Question 1

An accountant preparing financial statements must use a pencil to make all calculations and an eraser to correct errors.Pencils and erasers are examples of:

Accepted Answer

Pencils and erasers are tangible items that can be used and purchased, making them goods.

Question 2

Jane wants to buy a bike.She spends a lot of time and energy trying to find the right bike.She does find one and then pays $200 to buy it.The time and energy spent along with the sum of money constitutes the:

Accepted Answer

The time, energy, and money spent by Jane to acquire the bike constitute the "price" she pays for it.

Question 3

A company manufactures and sells baby products targeting new moms and dads, grandparents, and people who go to baby showers.Grandparents constitute the company's:

Accepted Answer

Grandparents are not the primary target market for baby products, as new moms and dads are. Instead, they are considered a secondary target market.

Question 4

A feeling of physiological deprivation of the basic necessities of life, such as food, clothing, shelter, or safety is a(n):

Accepted Answer

A "need" refers to a basic requirement essential for survival, such as food, clothing, shelter, or safety.

Question 5

A commercial roofing company provides commercial roofing services.It also provides residential roof repair and replacement.The residential market provides solid revenue and constitutes the:

Accepted Answer

The residential market is a secondary target market because the company primarily focuses on commercial roofing services.

Question 6

One main purpose of marketing is to create value by:

Accepted Answer

Marketing aims to create value by developing a variety of offerings that satisfy customer needs, which involves creating products, services, or ideas that provide benefits to the consumer.

Question 7

An artist in an opera performs for the benefit of the audience.The live performance of the artist would be termed a(n):

Accepted Answer

A live performance by an artist is considered a service because it is an intangible activity provided for the benefit of the audience.

Question 8

A toy store's reduced prices have successfully attracted children over the years.The toy store has traditionally offered lower prices than other stores and was also the first to expand into the suburbs and crowded downtown areas of large urban cities.Children are the toy store's:

Accepted Answer

Children are the primary target market for the toy store, as the store's strategies are aimed at attracting them through reduced prices and strategic locations.

Question 9

The customer segment or group to whom a firm is interested in selling its products and services is a(n):

Accepted Answer

The target market is the customer segment or group to whom a firm is interested in selling its products and services.

Question 10

Which of the following holds true for the term goods?

Accepted Answer

Goods are tangible items that provide customer benefits and can be separated from the producer.

Question 11

Which of the following holds true for the term price?

Accepted Answer

Price is defined as the overall sacrifice a consumer is willing to make, which includes money, time, and energy, to acquire a specific product or service.

Question 12

A trader in the market trades his goods for the money that is paid for the goods offered by him.This is an example of:

Accepted Answer

This scenario describes an exchange, where the trader provides goods in return for money.

Question 13

Human beings require clothes to cover their bodies.Some of them may wear designer clothes, while others may pick up cloth from the flea market.This example illustrates different ways to satisfy a basic requirement of life and describes the concept of:

Accepted Answer

The answer of Human beings require clothes to cover their...

Question 14

Which of the following holds true for the term services?

Accepted Answer

Services are intangible benefits produced by people or machines and cannot be separated from the producer.

Question 15

A non-governmental organization provides food and shelter to people who make their living on the streets.Food and shelter are included in the definition of:

Accepted Answer

Food and shelter are basic human requirements essential for survival, thus they are classified as needs.

Question 16

The trade of things of value between the buyer and the seller so that each is better off as a result is referred to as:

Accepted Answer

Exchange refers to the trade of things of value between the buyer and the seller, resulting in both parties being better off.

Question 17

The particular way in which a person chooses to satisfy the requirement for any of the basic necessities of life is a(n):

Accepted Answer

A want is a specific way in which a person chooses to satisfy a need. Therefore, the particular way in which a person chooses to satisfy a basic necessity of life is considered a want. The other options do not accurately capture the concept described in the question.

Question 18

Since women constitute 90 percent of Karen's, a pharmacy chain's, customers, the chain decided to implement changes that would make the shopping experience more pleasant for them.Karen introduced shorter wait-times, wider and better-lit passageways, and more beauty products.Women constitute Karen's:

Accepted Answer

Women are the primary target market for Karen's, as they make up the majority of the customer base and the changes are aimed at improving their shopping experience.

Question 19

A company specializes in rock climbing.It aims its advertisements at men and women who are between the ages of 18 and 50.It also aims at overworked executives and people in managerial positions who need to get away from their jobs.These two categories constitute the for the company.

Accepted Answer

The target market refers to the specific group of consumers a company aims to reach with its products or services, in this case, people aged 18-50 and overworked executives.

Question 20

Sports Inc., a global sports brand, wants to deliver an effective campaign across many markets.The company wants to effectively engage the youth across key markets in Europe, and the campaign's main objective is to generate awareness about the company.These efforts are made by Sports Inc.to attract the youth, as they constitute the company's:

Accepted Answer

The youth are the primary target market for Sports Inc. as they are the main audience the company aims to engage and generate awareness among.

Quiz 1: Developing a Marketing Strategies and a Marketing Plan