Deck 1: Welcome to the World of Marketing: Create and Deliver Value

Question 1

________ are intangible products that we pay for and use but never own.

A) Consumer goods
B) Services
C) Industrial goods
D) E-commerce products
E) Value products

Answer 1

B

Question 2

Which of the following is part of the product element of the marketing mix?

A) a quality discount
B) a store coupon
C) a newspaper advertisement
D) the packaging
E) publicity releases

Answer 2

D

Question 3

Which of the following is a true statement about the Four Ps of the marketing mix?

A) A decision about one of the Ps affects every other marketing-mix decision.
B) Price is always the most important of the Four Ps.
C) Place is typically the least important of the Four Ps.
D) The Four Ps have little effect on a product's market position.
E) The Four Ps are used to determine a product's target market.

Answer 3

A

Question 4

For an exchange to occur, ________.

A) at least two people or organizations must be willing to make a trade, and each must have something the other wants
B) there must be one winner and one loser
C) someone must make a financial profit
D) the item must be tangible
E) time utility must be created

Question 5

Nongovernmental organizations are also known as ________.

A) consumer organizations
B) public organizations
C) private organizations
D) not-for-profit organizations
E) for-profit organizations

Question 6

A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced.

A) benefit
B) demand
C) value
D) utility
E) want

Question 7

When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________.

A) benefit
B) demand
C) need
D) value
E) utility

Question 8

________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

A) Demand satisfaction
B) Competitive advantage building
C) Marketing
D) Total quality management
E) Value chain management

Question 9

A ________ delivered by a product is the outcome that motivates a customer's buying behavior.

A) benefit
B) demand
C) value
D) need
E) want

Question 10

________ is the assignment of a product's value, or the amount the consumer must exchange to receive the offering.

A) Promotion
B) Price
C) Benefit
D) Need
E) Utility

Question 11

________ marketing is the marketing of goods and services from one organization to another.

A) Distributive
B) Consumer
C) Customer
D) Business-to-business
E) Target

Question 12

A ________ is the ultimate user of a good or service.

A) stakeholder
B) market
C) target market
D) marketer
E) consumer

Question 13

Which element of the marketing mix is most closely associated with a company's channel of distribution?

A) production
B) place
C) price
D) profit
E) promotion

Question 14

Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________.

A) the stakeholder orientation
B) the marketing concept
C) total quality management
D) collaborative consumption
E) the marketing mix

Question 15

________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.

A) Distinctive competency
B) Market position
C) Value proposition
D) Differential benefit
E) Marketing mix

Question 16

A ________ is a good, service, idea, place, or person-whatever is offered for sale in the exchange.

A) product
B) place
C) utility
D) benefit
E) demand

Question 17

________ are the tangible products that individuals purchase for personal or family use.

A) Consumer services
B) Consumer goods
C) Value propositions
D) Branded content
E) Industrial goods

Question 18

The Four Ps are ________.

A) price, product, place, and promotion
B) price, profit, production, and possession
C) product, production, possession, and promotion
D) product, promotion, price, and profit
E) place, production, process, and profit

Question 19

Marketing communication is also referred to as ________.

A) production
B) selling orientation
C) societal marketing
D) exchange
E) promotion

Question 20

The ________ element of the marketing mix informs consumers about products and encourages them to buy these products using forms such as personal selling, advertising, coupons, and publicity.

A) production
B) place
C) price
D) distribution
E) promotion

Question 21

________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown.

A) Form
B) Place
C) Time
D) Possession
E) Price

Question 22

When Tony rented a loft apartment where he would live for the summer, he acted as a ________.

A) consumer
B) shareholder
C) producer
D) marketer
E) retailer

Question 23

Alex paid for a(n) ________ when he took his car to the carwash to be washed and waxed.

A) service
B) industrial product
C) consumer good
D) commercial good
E) business product

Question 24

Which of the following is an example of a transaction that might occur in business-to-business marketing?

A) Maurice buys a new razor on his way home from work.
B) The amateur gardener buys a new wheelbarrow.
C) The retail outlet buys athletic shoes to sell in its store.
D) The professional chef bakes a birthday cake for her son.
E) Robyn's mother hires a math tutor to help Robyn pass algebra.

Question 25

Ruth Terry is a realtor. In her ads, Terry offers the free use of a moving truck to every customer she helps either buy or sell a house. This free use of a moving truck is an example of ________.

A) a benefit
B) a demand
C) business-to-business marketing
D) a need
E) the rentrepreneur trend

Question 26

Which of the following is the best example of a consumer good?

A) the riding lawn mower purchased by the landscaping company
B) the disposable diapers purchased by the new mother for her baby
C) the paint purchased by the contractor
D) the cookies purchased for the daycare center
E) the art supplies purchased for the elementary school art center

Question 27

To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product.

A) demand center
B) audience
C) value proposition
D) marketplace
E) market

Question 28

Which of the following is an example of a not-for-profit organization that would use marketing principles?

A) a fast-food restaurant
B) a manufacturer of bicycles
C) a software developer
D) Six Flags Amusement Park
E) the Bronx Zoo

Question 29

Which of the following is the best example of a service?

A) the medical examination Jonathon had yesterday
B) the sheet music purchased by the piano teacher
C) the software Monica purchased from the website
D) the cleaning supplies purchased for the veterinarian's office
E) the t-shirt you got for running in a 5K race

Question 30

A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________.

A) benefit
B) demand
C) need
D) utility
E) service

Question 31

A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility.

A) form
B) place
C) possession
D) time
E) creation

Question 32

Jack provides heating and air conditioning equipment for office buildings. He sells ________.

A) distributive goods
B) consumer services
C) consumer goods
D) industrial goods
E) intangible goods

Question 33

Buyers, sellers, investors, and community residents are all considered ________ in a company.

A) stakeholders
B) shareholders
C) consumers
D) channel of distribution members
E) collaborative consumers

Question 34

Chris just landed her dream job but realizes that her college wardrobe is not going to work for her new professional position. In this situation, Chris has a(n) ________.

A) benefit
B) exchange
C) value
D) need
E) utility

Question 35

The trend of consumers renting out their belongings when they are not in use to other consumers who need them for a limited time is called ________.

A) e-commerce
B) virtual exchange of goods
C) the attention economy
D) collaborative consumption
E) user-generated content

Question 36

________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy a product.

A) Form
B) Place
C) Time
D) Possession
E) Price

Question 37

Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of ________ utility.

A) form
B) place
C) time
D) possession
E) price

Question 38

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want has become a(n) ________.

A) need
B) necessity
C) demand
D) exchange
E) transaction

Question 39

All of the following are forms of utility created by marketing processes except ________.

A) form utility
B) place utility
C) time utility
D) possession utility
E) price utility

Question 40

A glitzy shopping mall, a mail-order catalog, a television shopping network, and an e-commerce website are all examples of ________.

A) marketing concepts
B) value chains
C) monopolies
D) marketplaces
E) strategic business units

Question 41

Two teachers purchased art supplies for their classes. One paid $103.45 for eight large boxes of crayons. The other teacher purchased ten identical boxes for $105.55. The second teacher got more for her money because she took advantage of a quantity discount, a reduced price for buying ten or more boxes. Which element of the marketing mix most directly relates to these purchases?

A) production
B) profit
C) price
D) place
E) possession

Question 42

Many not-for-profit organizations use marketing principles.

Question 43

Very little of the online action in e-commerce is in business-to-business marketing.

Question 44

Ria, a college sophomore, writes a daily blog that typically has over 50,000 readers each week. Ria could be described as a microcelebrity.

Question 45

Business-to-business marketing represents greater total sales than business-to-consumer marketing.

Question 46

The promotion element of the marketing mix includes the design of the product.

Question 47

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix.

A) production
B) place
C) price
D) profit
E) promotion

Question 48

The principles of marketing can apply to people, just as they apply to goods and services.

Question 49

Marketers define a need as the difference between a consumer's actual state and some ideal or desired state.

Question 50

Although having something to eat or drink may be a want, the desire for a specific brand name is referred to as a need.

Question 51

Automobiles, haircuts, tutoring, and lighting fixtures are all examples of consumer goods.

Question 52

Susannah owns a one-bedroom apartment in Manhattan that she posts for short-term weekend and summer rentals on Craigslist when she plans to be out of town. This is an example of ________.

A) not-for-profit marketing
B) institutional marketing
C) collaborative consumption
D) people marketing
E) consumer-generated marketing

Question 53

A(n) ________ occurs when Kirin Albers trades Max Lynch three hours of babysitting Max's three-year-old daughter in exchange for Max fixing the hole in his porch roof

A) differential benefit
B) promotion
C) exchange
D) collaborative consumption
E) virtual trade

Question 54

Within the context of the marketing mix, place refers to the availability of the product to the customer at the desired time and location.

Question 55

The pricing element of the marketing mix always involves monetary exchanges.

Question 56

Shane pulled her car into the gas station just as the fuel gauge dropped below empty. In this example, Shane benefited from the ________ utility offered by the gas station.

A) creation
B) place
C) value
D) marketing
E) quality

Question 57

The marketing mix is the marketer's strategic toolbox.

Question 58

Seth's mother didn't want to build a climbing wall as a permanent feature in her backyard, but it was certainly convenient to rent one from the company that catered Seth's 12th birthday party. The catering company created both ________ utility when it rented her the climbing wall.

A) form and place
B) place and creation
C) possession and price
D) time and place
E) creation and possession

Question 59

The term "marketing" is synonymous with the term "advertising."

Question 60

The elements of the marketing mix are the Four Ps.

Question 61

A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs.

A) the selling orientation
B) the production orientation
C) total quality management
D) sustainability
E) return on investment

Question 62

Can a consumer of a product be a stakeholder in the company that markets the product? Briefly explain your answer.

Question 63

How would an ice cream vendor create the four types of utility?

Question 64

Identify the Four Ps in the following description: Rosa Alvarez markets 23 different varieties of salsa in 8-ounce and 12-ounce bottles at supermarkets in the southwestern United States. The 8-ounce bottle sells for $5.95, and the larger size sells for $7.95. Periodically, she sets up a table in one of the marketplaces that carries her salsa brand and offers customers a sample. She recently received considerable publicity for being the "Hispanic Entrepreneur of the Year."

Question 65

Discuss how the principles of marketing can be applied to people.

Question 66

________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm.

A) Value propositioning
B) Collaborative consumption
C) The societal marketing concept
D) A sales orientation
E) Green marketing

Question 67

Select one real company located in your home state. Identify at least four different types of stakeholders in this company.

Question 68

The total quality management (TQM) philosophy involves all employees in ________.

A) customer relationship management
B) continuous product quality improvement
C) market positioning
D) creating sustainability
E) increasing the lifetime value of customers

Question 69

Explain the concept of business-to-business marketing and give an example of a business-to-business transaction.

Question 70

In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following?

A) sustainability
B) the production orientation
C) the selling orientation
D) not-for-profit marketing
E) collaborative consumption

Question 71

Which of the following lists the three components of the triple bottom line orientation?

A) the financial bottom line, the social bottom line, and the environmental bottom line
B) the financial bottom line, the social bottom line, and the political bottom line
C) the financial bottom line, the cultural bottom line, and the business bottom line
D) the value bottom line, the service bottom line, and the business bottom line
E) the product bottom line, the service bottom line, and the relationship bottom line

Question 72

Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business.

A) consumer
B) marketing
C) selling
D) societal
E) relationship

Question 73

Give three examples of modern marketplaces.

Question 74

Briefly describe the collaborative consumption trend.

Question 75

What is the difference between consumer goods and consumer services? Give an example of each.

Question 76

Provide a brief explanation of what marketing is.

Question 77

What does the phrase "exchange relationship" mean in relation to marketing?

Question 78

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.

A) consumer
B) promotion
C) selling
D) production
E) quality

Question 79

In which kind of market would a production orientation be most successful?

A) a buyer's market in which supply exceeds demand
B) a market in which there are more sellers than buyers
C) a seller's market in which demand is greater than supply
D) a market that sells only intangible products
E) an e-commerce market

Question 80

An entertainer such as Garth Brooks, a television show, and a magazine subscription are all examples of products.