Question 1

Marketing discovers consumer needs by
A) implementing a marketing program.
B) conducting extensive marketing research.
C) balancing the marketing mix elements-the 4 Ps of the marketing program.
D) advertising to diverse groups of prospective buyers.
E) copying the products and services of its competitors.

Accepted Answer

Marketing research is the systematic process of identifying consumer wants and needs through various research methods such as surveys, focus groups, and data analysis. It helps marketers understand consumer preferences, behavior, and industry trends, and develop marketing strategies that fulfill those needs. Therefore, conducting extensive marketing research is the best option for discovering consumer needs.

Question 2

avoid new-product failure,new-product expert Robert M.McMath suggests
A) implementing a regional rather than a nationwide rollout of the product.
B) building a hierarchical organizational structure so that more people can spot product problems.
C) a focus on customer benefits and to learn from the past.
D) "doing what it takes" by spending as much as possible on new product marketing program development and execution because in the end, "success comes to those who can outspend its competition."
E) releasing several different prototypes at the same time to see which one is most successful.

Accepted Answer

Focusing on customer benefits and learning from past failures is key to avoiding new-product failure. Building a hierarchical organizational structure may lead to bureaucracy and slow decision-making, while spending more on marketing does not necessarily guarantee success. Releasing several different prototypes at the same time can also confuse customers and dilute the brand message.

Question 3

first objective in marketing is to discover consumer __________.
A) diversity of opinion to create advertising messages
B) income to determine the ability to pay
C) lifetime value
D) characteristics to segment markets
E) needs to identify reasons for buying

Accepted Answer

The first objective in marketing is to discover consumer needs, as this helps in identifying the reasons for buying and enables businesses to tailor their products and marketing strategies to better serve those needs. The other options (A, B, C, and D) are all important factors to consider in marketing, but they are not the primary objective.

Question 4

Showstoppers refer to
A) creative or innovative members of a marketing team.
B) unexpected alternative uses for a product that result in a sudden increase in sales.
C) factors that might doom a product in the marketplace.
D) a sudden loss of financial backing even though the item is in production.
E) a situation when a competitor's product suddenly beats a firm's new product to the marketplace.

Accepted Answer

Showstoppers refer to factors that might doom a product in the marketplace, such as a major design flaw, a lack of demand, or unexpected competition.

Question 5

two central concerns of marketing are __________.
A) increasing market share and making profits
B) holding down costs while increasing profits
C) developing products and finding suppliers
D) discovering and satisfying consumer needs
E) practicing ethics and sustainability

Accepted Answer

Marketing is about identifying and satisfying consumer needs. While increasing market share and making profits are important goals, they are not the central concerns of marketing. Holding down costs and developing products are important aspects of running a business but they do not capture the essence of marketing. Ethics and sustainability are also important considerations, but they are not the central concerns of marketing.

Question 6

college student is taking a full course load,working 20 hours per week,and still has to take out a student loan to cover tuition.One day,the student sees a classmate driving a Lexus sports coupe and feels he just has to have one of his own.What factor is MOST LIKELY to prevent a successful marketing exchange between the student and a Lexus dealer?
A) The local Lexus dealer does not have any sports coupes in stock.
B) The student does not have the resources to qualify for a $50,000 auto loan.
C) Although the Lexus is a great car, there may be other cars with better gas mileage and resale value.
D) He's afraid that if someone at school sees him with the car, he might lose his student loan.
E) His girlfriend wants him to drive a Kia Soul.

Accepted Answer

The student does not have the financial resources to qualify for a $50,000 auto loan, which would prevent a successful marketing exchange with the Lexus dealer. The other options may also be factors, but they are not the most likely to prevent a successful marketing exchange in this specific scenario.

Question 7

Arizona Biltmore in Phoenix is next to the Biltmore Fashion Park,a large shopping mall located less than a mile away.The hotel wants to promote its proximity to the shopping center as well as its many other amenities to convention-goers from other states.Which of the following would MOST LIKELY help The Arizona Biltmore communicate with potential convention attendees?
A) Place an ad in the in-flight magazines of all the major airlines targeting business/first class flyers.
B) Send a mass mailing to all the local businesses.
C) Set up information kiosks at several locations within the Biltmore Fashion Park.
D) Offer free made-to-order breakfasts for guests staying at the hotel on business.
E) Offer special discount rates to guests coming from the East Coast.

Accepted Answer

Placing an ad in in-flight magazines targeting business/first class flyers is likely to reach the hotel's target audience: convention-goers. This would provide them with information about the hotel's proximity to the shopping center, as well as its other amenities, and may encourage them to choose to stay at the Arizona Biltmore. Sending a mass mailing to local businesses or offering special discount rates to guests coming from the East Coast may not necessarily reach the intended audience or be effective in promoting the hotel's proximity to the shopping center. Setting up information kiosks at the shopping center may be useful, but the hotel may need to invest a lot of resources and time to set it up, and it may not reach as wide an audience as placing an ad in in-flight magazines. Offering free made-to-order breakfasts is a nice touch, but it may not be the deciding factor for convention-goers when choosing a hotel.

Question 8

student would like to buy a sports car from the local dealer,but she cannot afford one.Marketing does not occur in this situation because
A) two or more parties have unsatisfied needs.
B) there is no desire on the part of either party to satisfy its needs.
C) one of the involved parties does not have the ability to satisfy its needs.
D) there is no way for each party to communicate with one another.
E) there has been no assessment of consumer wants and needs.

Accepted Answer

Marketing involves two or more parties with unsatisfied needs, but in this situation, the student cannot afford to buy a sports car, which means they do not have the ability to satisfy their needs. As a result, marketing does not occur.

Question 9

factors are required for marketing to occur: (1)two or more parties (individuals or organizations)with unsatisfied needs; (2)a desire and ability on their part to be satisfied; (3)a way for the parties to communicate; and (4)__________.
A) a sense of social responsibility
B) something to exchange
C) a healthy competitive environment
D) government approval
E) an ability to see hidden potential within an environmental force

Accepted Answer

Something to exchange is necessary for marketing to occur. This could be a product, service, or even just information. Marketing involves an exchange of value between two or more parties.

Question 10

factors are required for marketing to occur: (1)two or more parties (individuals or organizations)with unsatisfied needs; (2)a desire and ability on their part to be satisfied; (3)__________; and (4)something to exchange.
A) a way for the parties to communicate
B) a healthy competitive environment
C) government approval
D) a sense of social responsibility
E) an ability to see hidden potential within an environmental force

Accepted Answer

Communication is necessary for the parties to understand each other's needs and desires, as well as to negotiate the terms of the exchange. Without communication, marketing cannot occur. The other options listed are either irrelevant or secondary to the essential factors required for marketing to occur.

Question 11

business student is preparing for the Graduate Management Admission Test (GMAT)so he can get into a good graduate business school.He knows that any money he spends on a tutor will be well worth it if he can improve his scores.He's heard that there is a great tutor in his local community but has no idea who she is.What is the next logical step in order for marketing to occur?
A) He should buy a GMAT study guide at the bookstore.
B) He should find out what the minimum score he needs to get into the school of his choice.
C) He should check for ads for tutors in the college and local papers, ask his friends, look for flyers by her on a bulletin board in the business college student lounge, etc.
D) He should consider alternatives to graduate school in case the scores he receives on his own are not sufficient admission.
E) He should apply for delayed admission if he can't find this tutor.

Accepted Answer

The next logical step for marketing to occur is for the student to actively search for the tutor through various channels such as ads, recommendations, and flyers. This will increase the likelihood of finding the tutor and potentially lead to a business transaction. Options A, B, D, and E do not address the need to actively seek out the tutor and therefore are not the best choices for marketing to occur.

Question 12

Terrafugia Transition is a flying car with an anticipated price of $250,000.The MOST LIKELY prospective customers for this aircraft/vehicle would be
A) college students who are interested in high technology products.
B) retired seniors who live off their Social Security checks.
C) corporate executives of Fortune 1000 companies whose time is valuable.
D) 16-year old teenagers who just got their drivers' licenses.
E) no one, since the Transition is too revolutionary and expensive for anyone to buy it.

Accepted Answer

The high price of the Terrafugia Transition makes it accessible only to a very wealthy demographic. Corporate executives of Fortune 1000 companies are the most likely prospective customers because they have the financial means to afford such a revolutionary and expensive product, and their time is valuable, so they can benefit from the aircraft's ability to take off and land at small airports and avoid traffic congestion on the roads. College students and teenagers are unlikely to be able to afford the price tag, and retired seniors on fixed incomes are not a typical market for this type of product.

Question 13

Which of the following conditions is necessary for marketing to occur?
A) two or more people, a method of assessing needs, a way to communicate, and an exchange
B) two or more people, a product, a reasonable price, and a place to make an exchange
C) a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product
D) two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange
E) an ability to see a hidden trend within an environmental force

Accepted Answer

Marketing requires two or more parties with unsatisfied needs, a desire and ability to satisfy them, a way to communicate, and something to exchange. The other options do not include all necessary components for marketing to occur.

Question 14

marketing to occur,there must be two or more parties with unsatisfied needs.Cadbury Beverages,Inc.has begun distributing Country Time lemonade through supermarkets at a price comparable to that of soft drinks.The most likely "second" party needed for marketing to occur would be
A) people who are nostalgic about childhood summers.
B) people with a desire for a beverage other than soda or water.
C) product demonstrators who offer samples of Country Time lemonade to shoppers at local supermarkets.
D) a local distributor of alcoholic beverages.
E) a nutritionist promoting the benefits of fresh fruit in people's diets.

Accepted Answer

In order for marketing to occur, there must be two parties with unsatisfied needs. In this case, Cadbury Beverages, Inc. is offering a new product, Country Time lemonade, which suggests that there are consumers with a desire for a beverage other than soda or water. This makes option B, people with a desire for a beverage other than soda or water, the most likely "second" party needed for marketing to occur. The other options, such as people who are nostalgic about childhood summers or a local distributor of alcoholic beverages, may be targeted demographics for the product, but they do not necessarily represent the "second" party needed for marketing to occur.

Question 15

you followed the suggestions of Robert M.McMath,which of the following provides the best advice for a marketer,such as Colgate,when launching a new consumer product,such as toothpaste?
A) Anticipate the future five years out in terms of product form, ingredients, and packaging-to invent the "toothpaste of tomorrow!"
B) Give the product a mysterious name that is unrelated the product's benefits but provokes consumer curiosity.
C) Initiate a Facebook campaign against beverages sweetened with high fructose corn syrup, which can contribute to tooth decay.
D) Create unusual packaging that has special shelving requirements.
E) Study past toothpaste product failures and learn from them.

Accepted Answer

Studying past toothpaste product failures can provide valuable insights into what works and what doesn't in the market. This can help Colgate avoid making the same mistakes as other companies and create a successful product that meets the needs and wants of consumers. Anticipating the future or creating unusual packaging may be innovative, but they may not necessarily resonate with consumers and lead to successful product launches. Giving the product a mysterious name or initiating a Facebook campaign unrelated to the product's benefits may also not be effective in driving sales and building brand awareness.

Question 16

factor that might doom a product in the marketplace is referred to as a(n)__________.
A) albatross
B) land mine
C) pit fall
D) showstopper
E) wild card

Accepted Answer

A "showstopper" is a term used to describe a factor that can significantly hinder or prevent a product's success in the marketplace.

Question 17

Which of the following products mentioned in Chapter 1 of the textbook failed in the marketplace?
A) Terrafugia Transition
B) Pepsi Max
C) Hot Pockets Snackers
D) 3M Post-it Flag+ Highlighter
E) Dr. Care toothpaste

Accepted Answer

The answer of Which of the following products mentioned in...

Question 18

local candidate running for office would very much like to have your vote.She promises that she will "make the country better." Because all candidates for public office say this,you decide not to vote for her.Marketing will not occur in this situation because __________.
A) marketing doesn't apply to the voting process
B) the desire and ability to satisfy needs is missing
C) there is no direct way for the parties to communicate
D) something to exchange is missing
E) the candidate's message is compelling

Accepted Answer

Marketing will not occur because there is nothing to exchange; the candidate's promise is vague and does not offer a tangible or specific benefit that can be exchanged for the vote.

Question 19

economics student would like to buy a mini-scooter but she cannot afford one.Which of the following reasons explain why marketing fails to occur here?
A) There are not two or more parties with unsatisfied needs.
B) A desire to satisfy a need is missing.
C) No assessments of consumer wants and needs have been made.
D) There is no way for the parties involved to communicate.
E) The ability to satisfy a need is missing.

Accepted Answer

The student cannot afford the mini-scooter, indicating that the ability to satisfy the need (financial capability) is missing, which is essential for a transaction to occur.

Question 20

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."
A) 33
B) 50
C) 67
D) 75
E) 94

Accepted Answer

The answer of New-product experts generally estimate that up to...

Quiz 1: Creating Customer Relationships and Value Through Marketing

Marketing discovers consumer needs by

avoid new-product failure,new-product expert Robert M.McMath suggests

first objective in marketing is to discover consumer __________.

Showstoppers refer to

two central concerns of marketing are __________.

student would like to buy a sports car from the local dealer,but she cannot afford one.Marketing does not occur in this situation because

factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) __________.

factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.

Terrafugia Transition is a flying car with an anticipated price of $250,000.The MOST LIKELY prospective customers for this aircraft/vehicle would be

Which of the following conditions is necessary for marketing to occur?

marketing to occur,there must be two or more parties with unsatisfied needs.Cadbury Beverages,Inc.has begun distributing Country Time lemonade through supermarkets at a price comparable to that of soft drinks.The most likely "second" party needed for marketing to occur would be

you followed the suggestions of Robert M.McMath,which of the following provides the best advice for a marketer,such as Colgate,when launching a new consumer product,such as toothpaste?

factor that might doom a product in the marketplace is referred to as a(n) __________.

Which of the following products mentioned in Chapter 1 of the textbook failed in the marketplace?

local candidate running for office would very much like to have your vote.She promises that she will "make the country better." Because all candidates for public office say this,you decide not to vote for her.Marketing will not occur in this situation because __________.

economics student would like to buy a mini-scooter but she cannot afford one.Which of the following reasons explain why marketing fails to occur here?

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."