Question 1

Which of the following is an example of possession utility?

Accepted Answer

Possession utility is the value to the consumer of making an item easy to purchase so consumers can use it.The mobile phone company offers six-month financing,same as cash terms to consumers,thus increasing ease of purchase.

Question 2

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day.This creates both ________ and ________ utilities.

Accepted Answer

Place utility is the value to consumers of having a product or service available where needed,whereas time utility is the value to consumers of having a product or service available when needed.Redbox vending machines create both time and place utilities.

Question 3

Add your own personal experience and creativity to what you have learned about marketing.Formulate a plan to assess the needs of either (1)students who have too many textbooks to carry to and from class or (2)executives who are too busy to keep up with the latest information in their field.

Accepted Answer

The answer of Add your own personal experience and creativity...

Question 4

Chobani used all of the following tactics to promote its Greek yogurt except which?

Accepted Answer

While it may be a good tactic,Chobani did not sponsor the Food Network's "Rachael vs.Guy: Kids Kick-Off" TV show with its Chobani Kids Pouches,which is targeted at kids.

Question 5

Describe the marketing mix actions mentioned in the textbook that Chobani has taken since its founding in 2005.

Accepted Answer

The answer of Describe the marketing mix actions mentioned in...

Question 6

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Accepted Answer

The answer of What are the two key objectives of...

Question 7

Why are you,as a student,already somewhat of a marketing expert before taking this course? Provide a specific example from your own personal experience and relate it to something you just "formally" learned about marketing.

Accepted Answer

The answer of Why are you,as a student,already somewhat of...

Question 8

In addition to consumers,what other people,groups,and environmental forces interact to influence an organization's marketing activities?

Accepted Answer

The answer of In addition to consumers,what other people,groups,and environmental...

Question 9

Robert was running low on cash when he went to buy his marketing textbook on the first day of class.Luckily,the bookstore accepted his VISA card,so the bookstore created ________ utility for Robert.

Accepted Answer

Possession utility is the value to the consumer of making an item easy to purchase so consumers can use it.The bookstore accepts major credit cards,thus increasing ease of purchase.

Question 10

The founder of Chobani,who won the 2013 Ernst & Young World Entrepreneur of the Year award,is

Accepted Answer

Hamdi Ulukaya is founder and chief executive officer of Chobani,Inc.

Question 11

The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes ________ utility.

Accepted Answer

Key term definition-possession utility.

Question 12

What four factors are required for marketing to occur?

Accepted Answer

The answer of What four factors are required for marketing...

Question 13

Define needs and wants.Can marketing shape a person's wants? Explain your answer.

Accepted Answer

The answer of Define needs and wants.Can marketing shape a...

Question 14

Some people may assume that for a marketer,the only thing of value for which he or she would "exchange" would be monetary (check,credit/debit,currency,and/or coin transactions).But what else can be exchanged? Provide an example of a nonmonetary transaction that still fits the criteria of exchange.

Accepted Answer

The answer of Some people may assume that for a...

Question 15

All of the following are current or prospective distribution channels for Chobani yogurt except which?

Accepted Answer

Chobani sees its Greek yogurt widely distributed in both conventional and mass supermarkets,warehouse club stores,and natural food stores.On the horizon is growing distribution in convenience and drug stores,as well as schools.

Question 16

What is the definition of marketing according to the text? How does this differ from your previous notion of marketing before beginning this course?

Accepted Answer

The answer of What is the definition of marketing according...

Question 17

In China,many people are removing their money from the state banks and lending it out themselves.The interest rate earned in a state bank account is about one-half the rate of inflation.On the other hand,lending money to friends,relatives,and even unrelated entrepreneurs can often earn the investor a rate at least double the inflation rate.The gray market,an underground network of investors and private businesses,moves the cash from lenders to businesses.Did marketing occur here? Explain your answer.

Accepted Answer

The answer of In China,many people are removing their money...

Question 18

One difference between "Greek" yogurt and "American" yogurt is that the latter

Accepted Answer

In the opinion of Hamdi Ulukaya,the founder of Chobani,"American" yogurt is "too thin,too sweet,too fake."

Question 19

All of the following are points of difference for Chobani yogurt except which?

Accepted Answer

Chobani is free of ingredients such as milk protein concentrate and animal-based thickeners,which some manufacturers add to make Greek-style yogurt.

Question 20

Which of the following is an example of time utility?

Accepted Answer

Time utility is the value to consumers of having a product or service available when needed.The Goodwill drop-off box allows consumers to drop off clothing regardless of the time of day.

Quiz 1: Creating Customer Relationships and Value Through Marketing