Question 1

The four utilities marketing creates are

Accepted Answer

A)  product, price, promotion, and place. 
B)  form, function, value, and image. 
C)  monopoly, monopolistic competition, pure competition, and oligopoly. 
D)  form, place, time, and possession. 
E)  information, persuasion, affection, recommendation.

Question 2

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 3

During October, kiosk or "pop-up" stores appear in many malls for the holiday season. Typically, these kiosks sell gift boxes of cheese, jewelry, and other items people think are appropriate seasonal gifts. In January, these retailers vanish. Is it possible for such a retailer to use relationship marketing? Explain your answer.

Accepted Answer

The answer of During October, kiosk or "pop-up" stores appear...

Question 4

An inventor designs a scissors that has interchangeable blades that allow the user to switch from straight cuts to decorative cuts. Identify two possible target markets and explain your answer.

Accepted Answer

The answer of An inventor designs a scissors that has...

Question 5

Suppose you want a snack after taking this exam. Domino's is located across the street from your College of Business classroom. Unfortunately, you forgot your wallet in the haste of getting to class on time to take the test. Therefore, you have no means to pay for the pizza. What explains why marketing fails to occur between you and Domino's?

Accepted Answer

A)  There is only one party with unsatisfied needs. 
B)  The ability to satisfy a need is missing. 
C)  A desire to satisfy a need is missing. 
D)  No assessments of consumer wants and needs have been made. 
E)  There is no way for the parties involved to communicate.

Question 6

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

Accepted Answer

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

Question 7

Which of the following is not an environmental force?

Accepted Answer

A)  economic 
B)  regulatory 
C)  social 
D)  commercial 
E)  technological

Question 8

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as

Accepted Answer

A)  a utility. 
B)  an item. 
C)  a sale. 
D)  a marketing program. 
E)  a product.

Question 9

Explain the marketing program that 3M used to reach the student target market for the Post-it Flag Highlighter and the rationale used for each element of the marketing mix.

Accepted Answer

The answer of Explain the marketing program that 3M used...

Question 10

A target market is defined as

Accepted Answer

A)  customers who have already purchased a firm's product at least once, have been satisfied, and are likely to be repeat purchasers. 
B)  both existing and potential customers who have used a competitor's product, are dissatisfied, and who now seek a different product or service to satisfy their needs. 
C)  a specific group of current consumers toward which an organization directs its advertising. 
D)  existing or potential consumers who are seeking a product for which there are no current substitutes. 
E)  one or more specific groups of potential consumers toward which an organization directs its marketing program.

Question 11

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.

Question 12

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 tool would be most useful for the nonprofit organization to use?

Accepted Answer

A)  a flexible marketing system 
B)  a database warehouse 
C)  customer relationship management 
D)  competitive intelligence 
E)  a profit-oriented marketing program

Question 13

What would a marketer use as a synonym for the marketing mix?

Accepted Answer

A)  the four Ps of marketing 
B)  environmental forces 
C)  macromarketing forces 
D)  marketing management factors 
E)  micromarketing factors

Question 14

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

Accepted Answer

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

Question 15

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 Voltron Robot 
D)  Google Glass 
E)  ZipCar

Question 16

With new Nutrition Fact label requirements taking effect in 2020, Coca-Cola is testing Coca-Cola Stevia which will be sweetened only with the natural ingredient stevia. A potential showstopper for this product is likely to be

Accepted Answer

A)  a lack of advertising on television. 
B)  previous products with stevia sweetener had a bitter aftertaste. 
C)  a lower profit margin due to the added costs of expensive ingredients. 
D)  cannibalization of the company's existing sodas. 
E)  pressure from the cane sugar and corn industries.

Question 17

Which of these engages in marketing? Choose the best answer.

Accepted Answer

A)  the Chicago Cubs 
B)  the San Francisco Opera 
C)  the City of Denver 
D)  the President of the United States 
E)  Every organization or individual can engage in marketing to some extent.

Question 18

Which statement about marketing activities is most accurate?

Accepted Answer

A)  Marketing is affected by society but rarely, if ever, affects society as a whole. 
B)  The marketing department works closely with other departments and employees to implement marketing activities. 
C)  Marketing activities are the sole responsibility of the marketing department; other departments are involved only if there is an emergency (such as a product recall). 
D)  Environmental forces do not affect marketing activities as long as a firm closely monitors its environment through rigorous market research. 
E)  Marketing directs the activities of all other departments in a business.

Question 19

________ responsible for establishing the organization's mission and objectives.

Accepted Answer

A)  Marketers are 
B)  Suppliers are 
C)  Customers are 
D)  Senior management is 
E)  Shareholders are

Question 20

With respect to the history of American business, today's firms operate in the ________ era as they must continuously seek to satisfy the high expectations of customers.

Accepted Answer

A)  production 
B)  sales 
C)  marketing concept 
D)  customer relationship 
E)  societal marketing

Exam 1: Creating Customer Relationships and Value Through Marketing