Question 1

Availability of goods and services at convenient locations creates:

Accepted Answer

Place utility refers to the convenience of being able to purchase goods and services in a location that is easily accessible to the customer. This increases the appeal of the products and services offered and can lead to greater customer satisfaction and loyalty.

Question 2

Fame-us is a talent hunt agency focusing on the youth looking to enter Hollywood.As part of their marketing strategy,Fame-us generate time and place utility by:

Accepted Answer

launching roadshows across cities and conducting talent hunts at campuses during Thanksgiving creates time and place utility by making the services available at a particular time and location when the target audience is likely to be present. This strategy ensures that potential applicants can meet with Fame-us representatives, showcase their talent, and apply for their services without having to travel too far or wait too long.

Question 3

Assume you want to increase the number of customers by applying the marketing concept.Which of the following strategies would be most consistent with this approach?

Accepted Answer

The marketing concept involves identifying and satisfying customers' needs and wants. To increase the number of customers, targeting specific markets and understanding their needs and preferences is the most effective strategy. By doing so, a company can tailor their products and services to meet those needs and increase customer loyalty and satisfaction. Reducing product costs or employing inexpensive labor may lower prices, but it may not necessarily attract more customers. Offering more product variety may appeal to some customers, but it can also increase costs and complexity for the business.

Question 4

Which of the following factors contributed to the transition from the production era to the sales era?

Accepted Answer

The answer of Which of the following factors contributed to...

Question 5

A buyer's market is characterized by:

Accepted Answer

In a buyer's market, there are more goods and services available than there are buyers, giving buyers the advantage in negotiations and often resulting in lower prices. Options B, C, and D do not align with this definition.

Question 6

A company produces a high-quality product,with a maximum monthly output of 10,000 units.Production levels are constant and the company relies on its marketing department to find customers for its output.This approach is consistent with which era in marketing history?

Accepted Answer

The answer of A company produces a high-quality product,with a...

Question 7

Which of the following statements regarding the marketing era is true?

Accepted Answer

The marketing era was characterized by a shift towards a customer-centric approach, where a company's focus was on satisfying the needs and wants of the customer. Marketing and selling were no longer considered synonymous terms as marketing encompassed a broader range of activities beyond just selling a product.

Question 8

Which of the following is true of a company with strong market orientation?

Accepted Answer

A company with strong market orientation places a high emphasis on understanding its customers' needs and wants, and uses that information to develop and introduce innovative products. Option A focuses on creating products that are on-par with competitors, which may not necessarily be customer-driven. Option B assumes customers will resist nonessential goods, which may not be the case for all customers. Option C suggests a lack of emphasis on marketing and understanding customer needs, which is not indicative of strong market orientation.

Question 9

Indigo Ltd.wanted to increase its customers by applying the marketing concept.Which of the following would be an appropriate way to apply this approach?

Accepted Answer

The marketing concept is focused on meeting the needs of the consumers, so option B is the best choice. Option A (maximize production of goods) is more aligned with the production concept, option C (offer more product variety than competitors) is more aligned with the product concept, and option D (produce high quality goods) is more aligned with the product concept or sales concept.

Question 10

Banks have recently begun to install ATMs in supermarkets to address customers' wants for instant cash when they go shopping.What type of utility are banks creating for customers?

Accepted Answer

The banks are creating place utility for customers, as they are providing access to cash in a convenient location where customers frequently shop.

Question 11

The organizational function and set of processes that creates,communicates,and delivers value to customers and manages customer relationships in ways that benefit the organization and its stakeholders is called _____.

Accepted Answer

Marketing is the function that involves creating, communicating, and delivering value to customers. It also involves managing customer relationships in ways that benefit the organization and its stakeholders. Financing is the function that involves managing the organization's financial resources, operations involve managing the production and delivery of goods and services, and administration involves managing the various administrative tasks within an organization. However, none of these functions involve creating and managing customer relationships in the same way that marketing does. Therefore, the best choice is A) marketing.

Question 12

Creating _____ utility is the responsibility of the production function.

Accepted Answer

The production function is responsible for the transformation of raw materials into finished goods and services that have utility for the consumers. The creation of form utility refers to the production process of transforming raw materials into finished goods that have a unique, desirable form that consumers are willing to pay for. Place utility refers to the availability of a product in a desired location or distribution channel, time utility refers to having a product available when consumers want it, and ownership utility refers to the ability for consumers to take legal possession of a product. While these other types of utility are important, they are not directly the responsibility of the production function.

Question 13

Which of the following statements concerning the global marketplace is true?

Accepted Answer

Trade agreements like NAFTA and the WTO have increased global trade and created a larger global marketplace. The other options are not true - Internet technology has actually increased the global marketplace, the threat of a single nation manufacturing everything is not a driving force for global marketplace growth, and talent shortage may lead to outsourcing but does not necessarily lead to global marketplace growth.

Question 14

The marketing philosophy summarized by the phrase "a high-quality product will sell itself" is a characteristic of the _____ era.

Accepted Answer

The production era, which lasted from the mid-1800s to the 1920s, emphasized that a high-quality product would sell itself. Companies focused on producing and improving their products, rather than on marketing and selling them.

Question 15

The emergence of the marketing concept can best be explained by:

Accepted Answer

The marketing concept emerged as a response to the shift from a seller's market to a buyer's market, where buyers had more power and options to choose from. The focus of marketing shifted from a production-oriented approach to a customer-oriented approach where the needs and wants of the customers took center stage.

Question 16

The utility of a product or service is its:

Accepted Answer

The utility of a product or service refers to its want-satisfying power or its ability to meet a consumer's needs or desires. It is the ability of the product or service to satisfy a particular want or need.

Question 17

A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy.

Accepted Answer

A sales orientation focuses on persuading customers to buy products, rather than creating products based on customer needs or building long-term relationships with customers. This approach assumes that customers are resistant to purchasing and require convincing in order to make a purchase.

Question 18

A market in which there are more buyers for fewer goods and services is known as a:

Accepted Answer

In a seller's market, the demand for goods and services exceeds the supply, giving sellers an advantage over buyers in price negotiations. This scenario is characterized by more buyers competing for fewer available goods or services.

Question 19

Which of the following is true regarding marketing?

Accepted Answer

Marketing is a multifaceted concept that encompasses a broad scope of activities and ideas, making it difficult to settle on one definition.

Question 20

The ability to transfer title to goods or services from marketer to buyer is described as:

Accepted Answer

Ownership utility refers to the value added to a product or service by transferring the title or ownership from the marketer to the buyer. This utility is created through legal documentation and is essential to establishing a clear and lawful transfer of ownership.

Quiz 1: Marketing: The Art and Science of Satisfying Customers