Question 1

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
A) manufacturing.
B) advertising.
C) marketing.
D) selling.
E) promotion.

Accepted Answer

Marketing encompasses all aspects of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Manufacturing refers specifically to the production of goods, while advertising and promotion are subsets of marketing that focus on specific communication tactics. Selling is a part of the marketing process but not the entirety of it.

Question 2

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to
A) the trade of things of value between buyer and seller so that each is better off after the trade.
B) the negotiation phase between the manufacturer and the seller.
C) the financial remuneration (monetary payment) for a product or service.
D) the transport of tangible goods to new owners.
E) the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

Marketing is all about satisfying the needs and wants of the customers. Exchange is the process of giving something of value to someone else and receiving something of value in return. The ultimate goal of exchange is for both parties to be better off after the trade. Therefore, the best choice is A, which states that exchange refers to the trade of things of value between buyer and seller so that each is better off after the trade.

Question 3

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as
A) financial remuneration.
B) exchange.
C) countertrade.
D) barter.
E) marketing.

Accepted Answer

The definition given is a clear description of an exchange where goods, services or money is traded between a buyer and a seller with the intention that both parties will gain value from the transaction. Financial remuneration refers specifically to payment by money, which is not always the case in an exchange. Countertrade and barter are forms of exchange, but not all exchanges involve these particular types of transactions. Marketing is a broader concept that encompasses all activities related to creating, promoting, and delivering products or services to customers.

Question 4

Marketing refers to
A) the production of products or services that will generate the highest return on investment.
B) the strategies used in the advertising and promotion of products and services to customers around the globe.
C) the process of identifying target market segments for a product or service and using selling tactics to reach them.
D) the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers.
E) 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.

Accepted Answer

Marketing encompasses all of the activities involved in creating and delivering offerings that provide value to customers, clients, partners, and society at large. This includes identifying target market segments, developing products and services that meet their needs, communicating the value proposition to customers, and delivering products and services through various channels. Marketing is not just about advertising and promotion, but also includes product development, pricing, and distribution strategies.

Question 5

To serve both buyers and sellers,marketing seeks to __________ and satisfy the needs and wants of prospective customers.
A) change
B) create
C) manipulate
D) discover
E) measure

Accepted Answer

Marketing seeks to discover the needs and wants of prospective customers, in order to better serve buyers and sellers by satisfying those needs and wants. While marketing may involve creating products or manipulating consumer behavior, ultimately the goal is to understand and address the needs of the market.

Question 6

Mizuno designs and sells high quality baseball gloves.Who does benefit from the firm's marketing activities for its gloves?
A) a baseball or softball player who purchases a new Mizuno glove
B) the Dick's Sporting Goods salesperson who sells a customer a Mizuno glove
C) the supplier who provided the leather to Mizuno
D) the shareholder of Mizuno that designs and manufactures the gloves
E) Actually, all stakeholders should be benefit from Mizuno's marketing efforts, even society at large.

Accepted Answer

Marketing activities aim to create value and satisfaction for all stakeholders, including customers, employees, suppliers, shareholders, and society, by promoting and selling products effectively.

Question 7

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
A) students who attend college at least 500 miles away from home.
B) retired seniors receiving Social Security.
C) executives for whom time is extremely important.
D) teens who like to try new things.
E) families in need of a second vehicle.

Accepted Answer

Executives for whom time is extremely important would find the Terrafugia Transition a convenient mode of transportation as it functions as both a plane and a car, allowing them to save time by avoiding airport security lines and long drives. The other options are unlikely as they don't necessarily need a flying car or may not be able to afford it.

Question 8

In marketing,the idea of exchange refers to
A) the negotiation phase between the manufacturer and the seller.
B) the financial remuneration (monetary payment) for a product or service.
C) the trade of things of value between buyer and seller so that each is better off after the trade.
D) the bartering of products and services between nongovernmental organizations or individuals.
E) the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

The concept of exchange in marketing refers to the trade of things of value between buyer and seller so that each is better off after the trade. This includes both tangible goods and intangible services in which both parties benefit from the transaction. It is not limited to the negotiation phase, monetary payment, bartering, or swapping of products and services for other products and services.

Question 9

Initially,Facebook targeted which consumer market segment?
A) grade school children ages 6 to 12 years old
B) high school students
C) college students
D) adults with professional occupations
E) senior adults 55 years and older

Accepted Answer

Facebook was initially targeted towards college students.

Question 10

Which of the following statements about marketing is most accurate?
A) Unless you take a marketing class, you will never truly know anything about marketing.
B) Marketing is nothing more than common sense.
C) Marketing requires an innate sense of creativity; you either have it or you don't.
D) You can call yourself a marketing expert only if you have sold something.
E) You have significant marketing expertise since you make marketing-related decisions every day.

Accepted Answer

Marketing involves making decisions and activities that influence the demand for and success of a product or service. Therefore, making marketing-related decisions every day, such as choosing what to wear, what to eat, what to watch, or what to buy, reflects some level of marketing expertise. While taking a marketing class, selling something, or being creative can enhance one's understanding and skills in marketing, they are not necessary prerequisites for having marketing knowledge.

Question 11

Mark Zuckerberg encountered unimaginable success with his launch of "TheFacebook.com" website from his college dorm room.By the second week,it had almost __________ members.
A) 100
B) 300
C) 500
D) 1,000
E) 5,000

Accepted Answer

The answer of Mark Zuckerberg encountered unimaginable success with his...

Question 12

To serve both buyers and sellers,marketing seeks to discover and __________ the needs and wants of prospective customers.
A) change
B) satisfy
C) create
D) manipulate
E) preserve

Accepted Answer

Marketing's goal is to satisfy the needs and wants of prospective customers, not to manipulate or change them. The focus is on creating value for both buyers and sellers by identifying and addressing their needs. The concept of creating needs is not in line with ethical marketing practices. The goal is to preserve customer relationships by ensuring that their needs are being met. Therefore, the correct option is B- satisfy.

Question 13

In response to a growing interest in healthful,simple products among consumers,Chobani introduced
A) an Italian-style ragù sauce.
B) a Turkish-style cottage cheese.
C) a French-style butter.
D) a Greek-style yogurt.
E) an Asian-style teriyaki sauce.

Accepted Answer

Chobani is a Greek-owned company that specializes in Greek-style yogurt, so it makes sense that they would introduce a healthful and simple product that aligns with their cultural background and expertise.

Question 14

An organization's stockholders,its suppliers,its employees,its customers,and society at large all share what in common with regard to an organization?
A) All are stakeholders and should benefit from the marketing of an organization's offering.
B) Everyone has a say in the ultimate design of a product.
C) Everyone is legally culpable if something goes wrong with a product.
D) All have to make some type of direct financial investment in the organization so it can profitably sell its products.
E) All use the products and/or services marketed by the organization.

Accepted Answer

All of these groups are stakeholders in the organization, meaning they have a vested interest in its success and should benefit from its marketing efforts. It is important for organizations to consider the needs and wants of all of their stakeholders in order to create long-term sustainable success.

Question 15

Whether an individual is buying for personal or household use,or an organization is buying for its own use or for resale,the individual or organization would be considered
A) a prospective customer.
B) a dual-purpose marketing decision maker.
C) a potential distributor.
D) an informed buyer.
E) an end user.

Accepted Answer

The answer of Whether an individual is buying for personal...

Question 16

Mark Zuckerberg is a cofounder of the social networking website called
A) Pinterest.
B) Groupon.
C) LinkedIn.
D) Facebook.
E) Twitter.

Accepted Answer

Mark Zuckerberg is one of the cofounders of Facebook, which is a popular social networking website that was launched in February 2004.

Question 17

All of the following are true about marketing except which?
A) Marketing is a broader activity than advertising.
B) Marketing stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas sold to customers.
C) Successful marketing usually results in one "winner" and one or more "losers."
D) When an organization engages in marketing, it should also create value for its partners and society.
E) Marketing is a broader activity than personal selling.

Accepted Answer

Successful marketing does not necessarily result in a "winner" and "losers". In fact, effective marketing can create win-win situations where both the company and the customer benefit.

Question 18

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?
A) The adjuster is a prospective customer because the smartphone will be used for work; the student is only a secondary user since the purpose of the smartphone is just for entertainment.
B) Both the adjuster and the student are potential customers because in their own way, they both benefit from the smartphone.
C) Neither the adjuster nor the student is a prospective customer since the company will pay for the adjuster's smartphone and the student's parents will pay for hers.
D) The student is the prospective customer since there are more students buying smartphones for personal use than there are insurance adjusters buying smartphones for business use.
E) Only a person who has bought a smartphone previously is a prospective customer because only previous owners of smartphones benefit from buying new ones.

Accepted Answer

Both the adjuster and the student have a potential need for the smartphone and could benefit from its features, regardless of the specific purpose. Both could be potential customers for the same model smartphone. The fact that the insurance company or the student's parents may pay for the smartphone does not affect their status as potential customers.

Question 19

From its inception,Chobani wanted to place its yogurt where?
A) in organic food section of major grocery store chains
B) in warehouse club stores like Sam's Club or Costco
C) in the dairy cases of major grocery store chains
D) in mass merchandise stores like Target
E) in independent organic cooperatives, farmers' markets, and major organic grocery stores like Whole Foods or Sprouts

Accepted Answer

Chobani wanted to place its yogurt in the dairy cases of major grocery store chains, which is evidenced by their approach to using a traditional distribution model and focusing on building relationships with major retailers like Walmart and Kroger.

Question 20

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?
A) sponsor U.S. Olympic and Paralympic teams
B) price the Chobani yogurt line below its major competitors (Yoplait and Dannon) to increase sales and market share
C) use Facebook, YouTube, and other social media to promote Chobani yogurt
D) rely on word of mouth to reach new customers
E) air a Super Bowl commercial featuring a large bear searching for a snack

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.

Quiz 1: Creating Customer Relationships and Value Through Marketing

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

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as

Marketing refers to

To serve both buyers and sellers,marketing seeks to __________ and satisfy the needs and wants of prospective customers.

Mizuno designs and sells high quality baseball gloves.Who does benefit from the firm's marketing activities for its gloves?

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

In marketing,the idea of exchange refers to

Initially,Facebook targeted which consumer market segment?

Which of the following statements about marketing is most accurate?

Mark Zuckerberg encountered unimaginable success with his launch of "TheFacebook.com" website from his college dorm room.By the second week,it had almost __________ members.

To serve both buyers and sellers,marketing seeks to discover and __________ the needs and wants of prospective customers.

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

An organization's stockholders,its suppliers,its employees,its customers,and society at large all share what in common with regard to an organization?

Whether an individual is buying for personal or household use,or an organization is buying for its own use or for resale,the individual or organization would be considered

Mark Zuckerberg is a cofounder of the social networking website called

All of the following are true about marketing except which?

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?

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

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?