BUS 346 Quiz 1

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and…

A. the ability to buy them.
B. are removed from traditional marketing alternatives.
C. knowledge of competing products.
D. the ability to negotiate discounts.
E. a thorough knowledge of his brand messages.

A. If Xavier selects customers with an interest in the kinds of products he offers and the ability to purchase, he can communicate the value his offerings provide and offer competitive comparisons as part of his marketing mix.

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

A. value-based marketing
B. production-oriented
C. market-oriented
D. sales-oriented
E. retailing-oriented

A. In the value-based marketing era, firms began to recognize that value creation was the key to success for most firms.

Shipping companies such as UPS, FedEx, and DHL support other firms’ __________ marketing goals.

A. supply chain management
B. retail management
C. value capture
D. promotion
E. value communication

A. Supply chain management includes the shipment/delivery of products, so these companies can be an important part of the supply chain.

Marketers must determine the price of a product carefully, based on potential buyers’ beliefs about

A. the environment.
B. the product’s new advertising campaign.
C. its value.
D. the cost to manufacture the product.
E. the economic outlook.

C. Ultimately, a product should attempt to satisfy a customer’s needs. Pricing based on buyers’ perceptions of value ensures that buyers believe the product is worth its price.

Effective promotion enhances a product or service’s

A. design features.
B. trialability.
C. perceived value.
D. supply chain management system.
E. wholesaling capabilities.

C. Effective promotion communicates value by attempting to ensure that customers understand the value being offered.

Which element of the marketing mix is most relevant to the activity "capturing value"?

A. price
B. product
C. place
D. purchasing
E. promotion

A. The marketing mix activities are promotion (communicating value), product (creating value), price (capturing value), and place (delivering value).

Which element of the marketing mix is most relevant to the activity "creating value"?

A. promotion
B. product
C. purchasing
D. price
E. place

B. The marketing mix activities are promotion (communicating value), product (creating value), price (capturing value), and place (delivering value).

A relational orientation is based on the philosophy that buyers and sellers develop

A. supply chain synergy.
B. a marketing value transaction focus.
C. a price-value comparison matrix.
D. a long-term relationship.
E. a complete understanding of one another’s needs.

D. A firm with a relational orientation thinks about customers in terms of relationships rather than transactions and works to develop that relationship over the long term.

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering

A. pricing data.
B. feedback.
C. information.
D. promotional capital.
E. value cocreation.

C. In this case, Valerie’s customer receives a massage, and she receives both payment and information (in the form of the customer’s e-mail address) as part of the exchange process.

The primary purpose of the __________ plan is to specify the marketing activities for a specific period of time.

A. resource
B. organizational
C. strategic
D. marketing
E. business

D. The marketing plan specifies the marketing activities for a specific period of time. A business plan is a formal statement of a set of business goals that are believed to be attainable.