Question 1

Entities such as manufacturers, retailers, and government agencies that buy goods and services for their own use or for resale are referred to as

Accepted Answer

A)   intermediate buyers.
B)   selling agents.
C)   organizational buyers.
D)   manufacturing agents.
E)   brokers. C

Question 2

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 he doesn't have Internet access. Which reason explains why marketing fails to occur here?

Accepted Answer

A)   There are no 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. D

Question 3

Effective marketing benefits society because it

Accepted Answer

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

Question 4

All of the following are current or prospective distribution channels for Chobani yogurt except which?

Accepted Answer

A)   convenience stores
B)   drugstores
C)   mass merchandisers
D)   schools
E)   vending machines

Question 5

Product, price, promotion, and place are all components of

Accepted Answer

A)   the firm's required ongoing activities.
B)   the marketing mix.
C)   factors used to examine 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 6

The four Ps are commonly known as

Accepted Answer

A)   the environmental or uncontrollable forces.
B)   the environmental or controllable factors.
C)   the marketing mix or controllable factors.
D)   the marketing mix or uncontrollable forces.
E)   environmental factors, both controllable and uncontrollable.

Question 7

Which example best demonstrates form utility?

Accepted Answer

A)   a smartphone with a multitouch user interface for easy navigation
B)   stamp vending machines that are located in drugstores
C)   a service station that has a 24-hour ice machine available for use when the station is closed
D)   a mobile phone company that offers six-month financing, same as cash
E)   a gourmet candy store that offers a home delivery service

Question 8

Some companies have very restrictive return policies, often only accepting returns for store credit or even not accepting them at all. Though these policies have a positive effect on sales figures, some customers end up frustrated because they have legitimate reasons they wish to return merchandise. Very restrictive return policies are likely a violation of

Accepted Answer

A)   the marketing concept.
B)   the customer profile concept.
C)   consumerism.
D)   social entrepreneurship.
E)   cause marketing.

Question 9

Which statement about marketing activities is most accurate?

Accepted Answer

A)   Marketing is affected by society but rarely, if ever, affects society as a whole.
B)   The marketing department both shapes and is shaped by its relationship with internal and external groups.
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 10

Figure 1-5
-In Figure 1-5 above, "D" represents which era in U.S. business history?

Accepted Answer

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

Question 11

Whether an individual is considering a purchase for personal or household use, or an organization is buying for its own use or for resale, the individual or organization would be considered

Accepted Answer

A)   a prospective customer.
B)   a dual-purpose marketing decision maker.
C)   a potential distributor.
D)   an informed buyer.
E)   an end user.

Question 12

Which term best describes the marketing concept?

Accepted Answer

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

Question 13

Which statement about marketing departments is most accurate?

Accepted Answer

A)   The marketing department typically works as an independent unit, mostly interacting with other parts of the business only to direct product promotion.
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 two of the four 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 products that satisfy customers.

Question 14

Explain the difference between a market and a target market. Provide a specific example of each.

Accepted Answer

The answer of Explain the difference between a market and...

Question 15

A want is ________ that is shaped by a person's knowledge, culture, and personality.

Accepted Answer

A)   a desire
B)   a need
C)   a utility
D)   a demand
E)   an option

Question 16

Figure 1-3In Figure 1-3, "A" represents ________ and "B" represents

Accepted Answer

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

Question 17

Market segments refer to

Accepted Answer

A)   the relatively heterogeneous groups of prospective buyers that result from the market segmentation process.
B)   all buyers of a product or service who have previously purchased a particular firm's products or services and who intend to repeat that purchase sometime in the future.
C)   the smallest number of buyers that have similar needs but do not react similarly in a buying situation.
D)   the relatively homogenous groups of prospective buyers that have common needs and will respond similarly to a marketing action.
E)   all potential buyers of a product or service who intend to purchase a firm's products or services but who have not yet done so.

Question 18

Which statement best describes a service?

Accepted Answer

A)   Services are physical objects.
B)   Services are intangible items.
C)   Services are thoughts about concepts, actions, or causes.
D)   Services are the benefits organizations receive in exchange for selling products.
E)   Services comprise the subset of tangible features of products.

Question 19

The view that holds an organization should satisfy the needs of consumers in a way that also provides for society's well-being is known as

Accepted Answer

A)   the societal marketing concept.
B)   the marketing concept.
C)   consumerism.
D)   social responsibility.
E)   capitalism.

Question 20

Mizuno designs and sells high-quality baseball gloves. Who likely benefits from the firm's marketing activities for its gloves?

Accepted Answer

A)   a baseball or softball player who purchases a new Mizuno glove
B)   the Dick's Sporting Goods salesperson who sells a customer a Mizuno glove
C)   the supplier who provided the leather to Mizuno
D)   the shareholders of Mizuno, the company that designs and manufactures the gloves
E)   All stakeholders, even society at large

Exam 1: Creating Customer Relationships and Value Through Marketing