Question 1

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called

Accepted Answer

A)   customer value.
B)   target marketing.
C)   benefit proposition.
D)   value-based marketing.
E)   a customer value proposition.F) B) and D)
G) A) and B)

Question 2

A skydiving experience cannot be touched like a physical object, but is still considered a product. To a marketer, this is an example of

Accepted Answer

A)   a utility.
B)   a production.
C)   a value.
D)   a service.
E)   an idea.F) A) and E)
G) None of the above

Question 3

When a company uses advertising on Instagram, this tactic is part of the ________ element of the marketing mix.

Accepted Answer

A)   product
B)   price
C)   promotion
D)   place
E)   processF) B) and E)
G) D) and E)

Question 4

Some people may assume that for a marketer, the only thing of value for which he or she would "exchange" would be monetary (check, credit/debit, currency, and/or coin transactions). But what else can be exchanged? Provide an example of a nonmonetary transaction that still fits the criteria of exchange.

Accepted Answer

Exchange is the trade of things of value...

Question 5

Define the marketing concept.

Accepted Answer

The marketing concept is the i...

Question 6

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

Question 7

Which of the following is an example of an ultimate consumer?

Accepted Answer

A)   a newspaper reporter who books a plane ticket to Washington, D.C., to cover the presidential inauguration
B)   a schoolteacher who bought a ticket to the Summer Olympics opening ceremonies
C)   an office receptionist who renews subscriptions for the magazines that are found in the office waiting room
D)   a retailer who buys banners for an upcoming store sale
E)   a landscaping firm employee who buys a new wheelbarrow to haul mulchF) None of the above
G) A) and C)

Question 8

BioFuel Energy, a Minnesota ethanol producer, turns corn into ethanol, creating ________ utility.

Accepted Answer

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

Question 9

Which of the following most directly explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each per month?

Accepted Answer

A)   the profit motive since aging baby boomers are a large, profitable market
B)   the social responsibility concept
C)   the necessity of matching competitors' actions
D)   new regulatory Medicare mandates as a result of the Affordable Care Act
E)   the mandate by its industry's code of ethicsF) B) and E)
G) A) and B)

Question 10

A local candidate running for office would very much like to have your vote. She promises that she will "make the country better." Because all candidates for public office say this, you doubt you'll see real results and decide not to vote for her. Marketing will not occur in this situation because

Accepted Answer

A)   marketing doesn't apply to the voting process.
B)   the desire and ability to satisfy needs is missing.
C)   there is no direct way for the parties to communicate.
D)   something to exchange is missing.
E)   there is only one party involved in this situation.F) C) and E)
G) A) and B)

Question 11

An organization with a market orientation

Accepted Answer

A)   focuses its efforts on continuously collecting information about the environment, keeping abreast of competitors' actions, and using this information to create product innovation.
B)   identifies prospective buyers, understands them intimately, and develops favorable long-term perceptions of the organization and its offerings so that they will choose it in the marketplace.
C)   strives to satisfy the needs of consumers while also trying to achieve its goals.
D)   satisfies the needs of consumers in a way that provides for society's well-being.
E)   focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.F) C) and E)
G) A) and E)

Question 12

Explain what is meant by the concept of marketing utility. Identify and describe the four utilities created by marketing.

Accepted Answer

Marketing creates utility, the benefits ...

Question 13

The cluster of benefits that an organization promises customers to satisfy their needs is referred to as a

Accepted Answer

A)   core benefit proposal.
B)   product protocol.
C)   marketing program.
D)   marketing mix.
E)   customer value proposition.F) All of the above
G) B) and E)

Question 14

All of the following are environmental forces that affect an organization except which?

Accepted Answer

A)   economic
B)   managerial
C)   social
D)   regulatory
E)   technologicalF) A) and B)
G) C) and D)

Question 15

Customer value refers to

Accepted Answer

A)   the need of a customer to receive the highest quality product at the lowest possible price.
B)   the least expensive product that will provide most of the basic benefits.
C)   a statement that, before product development begins, identifies (1)  a well-defined target market; (2)  specific customers' needs, wants, and preferences; and (3)  what the product will be and do to satisfy consumers.
D)   the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
E)   the cluster of benefits that an organization promises customers to satisfy their needs.F) A) and B)
G) A) and E)

Question 16

What kinds of organizations should engage in marketing?

Accepted Answer

A)   only those that can afford to advertise
B)   only very large and established for-profit organizations
C)   only Fortune 5,000 companies
D)   every organization regardless of the kind
E)   only if the organization has a profit motivationF) C) and E)
G) C) and D)

Question 17

The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes ________ utility.

Accepted Answer

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

Question 18

Which of the following statements about 3M's marketing program for Post-it® Flag Highlighters and Post-it® Flag Pens is most accurate?

Accepted Answer

A)   In his first attempt, David Windorski, a 3M inventor, designed the Post-it® Flag Highlighter in exactly the right way to appeal to its target market.
B)   Paralegals were initially the intended target market for the Post-it® Flag Highlighter.
C)   David Windorski, a 3M inventor, developed the Post-it® Flag Pen for the office worker segment.
D)   The Post-it® Flag Highlighter was not successful and was deleted from the Post-it® Flag product line.
E)   In development of the Post-it® Flag Highlighter, David Windorski examined similar products of 3M's major competitors and simply made changes that would provide the "wow" factor.F) D) and E)
G) B) and E)

Question 19

The value to consumers that comes from the production or alteration of a product or service constitutes ________ utility.

Accepted Answer

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

Question 20

The ________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.

Accepted Answer

A)   purchasing
B)   marketing
C)   human resources
D)   accounting
E)   information systemsF) C) and E)
G) B) and E)

Exam 1: Creating Customer Relationships and Value Through Marketing

BioFuel Energy, a Minnesota ethanol producer, turns corn into ethanol, creating ________ utility.

Correct Answer
verified

Customer value refers to

Correct Answer
verified

The value to consumers that comes from the production or alteration of a product or service constitutes ________ utility.

Correct Answer
verified

The ________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.

Correct Answer
verified

A skydiving experience cannot be touched like a physical object, but is still considered a product. To a marketer, this is an example of

Correct Answer
verified

Define the marketing concept.

Correct Answer
verified
The marketing concept is the i...
View Answer

Which of the following statements about 3M's marketing program for Post-it® Flag Highlighters and Post-it® Flag Pens is most accurate?

Correct Answer
verified

Correct Answer
verified
Exchange is the trade of things of value...
View Answer

Utility refers to

Correct Answer
verified

The cluster of benefits that an organization promises customers to satisfy their needs is referred to as a

Correct Answer
verified

A local candidate running for office would very much like to have your vote. She promises that she will "make the country better." Because all candidates for public office say this, you doubt you'll see real results and decide not to vote for her. Marketing will not occur in this situation because

Correct Answer
verified

When a company uses advertising on Instagram, this tactic is part of the ________ element of the marketing mix.

Correct Answer
verified

An organization with a market orientation

Correct Answer
verified

What kinds of organizations should engage in marketing?

Correct Answer
verified

Which of the following most directly explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each per month?

Correct Answer
verified

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called

Correct Answer
verified

Which of the following is an example of an ultimate consumer?

Correct Answer
verified

The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes ________ utility.

Correct Answer
verified

All of the following are environmental forces that affect an organization except which?

Correct Answer
verified

Explain what is meant by the concept of marketing utility. Identify and describe the four utilities created by marketing.

Correct Answer
verified
Marketing creates utility, the benefits ...
View Answer

Exam 1: Creating Customer Relationships and Value Through Marketing

BioFuel Energy, a Minnesota ethanol producer, turns corn into ethanol, creating ________ utility.

Correct AnswerverifiedShow Answer

Customer value refers to

Correct AnswerverifiedShow Answer

The value to consumers that comes from the production or alteration of a product or service constitutes ________ utility.

Correct AnswerverifiedShow Answer

The ________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.

Correct AnswerverifiedShow Answer

A skydiving experience cannot be touched like a physical object, but is still considered a product. To a marketer, this is an example of

Correct AnswerverifiedShow Answer

Define the marketing concept.

Correct AnswerverifiedThe marketing concept is the i...View AnswerShow Answer

Which of the following statements about 3M's marketing program for Post-it® Flag Highlighters and Post-it® Flag Pens is most accurate?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedExchange is the trade of things of value...View AnswerShow Answer

Utility refers to

Correct AnswerverifiedShow Answer

The cluster of benefits that an organization promises customers to satisfy their needs is referred to as a

Correct AnswerverifiedShow Answer

A local candidate running for office would very much like to have your vote. She promises that she will "make the country better." Because all candidates for public office say this, you doubt you'll see real results and decide not to vote for her. Marketing will not occur in this situation because

Correct AnswerverifiedShow Answer

When a company uses advertising on Instagram, this tactic is part of the ________ element of the marketing mix.

Correct AnswerverifiedShow Answer

An organization with a market orientation

Correct AnswerverifiedShow Answer

What kinds of organizations should engage in marketing?

Correct AnswerverifiedShow Answer

Which of the following most directly explains why pharmaceutical giant Pfizer offered low-income senior citizens many of its most widely used prescriptions for $15 each per month?

Correct AnswerverifiedShow Answer

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called

Correct AnswerverifiedShow Answer

Which of the following is an example of an ultimate consumer?

Correct AnswerverifiedShow Answer

The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes ________ utility.

Correct AnswerverifiedShow Answer

All of the following are environmental forces that affect an organization except which?

Correct AnswerverifiedShow Answer

Explain what is meant by the concept of marketing utility. Identify and describe the four utilities created by marketing.

Correct AnswerverifiedMarketing creates utility, the benefits ...View AnswerShow Answer

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The marketing concept is the i...
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verified
Exchange is the trade of things of value...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Marketing creates utility, the benefits ...
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