Deck 1: Creating Customer Relationships and Value Through Marketing

Question 1

__________ of all new businesses fail within five years of their launch.

A)Only 5 percent
B)Only 10 percent
C)Only 25 percent
D)About 40 percent
E)Over 50 percent

Answer 1

E

Question 2

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.
D)the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers.
E)the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at largE.Key term definition - marketing.

Answer 2

E

Question 3

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.

Answer 3

A

Question 4

Mizuno designs and sells high quality baseball gloves. Who does NOT benefit from the firm's marketing activities for its gloves?

A)a baseball or softball player who purchases a new Mizuno glove
B)the Sports Authority salesperson who sells a customer a Mizuno glove
C)the supplier who provided the leather to Mizuno
D)the shareholder of Mizuno that designs and manufactures the gloves
E)all stakeholders should be benefit from Mizuno's marketing efforts, even society at large

Question 5

More than half of all new businesses fail within __________ years of their launch.

A)two
B)three
C)four
D)five
E)ten

Question 6

Initially, Facebook targeted which consumer market segment?

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 7

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.
E)You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.

Question 8

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)manipulate
E)preserve

Question 9

All of the following are true about marketing EXCEPT:

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)Marketing persuades people to buy the "wrong" things.
D)When an organization engages in marketing, all stakeholders should benefit.
E)Marketing is a broader activity than personal selling.

Question 10

From its inception, where did Hamdi Ulukaya, the creator of Chobani, Inc., want to place Chobani yogurt?

A)the organic foods section of major grocery store chains
B)in warehouse club stores like Sam's Club or Costco
C)the dairy case of major grocery store chains
D)in mass merchandise stores like Target
E)in both independent organic cooperatives, farmer's markets, and major organic grocery stores like Whole Foods or Sprouts

Question 11

The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large is referred to as __________.

A)manufacturing
B)advertising
C)marketing
D)selling
E)promotion

Question 12

Mark Zuckerberg's launch of "TheFacebook.com" website became a huge success. Yet, more than half of all new businesses fail within __________ years of their launch.

A)two
B)three
C)four
D)five
E)ten

Question 13

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

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.

Question 14

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

Question 15

Which of the following statements about stakeholders is most accurate?

A)Ultimately, the only relevant stakeholder is the ultimate consumer.
B)The suppliers, shareholders, employees, and customers are all stakeholders of an organization and all should benefit from the organization's marketing activities.
C)Employees can be stakeholders only if they own shares in their company.
D)Suppliers are the most important stakeholders because without them, products could never be produced.
E)The only way to be a stakeholder is to have a financial investment in an organization's product, service, or idea.

Question 16

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

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

Question 17

The entirely new food category Chobani launched in 2005 was

A)Italian-style ragù sauce.
B)Turkish-style cottage cheese.
C)French-style butter.
D)Greek-style yogurt.
E)Oriental-style teriyaki saucE.In 2005, Chobani, Inc. launched an entirely new food category - Greek-style yogurt.

Question 18

Mark Zuckerberg encountered unimaginable success with his launch of "TheFacebook.com" website from his college dorm room. By the end of the second week, it had almost __________ members.

A)100
B)300
C)500
D)1,000
E)5,000

Question 19

Whether an individual is buying 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.

Question 20

All of the following are marketing mix strategies that Chobani has used to sell its yogurt EXCEPT:

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)use Facebook, YouTube, and other social media to promote Chobani yogurt.
D)rely on word-of-mouth to reach new customers.
E)air a Super Bowl commercial featuring a "yogurt bear".

Question 21

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.

Question 22

-In Figure 1-1 above, Box A represents an organization's alliances with

A)suppliers.
B)customers.
C)shareholders.
D)other departments.
E)other organizations.

Question 23

The Terrafugia Transition is a 19-foot, two-seater road-drivable, light-sport aircraft with an anticipated price of $279,000. 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.A prospective customer includes anyone who would benefit from owning a product. However, the most likely prospective customer in this case would be an executive for whom time is extremely important. Both the benefits of the Terrafugia Transition and the willingness and ability to pay for it are needed for prospective customers to become actual customers.

Question 24

Which of the following statements about marketing activities is most accurate?

A)Marketing is affected by society but rarely, if ever, affects society as a whole.
B)The marketing department works closely with other departments and employees to implement an organization's marketing activities.
C)Marketing activities are the sole responsibility of the marketing department; other departments are involved only if there is an emergency (such as a product recall).
D)Environmental forces do not affect marketing activities as long as a firm closely monitors its environment through rigorous market research.
E)Marketing is essentially developing the right product and convincing potential customers that they "need" it, not just "want" it.

Question 25

A church put advertisements in its weekly bulletins to encourage its members to participate in the services by telling a brief, positive story about how fellow members have helped them during times of need. Jack volunteered and shared his story during a service. Afterwards, he felt joyous. Was this an exchange in a marketing sense?

A)Yes, because the church ran an advertisement, a marketing activity.
B)No, because the church is nonprofit organization and these actions are expected without any expectation of "exchange."
C)No, because no money was exchanged.
D)Yes, because sharing his story at a service was exchanged for a feeling of joy.
E)No, because the church did not provide Jack with a tangible product or servicE.Exchange is the trade of things of value between buyer and seller so that each benefits. In this instance, Jack is a member or "customer" and the church is the "marketer." An exchange occurred when Jack "exchanged" his story at the service for a feeling of joy. The rest of the church membership likely benefited from Jack's story as well.

Question 26

-In Figure 1-1 above, B represents an organization's partnerships with

A)other organizations.
B)suppliers.
C)shareholders.
D)customers.
E)other departments.

Question 27

The marketing department of an organization is responsible for facilitating __________.

A)relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations
B)healthy competition with other product manufacturers
C)financial contracts with banks and other lending institutions
D)alliances with firms with non-competitive products that target similar markets
E)the coordination between the various departments within the entire firm

Question 28

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.

Question 29

All of the following are departments in a typical organization EXCEPT:

A)finance.
B)manufacturing.
C)information systems.
D)human resources.
E)suppliers.

Question 30

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

Question 31

-In Figure 1-1 above, D represents an organization's relationships with

A)other organizations.
B)suppliers.
C)shareholders.
D)customers.
E)other departments.

Question 32

-In Figure 1-1 above, C represents an organization's ownership with

A)other organizations.
B)suppliers.
C)customers.
D)other departments.
E)shareholders.

Question 33

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 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 34

-In Figure 1-1 above, the center ring E in an organization consists of __________, which oversees the departments surrounding it.

A)marketing.
B)manufacturing.
C)human resources.
D)senior management.
E)financE.Figure 1-1 shows the key people, groups, and forces outside the organization that influence its marketing activities. The marketing department is responsible for facilitating relationships, partnerships, and alliances with the organization's customers ("D"), shareholders/owners (or often representatives of groups served by a nonprofit organization), ("C"), suppliers ("B"), and other organizations ("A"). Senior management ("E") oversees the organization's departments, manages the relationships with stakeholders, and assesses the marketing environment within which the organization operates.

Question 35

Which of the following is NOT an environmental force?

A)economic
B)regulatory
C)social
D)commercial
E)technological

Question 36

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

Question 37

Which of the following statements about marketing departments is most accurate?

A)The marketing department should work solely with people within its own department.
B)The marketing department should suggest where a firm should invest its money based on its knowledge of the market and environmental forces.
C)The marketing department is only responsible for the 4 Ps, not the 7 Ps.
D)The marketing department is only responsible for market research, supervision of product development, and product promotion.
E)The marketing department must work closely with other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

Question 38

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

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 39

All of the following are environmental forces that affect an organization EXCEPT:

A)economic
B)geographical
C)social
D)regulatory
E)technological

Question 40

The __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.

A)purchasing
B)marketing
C)human resources
D)accounting
E)information systems

Question 41

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.

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 42

A college student is taking a full course load, working 20 hours per week, and still has to take out a student loan to cover tuition. One day, he sees a classmate driving a new Lexus LFA sports coupe (price: $375,000) and feels he just has to have one for himself. What factor is most likely to prevent a successful marketing exchange between the student and the local Lexus dealer located in an affluent suburb about 20 miles from his university?

A)The local Lexus dealer only has one Lexus LFA sports coupe in stock - red, which is the color he wants.
B)The student does not have the resources to qualify for a $375,000 auto loan.
C)Although the Lexus LFA sports coupe is a great car, there may be other cars with better gas mileage and resale value.
D)He's afraid that if someone at school sees him with the car, he might lose his student loan.
E)His girlfriend wants him to drive a Kia Soul.

Question 43

A local candidate running for office would very much like to have your vote. She promises that she will "make the country better." Because all candidates for public office say this, you doubt you'll see real results and decide not to vote for her. Marketing will not occur in this situation because __________.

A)marketing doesn't apply to the voting process
B)the desire and ability to satisfy needs is missing
C)there is no direct way for the parties to communicate
D)something to exchange is missing
E)there is only one party involved in this situation

Question 44

A student would like to buy cross-over SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation because

A)two or more parties have unsatisfied needs.
B)there is no desire on the part of either party to satisfy its needs.
C)one of the involved parties does not have the ability to satisfy its needs.
D)there is no way for each party to communicate with one another.
E)there has been no assessment of consumer wants and needs.

Question 45

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

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 46

Suppose you want a snack after taking this exam - a Pan Pizza from Dominos, which is located across the street from your College of Business classroom. Unfortunately, you forgot your wallet in the haste of getting to class on time to take the test. Therefore, you have no means to pay for the pizza. Which of the following reasons explain why marketing fails to occur here between you and Dominos?

A)There are not two or more parties with unsatisfied needs.
B)The ability to satisfy a need is missing.
C)A desire to satisfy a need is missing.
D)No assessments of consumer wants and needs have been made.
E)There is no way for the parties involved to communicatE.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) a way for the parties to communicate; and (4) something to exchange. Because the student has forgotten her/his wallet, there is no ability on the part of her/him to satisfy her/his need because she/he has no money (currency or credit card) to fulfill her/his part of the exchange process.

Question 47

A farmhand would like to buy a moped scooter to commute to his job at a nearby ranch. He doesn't know how to find a dealer though, and doesn't have Internet access. Which of the following reasons explain why marketing fails to occur here?

A)There are not two or more parties with unsatisfied needs.
B)A desire to satisfy a need is missing.
C)No assessments of consumer wants and needs have been made.
D)There is no way for the parties involved to communicate.
E)The ability to satisfy a need is missing.

Question 48

New-product experts generally estimate that up to __________ percent of the more than 40,000 new consumable products introduced in the United States annually "don't succeed in the long run."

A)33
B)50
C)67
D)75
E)94

Question 49

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) __________; (3) a way for the parties to communicate; and (4) something to exchange.

A)a healthy competitive environment
B)government approval
C)an affordable and actionable advertising campaign
D)a desire and ability on their part to be satisfied
E)an ability to see hidden potential within an environmental force

Question 50

A business student is preparing for the Graduate Management Admission Test (GMAT) so he can get into a good graduate business school. He knows that any money he spends on a tutor will be well worth it if he can improve his scores. He's heard that there is a great tutor in his local community but has no idea who she is. To ensure that marketing occurs with her, he should

A)buy a GMAT study guide at his college bookstore.
B)find out what the minimum score he needs to get into the graduate business school of his choice.
C)attempt to find the tutor by conducting a Google search for her website, looking for flyers in the students' business lounge, obtaining copies of the college newspaper paper and looking for her ad, or asking his friends whether they know of her and her tutoring services.
D)consider alternatives to graduate school in case the scores he receives by taking the test without any help are not sufficient admission.
E)apply for delayed admission if he can't find this tutor.

Question 51

All of the following are factors required for marketing to occur EXCEPT:

A)a desire and ability on the part of two or more parties (individuals or organizations) to be satisfied.
B)something to exchange between two or more parties (individuals or organizations).
C)two or more parties (individuals or organizations) with the same wants.
D)two or more parties (individuals or organizations) with unsatisfied needs.
E)a way for the parties (individuals or organizations) to communicatE.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) a way for the parties to communicate; and (4) something to exchange.

Question 52

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)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 53

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) a way for the parties to communicate; and (4) __________.

A)an affordable and actionable advertising campaign
B)something to exchange
C)a healthy competitive environment
D)government approval
E)an ability to see hidden potential within an environmental force

Question 54

To avoid new-product failure, new-product expert Robert M. McMath suggests

A)implementing a regional rather than a nationwide rollout of a new product.
B)building a hierarchical organizational structure so that more people have a chance to spot product problems.
C)focusing on customer benefits and learning from the past.
D)increasing the marketing budget, since "success comes to those who can outspend the competition."
E)releasing several different versions of a new product at the same time to see which one is most successful.

Question 55

The Arizona Biltmore in Phoenix is a resort hotel located less than a mile away from the Biltmore Fashion Park, a large upscale shopping mall. The hotel wants to promote its proximity to the shopping center as well as its many other amenities to convention-goers from other states. Which of the following marketing actions would most likely help The Arizona Biltmore communicate with potential convention attendees?

A)Place an ad in the in-flight magazines of all the major airlines targeting business/first class flyers.
B)Send a mass mailing to all local businesses.
C)Set up information kiosks at several locations within the Biltmore Fashion Park.
D)Offer free made-to-order breakfasts for guests staying at the hotel on business.
E)Offer special discount rates to guests coming from the East Coast.

Question 56

Which of the following statements about marketing activities is most accurate?

A)Marketing is affected by society but rarely, if ever, affects society as a whole.
B)The marketing department works closely with other departments and employees to implement marketing activities.
C)Marketing activities are the sole responsibility of the marketing department; other departments are involved only if there is an emergency (such as a product recall).
D)Environmental forces do not affect marketing activities as long as a firm closely monitors its environment through rigorous market research.
E)Marketing, after all is said and done, is essentially developing the right product and convincing potential customers that they "need" it, not just "want it."

Question 57

The two central concerns of marketing are __________.

A)increasing market share and making profits
B)holding down costs while increasing profits
C)developing products and finding suppliers
D)discovering and satisfying consumer needs
E)practicing ethics and sustainability

Question 58

Which of the following conditions are necessary for marketing to occur?

A)a changing environment, a method of assessing needs, a way to communicate, and an exchange location
B)parties with cash or credit, a product, a reasonable price, and a place to make an exchange
C)a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product
D)two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange
E)an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign

Question 59

For marketing to occur, there must be two or more parties with unsatisfied needs. Dr. Pepper Snapple Group distributes Country Time lemonade in cans through supermarkets at a price comparable to that of soft drinks. The most likely "second" party needed for marketing to occur would be

A)people who are nostalgic about childhood lemonade stands they had during hot summers.
B)people with a desire for a beverage other than soda or water.
C)product demonstrators who offer samples of Country Time lemonade to shoppers at local supermarkets.
D)a local distributor of alcoholic beverages.
E)a nutritionist promoting the benefits of fresh fruit in people's diets.

Question 60

Marketing discovers consumer needs by

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 61

A __________ occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

A)desire
B)need
C)utility
D)want
E)craving

Question 62

Which of the following statements best distinguishes between consumer needs and wants?

A)Needs are far more influential than wants with respect to marketing decision making.
B)Wants affect marketing decisions primarily for planned purchases while needs affect marketing decisions primarily for impulse purchases.
C)Wants occur when a person feels deprived of basic necessities such as food, clothing, and shelter while needs are determined by a person's knowledge, culture, or personality.
D)Needs and wants are psychologically the same, but needs are those that a consumer can be guaranteed to satisfy.
E)Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality.

Question 63

A __________ is a need that is shaped by a person's knowledge, culture, and personality.

A)desire
B)feeling
C)utility
D)want
E)craving

Question 64

Showstoppers refer to

A)creative or innovative members of a marketing team.
B)unexpected alternative uses for a product that result in a sudden increase in sales.
C)factors that might doom a product in the marketplace.
D)a sudden loss of financial backing even though the item is in production.
E)a situation when a competitor's product suddenly beats a firm's new product to the marketplacE.Showstoppers are factors that might doom a product in the marketplace.

Question 65

A target market refers to

A)customers who have already purchased a firm's product at least once, have been satisfied, and are likely to be repeat purchasers.
B)both existing and potential customers who have used a competitor's product, are dissatisfied, and who now seek a different product or service to satisfy their needs.
C)a specific group of current consumers toward which an organization directs its advertising.
D)one or more specific groups of potential consumers who are seeking a product for which there are no current substitutes.
E)one or more specific groups of potential consumers toward which an organization directs its marketing program.

Question 66

In a marketing context, a market refers to

A)people with a similar want for a particular product or service.
B)people with both the desire and ability to buy a specific offering.
C)the central location for all buying and selling of products and services.
D)an open space or covered building where vendors convene to sell their offerings.
E)the free the operation of supply and demand.

Question 67

Which of the following products mentioned in Chapter 1 failed in the marketplace as a result of product misuse?

A)Life is Good t-shirts
B)Hot Pockets
C)Bell bicycle helmets
D)3M Post-it Flag+ Highlighter
E)Dr. Care toothpaste

Question 68

A want refers to

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 69

The most likely market for cosmetic dentistry, where costs can be as much as $15,000 for teeth straightening and whitening, is

A)toddlers with crooked baby teeth, when crooked teeth run in the family.
B)all former smokers who have been smoke free for at least one year.
C)anyone who has the time, the money, and the desire to undergo the procedures.
D)anyone who has dental insurance.
E)adults who want to make a good first impression for a job interview.

Question 70

A need refers to

A)a sense of personal inadequacy based upon observations by others around you.
B)a sense of urgency, which causes a person to take action.
C)a feeling 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 71

All markets ultimately are composed of __________.

A)people
B)brands
C)products
D)organizations
E)governments

Question 72

People with both the desire and ability to buy a specific offering are referred to as [a(n)] __________.

A)shoppers
B)customer base
C)market
D)bazaar
E)emporium

Question 73

All of the following are examples of products or services that satisfy a consumer need EXCEPT:

A)a pair of jeans.
B)an apple.
C)a student dormitory.
D)a sales tax.
E)a jacket.

Question 74

A factor that might doom a product in the marketplace is referred to as a(n) __________.

A)albatross
B)land mine
C)pit fall
D)showstopper
E)wild card

Question 75

A target market refers to

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 76

In Figure 1-2 above, "B" is accomplished by __________.

A)designing a marketing program
B)conducting marketing research
C)discovering consumer needs
D)developing a distribution strategy
E)identifying target markets

Question 77

If you followed the suggestions of Robert M. McMath, which of the following provides the best advice for a marketer, such as Colgate, when launching a new consumer product, such as toothpaste?

A)Anticipate the future five years out in terms of product form, ingredients, and packaging - to invent the "toothpaste of tomorrow!"
B)Give the product a mysterious name that is unrelated the product's benefits but instead provokes consumer curiosity.
C)Initiate a Facebook campaign against beverages sweetened with high fructose corn syrup, which can contribute to tooth decay.
D)Create unusual packaging that has special shelving requirements.
E)Study past toothpaste product failures and learn from them.

Question 78

One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a

A)mass market.
B)tangential market.
C)potential market.
D)target market.
E)promotional market.

Question 79

The Terrafugia Transition is a 19-foot, two-seater road-drivable, light-sport aircraft with an anticipated price of $279,000. A potential showstopper for this product is likely to be

A)concern that 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 80

In Figure 1-2 above, "A" represents __________ and "B" represents __________.

A)decisions by management; purchases by customers
B)employees efforts; stakeholder rewards
C)sales department; manufacturing department
D)suppliers; distributors
E)discovering consumer needs; satisfying consumer needs