TEST BANK FOR MARKETING REAL PEOPLE REAL CHOICES 10th EDITION BY SOLOMON

TEST BANK FOR MARKETING REAL PEOPLE REAL CHOICES 10th EDITION BY SOLOMON UTION MANUAL ALL CHAPTERS QUESTIONS AND ANSWERS FOR REVISION SUCCESS A+ Marketing: Real People, Real Choices, 10e (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 4) The four Ps are . A) price, product, place, and promotion B) price, profit, production, and possession C) product, production, possession, and promotion D) product, promotion, price, and profit E) place, production, process, and profit Answer: A 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: Written and oral communication 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) A is a good, service, idea, place, or person–whatever is offered for sale in the exchange. A) product B) place C) utility D) benefit E) demand Answer: A Difficulty: Easy LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 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 element of the marketing mix informs consumers about products and encourages them to buy these products using forms such as personal selling, advertising, coupons, and publicity. A) production B) place C) price D) distribution 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 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 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 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) are the tangible products that individuals purchase for personal or family use. 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 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) Nongovernmental organizations are also known as . 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 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 22) To be part of the for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product. A) shared economy B) audience C) value proposition D) marketplace E) market Answer: E 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 ecommerce 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 AACSB: Information technology 24) 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 . A) e-commerce B) virtual exchange of goods C) the attention economy D) collaborative consumption E) user-generated content Answer: D Difficulty: Easy 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 26) utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown. 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) Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of utility. A) form B) place C) time D) possession E) price Answer: C Difficulty: Moderate LO: 1.1: Explain what marketing is, the marketing mix, what can be marketed and the value of marketing 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 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 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) the rentrepreneur trend 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 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 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: Analytical thinking 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-tobusiness 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 38) Faruk provides heating and air conditioning equipment 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