Question 1

Marketing is only selling and advertising.

Accepted Answer

Marketing involves a range of activities beyond selling and advertising, including market research, branding, product development, pricing, distribution, and customer relationship management.

Question 2

Holt Renfrew and Harry Rosen stores want to only select customers they can serve well and profitably so they target affluent professionals.

Accepted Answer

Holt Renfrew and Harry Rosen stores are known for selling luxury brands and high-end products, which can only be afforded by affluent professionals or wealthy individuals. Therefore, these stores target this segment to ensure they can serve them well and earn a good profit.

Question 3

Market offerings are limited to products and services.Persons,places,organizations,information,and ideas are not included.

Accepted Answer

This statement is false. Market offerings can include persons (such as celebrity endorsements), places (such as tourist destinations), organizations (such as non-profits), information (such as consulting services), and ideas (such as political campaigns).

Question 4

Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.

Accepted Answer

Market segmentation is the process of dividing a larger market into subgroups of consumers who have similar needs and characteristics. The goal of segmentation is to better understand the needs and behaviors of these groups so that companies can tailor their marketing strategies to match. The purpose of segmentation is not to reduce demand or customers, but rather to better serve them and ultimately increase profits.

Question 5

Market offerings are limited to physical products.

Accepted Answer

Market offerings can include both physical and non-physical products, such as services, experiences, and digital products.

Question 6

Marketing managers know that they can serve all customers in every way.

Accepted Answer

Marketing managers cannot serve all customers in every way as each customer has unique needs and preferences. Marketing managers must segment their market, identify their target audience, and tailor their marketing efforts to meet specific customer needs and preferences.

Question 7

Only sellers of products,services,and ideas practise marketing; buyers do not.

Accepted Answer

Buyers also practice marketing by researching, evaluating, and making decisions on which products, services, or ideas to purchase. They also provide feedback to sellers, which can influence future marketing efforts.

Question 8

Like Running Room,today's successful companies have one thing in common: they are strongly customer focused and heavily committed to marketing.

Accepted Answer

The statement correctly identifies that successful companies are customer focused and heavily committed to marketing, using Running Room as an example.

Question 9

When sellers focus on existing wants and lose sight of underlying customer needs,they suffer from marketing myopia.

Accepted Answer

Marketing myopia is a short-sighted approach where sellers focus on satisfying customers' immediate wants rather than considering their underlying needs. This approach can lead to missed opportunities and decreased customer satisfaction in the long run.

Question 10

Competitors are one of the main elements in the modern marketing system.

Accepted Answer

Competitors are a significant factor in the modern marketing system as they influence market share, pricing strategies, advertising, and product positioning. Companies need to continuously monitor their competitors' activities and adjust their own strategies to stay competitive in the market. Therefore, understanding competitor's strengths and weaknesses is essential to creating successful marketing plans.

Question 11

The production concept and product concept are orientations that can lead to marketing myopia.

Accepted Answer

Both the production concept and product concept focus on the company's internal capabilities and product offering instead of the needs and wants of the customer. This can lead to marketing myopia, where the company becomes too focused on its own products and fails to adapt to changing customer preferences and market trends.

Question 12

An experience such as a vacation can be defined as a market offering.

Accepted Answer

A vacation is a product or service that is offered in the market for people to consume. It is sold by various travel agencies or tourism companies, which makes it a market offering.

Question 13

Not-for-profit organizations,such as universities,hospitals,and museums,do not need to use marketing.

Accepted Answer

Not-for-profit organizations, like any other organization, can benefit from marketing to raise awareness about their mission, attract donors, and engage with their target audience. Marketing can also help these organizations differentiate themselves from their competitors and establish a strong brand presence.

Question 14

Marketing occurs when people decide to satisfy needs and wants through exchange relationships.

Accepted Answer

Marketing involves identifying and fulfilling customers' needs and wants through exchange relationships, which typically involve giving up something of value (e.g. money) in exchange for something else (e.g. a product or service). Therefore, the statement is true.

Question 15

The David Suzuki Foundation powerfully markets the idea that government,business,and individuals can be involved in creating a healthy and sustainable environment.Its marketing offering is not a physical product but an idea.

Accepted Answer

The statement accurately reflects the marketing message of the David Suzuki Foundation, which promotes the idea of collective action towards a sustainable environment rather than a tangible product.

Question 16

Human needs are shaped by culture and individual personality.

Accepted Answer

The answer of Human needs are shaped by culture and...

Question 17

At TELUS,"The future is friendly" whereas Rogers Wireless promises "Canada's reliable network"; such value propositions differentiate one brand from another.

Accepted Answer

Brand value propositions differentiate one brand from another by highlighting unique features, benefits, or promises. TELUS uses the tagline "The future is friendly" to communicate a customer-centric approach, while Rogers Wireless emphasizes network reliability. Both statements are value propositions that differentiate the two brands from one another.

Question 18

Marketing is the process by which companies create value for all the shareholders in order to build strong relationships with them in return.

Accepted Answer

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Question 19

Human wants are states of felt deprivation.

Accepted Answer

The answer of Human wants are states of felt deprivation....

Question 20

When backed by buying power,needs become demands.

Accepted Answer

The answer of When backed by buying power,needs become demands....

Quiz 1: Marketing: Creating and Capturing Customer Value