Question 1

The PAL-V Liberty is a two-seat, gas-powered gyrocopter with a flying range of about 250 miles at maximum weight. In car mode, the three-wheeled vehicle can hit 100 mph. Its maker is seeking safety certification in Europe, and 90 initial production models are now for sale starting at $399,000. The most likely prospective customers for this flying car would include
A) students who attend college at least 500 miles away from home.
B) retired seniors receiving Social Security.
C) executives for whom time is extremely important.
D) teens who like to try new things.
E) families in need of a second vehicle.

Accepted Answer

The PAL-V Liberty is a luxury item with a high price point and is likely to appeal to those who place a premium on their time, such as busy executives. It is not practical for students, retirees, or families in need of a second vehicle, and is not marketed towards thrill-seeking teens.

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) manipulate
D) discover
E) measure

Accepted Answer

Marketing seeks to discover the needs and wants of prospective customers in order to serve both buyers and sellers. This involves researching and analyzing customer behavior and preferences, and using that information to develop products, services, and marketing campaigns that meet their needs and wants. Changing or manipulating customer needs and wants is neither ethical nor sustainable, and creating needs and wants out of thin air is often not possible or realistic. Measuring the effectiveness of marketing efforts is important, but it is not the primary goal of marketing.

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) align
E) preserve

Accepted Answer

Marketing seeks to discover and satisfy the needs and wants of prospective customers.

Question 4

Mizuno designs and sells high quality baseball gloves. Who benefits from the firm's marketing activities for its gloves?
A) a baseball or softball player who purchases a new Mizuno glove
B) the Dick's Sporting Goods salesperson who sells a customer a Mizuno glove
C) the supplier who provided the leather to Mizuno
D) the shareholders of Mizuno, the company that designs and manufactures the gloves
E) Actually, all stakeholders should be benefit from Mizuno's marketing efforts, even society at large.

Accepted Answer

Marketing activities aim to create value and satisfaction for all stakeholders involved, including customers, employees, suppliers, shareholders, and society, by promoting and selling products effectively.

Question 5

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 and using selling tactics to reach them.
D) the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers.
E) 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.

Accepted Answer

The definition of marketing 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. This includes all aspects of the marketing mix, such as product development, advertising, promotions, sales, and distribution. Option A only focuses on the production of products or services and does not consider marketing as a whole. Option B only focuses on advertising and promotion tactics without considering other marketing components. Option C only focuses on the targeting and selling aspects of marketing, while missing the broader scope. Option D only considers the distribution aspect of marketing, as opposed to the entire marketing process.

Question 6

All of the following are true about marketing except which?
A) Marketing is a broader activity than advertising.
B) Marketing stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas sold to customers.
C) Successful marketing usually results in one "winner" and one or more "losers."
D) When an organization engages in marketing, it should also create value for its partners and society.
E) Marketing is a broader activity than personal selling.

Accepted Answer

Successful marketing does not necessarily result in one "winner" and one or more "losers." Marketing can create value for all parties involved, including the organization, its customers, its partners, and society as a whole. The goal of marketing is to create mutually beneficial relationships.

Question 7

Elon Musk was involved in the inception of all of the following companies except which?
A) SpaceX
B) PayPal
C) Tesla
D) Facebook
E) SolarCity

Accepted Answer

Elon Musk was not involved in the inception of Facebook.

Question 8

A student wants to buy a smartphone so she can share pictures with her friends. An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures, write a report, etc.). If they both purchase the same model smartphone, such as an Apple iPhone, which statement is most accurate?
A) The adjuster is a prospective customer because the smartphone will be used for work; the student is only a secondary user since the purpose of the smartphone is just for entertainment.
B) Both the adjuster and the student are prospective customers because, in their own way, they both benefit from the smartphone.
C) Neither the adjuster nor the student is a prospective customer since the company will pay for the adjuster's smartphone and the student's parents will pay for hers.
D) The student is the prospective customer since there are more students buying smartphones for personal use than there are insurance adjusters buying smartphones for business use.
E) Only a person who has bought a smartphone previously is a prospective customer because only previous owners of smartphones benefit from buying new ones.

Accepted Answer

Both the adjuster and the student have a need for the smartphone and will benefit from its features, making them both prospective customers. The fact that one is using it for work and the other for personal use does not diminish their prospective status. The statement about payment is not relevant to whether or not someone is a prospective customer, as they are still potential buyers regardless of who pays for the product. Answer D is incorrect because the number of buyers in a particular market segment does not determine who is a prospective customer. Answer E is also incorrect because someone who has never owned a smartphone before can still be a prospective customer if they are interested in buying one.

Question 9

A typical marketing department both shapes and ________ its relationship with internal and external groups.
A) is shaped by
B) directs
C) motivates
D) determines
E) dominates

Accepted Answer

A typical marketing department not only influences but is also influenced by its interactions with both internal and external groups.

Question 10

From its inception, Chobani wanted to place its yogurt where?
A) in organic food section of major grocery store chains
B) in warehouse club stores like Sam's Club or Costco
C) in the dairy cases of major grocery store chains
D) in mass merchandise stores like Target
E) in independent organic cooperatives, farmers' markets, and major organic grocery stores like Whole Foods or Sprouts

Accepted Answer

Chobani aimed to place its yogurt in the dairy cases of major grocery store chains to reach a broad consumer base and compete directly with established yogurt brands.

Question 11

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 an organization's offering.
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 so it can profitably sell its products.
E) All use the products and/or services marketed by the organization.

Accepted Answer

All of these groups are stakeholders in the organization, meaning they have a vested interest in its success and can be affected by its actions. As such, they should all benefit from the organization's marketing efforts.

Question 12

In marketing, the idea of exchange refers to
A) the negotiation phase between the manufacturer and the seller.
B) the financial remuneration (monetary payment) for a product or service.
C) the trade of things of value between buyer and seller so that each is better off after the trade.
D) the bartering of products and services between nongovernmental organizations or individuals.
E) the practice of swapping products and services for other products and services rather than for money.

Accepted Answer

The idea of exchange in marketing refers to the trade of things of value between buyer and seller so that each is better off after the trade. It involves both parties exchanging something that they value for something that the other party values more, resulting in a win-win situation.

Question 13

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 is referred to as
A) manufacturing.
B) advertising.
C) marketing.
D) selling.
E) promotion.

Accepted Answer

The definition provided closely aligns with the concept of marketing, which involves creating and delivering value to customers, clients, partners, and society at large. Manufacturing, selling, advertising, and promotion are all components of marketing, but marketing encompasses a broader set of activities and processes.

Question 14

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

Accepted Answer

This was a marketing exchange because Marissa paid tuition for the knowledge and skills she gained in the program, which directly led to her high-paying job. The exchange was not solely about the tangible product of education, but also the intangible benefits of increased employability and earning potential.

Question 15

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as
A) financial remuneration.
B) exchange.
C) countertrade.
D) barter.
E) marketing.

Accepted Answer

The definition provided perfectly matches the concept of exchange - the trading of goods or services between two parties with the mutual intent of benefitting both.

Question 16

In response to a growing interest in healthful, simple products among consumers, Chobani introduced
A) an Italian-style ragù sauce.
B) a Turkish-style cottage cheese.
C) a French-style butter.
D) a Greek-style yogurt.
E) an Asian-style teriyaki sauce.

Accepted Answer

Chobani, a popular yogurt brand, introduced a Greek-style yogurt in response to a growing interest in healthful, simple products among consumers. The Greek-style yogurt is known for its creamier and thicker texture compared to regular yogurt, and it is also high in protein and low in sugar.

Question 17

The American Red Cross creates advertisements to encourage people to donate blood. After viewing one, Amanda decided to donate a pint of blood. After she did, Amanda felt happy that she had performed a good deed. Did an exchange occur in a marketing sense?
A) Yes, because the blood was donated to the Red Cross based on an advertisement, a marketing activity.
B) Yes, because the donated blood was exchanged for a feeling of satisfaction.
C) No, because the Red Cross is nonprofit organization.
D) No, because no money changed hands.
E) No, because the Red Cross, a service organization, did not provide Amanda with a product.

Accepted Answer

An exchange did occur in a marketing sense because Amanda donated blood in response to an advertisement from the American Red Cross. The exchange was not monetary, but rather emotional, as Amanda received a feeling of satisfaction in return for her donation. The fact that the Red Cross is a nonprofit organization does not negate the fact that marketing activities were used to promote blood donation. Additionally, while the Red Cross did not provide Amanda with a tangible product, they did provide her with a service (the opportunity to donate blood and potentially save a life).

Question 18

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?
A) sponsor U.S. Olympic and Paralympic teams
B) price the Chobani yogurt line below its major competitors (Yoplait and Dannon) to increase sales and market share
C) create a variety of advertising campaigns for the Chobani YouTube channel
D) rely on word of mouth to reach new customers
E) air a Super Bowl commercial featuring a large bear searching for a snack

Accepted Answer

Chobani is known for positioning itself as a premium brand and does not typically price its products below major competitors like Yoplait and Dannon.

Question 19

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 for a profit.
E) You have significant marketing expertise since you make marketing-related decisions every day.

Accepted Answer

Every individual makes marketing-related decisions daily, such as choosing products or services, which contributes to their understanding of marketing concepts.

Question 20

Whether an individual is considering a purchase 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) a dual-purpose marketing decision maker.
C) a potential distributor.
D) an informed buyer.
E) an end user.

Accepted Answer

The term "prospective customer" refers to anyone who is considering a purchase, regardless of the purpose. This can include individuals or organizations, and whether the purchase is for personal or resale use. Therefore, A is the best choice. The other options are not as broad and do not cover all the possible scenarios of purchasing.

Quiz 1: Creating Customer Relationships and Value Through Marketing

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

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

Mizuno designs and sells high quality baseball gloves. Who benefits from the firm's marketing activities for its gloves?

Marketing refers to

All of the following are true about marketing except which?

Elon Musk was involved in the inception of all of the following companies except which?

A typical marketing department both shapes and ________ its relationship with internal and external groups.

From its inception, Chobani wanted to place its yogurt where?

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

In marketing, the idea of exchange refers to

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 is referred to as

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

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

In response to a growing interest in healthful, simple products among consumers, Chobani introduced

The American Red Cross creates advertisements to encourage people to donate blood. After viewing one, Amanda decided to donate a pint of blood. After she did, Amanda felt happy that she had performed a good deed. Did an exchange occur in a marketing sense?

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?

Which of the following statements about marketing is most accurate?

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