MM Lecture 1-2

The task of any business is to ________.

• create customer needs

• differentiate in terms of cost of production

• deliver customer value at a profit

• reduce competition

The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.

• event

• property

• service

• place

In Walt Disney's Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.

• experience

• service

• event

• organization

Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation?

• nonexistent demand

• latent demand

• full demand

• overfull demand

When consumers share a strong need that cannot be satisfied by an existing product, it is called ________ demand.

• negative

• latent

• declining

• irregular

The value delivery process can be divided into three phases, out of which "choosing the value" implies ________, which is the essence of strategic marketing.

• segmentation, developing, and delivering

• targeting, positioning, and communicating

• targeting, positioning, and delivering

• segmentation, targeting, and positioning

Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________.

• the traditional marketing approach would be the best approach to follow

• the producers must consider themselves as a part of the value-chain process

• the producers should focus on niche markets

• all market segments are equally profitable

The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.

• developing

• positioning

• communicating

• researching

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.

• core competencies

• infrastructure

• market-sensing processes

• outbound logistics

Which of the following can be considered a primary activity in the value chain process?

• human resource management

• technology development

• inbound logistics

• firm infrastructure