Test Bank for MKTG, 6th Canadian Edition by Charles W. Lamb, Joe F. Hair, Carl McDaniel, Marc Boivin, David Gaudet, Janice Sheare
5 views 0 purchase
Course
MKTG, 6th Canadian Edition
Institution
MKTG, 6th Canadian Edition
Complete Test Bank for MKTG, 6th Canadian Edition by Charles W. Lamb, Joe F. Hair, Carl McDaniel, Marc Boivin, David Gaudet, Janice Shearer ; ISBN13: 9781778410390.....(Full Chapters included Chapter 1 to 16)...1 An Introduction to Marketing 2 The External Marketing Environment 3 Strategic Marketin...
Test Bank for MKTG, 6th Canada Edition by Charles W. Lamb, Joe F. Hair, Carl
McDaniel, Marc Boivin, David Gaudet
Chapter 01 MKTG6
Answers Included ✅
Indicate whether the statement is true or false.
1. The Era of Origins, during the 18th century, lacked any real application of marketing techniques like
segmentation.
a. True
b. False
2. Firms trying to give customers what they want in the Era of Refinement and Formalization must also deal with
aspects of consumerism.
a. True
S
b. False
R
3. Marketing is a job that should be handled by marketers. People in management, accounting, and finance should
focus on their own specialties.
VE
a. True
b. False
4. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
IE
exchanging offerings that have value for customers, clients, partners, and society at large.
a. True
H
b. False
5. A company using marketing research in post-World War II Canada to help give customers want they want
AC
shows the Era of Institutional Development in full form.
a. True
b. False
M
6. Only a firm’s salespeople need to be customer-oriented.
a. True
EA
b. False
7. Marketing can be defined as selling products.
a. True
R
b. False
D
8. An exchange cannot take place unless each party in the exchange has something that the other party values.
a. True
b. False
9. Creating market segments requires little effort or thought.
a. True
b. False
Page 1
,Name: Class: Date:
Chapter 01 MKTG6
10. The Era of Institutional Development, exemplified by the emergence of mail order companies, commenced in
the late 19th century and persisted until just before the Great Depression of the 1930s.
a. True
b. False
11. Building customer trust against the negativity of consumerism was an important activity in the Era of
Refinement and Formalization.
a. True
b. False
S
12. The societal marketing concept considers society’s long-term best interests, along with the satisfaction of
customers’ wants and needs, and it is the hallmark of Era 5.
R
a. True
b. False
VE
13. The 4 Ps of marketing include product, price, promotion, and place.
a. True
b. False
IE
14. Era 5 is the first time there is a true focus on society at large and the impacts of consumerism beyond the
H
exchange between buyer and seller.
a. True
AC
b. False
15. Retailers opening department stores in the Era of Institutional Development did so because this was the phase
where “Marketing Begins.”
M
a. True
b. False
EA
16. In the early 1920s, Ford promised its customers that they could have any colour car they wanted, “as long as it
was black.” Ford’s management assumed anyone buying a car would accept the colour black, so it made
products affordable by offering only one variety in large quantities. Ford is an example of a firm stuck in the Era
of Origins.
R
a. True
D
b. False
17. Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to the introduction,
the company had not conducted market research among its customers, but it was confident that its technology
department had produced a successful new product. Based on this example, Sara Lee has not yet moved
through the Era of Refinement and Formalization.
a. True
b. False
Page 2
,Name: Class: Date:
Chapter 01 MKTG6
18. The marketing concept focuses on linking the needs of customers with the competencies of an organization
seeking to meet those needs.
a. True
b. False
19. During the Era of Origins, the focus shifted away from the nobility and luxury goods towards widespread
satisfaction of needs, aided by the Industrial Revolution, mass production, and urbanization.
a. True
b. False
S
20. 3D Systems is a company that uses computers to generate new products. It has generated loyal business clients
by providing the best customer support. The company also has salespeople who have both product and
R
customer knowledge. This partnership between 3D Systems and its customers would be considered relationship
marketing and would be a perfect example of Era 5 in the history of marketing.
VE
a. True
b. False
Indicate the answer choice that best completes the statement or answers the question.
21. What is a market segment?
a. a target market
IE
H
b. a group of individuals who have similar needs
c. a group who want to make an exchange
AC
d. a group that buys because of market research
22. Surj went to Second Cup and ordered a vanilla latte on a Monday. He enjoyed it so much that he returned every
M
day that week and ordered the same drink from the same barista. By the end of the week the barista asked him
if he would like his “usual.” What this an example of?
EA
a. commitment selling b. relationship marketing
c. transactional marketing d. market engineering
23. A company replaces any dissatisfied customer’s purchase at its own expense. Which strategy is the company
R
using?
a. management empowerment b. management–customer synergy
D
c. customer satisfaction d. transactional marketing
24. For years, Richard Branson, founder of the Virgin Group, has believed in customer service. He believes that
good customer service stems from an environment founded on “a chain, one that is consistent from beginning to
end.” Which idea has Virgin Group captured in this short phrase?
a. the societal concept b. Maslow’s hierarchy of needs
c. the marketing concept d. the sales-orientation philosophy
Page 3
, Name: Class: Date:
Chapter 01 MKTG6
25. ValueMasters Co. applies the marketing concept of “giving customers what they want.” What era does this
company operate in?
a. Era of Antecedents
b. Era of Origins
c. Era of Institutional Development
d. Era of Refinement and Formalization
26. An organization believes that it exists not only to satisfy customer wants and needs and meet organizational
objectives, but also to preserve individuals’ and society’s long-term best interests. This organization has likely
moved from which era to the next in line in the history of marketing?
S
a. Era of Origins to Era of Institutional b. Era of Institutional Development to Era of Refinement and
R
Development Formalization
c. Era of Refinement and Formalization to d. Era 5 to Era of Social Responsibility
VE
Era 5
27. The manufacturer of Omega brand watches is competing in the Era of Refinement and Formalization and
follows the marketing concept. What would most likely be the first action the company would take if it learned
its customers were dissatisfied with its watches?
a. hire more salespeople IE
b. conduct research to determine if customers’ needs have changed
H
c. increase advertising to underserved markets
AC
d. increase the number of jewellery stores that carry Omega watches
28. Which of the following is a characteristic of customer loyalty?
a. maintaining and building trust with the customer
M
b. developing a competitive advantage
c. increasing company profits through sales
EA
d. increasing company profits using a pricing strategy
29. The success of customer relationship management has been supported by companies increased use of which of
the following?
R
a. salesforce management tools b. mobile marketing and social media
c. advertising d. sales promotion
D
30. Which statement best describes marketing?
a. It is more of a philosophy rather than an organization function.
b. It is focused on just selling goods, services, and/or ideas.
c. It rewards the seller and not the buyer of a transaction.
d. It focuses on delivering value and benefits to customers.
31. There is so much competition in the fiction novel market. As a new fiction crime author hoping to get some
decent sales from her self-published book, Lynn has invested a great deal of time and money into the creation of
a visually arresting cover. Lynn is concentrating on which component of the marketing mix?
a. product b. price
c. place d. promotion
Page 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller DreamAchievers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
