Question 1

Judith can purchase books online at sites such as Amazon.
A)buying centres
B)virtual reality malls
C)marketplaces
D)demand centres
E)market convergence

Accepted Answer

Marketplaces are online platforms where buyers and sellers come together to trade goods and services. Amazon is an example of a popular online marketplace where buyers can purchase books and other products from various sellers.

Question 2

Which of the following is an example of a need?
A)Marilyn decides she would like to have a Wendy's milkshake.
B)Michael will only go to a movie if Bruce Willis is the lead actor.
C)Although she claims to be thirsty,Joanna will not buy a soda from a vending machine that does not contain Diet Coke.
D)Adam realises he is hungry.
E)Even though there are many types of flour on the market,Brenda will buy only the Gold Medal brand when she decides to bake.

Accepted Answer

Hunger is a basic biological need for survival.

Question 3

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

Accepted Answer

An exchange requires at least two parties who are willing to engage in a trade, and each party must have something the other wants. This applies to both tangible goods and intangible services. The concept of a winner and loser or a financial profit is not necessarily a factor in an exchange. A time utility factor may be important in some exchanges, but it is not a requirement for an exchange to occur.

Question 4

A fancy shopping centre,a mail-order catalogue,a television shopping network,an eBay auction,or an e-commerce website could all be examples of a ________.
A)marketplace
B)distribution portfolio
C)monopoly
D)communication strategy
E)strategic business unit

Accepted Answer

All of the options provided involve buying and selling goods and services, which takes place in a marketplace. The other choices are not applicable in this context.

Question 5

Three university students were renting for the first time and needed white goods,but none of them had the money to purchase a refrigerator or washing machine.
A)place and creation
B)time and place
C)creation and possession
D)possession and time
E)form and place

Accepted Answer

The sentence mentions the first time the university students were renting, indicating a specific moment in time. Additionally, it mentions their need for white goods, which implies a physical location or place where they were renting. Therefore, the best choice is time and place (B).

Question 6

A/n ________ consists of all the consumers who share a common need that can be satisfied by a specific good or service and who have the resources,willingness,and authority to make the exchange.
A)demand centre
B)buying centre
C)exchange location
D)mass market segment
E)market

Accepted Answer

The definition provided in the statement clearly describes the concept of a market, which is a group of consumers with a common need for a product or service and the resources and willingness to purchase it. The other options do not accurately reflect this definition. A buying center typically includes individuals involved in the purchasing decision for a business, a demand center is not a commonly used term, an exchange location refers to physical locations where products are sold, and a mass market segment refers to a broad group of consumers with similar characteristics, but not necessarily a specific need for a particular product or service.

Question 7

When you couple desire with the buying power or resources to satisfy a want,the result is a ________.
A)demand
B)benefit
C)need
D)differential benefit
E)service

Accepted Answer

Desire alone does not result in a demand. It is only when the desire is coupled with the ability to pay for the product or service that it becomes a demand. Therefore, the best choice is A) demand. B) Benefit refers to the advantages gained from a product or service. C) Need refers to a basic requirement for survival or well-being. D) Differential benefit refers to a unique advantage that sets a product or service apart from its competitors. E) Service refers to an intangible activity or benefit that is provided to consumers.

Question 8

________ utility occurs when you reach the petrol station just as your fuel gauge drops below empty.
A)Form
B)Creation
C)Marketing
D)Place
E)Possession

Accepted Answer

Place utility refers to the value added to a product by having it available at a location where it is needed, such as a petrol station when your fuel is low.

Question 9

Ruth Jones is a realtor.
A)need
B)demand
C)production orientation
D)homogeneous product
E)benefit

Accepted Answer

The answer of Ruth Jones is a realtor.
A)need
B)demand
C)production orientation
D)homogeneous product
E)benefit...

Question 10

Joe skipped breakfast and decides that he needs a Mars bar NOW from the vending machine at his university.
A)need; demand; convenience
B)want; need; marketplace
C)want; benefit; service
D)need; want; marketplace
E)want; utility; market

Accepted Answer

Joe has a physical need for energy and sustenance, which classifies as a need. However, he specifically desires a Mars bar, which is a want. He is also choosing to satisfy his want by utilizing the vending machine, which is an example of the marketplace providing for consumers' wants and needs. Therefore, the best options are "need," "want," and "marketplace," making D the correct choice.

Question 11

Levi Strauss tries to meet the psychological ________ of consumers to look good.
A)needs
B)benefits
C)wants
D)values
E)demands

Accepted Answer

Levi Strauss aims to fulfill the psychological needs of consumers, which include the desire to look good and feel confident in their appearance.

Question 12

Marketing activities play a major role in the creation of ________,which means that a product provides benefits when it is used.
A)utility
B)engagement
C)optimisation
D)synergy
E)functionality

Accepted Answer

Utility refers to the usefulness or value that a product provides when it is used. This is a key benefit that marketing activities aim to communicate to potential customers in order to encourage them to purchase the product.

Question 13

Although a want may be something to eat or drink,the desire for a specific brand name is referred to as a need.

Accepted Answer

A want is a desire or longing for something, while a need is something necessary for survival or to fulfill basic human requirements. The desire for a specific brand name is not necessary for survival or to fulfill basic human requirements, therefore it is a want, not a need.

Question 14

Jillian and Frank are moving tomorrow,and they decide to rent a truck and move themselves.
A)want
B)need
C)industrial product
D)heterogeneous product
E)benefit

Accepted Answer

"Need" is the most appropriate choice since it indicates a necessity for renting a truck to complete their move. A is incorrect because "want" suggests a desire rather than a requirement. C and D are irrelevant options since they do not fit with the context of the sentence. E is also incorrect because while there may be benefits to renting a truck, it is not the most relevant consideration in this context.

Question 15

All of the following are forms of utility EXCEPT ________.
A)time utility
B)price utility
C)form utility
D)place utility
E)possession utility

Accepted Answer

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

Question 16

Which of the following is an example of an exchange?
A)Hamish uses his credit card to pay for his weekly groceries.
B)Isabella lets Mercedes copy her class notes and Mercedes,in return,buys lunch for Isabella.
C)Judi buys a plane ticket through an airline's website.
D)Kendra purchased petrol with her credit card.
E)All of the above

Accepted Answer

All the options involve a transaction where goods, services, or money are exchanged between parties.

Question 17

Marketers define a need as the difference between a consumer's actual state and some ideal or desired state.

Accepted Answer

This is the definition of a need according to marketing theory.

Question 18

Which of the following is an example of a want?
A)Jane is looking for an umbrella because it's raining.
B)Before taking tennis lessons,Michelle has to buy herself a tennis racket.
C)Marie needs some butter so she can bake cookies.
D)Murray has to buy some nails to finish roofing his house.
E)Thomas decides to buy a Big Mac Meal Deal for lunch.

Accepted Answer

Thomas choosing to buy a Big Mac Meal Deal for lunch is an example of a want because it is not a necessary item for survival or a requirement for a specific task. It is a desire or preference.

Question 19

A ________ is a desire for a particular product that can be culturally and socially influenced.
A)want
B)need
C)benefit
D)value
E)demand

Accepted Answer

A want is a desire for a particular product that is influenced culturally and socially. Needs, on the other hand, are necessities for survival such as food, water, and shelter. Benefits refer to the advantages gained from using a particular product or service. Value is the importance or worth placed on a product or service, while demand refers to the quantity of a product or service that consumers are willing and able to buy at a given price.

Question 20

A ________ delivers a benefit when it satisfies a ________.
A)company; competitor
B)product; demand
C)marketplace; marketer
D)service; utility
E)product; need or want

Accepted Answer

The statement is discussing the delivery of a benefit, which is typically associated with a product or a service. The second part of the statement refers to the satisfaction of a need or want, which is the underlying reason why someone would seek out a product or service. Therefore, the best choice is E, as it specifically mentions a product delivering a benefit when it satisfies a need or want.

Quiz 1: Welcome to the World of Marketing: Creating and Delivering Value

Judith can purchase books online at sites such as Amazon.

Which of the following is an example of a need?

For an exchange to occur,________.

A fancy shopping centre,a mail-order catalogue,a television shopping network,an eBay auction,or an e-commerce website could all be examples of a ________.

Three university students were renting for the first time and needed white goods,but none of them had the money to purchase a refrigerator or washing machine.

A/n ________ consists of all the consumers who share a common need that can be satisfied by a specific good or service and who have the resources,willingness,and authority to make the exchange.

When you couple desire with the buying power or resources to satisfy a want,the result is a ________.

________ utility occurs when you reach the petrol station just as your fuel gauge drops below empty.

Ruth Jones is a realtor.

Joe skipped breakfast and decides that he needs a Mars bar NOW from the vending machine at his university.

Levi Strauss tries to meet the psychological ________ of consumers to look good.

Marketing activities play a major role in the creation of ________,which means that a product provides benefits when it is used.

Although a want may be something to eat or drink,the desire for a specific brand name is referred to as a need.

Jillian and Frank are moving tomorrow,and they decide to rent a truck and move themselves.

All of the following are forms of utility EXCEPT ________.

Which of the following is an example of an exchange?

Marketers define a need as the difference between a consumer's actual state and some ideal or desired state.

Which of the following is an example of a want?

A ________ is a desire for a particular product that can be culturally and socially influenced.

A delivers a benefit when it satisfies a .