Question 1

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

Exchange refers to the trade of things of value between buyer and seller so that each is better off after the trade. This is the fundamental concept of marketing, where businesses aim to satisfy the needs and wants of their customers through an exchange of products or services for money.

Question 2

In Figure 1-2 above,"B" represents an organization's partnerships with
A)other organizations.
B)suppliers.
C)shareholders.
D)customers.
E)other departments.

Accepted Answer

The answer of In Figure 1-2 above,"B" represents an organization's...

Question 3

In Figure 1-2 above,"C" represents an organization's ownership with
A)other organizations.
B)suppliers.
C)customers.
D)other departments.
E)shareholders.

Accepted Answer

"C" in the diagram represents the organization's internal environment which includes shareholders, managers, and employees who have ownership and control over the organization's resources. Therefore, the best choice is E, shareholders.

Question 4

In Figure 1-2 above,the center ring "E" in an organization consists of __________,which oversees the departments surrounding it.
A)marketing.
B)manufacturing.
C)human resources.
D)senior management.
E)finance.

Accepted Answer

The center ring in an organization, known as the executive or senior management team, generally consists of top-level leaders who oversee and make decisions for the departments and functions surrounding them. Therefore, choice D, senior management, is the best answer. The other choices may be part of the organization, but they are not typically associated with the center or executive ring.

Question 5

The American Red Cross created a series of advertisements to encourage people to donate blood.After viewing an ad,Amanda went to the local Red Cross office and donated a pint of her blood.Amanda returned home feeling happy that she had performed a good deed.Did an exchange occur in a marketing sense?
A)Yes,because the blood was donated to the Red Cross based on an advertisement,a marketing activity.
B)Yes,because the donated blood was exchanged for a feeling of satisfaction.
C)No,because the Red Cross is nonprofit organization.
D)No,because no money changed hands.
E)No,because the Red Cross,a service organization,did not provide Amanda with a product.

Accepted Answer

An exchange occurred in a marketing sense because Amanda donated her blood in response to the American Red Cross's advertisement, which encouraged people to donate blood. The exchange was not in terms of monetary value but in terms of Amanda's blood donation in exchange for feeling good about performing a good deed.

Question 6

A local college of business offers an outstanding graduate business school education program.Marissa pays the tuition to attend and earns her MBA with a concentration in marketing management.Upon graduating,she is offered a high paying,fulfilling position.Was this a marketing exchange?
A)No,because the university earned a profit from Marissa's tuition.
B)No,because money was exchanged in the form of tuition and Marissa's income will come from her employer,not the graduate school.
C)No,because the school did not provide Marissa with a tangible product,only the potential of an education.
D)Yes,because the university promised Marissa she would graduate on time,and she did.
E)Yes,because paying tuition was exchanged for knowledge that directly led to Marissa's high paying,fulfilling new job.

Accepted Answer

This was a marketing exchange because Marissa paid tuition to receive knowledge from the graduate business school program, and in exchange, she gained the skills and knowledge necessary to secure a high paying, fulfilling job. The fact that money was exchanged does not negate the marketing exchange, as the tuition Marissa paid was in exchange for the education she received. Additionally, the intangible nature of the education provided by the business school does not negate the marketing exchange, as the knowledge and skills Marissa gained were directly tied to her ability to secure a job.

Question 7

Which of the following statements about marketing departments is MOST ACCURATE?
A)The marketing department should work solely with people within its own department.
B)The marketing department should suggest where a firm should invest its money based on its knowledge of the market and environmental forces.
C)The marketing department is only responsible for the 4 Ps,not the 7 Ps.
D)The marketing department is only responsible for market research,supervision of product development,and product promotion.
E)The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

Accepted Answer

Marketing departments cannot work in isolation; they must work with various other departments such as finance, production, and logistics to ensure that the customer's needs are met. This collaborative effort is vital for the survival and prosperity of any organization. Option B is partially correct, but it does not consider the other functions of the marketing department, such as market research and product promotion. Option A, C, and D are incorrect.

Question 8

In Figure 1-2 above,"D" represents an organization's relationships with
A)other organizations.
B)suppliers.
C)shareholders.
D)customers.
E)other departments.

Accepted Answer

The arrow pointing to "D" represents an incoming arrow from the customer, indicating the organization's relationship with its customers. Therefore, "D" represents the organization's relationships with its customers.

Question 9

The marketing department of an organization is responsible for facilitating __________.
A)relationships,partnerships,and alliances with the organization's customers,shareholders,suppliers,and other organizations
B)healthy competition with other product manufacturers
C)financial contracts with banks and other lending institutions
D)alliances with firms with non-competitive products that target similar markets
E)the coordination between the various departments within the entire firm

Accepted Answer

The marketing department is responsible for building and maintaining relationships with customers, shareholders, suppliers, and other organizations.

Question 10

All of the following are environmental forces that affect an organization EXCEPT:
A)economic
B)geographical
C)social
D)regulatory
E)technological

Accepted Answer

Geographical factors do not directly affect an organization as an environmental force. However, they may indirectly impact an organization through the economic, social, or technological factors of a particular geographic region.

Question 11

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 term "exchange" refers to the trade of things of value between a buyer and a seller, with the understanding that both parties will benefit from the transaction. This can involve the exchange of money for goods or services, or the exchange of goods or services for other goods or services. Financial remuneration refers specifically to payment in the form of money, and countertrade and barter involve more complex forms of exchange, such as trade deals between countries or the direct exchange of goods without the use of currency. Marketing is a broader concept that includes the activities involved in promoting and selling products or services, but not necessarily the actual process of exchange.

Question 12

Which of the following is NOT an environmental force?
A)economic
B)regulatory
C)social
D)commercial
E)technological

Accepted Answer

Economic, regulatory, social, and technological forces are all environmental forces that can impact a business. However, commercial forces are not typically considered an environmental force as they are more closely related to a company's internal operations and strategies. Commercial forces could include things like marketing, advertising, and sales tactics.

Question 13

The Terrafugia Transition (see the photo above)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 benefit from the ability to quickly transition between driving and flying to save time on business trips. The high price point and limited seating capacity make it less likely to be chosen by students, retired seniors, teens, or families in need of a second vehicle.

Question 14

All of the following are departments in a typical organization EXCEPT:
A)finance.
B)manufacturing.
C)information systems.
D)human resources.
E)suppliers.

Accepted Answer

While suppliers may be important to an organization, they are not typically considered a department within the organization itself.

Question 15

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 non-governmental organizations or individuals.
E)the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

The idea 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 exchange can involve the exchange of money for a product or service, but it could also involve the exchange of other things of value, such as information or resources.

Question 16

In Figure 1-2 above,"A" represents an organization's alliances with
A)suppliers.
B)customers.
C)shareholders.
D)other departments.
E)other organizations.

Accepted Answer

In Figure 1-2, "A" is labeled as "Network of other organizations." Therefore, the best choice is E, other organizations.

Question 17

The __________ department of an organization is responsible for facilitating relationships,partnerships,and alliances with the organization's customers,shareholders,suppliers,and other organizations.
A)purchasing
B)marketing
C)human resources
D)accounting
E)information systems

Accepted Answer

The marketing department is responsible for managing the relationships with customers, shareholders, suppliers, and other organizations in order to build partnerships and alliances that benefit the organization as a whole. This involves understanding the needs and wants of these stakeholders and developing strategies to address them. The purchasing department is responsible for acquiring goods and services for the organization, the human resources department deals with employee hiring and management, the accounting department handles financial reporting and analysis, and the information systems department manages technology and data for the organization.

Question 18

A church put advertisements in its weekly bulletins to encourage its members to participate in the services by telling a brief,positive story about how fellow members have helped them during times of need.Jack volunteered and shared his story during a service.Afterwards,he felt joyous.Was this an exchange in a marketing sense?
A)Yes,because the church ran an advertisement,a marketing activity.
B)No,because the church is nonprofit organization and these actions are expected without any expectation of "exchange."
C)No,because no money was exchanged.
D)Yes,because sharing his story at a service was exchanged for a feeling of joy.
E)No,because the church did not provide Jack with a tangible product or service.

Accepted Answer

In a marketing sense, an exchange does not necessarily involve money or tangible products. Jack shared his story and received a feeling of joy in return, which constitutes an exchange of value.

Question 19

Which of the following statements about marketing activities is MOST ACCURATE?
A)Marketing is affected by society but rarely,if ever,affects society as a whole.
B)The marketing department works closely with other departments and employees to implement an organization's marketing activities.
C)Marketing activities are the sole responsibility of the marketing department;other departments are involved only if there is an emergency (such as a product recall).
D)Environmental forces do not affect marketing activities as long as a firm closely monitors its environment through rigorous market research.
E)Marketing is essentially developing the right product and convincing potential customers that they "need" it,not just "want" it.

Accepted Answer

The statement that the marketing department works closely with other departments and employees to implement an organization's marketing activities is the most accurate. Marketing activities involve coordination with other departments such as research and development, production, and finance, among others, to ensure that the organization's products or services meet the needs of customers and are profitable. The marketing department cannot function without input from other departments.

Question 20

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 need for the smartphone and therefore are potential customers. The purpose of the smartphone may differ, but both can benefit from using it.

Quiz 1: Creating Customer Relationships and Value Through Marketing

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

In Figure 1-2 above,"B" represents an organization's partnerships with

In Figure 1-2 above,"C" represents an organization's ownership with

In Figure 1-2 above,the center ring "E" in an organization consists of __________,which oversees the departments surrounding it.

A local college of business offers an outstanding graduate business school education program.Marissa pays the tuition to attend and earns her MBA with a concentration in marketing management.Upon graduating,she is offered a high paying,fulfilling position.Was this a marketing exchange?

Which of the following statements about marketing departments is MOST ACCURATE?

In Figure 1-2 above,"D" represents an organization's relationships with

The marketing department of an organization is responsible for facilitating __________.

All of the following are environmental forces that affect an organization EXCEPT:

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

Which of the following is NOT an environmental force?

The Terrafugia Transition (see the photo above) 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

All of the following are departments in a typical organization EXCEPT:

In marketing,the idea of exchange refers to

In Figure 1-2 above,"A" represents an organization's alliances with

The __________ department of an organization is responsible for facilitating relationships,partnerships,and alliances with the organization's customers,shareholders,suppliers,and other organizations.

Which of the following statements about marketing activities is MOST ACCURATE?

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?