Question 1

An organic farmer has identified three distinct groups for his products: vegetarians,people who are concerned about chemicals in their foods,and people who consider themselves innovators and trendsetters.

Accepted Answer

The three distinct groups identified by the organic farmer for his products are market segments. A market segment is a group of consumers with similar needs, preferences or characteristics that a company can target with a specific marketing strategy. In this case, the farmer has identified three specific groups with different needs and preferences, which allows him to tailor his marketing efforts to each segment.

Question 2

A ________ consists of all possible customers in a market,regardless of the differences in their specific needs and wants.

Accepted Answer

The mass market consists of all possible customers in a market, regardless of the differences in their specific needs and wants. It is the opposite of a niche market, which focuses on fulfilling the needs of a small and specific group of customers. The other options are not relevant to the definition of a mass market.

Question 3

The benefits the product provides are referred to as the ________ product while supporting features such as warranties and delivery are referred to as the ________ product?

Accepted Answer

The core product refers to the fundamental benefits or value that the product provides to the consumer, while the augmented product includes additional features and services such as warranties and delivery that enhance the product's value.

Question 4

An article about the Morning Dove Spa in a local newspaper talks about how relaxed and without stress you feel after being at the spa and that relaxation is important for busy professionals.

Accepted Answer

The article is promoting the Morning Dove Spa and its services, emphasizing the importance of relaxation for busy professionals.

Question 5

The first phase of marketing planning is the development of an organisational mission.

Accepted Answer

The answer of The first phase of marketing planning is...

Question 6

Which of these statements about mass marketing is true?

Accepted Answer

Mass marketing can be cost-effective due to economies of scale, but it may not be the most effective strategy for reaching all customer segments. Companies need to consider factors such as product differentiation and segmentation when deciding on a marketing strategy. Movie production and distribution companies are an example of industries that use mass marketing, but it is not always the best strategy for all businesses. Therefore, option E is the only true statement about mass marketing in this question.

Question 7

According to one artist,"My average total cost for making a small stained glass window is $200,and I typically bargain with my customers.

Accepted Answer

The term "price" refers to the amount of money that a customer is willing to pay for a product or service. In this case, the artist mentions that they bargain with their customers, indicating that there is a negotiation process in which the price is determined. The other choices (cost, distribution, production, and promotion) are related to different aspects of the business process but do not specifically refer to the price of the product.

Question 8

The ________ element of the marketing mix refers to the availability of the product to the consumer at the desired time and location.

Accepted Answer

Place refers to the distribution channel and availability of the product to the consumer at the right time and location. It involves the selection of appropriate channels of distribution, transportation, and warehousing of goods. Therefore, option A) is the correct choice. B) position refers to how a customer perceives a brand or product, C) production refers to the manufacturing process and production costs, D) price refers to the monetary value of the product, and E) distribution is another term for place, which is already mentioned as the correct answer.

Question 9

________ is the value the customer gives up or exchanges to obtain the desired product.

Accepted Answer

Price is the value that the customer gives up or exchanges to obtain the desired product. It is the amount of money or other resources that the customer is willing to sacrifice in order to acquire the product.

Question 10

A ________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.

Accepted Answer

A market segment refers to a group of customers who share similar needs and characteristics that set them apart from the larger market. By identifying and targeting these specific segments, businesses can better tailor their marketing efforts and meet the unique needs of their customers. Popular culture refers to the trends and preferences of the general public, while the mass market refers to the overall market for a particular product or service. Value chain and stakeholder are not directly related to market segmentation.

Question 11

A catalogue retailer has identified married females between the ages of 25 and 45 with at least one child as the market segment toward which it will direct its marketing efforts.

Accepted Answer

The market segment identified by the retailer (married females between the ages of 25 and 45 with at least one child) is its target market.

Question 12

A product's market position refers to ________.

Accepted Answer

Market position refers to how the organization wants its products perceived in relation to competitors' products. It is the image or identity that a product occupies in the mind of the consumer, based on the benefits it provides, the value it offers, and how it is differentiated from competitors.

Question 13

The ________ element of the marketing mix is used to communicate the value proposition.

Accepted Answer

Promotion is the element of the marketing mix used to communicate the value proposition to the target market. This includes advertising, personal selling, sales promotion, public relations, and direct marketing. Price refers to the cost assigned to the product or service, production refers to the manufacturing process, distribution refers to getting the product to the customer, and place refers to the physical location where the product is sold.

Question 14

Discuss how today's consumers interact with marketers.Illustrate using examples.

Accepted Answer

The answer of Discuss how today's consumers interact with marketers.Illustrate...

Question 15

A beer company ran a series of ads featuring scantily clad women playing volleyball.Many consumers felt that the beer campaign demeaned women in order to appeal to men.Discuss the objections to the campaign from a societal perspective.

Accepted Answer

The answer of A beer company ran a series of...

Question 16

The marketing mix consists of tools that are used to create a desired response from a set of predefined consumers.

Accepted Answer

The marketing mix consists of all of the above elements - price, product, place, and promotional activities. Each element works together to create a response from the intended target market. The product must meet the customers' needs and wants, the price must be competitive in the market, the product must be available where and when customers want it, and promotional activities must effectively communicate the benefits and uniqueness of the product.

Question 17

The ________ is a document that describes the marketing environment,outlines the marketing objectives and strategy,and identifies who will be responsible for carrying out each part of the marketing strategy.

Accepted Answer

A marketing plan is a formal written document that provides a detailed roadmap for the company's marketing efforts. It outlines the marketing environment, identifies the target audience, sets marketing objectives, and details the marketing mix, including product, price, promotion, and distribution strategies. It also assigns roles and responsibilities to each member of the marketing team.

Question 18

The Four Ps are ________.

Accepted Answer

The Four Ps refers to the marketing mix, which includes price, product, place, and promotion. These are the key elements that businesses focus on to create a successful marketing strategy. Choice A is incorrect as possession is not one of the Four Ps. Choice C is incorrect as the Four Ps are not classifications of consumer goods but rather marketing tactics. Choice D is incorrect as identifying target markets is a separate process from the marketing mix. Choice E is incorrect as connecting competitors and marketplaces is not a traditional marketing concept.

Question 19

A catalogue retailer has identified female professionals between the ages of 35 and 45 as a potential market for its products.

Accepted Answer

The retailer has identified a specific group, "female professionals between the ages of 35 and 45," which can be considered a market segment. Market segmentation involves dividing a broad market into smaller groups of customers with similar needs or characteristics, allowing companies to tailor their marketing efforts to those specific segments.

Question 20

When it's done right,________ is a decision ________ in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal.

Accepted Answer

The question is asking about a decision process in which marketing managers determine strategies to meet long-term objectives and execute them using available tools. The only option that fits this description is A) marketing; process. The other options are either unrelated or do not focus on decision-making for long-term objectives.

Quiz 1: Welcome to the World of Marketing: Creating and Delivering Value