Question 1

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization and its stakeholders is referred to as __________.
A)marketing
B)production
C)manufacturing
D)selling
E)promotion

Accepted Answer

Marketing encompasses all aspects of creating, communicating, delivering, and exchanging offerings that benefit both the organization and its stakeholders. Production and manufacturing refer to the creation of goods, while selling and promotion are focused on the exchange of products and services.

Question 2

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

Accepted Answer

Marketing aims to discover the needs and wants of prospective customers to effectively serve both buyers and sellers.

Question 3

If other companies applied the same strategy used by David Windorski at 3M, they would most likely
A)find a winning strategy and stick with it.
B)search continuously to discover customers' needs.
C)change strategies every ten years to avoid becoming complacent.
D)avoid excessive attention to customers' demands; customers cannot always differentiate between their needs and their wants.
E)focus on the shareholders of the company and know the strategy will follow.

Accepted Answer

David Windorski's strategy at 3M focused on continuously searching for customer needs and innovating new products to meet those needs. If other companies applied this strategy, they would likely have a better understanding of their customers and be able to tailor their products and services to meet their changing demands over time. This would ultimately lead to greater long-term success and profitability.

Question 4

While working at 3M, Windorski and his team observed and questioned students about how they used their textbooks, took notes, wrote term papers, and reviewed for exams, primarily in order to
A)convince them of 3M's superiority over other competitors.
B)determine how much the average college student traditionally spends on bookstore supplies.
C)find possible correlations between students' study styles and their final grades.
D)discover a potentially new way to satisfy student needs by creating a new product.
E)relate more effectively with a younger student population.

Accepted Answer

The article states that Windorski and his team were observing and questioning students about their study habits and needs in order to potentially create a new product that would satisfy those needs. Therefore, the best choice is D. The other options are not mentioned in the article.

Question 5

In October 2006, __________ bought YouTube for $1.65 billion, only 21 months after its founding.
A)Apple
B)Google
C)Microsoft
D)Warner Brothers
E)Insight Film Studios

Accepted Answer

Google bought YouTube for $1.65 billion in October 2006, as stated in the question.

Question 6

Which of the following statements about stakeholders is most accurate?
A)Ultimately the only stakeholder is the customer.
B)The organization doing the marketing, suppliers, shareholders, employees, and consumers are all potential stakeholders.Ultimately all of society should benefit.
C)Employees can be stakeholders only if they own shares in their company.
D)Suppliers are the most important stakeholders because without them, products could never reach the consumer.
E)The only way to be a stakeholder is to have a financial investment in a good, idea, or service.

Accepted Answer

The most accurate statement about stakeholders is that the organization doing the marketing, suppliers, shareholders, employees, and consumers are all potential stakeholders, and ultimately all of society should benefit. This recognizes the various groups that have an interest in or are affected by the actions of the company, and acknowledges that the company has a responsibility to consider and serve the needs of all stakeholders, not just the customer or the shareholders. The statement that only employees who own shares can be stakeholders, or that financial investment is necessary to be a stakeholder, are both incorrect. And while suppliers are important stakeholders, they are not necessarily the most important, as other groups like employees, customers, and the broader community can also have significant stakes in the success or failure of a company.

Question 7

Whether an individual is buying for personal use or use for his household, or an organization is buying for its own use or for resale, the individual or organization would be considered
A)a prospective customer.
B)the primary marketing decision maker.
C)a potential marketing risk.
D)an informed buyer.
E)an unqualified prospect.

Accepted Answer

The individual or organization who is buying is a prospective customer as they have shown interest in purchasing the product or service.

Question 8

YouTube.com was named Time Magazine's Invention of the Year for 2006.They attributed its success to the fact that it
A)was both edgy and easy for users.
B)was targeted exclusively to the new "web-savvy" generation.
C)placed no restrictions on the type of material that could be uploaded.
D)charged only a nominal user's fee so almost everyone could have access.
E)had built-in spyware to protect its users.

Accepted Answer

YouTube's success was attributed to its edgy content and user-friendly interface, making it accessible and appealing to a wide audience.

Question 9

Which of the following statements about the study of 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; unfortunately most people have none.
C)Marketing cannot really be taught.It requires an innate sense of creativity; you either have it or you don't.
D)You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.
E)You can call yourself a marketing expert only if you have been in sales (even if you only sold something as a child).

Accepted Answer

This statement acknowledges that experience as a consumer is valuable in understanding marketing, which is true. However, it also implies that taking a marketing class or having professional experience in marketing can enhance one's knowledge beyond just being a consumer.

Question 10

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.
A)marketing
B)advertising and promotion
C)innovative selling
D)creative planning
E)consumerism

Accepted Answer

The definition provided describes the core concept of marketing, which involves creating, communicating, delivering, and exchanging products or services that offer value to the organization, its stakeholders, and society. Advertising and promotion, innovative selling, and creative planning are all sub-elements of marketing. Consumerism refers to the advocacy for consumer protection and rights, which is related to marketing but not a comprehensive definition of it.

Question 11

The minds behind the YouTube concept were
A)Bill Gates, Michael Dell, and Steve Jobs.
B)Steve Chen, Chad Hurley, and Jawed Karim.
C)Elon Musk, Steve Wozniak, and Bill Gates.
D)Wei Xin, Elon Musk, and Steve Jobs.
E)Jerry Yang, David Filo, and Jeff Bezos.

Accepted Answer

The creators and co-founders of YouTube were Steve Chen, Chad Hurley, and Jawed Karim, who launched the website in February 2005. None of the other options have any direct association with the creation of YouTube.

Question 12

The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.
A)selling
B)advertising
C)marketing
D)commerce
E)trade

Accepted Answer

Marketing involves a comprehensive process of discovering and satisfying customer needs and wants through creating, communicating, delivering and exchanging offerings that benefit both the organization and its stakeholders. Selling, advertising, commerce and trade are all part of the marketing process, but marketing encompasses a broader perspective that includes building and maintaining long-term customer relationships and considering the impact on society as a whole.

Question 13

A student wants to buy a cell phone so she can share pictures with her friends, and an insurance claims adjuster wants to buy a cell phone to document accident reports.If they both purchase the same model phone, which statement is most accurate?
A)The adjuster is a prospective customer because the phone will be used for work; the student is only a secondary user since the purpose of the phone is just for entertainment.
B)Both the adjuster and students are potential customers because in their own way, they both benefit from the product.
C)Neither the adjuster nor the student is a prospective customer, since most likely the company will pay for the adjuster's phone and the student's parents will pay for hers.
D)The student is the prospective customer since there are more students buying phones for personal use than there are insurance adjusters buying phones for business use.
E)Every person who uses a cell phone is a prospective customer whether they receive benefit from the phone or not.

Accepted Answer

Both the adjuster and student have different needs and purposes for purchasing the same model phone, but they both benefit from the product, making them both potential customers. The fact that the adjuster needs it for work and the student for entertainment does not disqualify one or the other from being a potential customer.

Question 14

More than half of new businesses fail within __________ years of their launch.
A)two
B)three
C)four
D)five
E)ten

Accepted Answer

According to statistics, more than half of new businesses fail within the first five years of their launch.

Question 15

Steve Chen, Chad Hurley, and Jawed Karim were the minds behind the __________ concept.
A)PayPal
B)eBay
C)Amazon
D)YouTube
E)Facebook

Accepted Answer

Steve Chen, Chad Hurley, and Jawed Karim were the founders of YouTube, which is a video-sharing platform.

Question 16

Marketing refers to
A)the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its shareholders, and employees.
B)the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its shareholders, and customers.
C)the activity for creating, communicating, delivering a product or service to a specific segment of the market, providing the greatest customer value at the highest possible price.
D)the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large.
E)the activities of advertising, promoting, and selling products to the greatest number of potential customers while simultaneously meeting the needs of the customer and organization.

Accepted Answer

Marketing involves creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large, encompassing a broader perspective beyond just the organization and its immediate customers.

Question 17

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.
A)marketing
B)production and advertising
C)innovative selling
D)creative planning
E)consumerism

Accepted Answer

The definition provided in the question is the widely accepted definition of marketing. Therefore, option A is the correct choice. Option B refers to only production and advertising, whereas marketing involves various other activities such as market research, branding, pricing, and distribution. Options C, D, and E do not accurately describe the full scope of marketing.

Question 18

Marketing refers to
A)the production or provision of goods or services that will generate the highest return on investment.
B)the strategies used in the advertising and promotion of goods and services.
C)the process of identifying the greatest number of target markets for a good or service.
D)the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
E)the activity involved in actually getting a product or service to the ultimate user.

Accepted Answer

Marketing involves creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. This definition encompasses more than just advertising and promotion, as it emphasizes the entire process involved in providing value to customers. Additionally, it is not solely focused on generating a high return on investment, but rather on creating mutual value for both the organization and its customers.

Question 19

The common factor among the chairman of the board, the stockholders, the suppliers, the laborers in the factory, and finally the customer who purchases the product is
A)everyone has a say in the ultimate design of the product.
B)everyone is legally culpable if something goes wrong with the product.
C)all of the people listed in the question are stakeholders and should benefit by marketing of the product.
D)all of the people and/or organizations had to make some type of direct financial investment in the product.
E)all of the people listed in the question use the product or service themselves.

Accepted Answer

The common factor among the chairman of the board, the stockholders, the suppliers, the laborers in the factory, and the customer is that they are all stakeholders in the product. As stakeholders, they should all benefit from the marketing of the product, whether through profits, employment, or satisfaction with the product.

Question 20

How much time does 3M allow their inventors for the purpose of doing initially unfunded research?
A)5%
B)10%
C)15%
D)25%
E)35%

Accepted Answer

3M allows inventors to spend 15% of their time on unfunded research, which is an important aspect of the company's innovation culture. This time allows inventors to explore new ideas and technologies that may not have an immediate business application but could lead to future innovations.

Quiz 1: Creating Customer Relationships and Value Through Marketing

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization and its stakeholders is referred to as __________.

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

If other companies applied the same strategy used by David Windorski at 3M, they would most likely

While working at 3M, Windorski and his team observed and questioned students about how they used their textbooks, took notes, wrote term papers, and reviewed for exams, primarily in order to

In October 2006, __________ bought YouTube for $1.65 billion, only 21 months after its founding.

Which of the following statements about stakeholders is most accurate?

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

YouTube.com was named Time Magazine's Invention of the Year for 2006.They attributed its success to the fact that it

Which of the following statements about the study of marketing is most accurate?

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.

The minds behind the YouTube concept were

The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.

A student wants to buy a cell phone so she can share pictures with her friends, and an insurance claims adjuster wants to buy a cell phone to document accident reports.If they both purchase the same model phone, which statement is most accurate?

More than half of new businesses fail within __________ years of their launch.

Steve Chen, Chad Hurley, and Jawed Karim were the minds behind the __________ concept.

Marketing refers to

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.

Marketing refers to

The common factor among the chairman of the board, the stockholders, the suppliers, the laborers in the factory, and finally the customer who purchases the product is

How much time does 3M allow their inventors for the purpose of doing initially unfunded research?