Question 1

In marketing,the idea of exchange refers to

Accepted Answer

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 non-governmental organizations or individuals. 
E) the practice of swapping products and services for other products and services rather than for money. 
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 non-governmental organizations or individuals. 
E) the practice of swapping products and services for other products and services rather than for money.

Question 2

In addition to consumers,what other people,groups,and environmental forces interact to influence an organization's marketing activities?

Accepted Answer

Foremost is the organization itself,whos

Question 3

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?

Accepted Answer

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 potential 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. 
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 potential 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.

Question 4

In marketing,each __________ consists of people who are relatively similar to each other in terms of their consumption behavior.

Accepted Answer

A) market segment 
B) demographic cluster 
C) organizational buyer group 
D) ultimate consumer group 
E) qualified prospect group 
A) market segment 
B) demographic cluster 
C) organizational buyer group 
D) ultimate consumer group 
E) qualified prospect group

Question 5

All of the following statements about the overall marketing program for 3M's Post-it® Flag Highlighters are true EXCEPT:

Accepted Answer

A) David Windorski,a 3M inventor,designed the second generation of Post-it® Flag Highlighters and Pens without the rotating cover to make it easier to insert replacement flags. 
B) Office workers were initially the intended target market for the Post-it® Flag Highlighter. 
C) In his first attempt,David Windorski,a 3M inventor,designed the Post-it® Flag Highlighter in exactly the right way to appeal to its target market. 
D) David Windorski,the designer of the Post-it® Flag Highlighter,appeared on The Oprah Winfrey show so she could thank him in person for "his most incredible invention." 
E) Recently,3M introduced additions to the Post-it® Flag+ Highlighter line: a Post-it® Flag+ Gel Pen and a Post-it® Flag+ Permanent Marker. 
A) David Windorski,a 3M inventor,designed the second generation of Post-it® Flag Highlighters and Pens without the rotating cover to make it easier to insert replacement flags. 
B) Office workers were initially the intended target market for the Post-it® Flag Highlighter. 
C) In his first attempt,David Windorski,a 3M inventor,designed the Post-it® Flag Highlighter in exactly the right way to appeal to its target market. 
D) David Windorski,the designer of the Post-it® Flag Highlighter,appeared on The Oprah Winfrey show so she could thank him in person for "his most incredible invention." 
E) Recently,3M introduced additions to the Post-it® Flag+ Highlighter line: a Post-it® Flag+ Gel Pen and a Post-it® Flag+ Permanent Marker.

Question 6

Mark Zuckerberg is a co-founder of the social networking website called __________.

Accepted Answer

A) Pinterest 
B) Groupon 
C) LinkedIn 
D) Facebook 
E) Twitter 
A) Pinterest 
B) Groupon 
C) LinkedIn 
D) Facebook 
E) Twitter

Question 7

All of the following are aspects of Trader Joe's customer experience EXCEPT:

Accepted Answer

A) it has a large and expensive research and development facility. 
B) it offers unusual food products not available from other retailers. 
C) it stocks yuppie-friendly staples on its shelves. 
D) it sets low prices by offering its own brands,not national ones. 
E) it provides rare employee "engagement" to help customers. 
A) it has a large and expensive research and development facility. 
B) it offers unusual food products not available from other retailers. 
C) it stocks yuppie-friendly staples on its shelves. 
D) it sets low prices by offering its own brands,not national ones. 
E) it provides rare employee "engagement" to help customers.

Question 8

A live theatre performance cannot be touched like a physical object,but is still considered a product.To a marketer,this is an example of a(n)__________.

Accepted Answer

A) utility 
B) production 
C) value 
D) service 
E) idea 
A) utility 
B) production 
C) value 
D) service 
E) idea

Question 9

In the nonprofit world of the performing arts,box office technology has essentially remained the same since the 1980s.A company called Tessitura is trying to change that.Tessitura is able to track every transaction with its patrons in one database.The information collected includes ticket purchases,fund-raising,volunteering,and gift shop purchases that will help symphonies,operas,and theaters develop customer profiles in order to tailor their sales messages to specific individuals.In other words,Tessitura will allow arts groups to engage in

Accepted Answer

A) market aggregation. 
B) relationship marketing. 
C) societal marketing. 
D) market mining. 
E) mainstream marketing. 
A) market aggregation. 
B) relationship marketing. 
C) societal marketing. 
D) market mining. 
E) mainstream marketing.

Question 10

Initially,Facebook targeted which consumer market segment?

Accepted Answer

A) grade school children ages 6 to 12 years old 
B) high school students 
C) college students 
D) adults with professional occupations 
E) senior adults 55 years and older 
A) grade school children ages 6 to 12 years old 
B) high school students 
C) college students 
D) adults with professional occupations 
E) senior adults 55 years and older

Question 11

The first objective in marketing is to discover consumers' __________.

Accepted Answer

A) diversity of opinion to create advertising messages 
B) income to determine the most lucrative price point for a product 
C) lifetime value of an offering to the organization 
D) characteristics that would be useful to segment markets 
E) needs to create products that could satisfy them 
A) diversity of opinion to create advertising messages 
B) income to determine the most lucrative price point for a product 
C) lifetime value of an offering to the organization 
D) characteristics that would be useful to segment markets 
E) needs to create products that could satisfy them

Question 12

A target market refers to

Accepted Answer

A) people who could purchase a product regardless of who ultimately uses it. 
B) one or more specific groups of potential consumers toward which an organization directs its marketing program. 
C) former customers who now use competitors' products. 
D) the cluster of benefits that an organization develops to satisfy consumers' needs. 
E) people with both the desire and the ability to buy a specific offering. 
A) people who could purchase a product regardless of who ultimately uses it. 
B) one or more specific groups of potential consumers toward which an organization directs its marketing program. 
C) former customers who now use competitors' products. 
D) the cluster of benefits that an organization develops to satisfy consumers' needs. 
E) people with both the desire and the ability to buy a specific offering.

Question 13

As shown in the ad above,U.S.Bank delivers customer value by providing its customers with the best

Accepted Answer

A) assortment. 
B) products/services. 
C) price. 
D) customer service. 
E) availability. 
A) assortment. 
B) products/services. 
C) price. 
D) customer service. 
E) availability.

Question 14

Marketing discovers consumer needs by

Accepted Answer

A) implementing a marketing program. 
B) conducting effective marketing research. 
C) balancing the marketing mix elements-the 4 Ps of the marketing program. 
D) advertising to diverse groups of prospective buyers. 
E) copying the products and services of competitors. 
A) implementing a marketing program. 
B) conducting effective marketing research. 
C) balancing the marketing mix elements-the 4 Ps of the marketing program. 
D) advertising to diverse groups of prospective buyers. 
E) copying the products and services of competitors.

Question 15

A television advertisement shows several teenagers searching through the refrigerator for something to satisfy their hunger.The refrigerator offers the teenagers many alternatives-celery,bologna,cottage cheese,and box of Hot Pockets Bacon Cheddar Cheese Melt sandwiches (see the photo above).The ad,which shows the teens happily selecting the Hot Pockets sandwiches,appeals to the consumers' __________ for sustenance to satisfy their hunger and attempts to shape their __________ for the advertised product.

Accepted Answer

A) needs;wants 
B) wants;needs 
C) wants;cravings 
D) cravings;needs 
E) needs;preferences 
A) needs;wants 
B) wants;needs 
C) wants;cravings 
D) cravings;needs 
E) needs;preferences

Question 16

Which of the following statements best describes a good?

Accepted Answer

A) Goods are physical objects. 
B) Goods are the only currency that can be used in an exchange. 
C) Goods are intangible concepts and thoughts about ideas or causes. 
D) Goods are the benefits organizations receive for selling products and services. 
E) Goods can be either tangible or intangible. 
A) Goods are physical objects. 
B) Goods are the only currency that can be used in an exchange. 
C) Goods are intangible concepts and thoughts about ideas or causes. 
D) Goods are the benefits organizations receive for selling products and services. 
E) Goods can be either tangible or intangible.

Question 17

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

Accepted Answer

A) financial remuneration 
B) exchange 
C) countertrade 
D) barter 
E) marketing 
A) financial remuneration 
B) exchange 
C) countertrade 
D) barter 
E) marketing

Question 18

With respect to the history of American business,the __________ era is when today's firms continuously seek to satisfy the high expectations of customers.

Accepted Answer

A) production 
B) sales 
C) marketing concept 
D) customer relationship 
E) societal marketing 
A) production 
B) sales 
C) marketing concept 
D) customer relationship 
E) societal marketing

Question 19

Four factors are required for marketing to occur: (1)__________; (2)a desire and ability of parties to be satisfied; (3)a way for the parties to communicate;and (4)something to exchange.

Accepted Answer

A) a healthy competitive environment 
B) an affordable and actionable advertising campaign 
C) a sense of social responsibility 
D) an ability to see hidden potential within an environmental force 
E) two or more parties (individuals or organizations)with unsatisfied needs 
A) a healthy competitive environment 
B) an affordable and actionable advertising campaign 
C) a sense of social responsibility 
D) an ability to see hidden potential within an environmental force 
E) two or more parties (individuals or organizations)with unsatisfied needs

Question 20

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?

Accepted Answer

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. 
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.

Exam 1: Creating Customer Relationships and Value Through Marketing

In marketing,the idea of exchange refers to

In addition to consumers,what other people,groups,and environmental forces interact to influence an organization's marketing activities?

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?

In marketing,each __________ consists of people who are relatively similar to each other in terms of their consumption behavior.

All of the following statements about the overall marketing program for 3M's Post-it® Flag Highlighters are true EXCEPT:

Mark Zuckerberg is a co-founder of the social networking website called __________.

All of the following are aspects of Trader Joe's customer experience EXCEPT:

A live theatre performance cannot be touched like a physical object,but is still considered a product.To a marketer,this is an example of a(n)__________.

Initially,Facebook targeted which consumer market segment?

The first objective in marketing is to discover consumers' __________.

A target market refers to

As shown in the ad above,U.S.Bank delivers customer value by providing its customers with the best

Marketing discovers consumer needs by

Which of the following statements best describes a good?

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

With respect to the history of American business,the __________ era is when today's firms continuously seek to satisfy the high expectations of customers.

Four factors are required for marketing to occur: (1)__________; (2)a desire and ability of parties to be satisfied; (3)a way for the parties to communicate;and (4)something to exchange.

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?

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility in Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Building an Effective Marketing Plan

Financial Aspects of Marketing

Filters

All of the following statements about the overall marketing program for 3M's Post-it^® Flag Highlighters are true EXCEPT: