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Exam

Name___________________________________

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers thequestion.

1) 1)The most formal definition of marketing is ________.A) the activity, set of institutions, and processes for creating, communicating, and delivering

value to customers and for managing customer relationships in ways that benefit theorganization and its stakeholders

B) identifying and meeting human and social needsC) improving the quality of life for consumersD) meeting needs profitablyE) the four Ps (product, price, place, promotion)

Answer: AExplanation: A)

B)C)D)E)

Page Ref: 5Difficulty: Medium

2) 2)The process of obtaining a desired product from someone by offering something in return is________.

A) exchangeB) barterC) promotionD) marketingE) sale


B)C)D)E)


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3) 3)________ takes place when at least one party to a potential exchange thinks about the means ofachieving desired responses from other parties.

A) forecastingB) marketing managementC) distributionD) targetingE) segmentation

Answer: BExplanation: A)

B)C)D)E)


4) 4)Marketing management is ________.A) the art and science of choosing target markets and getting, keeping, and growing customers

through creating, delivering, and communicating superior customer valueB) monitoring the profitability of the company's products and servicesC) selecting target marketsD) managing the marketing processE) developing marketing strategies to move the company forward


B)C)D)E)

Page Ref: 5Difficulty: Easy

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5) 5)The social role of marketing much appreciated in the Arab world, since it is closely affiliated with________,

A) corporate social responsibilityB) corporate survivalC) corporate utilitarianismD) corporate adaptabilityE) none of the above


B)C)D)E)


6) 6)The community approach taken to the role of marketing is appealing to the ________ societiesrepresented in the Arab world.

A) collectivistic societiesB) individualistic societiesC) socialist societiesD) community spiritE) none of the above


B)C)D)E)


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7) 7)A social definition of marketing says ________.A) a company should focus exclusively on achieving high production efficiency, low costs, and

mass distribution to facilitate the broadest possible access to the company's productsB) effective marketing requires companies to remove intermediary parties to achieve a closer

connection with direct consumersC) marketing is the process of extracting maximal value from consumers to facilitate corporate

growthD) marketing is a societal process by which individuals and groups obtain what they need and

want through creating, offering, and freely exchanging products and services of value withothers

E) marketing is the process of aggressive selling and promotion to encourage the purchase ofproducts that might otherwise be unsought by the consumer

Answer: DExplanation: A)

B)C)D)E)


8) 8)________ goods constitute the bulk of most countries' production and marketing efforts.A) impulse B) service C) durable D) physical E) event


B)C)D)E)


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9) 9)As economies advance, a growing proportion of their activities focuses on the production of________.

A) placesB) servicesC) experiencesD) eventsE) products


B)C)D)E)


10) 10)________ is/are of special and unique importance in the Arab world.A) religious tourismB) celebrity marketingC) time-based eventsD) customized experiencesE) none of the above


B)C)D)E)


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11) 11)________ actively work to build a strong, favorable, and unique image in the minds of their targetpublics.

A) Shopping goodsB) Durable goodsC) OrganizationsD) InformationE) Properties

Answer: CExplanation: A)

B)C)D)E)


12) 12)A ________ is someone seeking a response (attention, a purchase, a vote, a donation) from anotherparty, called the ________.

A) salesperson; customerB) celebrity; audienceC) politician; voterD) marketer; prospectE) fund-raiser; contributor


B)C)D)E)

Page Ref: 8Difficulty: Hard

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13) 13)In ________, consumers may share a strong need that cannot be satisfied by an existing product.A) latent demandB) negative demandC) declining demandD) nonexistent demandE) irregular demand


B)C)D)E)


14) 14) In ________, more consumers would like to buy the product than can be satisfied.A) overfull demandB) latent demandC) irregular demandD) negative demandE) excessive


B)C)D)E)


15) 15)In ________, consumers dislike the product and may even pay a price to avoid it.A) irregular demandB) declining demandC) nonexistent demandD) negative demandE) overfull demand


B)C)D)E)


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16) 16)Marketers often use the term ________ to cover various groupings of customers.A) marketB) demographic segmentC) social class positionD) peopleE) buying power


B)C)D)E)


17) 17)Companies selling mass consumer goods and services such as refreshments (Pepsi or Pampa), tea(Lipton or El-Arousa), chocolate (KitKat or Katakit) cosmetics (L'Oreal or Dali), and air travel (AirFrance or Qatar Airways) spend a great deal of time trying to establish a superior ________.

A) business marketsB) service marketsC) consumer marketsD) nonprofit and governmental marketsE) global markets


B)C)D)E)


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18) 18)Much of a brand's strength in consumer markets depends on ________.A) developing a superior productB) backing the product with engaging communications and reliable serviceC) creating superior packagingD) ensuring the product's availabilityE) all of the above

Answer: EExplanation: A)

B)C)D)E)


19) 19)In business markets, advertising can play a role, but a stronger role may be played by the salesforce, ________, and the company's reputation for reliability and quality.

A) performanceB) promotionC) distributionD) priceE) brand image


B)C)D)E)


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20) 20)Global marketers must decide ________.A) how to price their products in different countriesB) which countries to enterC) how to enter each country (as an exporter, licenser, joint venture partner, contract

manufacturer, or solo manufacturer)D) how to adapt their product and service features to each countryE) all of the above


B)C)D)E)


21) 21)Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementaryproducts and services that are closely related in the minds of consumers but are spread across adiverse set of industries.

A) horizontal integrationB) betamarketC) synchronized marketingD) metamarketE) vertical integration


B)C)D)E)


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22) 22)The ________ process consists of analyzing marketing opportunities, selecting target markets,designing marketing strategies, developing marketing programs, and managing the marketingeffort.

A) market researchB) strategic planningC) opportunity analysisD) marketing planningE) share of customer


B)C)D)E)


23) 23)________ are basic human requirements; ________ are the ways in which we satisfy thoserequirements, and they are shaped by our society.

A) Needs; wantsB) Needs; demandsC) Demands; needsD) Demands; wantsE) Wants; needs


B)C)D)E)


24) 24)A(n) ________ need is a need that the consumer explicitly verbalizes.A) secret B) unstated C) stated D) real E) delight


B)C)D)E)


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25) 25)The identification and profiling of distinct groups of buyers who might prefer or require varyingproduct and service mixes is known as ________.

A) targetingB) segmentationC) disintermediationD) integrationE) partner relationship management


B)C)D)E)


26) 26)Companies address needs by putting forth a(n) ________, a set of benefits that they offer tocustomers to satisfy their needs.

A) offeringB) value propositionC) target marketD) brandE) demand


B)C)D)E)


27) 27)A(n) ________ need is one that motivates the consumer but that the consumer is reluctant orunwilling to explicitly verbalize.

A) delight B) secret C) real D) stated E) unstated


B)C)D)E)


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28) 28)When looking at market segmentation, the marketer identifies which segments present the greatestopportunity. These segments are called ________.

A) demographic marketsB) focused marketsC) primary marketsD) target marketsE) tertiary markets


B)C)D)E)


29) 29)For each target market, the firm develops a ________. The offering is then positioned in the mindsof the target buyers as delivering some central benefit(s).

A) segment offeringB) market offeringC) value offeringD) niche offeringE) social offering


B)C)D)E)


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30) 30)________ reflects a customer's judgment of a product's performance in relation to his or herexpectations.

A) expectationsB) loyaltyC) satisfactionD) comparison shoppingE) value


B)C)D)E)


31) 31)If a marketer decides to use warehouses, transportation companies, banks, and insurancecompanies to facilitate transactions with potential buyers, the marketer is using what is called a________.

A) brand channelB) distribution channelC) intermediary channelD) service channelE) relationship channel


B)C)D)E)


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32) 32)The ________ is a long channel stretching from raw materials to components to final products thatare carried to final buyers.

A) supply chainB) distribution channelC) marketing channelD) service channelE) communication channel


B)C)D)E)


33) 33)Value reflects ________.A) the sum of the perceived tangible and intangible benefits and costs to customersB) the cost of manufacturing a productC) the degree to which consumer demand for the product is positiveD) the price consumers are charged for a productE) all of the above


B)C)D)E)


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34) 34)________ includes all the actual and potential rival offerings and substitutes that a buyer mightconsider.

A) The supply chainB) A value propositionC) The marketing environmentD) CompetitionE) The product offering


B)C)D)E)


35) 35)The ________ includes the actors involved in producing, distributing, and promoting the offering.The main actors are the company, suppliers, distributors, dealers, and the target customers.

A) tactical environmentB) management environmentC) strategic environmentD) operations environmentE) task environment


B)C)D)E)


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36) 36)Many countries have ________ industries to create greater competition and growth opportunities.A) open-marketB) created mass marketC) regulatedD) scientifically segmentedE) deregulated


B)C)D)E)


37) 37)Rising promotion costs and shrinking profit margins are the result of ________.A) globalizationB) heightened competitionC) changing technologyD) privatizationE) deregulation


B)C)D)E)


38) 38)Industry boundaries are blurring rapidly as companies identify new opportunities at theintersection of two or more industries–this is called ________.

A) acquisitionB) industry convergenceC) heightened competitionD) globalizationE) customization


B)C)D)E)


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39) 39)In response to giant retailers and category killers, entrepreneurial retailers are buildingentertainment into stores with coffee bars, lectures, demonstrations, and performances. They aremarketing a(n) ________ rather than a product assortment.

A) experienceB) total service solutionC) customer valueD) intangible benefit(s)E) customer delight


B)C)D)E)


40) 40)In response to threats from such companies as AOL, Amazon.com, Yahoo!, eBay, E*TRADE, anddozens of others, established manufacturers and retailers became "brick-and-click" oriented byadding online services to their existing offerings. This process became known as ________.

A) e-collaborationB) disintermediationC) e-commerceD) reintermediationE) new-market synchronization


B)C)D)E)


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41) 41)Many brick-and-click competitors became stronger contenders in the marketplace than the"pure-click" firms because they had a larger pool of resources to work with and ________.

A) greater valueB) direct-selling capabilityC) one-on-one communicationsD) better pricesE) well-established brand names


B)C)D)E)


42) 42)Managers of ________-oriented businesses concentrate on achieving high production efficiency,low costs, and mass distribution.

A) sellingB) consumerC) productD) marketingE) production


B)C)D)E)


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43) 43)Firms can produce individually differentiated goods, whether they're ordered in person, on thephone, or online, thanks to advances in ________, computers, the internet, and database marketingsoftware.

A) factory customizationB) customer-centered strategiesC) improved communication flowD) just-in-time manufacturingE) information technology


B)C)D)E)


44) 44)The ________ concept holds that consumers will favor those products that offer the most quality,performance, or innovative features.

A) sellingB) holistic marketingC) productD) marketingE) production


B)C)D)E)


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45) 45)The ________ is practiced most aggressively with unsought goods, goods that buyers normally donot think of buying, such as insurance, encyclopedias, and funeral plots.

A) marketing conceptB) product conceptC) holistic marketing conceptD) production conceptE) selling concept


B)C)D)E)


46) 46)The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buyenough of the organization's products.

A) sellingB) productionC) productD) holistic marketingE) marketing


B)C)D)E)


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47) 47)Several scholars have found that companies who embrace the marketing concept achieve superiorperformance. This was first demonstrated for companies practicing a ________–understanding andmeeting customers' expressed needs.

A) total market orientationB) reactive market orientationC) holistic market orientationD) proactive marketing orientationE) impulsive market orientation


B)C)D)E)


48) 48)According to Theodore Levitt, who drew contrasts between the selling and marketing concepts,________ is preoccupied with the need to convert products into cash.

A) direct marketingB) marketingC) holistic marketingD) service marketingE) selling


B)C)D)E)


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49) 49)Companies that practice both a reactive and proactive marketing orientation are implementing a________ and are likely to be the most successful.

A) external focusB) confrontation processC) total market orientationD) competitive, customer focusE) customer focus


B)C)D)E)


50) 50)Companies that adopt and employ the marketing concept switch from being solely productcentered to being more ________ centered.

A) marketingB) customerC) salesD) competencyE) strategy


B)C)D)E)


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51) 51)________ can be seen as the development, design, and implementation of marketing programs,processes, and activities that recognizes the breadth and interdependencies of their effects.

A) relationship marketingB) demand-centered marketingC) niche marketingD) supply chain marketingE) holistic marketing


B)C)D)E)


52) 52)________ marketing aims to build mutually satisfying long-term relations with key parties such ascustomers, suppliers, distributors, and other marketing partners.

A) demand-basedB) relationshipC) holisticD) directE) synthetic


B)C)D)E)


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53) 53)The strength of the ________ depends on the mutually profitable business relationships built by thecompany and its supporting stakeholders.

A) sales networkB) holistic unionC) integrated networkD) supply chain networkE) marketing network


B)C)D)E)


54) 54)One traditional depiction of marketing activities is in terms of the marketing mix or four Ps. Thefour Ps are characterized as being ________.

A) place, promotion, production, and positioningB) product, positioning, place, and priceC) promotion, place, positioning, and priceD) product, price, promotion, and placeE) product, production, price, and place


B)C)D)E)


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55) 55)From a buyer's point of view, each marketing tool is designed to deliver a customer benefit. TheSIVA customer-centric breakdown of marketing activities includes ________.

A) situation, importance, variability, and awarenessB) solution, information, value, and accessC) sale, interaction, voice, and availabilityD) satisfaction, intention, value, and accountE) none of the above


B)C)D)E)


56) 56)A firm can ________ only in the long run.A) develop new productsB) reduce its sales-force sizeC) modify advertising expendituresD) change its priceE) All of the above may be done in the short or long run.


B)C)D)E)


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57) 57)Holistic marketing incorporates ________, ensuring that everyone in the organization embracesappropriate marketing principles, especially senior management.

A) profit objectivesB) strategic planningC) the marketing mixD) internal marketingE) share of customer


B)C)D)E)


58) 58)Companies are recognizing that much of their market value comes from ________, particularlytheir brands, customer base, employees, distributor and supplier relations, and intellectual capital.

A) the value propositionB) variable assetsC) tangible assetsD) customer preferencesE) intangible assets


B)C)D)E)


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59) 59)Holistic marketing incorporates ________, an understanding of broader concerns in the ethical,environmental, legal, and social context of marketing activities.

A) direct-sales policiesB) safe product designC) cross-functional teamsD) social responsibility marketingE) cultural marketing


B)C)D)E)


60) 60)The ________ holds that the organization's task is to determine the needs, wants, and interests oftarget markets and to deliver the desired satisfactions more effectively and efficiently thancompetitors in a way that preserves or enhances the consumer's and the society's well-being.

A) customer-centered businessB) focused business modelC) production-centered businessD) societal marketing conceptE) ethically responsible marketing manager


B)C)D)E)


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61) 61)At the heart of any marketing program is the ________–the firm's tangible offering to the market.A) productB) packagingC) service offerD) sales support teamE) auxiliary offer


B)C)D)E)


62) 62)________ activities include those the company undertakes to make the product accessible andavailable to target customers.

A) channelB) marketing researchC) new-product developmentD) consumer behaviorE) market segmentation


B)C)D)E)


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63) 63)A company that doesn't see the international market as a potential source of clients will neversurvive. As such, international companies ________.

A) are exploiting the push and pull digital marketing in the Arab regionB) are adjusting their marketing strategies to fit the Arab world environmentC) realized decades ago that the Arab market is huge and full of diverse profitable segmentsD) all of the aboveE) none of the above


B)C)D)E)


64) 64)International as well as Arab companies have to keep several factors in mind whentargeting the Arab audience, that include ________.

A) language and reading from left to rightB) valuesC) religionD) politicsE) all of the above


B)C)D)E)


TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.

65) 65)A short definition of marketing is "meeting needs profitably."

Answer: True FalseExplanation:Page Ref: 5Difficulty: Easy

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66) 66)Value marketing is the "art and science of choosing target markets and getting, keeping, andgrowing customers through creating, delivering, and communicating superior customer value."

Answer: True FalseExplanation:Page Ref: 5Difficulty: Medium

67) 67)In most Arab countries, the social role of marketing is much appreciated, since it is closelyaffiliated with the individualistic societies represented in the Arab world.


68) 68)Services constitute the bulk of most countries' production and marketing effort.


69) 69)Developed economies today consists of a 70/30 services-to-goods mix.


70) 70)"Al-baraka bil-shabab" ("youth is a blessing") is an example of marketing an experience to aninterested audience.

Answer: True FalseExplanation:Page Ref: 8Difficulty: Hard

71) 71)Unwholesome demand occurs when consumers' purchases vary on a seasonal, monthly, weekly,daily, or even hourly basis.


72) 72)When consumers share a strong need that cannot be satisfied by an existing product, they areengaged in latent demand.


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73) 73)Companies selling goods and services in the global marketplace have the advantage of being ableto sell the goods and services in almost the same way as they do in their domestic market.


74) 74)Companies selling their goods to nonprofit organizations may charge an extra premium over theirnormal prices because these organizations are largely indifferent to price.


75) 75)A marketspace is physical, as when you shop in a store.


76) 76)Wants are basic human requirements such as food or air.


77) 77)Demands are wants for specific products backed by an ability to pay.


78) 78)Most marketers satisfy everyone in a market–that's how they stay in business.


79) 79)The customer value triad consists of a combination of quality, service, and price.


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80) 80)A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, ordeliver the physical product or service(s) to the buyer or user.


81) 81)The main actors in the task environment are the components of demographics, economics, physicalsetting, technology, the political-legal system, and the social-cultural arena.


82) 82)Regulation of industries has created greater competition and growth opportunities because theplaying field has been leveled.


83) 83)Industry boundaries are blurring at an incredible rate as companies are recognizing that newopportunities lie at the intersection of two or more industries.


84) 84)The overabundance of information available on the internet has made it more difficult forconsumers to compare product features and prices.


85) 85)Companies can facilitate and speed external communication among customers by creating onlineand offline 'buzz' through brand advocates and user communities.


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86) 86)The marketing concept is one of the oldest concepts in business.


87) 87)The selling concept holds that consumers will favor those products that offer the most quality,performance, or innovative features.


88) 88)The marketing concept stresses a customer-centered approach to marketing.


89) 89)The selling concept is based on the development, design, and implementation of marketingprograms, processes, and activities that recognizes their breadth and interdependencies.

Answer: True FalseExplanation:Page Ref: 18-19Difficulty: Medium

90) 90)Relationship marketing aims to build mutually satisfying long-term relationships with key parties.


91) 91)Attracting a new customer may cost five times as much as doing a good enough job to retain anexisting one.


92) 92)The marketing-mix component called promotion includes such items as product variety, design,packaging, services, and warranties.


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93) 93)Advertising, sales promotion, and direct marketing are all part of what is called the offering mix.


94) 94)One of the key themes of integrated marketing is that there are very few marketing activities thatcan effectively communicate and deliver value.


95) 95)Internal marketing is an appropriate practice to be used in holistic marketing.


96) 96)Performance marketing involves examining the marketing scorecard and interpret what ishappening to market share, customer loss rate, customer satisfaction, product quality, and othermeasures.


97) 97)The selling relationship concept holds that consumers will prefer products that are ethical,environmentally responsible, legal, and social in the context of marketing activities and programs.


98) 98)The societal marketing concept holds that the organization's task is to determine the needs, wants,and interests of target markets and to deliver the desired satisfactions more effectively andefficiently than competitors in a way that preserves or enhances the consumer's and the society'swell-being.


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99) 99)Cause-related marketing is marketing that links a firm's contributions to a designated cause tocustomers' direct or indirect engagement in revenue-producing transactions with the firm.


100) 100)To understand what is happening inside and outside the company, the company needs a reliablemarketing information system.


101) 101)Because of surprises and disappointments that can occur as marketing plans are implemented, thecompany will need feedback and control to improve itself.


102) 102)A company that doesn't see the international markets as a potential source of clients will neversurvive.


103) 103)International companies realized decades ago that the Arab market is huge and full of diverseprofitable segments.


104) 104)International companies are not adjusting their marketing strategies to fit the Arab worldenvironment.


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ESSAY. Write your answer in the space provided or on a separate sheet of paper.

105) Marketing management has been described being both an "art" and a "science." Discuss the differences andsimilarities between these two marketing thrusts. Provide your theoretical response and a "real-life" examplewhere you have seen both processes work effectively at creating customer value and loyalty.

Answer: The student should demonstrate his or her understanding that the marketer is choosing target marketsand getting, keeping, and growing customers through creating, delivering, and communicatingsuperior customer value. Managers sometimes think of marketing as "the art of selling products," butmany people are surprised when they hear that selling is not the most important part of marketing. Thisneeds information about the customer to make this strategy work.


106) Marketing people are involved in marketing 10 types of entities. List and briefly characterize those entities.

Answer: The types of entities that marketing people are involved in marketing are (1) goods–physical goods, (2) services–hotels and car rental, (3) events–time-based events such as trade shows, (4) experiences–Walt Disney's MagicKingdom, (5) persons–celebrity marketing, (6) places–cities, states, regions, religious sites, (7) properties–intangible rights of ownership of either real property or financial property, (8) organizations–corporateidentity, (9) information–information produced and marketed as a product, and (10) ideas–marketing the basicidea of a market offering.

Page Ref: 6-7Difficulty: Hard

107) Marketers are skilled in stimulating demand for a company's products, but this is too limited a view of the tasksthey perform. Just as production and logistics professionals are responsible for supply management, marketersare responsible for demand management. Marketing managers seek to influence the level, timing, andcomposition of demand to meet the organization's objectives. List and briefly characterize the eight demandstates described in the text.

Answer: The eight different demand states are (1) negative demand–consumers dislike the product and may even pay aprice to avoid it, (2) nonexistent demand–consumers may be unaware or uninterested in the product, (3) latentdemand–consumers may share a strong need that cannot be satisfied by an existing product, (4) decliningdemand–consumers begin to buy the product less frequently or not at all, (5) irregular demand–consumerpurchases vary on a seasonal, monthly, weekly, daily, or even hourly basis, (6) full demand–consumers areadequately buying all products put into the marketplace, (7) overfull demand–more consumers would like tobuy the product than can be satisfied, and (8) unwholesome demand–consumers may be attracted to productsthat have undesirable social consequences.


108) We can distinguish among five types of customer needs. List and provide an example of each of those customerneeds.

Answer: The five types of customer needs are (note the example from the text): (1) stated needs–the customer wants aninexpensive car, (2) real needs–the customer wants a car whose operating cost, not its initial price, is low, (3)unstated needs–the customer expects good service from the dealer, (4) delight needs–the customer would likethe dealer to include an onboard navigation system, and (5) secret needs–the customer wants to be seen byfriends as a savvy consumer.


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109) Distinguish between the concepts of value and satisfaction.

Answer: The offering will be successful if it delivers value and satisfaction to the target buyer. The buyer choosesbetween different offerings on the basis of which is perceived to deliver the most value. Value reflectsthe perceived tangible and intangible benefits and costs to customers. Value can be seen as primarily acombination of quality, service, and price (called the customer-value triad). Satisfaction reflects aperson's comparative judgments resulting from a product's perceived performance (or outcome) inrelation to his or her expectations.


110) The competing concepts under which organizations have conducted marketing activities include: theproduction concept, product concept, selling concept, marketing concept, and holistic marketing concept.Evaluate the advantages and disadvantages of each concept as defined and presented in your textbook. Whichconcept do you believe is the most effective? Why?

Answer: Although students will be expected to research each concept, they should conclude the most effectiveconcept is the holistic marketing concept, where companies need to have a more complete, cohesiveapproach that goes beyond traditional applications of the marketing concept.

Page Ref: 18—22Difficulty: Medium

111) Increasingly, a key goal of marketing is to develop deep, enduring relationships with all people ororganizations that could directly or indirectly affect the success of the firm's marketing activities. Relationshipmarketing has the aim of building mutually satisfying long-term relations with key parties–customers,suppliers, distributors, and other marketing partners–in order to earn and retain their business. Discuss themerits of relationship marketing. Describe in detail a company who is in business today that modelsrelationship marketing.

Answer: Students should understand the relationship between any supplier and customer is not just in themechanics of the transaction, but more importantly how the customer is treated during the transaction.The better the relationship, the more apt the customer will remain loyal. They should pick a companythat has served them well and made them feel special each and every time.

Page Ref: 19—22Difficulty: Medium

112) Identify and define the four Ps and the corresponding consumer-oriented SIVA dimensions.

Answer: The four Ps are: Product (product variety, quality, design, features, brand name, packaging, sizes,services, warranties, returns), Price (list price, discounts, allowances, payment period, credit terms),Promotion (sales promotion, advertising, sales force, public relations, direct marketing), and Place(channels, coverage, assortments, locations, inventory, transportation). A complementary breakdown ofmarketing activities that approaches the process from a customer-centric viewpoint is the SIVAframework: Solution (How can I solve my problem?), Information (Where can I learn more about it?),Value (What is my total sacrifice to get the solution?), and Access (Where can I find it?).


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113) "Marketing performance requires that companies determine the needs, wants, and interests of target markets tosatisfy them more effectively and efficiently than competitors, but in a way that preserves or enhancescustomers' and society's well-being." Discuss the concept of social responsibility marketing and how it impactsboth companies and consumers.

Answer: The effects of marketing clearly extend beyond the company and the customer to society as a whole.Marketers must carefully consider their role in broader terms, and the ethical, environmental, legal, andsocial context of their activities. Marketing performance requires that companies determine the needs,wants, and interests of target markets to satisfy them more effectively and efficiently than competitors,but in a way that preserves or enhances customers' and society's well-being. Increasingly, consumersdemand such behavior. Students can then cite examples like the case of Etisalat in Abu Dhabi.

Page Ref: 25-26Difficulty: Medium

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers thequestion.

114) 114)When the Emirate of Sharjah, in the UAE, realized that expatriates wanted low-cost, affordablemeans of transportation for themselves and their families, it introduced Air Arabia, a no-frillsairline, they demonstrated marketing savvy and turned a private or social need into a(n) ________.

A) product developmentB) customer wantC) profitable business opportunityD) market needE) invention


B)C)D)E)


115) 115)Car rental firms, barbers, and management consultants provide ________.A) informationB) goodsC) experiencesD) placesE) services


B)C)D)E)


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116) 116)Walt Disney's Magic Kingdom represents ________ marketing: Customers visit a fairy kingdom, apirate ship, or a haunted house.

A) celebrityB) goodsC) experientialD) eventE) services


B)C)D)E)


117) 117)Jamilla is very upset that she can't get tickets to the new Nancy Ajram concert. "Why do they keepadvertising the show if you can't get tickets?" wonders Jamilla. Which of the following demand states applies to Jamilla's situation?

A) unwholesome demandB) latent demandC) full demandD) nonexistent demandE) overfull demand


B)C)D)E)


118) 118)When Junaid purchases his air-conditioning unit in the winter to avoid the high prices found inthe summer, he is exhibiting ________ demand.

A) negative B) irregular C) declining D) latent E) impulse


B)C)D)E)


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119) 119)Dalia hates smoking and is willing to pay an extra tax just to help eliminate smoking in her city.She is exhibiting ________ with respect to smoking.

A) latent demandB) negative demandC) declining demandD) unwholesome demandE) nonexistent demand


B)C)D)E)


120) 120)In a modern exchange economy, all of the following markets are likely to exist EXCEPT ________.A) resource marketB) manufacturer marketC) consumer marketD) class marketE) government market


B)C)D)E)


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121) 121)In a simple marketing system, if the automobile industry sends advertising and personal salesmessages to prospective buyers, it expects ________ in exchange.

A) goodsB) servicesC) informationD) image enhancementE) money


B)C)D)E)


122) 122)Automobile manufactures, new car and used car dealers, financing companies, and insurancecompanies are all part of the automobile ________.

A) metamediaryB) metamarketC) marketspaceD) marketportalE) marketplace


B)C)D)E)


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123) 123)When Farid identifies a marketing opportunity to market his company's ski and snowboardhelmets to young people interested in winter sports through advertisements in enthusiastmagazines, Frank is going through ________.

A) a supply chain conglomerationB) negative demandC) marketing planningD) a social marketing conceptE) a metamarket


B)C)D)E)


124) 124)When a customer has a(n) ________ need, the customer might expect something like admirationfrom friends because he or she has purchased something that might indicate a certain marketsavvy.

A) stated B) delight C) real D) secret E) unstated


B)C)D)E)


125) 125)When Volvo runs advertisements suggesting that it is the safest car money can buy, it is engagingin which of the following forms of marketing programming?

A) PositioningB) Market segmentationC) Public relationsD) TechnologicalE) Service


B)C)D)E)


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126) 126)When online dot-coms, such as eBay and Amazon.com cut out the majority of middlemen thatnormally would participate in the exchange process, they were advocating ________.

A) every-day-low pricesB) category killersC) supply chain conglomerationD) reintermediationE) disintermediation


B)C)D)E)


127) 127)Under which of the following company orientations toward the marketplace would we expect tofind the "better-mousetrap" fallacy?

A) Product conceptB) Production conceptC) Selling conceptD) Marketing conceptE) Holistic marketing concept.


B)C)D)E)


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128) 128)If marketers are characterized as "gardening" rather than "hunting," the ________ is most likely tobe the concept the marketers are following.

A) production conceptB) marketing conceptC) selling conceptD) product conceptE) social responsibility concept


B)C)D)E)


129) 129)When 3M, HP, and Motorola practice researching or imaging latent needs of consumers through a"probe-and-learn" process, they are most likely using which of the following marketingorientations with respect to their consumers?

A) Reactive market orientationB) Promotion orientationC) Supply-side orientationD) Selling orientationE) Proactive marketing orientation


B)C)D)E)


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130) 130)Companies that practice ________ are implementing a total market orientation and are likely to bethe most successful.

A) reactive market orientationB) proactive marketing orientationC) consolidation and acquisitionD) both reactive and proactive marketing orientationE) "invent and market"


B)C)D)E)


131) 131)In which of the following dimensions of holistic marketing might we find an emphasis oncommunications, products and services, and channels?

A) Integrated marketingB) Relationship marketingC) Internal marketingD) Socially responsible marketingE) Global marketing


B)C)D)E)


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132) 132)Amani supermarkets are aggressively pursuing a strategy of capturing a larger share of thecustomer's "stomach." Which of the following shifts in marketing management is most appropriatefor this example?

A) From a focus on gaining market share to a focus on building customer share.B) From building brands through advertising to building brands through performance and

integrated communications.C) From relying on old market positions to uncovering new ones.D) From marketing does the marketing to everyone does the marketing.E) From focusing on profitable transactions to focusing on customer lifetime value.


B)C)D)E)


133) 133)A number of companies–including the Body Shop, Ben & Jerry's, and Patagonia–have achievednotable sales and profit gains by adopting and practicing a form of the societal marketing conceptcalled ________, by which a company with an image, product, or service to market builds arelationship or partnership with a cause, or a number of causes, for mutual benefit.

A) responsible marketingB) social marketingC) benefit marketingD) environmental marketingE) cause-related marketing


B)C)D)E)


ESSAY. Write your answer in the space provided or on a separate sheet of paper.

134) What would be a good social definition of marketing?

Answer: Marketing is a societal process by which individuals and groups obtain what they need and wantthrough creating, offering, and freely exchanging products and services of value with others.


47

135) Discuss the eight demand states with respect to bifocal lenses for glasses.

Answer: Student answers may vary, but a possible answer includes the following: (1) negative demand–many peopledon't want to admit they need bifocals, (2) nonexistent demand–when bifocal lenses were first introduced,people didn't know they existed, (3) latent demand–before they were introduced, many people thought such aproduct would be nice, but didn't think it would ever exist, (4) declining demand–this will occur whensomething better is invented, such as surgery to repair the eyes, (5) irregular demand–the consumer perceives aneed for eye care devices only periodically, possibly when they begin having trouble seeing, (6) full demand–the manufacturers of the lenses are making all they possibly can, (7) overfull demand–the manufacturers of thelenses can't make enough and inventories are low, and (8) unwholesome demand–seeking alternatives,consumers may find that alternatives have undesirable social consequences.


136) New terms are now being used to describe where marketing is done. Using the automobile market, describeautomotive buying behavior for a: (1) marketplace, (2) marketspace, and (3) metamarket.

Answer: Responses to this question should include a reference to the following: (1) marketplace–shopping for anautomobile at a dealer's lot, (2) marketspace–shopping for an automobile via the internet, eBay, or evendesigning your own car via a manufacturer's website, and (3) metamarket–(a cluster of complementaryproducts and services that are closely related in the customer's mind but are spread across a diverse set ofindustries) that might include insurance companies, the racing industry, the travel industry, thecustomization industry, et cetera. Individual answers might vary.


137) Assume that you have been given the task of assisting a company in designing its marketing planning process.What components should be in such a process? Be specific in your answer.

Answer: The marketing planning process consists of analyzing marketing opportunities, selecting target markets,designing strategies, developing marketing programs, and managing the marketing effort. Students might alsoreview Figure 1.6 for additional information.


138) Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retailstore is not enough to get a true feel for their "needs." List and briefly describe the five types of needs that mostconsumers have.

Answer: The various consumer needs are: (1) stated needs–what the consumer says he or she wants–a car, (2) real needs–the customer wants a car whose operating costs, not its initial price, is low, (3) unstated needs–the customerexpects good service and honesty from the dealer, (4) delight needs–the customer would like a DVD playerset-up thrown in to guarantee a quick signing of the purchase agreement, and (5) secret needs–inner fantasiessuch as gaining prestige with friends.


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139) Carrefour knows that to reach its target markets three kinds of marketing channels may be used. What are thesethree marketing channels and how might Carrefour use each of them?

Answer: The three marketing channels are communication, distribution, and service channels. Carrefour coulduse advertising to communicate price specials to consumers (communication channel), use wholesalersto assemble merchandise assortments to be sold in the Carrefour stores (distribution channels), and usetransportation companies (service channels) to extend Carrefour's global reach.


140) The marketplace isn't what it used to be. List and briefly discuss what new behaviors, new opportunities, and newchallenges await the marketer in the 21st century.

Answer: Responses to this question should include: (1) network information technology, (2) globalization, (3)deregulation, (4) privatization, (5) customer resistance, (6) heightened competition, (7) industry convergence, (8)retail transformation, and (9) disintermediation.


141) The digital revolution has placed a whole new set of capabilities in the hands of consumers and businesses.Consider what consumers have today that they didn't have yesterday. As indicated in the chapter, what wouldappear on such a list?

Answer: Responses to this question should include: (1) a substantial increase in buying power, (2) a greater variety ofavailable goods and services, (3) a great amount of information about practically anything, (4) a greater ease ininteracting and placing and receiving orders, (5) an ability to compare notes on products and services, an (6) anamplified voice to influence peer and public opinion.


142) Discuss the concept of disintermediation and provide an example.

Answer: Disintermediation grew out of the rush to embrace the dot-coms and e-commerce. Essentially, thedot-coms removed many of the traditional intermediaries that brought goods and services toconsumers by encouraging consumers to deal directly with the dot-coms via the internet."Brick-and-click" businesses eventually brought some of the intermediaries back through a processcalled reintermediation.


143) The internet has given today's companies a new set of capabilities. Among those capabilities is the ability tooperate a new information channel. Describe how information can be used by the marketer in this new channel.

Answer: Companies can operate a powerful new information and sales channel, the internet, with augmentedgeographical reach to inform and promote their businesses and products worldwide. By establishingone or more websites, a company can list its products and services, its history, its business philosophy,its job opportunities, and other information of interest to visitors. For additional information, seechapter section.


49

144) Ahmed Jrrar has decided to build his manufacturing business (lawn mowers) around the production concept. Ifthis approach is taken, what will be Mr. Jrrar's primary areas of concentration as he builds his business?

Answer: This orientation holds that consumers will prefer products that are widely available and inexpensive.Managers of production-oriented businesses concentrate on high production efficiency, low costs, andmass distribution. This approach is also used when a company wants to expand the market. Studentsmay use these facts as they design their answer.


145) Illustrate the differences between a reactive market orientation and a proactive marketing orientation. Give anexample of a company that uses a proactive marketing orientation.

Answer: In a reactive market orientation a company might be content to keep up with understanding andmeeting customers' expressed needs. In a proactive market orientation a company such as Motorolamight prefer to make a practice of researching and imagining latent needs through a "probe-and-learn"process. Students' answers may vary but the basic concepts of reaction and proactivity should be clearin answers.


146) The ultimate outcome of relationship marketing is the building of a unique company asset called a marketingnetwork. What would be the parts of a marketing network for a motorcycle company such asHarley-Davidson?

Answer: A marketing network consists of the company and its supporting stakeholders. These stakeholders (inHarley-Davidson's case) might be customers, employees, suppliers, distributors, retailers, repairservices, ad agencies, lobby groups, and motorcycle support clubs. The operating principle is simple:Build an effective network of relationships with key stakeholders, and profits will follow.


147) Lakia Alasfoor has been given the task of developing the product portion of her company's marketing mix. Listthe components that will likely be included in this element of the marketing mix.

Answer: Product variety, quality, design, features, brand names, packaging, sizes, services, warranties, and returns arethe key elements of the product portion of the marketing mix. To see a more complete diagram of the four Psprocess, see Figure 1.5.


148) Define internal marketing and its role in the company. Outline how various departments within the companyoutside marketing can demonstrate a customer focus.

Answer: Internal marketing must take place on two levels. At one level, the various marketing functions must worktogether. At the second level, other departments must embrace marketing and "think customer." Students mayuse Box 1.2 to furnish various examples of customer-centric focus outside the marketing department.


50

149) You have been given the assignment of justifying cause-related marketing to your board of directors. Whatwould be your primary argument in favor of such a proposal?

Answer: Companies see cause-related marketing as an opportunity to enhance their corporate reputation, raisebrand awareness, increase customer loyalty, build sales, and increase press coverage. They believecustomers will increasingly look for signs of good corporate citizenship that go beyond supplyingrational and emotional benefits.


150) Your firm is in the process of moving from focusing on a financial scorecard as the basis for running andevaluating your organization to a marketing scorecard approach. What is a marketing scorecard approach andwhat might be some of its components?

Answer: Top management is going beyond sales revenue alone to examine the marketing scorecard. Today, theshift to the marketing scorecard attempts to interpret what is happening to market share, customer lossrate, customer satisfaction, product quality, and other measures. Managers know changes in marketingindicators predict changes in financial results.


51

Answer KeyTestname: UNTITLED1

1) APage Ref: 5Difficulty: Medium


3) BPage Ref: 5Difficulty: Medium

4) APage Ref: 5Difficulty: Easy



7) DPage Ref: 5Difficulty: Medium

8) DPage Ref: 6Difficulty: Easy

9) BPage Ref: 6Difficulty: Easy


11) CPage Ref: 7Difficulty: Medium

12) DPage Ref: 8Difficulty: Hard




52


16) APage Ref: 9Difficulty: Hard


18) EPage Ref: 10Difficulty: Hard


20) EPage Ref: 10Difficulty: Medium




24) CPage Ref: 13Difficulty: Hard







53





34) DPage Ref: 14Difficulty: Easy



37) BPage Ref: 15Difficulty: Hard







44) CPage Ref: 18Difficulty: Easy


54








52) BPage Ref: 19Difficulty: Easy

53) EPage Ref: 21Difficulty: Hard





58) EPage Ref: 25Difficulty: Easy



55






65) TRUEPage Ref: 5Difficulty: Easy

66) FALSEPage Ref: 5Difficulty: Medium



69) TRUEPage Ref: 6Difficulty: Medium

70) FALSEPage Ref: 8Difficulty: Hard



73) FALSEPage Ref: 10Difficulty: Easy



56





79) TRUEPage Ref: 13Difficulty: Hard










89) FALSEPage Ref: 18-19Difficulty: Medium


57
















58


105) The student should demonstrate his or her understanding that the marketer is choosing target markets and getting,keeping, and growing customers through creating, delivering, and communicating superior customer value. Managerssometimes think of marketing as "the art of selling products," but many people are surprised when they hear thatselling is not the most important part of marketing. This needs information about the customer to make this strategywork.Page Ref: 5Difficulty: Medium

106) The types of entities that marketing people are involved in marketing are (1) goods–physical goods, (2) services–hotels and carrental, (3) events–time-based events such as trade shows, (4) experiences–Walt Disney's Magic Kingdom, (5) persons–celebritymarketing, (6) places–cities, states, regions, religious sites, (7) properties–intangible rights of ownership of either real propertyor financial property, (8) organizations–corporate identity, (9) information–information produced and marketed as a product,and (10) ideas–marketing the basic idea of a market offering.Page Ref: 6-7Difficulty: Hard

107) The eight different demand states are (1) negative demand–consumers dislike the product and may even pay a price to avoid it,(2) nonexistent demand–consumers may be unaware or uninterested in the product, (3) latent demand–consumers may share astrong need that cannot be satisfied by an existing product, (4) declining demand–consumers begin to buy the product lessfrequently or not at all, (5) irregular demand–consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourlybasis, (6) full demand–consumers are adequately buying all products put into the marketplace, (7) overfull demand–moreconsumers would like to buy the product than can be satisfied, and (8) unwholesome demand–consumers may be attracted toproducts that have undesirable social consequences.Page Ref: 8-9Difficulty: Hard

108) The five types of customer needs are (note the example from the text): (1) stated needs–the customer wants an inexpensive car,(2) real needs–the customer wants a car whose operating cost, not its initial price, is low, (3) unstated needs–the customerexpects good service from the dealer, (4) delight needs–the customer would like the dealer to include an onboard navigationsystem, and (5) secret needs–the customer wants to be seen by friends as a savvy consumer.Page Ref: 13Difficulty: Medium

109) The offering will be successful if it delivers value and satisfaction to the target buyer. The buyer chooses betweendifferent offerings on the basis of which is perceived to deliver the most value. Value reflects the perceived tangibleand intangible benefits and costs to customers. Value can be seen as primarily a combination of quality, service, andprice (called the customer-value triad). Satisfaction reflects a person's comparative judgments resulting from aproduct's perceived performance (or outcome) in relation to his or her expectations.Page Ref: 13Difficulty: Medium

110) Although students will be expected to research each concept, they should conclude the most effective concept is theholistic marketing concept, where companies need to have a more complete, cohesive approach that goes beyondtraditional applications of the marketing concept.Page Ref: 18—22Difficulty: Medium

111) Students should understand the relationship between any supplier and customer is not just in the mechanics of thetransaction, but more importantly how the customer is treated during the transaction. The better the relationship, themore apt the customer will remain loyal. They should pick a company that has served them well and made them feelspecial each and every time.Page Ref: 19—22Difficulty: Medium

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112) The four Ps are: Product (product variety, quality, design, features, brand name, packaging, sizes, services, warranties,returns), Price (list price, discounts, allowances, payment period, credit terms), Promotion (sales promotion,advertising, sales force, public relations, direct marketing), and Place (channels, coverage, assortments, locations,inventory, transportation). A complementary breakdown of marketing activities that approaches the process from acustomer-centric viewpoint is the SIVA framework: Solution (How can I solve my problem?), Information (Where canI learn more about it?), Value (What is my total sacrifice to get the solution?), and Access (Where can I find it?).Page Ref: 21-22Difficulty: Hard

113) The effects of marketing clearly extend beyond the company and the customer to society as a whole. Marketers mustcarefully consider their role in broader terms, and the ethical, environmental, legal, and social context of theiractivities. Marketing performance requires that companies determine the needs, wants, and interests of target marketsto satisfy them more effectively and efficiently than competitors, but in a way that preserves or enhances customers'and society's well-being. Increasingly, consumers demand such behavior. Students can then cite examples like the caseof Etisalat in Abu Dhabi. Page Ref: 25-26Difficulty: Medium











60












134) Marketing is a societal process by which individuals and groups obtain what they need and want through creating,offering, and freely exchanging products and services of value with others.Page Ref: 5Difficulty: Medium

135) Student answers may vary, but a possible answer includes the following: (1) negative demand–many people don't want toadmit they need bifocals, (2) nonexistent demand–when bifocal lenses were first introduced, people didn't know they existed,(3) latent demand–before they were introduced, many people thought such a product would be nice, but didn't think it wouldever exist, (4) declining demand–this will occur when something better is invented, such as surgery to repair the eyes, (5)irregular demand–the consumer perceives a need for eye care devices only periodically, possibly when they begin havingtrouble seeing, (6) full demand–the manufacturers of the lenses are making all they possibly can, (7) overfull demand–themanufacturers of the lenses can't make enough and inventories are low, and (8) unwholesome demand–seeking alternatives,consumers may find that alternatives have undesirable social consequences.Page Ref: 8-9Difficulty: Hard

61


136) Responses to this question should include a reference to the following: (1) marketplace–shopping for an automobile at a dealer'slot, (2) marketspace–shopping for an automobile via the internet, eBay, or even designing your own car via a manufacturer'swebsite, and (3) metamarket–(a cluster of complementary products and services that are closely related in the customer's mindbut are spread across a diverse set of industries) that might include insurance companies, the racing industry, the travelindustry, the customization industry, et cetera. Individual answers might vary.Page Ref: 10Difficulty: Medium

137) The marketing planning process consists of analyzing marketing opportunities, selecting target markets, designing strategies,developing marketing programs, and managing the marketing effort. Students might also review Figure 1.6 for additionalinformation.Page Ref: 11Difficulty: Hard

138) The various consumer needs are: (1) stated needs–what the consumer says he or she wants–a car, (2) real needs–the customerwants a car whose operating costs, not its initial price, is low, (3) unstated needs–the customer expects good service and honestyfrom the dealer, (4) delight needs–the customer would like a DVD player set-up thrown in to guarantee a quick signing of thepurchase agreement, and (5) secret needs–inner fantasies such as gaining prestige with friends.Page Ref: 13Difficulty: Hard

139) The three marketing channels are communication, distribution, and service channels. Carrefour could use advertisingto communicate price specials to consumers (communication channel), use wholesalers to assemble merchandiseassortments to be sold in the Carrefour stores (distribution channels), and use transportation companies (servicechannels) to extend Carrefour's global reach.Page Ref: 14Difficulty: Hard

140) Responses to this question should include: (1) network information technology, (2) globalization, (3) deregulation, (4)privatization, (5) customer resistance, (6) heightened competition, (7) industry convergence, (8) retail transformation, and (9)disintermediation.Page Ref: 15-16Difficulty: Hard

141) Responses to this question should include: (1) a substantial increase in buying power, (2) a greater variety of available goodsand services, (3) a great amount of information about practically anything, (4) a greater ease in interacting and placing andreceiving orders, (5) an ability to compare notes on products and services, an (6) an amplified voice to influence peer and publicopinion.Page Ref: 16Difficulty: Hard

142) Disintermediation grew out of the rush to embrace the dot-coms and e-commerce. Essentially, the dot-comsremoved many of the traditional intermediaries that brought goods and services to consumers by encouragingconsumers to deal directly with the dot-coms via the internet. "Brick-and-click" businesses eventually brought someof the intermediaries back through a process called reintermediation.Page Ref: 16Difficulty: Medium

143) Companies can operate a powerful new information and sales channel, the internet, with augmented geographicalreach to inform and promote their businesses and products worldwide. By establishing one or more websites, acompany can list its products and services, its history, its business philosophy, its job opportunities, and otherinformation of interest to visitors. For additional information, see chapter section.Page Ref: 17Difficulty: Medium

62


144) This orientation holds that consumers will prefer products that are widely available and inexpensive. Managers ofproduction-oriented businesses concentrate on high production efficiency, low costs, and mass distribution. Thisapproach is also used when a company wants to expand the market. Students may use these facts as they design theiranswer.Page Ref: 18Difficulty: Medium

145) In a reactive market orientation a company might be content to keep up with understanding and meeting customers'expressed needs. In a proactive market orientation a company such as Motorola might prefer to make a practice ofresearching and imagining latent needs through a "probe-and-learn" process. Students' answers may vary but thebasic concepts of reaction and proactivity should be clear in answers.Page Ref: 19Difficulty: Medium

146) A marketing network consists of the company and its supporting stakeholders. These stakeholders (inHarley-Davidson's case) might be customers, employees, suppliers, distributors, retailers, repair services, ad agencies,lobby groups, and motorcycle support clubs. The operating principle is simple: Build an effective network ofrelationships with key stakeholders, and profits will follow.Page Ref: 21Difficulty: Medium

147) Product variety, quality, design, features, brand names, packaging, sizes, services, warranties, and returns are the key elementsof the product portion of the marketing mix. To see a more complete diagram of the four Ps process, see Figure 1.5.Page Ref: 21Difficulty: Medium

148) Internal marketing must take place on two levels. At one level, the various marketing functions must work together. At thesecond level, other departments must embrace marketing and "think customer." Students may use Box 1.2 to furnish variousexamples of customer-centric focus outside the marketing department.Page Ref: 22Difficulty: Hard

149) Companies see cause-related marketing as an opportunity to enhance their corporate reputation, raise brandawareness, increase customer loyalty, build sales, and increase press coverage. They believe customers willincreasingly look for signs of good corporate citizenship that go beyond supplying rational and emotional benefits.Page Ref: 26Difficulty: Hard

150) Top management is going beyond sales revenue alone to examine the marketing scorecard. Today, the shift to themarketing scorecard attempts to interpret what is happening to market share, customer loss rate, customersatisfaction, product quality, and other measures. Managers know changes in marketing indicators predict changes infinancial results.Page Ref: 24Difficulty: Hard

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