Question 1

Car dealers are financed by automobile manufacturers,and Target receives financing from its wholesalers and manufacturers.What marketing functions do such activities perform?

Accepted Answer

The activity of providing financing is a marketing function known as financing. Both car dealers and Target rely on financing from their respective manufacturers and wholesalers to support their operations.

Question 2

The utility created by transferring ownership of a product to a buyer is called ____ utility.

Accepted Answer

Possession utility refers to the value or benefit that a customer receives when owning a product, such as the ability to use it or sell it.

Question 3

By selling Christmas trees from late November through December,Home Improvement is providing ____ utility.

Accepted Answer

By selling Christmas trees during the holiday season, Home Improvement is providing time utility, as they are offering the product at the time when it is in high demand.

Question 4

A Corvette,a dinner at the Olive Garden,and an overnight stay at a Hilton Hotel all satisfy human needs.Therefore,each

Accepted Answer

Each of the items listed (Corvette, dinner at Olive Garden, overnight stay at Hilton Hotel) provide a certain level of utility to the consumer. The Corvette provides transportation, the dinner provides sustenance, and the hotel stay provides shelter/accommodation. Therefore, they all satisfy basic human needs and possess utility.

Question 5

What focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships?

Accepted Answer

Customer relationship management (CRM) focuses on using customer information to create marketing strategies that develop and sustain desirable customer relationships. It involves gathering and analyzing data on customer behavior and preferences, and using that information to personalize communication and offerings to customers, with the goal of increasing customer satisfaction and loyalty.

Question 6

Burlington Coat Factory manufactures its winter jackets in April but does not display them in its stores until early September.Burlington recognizes the importance of ____ utility.

Accepted Answer

Burlington recognizes the importance of time utility, as they are producing the winter jackets in advance and displaying them in stores just in time for the season when customers will be looking to purchase them.

Question 7

____ utility is the only type of utility created by the production process.

Accepted Answer

The production process creates form utility by transforming raw materials into finished products with increased usefulness and desirability. Time, place, possession, and production utilities are generated through marketing and distribution activities.

Question 8

When Jeff returned a shirt he had purchased at Macy's for a refund,he essentially reversed the effect of which type of utility?

Accepted Answer

Jeff returning a shirt for a refund reversed the effect of possession utility, as he no longer had the shirt in his possession after the return.

Question 9

Using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationships is known as

Accepted Answer

Customer relationship management (CRM) involves using customer data to develop strategies to build and maintain long-term relationships with customers. It includes analyzing customer behavior and preferences, identifying opportunities for upselling and cross-selling, and using personalized marketing tactics. This approach aims to increase customer loyalty and ultimately boost sales and revenue.

Question 10

The utility created by making a product available at a location where customers wish to purchase it is called ____ utility.

Accepted Answer

The utility created by making a product available at a location where customers wish to purchase it is called place utility. Place utility refers to the usefulness of a product being located in a place where customers can access it. This can include things like having a store in a convenient location or making a product available online.

Question 11

The utility created by making a product available when customers wish to purchase it is called ____ utility.

Accepted Answer

Time utility refers to the value created by offering a product at a time when it is desired or needed by customers. This can increase the convenience and satisfaction of customers, ultimately contributing to increased sales and loyalty.

Question 12

New Seasons Market,a locally owned and operated one-stop grocery store based in Portland,Oregon is committed to providing local products for its particular customer base.New Seasons strives to deepen customer trust and loyalty by keeping close and regular connection with customers in a quest to better understand the customers' needs and desires.New Seasons Market is creating a model for

Accepted Answer

New Seasons Market's focus on building close and regular connections with customers, understanding their needs and desires, and striving to deepen customer trust and loyalty all indicate the use of relationship marketing.

Question 13

When Food Tiger grocery stores offer milk and eggs at all of its locations,it is providing customers with ____ utility.

Accepted Answer

Place utility refers to the convenience of having a product available where customers want it. By offering milk and eggs at all of its locations, Food Tiger is providing customers with the convenience of purchasing these products at a nearby store, increasing the place utility.

Question 14

Which of the following is not one of the four commonly recognized forms of utility?

Accepted Answer

Utility in economics refers to the total satisfaction received from consuming a good or service. The four commonly recognized forms of utility are form, time, place, and possession. Production is not considered a form of utility; rather, it's a process that can affect other forms of utility by transforming resources into goods or services that consumers find valuable.

Question 15

Between the 1920s and the 1950s,business had a strong ____ orientation,in which emphasis was placed on increased advertising,enlarged sales forces,and occasionally high-pressure selling techniques.

Accepted Answer

The emphasis on increased advertising, enlarged sales forces, and occasionally high-pressure selling techniques suggests a focus on maximizing sales, which is characteristic of a sales orientation in business.

Question 16

The process of shipping fresh flowers from California to Texas gives ____ utility to the flowers.

Accepted Answer

Shipping the fresh flowers from California to Texas changes their location, which gives them place utility.

Question 17

The utility created by converting production inputs into finished products is called ____ utility.

Accepted Answer

Form utility is the utility created by converting production inputs into finished products, such as transforming raw materials into a finished product that is usable and valuable to consumers. Time utility refers to providing goods or services at the time when customers most need or want them. Production utility is not a commonly used or recognized term. Place utility refers to adding value by having the product available in a convenient location for consumers. Possession utility refers to adding value by allowing consumers to take ownership of the product.

Question 18

The marketing activities associated with time,place,and possession utility account for about ____ of every consumer dollar spent.

Accepted Answer

Marketing activities related to time, place, and possession utility typically account for about one-half of every consumer dollar spent. This reflects the significant role that marketing plays in the distribution and sale of products, encompassing everything from advertising and promotion to logistics and retailing.

Question 19

Kristy Martin is getting married on Saturday.She purchases flowers for the church ceremony early Saturday morning from a local flower shop.Which of the following types of utility is not created by this activity?

Accepted Answer

The answer of Kristy Martin is getting married on Saturday.She...

Question 20

Mattel,Inc.selects suppliers and obtains raw materials to make toys.The company is engaged in which function of marketing?

Accepted Answer

Mattel,Inc. is engaged in buying, as it selects suppliers and obtains raw materials to make toys.

Quiz 11: Building Customer Relationships Through Effective Marketing