Question 1

The benefits or customer value received by users of a product is called __________.
A)utility
B)synergy
C)consumerism
D)cost-benefit ratio
E)buyer-seller reciprocity

Accepted Answer

The benefits or customer value received by users of a product is known as utility. Utility refers to the ability of a product to satisfy customer wants and needs.

Question 2

The 3M inventor, David Windorski took this approach when he developed the Post-it^® Flag Highlighter: A)He first asked students to identify their needs and wants. B)He asked students to bring him their five favorite bookstore items. C)He started with his idea and then investigated if there was a market for it. D)He patented his idea and sold it to 3M. E)He petitioned 3M executives for the right to do independent research which ultimately resulted in the 15% rule.

Accepted Answer

The answer of The 3M inventor, David Windorski took this...

Question 3

Dick's Sporting Goods carries baseballs all year around.The same is true for footballs and tennis equipment.Dick's Sporting Goods offers __________ utility for these products.
A)time
B)place
C)possession
D)market
E)form

Accepted Answer

Dick's Sporting Goods is providing time utility by carrying baseballs, footballs, and tennis equipment all year round. Time utility refers to the availability of a product when customers want it.

Question 4

The process of taking wool off sheep and using it to make soft sweaters shows how manufacturing can create __________ utility.
A)time
B)place
C)possession
D)market
E)form

Accepted Answer

The process of taking wool off sheep and using it to make soft sweaters involves changing the form of the wool, which is an example of form utility.

Question 5

The four utilities include
A)product, price, promotion, and place.
B)form, function, perceived value, and adaptability.
C)monopoly, monopolistic competition, pure competition, and oligopoly.
D)form, place, time, and possession.
E)gas, fossil fuel, electricity, and water.

Accepted Answer

The four utilities are form (making the product), place (making the product easily available to the customer), time (making the product available when the customer wants it), and possession (facilitating the transfer of ownership from seller to buyer). Choices A, B, and C do not accurately describe the four utilities. Choice E lists types of energy sources, which is not relevant to the question.

Question 6

The value to consumers that comes from the production or alteration of a good or service constitutes __________ utility.
A)time
B)place
C)possession
D)market
E)form

Accepted Answer

Form utility is the value that comes from the production or alteration of a good or service's physical form, such as changing raw materials into a finished product or designing a product to better fit consumers' needs. Time, place, possession, and market utility are all different types of value that can be added to a good or service, but they are not directly related to the physical form of the product.

Question 7

Redbox Video places vending machines, at local convenience stores and grocery stores that allow customers to rent and return popular DVDs, 24hours a day.This creates __________ utilities.
A)time and place
B)form and place
C)possession and time
D)time and form
E)form and possession

Accepted Answer

Redbox Video's vending machines provide time utility by allowing customers to rent and return DVDs at any time, and place utility by placing the machines in convenient locations such as local convenience stores and grocery stores.

Question 8

Which of the following statements is an example of place utility?
A)Airlines allow you to print your own boarding passes at home
B)A service station that sells both regular gasoline and diesel fuel
C)A cell phone company offers six-month financing, same as cash
D)Cold cut packages that can be zipped closed for reuse
E)An iPhone with a large selection of new "apps"

Accepted Answer

The answer of Which of the following statements is an...

Question 9

The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes _________ utility.
A)time
B)place
C)possession
D)market
E)form

Accepted Answer

The definition provided describes possession utility, which refers to the value that comes from making a product easily accessible to consumers through credit cards and financing options. Time, place, market, and form utilities refer to different aspects of the value that a product or service provides to consumers, such as convenience, location, availability, and the characteristics of the product or service itself.

Question 10

The utility that a delivery firm provides by delivering new CD releases to music stores in time for the Tuesday release day is
A)time utility.
B)place utility.
C)possession utility.
D)market utility.
E)form utility.

Accepted Answer

Time utility refers to the value that a firm adds by delivering a product or service at a specific time that is convenient for the customer. In this case, the delivery firm is providing time utility by ensuring that new CD releases are delivered to music stores in time for the Tuesday release day, making it easier for customers to purchase and enjoy the music on the day of its release.

Question 11

The process of turning corn into ethanol shows how manufacturing can create __________ utility.
A)form
B)place
C)possession
D)market
E)time

Accepted Answer

The process of turning corn into ethanol involves changing the physical form of corn molecules into a new substance, ethanol. This transformation creates form utility, which refers to the value that is added to a product by changing its physical characteristics or form.

Question 12

Which of the following statements is an example of time utility?
A)An iPhone offers a large selection of "apps"
B)A dry cleaner is located inside a supermarket
C)Goodwill has a 24-hour drop box for donations
D)A cell phone company offers six-month financing, same as cash
E)A new herbal supplement offers a 30 day free trial

Accepted Answer

Time utility refers to making a product or service available at the right time when customers want it. Goodwill's 24-hour drop box for donations provides time utility by allowing customers to donate at their convenience, even outside business hours.

Question 13

Robert could not buy his Principles of Marketing text this semester by the first day of class if the bookstore did not accept credit cards.With his credit card, he was able to have the book for his first marketing class.The credit card created __________ utility for Robert.
A)form
B)time
C)price
D)possession
E)place

Accepted Answer

Possession utility refers to the satisfaction or value a customer derives from owning or possessing a product. In this case, Robert was able to possess the Principles of Marketing text by using his credit card to purchase it, creating possession utility. This utility relates to the availability of the product, which the credit card made possible by providing Robert with the means to purchase the book. The other types of utility, such as form, time, price, and place, do not necessarily apply in this scenario.

Question 14

The value to consumers of having a good or service available where needed constitutes __________ utility.
A)time
B)place
C)possession
D)market
E)form

Accepted Answer

Place utility refers to the value that consumers receive from having a good or service available where they need it. It can include factors such as accessibility, convenience, and proximity. Time utility refers to the value of having a good or service available when needed, possession utility refers to the value of owning or possessing a good or service, market utility refers to the value of having a variety of options to choose from, and form utility refers to the value of having a good or service in a useful form or condition.

Question 15

Effective marketing benefits society because
A)it reduces competition, making the playing field more even, so everyone benefits.
B)it improves the quality of products and services regardless of the cost.
C)it allows companies to charge whatever price they want, regardless of product quality.
D)it makes countries more competitive in world markets while simultaneously reducing competition in their home markets.
E)it enhances competition which improves the quality of products and services and lowers their prices.

Accepted Answer

Effective marketing enhances competition which promotes innovation, improves quality of products and services, and ultimately lowers their prices. This is beneficial for society as consumers can purchase higher quality goods and services at lower prices, while businesses are encouraged to continuously improve and innovate in order to stay competitive in the market.

Question 16

An inventor for 3M, David Windorski questioned dozens of students about how they study.They told him A)to make sure new products were more expensive. B)that the average backpack was already too heavy. C)it would be reasonable to put Post-it^® notes together with a highlighter. D)determine the ratio of 3M products to study aid products of other competitors. E)Highlighters and Post-it^® notes could not be combined.

Accepted Answer

The students suggested that it would be reasonable to put Post-it notes together with a highlighter. This feedback could be used by 3M to create a combined product of Post-it notes and highlighters that could be marketed specifically for students.

Question 17

Utility refers to
A)the benefits or customer value received by users of the product.
B)the adaptability of a marketing program to adjust to changes from environmental forces.
C)the number of alternative uses or benefits that can be provided by a single product or service.
D)the fixed costs associated with the production of a single unit of a product within a product line.
E)the variable costs associated with the production of a single unit of a product within a product line.

Accepted Answer

Utility refers to the benefits or customer value received by users of the product.

Question 18

The value to consumers that comes from having a good or service available when needed constitutes __________ utility.
A)time
B)place
C)possession
D)market
E)form

Accepted Answer

Time utility refers to the value added to a product or service by having it available when consumers need or want it.

Question 19

Which of the following statements is an example of possession utility?
A)An iPhone with a large selection of new "apps"
B)The local dairy offers delivery to the customer's doorstep
C)Disposable diapers come equipped with re-sealable tabs
D)A gourmet food store carries a line of ready-made salads
E)A cell phone company offers six-month financing, same as cash

Accepted Answer

Possession utility refers to the value added to a product by making it easier for the consumer to purchase or own it, such as through financing options.

Question 20

Which of the following statements is an example of form utility?
A)An iPhone with a large selection of new "apps"
B)Stamp vending machines that are located in drug stores
C)A service station that has a 24-hour ice machine available for use even when the station is closed
D)A cell phone company that offers six-month financing, same as cash
E)A gourmet shop that offers a home delivery service

Accepted Answer

Form utility refers to enhancing the product by improving its design, features, and packaging, which in turn adds value to the product. In this case, an iPhone with a large selection of new "apps" adds value and convenience to the product, making it more desirable to customers.

Quiz 1: Creating Customer Relationships and Value Through Marketing

The benefits or customer value received by users of a product is called __________.

The 3M inventor, David Windorski took this approach when he developed the Post-it® Flag Highlighter:

Dick's Sporting Goods carries baseballs all year around.The same is true for footballs and tennis equipment.Dick's Sporting Goods offers __________ utility for these products.

The process of taking wool off sheep and using it to make soft sweaters shows how manufacturing can create __________ utility.

The four utilities include

The value to consumers that comes from the production or alteration of a good or service constitutes __________ utility.

Redbox Video places vending machines, at local convenience stores and grocery stores that allow customers to rent and return popular DVDs, 24hours a day.This creates __________ utilities.

Which of the following statements is an example of place utility?

The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes _________ utility.

The utility that a delivery firm provides by delivering new CD releases to music stores in time for the Tuesday release day is

The process of turning corn into ethanol shows how manufacturing can create __________ utility.

Which of the following statements is an example of time utility?

Robert could not buy his Principles of Marketing text this semester by the first day of class if the bookstore did not accept credit cards.With his credit card, he was able to have the book for his first marketing class.The credit card created __________ utility for Robert.

The value to consumers of having a good or service available where needed constitutes __________ utility.

Effective marketing benefits society because

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

Utility refers to

The value to consumers that comes from having a good or service available when needed constitutes __________ utility.

Which of the following statements is an example of possession utility?

Which of the following statements is an example of form utility?

The 3M inventor, David Windorski took this approach when he developed the Post-it^® Flag Highlighter: