Question 1

Products are either marketed to the B2B market or the B2C market, but never to both.

Accepted Answer

Sometimes products are used in both markets. For example, cleaning supplies are B2C products when sold to households, but B2B products when sold for janitorial purposes.

Question 2

Martin goes to his favorite local bakery and hands the cashier $2 for a muffin. What has just taken place?

Accepted Answer

An exchange has just occurred when a customer at a bakery hands a cashier $2 for a muffin. An exchange is the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas). Businesses exchange their goods, services, or ideas for money or credit supplied by customers in a voluntary exchange relationship.

Question 3

Beth and Tom are celebrating their 10-year wedding anniversary and have decided to celebrate by going on a dinner cruise. Tom goes to the website "Dinner on the Dock" to book the cruise and pays for it with his credit card. This is an example of a(n)

Accepted Answer

By paying the online retailer with a credit card, Tom is engaging in the process of exchange. An exchange is the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas). Businesses exchange their goods, services, or ideas for money or credit supplied by customers in a voluntary exchange relationship.

Question 4

Lucia went to a new salon in the area to get her hair cut and colored. However, the stylist cut her hair shorter than she wanted and wouldn't use the bold red color Lucia wanted. As a result, Lucia did not feel good about her purchase. What does this most likely mean for the future of this exchange relationship?

Accepted Answer

Since Lucia did not feel good about her purchase, she will most likely go to a different salon and stylist for her next cut and color. The buyer must feel good about the purchase, or the exchange will not continue. If your cell phone service works everywhere, you will probably feel good about using its services. But if you have a lot of dropped calls, you will probably use another phone service next time.

Question 5

Alfonso and Jorge both collect baseball cards. Alfonso has a valuable and rare card that Jorge has been wanting for a long time. What must Jorge do to convince Alfonso to part with this card?

Accepted Answer

Since Jorge wants a valuable and rare baseball card that Alfonso has, he must be able to offer Alfonso something he values enough to give up this card. Buyers and sellers must be able to communicate about the "something of value"
available to each. An exchange does not necessarily take place just because buyers and sellers have something of value to exchange. Each participant must be willing to give up his or her respective "something of value"
to receive the "something"
held by the other.

Question 6

The Coffee Clutch is a small, local company that, in addition to making delicious coffee drinks, offers its customers live music, open microphone nights, free Internet access, and comfortable seating so they can enjoy their coffee with friends or while working. In the case of this company, which statement is most likely true?

Accepted Answer

In the case of The Coffee Clutch, the tangible product itself may not be as important as the benefits associated with the product. While customers are buying delicious smoothies, they benefit from the intangible "something of value"
the company provides, which includes live music, open microphone nights, free Internet access, and comfortable seating.

Question 7

Sarah has produced 1,000 jars of raspberry jam, using the homegrown raspberries from her field. By concentrating her efforts on advertising and publicity, she is trying to encourage people to notice and buy her product. Through her promotional activities, Sarah is primarily engaging in the marketing function of

Accepted Answer

Through her promotional activities, Sarah is primarily engaging in the marketing function of selling. Marketers usually view selling as a persuasive activity that is accomplished through promotion (advertising, personal selling, sales promotion, publicity, and packaging).

Question 8

Larry has a farm where he grows fresh vegetables and fruit. The process he uses to move the produce to the local farmer's market where he will sell them to customers is the marketing activity known as

Accepted Answer

The marketing activity of transporting is the process of moving products from the seller to the buyer. Marketers focus on transportation costs and services.

Question 9

Deborah owns a rustic furniture store in New Hampshire. When customers buy her unique furniture pieces, she arranges a time for her employees to deliver the furniture to their homes using her delivery truck. This is an example of

Accepted Answer

This is an example of transporting, which is the process of moving products from the seller to the buyer. Marketers focus on transportation costs and services.

Question 10

Ben is the marketing manager of a large department store that sells a variety of household appliances, including refrigerators, washing machines, and stoves. What might Ben do to help customers finance these large, expensive items?

Accepted Answer

For many products, especially large items such as automobiles, refrigerators, and new homes, the marketer arranges credit to expedite the purchase.

Question 11

Through ________, marketers ascertain the need for new goods and services.

Accepted Answer

Through research, marketers ascertain the need for new goods and services. By gathering information regularly, marketers can detect new trends and changes in consumer tastes.

Question 12

Olga is shopping for a new laptop computer. All the computer brands offer laptops with standard screens and keyboards, but each brand offers different software packages, memory amounts, processor speeds, hard drive sizes, and operating systems. Olga notices that the price of laptops varies depending on the features they include. In order to choose the best laptop computer for her, Olga will most likely

Accepted Answer

Value is a customer's subjective assessment of benefits relative to costs in determining the worth of a product (customer value = customer benefits - customer costs). In order to choose the best laptop for her, Olga will most likely judge which type of laptop offers her the best value according to the benefits she desires and her willingness and ability to pay for the costs associated with those benefits.

Question 13

Preston decides to buy a new car. He does a lot of research online and goes to several car dealerships to test drive cars. He finally decides on a car to purchase, but, in order to buy it, Preston must take out a loan. He also must get the car inspected and registered before he can start driving it. In this scenario, which is a nonmonetary cost associated with Preston's car purchase?

Accepted Answer

In this scenario, the time Preston took to test drive various car models is a nonmonetary cost associated with purchasing the car. The most obvious cost is the monetary price of the product, but nonmonetary costs can be equally important in a customer's determination of value. Two nonmonetary costs are the time and effort customers expend to find and purchase desired products.

Question 14

For greater accessibility, Bowen Tools places its products at every popular superstore. The convenience provided by the company is an example of reducing ________ costs.

Accepted Answer

In this scenario, Bowen Tools is increasing product availability, thereby making it more convenient for buyers to purchase its products. This reduces the customers' time and effort, which are nonmonetary costs.

Question 15

Marissa owns an equestrian clothing store. After many customers complained that her clothing only fit petite riders, she decided to add a new brand of riding clothes that makes clothing for all body shapes and sizes. In regard to the marketing concept, which statement describes Marissa's decision?

Accepted Answer

Marissa's decision reflects that to remain competitive, companies must be prepared to add to or adapt their product lines to satisfy customers' desires. Each business must determine how best to implement the marketing concept, given its own goals and resources.

Question 16

The Car Lot is a large car dealership. It could sell its cars for $500 and give customers a lifetime guarantee, but based on the marketing concept, why shouldn't it do this?

Accepted Answer

If The Car Lot sells its cars for $500 and gives customers a lifetime guarantee, it would be great for customers, but it wouldn't be so great for The Car Lot. The company must strike a balance between achieving organizational objectives and satisfying customers.

Question 17

Which orientation in the evolution of the marketing concept was characterized by the supply of manufactured goods catching up with and then exceeding demand, leading businesspeople to realize they would have to promote their products to get buyers to desire them?

Accepted Answer

During the sales orientation, the supply of manufactured goods caught up with and then exceeded demand, which made businesspeople realize they would have to "sell"
products to buyers. Those who adopted the sales orientation perspective believed the most important marketing activities were personal selling and advertising.

Question 18

Michael worked for a textile manufacturer during the first half of the 20th century. When the supply of his company's textiles exceeded customer demand, he realized that he would have to invest more money in advertising his products and go directly to his customers to convince them to purchase his products. Based on this scenario, Michael has most likely adopted the ________ orientation.

Accepted Answer

Based on this scenario, Michael has adopted the sales orientation. During the first half of the 20th century, businesspeople viewed sales as the primary means of increasing profits. Those who adopted the sales orientation perspective believed that the most important marketing activities were personal selling and advertising.

Question 19

Victoria is a marketing manager. A large part of her role is trying to assess what customers want and building long-term relationships with customers. What would likely complicate Victoria's job?

Accepted Answer

Trying to assess what customers want, which is difficult to begin with, is further complicated by the rate at which trends, fashions, and tastes can change. Most companies' success depends on increasing the amount of repeat business; therefore, relationship building between company and customer is key. Many companies are turning to technologies associated with customer relationship management to help build relationships and boost business with existing customers. Although it may be easy to dismiss customer relationship management as time-consuming and expensive, this mistake could destroy a company.

Question 20

According to the market orientation, profits can be obtained through

Accepted Answer

According to the market orientation, profits can be obtained through relationships by acquiring new customers, enhancing the profitability of existing customers, and extending the duration of customer relationships.

Quiz 11: Customer-Driven Marketing