Test Questions 1 Figures to know Figure 01 02a FIGURE 1 4 When it comes to the Importance of Marketing at Time Warner Business Services Don Kosec says Marketing is very important and its main goal is to drive sales We cannot be all things to all people so we must focus our marketing efforts on our target market Marketing involves the idea of exchange With this in mind which of the following ways of getting a funny birthday card for your friend describes an exchange in the Marketing sense Buy one from the local grocery store The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is place Which of the following statements describes an environmental force Several states have legislation requiring children under the age of four to use car seats A student would like to buy a sports car from the local dealer but she cannot afford one Marketing does not occur in this situation because one of the involved parties does not have the ability to satisfy its needs To avoid new product failure Robert M McMath a new product expert suggests a focus on customer benefits and an examination of the past Congressional legislation restricting Internet alcohol sales would affect on line sellers such as Virtual Vineyards This would be an example of which environmental force Regulatory Which Marketing Management philosophy assumes that customers want the most quality performance and features Product Concept Which Marketing Management philosophy assumes that in order to succeed the organization must determine and satisfy consumers needs wants and desires Marketing Concept We have eight video guest lecturers for the class One of these is Don Kosec with Time Warner Which of the following best describes his organization Business to Business B2B Service The department of an organization is responsible for facilitating relationships partnerships and alliances with the organization s customers its shareholders its suppliers and other organizations Marketing Many large consulting firms are beginning to sponsor women only networking events The purpose of these events is to offer an opportunity for women in management to network with other women either clients or mentors or prot g s This is an example of what type of environmental force Social How much time does 3M allow their inventors for the purpose of doing initially unfunded research 15 To attend the winter concert presented by the community chorus every person had to donate one unwrapped toy at the concert hall door This statement is most closely related to the element of the marketing mix Price Which of the following groups would be the least likely target market for a company producing canned foods in single serving sizes School kitchens A college student is taking a full course load working 20 hours per week and still has to take out a student loan to cover tuition One day the student sees a classmate driving a Lexus sports coupe and feels he just has to have one of his own What factor is most likely to prevent a successful marketing transaction between the student and the Lexus dealer The student does not have the resources to qualify for a 50 000 auto loan An organization that focuses its efforts on continuously collecting information about customers needs and competitors capabilities sharing this information across departments and using the information to create customer values is said to have a market orientation For marketing to occur at least four factors are required 1 two or more parties individuals or organizations with unsatisfied needs 2 a desire and ability on their part to be satisfied 3 a way for the parties to communicate and 4 something to exchange Market refers to people with both the desire and ability to buy a specific offering One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a target market A business traveler joined the Starwood Preferred Guest Program in order to earn points each time he stayed overnight in a Westin or Sheraton hotel Once he has accumulated enough points he can trade his points in for a free night s stay As a member of this program the traveler receives periodic updates on new hotels and learns of ways to earn additional points The marketing term that best describes this scenario is relationship marketing Marketing involves the idea of exchange With this in mind which of the following ways of getting a funny birthday card for your friend describes an exchange in the Marketing sense Buy one from the local grocery store The instructor provides Lecture Notes for each week s lecture These are available from The class website at Vista 8 His personal website The Kent Campus Bookstore and the FedEx Office in Kent In the movie The Tin Men two rival salesmen engaged in a variety of dishonest and unethical practices in order to sell aluminum siding to homeowners Their job was difficult in part because the supply of aluminum siding surpassed the demand for the product and competition was intense This situation is indicative of the era of U S business history Sales As organizations have changed their orientation society s expectations of marketers have also changed Today the emphasis of marketing practice has shifted from the interest of to the interests of consumers Producers Which element of the marketing mix is demonstrated when the Mars Company has a sale on M Ms brand candies Price We have eight video guest lecturers for the class One of these is Michele Skinn Director of the Fisher Titus Foundation Which of the following best describes her organization Not for Profit Services The Prerequisite for this class is ECON 22060 Microeconomics Which of the following people would most likely be the best target market for tickets to the home games of the Indianapolis Colts professional football team All people in the Indianapolis and surrounding areas interested in football Marketing concept refers to the idea that an organization should 1 strive to satisfy the needs of consumers 2 while also trying to achieve the organization s goals Customer value refers to the unique combination of benefits received by targeted buyers that includes quality convenience on time delivery and both before sale and after sale service at a specific price The textbook says that you are a Marketing Expert The instructor Disagrees with this view you know a bit about marketing but are not an expert Which of the following