Question 1

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

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?

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

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

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?

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

Accepted Answer

Key term definition-exchange.

Question 7

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

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?

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.

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?

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

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

Accepted Answer

Key term definition-exchange.

Question 13

All of the following are true about marketing except which?

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?

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?

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

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?

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?

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?

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.

Accepted Answer