• a substantial increase in buying power
• a greater variety of available goods and services
• a great amount of information about practically anything
• greater ease in interacting and placing and receiving orders
• an increased ability to compare products and services.
Diff: 2
LO: 1.2: Describe the new marketing realities.
AACSB: Analytical thinking
73) The internet has given today's companies a new set of capabilities. Among those capabilities is the ability to operate 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 augmented geographical reach to inform and promote their businesses and products worldwide. By establishing one 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. This provides consumers with a direct access to the company. Almost all websites include a "contact us" section that enables consumers to put forth their queries and interact with the company directly. This in turn allows marketers to be aware of people's opinions and preferences.
Diff: 1
LO: 1.2: Describe the new marketing realities.
AACSB: Analytical thinking
74) Define internal marketing and its role in the company. Outline how various departments within the company can demonstrate a customer focus.
Answer: Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Internal marketing must take place on two levels. At one level, the various marketing functions must work together. At the second level, other departments must embrace marketing and a "think customer" attitude.
Diff: 2
LO: 1.2: Describe the new marketing realities.
AACSB: Reflective thinking
75) Increasingly, a key goal of marketing is to develop deep, enduring relationships with all entities that directly or indirectly affect the success of the firm. Discuss the merits of relationship marketing. From your experience as a consumer, describe the relationship marketing efforts undertaken by a company of your choice.
Answer: Students should understand that the relationship between any supplier and customer is not just in the mechanics of the transaction, but more importantly how the customer is treated during the transaction. The better the relationship, the more the likelihood of the customer remaining loyal. They should pick a company that has served them well and made them feel special each and every time.
Diff: 2
LO: 1.2: Describe the new marketing realities.
AACSB: Analytical thinking
76) What would be the marketing network elements for a motorcycle company such as Harley-Davidson?
Answer: A marketing network consists of the company and its supporting stakeholders. These stakeholders for Harley-Davidson are its customers, employees, suppliers, distributors, retailers, repair services, 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.
Diff: 3
LO: 1.2: Describe the new marketing realities.
AACSB: Analytical thinking
77) Which marketing approach is based on recognizing the breadth and interdependencies of marketing programs, processes, and activities?
A) The marketing concept
B) The product concept
C) The production concept
D) The market-value concept
E) The selling concept
Answer: D
Diff: 2
LO: 1.3: Explain the role of marketing in the organization.
AACSB: Reflective thinking
78) Which of these perspectives best reflects the market-value concept?
A) Products establish a permanent impression of a company's value.
B) Basic needs and customer groups change constantly.
C) Products are transient; basic needs and customer groups endure forever.
D) Products must be constantly redesigned to reflect unstable basic needs.
E) Basic needs really don't change, so fundamental product designs don't need to, either.
Answer: C
Diff: 3
LO: 1.3: Explain the role of marketing in the organization.
AACSB: Reflective thinking
79) If a computer manufacturer such as Lenovo changed its strategic viewpoint from "making laptops and desktops" to "helping customers solve digital challenges," it would be adopting which mindset?