Question 1

The particular way in which a person chooses to satisfy the requirement for any of the basic necessities of life is a(n):

Accepted Answer

A want is a desire for a specific way to satisfy a need, such as choosing between a hamburger or pizza to satisfy the need for food. Therefore, the particular way in which a person chooses to satisfy a requirement for any of the basic necessities of life is a want.

Question 2

An artist in an opera performs for the benefit of the audience.The live performance of the artist would be termed a(n):

Accepted Answer

The live performance of the artist in an opera can be considered a service as it is an act of providing entertainment to the audience.

Question 3

Which of the following holds true for the term "goods"?

Accepted Answer

Goods are physical, tangible products that can be produced by people or machines and can be separated from the producer. They are distinct from services, which are intangible.

Question 4

The controllable set of activities that a firm uses to respond to the wants of its target markets is referred to as:

Accepted Answer

The marketing mix refers to the controllable set of activities that a firm uses to respond to the wants of its target markets. It includes product, price, promotion, and place (distribution) decisions.

Question 5

A non-governmental organization provides food and shelter to homeless people.Food and shelter are included in the definition of:

Accepted Answer

Food and shelter are considered needs, which are necessary for survival. Needs are a subset of wants, but they are more essential and urgent.

Question 6

In the context of understanding consumer needs and wants, which of the following is true of wants?

Accepted Answer

Wants are shaped by a person's knowledge, culture, and personality, which means they can vary greatly from person to person and across different cultures. This influences people's buying behavior as they prioritize certain wants over others based on their own unique preferences and experiences.

Question 7

Tangerine Inc.conducts art contests for kindergarteners across many schools.The company encourages parents and siblings to be involved in these contests to encourage and support the participants.Parents and siblings constitute the:

Accepted Answer

The primary target market for Tangerine Inc. is the kindergarteners who participate in the art contests. The parents and siblings who are encouraged to be involved in the contests are a part of the secondary target market, as they are not the primary focus but can influence the participation and success of the primary target market.

Question 8

A commercial roofing company provides commercial roofing services as its primary service.It also takes up residential roof repair and replacement for a few individual customers.The residential market provides solid revenue and constitutes the:

Accepted Answer

The commercial roofing company's primary service is commercial roofing, therefore the commercial market is their primary target market. Residential roof repair and replacement is only a secondary service that they offer to a few individual customers, meaning the residential market is a secondary target market for them.

Question 9

Which of the following holds true for the term "services"?

Accepted Answer

Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.

Question 10

The trade of things of value between a buyer and a seller so that each is better off as a result is referred to as a(n):

Accepted Answer

The definition provided perfectly describes the concept of an exchange, which involves both parties receiving something of value that they desire, resulting in an increase in overall satisfaction or utility. Choices A, B, D, and E all do not fully encapsulate the concept of an exchange.

Question 11

Since women constitute 90 percent of Karen's-a pharmacy chain's-customers, the chain decided to implement changes that would make the shopping experience more pleasant for them.Karen introduced a system for shorter waiting time at the check-out counters, wider and better-lit passageways, and more beauty products.Women constitute Karen's:

Accepted Answer

Karen's decision to implement changes to make the shopping experience more pleasant for women indicates that they are the target market. The strategies implemented are aimed at specifically addressing the needs and preferences of this group of customers.

Question 12

Sports Inc., a global sports brand, wants to present an effective campaign across many markets.The company wants to engage the youth across key markets in Europe, and the campaign's main objective is to generate awareness about the company.These efforts are made by Sports Inc.to attract the youth as they constitute the company's:

Accepted Answer

The question states that Sports Inc.'s main objective is to generate awareness about the company among the youth in key markets in Europe. This implies that the youth demographic is the primary target market for the campaign. Option A and C are incorrect as they do not accurately describe the youth demographic. Option D is incorrect as it suggests that the youth demographic is not a primary target market, but a secondary one. Option E is also incorrect as the youth demographic is not a niche market, but rather a large and important target market for Sports Inc.

Question 13

Basic necessities of life, such as food, clothing, shelter, or safety are referred to as:

Accepted Answer

Basic necessities of life are referred to as needs. Needs are things which are necessary for survival and are required to sustain life.

Question 14

Which one of the followings is NOT true about marketing?

Accepted Answer

Marketing can be performed by individuals or organizations, therefore it is not always performed by an organization.

Question 15

The fundamental purpose of marketing is to create value by:

Accepted Answer

The purpose of marketing is ultimately to create value for the customer by developing a variety of offerings (goods, services, and ideas) that satisfy their needs. This involves understanding the customer's wants and desires, and creating products that meet those needs while also generating profit for the company. A and B are more related to employee management, while C and E are too narrow in scope and do not encompass the larger purpose of marketing.

Question 16

A trader in the market trades his goods for the money that is paid for the goods offered by him.This is an example of a(n):

Accepted Answer

The given scenario represents an exchange, where the trader offers goods and receives money in return. Demand refers to the desire for a particular good or service, while want, necessity, and need denote the state of lacking something. Therefore, the best choice in this case is C - exchange.

Question 17

Which of the following include thoughts, opinions, philosophies, and intellectual concepts that can be marketed?

Accepted Answer

Thoughts, opinions, philosophies, and intellectual concepts fall under the category of ideas, which can be marketed. Desires, needs, wants, and exchanges are related to tangible goods and services, rather than intellectual concepts.

Question 18

Human beings require clothes to cover their bodies.Some of them may wear designer clothes, while others may pick up clothes from the flea market.This example illustrates different ways to satisfy a basic requirement of life and describes the concept of a(n):

Accepted Answer

The answer of Human beings require clothes to cover their...

Question 19

Which of the following holds true for the term "price"?

Accepted Answer

"Price" refers to the amount of money, time, or energy (or all three) that a customer is willing to give up in order to purchase a product or service. The other answer choices do not accurately describe the meaning of the term "price."

Question 20

The customer segment or group to whom a firm is interested in selling its products and services is the:

Accepted Answer

Target market refers to the specific group of customers that a firm aims to sell its products or services to. This group is identified based on factors such as demographics, psychographics, behavior, and needs. A firm's marketing strategies are directed towards this target market as they are the most likely to purchase the product or service. The other options - commodity market, stock market, currency market, and artificial market - do not refer to specific customer segments, but rather to different types of financial markets.

Quiz 1: Overview of Marketing

The particular way in which a person chooses to satisfy the requirement for any of the basic necessities of life is a(n) :

An artist in an opera performs for the benefit of the audience.The live performance of the artist would be termed a(n) :