Question 1

________ is about delivering value to everyone who is affected by a transaction.
A)Demand
B)Competitive advantage
C)Marketing
D)Exchange
E)The value chain

Accepted Answer

Marketing is about creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It seeks to deliver value to all parties involved in a transaction, including the customer, the company, and stakeholders such as suppliers, employees, and the community.

Question 2

A glitzy shopping mall,a mail-order catalog,a television shopping network,and an e-commerce Web site are all examples of ________.
A)marketing concepts
B)value chains
C)monopolies
D)marketplaces
E)strategic business units

Accepted Answer

These are all examples of marketplaces, or locations where goods and services are bought and sold.

Question 3

Buyers,sellers,investors,and community residents are all considered ________ in a company.
A)stakeholders
B)shareholders
C)consumers
D)value chain members
E)social marketers

Accepted Answer

Stakeholders are individuals or groups who have an interest in the success or failure of a particular company or organization. This includes buyers, sellers, investors, and community residents, as well as others such as employees, government regulators, and suppliers. The term "stakeholder" emphasizes the importance of considering the needs and perspectives of all parties who may be affected by a company's actions, rather than just focusing on the interests of shareholders or owners.

Question 4

All of the following are forms of utility created by marketing processes except ________.
A)form utility
B)place utility
C)time utility
D)possession utility
E)price utility

Accepted Answer

Price utility is not a recognized form of utility in marketing processes. The four recognized forms of utility are form utility, place utility, time utility, and possession utility.

Question 5

________ is the activity,set of institutions,and processes for creating,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large.
A)Demand satisfaction
B)Competitive advantage building
C)Marketing
D)Total Quality Management
E)Value chain management

Accepted Answer

Marketing is the only choice that encompasses all the activities, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Demand satisfaction, competitive advantage building, total quality management, and value chain management are all important aspects of marketing, but they are not comprehensive enough to describe the entire field of marketing.

Question 6

A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced.
A)benefit
B)demand
C)value
D)utility
E)want

Accepted Answer

A want is a desire for a specific product that a consumer uses to fulfill a need in a particular way, and it is influenced by cultural and social factors.

Question 7

A customer's desire for a product coupled with the buying power or resources to obtain that product is called a ________.
A)benefit
B)demand
C)need
D)stake
E)service

Accepted Answer

Demand refers to the combination of a customer's desire for a product and their ability to purchase it, making it the best choice for this question's given options. Need refers to a necessity rather than a desire, benefit is a positive outcome resulting from using or consuming a product, stake is a share or interest in a business, and service is a type of product that is intangible and non-physical.

Question 8

A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product.
A)production
B)consumer
C)sustainability
D)CRM
E)TQM

Accepted Answer

A production-oriented firm focuses on producing a high volume of products efficiently and at a low cost. This orientation assumes that consumers are primarily concerned with product availability and affordability rather than specific features or functions. Therefore, a production-oriented firm may view the market as a homogeneous group that will be satisfied with the basic function of a product.

Question 9

A(n)________ is the ultimate user of a good or service.
A)stakeholder
B)market
C)target market
D)marketer
E)consumer

Accepted Answer

The term "consumer" refers to the ultimate user of a good or service, as opposed to other options like stakeholders (which can refer to any person or group affected by a company's actions), the overall market (which includes all potential buyers, not just those who actually purchase), or the target market (which is a specific group of potential buyers that a company is trying to appeal to). A marketer may be involved in promoting the product or service, but they are not the ultimate user.

Question 10

When a gap exists between a consumer's actual state and some ideal or desired state,the consumer has a ________.
A)benefit
B)demand
C)need
D)value
E)utility

Accepted Answer

The gap between a consumer's actual state and an ideal or desired state is known as a need. This creates a sense of lack and a desire to fulfill that need, prompting the consumer to seek out a product or service that can satisfy it. Therefore, the best choice is C, need. The other options (benefit, demand, value, utility) do not properly describe the situation.

Question 11

A ________ is the outcome that motivates a customer's buying behavior.
A)benefit
B)demand
C)value
D)need
E)want

Accepted Answer

A benefit is the outcome or advantage that a customer seeks when purchasing a product or service. It is what motivates them to make the buying decision. Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a certain price. Value is the worth or usefulness that a customer perceives in a product or service compared to its cost. Need is a necessity or requirement for survival or well-being, while want is a desire or preference for something that is not necessary. Of these options, benefit best describes the outcome that motivates a customer's buying behavior.

Question 12

To be part of the ________ for a product,consumers must share a common need that can be satisfied by the product and have the resources,willingness,and authority to purchase the product.
A)demand center
B)audience
C)value proposition
D)marketplace
E)market

Accepted Answer

A market refers to a group of consumers who have a common need that can be satisfied by a product and have the ability and willingness to purchase that product. The other options are not specific enough to describe a group of consumers with these characteristics. A demand center refers to a physical location where many customers purchase a product, an audience refers to a group of people who are interested or affected by a product but not necessarily willing to purchase it, a value proposition refers to the benefits a product offers to its target audience, and a marketplace refers to the location where products are bought and sold.

Question 13

In which kind of market would a production orientation be most successful?
A)a buyer's market in which supply exceeds demand
B)a market in which there are more sellers than buyers
C)a seller's market in which demand is greater than supply
D)a market that sells only intangible products
E)no market

Accepted Answer

In a seller's market in which demand is greater than supply, a production orientation can be successful because consumers are willing to accept whatever goods are available. This means that a company can focus on maximizing production and efficiency to meet the high demand for their products, without necessarily needing to tailor those products to the specific needs or desires of consumers.

Question 14

Which of the following is NOT a marketing field?
A)supply-channel management
B)accounting
C)brand management
D)advertising
E)new product planning

Accepted Answer

Accounting is not considered a marketing field. While accounting is important for businesses, it is not typically considered a part of the marketing department or marketing function within an organization.

Question 15

Which of the following is a current business trend?
A)eliminating the marketing function
B)integrating marketing with other business functions
C)for-profit businesses becoming not-for-profit businesses
D)fewer CEOs having experience in marketing
E)isolating marketing from other business functions

Accepted Answer

Integration of marketing with other business functions is a current business trend. This means that businesses are recognizing the importance of aligning their marketing strategies with their overall business goals and are involving marketing teams in decision-making processes across different departments.

Question 16

________ utility is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.
A)Form
B)Place
C)Time
D)Possession
E)Price

Accepted Answer

Form utility is the benefit provided by marketing activities that transform raw materials into finished products that consumers can use. In this scenario, the dress manufacturer is adding value to silk, thread, and a zipper by transforming them into a bridesmaid's gown, which provides form utility to the consumer.

Question 17

For an exchange to occur,________.
A)at least two people or organizations must be willing to make a trade,and each must have something the other wants
B)there must be one winner and one loser
C)someone must make a financial profit
D)the item must be tangible
E)time utility must be created

Accepted Answer

An exchange typically involves two or more parties who are willing to make a trade, and each party must have something the other wants in order for the exchange to occur. This can involve exchanging tangible goods, but it can also involve intangible items such as services or ideas. The goal of an exchange is typically to create value for both parties involved.

Question 18

Marketers first identify consumer needs and then provide products that satisfy those needs.This practice is referred to as ________.
A)the stakeholder orientation
B)the marketing concept
C)Total Quality Management
D)the production orientation
E)the marketing mix

Accepted Answer

The marketing concept is the idea that a business should identify and anticipate the needs and wants of consumers and then create products or services to satisfy those needs. This approach focuses on putting the customer at the center of all business decisions, rather than just trying to sell what the company has already produced or what it thinks the customer should want.

Question 19

Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of a ________ utility.
A)form
B)place
C)time
D)possession
E)price

Accepted Answer

The concept of renting a wedding gown instead of buying one and wearing it only once involves the idea of time utility. This is because the bride is able to use the gown for a specific period of time (i.e. the wedding day) and then return it, thus obtaining value from the gown over a period of time rather than a one-time use. The other options - form, place, possession, and price - do not apply as directly to the concept of renting a wedding gown.

Question 20

________ refers to the benefits a customer receives from purchasing a good or service.
A)Satisfaction
B)Demand
C)Want
D)Promotion
E)Value

Accepted Answer

Value refers to the benefits or utility a customer receives from purchasing a good or service, taking into account the price paid for it. Satisfaction, while related, is a more subjective concept referring to the positive feeling a customer has after consuming a good or service. Demand refers to the desire for a good or service at a given price, while want refers to the desire or need for something in general. Promotion refers to the marketing activities a company uses to promote its products or services.

Quiz 1: Welcome to the World of Marketing: Create and Deliver Value

________ is about delivering value to everyone who is affected by a transaction.

A glitzy shopping mall,a mail-order catalog,a television shopping network,and an e-commerce Web site are all examples of ________.

Buyers,sellers,investors,and community residents are all considered ________ in a company.

All of the following are forms of utility created by marketing processes except ________.

________ is the activity,set of institutions,and processes for creating,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large.

A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced.

A customer's desire for a product coupled with the buying power or resources to obtain that product is called a ________.

A firm that focuses on a ________ orientation is likely to view the market as a homogeneous group that will be satisfied with the basic function of a product.

A(n) ________ is the ultimate user of a good or service.

When a gap exists between a consumer's actual state and some ideal or desired state,the consumer has a ________.

A ________ is the outcome that motivates a customer's buying behavior.

To be part of the ________ for a product,consumers must share a common need that can be satisfied by the product and have the resources,willingness,and authority to purchase the product.

In which kind of market would a production orientation be most successful?

Which of the following is NOT a marketing field?

Which of the following is a current business trend?

________ utility is the benefit marketing provides by transforming raw materials into finished products,as when a dress manufacturer combines silk,thread,and a zipper to create a bridesmaid's gown.

For an exchange to occur,________.

Marketers first identify consumer needs and then provide products that satisfy those needs.This practice is referred to as ________.

Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of a ________ utility.

________ refers to the benefits a customer receives from purchasing a good or service.