Question 1

HappyCow is an example of a location-based social media application.

Accepted Answer

HappyCow is a location-based social media application that helps users find vegan-friendly restaurants and cafes in their area.

Question 2

As it relates to marketing,the trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.

Accepted Answer

This is the definition of an exchange in marketing, where both parties benefit from the trade of things of value.

Question 3

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

Accepted Answer

False

Question 4

Marketing advises production about how much of the company's product to make and then tells supply chain mangers when to ship it.

Accepted Answer

Marketing often forecasts demand and communicates with production to ensure the right amount of product is made, and then coordinates with supply chain managers for timely distribution.

Question 5

The marketing plan is broken down into various components-how the product or service will be conceived or designed,how much it should cost,where and how it will be promoted,and how it will get to the consumer.

Accepted Answer

This statement accurately describes the various components of a marketing plan.

Question 6

Value is what you get for what you give.

Accepted Answer

This statement is true. Value refers to the worth, usefulness or importance of something, and it is determined by what you give (e.g. time, effort, money) in exchange for it. In other words, the more you give, the more value you should expect to receive in return.

Question 7

The power adapters Dell sells with its computers are built by small companies that specialize in power-related accessories.When Dell purchases its power adapters from these small companies,it is engaged in B2B marketing.

Accepted Answer

B2B marketing refers to business-to-business marketing where one business sells goods or services to another business. In this scenario, Dell is purchasing power adapters from small companies, which is an example of B2B marketing.

Question 8

As Godiva and Hershey's battle for chocolate lovers,they divide the population into a host of categories such as luxury versus cost-conscious and service-oriented versus self-service.

Accepted Answer

The statement accurately reflects how Godiva and Hershey's may approach targeting different segments of the chocolate-loving population.

Question 9

Entrepreneurs are people who organize,operate,and assume the risk of a business venture.

Accepted Answer

This is a commonly accepted definition of an entrepreneur.

Question 10

Supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers,manufacturers,warehouses,stores,and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities,to the right locations,and at the right time.

Accepted Answer

This statement accurately describes the definition of supply chain management.

Question 11

When a manufacturer sells truck and car parts to Toyota,this is an example of B2C marketing.

Accepted Answer

This is an example of B2B marketing, as the manufacturer is selling to another business (Toyota) rather than directly to consumers (B2C).

Question 12

Margo likes her morning coffee,and she always stops at Starbucks because it is on her way to work.Margo is being influenced by the place element of the marketing mix.

Accepted Answer

Margo's decision to choose Starbucks based on proximity to her work is an example of how the place (or distribution) element of the marketing mix can influence consumer behavior.

Question 13

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

Accepted Answer

Small businesses and individuals can also engage in marketing activities and strategies with the help of various tools and resources available, such as social media, email marketing, and content marketing. Additionally, outsourcing marketing services is also an option for businesses of any size.

Question 14

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Accepted Answer

Good corporate citizenship and socially responsible actions can lead to increased customer loyalty, positive brand image, and improved employee morale, which can ultimately contribute to higher profits and long-term sustainability for the firm.

Question 15

Key to the success of many entrepreneurs is that they launch ventures that aim to satisfy unfilled needs.

Accepted Answer

Many successful entrepreneurs identify gaps in the market and launch ventures to fill those gaps or satisfy unfilled needs.

Question 16

The four Ps of the marketing mix include product,promotion,planning,and place.

Accepted Answer

The four Ps of the marketing mix include product, promotion, price, and place.

Question 17

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

Accepted Answer

Garage sales and online classified ads are both examples of consumers selling goods directly to other consumers, which is the essence of C2C marketing.

Question 18

In value cocreation,the customer participates in the creation of a good or service,which provides additional value to the customer.

Accepted Answer

In value cocreation, customers are seen as active participants in the creation of a good or service, adding their own knowledge, skills, and experiences to improve the final outcome and create additional value for themselves and other stakeholders. This collaborative approach is becoming increasingly important in many industries, as companies seek to build stronger relationships with their customers, better understand their needs and preferences, and innovate more effectively in a rapidly changing marketplace.

Question 19

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

Accepted Answer

Understanding the marketplace and a customer's needs and wants is a basic principle of marketing. It helps companies to develop products or services that are tailored to meet the needs of their target consumers, and to create marketing campaigns that effectively communicate the benefits of their offerings to prospective customers. Failing to understand the marketplace and consumers' needs and wants can result in a product or service that doesn't appeal to anyone, or marketing campaigns that miss the mark and fail to generate interest or sales.

Question 20

To build relationships,firms focus on the lifetime profitability of the relationship,not how much money is made during each transaction.

Accepted Answer

Firms that prioritize building long-term relationships with customers focus on maximizing the total value of the relationship over time, rather than solely focusing on short-term profits from individual transactions. This approach tends to lead to greater customer loyalty and more sustainable business growth.

Quiz 1: Overview of Marketing