(Test Bank) Marketing: Real People, Real Choices

Solomon,Marshall,Stuart, 11

Business

Test Bank

11th Edition

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Test Bank for Marketing: Real People, Real Choices, The downloadable file consists of 553 pages, and the total size of the file is 2.76 MB. Purchase now only for highly discounted price.

Author(s): Solomon, Marshall, Stuart

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1 Copyright © 2022 Pearson Education, Inc. Marketing: Real People, Real Choices, 11e (Solomon) Chapter 1 Welcome to the World of Marketing: Create and Deliver Value 1) A ________ is the ultimate user of a good or service. A) stakeholder B) market C) target market D) marketer E) consumer Answer: E Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 2) ________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. A) Demand satisfaction B) Competitive advantage building C) Marketing D) Total quality management E) Value chain management Answer: C Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and oral communication 3) The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers. A) sharing economy B) market position C) value proposition D) marketplace E) marketing mix Answer: E Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 2 Copyright © 2022 Pearson Education, Inc. 4) Which of the following is NOT one of the four Ps of marketing? A) price B) profit C) product D) promotion E) place Answer: B Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and oral communication 5) Which of the following is a true statement about the four Ps of the marketing mix? A) A decision about one of the Ps affects every other marketing-mix decision. B) Price is always the most important of the four Ps. C) Place is typically the least important of the four Ps. D) The four Ps have little effect on a product's market position. E) The four Ps are used to determine a product's target market. Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 6) Which of the following is part of the product element of the marketing mix? A) a quality discount B) a store coupon C) a newspaper advertisement D) the packaging E) publicity releases Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 7) The customer's overall assessment of every interaction the customer has had with a business is known as ________. A) the customer experience B) customer engagement C) e-commerce D) the marketing mix E) collaborative consumption Answer: A Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 3 Copyright © 2022 Pearson Education, Inc. 8) ________ is the assignment of a product's value, or the amount the consumer must exchange to receive the offering. A) Promotion B) Price C) Benefit D) Need E) Utility Answer: B Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 9) The design and packaging of a good is included in which element of the marketing mix? A) product B) place C) price D) distribution E) promotion Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and oral communication 10) Marketing communication is also referred to as ________. A) production B) selling orientation C) societal marketing D) exchange E) promotion Answer: E Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Written and oral communication 11) For an exchange to occur, ________. A) at least two people or organizations must be willing to make a trade, and each must have something the other wants B) there must be one winner and one loser C) someone must make a financial profit D) the item that is exchanged must be a tangible product E) time utility must be created for the purchaser Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 4 Copyright © 2022 Pearson Education, Inc. 12) Which element of the marketing mix is most closely associated with a company's channel of distribution? A) production B) place C) price D) profit E) promotion Answer: B Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Reflective thinking 13) ________ are intangible products that we pay for and use but never own. A) Consumer goods B) Services C) Industrial goods D) E-commerce products E) Value products Answer: B Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 14) Items such as paper towels or sugar that are purchased for use by a family are considered ________. A) consumer services B) consumer goods C) value propositions D) utilities E) industrial goods Answer: B Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 5 Copyright © 2022 Pearson Education, Inc. 15) ________ marketing is the marketing of goods and services from one organization to another. A) Distributive B) Consumer C) E-commerce D) Business-to-business E) Target Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 16) ________ are organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members. A) Consumer organizations B) Public organizations C) Private organizations D) Not-for-profit organizations E) For-profit organizations Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 17) Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________. A) the stakeholder orientation B) the marketing concept C) total quality management D) collaborative consumption E) the marketing mix Answer: B Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 6 Copyright © 2022 Pearson Education, Inc. 18) When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________. A) benefit B) demand C) need D) value E) utility Answer: C Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 19) A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced. A) benefit B) demand C) value D) utility E) want Answer: E Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 20) A ________ delivered by a product is the outcome that motivates a customer's buying behavior. A) benefit B) demand C) value D) need E) want Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 21) A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________. A) benefit B) demand C) need D) utility E) service Answer: B Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 7 Copyright © 2022 Pearson Education, Inc. 22) The usefulness or benefit that consumers receive from a product is ________. A) utility B) TQM C) ROI D) e-commerce E) value Answer: A Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 23) A glitzy shopping mall, a mail-order catalog, a television shopping network, and an e-commerce website are all examples of ________. A) marketing concepts B) value chains C) monopolies D) marketplaces E) strategic business units Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 24) Consumers rent all types of goods that they aren't using, from barbecue grills to Halloween costumes, to other consumers who need them for a limited time on sites like Craigslist. This reflects ________. A) the marketing mix B) value chains C) the attention economy D) collaborative consumption E) user-generated content Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 25) All of the following are forms of utility created by marketing processes EXCEPT ________. A) form utility B) place utility C) time utility D) possession utility E) price utility Answer: E Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 8 Copyright © 2022 Pearson Education, Inc. 26) When a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown, ________ utility occurs. A) form B) place C) time D) possession E) price Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 27) Rent the Runway rents high-end designer dresses at one-tenth the retail cost, for four nights, shipping directly to the customer's doorstep. A prepaid envelope is provided for return shipping. This is an example of ________ utility. A) form B) place C) time D) possession E) price Answer: B Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 28) ________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy a product. A) Form B) Place C) Time D) Possession E) Price Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 9 Copyright © 2022 Pearson Education, Inc. 29) Buyers, sellers, investors, and community residents are all considered ________ in a company. A) stakeholders B) shareholders C) consumers D) channel of distribution members E) collaborative consumers Answer: A Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 30) When Tony rented a loft apartment where he would live for the summer, he acted as a ________. A) consumer B) shareholder C) producer D) marketer E) retailer Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 31) Chris just landed her dream job but realizes that her college wardrobe is not going to work for her new professional position. In this situation, Chris has a(n) ________. A) benefit B) exchange C) value D) need E) utility Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 10 Copyright © 2022 Pearson Education, Inc. 32) After saving a portion of several paychecks, Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want has become a(n) ________. A) need B) necessity C) demand D) exchange E) transaction Answer: C Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 33) Ruth Terry is a realtor. In her ads, Terry offers the free use of a moving truck to every customer she helps either buy or sell a house. This free use of a moving truck is an example of ________. A) a benefit B) a demand C) business-to-business marketing D) a need E) a marketplace Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of knowledge 34) Which of the following is the best example of a consumer good? A) the riding lawn mower purchased by the landscaping company B) the disposable diapers purchased by the new mother for her baby C) the paint purchased by the contractor D) the cookies purchased for the daycare center E) the art supplies purchased for the elementary school art center Answer: B Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 11 Copyright © 2022 Pearson Education, Inc. 35) Which of the following is the best example of a service? A) the medical examination Jonathon had yesterday B) the sheet music purchased by the piano teacher C) the software Monica purchased from the website D) the cleaning supplies purchased for the veterinarian's office E) the t-shirt you got for running in a 5K race Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of knowledge 36) Alex paid for a(n) ________ when he took his car to the carwash to be washed and waxed. A) service B) industrial product C) consumer good D) commercial good E) business product Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 37) Which of the following is an example of a transaction that might occur in business-to-business marketing? A) Maurice buys a new razor on his way home from work. B) The amateur gardener buys a new wheelbarrow. C) The retail outlet buys athletic shoes to sell in its store. D) The professional chef bakes a birthday cake for her son. E) Robyn's mother hires a math tutor to help Robyn pass algebra. Answer: C Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 12 Copyright © 2022 Pearson Education, Inc. 38) Asad purchases air conditioners to provide HVAC systems for office buildings. He sells ________. A) distributive goods B) consumer services C) consumer goods D) industrial goods E) intangible goods Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 39) Which of the following is an example of a not-for-profit organization that would use marketing principles? A) a fast-food restaurant B) a manufacturer of bicycles C) a software developer D) a theme amusement park E) the local city zoo Answer: E Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 40) A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility. A) form B) place C) possession D) time E) creation Answer: A Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 13 Copyright © 2022 Pearson Education, Inc. 41) Shane pulled her car into the gas station just as the fuel gauge dropped below empty. In this example, Shane benefited from the ________ utility offered by the gas station. A) creation B) place C) value D) marketing E) quality Answer: B Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 42) Seth's mother didn't want to build a climbing wall as a permanent feature in her backyard, but it was certainly convenient to rent one from the company that catered Seth's 12th birthday party. The catering company created both ________ utility when it rented her the climbing wall. A) form and place B) place and creation C) possession and price D) time and place E) creation and possession Answer: D Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 43) Kris traded Priya four hours of yardwork for a home-made dinner for four. This is an example of a(n) ________. A) differential benefit B) promotion C) exchange D) collaborative consumption E) virtual trade Answer: C Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 14 Copyright © 2022 Pearson Education, Inc. 44) Zappos has focused on the customer's ease of navigating their website, the quality of the customer service calls, the expedited shipping, and providing free returns. Zappos is paying particular attention to the ________. A) marketing mix B) people marketing C) collaborative consumption D) not-for-profit marketing E) customer experience Answer: E Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Application of knowledge 45) Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes. This is an example of the ________ element of the marketing mix. A) production B) place C) price D) profit E) promotion Answer: B Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 46) 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 ________. A) not-for-profit marketing B) institutional marketing C) collaborative consumption D) people marketing E) consumer-generated marketing Answer: C Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing AACSB: Analytical thinking 47) The principles of marketing apply only to goods and services. Answer: FALSE Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing