Question 1

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

Accepted Answer

A)  form and place
B)  form and time
C)  place and time
D)  time and possession
E)  form and possession

Question 2

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________;and (4) something to exchange.

Accepted Answer

A)  a way for the parties to communicate
B)  a healthy competitive environment
C)  an affordable and actionable advertising campaign
D)  a sense of social responsibility
E)  an ability to see hidden potential within an environmental force

Question 3

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Accepted Answer

To serve both buyers and sellers,marketi...

Question 4

In China,many people are removing their money from the state banks and lending it out themselves.The interest rate earned in a state bank account is about one-half the rate of inflation.On the other hand,loaning money to friends,relatives,and even unrelated entrepreneurs can often earn the investor a rate at least double the inflation rate.The gray market,an underground network of investors and private businesses,moves the cash from lenders to businesses.Did marketing occur here? Explain your answer.

Accepted Answer

To answer this question,students will ne...

Question 5

Which era of U.S.business history does the following statement best describe? "We are in the business of satisfying the needs and wants of consumers while achieving our own goals."

Accepted Answer

A)  the production era
B)  the sales era
C)  the marketing concept era
D)  the marketing orientation era
E)  the societal marketing era

Question 6

Firms such as General Electric,Marriott,and Facebook have achieved great success by putting a huge effort into implementing the marketing concept,giving their firms a

Accepted Answer

A)  production orientation.
B)  sales orientation.
C)  customer relationship orientation.
D)  service orientation.
E)  market orientation.

Question 7

Which of the following is an example of an ultimate consumer?

Accepted Answer

A)  a newspaper reporter who receives a plane ticket to Washington,D.C.to cover the presidential inauguration
B)  a school teacher who bought a ticket to the Summer Olympics opening ceremonies
C)  an office receptionist who renews the magazines that are found in the office waiting room
D)  a retailer who buys poster board to make signs for an upcoming store sale
E)  a landscaping firm employee who buys a new wheelbarrow to use to haul mulch

Question 8

Which of the following terms best describes the marketing concept era?

Accepted Answer

A)  consumer-oriented
B)  production-oriented
C)  sales-oriented
D)  society-oriented
E)  competition-oriented

Question 9

The period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Accepted Answer

A)  sales
B)  marketing concept
C)  production
D)  goods
E)  market orientation

Question 10

The Terrafugia Transition (see the photo above) is a flying car with an anticipated price of $279,000.A potential showstopper for this product is likely to be

Accepted Answer

A)  concern about damage caused in a small on-road fender bender might make it dangerous to fly.
B)  a lack of marketing towards retired seniors.
C)  the efficiency of commuting for corporate executives.
D)  the availability of flight instruction for licensed drivers.
E)  a very poor product warranty.

Question 11

What are the three components of a person's ability to buy an offering?

Accepted Answer

The three components...

Question 12

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

Accepted Answer

A)  uncontrollable forces
B)  profitability factors
C)  stakeholder value generators
D)  target market segments
E)  controllable factors

Question 13

What utility does UPS provide when it delivers new DVD releases to Best Buy stores before the Tuesday national release day?

Accepted Answer

A)  time utility
B)  place utility
C)  possession utility
D)  market utility
E)  form utility

Question 14

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to

Accepted Answer

A)  the trade of things of value between buyer and seller so that each is better off after the trade.
B)  the negotiation phase between the manufacturer and the seller.
C)  the financial remuneration (monetary payment) for a product or service.
D)  the transport of tangible goods to new owners.
E)  the practice of swapping products and services for other products and services rather than for money.

Question 15

In the movie Tin Men,two rival salesmen engaged in a variety of dishonest and unethical practices in order to sell aluminum siding to homeowners in 1963.Their job was difficult,in part,because the supply of aluminum siding surpassed the demand for the product and competition was intense.This situation is indicative of the __________ era of U.S.business history.

Accepted Answer

A)  goods
B)  sales
C)  production
D)  market orientation
E)  societal marketing

Question 16

A want refers to

Accepted Answer

A)  a sense of personal inadequacy based upon observations by others around you.
B)  a powerful desire that causes a person to take action.
C)  a need that is shaped by a person's knowledge,culture,or personality.
D)  a feeling of being deprived of something,but not fully understanding what it may be.
E)  a situation when a person feels deprived of basic necessities such as food,clothing,and shelter.

Question 17

All of the following constitute the "4 Ps" of the marketing mix EXCEPT:

Accepted Answer

A)  promotion.
B)  profitability.
C)  price.
D)  place.
E)  product.

Question 18

Pepsi Next (see the photo above) is a "mid-calorie soft drink targeted at consumers who want both taste and low calories.A potential showstopper for this product is likely to be its

Accepted Answer

A)  lack of advertising on television.
B)  association with similar mid-/low-calorie soft drinks that have failed in the recent past,such as Pepsi Edge and Coca Cola C2.
C)  lower profit margin due the added costs of three artificial sweetener ingredients.
D)  cannibalization of Diet Pepsi,which has a much larger market share.
E)  use of sucrose instead of high fructose corn sugar,which tastes more like sugar.

Question 19

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as a(n)

Accepted Answer

A)  utility.
B)  item.
C)  service.
D)  marketing program.
E)  product.

Question 20

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

Accepted Answer

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 employees.
D)  the activity for selling 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.

Exam 1: Creating Customer Relationships and Value Through Marketing

Correct Answer
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What are the three components of a person's ability to buy an offering?

Correct Answer
verified
The three components...
View Answer

Which era of U.S.business history does the following statement best describe? "We are in the business of satisfying the needs and wants of consumers while achieving our own goals."

Correct Answer
verified

Correct Answer
verified
To answer this question,students will ne...
View Answer

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

Correct Answer
verified

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as a(n)

Correct Answer
verified

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________;and (4) something to exchange.

Correct Answer
verified

Which of the following is an example of an ultimate consumer?

Correct Answer
verified

The Terrafugia Transition (see the photo above) is a flying car with an anticipated price of $279,000.A potential showstopper for this product is likely to be

Correct Answer
verified

A want refers to

Correct Answer
verified

Which of the following terms best describes the marketing concept era?

Correct Answer
verified

What utility does UPS provide when it delivers new DVD releases to Best Buy stores before the Tuesday national release day?

Correct Answer
verified

Pepsi Next (see the photo above) is a "mid-calorie soft drink targeted at consumers who want both taste and low calories.A potential showstopper for this product is likely to be its

Correct Answer
verified

The period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Correct Answer
verified

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

Correct Answer
verified

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to

Correct Answer
verified

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Correct Answer
verified
To serve both buyers and sellers,marketi...
View Answer

All of the following constitute the "4 Ps" of the marketing mix EXCEPT:

Correct Answer
verified

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

Correct Answer
verified

Firms such as General Electric,Marriott,and Facebook have achieved great success by putting a huge effort into implementing the marketing concept,giving their firms a

Correct Answer
verified

Exam 1: Creating Customer Relationships and Value Through Marketing

Correct AnswerverifiedShow Answer

What are the three components of a person's ability to buy an offering?

Correct AnswerverifiedThe three components...View AnswerShow Answer

Which era of U.S.business history does the following statement best describe? "We are in the business of satisfying the needs and wants of consumers while achieving our own goals."

Correct AnswerverifiedShow Answer

Correct AnswerverifiedTo answer this question,students will ne...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as a(n)

Correct AnswerverifiedShow Answer

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________;and (4) something to exchange.

Correct AnswerverifiedShow Answer

Which of the following is an example of an ultimate consumer?

Correct AnswerverifiedShow Answer

The Terrafugia Transition (see the photo above) is a flying car with an anticipated price of $279,000.A potential showstopper for this product is likely to be

Correct AnswerverifiedShow Answer

A want refers to

Correct AnswerverifiedShow Answer

Which of the following terms best describes the marketing concept era?

Correct AnswerverifiedShow Answer

What utility does UPS provide when it delivers new DVD releases to Best Buy stores before the Tuesday national release day?

Correct AnswerverifiedShow Answer

Pepsi Next (see the photo above) is a "mid-calorie soft drink targeted at consumers who want both taste and low calories.A potential showstopper for this product is likely to be its

Correct AnswerverifiedShow Answer

The period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

Correct AnswerverifiedShow Answer

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

Correct AnswerverifiedShow Answer

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to

Correct AnswerverifiedShow Answer

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

Correct AnswerverifiedTo serve both buyers and sellers,marketi...View AnswerShow Answer

All of the following constitute the "4 Ps" of the marketing mix EXCEPT:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Firms such as General Electric,Marriott,and Facebook have achieved great success by putting a huge effort into implementing the marketing concept,giving their firms a

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
The three components...
View Answer

Correct Answer
verified

Correct Answer
verified
To answer this question,students will ne...
View Answer

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified
To serve both buyers and sellers,marketi...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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