Test Bank for Management 9th Edition by Daft

Test Bank for Management 9th Edition by Daft

1. One facet of marketing is that it is:

a. an approach that focuses on maximizing sales

b. a short-term oriented approach to profit maximization

c. an approach that requires diversity

d. a philosophy that stresses customer satisfaction

e. independent of value creation

ANS: D

Marketing has two facets. First, it is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. Second, marketing is activities and processes used to implement this philosophy.

PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def

TOP: AACSB Reflective Thinking | TB&E Model Strategy

2. A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of:

a. a control system

b. marketing

c. accounting

d. production

e. human resources

ANS: B

This description contains three of the four main activities included in the marketing function. The fourth main activity is communicating value.

PTS: 1 REF: 3 OBJ: 01-1 TYPE: Comp

TOP: AACSB Reflective Thinking | TB&E Model Pricing | TB&E Model Product | TB&E Model

Distribution

3. _____ is a set of activities used to implement a management orientation that stresses customer satisfaction.

a. Planning strategy

b. Customer management

c. Marketing

d. A control system

e. Reciprocity

ANS: C

This is the focus of marketing.

PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def

TOP: AACSB Reflective Thinking | TB&E Model Product

4. The American Marketing Association's definition of marketing:

a. is limited to promotional activities

b. focuses on the value of empowerment, teamwork, and customer value

c. shows how marketing benefits the marketer

d. relies on the synergy created by exchange

e. includes creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. 

ANS: E

According to the American Marketing Association, marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def

TOP: AACSB Reflective Thinking | TB&E Model Strategy

5. Which of the following occurs when people give up something in order to receive something that they would rather have?

a. Exchange

b. Synergy

c. Transformation

d. Leveraging

e. Reciprocity

ANS: A

Exchange is people giving up something to receive something they would rather have.

PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def

TOP: AACSB Reflective Thinking | TB&E Model Product

6. All of the following are necessary for exchange to occur EXCEPT:

a. each party is capable of communication and delivery

b. each party signs a contract before exchange occurs

c. each party believes it is appropriate or desirable to deal with the others

d. each party is free to accept or reject the exchange offer

e. each party must have something the other party considers to be valuable

ANS: B

Exchange can occur without a legal contract.

PTS: 1 REF: 3-4 OBJ: 01-1 TYPE: Comp

TOP: AACSB Reflective Thinking | TB&E Model Customer

7. A problem facing the timber industry is the absence of any effective way to prove that rain forest timber was legally harvested. In places like Indonesia as much as 80 percent of timber available for sale was illegally cut. Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests. Which of the following conditions required for an exchange to occur is missing when a company tries to sell illegally acquired logs to The Home Depot?

a. There are more than two parties involved.

b. Each party has something of value to bring to the exchange.

c. One party is free to accept the exchange offer.

d. Each party believes it is appropriate to deal with the other party.

e. Nobody sees the exchange as producing value.

ANS: D

For an exchange to occur, two or more parties must be involved. Both parties are free to accept or reject the exchange. If The Home Depot believes the timber was illegally gotten, then it will not want to deal with the loggers.

PTS: 1 REF: 4 OBJ: 01-1 TYPE: App

TOP: AACSB Reflective Thinking | TB&E Model Customer

8. Kellogg’s is offering free DVDs to consumers who collect 5 official Collection certificates from the back panels of specially marked packages of Kellogg’s cereals and mail them with the official order form. Within 90 days, these consumers will receive the movie of their choice. A(n) _____ will occur when a movie fan mails in his or her certificates for a movie.

a. synergy

b. sublimation

c. exchange

d. entropy

e. reciprocity

ANS: C

For an exchange to occur, two or more parties must be involved. Both parties are free to accept or reject the exchange. Furthermore, each party must have something that is of value to the other party. Each party is capable of communication and delivery and believes it is desirable to do so. In this case, the value for Kellogg’s is customer loyalty. The value for the customer is the cereal and free movie.

PTS: 1 REF: 4 OBJ: 01-1 TYPE: App

TOP: AACSB Reflective Thinking | TB&E Model Customer

9. For an exchange to take place:

a. there must be at least two parties involved

b. money must be used in the transaction

c. each party must feel obligated to accept the offer

d. at least one party must have something of value that the other party desires

e. neither party must communicate with the other

ANS: A

For exchange to occur, there must be at least two parties, each party has something that might be of value to the other party, each party is capable of communication and delivery, each party is free to accept or reject the exchange offer, and each party believes it is appropriate or desirable to deal with the other party.

PTS: 1 REF: 3-4 OBJ: 01-1 TYPE: Def

TOP: AACSB Reflective Thinking | TB&E Model Customer

10. The concept of exchange is important to marketing because:

a. if all the conditions for an exchange are in place, then the exchange will be completed

b. exchange provides money to marketers

c. marketing activities help to create exchange

d. marketing activities are a requirement for exchange to take place

e. money is the only medium of exchange for business marketers

ANS: C

Marketing activities help the exchange to take place, but marketing can occur without an exchange.

PTS: 1 REF: 3-4 OBJ: 01-1 TYPE: Comp

TOP: AACSB Reflective Thinking | TB&E Model Customer