Question 1

Whether an individual is buying for personal or household use,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 distributor.
D)an informed buyer.
E)an end-user.

Accepted Answer

A prospective customer is someone who is considering purchasing a product or service, whether for personal, household, or organizational use.

Question 2

An organization's stockholders,its suppliers,its employees,its customers,and society at large all share what in common with regard to an organization?
A)All are stakeholders and should benefit from the marketing of a product.
B)Everyone has a say in the ultimate design of a product.
C)Everyone is legally culpable if something goes wrong with a product.
D)All have to make some type of direct financial investment in the organization.
E)All use the product or service marketed by the organization.

Accepted Answer

All of these groups are considered stakeholders of an organization, meaning they have a vested interest in the success of the organization and should benefit from its marketing efforts. This includes stockholders who have invested in the company, suppliers who provide resources for the production of goods or services, employees who work for the organization, customers who purchase the products or services, and society as a whole who may be impacted by the organization's actions. It is important for a company to consider the needs and wants of all its stakeholders in order to create a successful and sustainable business.

Question 3

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

Accepted Answer

Marketing aims to satisfy the needs and wants of both buyers and sellers by providing products and services that fulfill their desires. Changing, creating, or manipulating the needs and wants of customers is manipulative and frowned upon in ethical marketing practices. Preservation refers to the maintenance of status quo and doesn't address the core purpose of marketing.

Question 4

Marketing refers to
A)the production of products or services that will generate the highest return on investment.
B)the strategies used in the advertising and promotion of products and services to customers around the globe.
C)the process of identifying target market segments for a product or service.
D)the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers.
E)the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large.

Accepted Answer

Marketing involves creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, its stakeholders, and society at large. This includes strategies used in advertising and promotion, identifying target market segments, and getting the product or service to consumers and organizational buyers. However, the primary focus of marketing is on creating value for all parties involved, rather than simply generating a high return on investment.

Question 5

Mark Zuckerberg is a co-founder of the social networking website called __________.
A)Pinterest
B)Groupon
C)LinkedIn
D)Facebook
E)Twitter

Accepted Answer

Mark Zuckerberg is one of the co-founders of Facebook, which is a social networking website.

Question 6

Mark Zuckerberg encountered unimaginable success with his launch of "TheFacebook.com" website from his college dorm room.By the end of the second week,it had almost __________ members.
A)100
B)300
C)500
D)1,000
E)5,000

Accepted Answer

The answer of Mark Zuckerberg encountered unimaginable success with his...

Question 7

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

According to 3M's policy, inventors are expected to spend at least 15% of their time on initially unfunded research, which is an important component of the company's culture of innovation. This allows inventors to explore new ideas and technologies that may not have immediate commercial potential but could lead to major breakthroughs in the future.

Question 8

If other companies applied the same strategy David Windorski used at 3M,they would most likely
A)avoid the use of mock-ups and working models to speed up the new-product development process and get the product out to the market faster.
B)search continuously to discover customers' needs.
C)copy 3M's "5% Rule" to do unfunded research.
D)avoid excessive attention to customers' demands because they cannot always differentiate between their needs and their wants.
E)focus on the shareholders of the company and believe that strategy will follow.

Accepted Answer

Searching continuously to discover customers' needs, as Windorski did at 3M, is a proven strategy for successful new-product development that would benefit other companies. This helps ensure products are developed and designed with the end user in mind, leading to higher satisfaction, adoption rates, and sales. The other options either do not align with proven strategies for successful innovation or are not relevant to the question.

Question 9

Which of the following statements about stakeholders is most accurate? A)Ultimately,the only relevant stakeholder is the ultimate consumer. B)The suppliers,shareholders,employees,and customers are all stakeholders of an organization and all should benefit from the organization's marketing activities. 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 be produced. E)The only way to be a stakeholder is to have a financial investment in an organization's product,service,or idea.

Accepted Answer

The definition of stakeholders includes anyone who has an interest in or is affected by an organization's actions, including suppliers, shareholders, employees, and customers. All of these groups should benefit from an organization's marketing activities. The ultimate consumer may be the end user, but other stakeholders also play important roles in an organization's success. Employees can be stakeholders regardless of whether they own shares in the company, and stakeholders do not necessarily need to have a financial investment in the organization.

Question 10

An inventor for 3M,David Windorski questioned dozens of students about how they study.They told him
A)that Scotch tape had outgrown its usefulness to students.
B)to make new products that have higher quality.
C)that the average backpack was already too heavy.
D)that it would be reasonable to put Post-it Flags together with a highlighter.
E)to determine the ratio of 3M products to study aid products of other competitors.

Accepted Answer

The students suggested combining Post-it Flags with a highlighter, indicating a potential market for a new product that would cater to their study needs.

Question 11

Initially,Facebook targeted which consumer market segment?
A)grade school children ages 6 to 12 years old
B)high school students
C)college students
D)adults with professional occupations
E)senior adults 55 years and older

Accepted Answer

Facebook was originally created for college students to connect with each other on campus. It was later expanded to include other age groups and demographics.

Question 12

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

Accepted Answer

The activity described includes a range of elements, such as creating products, communicating with customers, delivering products and/or services, and engaging with stakeholders. It goes beyond just selling or promoting a product and involves creating value for both the customer and the organization, while considering societal impacts. All of these actions fall under the broad umbrella of marketing.

Question 13

__________ of all new businesses fail within five years of their launch.
A)Only 5 percent
B)Only 10 percent
C)Only 25 percent
D)About 40 percent
E)Over 50 percent

Accepted Answer

Studies have shown that over 50% of all new businesses fail within five years of their launch.

Question 14

Mark Zuckerberg 's launch of "TheFacebook.com" website was a huge success.Yet,more than half of all new businesses fail within __________ years of their launch.
A)two
B)three
C)four
D)five
E)ten

Accepted Answer

Most statistics indicate that more than half of new businesses fail within the first five years of their launch.

Question 15

All of the following are true about marketing EXCEPT: A)Marketing is a broader activity than advertising. B)Marketing stresses the importance of delivering genuine benefits in the offerings of products,services,and ideas. C)Marketing persuades people to buy the "wrong" things. D)When an organization engages in marketing,all stakeholders should benefit. E)Marketing is a broader activity than personal selling.

Accepted Answer

Marketing does not aim to persuade people to buy the "wrong" things, rather it emphasizes the importance of delivering genuine benefits to the customers through the offerings of products, services, and ideas.

Question 16

Mizuno designs and sells high quality baseball gloves.Who does NOT benefit from the firm's marketing activities for its gloves? A)a baseball or softball player who purchases a new Mizuno glove B)the Sports Authority salesperson who sells a player a Mizuno glove C)the supplier who provided the leather to Mizuno D)the shareholder of Mizuno that designs and manufactures the gloves E)all stakeholders should be benefit from Mizuno's marketing efforts,even society at large

Accepted Answer

All stakeholders, including society at large, should benefit from Mizuno's marketing efforts, as effective marketing can lead to increased sales, better products, and overall positive impacts on the community and economy.

Question 17

While working at 3M,David Windorski and his team observed and questioned students about how they read textbooks,take notes,and prepare for exams to
A)discover a potentially new way to satisfy student needs by creating a new product.
B)convince them of 3M's superiority over other competitors.
C)determine how much the average college student traditionally spends on office supplies.
D)find possible correlations between students' study styles and their final grades.
E)develop advertising that relates more effectively with a younger student population.

Accepted Answer

The purpose of observing and questioning students about how they read textbooks, take notes, and prepare for exams is to identify potential opportunities to create a new product that satisfies student needs. Therefore, choice A is the correct answer. The other options are not related to the purpose of the observation and questioning.

Question 18

Which of the following statements about 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.
C)Marketing requires an innate sense of creativity; you either have it or you don't.
D)You can call yourself a marketing expert only if you have sold something.
E)You are already a marketing expert because as a consumer,you have already been involved in marketing decisions.

Accepted Answer

Marketing involves understanding and influencing consumer behavior, so every individual who has participated in making a purchasing decision has been involved in marketing in some capacity. While taking a marketing class, having common sense, creativity, and actual sales experience can all be beneficial for understanding and practicing marketing, none of them are prerequisites for being considered a marketing expert or understanding the basics of marketing.

Question 19

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

Accepted Answer

Marketing aims to discover the needs and wants of prospective customers, and then fulfill them. The key objective of marketing is to serve both buyers and sellers, and to create a mutually beneficial relationship between the two by satisfying the needs of the buyers and generating profits for the sellers. Changing, manipulating or measuring their needs is not suitable or ethical, as it goes against the principle of providing value to customers.

Question 20

The combined American Marketing Association's 2004 and 2007 definitions of marketing used in the textbook define marketing as
A)the activity for creating,communicating,delivering,and exchanging offerings solely for the benefit of the organization's stockholders.
B)the activity for creating,communicating,delivering,and exchanging offerings that benefit its customers,the organization,its stakeholders,and society at large.
C)the activity for creating,communicating,delivering,and exchanging solely for the benefit of the organization's customers.
D)the activity for creating,communicating,and delivering a product or service at the highest possible price.
E)the activities of advertising,promoting,and selling products to the greatest number of profitable customers.

Accepted Answer

The combined American Marketing Association's 2004 and 2007 definitions of marketing used in the textbook define marketing as "the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large." This definition emphasizes the importance of creating value for all parties involved in the exchange process, rather than just focusing on the organization's profits or the customers' needs.

Quiz 1: Creating Customer Relationships and Value Through Marketing

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

An organization's stockholders,its suppliers,its employees,its customers,and society at large all share what in common with regard to an organization?

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

Marketing refers to

Mark Zuckerberg is a co-founder of the social networking website called __________.

Mark Zuckerberg encountered unimaginable success with his launch of "TheFacebook.com" website from his college dorm room.By the end of the second week,it had almost __________ members.

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

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

Which of the following statements about stakeholders is most accurate?

An inventor for 3M,David Windorski questioned dozens of students about how they study.They told him

Initially,Facebook targeted which consumer market segment?

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

__________ of all new businesses fail within five years of their launch.

Mark Zuckerberg 's launch of "TheFacebook.com" website was a huge success.Yet,more than half of all new businesses fail within __________ years of their launch.

All of the following are true about marketing EXCEPT:

Mizuno designs and sells high quality baseball gloves.Who does NOT benefit from the firm's marketing activities for its gloves?

While working at 3M,David Windorski and his team observed and questioned students about how they read textbooks,take notes,and prepare for exams to

Which of the following statements about marketing is most accurate?

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

The combined American Marketing Association's 2004 and 2007 definitions of marketing used in the textbook define marketing as