Nova Southeastern University/MKT 5125/Chapter 2 Developing and Implementing Marketing Strategies and Plans A Framework for Marketing Management, 6e (Kotler

1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provid ...

1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors Answer: C Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 2) The value delivery process can be divided into three phases, out of which "choosing the value" implies ________, which is the essence of strategic marketing. A) segmentation, developing, and delivering B) targeting, positioning, and communicating C) targeting, positioning, and delivering D) segmentation, targeting, and positioning E) researching, developing, and delivering Answer: D Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 3) James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________ process. A) market-sensing B) new-offering realization C) customer acquisition D) customer relationship management E) fulfillment management Answer: A Diff: 3 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking; Application of knowledge 4) When a customer places an order at BookBox.com, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________ process. A) market-sensing B) customer acquisition C) customer relationship management D) fulfillment management E) new-offering realization Answer: D Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking; Application of knowledge 5) What is the second phase of the value creation and delivery sequence? A) choosing the value B) providing the value C) communicating the value D) calculating the value E) calibrating the value Answer: B Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 6) Angelo made the decision to outsource the software components of his consulting company so he could focus on the company's ________, which are sources of competitive advantage, make a contribution to perceived customer benefits, have application in a wide variety of markets, and are difficult to imitate. A) core competencies B) infrastructure C) market-sensing processes D) fulfillment management processes E) outbound logistics Answer: A Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Application of knowledge 7) The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service). A) operations processes B) manufacturing processes C) primary activities D) secondary activities E) tertiary activities Answer: C Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 8) Which of the following can be considered a primary activity in the value chain process? A) procurement B) human resource management C) technology development D) inbound logistics E) firm infrastructure Answer: D Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking 9) Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of the ________ process. A) customer acquisition B) customer relationship management C) customer prospecting D) customer integrating management E) customer equity Answer: B Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 10) Another way to describe a supply chain, where companies partner with specific suppliers and distributors to ensure a smooth functioning of the system, is to call it a ________. A) teamwork group B) horizontal integration C) domestic power center D) value exploration E) value delivery network Answer: E Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Interpersonal relations and teamwork 11) The key to utilizing organizational core competencies is to ________ that make up the essence of the business. A) force organizational departments to justify the budgetary components B) vertically integrate and own all intermediaries C) own and nurture the resources and competencies D) emphasize global promotions E) segment the workforces Answer: C Diff: 3 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 12) The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities. A) organizational plan B) strategic marketing plan C) corporate tactical plan D) corporate mission E) customer-value statement Answer: B Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking