Question 1

The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.

Accepted Answer

A)   sharing economy
B)   market position
C)   value proposition
D)   marketplace
E)   marketing mixF) A) and C)
G) C) and D)

Question 2

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

Accepted Answer

A)   product position
B)   market segment
C)   mass market
D)   value proposition
E)   target marketF) A) and B)
G) C) and D)

Question 3

________ are intangible products that we pay for and use but never own.

Accepted Answer

A)   Consumer goods
B)   Services
C)   Industrial goods
D)   E-commerce products
E)   Value productsF) All of the above
G) A) and D)

Question 4

What does the phrase "exchange relationship" mean in relation to marketing?

Accepted Answer

An exchange occurs when something is obt...

Question 5

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

Accepted Answer

Answers may vary, but include the follow...

Question 6

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?

Accepted Answer

A)   collaborative consumption
B)   green marketing
C)   triple-bottom-line orientation
D)   societal marketing
E)   corporate citizenshipF) B) and C)
G) A) and E)

Question 7

Marketers develop positioning strategies to ________.

Accepted Answer

A)   limit the number of elements of the marketing mix used for one product
B)   identify the location where the organization will sell its products
C)   determine the specific means the organization uses to distribute its products
D)   create a desired perception of the product in consumers' minds in comparison to competitors' brands
E)   select metrics to determine the effectiveness of marketing planningF) C) and D)
G) A) and E)

Question 8

The pricing element of the marketing mix always involves monetary exchanges.

Accepted Answer

A) True 
 B)False

Question 9

The term "marketing" is synonymous with the term "advertising."

Accepted Answer

A) True 
 B)False

Question 10

The trend of consumers renting out their belongings when they are not in use to other consumers who need them for a limited time is called ________.

Accepted Answer

A)   e-commerce
B)   virtual exchange of goods
C)   the attention economy
D)   collaborative consumption
E)   user-generated contentF) All of the above
G) A) and C)

Question 11

Susannah owns a one-bedroom apartment in Manhattan that she posts for short-term weekend and summer rentals on airBnB when she plans to be out of town. This is an example of ________.

Accepted Answer

A)   not-for-profit marketing
B)   institutional marketing
C)   collaborative consumption
D)   people marketing
E)   consumer-generated marketingF) B) and E)
G) A) and B)

Question 12

A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________.

Accepted Answer

A)   benefit
B)   demand
C)   need
D)   utility
E)   serviceF) None of the above
G) All of the above

Question 13

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing future funeral needs, so she must somehow first get their attention. Jolene's firm most likely uses the ________.

Accepted Answer

A)   production orientation
B)   sustainability concept
C)   selling orientation
D)   customer orientation
E)   societal marketing conceptF) A) and D)
G) A) and C)

Question 14

The acronym ROI stands for return on internet.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is true of Web 2.0?

Accepted Answer

A)   It categorized entries according to a strict taxonomy.
B)   It offered two-way communication between marketers and consumers.
C)   It was based on the open source model.
D)   It was based on the wisdom of crowds model.
E)   It improved as the number of users decreased.F) B) and C)
G) A) and D)

Question 16

________ marketing is the marketing of goods and services from one organization to another.

Accepted Answer

A)   Distributive
B)   Consumer
C)   E-commerce
D)   Business-to-business
E)   TargetF) A) and B)
G) All of the above

Question 17

A haul video is an example of consumer-generated content.

Accepted Answer

A) True 
 B)False

Question 18

When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________.

Accepted Answer

A)   benefit
B)   demand
C)   need
D)   value
E)   utilityF) All of the above
G) B) and E)

Question 19

A firm's capability that is superior to that of its competition is referred to as a(n)  ________.

Accepted Answer

A)   distinctive competency
B)   added value
C)   value proposition
D)   value chain
E)   social benefitF) A) and D)
G) B) and D)

Question 20

The promotion element of the marketing mix includes the design of the product.

Accepted Answer

A) True 
 B)False

Exam 1: Welcome to the World of Marketing: Create and Deliver Value

The pricing element of the marketing mix always involves monetary exchanges.

Correct AnswerverifiedShow Answer

Susannah owns a one-bedroom apartment in Manhattan that she posts for short-term weekend and summer rentals on airBnB when she plans to be out of town. This is an example of ________.

Correct AnswerverifiedShow Answer

What are two competitive advantages a customer may benefit from when buying a bottle of soda from a local corner convenience store versus a chain supermarket?

Correct AnswerverifiedAnswers may vary, but include the follow...View AnswerShow Answer

Marketers develop positioning strategies to ________.

Correct AnswerverifiedShow Answer

________ are intangible products that we pay for and use but never own.

Correct AnswerverifiedShow Answer

What does the phrase "exchange relationship" mean in relation to marketing?

Correct AnswerverifiedAn exchange occurs when something is obt...View AnswerShow Answer

A haul video is an example of consumer-generated content.

Correct AnswerverifiedShow Answer

The trend of consumers renting out their belongings when they are not in use to other consumers who need them for a limited time is called ________.

Correct AnswerverifiedShow Answer

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing future funeral needs, so she must somehow first get their attention. Jolene's firm most likely uses the ________.

Correct AnswerverifiedShow Answer

When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________.

Correct AnswerverifiedShow Answer

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?

Correct AnswerverifiedShow Answer

The acronym ROI stands for return on internet.

Correct AnswerverifiedShow Answer

A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________.

Correct AnswerverifiedShow Answer

Which of the following is true of Web 2.0?

Correct AnswerverifiedShow Answer

The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.

Correct AnswerverifiedShow Answer

A firm's capability that is superior to that of its competition is referred to as a(n) ________.

Correct AnswerverifiedShow Answer

________ marketing is the marketing of goods and services from one organization to another.

Correct AnswerverifiedShow Answer

The promotion element of the marketing mix includes the design of the product.

Correct AnswerverifiedShow Answer

The term "marketing" is synonymous with the term "advertising."

Correct AnswerverifiedShow Answer

A ________ is a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

Correct AnswerverifiedShow Answer

Correct Answer
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Answers may vary, but include the follow...
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An exchange occurs when something is obt...
View Answer

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