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MKT 6301-Chapter 1

QuestionAnswer
1) Identify the statement that supports ubiquitous marketing department concept. Answer: Marketing is what the people in the marketing department do.
2) Why is ubiquitous marketing concept considered to be dangerous? Answer: People from other departments may refrain from marketing efforts.
3) Marketing is involved and necessary when: Answer: the buyers have many choices.
4) Marketing is pervasive in most developed economies due to: Answer: increased competition.
5) Which of the following is a plausible marketing observation? Answer: Marketing managers must spend a considerable amount of time talking to customers.
6) The marketing concept philosophy emphasizes the need to have a: Answer: customer focus.
7) Which of the following statements is not consistent with the marketing concept? Answer: Customer needs should be served at all costs.
8) A few customers cost more to serve than the revenues they generate. Identify the most appropriate way to handle these customers. Answer: Attempt to turn away the unprofitable customers.
9) A company that follows the marketing concept philosophy should: Answer: serve only profitable customers.
10) ________ driven approach is an aggressive, push-the-catalogue approach to marketing. Answer: Sales
11) Which of the following is the main focus of a sales driven organization? Answer: Increasing market share and volumes.
12) Which of the following is a disadvantage of sales driven approach? Answer: It might not deliver long term value to customers.
13) Which of the following statements supports the sales driven approach to the marketplace? Answer: Market capitalization is the ultimate motive of a business.
14) An organization spends heavy research and development and has a product focus. This organization is likely to have a ________ driven approach to the marketplace. Answer: technology
15) A company can maximize sales by offering the best product. This statement supports the ________ driven approach. Answer: technology
16) Which of the following statements supports technology driven approach to the marketplace? Answer: Quality improvement in products can result in customer value.
17) Which of the following is a disadvantage of an over-engineered product? Answer: The product will have unwanted features.
18) Cross-tab Research Inc. is a research services company that offers market research services to companies worldwide. Which of the following types of companies would be great customers of Cross-tab? Answer: marketing driven
19) Which of the following approaches has the least amount risk associated with it when developing a new product? Answer: marketing driven
20) Which of the following observations is true about the market driven approach to marketplace? Answer: This kind of organization embraces marketing to excess.
21) Which of the following is the disadvantage of marketing driven approach to the marketplace? Answer: This kind of organization is slow to respond to changes.
22) Identify a criticism that is often associated with marketing. Answer: It makes customers buy things that they do not really want.
23) Strategic and tactical decisions in a customer-oriented organization should be made: Answer: cross-functionally and cross-divisionally.
24) Which of the following observations is true regarding a customer-oriented organization? Answer: Marketing in these organizations translate benefits into products and services.
25) According to the text, organizations can become customer-oriented by: Answer: making strategic and tactical decisions interfunctionally and interdivisionally.
26) Identify the question that is least significant in determining whether your organization is customer-oriented. Answer: Do you use frequent advertisement?
27) The traditional value chain adopts a ________ oriented approach. Answer: company
28) Which of the following is the key difference between traditional value chain and the new versions of the value chain? Answer: The value chain starts with the customer in the new perspective.
29) Which of the following is not a component of the traditional value chain? Answer: inbound marketing programs
30) What are the two dimensions of the four-quadrant model as presented by Gary Hamel and C.K. Prahalad? Answer: customer needs and customer types
31) The danger associated with remaining customer-led is that: Answer: businesses may ignore unexploited opportunities.
32) Customers will not always be able to tell you what products they want and need because: Answer: customers are aware of only the problems that they have.
33) A lowest level manager in product management structure is termed: Answer: product manager.
34) Product-focused organizational structure is not suited for: Answer: business-to-business products.
35) Which of the following organizational structures will be suited for a company that sells business to business products? Answer: market-based structure
36) Which of the following is an example of internal change? Answer: automation decision
37) Which of the following is an example of external change? Answer: change in customer preferences
38) The marketing manager's internal interactions include all of the following except: Answer: suppliers.
39) Demographic changes should be monitored by marketing managers because: Answer: they may find growth opportunities.
40) ________ is a written document containing the guidelines for the product's marketing programs and allocations over the planning period. Answer: Marketing plan
41) Marketing plans should be written because: Answer: it provides a concrete history of the product's strategies.
42) Which of the following is highest in the hierarchy of planning? Answer: corporate strategic planning
43) Which of the following is lowest in the hierarchy of planning? Answer: annual marketing plan
44) More general strategic planning occurs at: Answer: corporate and group planning.
45) Marketing plans are constructed at: Answer: SBU planning.
46) Which of the following statements is true about marketing plans? Answer: Marketing plans are always forward looking.
47) An audit is conducted: Answer: after the planning period is over.
48) The purpose of performing an audit of the plan is: Answer: to reveal why something went wrong and what can be improved the next time.
49) Based on ________, managers develop objectives, strategies, and programs for the product, product line, or closely related group of products. Answer: data analysis
50) During background assessment: Answer: historical data are collected and updated.
51) Which of the following is not a major part of a typical marketing plan? Answer: Production scheduling
52) The overall purpose of the marketing plan is to: Answer: enable managers to stay in touch with key aspects of business environment.
53) A major limitation of analog cellular technology was that: Answer: it was limited by its physical size.
54) Which of the following statements about mobile phone usage is true? Answer: Mobile phone usage is more in younger people than older people.
55) ________ capabilities allow marketers to potentially locate customers when they are geographically proximate to a retail outlet. Answer: Global positioning
56) You are running a retail apparel store. Which of the following technologies could help you locate customers so that you could send personalized messages and offers when they are geographically close to your store? Answer: GPS
57) Products or services that solve a particular customer's problem at a given point in time are termed: Answer: solutions.
58) The interactions that a customer has with a company are termed: Answer: experiences.
59) Which of the following refers to multi channel distribution of products? Answer: clicks and mortar
60) If you are a marketing manager and your home market is maturing, which of the following is the best strategy to follow? Answer: explore opportunities abroad
61) Which of the following would persuade a firm to enter foreign markets? Answer: low-growth markets
62) Traditional marketing focused on: Answer: transactions.
63) Modern managers have to focus on: Answer: relationships with the customer.
64) ________ refers to the present value of a stream of revenue that can be produced by a customer. Answer: Lifetime customer value
65) Lifetime customer value refers to: Answer: the present value of the total revenue that can be produced by a customer.
66) The value of a product or service can be quantified by calculating: Answer: the lifetime value of the customer base.
67) Dell allows its customers to add or remove functionalities from a core product while placing the order. This is an example of: Answer: mass customization.
68) A company takes a product or service that is widely marketed and develops a system for customizing it to each customer's specifications. This is referred to as: Answer: mass customization.
69) Which of the following media were traditionally used by consumer products companies? Answer: TV advertising
70) Ubiquitous marketing department concept gives people who are not in marketing the sense that they are also responsible for performing marketing activities. Answer: FALSE
71) Marketing can create and deliver value, but customer choices should be influenced by salespeople. Answer: FALSE
72) Customers are not always able to tell you what products they want. Answer: TRUE
73) A marketing manager cannot be successful without spending a considerable amount of time talking to customers. Answer: TRUE
74) The environment in which marketing and marketers operate is dynamic and usually outside the control of marketing managers. Answer: TRUE
75) Customer focused marketing advocate serving all customers' needs at all costs. Answer: FALSE
76) The marketing concept is entirely consistent with serving only segments of the customer population. Answer: TRUE
77) Marketing driven organizations use push-the-catalogue approach to marketing. Answer: FALSE
78) The sales organization is interested in volume, not profits. Answer: TRUE
79) Having a great technology guarantees that a company will have many customers. Answer: FALSE
80) Over-engineered products will contain features that customers do not need or want. Answer: FALSE
81) A "marketing-driven" organization can quickly react to changes in the marketplace. Answer: FALSE
82) For a company to dominate its industry in the future, it must lead the customer rather than being customer led. Answer: TRUE
83) A major disadvantage of the marketing concept is that it is limited to current, expressed needs. Answer: FALSE
84) In most occasions, customers will be able to tell what products they want and need. Answer: FALSE
85) Marketing managers' interactions with suppliers are treated as external transactions. Answer: TRUE
86) Marketing plans contain guidelines for a product's marketing programs. Answer: TRUE
87) A key feature of the marketing plan is that it is written. Answer: TRUE
88) During background assessment stage of a marketing plan, the manager analyzes the current competitive, customer, and category situation and determines how the firm's capabilities match these three external elements. Answer: FALSE
89) The overall purpose of the marketing plan is to enable the marketing manager to stay in touch with the three key parts of the business environment crucial to his or her success: customers, competitors, and factors outside the control of both customers and competitors. Answer: TRUE
90) Mobile phones are available to almost every socioeconomic stratum. Answer: TRUE
91) Price fluctuations in the Internet are slow compared to price increases offline. Answer: FALSE
92) Personalization is a key attribute of mass customization. Answer: FALSE
93) Do you think marketing can influence choices? Explain your answer. Answer: Marketing is involved and necessary whenever an individual or organization has a choice to make. Choices are made in a wide variety of contexts and the influences and influencers can vary from context to context, and also from each other in the same situation. Marketing efforts should tempt an individual to choose one product over another.
94) Name three reasons why marketing is a challenge within organizations. Answer: Unlike successful corporate financial, accounting, or production personnel, a marketing manager cannot be successful without spending a considerable amount of time talking to customers.
95) What are the different strategic approaches to the marketplace? Answer: There are four different strategic approaches to the marketplace. They are sales driven, technology driven, marketing driven, and customer driven.
96) Which strategic approach is consistent with the customer-focused marketing concept? Explain the concept. Answer: Customer driven approach is consistent with the customer-focused marketing concept. The concept believes that customers buy products for the benefits that the product features provide. This is a critical distinction in understanding how you and your organization can become customer oriented.
97) What is the major difference between the traditional version of value chain and the new perspective of value chain? Answer: The traditional version of the value chain dictates that the company starts with its core competencies and assets to decide what products to make or services to sell. This then dictates the selection of inputs and raw materials, which are then made into a product and sold through channels to the end customer. This is clearly a company-centric approach. The new perspective is to change the thought process by starting with the customer rather than the firm. This will result in a company that is struc
98) What are the different types of interactions needed in a marketing managers job? Answer: The marketing manager's job can be described by a large number of interactions both within and outside of the organization. External interactions include working with the company's or brand's advertising agency, dealing with suppliers, improving relationships with members of the channel of distribution system, talking about the firm's prospects with members of the media (e.g., business press, trade journals), and interacting with government agencies for export/import licenses. Marketing managers al
99) What is a marketing plan? Answer: A marketing plan is a written document containing the guidelines for the product's marketing programs and allocations over the planning period.
100) Explain the concept of lifetime customer value. Answer: The present value of a stream of revenue that can be produced by a customer is referred to as lifetime customer value. Marketers who can retain more customers by satisfying them better than competitors will have profitable products in the long run, not just in the short run.
Created by: lonehorse
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