Question 1

Over the past decade or so,marketers have begun to realize that it is best to structure a firm's customer orientation in terms of transactions rather than relationships.

Accepted Answer

This statement is not true. Over the past decade or so, marketers have actually shifted towards focusing on building and maintaining long-term relationships with customers, rather than just focusing on individual transactions. This approach is known as customer relationship management (CRM).

Question 2

Value is what you get for what you give.

Accepted Answer

Value is essentially the benefit or advantage you receive in exchange for something you give, whether it's money, time, effort, etc. Therefore, value is directly related to what you give in order to obtain it.

Question 3

Marketers might wish to sell their products to everyone,but it is not practical to do so.

Accepted Answer

It is not practical to sell products to everyone as different people have varied needs, interests, and financial situations. Marketers should focus on their target audience to improve the effectiveness of their marketing efforts.

Question 4

Jami sells construction equipment.Whenever she calls on her building contractor customers,she asks if they are having any problems.In doing so,Jami is addressing which of the following core aspects of marketing?
A) Satisfying customer needs and wants
B) The exchange function of marketing
C) Product,place,promotion,and price decisions
D) Decisions about the setting in which marketing takes place
E) Creating value

Accepted Answer

Jami is addressing the aspect of satisfying customer needs and wants by asking if they are having any problems, which shows that she is seeking to understand and address their specific needs in order to provide value to them.

Question 5

Because thoughts,opinions,and philosophies are neither goods nor services,they cannot really be marketed.

Accepted Answer

Thoughts, opinions, and philosophies can be marketed in various forms such as books, speeches, consulting services, and courses. Therefore, they can be considered as intellectual property that can be monetized and marketed.

Question 6

By publishing a Code of Ethics,a firm ensures that all employees will behave ethically.

Accepted Answer

A Code of Ethics provides guidelines and expectations for ethical behavior, but it does not guarantee that all employees will adhere to it.

Question 7

Garage sales and online classified ads are examples of C2C marketing.

Accepted Answer

Garage sales and online classified ads are both examples of consumer-to-consumer (C2C) marketing, as they involve individuals buying and selling goods or services to each other, rather than businesses targeting consumers.

Question 8

Julia is considering a career in marketing.She is concerned about the image of marketers as fast-talking,high-pressure people.When reading about the core aspects of marketing,Julia is relieved to see that in marketing:
A) all parties to an exchange should be satisfied.
B) promotion is the most important consideration,followed by pricing decisions.
C) decisions are made regarding how a product is designed.
D) customers are not considered until the product is ready for sale.
E) distribution is controlled by customers.

Accepted Answer

The core concept of marketing is satisfying customer needs in a mutually beneficial exchange, which means that both the customer and marketer should be satisfied. This contradicts the image of marketers as high-pressure individuals who only care about making a sale. Therefore, option A is the best choice. Options B, C, D, and E are incorrect because they do not reflect the true nature of marketing. Promotion is important, but it is not more important than other aspects such as product design, pricing, and distribution. Decisions regarding product design are made with the customer in mind, and customers are critical in every stage of the marketing process. Finally, customers do not control distribution, but instead, marketers make strategic decisions on how to distribute products to the right channels.

Question 9

When a car manufacturer sells trucks,cars,and car parts to the government or military,this is an example of B2C marketing.

Accepted Answer

Selling to the government or military falls under B2G (business-to-government) marketing, not B2C (business-to-consumer) marketing.

Question 10

The group of firms that makes and delivers a given set of goods and / or services is called a supply chain.

Accepted Answer

This is the definition of a supply chain.

Question 11

Good marketing is not a random activity.

Accepted Answer

Good marketing requires a clear strategy and objectives, targeted messaging and communication, research and analysis of the market and customer needs, and careful planning and execution. It is a deliberate and purposeful activity that is designed to achieve specific business goals. Random marketing activities are unlikely to be effective or efficient in achieving these goals.

Question 12

The Apple™ iPad has been successful because it provides value to customers.

Accepted Answer

The success of the Apple iPad is attributed to the value it provides to customers through its features, performance, and convenience.

Question 13

Marketing is an activity that only large firms with specialized departments can execute.

Accepted Answer

While large firms may have specialized marketing departments, marketing can be executed by businesses of all sizes and even individuals through various channels such as social media, email marketing, and content creation.

Question 14

Marketing involves all of the following EXCEPT:
A) conducting exchanges.
B) satisfying customer needs and wants.
C) creating value.
D) efforts by individuals and organizations.
E) production scheduling.

Accepted Answer

Production scheduling is not a part of marketing. Marketing primarily involves conducting exchanges, satisfying customer needs and wants, creating value, and efforts by individuals and organizations.

Question 15

Value-based marketing helps to build long-term customer loyalty.

Accepted Answer

Value-based marketing focuses on creating value for customers and meeting their needs, which can lead to increased customer satisfaction and loyalty over time.

Question 16

When a good or service is promoted,the purpose of the promotion is to inform,persuade,or remind customers.

Accepted Answer

The three primary purposes of promotion are to inform, persuade, or remind customers about a product or service. Therefore, the statement is true.

Question 17

The four Ps include product,promotion,planning,and place.

Accepted Answer

The answer of The four Ps include product,promotion,planning,and place....

Question 18

The power adapters Dell sells with its computers are built by small companies who specialize in power-related accessories.Dell and the power adapter manufacturers are engaging in B2B marketing.

Accepted Answer

B2B marketing refers to the marketing of goods or services from one business to another. In this case, Dell is purchasing power adapters from specialized manufacturers, which is an example of B2B marketing.

Question 19

When a tee shirt manufacturer states,"We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing?
A) Production-oriented
B) Sales-oriented
C) Market-oriented
D) Value-based marketing
E) Economic-oriented

Accepted Answer

The statement reflects a production-oriented mindset because the focus is on producing the product efficiently and maximizing production capabilities rather than catering to the specific wants and needs of the market.

Question 20

Understanding a customer's needs and wants is fundamental to marketing success.

Accepted Answer

Understanding a customer's needs and wants is crucial to creating products and services that meet their demands and marketing effectively to them. Without understanding their needs and wants, businesses risk creating products or marketing campaigns that do not resonate with their target audience, leading to ineffective marketing and lower sales.

Quiz 1: Overview of Marketing