Question 1

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________.
A)exchange
B)acquisition
C)consumerism
D)utility
E)reciprocity

Accepted Answer

The term "exchange" refers specifically to the process of trading something of value between a buyer and seller, with the goal of both parties benefiting. "Acquisition" refers more broadly to obtaining something, while "consumerism" refers to a cultural and social movement focused on the consumption of goods and services. "Utility" refers to the usefulness or satisfaction that a product or service provides, and "reciprocity" refers to the principle of exchanging things with others for mutual benefit.

Question 2

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

Accepted Answer

"B" in the diagram represents partnerships with suppliers, making it the best choice.

Question 3

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

Accepted Answer

"C" represents the ownership of the firm, which is typically held by shareholders. Therefore, the best choice is C, shareholders.

Question 4

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 marketing activities.
C)Marketing activities are the sole responsibility of the marketing department; other departments are only involved if there is an emergency (such as a product recall).
D)Environmental factors do not affect marketing activities as long as a firm implements a policy of perpetual market research.
E)Marketing after all is said and done, is essentially finding the right product and convincing potential customers that they not just "want it," they "need it."

Accepted Answer

The statement that the marketing department works closely with other departments and employees to implement marketing activities is the most accurate. Marketing is a multifaceted activity that involves various departments and stakeholders, and coordination among different departments is essential for effective marketing. A marketing department cannot succeed without the active participation of other departments such as sales, operations, and finance.

Question 5

FIGURE 1-1 
-In Figure 1-1 above, "D" represents a firm's relationship with
A)other organizations.
B)suppliers.
C)shareholders.
D)customers.
E)other departments.

Accepted Answer

In the given figure, "D" is labeled as "Customer." Therefore, it represents a firm's relationship with its customers.

Question 6

The Transition is a 19-foot, two-seater road able light-sport aircraft with an anticipated price of US $148,000.The most likely prospective customers for this flying car include
A)students interested in science fiction.
B)retired seniors receiving social security.
C)executives for whom time is extremely important.
D)teens who like to try new things.
E)all of the people above are prospective customers of the Transition; no one group is more likely than another.

Accepted Answer

The Transition is marketed as a solution for executives who need to make quick and efficient business trips without being stuck in traffic. The cost is also quite high, making it unlikely that students, retired seniors, or teens would be able to afford it. Therefore, executives are the most likely prospective customers for the Transition.

Question 7

The first objective in marketing is to discover the __________ of prospective customers.
A)diversity
B)potential
C)objectives
D)needs
E)inconsistencies

Accepted Answer

The first objective in marketing is to identify the needs of prospective customers so that the marketing strategy can be tailored accordingly to fulfill those needs.

Question 8

New-product experts generally estimate that up to __________ percent of the more than 33,000 new consumable products introduced in the United States annually "don't succeed in the long run."
A)33
B)50
C)75
D)80
E)94

Accepted Answer

New-product experts generally estimate that up to 94 percent of the more than 33,000 new consumable products introduced in the United States annually "don't succeed in the long run."

Question 9

The two central concerns of marketing are
A)establishing market share and making profits.
B)holding down costs and increasing profits.
C)finding customers and making profits.
D)discovering and satisfying needs.
E)discovering new products and bringing them to the marketplace.

Accepted Answer

The central concerns of marketing are discovering and satisfying needs. By discovering needs, marketers can find the right target audience and create products and services that meet their needs. By satisfying needs, marketers can build customer loyalty and ultimately make profits. Establishing market share, holding down costs, and finding customers are all important aspects of marketing, but they are secondary to the overarching goal of discovering and satisfying needs. Discovering new products and bringing them to the marketplace can be a part of this process, but it is not the central concern of marketing.

Question 10

The American Red Cross created a series of advertisements encouraging viewers to donate blood.After viewing the advertisement, Amanda went to the local Red Cross office and donated a pint of blood.Amanda returned home feeling happy that she had performed a good deed.Was this a marketing exchange?
A)Yes, because the Red Cross ran a formal advertisement
B)Yes, because the donated blood was exchanged for a feeling of satisfaction
C)No, because the Red Cross is a non-profit organization
D)No, because no money was exchanged
E)No, because the Red Cross did not provide Amanda with a product

Accepted Answer

This is a marketing exchange because the Red Cross ran an advertisement to encourage Amanda to donate blood, and in return, Amanda gave the Red Cross her blood, which she exchanged for a feeling of satisfaction. While the Red Cross is a non-profit organization and no money was exchanged, the exchange of blood for a feeling of satisfaction still constitutes a marketing exchange.

Question 11

Which of the following statements about marketing departments is most accurate?
A)It is the responsibility of the personnel department to facilitate relationships with the organization's customers; thus the marketing department should work solely within its own department.
B)It is the responsibility of the marketing to suggest where a firm should invest its money, based on their knowledge of the market and environmental forces.
C)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.
D)The marketing department is not responsible for establishing alliances with the organization's shareholders and other organizations; it is only responsible for the 4Ps.
E)The marketing department is responsible for market research, supervision of product construction, and final promotion of the product.All other tasks are the responsibility of other departments such as the finance department, human resources, and information management.

Accepted Answer

The marketing department cannot work in isolation as it needs to work with other departments and employees to provide customer-satisfying products that are required for the organization's survival and success. This includes working with product development, finance, HR, and other departments to achieve the company's goals. The marketing department's role is not limited to just the 4Ps, and it is responsible for research, product development, and promotion.

Question 12

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange.To marketing people exchange refers to the
A)negotiation phase between the manufacturer and the seller.
B)financial remuneration (monetary payment) for an item or service.
C)trade of things of value between buyer and seller so that each is better off after the trade.
D)bartering of goods and services for other goods and services of greater or equal value.
E)acquisition of something of value that equals or exceeds the customer's expectations.

Accepted Answer

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 can include the exchange of money for goods/services or other forms of value such as loyalty points, discounts, or trade-ins. It is essential to the marketing process because it allows businesses to understand and meet customer needs and wants by providing them with something they value in exchange for something the business values (usually money).

Question 13

Which of the following statements about marketing departments is most accurate?
A)It is the responsibility of the personnel department to facilitate relationships with the organization's customers; thus the marketing department should work solely within its own department.
B)It is the responsibility of the marketing to suggest where a firm should invest its money, based on their knowledge of the market and environmental forces.
C)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.
D)The marketing department is not responsible for establishing alliances with the organization's shareholders and other organizations; it is only responsible for the 4Ps.
E)The marketing department is responsible for market research, supervision of product construction, and final promotion of the product.All other tasks are the responsibility of other departments such as the finance department, human resources, and information management.

Accepted Answer

The most accurate statement is that 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. This is because marketing is not just about advertising and promotion, but also involves product development, pricing strategies, and distribution channels. Therefore, collaboration with other departments such as finance, human resources, and information management is essential for the success of the organization's marketing efforts. Option A and D are incorrect because they do not accurately reflect the responsibilities of the marketing department, while option B and E are partially correct but do not encompass the full scope of the marketing department's role.

Question 14

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

Accepted Answer

"A" represents a firm's alliances with other organizations, which could include other firms, industry associations, or non-profit organizations.

Question 15

FIGURE 1-1 
-As shown in Figure 1-1 above, the marketing department of an organization is responsible for facilitating relationships, partnerships, and __________.
A)healthy competition with other product manufacturers
B)financial contracts with banks and other lending institutions
C)alliances with the organization's customers, its shareholders, its suppliers, and other organizations
D)alliances with firms with non-competitive products but similar target markets
E)networks with advertising, publicity, and other public relations firms

Accepted Answer

The marketing department works to build relationships and alliances with the organization's customers, shareholders, suppliers, and other organizations to facilitate successful marketing efforts. Options A, B, D, and E are not directly related to the responsibilities of the marketing department as shown in the given figure.

Question 16

FIGURE 1-1 
-As shown in Figure 1-1 above, the __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders, its suppliers, and other organizations.
A)purchasing
B)marketing
C)human resources
D)accounting
E)information systems

Accepted Answer

The marketing department is responsible for building and maintaining relationships with various stakeholders such as customers, shareholders, and suppliers. They focus on promoting and advertising the organization's products or services, identifying target markets, and creating strategies to attract and retain customers.

Question 17

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

Accepted Answer

This was a marketing exchange because Cali paid tuition in exchange for knowledge and education, which directly led to her obtaining a high paying job that she finds fulfilling. The exchange of money for education and a future job opportunity is a clear example of a marketing exchange.

Question 18

A company designs and sells high quality baseball gloves.Who would benefit the least if the firm implements a quality marketing program?
A)A baseball player who purchases a new glove (regardless of how good a player).
B)The salesperson who sold the baseball player the glove.
C)The supplier who provided the leather for manufacturing.
D)The shareholders of the firm that design and manufacture the glove.
E)No one should benefit "least." There should be benefit to all of the people or organizations listed above; even society benefit.

Accepted Answer

The question asks who would benefit the least from a quality marketing program. The answer is no one, because everyone listed in the question should benefit from a quality marketing program.

Question 19

A church has put advertisements in its weekly bulletins to encourage its members to participate in the services by reading.Jack volunteered and read during a service.He felt satisfied and felt he was contributing to his church.Was this a marketing exchange?
A)Yes, because the church ran an advertisement
B)Yes, because reading at the service was exchanged for a feeling of satisfaction
C)No, because the church is a non-profit organization
D)No, because no money was exchanged
E)No, because the church did not provide Jack with a tangible product

Accepted Answer

This is a marketing exchange because there was an exchange between the church and Jack. The church advertised the opportunity to read during the service, which Jack responded to by volunteering to read. In exchange for his participation, Jack received a feeling of satisfaction. Though the church is a non-profit organization and no money was exchanged, a marketing exchange does not necessarily require monetary transactions or tangible products.

Question 20

Exchange refers to
A)the trade of things of value between buyer and seller so that each is better off after the trade.
B)the replacement of one product for another product of equal or greater value, as compensation for a product that failed to meet expectations.
C)the proffering of money, whether in the form of cash, check, or credit card, for a product or service at the time of purchase.
D)a legally binding agreement to purchase a product or service allowing for a grace period of three days during which the contract can be dissolved without penalty.
E)an international agency with the responsibility of determining relative values for currency throughout the world, on a daily basis; also referred to as the foreign exchange rate.

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 involves the exchange of goods, services or money and is aimed at maximizing the satisfaction and benefits of both parties involved in the transaction. The concept of exchange is the basis of all economic activity as it drives the production and consumption of goods and services in any society.

Quiz 1: Creating Customer Relationships and Value Through Marketing

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

FIGURE 1-1 -In Figure 1-1 above, "B" represents a firm's partnerships with

FIGURE 1-1 -In Figure 1-1 above, "C" represents a firm's ownership with

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

FIGURE 1-1 -In Figure 1-1 above, "D" represents a firm's relationship with

The Transition is a 19-foot, two-seater road able light-sport aircraft with an anticipated price of US $148,000.The most likely prospective customers for this flying car include

The first objective in marketing is to discover the __________ of prospective customers.

New-product experts generally estimate that up to __________ percent of the more than 33,000 new consumable products introduced in the United States annually "don't succeed in the long run."

The two central concerns of marketing are

The American Red Cross created a series of advertisements encouraging viewers to donate blood.After viewing the advertisement, Amanda went to the local Red Cross office and donated a pint of blood.Amanda returned home feeling happy that she had performed a good deed.Was this a marketing exchange?

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

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

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

FIGURE 1-1 -In Figure 1-1 above, "A" represents a firm's alliances with

FIGURE 1-1 -As shown in Figure 1-1 above, the marketing department of an organization is responsible for facilitating relationships, partnerships, and __________.

FIGURE 1-1 -As shown in Figure 1-1 above, the __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders, its suppliers, and other organizations.

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

A company designs and sells high quality baseball gloves.Who would benefit the least if the firm implements a quality marketing program?

A church has put advertisements in its weekly bulletins to encourage its members to participate in the services by reading.Jack volunteered and read during a service.He felt satisfied and felt he was contributing to his church.Was this a marketing exchange?

Exchange refers to