Question 1

Utility refers to

Accepted Answer

A)  the number of alternative uses or benefits that can be provided by a single product or service.
B)  the adaptability of a marketing program to adjust to changes in the marketing environment.
C)  the benefits or customer value received by users of the product.
D)  the fixed costs associated with the production of a single unit of a product within a product line.
E)  the variable costs associated with the production of a single unit of a product within a product lineF) A) and B)
G) A) and C)

Question 2

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)  marketingF) None of the above
G) B) and D)

Question 3

The United Way of Greater Toronto (UWGT) , like many charities, was sitting on a gold mine of donor data. Unfortunately, UWGT was not certain how to use that information to its greatest advantage. UWGT could blanket past donors with generic mailings, but it could not offer donors information that would convince them to donate to UWGT over other charities. Which of the following tools would be most useful for the nonprofit organization to use?

Accepted Answer

A)  a flexible marketing system
B)  a database warehouse
C)  a customer relationship management plan
D)  a competitive intelligence framework
E)  a customer-oriented marketing programF) A) and B)
G) A) and D)

Question 4

The process of turning corn into ethanol shows how BioFuel Energy, a Minnesota ethanol producer, can create __________ utility.

Accepted Answer

A)  time
B)  place
C)  possession
D)  market
E)  formF) A) and E)
G) B) and D)

Question 5

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

Accepted Answer

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.F) A) and B)
G) B) and D)

Question 6

The people who use the products and services purchased for a household are called

Accepted Answer

A)  organizational buyers.
B)  household prospects.
C)  ultimate consumers.
D)  a target market.
E)  sellers.F) All of the above
G) A) and C)

Question 7

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?

Accepted Answer

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.F) A) and C)
G) B) and D)

Question 8

The founder of Chobani Greek Yogurt, who won the 2013 Ernst & Young World Entrepreneur of the Year award, is

Accepted Answer

A)  Mark Zuckerberg.
B)  "Trader" Joe Demapolis.
C)  Hamdi Ulukaya.
D)  Robert M. McMath.
E)  David Windorski.F) B) and E)
G) C) and D)

Question 9

To serve both buyers and sellers, marketing seeks to discover and __________ the needs and wants of prospective customers.

Accepted Answer

A)  change
B)  satisfy
C)  create
D)  manipulate
E)  preserveF) B) and C)
G) A) and E)

Question 10

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

Accepted Answer

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.F) D) and E)
G) A) and E)

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 themF) A) and B)
G) All of the above

Question 12

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

Accepted Answer

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 SproutsF) B) and D)
G) D) and E)

Question 13

In our free-enterprise society, which three specific groups benefit from effective marketing?

Accepted Answer

The three specific groups that benefit f...

Question 14

The __________ concept means that an organization strives to satisfy consumer needs while achieving its goals.

Accepted Answer

A)  marketing
B)  sales
C)  production
D)  societal benefit
E)  customer relationshipF) A) and B)
G) A) and C)

Question 15

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

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 vehicleF) A) and D)
G) A) and B)

Question 16

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.F) B) and C)
G) B) and D)

Question 17

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)  formF) B) and E)
G) B) and D)

Question 18

Which of the following is the best example of an organizational buyer?

Accepted Answer

A)  a mother buying milk for her young son
B)  a store owner buying hand-painted slate signs to sell in her store
C)  a computer programmer buying the latest game for his Xbox
D)  a botanist buying a rose bush for his home garden
E)  a parent buying a softball glove for a daughterF) A) and B)
G) A) and E)

Question 19

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Accepted Answer

A)  a product.
B)  promotion.
C)  the price.
D)  the place or distribution.
E)  advertising.F) A) and E)
G) A) and B)

Question 20

All markets ultimately are composed of __________.

Accepted Answer

A)  people
B)  brands
C)  products
D)  organizations
E)  governmentsF) B) and E)
G) All of the above

Exam 1: Creating Customer Relationships and Value Through Marketing

The founder of Chobani Greek Yogurt, who won the 2013 Ernst & Young World Entrepreneur of the Year award, is

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Utility refers to

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Correct Answer
verified

To serve both buyers and sellers, marketing seeks to discover and __________ the needs and wants of prospective customers.

Correct Answer
verified

The __________ concept means that an organization strives to satisfy consumer needs while achieving its goals.

Correct Answer
verified

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

Correct Answer
verified

Effective marketing benefits society because it

Correct Answer
verified

Correct Answer
verified

In our free-enterprise society, which three specific groups benefit from effective marketing?

Correct Answer
verified
The three specific groups that benefit f...
View Answer

The process of turning corn into ethanol shows how BioFuel Energy, a Minnesota ethanol producer, can create __________ utility.

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Which of the following is the best example of an organizational buyer?

Correct Answer
verified

All markets ultimately are composed of __________.

Correct Answer
verified

The people who use the products and services purchased for a household are called

Correct Answer
verified

Exam 1: Creating Customer Relationships and Value Through Marketing

The founder of Chobani Greek Yogurt, who won the 2013 Ernst & Young World Entrepreneur of the Year award, is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Utility refers to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The element of the marketing mix that describes a means of communication between the seller and buyer is known as

Correct AnswerverifiedShow Answer

To serve both buyers and sellers, marketing seeks to discover and __________ the needs and wants of prospective customers.

Correct AnswerverifiedShow Answer

The __________ concept means that an organization strives to satisfy consumer needs while achieving its goals.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Effective marketing benefits society because it

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In our free-enterprise society, which three specific groups benefit from effective marketing?

Correct AnswerverifiedThe three specific groups that benefit f...View AnswerShow Answer

The process of turning corn into ethanol shows how BioFuel Energy, a Minnesota ethanol producer, can create __________ utility.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is the best example of an organizational buyer?

Correct AnswerverifiedShow Answer

All markets ultimately are composed of __________.

Correct AnswerverifiedShow Answer

The people who use the products and services purchased for a household are called

Correct AnswerverifiedShow Answer

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verified
The three specific groups that benefit f...
View Answer

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