Question 1

In response to a growing interest in healthful,simple products among consumers,Chobani introduced
A)an Italian-style ragù sauce.
B)a Turkish-style cottage cheese.
C)a French-style butter.
D)a Greek-style yogurt.
E)an Asian-style teriyaki sauce.

Accepted Answer

Chobani introduced a Greek yogurt,a product that is higher in protein,lower in sugar,and thicker and creamier than typical American yogurt.The timing fit perfectly with the changing tastes of American consumers.

Question 2

A church put advertisements in its weekly bulletins to encourage its members to participate in the services by telling a brief,positive story about how fellow members have helped them during times of need.Jack volunteered and shared his story during a service.Afterward,he felt joyous.Was this an exchange in a marketing sense?
A)Yes,because the church ran an advertisement,a marketing activity.
B)No,because the church is a nonprofit organization and these actions are expected without any expectation of "exchange."
C)No,because no money was exchanged.
D)Yes,because sharing his story at a service was exchanged for a feeling of joy.
E)No,because the church did not provide Jack with a tangible product or service.

Accepted Answer

Exchange is the trade of things of value between buyer and seller so that each benefits.In this instance,Jack is a member or "customer" and the church is the "marketer." An exchange occurred when Jack "exchanged" his story at the service for a feeling of joy.The rest of the church membership likely benefited from Jack's story as well.

Question 3

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
A)manufacturing.
B)advertising.
C)marketing.
D)selling.
E)promotion.

Accepted Answer

Key term definition-marketing.

Question 4

The Terrafugia Transition is a 19-foot,two-seater,road-drivable,light-sport aircraft with an anticipated price of $279,000.The most likely prospective customers for this flying car would include
A)students who attend college at least 500 miles away from home.
B)retired seniors receiving Social Security.
C)executives for whom time is extremely important.
D)teens who like to try new things.
E)families in need of a second vehicle.

Accepted Answer

A prospective customer includes anyone who would benefit from owning a product.However,the most likely prospective customer in this case would be an executive for whom time is extremely important.Both the benefits of the Terrafugia Transition and the willingness and ability to pay for it are needed for prospective customers to become actual customers.

Question 5

An organization's stockholders,its suppliers,its employees,its customers,and society at large all share what in common with regard to an organization?
A)All should benefit from the marketing of an organization's offering.
B)Everyone has a say in the ultimate design of a product.
C)Everyone is legally culpable if something goes wrong with a product.
D)All have to make some type of direct financial investment in the organization so it can profitably sell its products.
E)All use the products and/or services marketed by the organization.

Accepted Answer

Marketing is defined as the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large.It stresses the importance of delivering genuine benefits in the offerings of goods,services,and ideas marketed to customers.Also,an organization's marketing activities should create value for its partners and for society.

Question 6

In marketing,the idea of exchange refers to
A)the negotiation phase between the manufacturer and the seller.
B)the financial remuneration (monetary payment)for a product or service.
C)the trade of things of value between buyer and seller so that each is better off after the trade.
D)the bartering of products and services between nongovernmental organizations or individuals.
E)the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

Key term definition-exchange.

Question 7

From its inception,Chobani wanted to place its yogurt where?
A)in organic foods section of major grocery store chains
B)in warehouse club stores like Sam's Club or Costco
C)in the dairy case of major grocery store chains
D)in mass merchandise stores like Target
E)in independent organic cooperatives,farmer's markets,and major organic grocery stores like Whole Foods or Sprouts

Accepted Answer

Chobani pushed for distribution in major grocery chains rather than smaller niche stores,and encouraged placement of the product in the main dairy cases of the stores,not in the specialty or health food sections.The thinking was that Americans would really like Greek yogurt if they tried it,and that they would try it if they had heard about it and could find it easily in their grocery store.

Question 8

Elon Musk was involved in the inception of all of the following companies except which?
A)SpaceX
B)PayPal
C)Tesla
D)Facebook
E)SolarCity

Accepted Answer

Elon Musk has been involved in a variety of innovative business ventures,including PayPal,SpaceX,Tesla,and Solar City.He was not a part of Facebook's inception.

Question 9

To serve both buyers and sellers,marketing seeks to ________ and satisfy the needs and wants of prospective customers.
A)change
B)create
C)manipulate
D)discover
E)measure

Accepted Answer

To serve both buyers and sellers,marketing seeks (1)to discover the needs and wants of prospective customers and (2)to satisfy them.

Question 10

Mizuno designs and sells high quality baseball gloves.Who benefits from the firm's marketing activities for its gloves?
A)a baseball or softball player who purchases a new Mizuno glove
B)the Dick's Sporting Goods salesperson who sells a customer a Mizuno glove
C)the supplier who provided the leather to Mizuno
D)the shareholder of Mizuno that designs and manufactures the gloves
E)All stakeholders should benefit from Mizuno's marketing efforts,even society at large.

Accepted Answer

Marketing is defined as the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large.It stresses the importance of delivering genuine benefits in the offerings of goods,services,and ideas marketed to customers.Also,notice that an organization's marketing activities should create value for its partners and for society.

Question 11

Marketing refers to
A)the production of products or services that will generate the highest return on investment.
B)the strategies used in the advertising and promotion of products and services to customers around the globe.
C)the process of identifying target market segments for a product or service and using selling tactics to reach them.
D)the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers.
E)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.

Accepted Answer

Key term definition-marketing.

Question 12

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as
A)financial remuneration.
B)exchange.
C)countertrade.
D)barter.
E)marketing.

Accepted Answer

Key term definition-exchange.

Question 13

All of the following are true about marketing except which?
A)Marketing is a broader activity than advertising.
B)Marketing stresses the importance of delivering genuine benefits in the offerings of goods,services,and ideas sold to customers.
C)Successful marketing usually results in one "winner" and one or more "losers."
D)When an organization engages in marketing,it should also create value for its partners and society.
E)Marketing is a broader activity than personal selling.

Accepted Answer

Marketing is defined as the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large.Marketing is a far broader activity than simply advertising or personal selling.It stresses the importance of delivering genuine benefits in the offerings of goods,services,and ideas marketed to customers.Also,notice that an organization's marketing activities should create value for its partners and for society.

Question 14

Which of the following statements about marketing is most accurate?
A)Unless you take a marketing class,you will never truly know anything about marketing.
B)Marketing is nothing more than common sense.
C)Marketing requires an innate sense of creativity;you either have it or you don't.
D)You can call yourself a marketing expert only if you have sold something.
E)You have significant marketing expertise since you make marketing-related decisions every day.

Accepted Answer

You perform many marketing activities and make marketing-related decisions every day.Your experience in shopping gives you some expertise in marketing.As a consumer,you've been involved in thousands of marketing decisions,but mostly on the buying and not the selling side.

Question 15

The American Red Cross creates advertisements to encourage people to donate blood.After viewing one,Amanda decided to donate a pint of blood.After she did,Amanda felt happy that she had performed a good deed.Did an exchange occur in a marketing sense?
A)Yes,because the blood was donated to the Red Cross based on an advertisement,a marketing activity.
B)Yes,because the donated blood was exchanged for a feeling of satisfaction.
C)No,because the Red Cross is a nonprofit organization.
D)No,because no money changed hands.
E)No,because the Red Cross,a service organization,did not provide Amanda with a product.

Accepted Answer

Exchange is the trade of things of value between buyer and seller so that each benefits.An exchange occurred when Amanda exchanged her donated blood for a feeling of satisfaction,which she valued.The Red Cross received the donated blood to serve the needs of society in times of accident or disaster.

Question 16

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
A)a prospective customer.
B)a dual-purpose marketing decision maker.
C)a potential distributor.
D)an informed buyer.
E)an end user.

Accepted Answer

Prospective customers include both individuals,buying for themselves and their households,and organizations that buy for their own use (such as manufacturers)or for resale (such as wholesalers and retailers).

Question 17

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?
A)The adjuster is a prospective customer because the smartphone will be used for work;the student is only a secondary user since the purpose of the smartphone is just for entertainment.
B)Both the adjuster and the student are potential customers because in their own way,they both benefit from the smartphone.
C)Neither the adjuster nor the student is a prospective customer since the company will pay for the adjuster's smartphone and the student's parents will pay for hers.
D)The student is the prospective customer since there are more students buying smartphones for personal use than there are insurance adjusters buying smartphones for business use.
E)Only a person who has bought a smartphone previously is a prospective customer because only previous owners of smartphones benefit from buying new ones.

Accepted Answer

Prospective customers include both individuals,buying for themselves and their households,and organizations that buy for their own use (such as manufacturers)or for resale (such as wholesalers and retailers).A prospective customer includes anyone who could benefit from owning a product,whether previously owning one or not.

Question 18

A local college of business offers an outstanding graduate business school education program.Marissa 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?
A)No,because the university earned a profit from Marissa's tuition.
B)No,because money was exchanged in the form of tuition and Marissa's income will come from her employer,not the graduate school.
C)No,because the school did not provide Marissa with a tangible product,only the potential of an education.
D)Yes,because the university promised Marissa she would graduate on time,and she did.
E)Yes,because paying tuition was exchanged for knowledge that directly led to Marissa's high-paying,fulfilling new job.

Accepted Answer

Exchange is the trade of things of value between buyer and seller so that each benefits.In this instance,Marissa is the customer and the college is the marketer.An exchange occurred when Marissa paid her tuition to the college and received the education required to earn a degree that resulted in the job offer.

Question 19

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?
A)sponsor U.S.Olympic and Paralympic teams
B)price the Chobani yogurt line below its major competitors (Yoplait and Dannon)to increase sales and market share
C)use Facebook,YouTube,and other social media to promote Chobani yogurt
D)rely on word of mouth to reach new customers
E)air a Super Bowl commercial featuring a large bear searching for a snack

Accepted Answer

Marketers at Chobani did not price the Chobani yogurt line below its major competitors (Yoplait and Dannon)to increase sales and market share.There is no mention of Chobani's pricing strategy or tactics in the chapter opener example of the textbook.

Question 20

To serve both buyers and sellers,marketing seeks to discover and ________ the needs and wants of prospective customers.
A)change
B)satisfy
C)create
D)manipulate
E)preserve

Accepted Answer

To serve both buyers and sellers,marketing seeks (1)to discover the needs and wants of prospective customers and (2)to satisfy them.

Quiz 1: Creating Customer Relationships and Value Through Marketing

In response to a growing interest in healthful,simple products among consumers,Chobani introduced

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

The Terrafugia Transition is a 19-foot,two-seater,road-drivable,light-sport aircraft with an anticipated price of $279,000.The most likely prospective customers for this flying car would include

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

In marketing,the idea of exchange refers to

From its inception,Chobani wanted to place its yogurt where?

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

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

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

Marketing refers to

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

All of the following are true about marketing except which?

Which of the following statements about marketing is most accurate?

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

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

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?

A local college of business offers an outstanding graduate business school education program.Marissa 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?

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?

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