Defining Marketing for the 21st Century

Topics: Marketing, Types of marketing, Social marketing Pages: 18 (4134 words) Published: December 16, 2012
Chapter 1 – Defining Marketing for the Twenty-First Century

True/False Questions

1. Marketing is both an art and a science—there is constant tension between the formulated side and the creative side. True (easy) p. 2 AACSB (Reflective Thinking)

2. Large, well known businesses have newly empowered customers, and have had to rethink their business models. True (moderate) p. 2 AACSB (Reflective Thinking)

3. The authors see marketing management as the art and science of proper retail locations and delivering superior value to the end user. False (easy) p. 3 AACSB (Reflective Thinking)

4. Ideas are NOT one of the types of marketing entities. False (moderate) p. 3 AACSB (Reflective Thinking)

5. A concert by Coldplay is an example of an event-type entity which can be marketed. True (moderate) p. 3 AACSB (Reflective Thinking)

6. The following are entities which are commonly marketed: goods, services, distances, ideas, and information. False (moderate) p. 3 AACSB (Reflective Thinking)

7. Marketers and economists agree on the definition of the term “market.” False (moderate) p. 4 AACSB (Analytic Skills)

8. The computer metamarket consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software. True (moderate) p. 5 AACSB (Use of IT)

9. In the most generic sense, marketers seek to elicit a behavioral response from another party. True (moderate) p. 5 AACSB (Communications)

10. Wants are shaped by one’s society. True (moderate) p. 6 AACSB (Reflective Thinking)

11. The customer value triad is made up of a combination of price, quality, and service. True (moderate) p. 8 AACSB (Reflective Thinking)

12. The supply chain for Wendy’s includes beef cattle farmers. True (easy) p. 8 AACSB (Analytic Skills)

13. The task environment of an organization consists of the demographic environment, the economic environment, the natural environment, the technological environment, the political-legal environment, and the socio-cultural environment. False (difficult) p. 9 AACSB (Reflective Thinking)

14. The production concept holds that consumers will prefer products that are widely available and inexpensive. True (moderate) p. 10 AACSB (Reflective Thinking)

15. The marketing concept is epitomized by former Coca-Cola executive Sergio Zyman as follows: the purpose of marketing is to sell more stuff to more people more often for more money in order to make more profit. False (moderate) p. 11 AACSB (Reflective Thinking)

16. Under the marketing concept, the key to achieving organizational goals is being more effective than competitors in creating, delivering, and communicating superior customer value to your target markets. True (moderate) p. 11 AACSB (Reflective Thinking)

17. Holistic marketing considers each of the following: relationship marketing, production marketing, integrated marketing, and social responsibility marketing. False (moderate) p. 12 AACSB (Reflective Thinking)

18. Internal marketing refers to efforts directed internally (within the company) to ensure that everyone in the organization embraces appropriate marketing principles. True (moderate) p. 14 AACSB (Reflective Thinking)

19. The societal marketing concept takes the marketing concept one step further by considering long-run societal welfare. True (moderate) p. 15 AACSB (Ethical Reasoning)

20. Cause-related marketing is a form of internal marketing. False (moderate) p. 16 AACSB (Reflective Thinking)

Multiple Choice Questions

21. Companies at the greatest risk in today’s marketplace are doing all of the following EXCEPT: a. not monitoring their customers
b. not lowering prices sufficiently (difficult) p. 2 AACSB (Reflective Thinking) c. failing to continuously improve
d. taking a short-term, sales-driven view of their business
e. not monitoring...
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