WALMART CH 1 CONCEPT QUIZ
QUESTIONS WITH COMPLETE
ANSWERS
Which of the following sentences is true about a marketing exchange?
An exchange only needs to provide a benefit to one party
An exchange will always take place if four conditions are met.
Products in an exchange must be traded for money
It requires four conditions to take place
Seeing an advertisement is an example of an exchange - ANSWER-It requires four
conditions to take place
Marketing environment forces are often ___.
Easy to predict
Stable
Controllable
Non-influential
Interdependent - ANSWER-Interdependent
Subaru developed a new luxury car model, but, after performing some market tests,
it realized that it was pricing its vehicles too high, even for the luxury market. Subaru
had to make some changes in its marketing mix. Unfortunately, it made the mistake
of launching its product right when a recession hit. As unemployment rose, sales of
luxury products such as Subaru's new luxury vehicle tend to decrease. In this case,
the pricing of its vehicle is a(n) __ force for Subaru, while the economic downturn is
a(n) __ factor.
Controllable; uncontrollable
Stable; unstable
Predictable; unpredictable
Unpredictable; predictable
Uncontrollable; controllable - ANSWER-Controllable; uncontrollable
The marketing concept is based upon the idea that an organization should try to
provide products that satisfy customers' needs through a coordinated set of activities
that also allows the organization to achieve its goals. During which orientation ( time
period ) are marketers most likely to adopt the marketing concept?
Sales orientation
Product orientation
Promotion orientation
Market orientation
Exchange orientation - ANSWER-Market orientation
, Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone
else will too. She starts a cookie dough business. Charlotte views promotion, such
as advertising and personal selling, as the most important activities needed to sell
her product. She figures that consumers only have to learn about her product before
loyal and steadfast customers. What type of orientation does Charlotte seem to
embrace?
Sales orientation
Product orientation
Promotion orientation
Market orientation
Exchange orientation - ANSWER-Sales orientation
Lime is using social media to ask consumers about the qualities they desire in an
electric scooter. The firm hopes to develop a new type of electric scooter based on
the feedback it receives. Which marketing mix variable is Lime addressing?
Pricing
Product
Distribution
Promotion
exchange - ANSWER-Product
Which of the following equations describes customer value?
Customer value = customer benefits - opportunity costs
Customer value = customer benefits - price
Customer value = customer costs - customer benefits
Customer value = customer benefits - customer costs
Customer value = income - price - ANSWER-Customer value = customer benefits -
customer costs
Customers choose to go to Buffalo Wild Wings based upon the value they place on
the total product - including the food, service, atmosphere of the restaurant, and
more. The process consumers use to determine the value is highly ___.
Detailed
Subjective
Scientific
Narrow
Objective - ANSWER-Subjective
What is the first step for marketers in implementing the marketing concept?
Develop a feedback system so customers can describe their thoughts about a
product
Modify existing products to meet customer needs more effectively
Engage in personal selling or advertising to promote products that customers desire
QUESTIONS WITH COMPLETE
ANSWERS
Which of the following sentences is true about a marketing exchange?
An exchange only needs to provide a benefit to one party
An exchange will always take place if four conditions are met.
Products in an exchange must be traded for money
It requires four conditions to take place
Seeing an advertisement is an example of an exchange - ANSWER-It requires four
conditions to take place
Marketing environment forces are often ___.
Easy to predict
Stable
Controllable
Non-influential
Interdependent - ANSWER-Interdependent
Subaru developed a new luxury car model, but, after performing some market tests,
it realized that it was pricing its vehicles too high, even for the luxury market. Subaru
had to make some changes in its marketing mix. Unfortunately, it made the mistake
of launching its product right when a recession hit. As unemployment rose, sales of
luxury products such as Subaru's new luxury vehicle tend to decrease. In this case,
the pricing of its vehicle is a(n) __ force for Subaru, while the economic downturn is
a(n) __ factor.
Controllable; uncontrollable
Stable; unstable
Predictable; unpredictable
Unpredictable; predictable
Uncontrollable; controllable - ANSWER-Controllable; uncontrollable
The marketing concept is based upon the idea that an organization should try to
provide products that satisfy customers' needs through a coordinated set of activities
that also allows the organization to achieve its goals. During which orientation ( time
period ) are marketers most likely to adopt the marketing concept?
Sales orientation
Product orientation
Promotion orientation
Market orientation
Exchange orientation - ANSWER-Market orientation
, Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone
else will too. She starts a cookie dough business. Charlotte views promotion, such
as advertising and personal selling, as the most important activities needed to sell
her product. She figures that consumers only have to learn about her product before
loyal and steadfast customers. What type of orientation does Charlotte seem to
embrace?
Sales orientation
Product orientation
Promotion orientation
Market orientation
Exchange orientation - ANSWER-Sales orientation
Lime is using social media to ask consumers about the qualities they desire in an
electric scooter. The firm hopes to develop a new type of electric scooter based on
the feedback it receives. Which marketing mix variable is Lime addressing?
Pricing
Product
Distribution
Promotion
exchange - ANSWER-Product
Which of the following equations describes customer value?
Customer value = customer benefits - opportunity costs
Customer value = customer benefits - price
Customer value = customer costs - customer benefits
Customer value = customer benefits - customer costs
Customer value = income - price - ANSWER-Customer value = customer benefits -
customer costs
Customers choose to go to Buffalo Wild Wings based upon the value they place on
the total product - including the food, service, atmosphere of the restaurant, and
more. The process consumers use to determine the value is highly ___.
Detailed
Subjective
Scientific
Narrow
Objective - ANSWER-Subjective
What is the first step for marketers in implementing the marketing concept?
Develop a feedback system so customers can describe their thoughts about a
product
Modify existing products to meet customer needs more effectively
Engage in personal selling or advertising to promote products that customers desire
