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

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