Question 1

Which of the following statements best describes a good?

Accepted Answer

A)   Goods are physical objects.
B)   Goods are the only currency that can be used in an exchange.
C)   Goods are intangible concepts and thoughts about ideas or causes.
D)   Goods are the benefits organizations receive for selling products and services.
E)   Goods can be either tangible or intangible.F) A) and D)
G) B) and C)

Question 2

Innovators at 3M developed Scotchbrite Greener Clean scrub sponges made from agave leaves. Customers appreciate this superior product (they don't rust or scratch)  and like the fact that their purchase is environmentally responsible, making this an example of

Accepted Answer

A)   the societal marketing concept.
B)   the marketing concept.
C)   consumerism.
D)   target markets.
E)   capitalism.F) B) and E)
G) A) and B)

Question 3

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

Accepted Answer

A)   change
B)   create
C)   manipulate
D)   discover
E)   measureF) B) and D)
G) A) and B)

Question 4

Goods, services, and ideas all can be marketed. Define goods, services, and ideas and give at least one example of each.

Accepted Answer

Goods are physical objects, such as toot...

Question 5

The Apple iPhone is rated by Consumer Reports as being one of the best smartphones in the industry. Define customer value. In what ways do you think the Apple iPhone provides value for its customers?

Accepted Answer

Customer value is the unique combination...

Question 6

A need refers to

Accepted Answer

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 vague lacking, but not fully understanding what may be required.
E)   a feeling of deprivation of basic necessities such as food, clothing, and shelter.F) A) and B)
G) C) and E)

Question 7

A factor that might doom a product in the marketplace is referred to as

Accepted Answer

A)   an albatross.
B)   a land mine.
C)   a pitfall.
D)   a showstopper.
E)   a wild card.F) B) and D)
G) A) and D)

Question 8

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

Question 9

American Express cardholders have access to early presales for Rihanna concert tickets in many cities. What utility does American Express offer in this instance?

Accepted Answer

A)   time utility
B)   place utility
C)   possession utility
D)   market utility
E)   form utilityF) All of the above
G) A) and E)

Question 10

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

Accepted Answer

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.F) A) and B)
G) None of the above

Question 11

Add your own personal experience and creativity to what you have learned about marketing. Formulate a plan to assess the needs of either (1) students who have too many textbooks to carry to and from class or (2) executives who are too busy to keep up with the latest information in their field.

Accepted Answer

A quality answer will include multiple t...

Question 12

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Accepted Answer

A)   the product.
B)   the industry.
C)   promotion.
D)   the place or distribution.
E)   a market segment.F) B) and D)
G) B) and E)

Question 13

The 3M Post-it® Flag Highlighter and Pen marketing programs described in the text were designed for what primary objective?

Accepted Answer

A)   the initial launch of two new 3M products
B)   specific promotions to be used for long-range strategies
C)   segmenting the market into 12 specific target market segments
D)   marketing 3M products to foreign markets
E)   positioning the products relative to major competitorsF) B) and C)
G) A) and D)

Question 14

According to the textbook, Target has been successful by offering consumers the best

Accepted Answer

A)   experience.
B)   products/services.
C)   customer service.
D)   availability.
E)   price.F) B) and E)
G) A) and E)

Question 15

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

Question 16

TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the most likely target market for TUMI briefcases?

Accepted Answer

A)   police officers
B)   executives
C)   construction workers
D)   massage therapists
E)   studentsF) C) and E)
G) All of the above

Question 17

Those who have flown on Singapore Air have experienced firsthand the great food that is served during the flight, the friendliness of the flight attendants, and the comfortable seating. Singapore Air creates customer value by providing its customers with

Accepted Answer

A)   the best airport experience.
B)   the most convenient flight schedules.
C)   the best price for the distance traveled.
D)   the best in-flight service.
E)   the greatest sense of personal safety.F) A) and D)
G) A) and E)

Question 18

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?

Accepted Answer

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

Question 19

Lou has a medical condition that interferes with restful sleep. Though he has been to the doctor frequently about the issue, no treatments or medications are available that would be helpful to him. Here, no marketing occurs because

Accepted Answer

A)   the doctor does not have unsatisfied needs.
B)   the doctor cannot offer a viable product for exchange.
C)   marketing is illegal in the pharmaceutical industry.
D)   the doctor and patient are unable to communicate.
E)   Lou is unable to afford his medications.F) A) and E)
G) B) and D)

Question 20

Concerns about privacy might have been a reason for lackluster sales of which of these products?

Accepted Answer

A)   Amazon Prime
B)   Google Glass
C)   Apple Newton MessagePad
D)   YoYo car subscriptions
E)   Airbnb rentalsF) A) and D)
G) D) and E)

Exam 1: Creating Customer Relationships and Value Through Marketing

American Express cardholders have access to early presales for Rihanna concert tickets in many cities. What utility does American Express offer in this instance?

Correct AnswerverifiedShow Answer

Concerns about privacy might have been a reason for lackluster sales of which of these products?

Correct AnswerverifiedShow Answer

Market segments refer to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Effective marketing benefits society because it

Correct AnswerverifiedShow Answer

Lou has a medical condition that interferes with restful sleep. Though he has been to the doctor frequently about the issue, no treatments or medications are available that would be helpful to him. Here, no marketing occurs because

Correct AnswerverifiedShow Answer

A need refers to

Correct AnswerverifiedShow Answer

Those who have flown on Singapore Air have experienced firsthand the great food that is served during the flight, the friendliness of the flight attendants, and the comfortable seating. Singapore Air creates customer value by providing its customers with

Correct AnswerverifiedShow Answer

According to the textbook, Target has been successful by offering consumers the best

Correct AnswerverifiedShow Answer

Which of the following statements best describes a good?

Correct AnswerverifiedShow Answer

A factor that might doom a product in the marketplace is referred to as

Correct AnswerverifiedShow Answer

The element of the marketing mix that describes a good, service, or idea to satisfy consumers' needs is known as

Correct AnswerverifiedShow Answer

Innovators at 3M developed Scotchbrite Greener Clean scrub sponges made from agave leaves. Customers appreciate this superior product (they don't rust or scratch) and like the fact that their purchase is environmentally responsible, making this an example of

Correct AnswerverifiedShow Answer

TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the most likely target market for TUMI briefcases?

Correct AnswerverifiedShow Answer

Add your own personal experience and creativity to what you have learned about marketing. Formulate a plan to assess the needs of either (1) students who have too many textbooks to carry to and from class or (2) executives who are too busy to keep up with the latest information in their field.

Correct AnswerverifiedA quality answer will include multiple t...View AnswerShow Answer

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?

Correct AnswerverifiedShow Answer

The Apple iPhone is rated by Consumer Reports as being one of the best smartphones in the industry. Define customer value. In what ways do you think the Apple iPhone provides value for its customers?

Correct AnswerverifiedCustomer value is the unique combination...View AnswerShow Answer

Goods, services, and ideas all can be marketed. Define goods, services, and ideas and give at least one example of each.

Correct AnswerverifiedGoods are physical objects, such as toot...View AnswerShow Answer

The 3M Post-it® Flag Highlighter and Pen marketing programs described in the text were designed for what primary objective?

Correct AnswerverifiedShow Answer

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A quality answer will include multiple t...
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Correct Answer
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Correct Answer
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Customer value is the unique combination...
View Answer

Correct Answer
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Goods are physical objects, such as toot...
View Answer

Correct Answer
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