Question 1

Imagine you have the sole marketing rights to a new herbal shampoo that stops hair loss and actually causes new hair growth. You plan to sell your product on an Internet website, which you will advertise on late-night television. You are also hoping to obtain free publicity to place stories in men's fashion magazines. You are planning to sell online a 15-ounce bottle for $24.99 plus $7.99 shipping and handling. Using the information provided, identify each element of your marketing mix.

Accepted Answer

The answer of Imagine you have the sole marketing rights...

Question 2

Dick's Sporting Goods carries baseballs year-round. The same is true for footballs and tennis equipment. With this strategy, Dick's Sporting Goods offers ________ utility for these products.

Accepted Answer

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

Question 3

List the five environmental forces in a marketing decision that generally are outside the control of marketing managers.

Accepted Answer

The answer of List the five environmental forces in a...

Question 4

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

Accepted Answer

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

Question 5

The marketing concept refers to

Accepted Answer

A)  the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. 
B)  the belief that an organization should continuously collect information about customers' needs, share this information across departments, and use it to create customer value. 
C)  the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being. 
D)  the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. 
E)  the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.

Question 6

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market. An offer to be featured in an upcoming edition of Taste of Home magazine would be considered as part of the ________ element of the marketing mix.

Accepted Answer

A)  product 
B)  price 
C)  production 
D)  promotion 
E)  place

Question 7

Organizational buyers are described as

Accepted Answer

A)  only companies that purchase raw materials and natural resources for manufacturing. 
B)  employees who purchase household items for their personal use. 
C)  any individual or group making a purchase worth over $100,000. 
D)  manufacturers, retailers, or government agencies that buy products for their own use or for resale. 
E)  any organization that uses products purchased or meant for a household.

Question 8

Which element of the marketing mix is affected when the Mandarin Oriental hotel in New York increases its weekend rates to $795 per night?

Accepted Answer

A)  product 
B)  price 
C)  promotion 
D)  place 
E)  production

Question 9

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

Accepted Answer

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

Question 10

The marketing mix refers to

Accepted Answer

A)  the selection of product benefits and attributes that are to be added to or subtracted from a given product to create variations within a product line. 
B)  the specific ratio within a budget that divides resources between advertising, sales promotion, and personal selling. 
C)  the marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem. 
D)  the allocation of resources within a firm toward individual marketing programs. 
E)  the environmental forces-social, economic, technological, competitive, and regulatory-that impact the marketing decisions for a particular product at any given time.

Question 11

Which of the following is an example of form utility?

Accepted Answer

A)  an iPhone 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 12

The value to consumers that comes from having the offering available where consumers need it constitutes ________ utility.

Accepted Answer

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

Question 13

Crowdsourcing has been an important method of identifying consumer needs for which of these products?

Accepted Answer

A)  Amazon Echo 
B)  Pepsi True 
C)  LEGO Mars Curiosity Rover 
D)  Google Glass 
E)  ZipCar

Question 14

FreshCase packaging is the first-ever vacuum package for red meat that maintains the meat's appetizing color, reducing both food and plastic waste. This is an example of creating ________ utility in the case-ready meat category.

Accepted Answer

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

Question 15

The PAL-V Liberty is a two-seat, gas-powered gyrocopter with a flying range of about 250 miles at maximum weight. In car mode, the three-wheeled vehicle can hit 100 mph. Its maker is seeking safety certification in Europe, and 90 initial production models are now for sale starting at $399,000. The most likely prospective customers for this flying car would include

Accepted Answer

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.

Question 16

Define needs and wants. Can marketing shape a person's wants? Explain your answer.

Accepted Answer

The answer of Define needs and wants. Can marketing shape...

Question 17

A product

Accepted Answer

A)  consists of the benefits or customer value received by its sellers. 
B)  is the cluster of benefits that an organization promises customers to satisfy their needs. 
C)  is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value. 
D)  consists of items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. 
E)  is the set of intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value

Question 18

An organization's stockholders, its suppliers, its employees, its customers, and society at large all share what in common with regard to an organization?

Accepted Answer

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.

Question 19

Customer experience refers to

Accepted Answer

A)  the practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time. 
B)  the links an organization has to its customers for their mutual long-term benefits. 
C)  the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. 
D)  the internal response that customers have to all aspects of an organization and its offerings. 
E)  the activities in which a firm participates to create a positive buying experience for customers.

Question 20

Hudson News Distribution owners Lisa and James Cohen recently launched a quarterly art and interior design magazine, Galerie, to be distributed exclusively in their retail stores. Who is the ultimate consumer for this magazine?

Accepted Answer

A)  the person who buys the magazine to read at home 
B)  the person who stocks the magazine rack at Hudson News 
C)  any person who owns Hudson News stock 
D)  the salesperson at Hudson News 
E)  All those who benefit from the magazine, from the owners and writers, to the seller, to the reader at home, are ultimate consumers.

Exam 1: Creating Customer Relationships and Value Through Marketing