Question 1

Value is what you get for what you give.

Accepted Answer

This statement is true. Value is a measure of what you receive in return for the effort, resources, or other benefits you contribute.

Question 2

Without a strong and efficient marketing channel system, merchandise isn't available when customers want it.

Accepted Answer

A strong and efficient marketing channel system helps to ensure that merchandise is available to customers when they want it. Without such a system, there may be delays in distribution or stock shortages that can result in lost sales and dissatisfied customers.

Question 3

Key to the success of many entrepreneurs is that they launch ventures that aim to satisfy unfilled needs.

Accepted Answer

Entrepreneurs often identify opportunities to fill gaps in the market and create solutions that satisfy unmet needs or new demands.

Question 4

Garage sales and online classified ads are examples of C2C marketing.

Accepted Answer

Garage sales and online classified ads are both examples of consumers selling to other consumers, which is the basis of C2C marketing.

Question 5

Marketing is an activity that only large firms with specialized departments can execute.

Accepted Answer

The answer of Marketing is an activity that only large...

Question 6

The marketing plan is broken down into various components-how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer.

Accepted Answer

This is true, as a marketing plan typically includes these components and more.

Question 7

Communicating value to customers is the primary function of marketing.

Accepted Answer

The answer of Communicating value to customers is the primary...

Question 8

When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

Accepted Answer

Selling to Toyota is an example of B2B (business-to-business) marketing, as Toyota is a business entity, not an individual consumer.

Question 9

Understanding the marketplace and especially a consumer's needs and wants, is fundamental to marketing success.

Accepted Answer

Understanding the marketplace and the needs and wants of consumers allows marketers to tailor their products and messages to be more effective in meeting those needs and wants. This is essential for achieving marketing success.

Question 10

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

Accepted Answer

Good corporate citizenship through socially responsible actions can positively impact a company's reputation, customer loyalty, and employee morale, ultimately leading to increased profitability and sustainability in the long run.

Question 11

Margo always stops at Starbucks for her morning coffee. Not only is there a Starbucks Drive-Thru on her way to work, there is also a small kiosk in the lobby of her office building. Starbucks is using the place element of the marketing mix to influence its customers.

Accepted Answer

The place element of the marketing mix refers to how a company makes its products available to consumers, and Starbucks strategically places its locations to be convenient for customers like Margo.

Question 12

In their battle for chocolate lovers, Godiva and Hershey's must divide the population into different categories of consumers, for example, luxury versus cost-conscious, those looking for a quick energy boost versus those looking for a gift for a loved one.

Accepted Answer

Segmenting consumers into categories helps companies like Godiva and Hershey's tailor their marketing strategies and product offerings to meet the specific needs and preferences of different consumer groups.

Question 13

When Apple makes innovations compatible with its existing products, it is encouraging consumers to maintain long-term relationships with the company.

Accepted Answer

By making their innovations compatible with existing products, Apple is ensuring that customers can continue to use and rely on their current devices even as they upgrade or add new products to their collection. This builds brand loyalty and encourages long-term relationships with the company.

Question 14

Marketing is important because without it, it would be difficult for any of us to learn about new products and services.

Accepted Answer

Marketing plays a crucial role in informing consumers about new products and services, helping them make informed purchasing decisions.

Question 15

In marketing, an exchange is when the buyer and the seller trade things of value to benefit the other.

Accepted Answer

An exchange is the core concept of marketing where both the buyer and the seller agree to a trade where they receive value in return.

Question 16

In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer.

Accepted Answer

Value co-creation is a collaborative process in which the customer helps to create value by actively participating in the creation of a good or service. This collaboration can result in additional value for the customer that would not be possible without their involvement.

Question 17

The power adapters that Dell sells with its computers are built by small companies that specialize in power-related accessories. When Dell purchases its power adapters from these small companies, it is engaging in B2B marketing.

Accepted Answer

Dell is purchasing from other businesses, which is the definition of B2B marketing.

Question 18

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

Accepted Answer

The answer of Marketing's fundamental purpose is to create value...

Question 19

The four Ps of the marketing mix are product, promotion, planning, and place.

Accepted Answer

The four Ps of the marketing mix are product, promotion, price, and place.

Question 20

Entrepreneurs are people who organize, operate, and assume the risk of a business venture.

Accepted Answer

This is the definition of an entrepreneur.

Quiz 1: Overview of Marketing