page reference: 10
b. marketing emphasizes the process of ‘product push’ and sales focuses on ‘product pull’.
Feedback: Incorrect. The difference between sales and marketing is that sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long term. Marketing on the other hand is more focussed on creating ‘product pull’.
Page reference: 10
c. marketing only exists in B2C marketing contexts.
Feedback: Incorrect. The difference between sales and marketing is that sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long term. Marketing on the other hand is more focussed on creating ‘product pull’.
Page reference: 10
d. both marketing and sales have the same process of ‘product push’ and ‘product pull’.
Feedback: Incorrect. The difference between sales and marketing is that sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long term. Marketing on the other hand is more focussed on creating ‘product pull’.
Page reference: 10
Type: multiple choice question
Title: Chapter 01 - Question 03
3) The consumer goods perspective has been dominant in the history of marketing. The concept is concerned with ideas of:
a. service to customers.
Feedback: Incorrect. The consumer goods perspective has been dominant in the history of marketing. The concept is concerned with ideas of the ‘marketing mix’ and the 4Ps.
Page reference: 25-6
*b. marketing mix.
Feedback: Correct. The consumer goods perspective has been dominant in the history of marketing. The concept is concerned with ideas of the ‘marketing mix’ and the 4Ps.Page reference: 25-6
c. business to business.
Feedback: Incorrect. The consumer goods perspective has been dominant in the history of marketing. The concept is concerned with ideas of the ‘marketing mix’ and the 4Ps.Page reference: 25-6
d. customers’ experience.
Feedback: Incorrect. The consumer goods perspective has been dominant in the history of marketing. The concept is concerned with ideas of the ‘marketing mix’ and the 4Ps.
Page reference: 25-6
Type: multiple choice question
Title: Chapter 01 - Question 04
4) The core competencies of the marketer are to __________, champion the customer and hence customer focus, and develop marketing strategy.
a. design products
Feedback: Incorrect. To answer the question ‘What do marketers do?’, the UK’s Chartered Institute of Marketing(CIM) developed a framework of marketing abilities to guide the skills and behaviours of professional marketers at different levels of proficiency. The core competencies of the marketer are to generate customer insights, champion the customer and hence customer focus, and develop marketing strategy.
Page reference: 11
*b. generate customer insights
Feedback: Correct. To answer the question ‘What do marketers do?’, the UK’s Chartered Institute of Marketing(CIM) developed a framework of marketing abilities to guide the skills and behaviours of professional marketers at different levels of proficiency. The core competencies of the marketer are to generate customer insights, champion the customer and hence customer focus, and develop marketing strategy.
Page reference: 11
c. develop sales skills
Feedback: Incorrect. To answer the question ‘What do marketers do?’, the UK’s Chartered Institute of Marketing(CIM) developed a framework of marketing abilities to guide the skills and behaviours of professional marketers at different levels of proficiency. The core competencies of the marketer are to generate customer insights, champion the customer and hence customer focus, and develop marketing strategy.
Page reference: 11
d. Improve business process
Feedback: Incorrect. To answer the question ‘What do marketers do?’, the UK’s Chartered Institute of Marketing(CIM) developed a framework of marketing abilities to guide the skills and behaviours of professional marketers at different levels of proficiency. The core competencies of the marketer are to generate customer insights, champion the customer and hence customer focus, and develop marketing strategy.
Page reference: 11
Type: multiple choice question
Title: Chapter 01 - Question 05
5) An organization with a ______ orientation assumes that customers will resist purchasing products not deemed essential. The job of marketers is to overcome this resistance through personal selling and advertising.
a. production
Feedback: Incorrect. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may, or may not, benefit the customer in the long term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers. The offering is designed and redesigned through customer and consumer input, and through research, to meet their longer-term needs..
Page reference: 10
b. marketing
Feedback: Incorrect. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may, or may not, benefit the customer in the long term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers. The offering is designed and redesigned through customer and consumer input, and through research, to meet their longer-term needs.
Page reference: 10
c. relationship
Feedback: Incorrect. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may, or may not, benefit the customer in the long term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers. The offering is designed and redesigned through customer and consumer input, and through research, to meet their longer-term needs.
Page reference: 10
*d. sales
Feedback: Correct. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may, or may not, benefit the customer in the long term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers. The offering is designed and redesigned through customer and consumer input, and through research, to meet their longer-term needs.
Page reference: 10
Type: multiple choice question
Title: Chapter 01 - Question 06
6) Sales and marketing are often seen to be one in the same. In fact there are strong differences between the two concepts. The key difference is that:
*a. sales emphasizes the process of ‘product push’ whereas marketing emphasizes the process of ‘product pull’.
Feedback: Correct. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long-term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers, and the offering is designed and re-designed through customer and consumer input, via research, to meet their longer-term needs.
Page reference: 11
b. sales is focused on customer needs, and marketing focused on short-term incentives to encourage purchase.
Feedback: Incorrect. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long-term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers, and the offering is designed and re-designed through customer and consumer input, via research, to meet their longer-term needs.
Page reference: 11
c. sales creates distribution incentives for customers whereas marketing focus incentives for sales people.
Feedback: Incorrect. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long-term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers, and the offering is designed and re-designed through customer and consumer input, via research, to meet their longer-term needs.
Page reference: 11
d. sales emphasizes the process of ‘product pull’ and marketing emphasizes the process of ‘product push’.
Feedback: Incorrect. Sales emphasizes the process of ‘product push’, by creating distribution incentives for both salespeople and customers to make exchanges which may or may not benefit the customer in the long-term. Marketing on the other hand is more focused on creating ‘product pull’, or demand, amongst customers and consumers, and the offering is designed and re-designed through customer and consumer input, via research, to meet their longer-term needs.
Page reference: 11
Type: multiple choice question
Title: Chapter 01 - Question 07
7) What is the offering and how it meets the customer’s need, its packaging, and its labelling？
a. price.
Feedback: Incorrect. product—that is, the offering and how it meets the customer’s need, its packaging, and its labelling; place (distribution channels)—that is, the way in which the offering is delivered to the customer; price—that is, the cost to the customer and the cost plus profit to the seller; promotion—that is, how the offering’s benefits and features are communicated to the potential buyer.
Page reference: 17-18
b. promotion.
Feedback: Incorrect. product—that is, the offering and how it meets the customer’s need, its packaging, and its labelling; place (distribution channels)—that is, the way in which the offering is delivered to the customer; price—that is, the cost to the customer and the cost plus profit to the seller; promotion—that is, how the offering’s benefits and features are communicated to the potential buyer.
Page reference: 17-18
c. place.
Feedback: Incorrect. product—that is, the offering and how it meets the customer’s need, its packaging, and its labelling; place (distribution channels)—that is, the way in which the offering is delivered to the customer; price—that is, the cost to the customer and the cost plus profit to the seller; promotion—that is, how the offering’s benefits and features are communicated to the potential buyer.
Page reference: 17-18
*d. product.
Feedback: Correct. product—that is, the offering and how it meets the customer’s need, its packaging, and its labelling; place (distribution channels)—that is, the way in which the offering is delivered to the customer; price—that is, the cost to the customer and the cost plus profit to the seller; promotion—that is, how the offering’s benefits and features are communicated to the potential buyer.
Page reference: 17-18
Type: multiple choice question
Title: Chapter 01 - Question 08
8) As intangible services have increased in their importance the marketing mix, the 4Ps theory has been further developed to incorporate an additional 3Ps; creating the 7Ps of services marketing. These new 3Ps include:
a. people, profit and processes.
Feedback: Incorrect. To illustrate how marketing needed to market services differently, two American scholars, Booms and Bitner (1981), incorporated a further 3Ps into the marketing mix. These include: physical evidence, processes and people.
Page reference: 19
b. processes, promotion and people.
Feedback: Incorrect. To illustrate how marketing needed to market services differently, two American scholars, Booms and Bitner (1981), incorporated a further 3Ps into the marketing mix. These include: physical evidence, processes and people.
Page reference: 19
*c. physical evidence, people and processes.
Feedback: Correct. To illustrate how marketing needed to market services differently, two American scholars, Booms and Bitner (1981), incorporated a further 3Ps into the marketing mix. These include: physical evidence, processes and people.
Page reference: 19
d. place, people and processes.
Feedback: Incorrect. To illustrate how marketing needed to market services differently, two American scholars, Booms and Bitner (1981), incorporated a further 3Ps into the marketing mix. These include: physical evidence, processes and people.
Page reference: 19
Type: multiple choice question
Title: Chapter 01 - Question 09
9) ____________ need to develop long-term customer relationships, including relationships with suppliers; potential employees; recruiters; referral markets influence markets and Internal markets.
a. transaction marketing
Feedback: The relationship marketing concept spawned further evolution of marketing’s conceptual foundations. There was a shift from the need to engage in transactions towards the need to develop long-term customer relationships, including relationships with other stakeholders (Christopher et al., 2002) including: suppliers; potential employees; recruiters; referral markets influence markets and Internal markets
Page reference: 22
b. B2C marketing
Feedback:Incorrect.The relationship marketing concept spawned further evolution of marketing’s conceptual foundations. There was a shift from the need to engage in transactions towards the need to develop long-term customer relationships, including relationships with other stakeholders (Christopher et al., 2002) including: suppliers; potential employees; recruiters; referral markets influence markets and Internal markets.
Page reference: 22
c. B2B marketing
Feedback: Incorrect. The relationship marketing concept spawned further evolution of marketing’s conceptual foundations. There was a shift from the need to engage in transactions towards the need to develop long-term customer relationships, including relationships with other stakeholders (Christopher et al., 2002) including: suppliers; potential employees; recruiters; referral markets influence markets and Internal markets.
Page reference: 22
*d. relationship marketing
Feedback: Correct. The relationship marketing concept spawned further evolution of marketing’s conceptual foundations. There was a shift from the need to engage in transactions towards the need to develop long-term customer relationships, including relationships with other stakeholders (Christopher et al., 2002) including: suppliers; potential employees; recruiters; referral markets influence markets and Internal markets.
Page reference: 22
Type: multiple choice question
Title: Chapter 01 - Question 10
10) Marketing techniques and processes can be adopted and implemented in a number of differing contexts, each of which influences marketing differently. The elements of the context which we should consider include:
a. the tangibility of the product offering.
Feedback: Incorrect. Marketing techniques need to be adapted to the specific sector in which they are used (Blois, 1974). The context, whether it is industrial (e.g. business to business), consumer (e.g. retail), or services based (e.g. either business-to-business services like accountancy or business-to-business products like component manufacturers), or used in the not-for-profit context, has an impact upon the marketing tools and techniques that we need to use.
Page reference: 25
b. whether it is a B2B or industrial context.
Feedback: Incorrect. Marketing techniques need to be adapted to the specific sector in which they are used (Blois, 1974). The context, whether it is industrial (e.g. business to business), consumer (e.g. retail), or services based (e.g. either business-to-business services like accountancy or business-to-business products like component manufacturers), or used in the not-for-profit context, has an impact upon the marketing tools and techniques that we need to use.
Page reference: 25
c. whether it is a consumer context.
Feedback: Incorrect. Marketing techniques need to be adapted to the specific sector in which they are used (Blois, 1974). The context, whether it is industrial (e.g. business to business), consumer (e.g. retail), or services based (e.g. either business-to-business services like accountancy or business-to-business products like component manufacturers), or used in the not-for-profit context, has an impact upon the marketing tools and techniques that we need to use.
Page reference: 25
*d. all of the options given above.
Feedback: Correct. Marketing techniques need to be adapted to the specific sector in which they are used (Blois, 1974). The context, whether it is industrial (e.g. business to business), consumer (e.g. retail), or services based (e.g. either business-to-business services like accountancy or business-to-business products like component manufacturers), or used in the not-for-profit context, has an impact upon the marketing tools and techniques that we need to use.
Page reference: 25
Type: true-false
Title: Chapter 01 - Question 11
11) The aggregate marketing system delivers to us a wide array of offerings, either directly or indirectly through business markets, to serve our wants and needs.
*a. T
Feedback: Correct. The aggregate marketing system delivers to us a wide array of offerings, either directly or indirectly through business markets, to serve our wants and needs.
Page reference: 29
b. F
Feedback: Incorrect. The aggregate marketing system delivers to us a wide array of offerings, either directly or indirectly through business markets, to serve our wants and needs.
Page reference: 29
Type: true-false
Title: Chapter 01 - Question 12
12) A market-oriented firm defines its business in terms of the benefits it offers to its customers.
a. T
Feedback: Incorrect. A market-oriented firm refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing, it involves all aspects of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers and trade partners).
Page reference: 8
*b. F
Feedback: Correct. A market-oriented firm refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing, it involves all aspects of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers and trade partners).
Page reference: 8
Type: true-false
Title: Chapter 01 - Question 13
13) The Chartered Institute of Marketing (CIM) definition of marketing differs to the definition offered by the American Marketing Association (AMA) in that it focuses on ‘satisfying customer requirements profitably’ as opposed to ‘delivery of value’?
*a. T
Feedback: Correct. The CIM defines marketing as ‘the management process of anticipating, identifying and satisfying customer requirements profitably’ (CIM, 2015). In contrast, the AMA concentrates on ‘customer value’ by defining marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2013).
Page reference: 6
b. F
Feedback: Incorrect. The CIM defines marketing as ‘the management process of anticipating, identifying and satisfying customer requirements profitably’ (CIM, 2015). In contrast the AMA concentrates on ‘customer value’ by defining marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2013).
Page reference: 6
Type: true-false
Title: Chapter 01 - Question 14
14) The behaviours of a customer and the behaviours of a consumer are the same.
a. T
Feedback: Incorrect. A customer and consumer do not perform the same behaviour. A customer is a buyer, a purchaser, a patron, a client or a shopper; as such a customer is someone who buys from a shop, a website, a business and, increasingly, from other customers. The difference between a customer and a consumer is that while a customer purchases or obtains a product, service or idea, a consumer uses it (or eats it in the case of food).
Page reference: 7
*b. F
Feedback: Correct. A customer and consumer do not perform the same behaviour. A customer is a buyer, a purchaser, a patron, a client or a shopper; as such a customer is someone who buys from a shop, a website, a business and, increasingly, from other customers. The difference between a customer and a consumer is that while a customer purchases or obtains a product, service or idea, a consumer uses it (or eats it in the case of food).
Page reference: 7
Type: true-false
Title: Chapter 01 - Question 15
15) B2B marketing is essentially the same as consumer marketing
a. T
Feedback: Incorrect. B2B marketing is essentially different from consumer marketing because the customer is a business not an individual. B2B marketing requires that marketers deal with more sophisticated customers who often buy in volume, as part of a decision-making unit (with other buyers and technicians), who are trained to buy/procure professionally, and who are rewarded for buying the right propositions at the right price
Page reference: 28
*b. F
Feedback: Correct. B2B marketing is essentially different from consumer marketing because the customer is a business not an individual. B2B marketing requires that marketers deal with more sophisticated customers who often buy in volume, as part of a decision-making unit (with other buyers and technicians), who are trained to buy/procure professionally, and who are rewarded for buying the right propositions at the right price
Page reference: 28
Type: true-false
Title: Chapter 01 - Question 16
16) Marketing is a one-way process as it’s solely about the marketing organization doing the work.
a. T
Feedback: Incorrect. Marketing is a two-way exchange process. It’s not solely about the marketing organization doing the work; the customer also inputs—sometimes extensively.
Page reference: 15
*b. F
Feedback: Incorrect.Marketing is a two-way exchange process. It’s not solely about the marketing organization doing the work; the customer also inputs—sometimes extensively.
Page reference: 15
Type: true-false
Title: Chapter 01 - Question 17
17) The key difference between a customer and a consumer is that: a consumer purchases a product and a customer consumes it.
a. T
Feedback: Incorrect. A customer is a buyer, a purchaser, a patron, a client; or a shopper, and thus a customer is someone who buys from a shop, a website, a business and, increasingly, another customer (e.g. Airbnb or eBay). The difference between a customer and a consumer is that while a customer purchases or obtains a product, service or idea, a consumer uses it (or eats it in the case of food).
Page reference: 7
*b. F
Feedback: Correct. A customer is a buyer, a purchaser, a patron, a client; or a shopper, and thus a customer is someone who buys from a shop, a website, a business and, increasingly, another customer (e.g. Airbnb or eBay). The difference between a customer and a consumer is that while a customer purchases or obtains a product, service or idea, a consumer uses it (or eats it in the case of food).
Page reference: 7
Type: true-false
Title: Chapter 01 - Question 18
18) Understanding buyer psychology is fundamental to the marketing function. Because marketing is about understanding customers’ needs, empathy with customers is a prerequisite.
*a. T
Feedback: Correct. Our understanding of consumer behaviour derives principally from psychology—especially from motivation research in relation to consumer attitudes, perceptions, motivations, and information processing, and our understanding of persuasion, consumer personality, and customer satisfaction. Understanding buyer psychology is fundamental to the marketing function. Because marketing is about understanding customers’ needs, empathy with customers is a prerequisite.
Page reference: 10
b. F
Feedback: Incorrect. Our understanding of consumer behaviour derives principally from psychology—especially from motivation research in relation to consumer attitudes, perceptions, motivations, and information processing, and our understanding of persuasion, consumer personality, and customer satisfaction. Understanding buyer psychology is fundamental to the marketing function. Because marketing is about understanding customers’ needs, empathy with customers is a prerequisite.
Page reference: 10
Type: true-false
Title: Chapter 01 - Question 19
19) An organization that is characterized as developing a market orientation: will appoint a marketing person to its board of directors, or trustees in the case of a charity, or part of the executive team in a limited company or partnership..
a. T
Feedback: Incorrect. An organization that is developing a market orientation is not the same as developing a marketing orientation. So what’s the difference? A company with a marketing orientation would be a company that recognises the importance of marketing within the organization, e.g. by appointing a marketing person to its board of directors, or trustees in the case of a charity, or part of the executive team in a limited company or partnership. Developing a market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990).
Page reference: 7-8
*b. F
Feedback: Correct. An organization that is developing a market orientation is not the same as developing a marketing orientation. So what’s the difference? A company with a marketing orientation would be a company that recognises the importance of marketing within the organization, e.g. by appointing a marketing person to its board of directors, or trustees in the case of a charity, or part of the executive team in a limited company or partnership. Developing a market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990).
Page reference: 7-8
Type: true-false
Title: Chapter 01 - Question 20
20) Marketers interested in offering customer value can offer products that perform, give consumers more than they expect, offer organization-wide commitment to service and after-the-sale support.
*a. T
Feedback: Correct. Developing a market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing, it involves all the functions of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers, trade partners, from websites, and social networking sites)..
Page reference: 8
b. F
Feedback: Incorrect. Developing a market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing, it involves all the functions of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers, trade partners, from websites, and social networking sites)..
Page reference: 8
Type: multiple choice question
Title: Chapter 01 - Question 21
21) The focus of marketing in consumer goods context is on:
*a. The focus of marketing in consumer goods context is on how to facilitate the rapid exchange of goods, the effectiveness of marketing in matching supplier offering to customer demand, and efficiency in managing the distribution of the product through the supply chain.
Feedback: Correct. The focus of marketing in consumer goods context is on how to facilitate the rapid exchange of goods, the effectiveness of marketing in matching supplier offering to customer demand, and efficiency in managing the distribution of the product through the supply chain.
Page reference: 25-26
b. satisfy management's needs and wants with the idea of maximizing profits in the short term.
Feedback: Incorrect. The focus of marketing in consumer goods context is on how to facilitate the rapid exchange of goods, the effectiveness of marketing in matching supplier offering to customer demand, and efficiency in managing the distribution of the product through the supply chain.
Page reference: 25-26
c. the need to develop strong prospects for a company’s offerings, to ensure effective supply chain management operations and to ensure it is delivered appropriately.
Feedback: Incorrect. The focus of marketing in consumer goods context is on how to facilitate the rapid exchange of goods, the effectiveness of marketing in matching supplier offering to customer demand, and efficiency in managing the distribution of the product through the supply chain.
Page reference: 25-26
d. the quality of service offered as well as the difference between customer perceptions of actual service quality and their expectations of service quality.
Feedback: Incorrect. The focus of marketing in consumer goods context is on how to facilitate the rapid exchange of goods, the effectiveness of marketing in matching supplier offering to customer demand, and efficiency in managing the distribution of the product through the supply chain.
Page reference: 25-26
Type: multiple choice question
Title: Chapter 01 - Question 22
22) Companies employing a relationship marketing approach stressed ___________ rather than customer acquisition.
a. aggregated demand
Feedback: Incorrect. Companies employing a relationship marketing approach stressed customer retention rather than customer acquisition. Customer retention is a particularly important strategic activity in marketing mass consumer services as research has demonstrated that when a company retains loyal customers it is more likely to be profitable compared with competitors who do not.
Page reference: 22
b. product offerings
Feedback: Incorrect. Companies employing a relationship marketing approach stressed customer retention rather than customer acquisition. Customer retention is a particularly important strategic activity in marketing mass consumer services as research has demonstrated that when a company retains loyal customers it is more likely to be profitable compared with competitors who do not..
Page reference: 22
c. the sales orientation
Feedback: Incorrect. Companies employing a relationship marketing approach stressed customer retention rather than customer acquisition. Customer retention is a particularly important strategic activity in marketing mass consumer services as research has demonstrated that when a company retains loyal customers it is more likely to be profitable compared with competitors who do not.
Page reference: 22
*d. customer retention
Feedback: Correct. Companies employing a relationship marketing approach stressed customer retention rather than customer acquisition. Customer retention is a particularly important strategic activity in marketing mass consumer services as research has demonstrated that when a company retains loyal customers it is more likely to be profitable compared with competitors who do not.
Page reference: 22
Type: multiple choice question
Title: Chapter 01 - Question 23
23) The emphasis in B2B markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust.
a. B2C market
Feedback: Incorrect. The emphasis in B2B markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust (Morgan and Hunt, 1994) to win the contract in the first place and then to deliver it to the customer’s specifications.
Page reference: 28
b. international market
Feedback: Incorrect. The emphasis in B2B markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust (Morgan and Hunt, 1994) to win the contract in the first place and then to deliver it to the customer’s specifications.
Page reference: 28
c. transaction market
Feedback: Incorrect. The emphasis in B2B markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust (Morgan and Hunt, 1994) to win the contract in the first place and then to deliver it to the customer’s specifications.
Page reference: 28
*d. B2B markets
Feedback: Correct. The emphasis in B2B markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust (Morgan and Hunt, 1994) to win the contract in the first place and then to deliver it to the customer’s specifications.
Page reference: 28
Type: multiple choice question
Title: Chapter 01 - Question 24
24) An organization that has a market orientation does not:
a. integrate all the activities of the firm to satisfy customer wants.
Feedback: Incorrect. A market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing; it involves all aspects of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers and trade partners).
Page reference: 8
b. focus on consumer needs and wants.
Feedback: Incorrect. A market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing; it involves all aspects of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers and trade partners).
Page reference: 8
c. differentiate a firm's products from its competitor's products.
Feedback: Incorrect. A market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing; it involves all aspects of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers and trade partners).
Page reference: 8
*d. fuel sales growth through the application of aggressive sales techniques.
Feedback: Correct. A market orientation refers to ‘the organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across the departments, and organization-wide responsiveness to it’ (Kohli and Jaworski, 1990). So a market orientation doesn’t just involve marketing; it involves all aspects of a company, gathering and responding to market intelligence (i.e. customers’ verbalized needs and preferences, data from customer surveys, sales data, and information gleaned informally from discussions with customers and trade partners).
Page reference: 8
Type: multiple choice question
Title: Chapter 01 - Question 25
25) A key ingredient in the philosophy of marketing is _____, or the idea that people give up something in order to receive something that they would rather have.
*a. exchange
Feedback: Correct. Marketing is a two-way process. It’s not just about the marketing organisation doing all the work. The customer also has a strong input. In fact, not only must they specify how we might satisfy their needs as marketers, because marketers are not mind-readers, but they must also pay for the product or service. Around the middle of the 1970s, there was an increasing belief that the underlying phenomenon in marketing related to the exchange process between buyers and sellers and associated supply chain intermediaries. Exchange relationships were seen to be economic (e.g. a consumer buying groceries) and social (e.g. the service provided by the police on behalf of society paid for by government) (Bagozzi, 1975).
Page reference: 15-16
b. synergy
Feedback: Incorrect. Marketing is a two-way process. It’s not just about the marketing organisation doing all the work. The customer also has a strong input. In fact, not only must they specify how we might satisfy their needs as marketers, because marketers are not mind-readers, but they must also pay for the product or service. Around the middle of the 1970s, there was an increasing belief that the underlying phenomenon in marketing related to the exchange process between buyers and sellers and associated supply chain intermediaries. Exchange relationships were seen to be economic (e.g. a consumer buying groceries) and social (e.g. the service provided by the police on behalf of society paid for by government) (Bagozzi, 1975).
Page reference: 15-16
c. promotion
Feedback: Incorrect. Marketing is a two-way process. It’s not just about the marketing organisation doing all the work. The customer also has a strong input. In fact, not only must they specify how we might satisfy their needs as marketers, because marketers are not mind-readers, but they must also pay for the product or service. Around the middle of the 1970s, there was an increasing belief that the underlying phenomenon in marketing related to the exchange process between buyers and sellers and associated supply chain intermediaries. Exchange relationships were seen to be economic (e.g. a consumer buying groceries) and social (e.g. the service provided by the police on behalf of society paid for by government) (Bagozzi, 1975).
Page reference: 15-16
d. reciprocity
Feedback: Incorrect. Marketing is a two-way process. It’s not just about the marketing organisation doing all the work. The customer also has a strong input. In fact, not only must they specify how we might satisfy their needs as marketers, because marketers are not mind-readers, but they must also pay for the product or service. Around the middle of the 1970s, there was an increasing belief that the underlying phenomenon in marketing related to the exchange process between buyers and sellers and associated supply chain intermediaries. Exchange relationships were seen to be economic (e.g. a consumer buying groceries) and social (e.g. the service provided by the police on behalf of society paid for by government) (Bagozzi, 1975).
Page reference: 15-16
