Question 1

Explain how a marketing mix is developed.

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Question 2

________ utility is created when the business firm converts raw materials into finished goods and services.

Accepted Answer

Form utility is created when a business firm transforms raw materials into finished goods and services that are then sold to customers. This involves adding value to the products through manufacturing, refining, or otherwise changing them into something more desirable to consumers.

Question 3

What is the purpose of data mining?

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Question 4

Compare comarketing and cobranding.Give an example of each.

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Question 5

Place utility is created ________.

Accepted Answer

Place utility is created by having the good or service available at a convenient location when the consumer wants to buy it. It is all about making the product easily accessible and available to the customers at the right time and in the right place.

Question 6

Explain the personal and interpersonal determinants on consumer behaviour.

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Question 7

Describe the sources of marketing research data.

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Question 8

The marketing function creates all of the following types of utility EXCEPT ________ utility.

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Question 9

Explain the three segmentation methods used by firms that offer business products.

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Question 10

The utility that is created when a salesperson at a car dealership completes the sales contract is ________ utility.

Accepted Answer

Ownership utility is created when the legal ownership of a product is transferred from one party to another, such as when a sales contract is completed at a car dealership, transferring the car's ownership from the dealership to the buyer.

Question 11

Philippe owns a store that sells lampshades.The process of receiving money in return for lamp shades is ________.

Accepted Answer

Exchange is the process of giving something (in this case, lampshades) in return for money.

Question 12

________ is an organizational function and a set of processes for creating,communicating,and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Accepted Answer

Marketing involves creating, communicating, delivering and managing customer value to ultimately benefit the organization and its stakeholders. Market segmentation, consumer behaviour and marketing research are all related to marketing, but do not encompass the full scope of what marketing entails.

Question 13

Describe some of the ways businesses are using relationship marketing to achieve corporate goals.

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Question 14

Explain how a company might decide on a marketing mix for an international company.

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Question 15

Describe the five categories of nontraditional marketing and give an example of each.

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Question 16

The location of a coffee shop franchise in a mall creates ________ utility.

Accepted Answer

The location of the coffee shop in the mall creates place utility because it is convenient and easily accessible for customers who are already shopping or spending time in the mall.

Question 17

A sporting goods store that sells fishing licences at the start of each sport fishing season is creating ________ utility.

Accepted Answer

By selling fishing licences at the start of each sport fishing season, the sporting goods store is creating time utility for its customers. Time utility is the value that comes from having a product available at a particular time or season when it is in high demand. In this case, the fishing licences are being sold at the beginning of the fishing season when many people are eager to go fishing and need to obtain a valid licence.

Question 18

A convenience store offers ________ utility by being open 24 hours each day.

Accepted Answer

The convenience store offers time utility by being open 24 hours each day, providing customers with the convenience of being able to shop whenever they choose.

Question 19

Describe the consumer markets segmentations.

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Question 20

Define the term target market.

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Quiz 11: Customer-Driven Marketing