Test Bank for Basic Marketing Research with Excel 3rd Edition Alvin C Burns, Ronald F Bush

Test Bank for Basic Marketing Research with Excel 3rd Edition Alvin C Burns, Ronald F Bush/ Test Bank for Basic Marketing Research with Excel 3rd Edition Alvin C Burns, Ronald F Bush/ Test Bank for Basic Marketing Research with Excel 3rd Edition Alvin C Burns, Ronald F Bush Basic Marketing Research, 3e Chapter 1 An Introduction to Marketing Research 1) Which of the following is the best definition for marketing? A) Marketing is an organizational function and a set of business activities designed to make profits. B) Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. C) Marketing is a business function and a process for determining the value customers desire in order to gain profit for business organizations and to seek societal benefits through nonprofit marketing. D) Marketing is finding a hole and filling it while earning profitable dollars. E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and marginal revenue. Answer: B Diff: 1 Page Ref: 4 AACSB: Analytic Skills Objective: LO 1 2) Which of the following is most accurate? A) Marketing is an attempt to create an exchange. B) Marketing is an attempt to create long-term customer relationships. C) Marketing is an attempt to create long-term customer relationships which will then likely satisfy the organization's objectives. D) Marketing is an attempt to earn profitable dollars. E) Marketing is an attempt to gain customers from competitors while at least breaking even profitwise. Answer: C Diff: 1 Page Ref: 4 AACSB: Reflective Thinking Skills Objective: LO 1 3) According to the AMA definition of marketing, which of the following is true of marketing? A) "Making the sale" should be considered the end of marketing. B) Marketing is carried out for the benefit of the customer. C) Marketing is carried out for the benefit of the stakeholders. D) Marketing should not be considered an organizational function. E) all of the above Answer: C Diff: 2 Page Ref: 4 AACSB: Reflective Thinking Skills Object4) What does the phrase "hearing the voice of the consumer" mean? A) Companies have the information they need to effectively satisfy wants and needs in the marketplace. B) Companies specifically use telemarketing to hear their customers' opinions. C) Marketing is carried out for the benefit of the customers. D) Marketing managers should take the time to listen in on focus groups. E) Market trials are necessary for certain products. Answer: A Diff: 2 Page Ref: 5 AACSB: Reflective Thinking Skills Objective: LO 1 5) The key reason that the marketing concept has been recognized as the "right philosophy" is that it: A) is well established in the marketing literature B) has been recommended by successful marketing executives C) does not rely on high-pressure selling D) stresses understanding the competition E) always puts the customer first Answer: E Diff: 2 Page Ref: 7 AACSB: Reflective Thinking Skills Objective: LO 1 6) What would a strategy "that allows a firm to truly meet the wants and needs of the consumers within the market segment that is chosen" be called? A) the "niche" strategy B) the "incentivized" strategy C) the information strategy D) the "right" strategy E) the recommended strategy Answer: D Diff: 1 Page Ref: 7 AACSB: Analytic Skills Objective: LO 1 ive: LO 1