Question 1

Today, marketers embrace technologies to help them connect to their customers.

Accepted Answer

This statement is true. With the rise of digital marketing and the increasing use of social media and data analytics, technologies have become an essential tool for marketers to reach and engage with their target customers.

Question 2

The basic difference between a good and a service is that a good

Accepted Answer

A good is a tangible item that can be physically touched or held, whereas a service is intangible and cannot be touched or held.

Question 3

River North Art Gallery, known for selling paintings, recently began offering appraisals of customers' art collections. River North is

Accepted Answer

River North Art Gallery is expanding its product offering by adding the service of appraisals to its originally offered goods of selling paintings. Thus, it has expanded from offering just goods to also offering services.

Question 4

For marketers, "exchange," refers to

Accepted Answer

In marketing, "exchange" refers to the act of trading things of value between two parties, such as money for a product or service. This is a core concept in marketing and is essential to understanding how businesses function in the marketplace.

Question 5

Michaela is an organizational expert. Whenever she works with a new client, she always invites the client to join her e-mail distribution list. In this marketing exchange, the client's e-mail address represents

Accepted Answer

The client's e-mail address is a piece of information that Michaela uses to communicate with them and keep them updated on her services. It is not promotional capital as it does not represent a tangible asset or resource. It is also not pricing data, as pricing information would be related to the cost of Michaela's services, not the client's contact information. Value cocreation and services are also not applicable in this context.

Question 6

Marketers must determine the price of a product carefully based on the potential buyer's beliefs about

Accepted Answer

The price of a product should be based on the potential buyer's beliefs about its value. This means that the price should reflect the perceived worth of the product to the buyer, rather than simply the cost to manufacture it or the current economic outlook. Marketers must understand the value proposition of their product and price it accordingly to ensure it is perceived as valuable by potential buyers.

Question 7

Marketing analytics is one tool marketers can use to become more value driven.

Accepted Answer

Marketing analytics involves using data and insights to make informed decisions about marketing strategies and tactics. By analyzing customer behavior, preferences, and engagement, marketers can better understand their target audience and create more effective campaigns that deliver value to customers. This focus on delivering value is a key component of a value-driven approach to marketing.

Question 8

Hunter offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on

Accepted Answer

Hunter should base her pricing decisions on how different customers perceive the value of her services. Since her customers are willing to pay different rates, this indicates that their perceived value of her services varies. Therefore, Hunter should consider the unique needs and expectations of each customer when setting her fees in order to maximize the value they receive and optimize her revenue.

Question 9

Meryl is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Meryl is relieved to see that in marketing

Accepted Answer

Understanding consumer needs and wants is one of the core aspects of marketing. Marketing is about creating value for customers by identifying their needs and wants and offering products or services to satisfy those needs and wants. Promotion and pricing decisions are important, but they are not the only considerations in marketing. Value creation is driven by both corporate interests and customer needs, and distribution is controlled by the company rather than customers. Therefore, the best choice is A.

Question 10

In his role as a product developer at Comfy Shoes, Henry should determine the price of his products carefully based on the potential buyer's interest in his products and

Accepted Answer

Henry should consider the buyer's belief about the products' value as it directly influences their willingness to pay and can help in setting a price that aligns with perceived value.

Question 11

Jada sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jada is addressing which of the following core aspects of marketing?

Accepted Answer

By asking her customers if they are having any problems, Jada is showing that she is focused on satisfying their needs and wants, which is a core aspect of marketing.

Question 12

Some discount stores place products in large bins, inviting consumers to spend time hunting through them to find a bargain. The price these consumers pay includes

Accepted Answer

Consumers who spend time hunting through large bins to find a bargain are paying with their time and energy, which is a cost beyond the actual price they pay at the register.

Question 13

What is a core aspect of marketing?

Accepted Answer

Making product, place, promotion, and price decisions is a core aspect of marketing as it involves strategic planning and execution of the four P's of marketing.

Question 14

Which of these consumers is involved in an exchange for a service?

Accepted Answer

Natalie purchased a movie ticket online, which is an exchange of money for a service.

Question 15

Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of social and mobile media to connect better with their customers.

Accepted Answer

By encouraging customers to use their phones to check in at Buffalo Wild Wings locations, the company is utilizing social and mobile media to engage with customers and potentially generate social media buzz.

Question 16

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, which includes

Accepted Answer

The marketing mix, also known as the four Ps, refers to the four interrelated decisions that marketers make when creating a marketing strategy. These four Ps are product, price, promotion, and place. Planning, performance, persistence, and parcel are not part of the traditional marketing mix.

Question 17

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

Accepted Answer

The four Ps (product, price, promotion, and place) are all controllable variables that a firm can use to influence its target market. Therefore, the marketing mix is a controllable set of decisions or activities.

Question 18

The scout troops at Rivers Elementary enjoy a program each year that promotes safe choices when viewing information online. This program is marketing

Accepted Answer

The program promoting safe choices when viewing information online is marketing an idea, the idea being to make safe choices online.

Question 19

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Accepted Answer

This statement is true. Many studies have shown that companies that engage in socially responsible actions tend to have better reputations, increased customer loyalty, and improved employee morale, which can ultimately lead to increased profits and long-term success. Additionally, there is growing pressure from stakeholders and consumers for companies to act responsibly, further emphasizing the importance of corporate citizenship.

Question 20

Approximately 50 percent of marketers use social media tools for their businesses.

Accepted Answer

The percentage of marketers using social media tools for their businesses is significantly higher than 50 percent. Most reports and surveys suggest that over 90% of marketers utilize social media to some extent.

Quiz 1: Overview of Marketing