Question 1

Susannah owns a one-bedroom apartment in Manhattan that she posts for short-term weekend and summer rentals on airBnB 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

Accepted Answer

This is an example of collaborative consumption, where individuals are renting out their owned assets to other individuals for short-term use.

Question 2

The elements of the marketing mix are the four Ps.

Accepted Answer

The four Ps of the marketing mix are product, price, promotion, and place.

Question 3

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

Accepted Answer

The pricing element of the marketing mix can also involve non-monetary exchanges, such as time, attention, or data from the customer.

Question 4

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

Accepted Answer

The gas station provided a place utility by being conveniently located for Shane to fill up her car when it was running low on fuel.

Question 5

Ria, a college sophomore, has a YouTube channel and posts short videos that typically have over 50,000 viewers each week. Ria could be described as a microcelebrity.

Accepted Answer

Ria has a dedicated following on her YouTube channel, which is a characteristic of a microcelebrity.

Question 6

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 Kirin's porch roof.
A) differential benefit
B) promotion
C) exchange
D) collaborative consumption
E) virtual trade

Accepted Answer

The situation described involves a trade of services between Kirin and Max, which is the essence of an exchange. This exchange is not a differential benefit since both parties are receiving something they value in return, nor is it a promotion, collaborative consumption, or virtual trade since it involves direct, tangible goods or services.

Question 7

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

Accepted Answer

Business-to-business marketing often involves larger transactions and sales volume as businesses purchase products or services in bulk for their operations, resulting in greater total sales compared to individual consumer purchases in business-to-consumer marketing.

Question 8

The marketing mix is the marketer's strategic toolbox.

Accepted Answer

The marketing mix is the set of tools and tactics that a marketer uses to promote a product or service. It includes product, price, place, and promotion, and is essential to developing a successful marketing strategy.

Question 9

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

Accepted Answer

Place in the marketing mix refers to the distribution channels and the availability of the product to the target audience. It includes decisions related to the location, logistics, inventory management, and supply chain management to ensure that the product is delivered to the customer at the right time and place.

Question 10

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

Accepted Answer

The principles of marketing involve understanding consumer needs, developing products or services to meet those needs, promoting them effectively, and pricing them appropriately. These principles can be applied to individuals in terms of personal branding, understanding their own unique skills and strengths, promoting themselves effectively in the job market or in their personal lives, and appropriately pricing their time and services.

Question 11

Rentrepreneurs are a new trend in business-to-business marketing.

Accepted Answer

Rentrepreneurs refer to individuals or businesses that make income by renting out their property, goods, or services, rather than a specific trend in business-to-business marketing.

Question 12

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

Accepted Answer

The price is the element of the marketing mix that most directly relates to these purchases as it is the factor that determined the cost of the art supplies and the discounts that the second teacher received for buying ten or more boxes.

Question 13

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

Accepted Answer

The placement or distribution of the vending machines on the college or university campus is an example of the place element of the marketing mix. The place element refers to the location where the product or service is made available to the target customers.

Question 14

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

Accepted Answer

This is the commonly accepted definition of a need in marketing. It involves identifying a consumer's current state, such as their problem or want, and comparing it to their desired state or ideal situation, which creates a need that can be fulfilled through a product or service.

Question 15

Many not-for-profit organizations use marketing principles.

Accepted Answer

Not-for-profit organizations may use marketing principles to promote their cause, attract donors and volunteers, and raise awareness about their mission and services. Marketing can involve strategies such as branding, social media, events, and advertising to reach their target audience and achieve their goals.

Question 16

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

Accepted Answer

The catering company provided "time" utility by making the climbing wall available for the specific time of Seth's birthday party, and "place" utility by bringing it to the location of the party, thus making it convenient for Seth's mother.

Question 17

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

Accepted Answer

Marketing includes a broader set of activities than just advertising, such as market research, product development, pricing strategies, distribution channels, and customer relationship management. Advertising is just one of the tools used in marketing to promote a product or service.

Question 18

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

Accepted Answer

The statement is incorrect. Want and brand name are both related to desires and preferences rather than needs. A need is something that is necessary for survival, such as food, water, shelter, and clothing.

Question 19

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

Accepted Answer

The promotion element of the marketing mix includes advertising, personal selling, public relations, and sales promotion. The design of the product is part of the product element of the marketing mix.

Question 20

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

Accepted Answer

Automobiles, haircuts, tutoring, and lighting fixtures are not all examples of consumer goods; automobiles and lighting fixtures are consumer goods, but haircuts and tutoring are services.

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

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