Question 1

Explain market segmentation.Automakers offer different automobiles for different market segments.Identify one car made by one automaker and one car made by another automaker.What customer segment would each car benefit and why?

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Question 2

Select one product you purchased within the last thirty days.Identify the marketplace of your purchase.Do you believe this product could or could not have been purchased from: a shopping mall,a mail- order catalog,a television shopping network,an eBay- auction,or an e- commerce website?

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Question 3

An engineer with a great idea wanted to start a company.Since he does not know much about business he needs an explanation of what marketing is.Give him an explanation?

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Question 4

A firm has a competitive advantage when it is able to out perform the competition,providing customers with a benefit the competition cannot.

Accepted Answer

A competitive advantage occurs when a firm offers something unique or superior that competitors cannot easily replicate, leading to better performance.

Question 5

How has the Internet aided in the administration of the marketing concept of customer relationship management (CRM)?

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Question 6

What is a system developed by marketers to help measure the return on investment (ROI)?

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Question 7

Why must a firm also be aware of its competitive advantage and distinctive competency regarding its competition?

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Question 8

The Ford Motor Company sponsored: "The Great American Pony Drive II" in honor of devotees of its legendary Mustang.How is the Ford Motor Company calculating the lifetime value of a customer of the Mustang?

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Question 9

Explain how groups of people watching a particular show on the Spanish language television network could be described as the mass market,the market segment,and the target market.Explain your answer.

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Question 10

Explain the concept of business- to- business marketing.Select one industry.What examples can you give of products that would fall within the guidelines of business- to- business transactions?

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Question 11

Automobiles,haircuts,tutoring,and lighting fixtures are all examples of consumer goods.

Accepted Answer

Automobiles, haircuts, tutoring, and lighting fixtures are not all examples of consumer goods; automobiles and lighting fixtures are consumer goods, but haircuts and tutoring are services.

Question 12

Explain how addictive consumption is a dimension of the "dark side" of marketing.

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Question 13

Can a stakeholder for a tennis equipment company be a consumer of that company's goods.Can a consumer be a stakeholder?

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Question 14

The elements of the marketing mix are the four Ps.

Accepted Answer

The marketing mix includes product, price, place, and promotion, also known as the four Ps.

Question 15

What are two competitive advantages a customer may receive in buying a bottle of soda in a local corner convenience store versus a chain grocery store?

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Question 16

A consumer shopping at The World's Most Famous Surf Shop is also a of the company because he has an interest in the company.
A)user
B)benefit
C)need
D)value
E)stakeholder

Accepted Answer

A stakeholder is someone who has an interest or concern in a business, which can include consumers who are affected by the company's operations or success.

Question 17

How are companies adapting to the paradigm shift of the wired world?

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Question 18

Needs relate to either physical or psychological functions.How does Levi Strauss & Co.satisfy both of these needs with their jeans?

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Question 19

Select one real company located in your home state.How does the company address the stakeholders: buyers,sellers,and investors in the company; community residents; and citizens of the nation where the goods and/or services are made and/or sold?

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Question 20

Within the context of the marketing mix,place refers to the availability of the product to the customer at the desired time and location.

Accepted Answer

Place is one of the four Ps of marketing, referring to the distribution channels and methods that companies use to make their products available to customers. This includes the physical location where the product is sold, as well as the online channels used to make the product available to customers.

Quiz 1: Welcome to the World of Marketing: Createand Deliver Value