Question 1

What do an organization's stockholders, its suppliers, its employees, its customers, and society at large all share what have in common with regard to an organization?

Accepted Answer

All these groups are stakeholders who should benefit from the marketing of an organization's offerings, as they are affected by the organization's actions and success.

Question 2

Mizuno designs and sells high-quality baseball gloves. Who likely benefits from the firm's marketing activities for its gloves?

Accepted Answer

Marketing activities benefit all stakeholders involved, including customers, employees, suppliers, shareholders, and society, by creating value, generating sales, and fostering economic growth.

Question 3

Which of the following marketing mix strategies has Chobani used to sell its yogurt?

Accepted Answer

Chobani has sponsored U.S. Olympic and Paralympic teams as part of its marketing strategy to enhance brand visibility and align with health and wellness values.

Question 4

The PAL-V Liberty is a two-seat, gas-powered gyrocopter with a flying range of about 250 miles at maximum weight. In car mode, the three-wheeled vehicle can hit 100 mph. Its maker is seeking safety certification in Europe, and 90 initial production models are now for sale starting at $399,000. The most likely prospective customers for this flying car would include

Accepted Answer

Executives for whom time is extremely important are likely prospective customers because they can afford the high price and would benefit from the time-saving capabilities of a flying car.

Question 5

Marketing refers to the

Accepted Answer

Marketing encompasses a broad range of activities and processes aimed at creating, communicating, delivering, and exchanging offerings that provide value to customers and society.

Question 6

Which statement about marketing is most accurate?

Accepted Answer

Marketing involves making decisions about product, price, place, and promotion, which are activities people engage in regularly, thus providing them with practical marketing experience.

Question 7

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as

Accepted Answer

Marketing encompasses the entire process of creating, communicating, delivering, and exchanging offerings that have value for various stakeholders, including customers and society.

Question 8

The American Red Cross creates advertisements to encourage people to donate blood. After viewing one, Amanda Cho decided to donate a pint of blood. After she did, Amanda Cho felt happy that she had performed a good deed. Did an exchange occur in a marketing sense?

Accepted Answer

An exchange in marketing occurs when something of value is given and received. Amanda Cho donated blood and received a feeling of satisfaction in return, which constitutes an exchange.

Question 9

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

Accepted Answer

Exchange is the process where buyers and sellers trade things of value, resulting in mutual benefit.

Question 10

A local college of business offers an outstanding graduate business school education program. Maria pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high-paying, fulfilling position. Was this a marketing exchange?

Accepted Answer

Maria exchanged tuition for an education that directly contributed to her obtaining a high-paying job, fulfilling the criteria of a marketing exchange where both parties receive value.

Question 11

From its inception, where did Chobani want to place its yogurt?

Accepted Answer

Chobani aimed to place its yogurt in the dairy case of major grocery store chains to reach a broad audience and compete directly with established yogurt brands.

Question 12

To serve both buyers and sellers, marketing seeks to discover and ________ the needs and wants of prospective customers.

Accepted Answer

Satisfying the needs and wants of prospective customers is a primary goal of marketing.

Question 13

To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.

Accepted Answer

Marketing aims to discover and satisfy the needs and wants of prospective customers by understanding their preferences and creating value.

Question 14

________ responsible for establishing the organization's mission and objectives.

Accepted Answer

Senior management is responsible for establishing the organization's mission and objectives as they are in charge of setting the strategic direction and overall goals of the organization.

Question 15

Whether an individual is considering a purchase for personal or household use, or an organization is buying for its own use or for resale, the individual or organization would be considered

Accepted Answer

When an individual or organization is considering a purchase, they are a prospective customer because they have not yet made the purchase but are considering it.

Question 16

All of the following are true about marketing except which?

Accepted Answer

Successful marketing aims for mutually beneficial exchanges where both the buyer and seller gain value, rather than creating winners and losers.

Question 17

In marketing, the idea of exchange refers to the

Accepted Answer

Exchange in marketing refers to the trade of things of value between buyer and seller, where both parties benefit from the transaction.

Question 18

Elon Musk was involved in the inception of all of the following companies except which?

Accepted Answer

Facebook was founded by Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. Elon Musk was not involved in the inception of Facebook.

Question 19

A student wants to buy a smartphone so she can share pictures with her friends. An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures, write a report, etc.). If they both purchase the same model smartphone, such as an Apple iPhone, which statement is most accurate?

Accepted Answer

Both the adjuster and the student are prospective customers because they both have specific needs that the smartphone can fulfill, regardless of whether it is for work or personal use.

Question 20

A typical marketing department both shapes and ________ its relationship with internal and external groups.

Accepted Answer

A typical marketing department both shapes and is shaped by its relationship with internal and external groups, indicating a reciprocal relationship.

Quiz 1: Creating Customer Relationships and Value Through Marketing