1. When Anne Peterson began Olde Westport Spice and Trading Co., she had one product, an all- purpose seasoning mix called Olde Westport's Special Blend for adding flavor to bland casseroles. She mixed and packaged the product in her basement. She sold her product at craft fairs throughout the Midwest. Peterson was practicing marketing.
a.) formulated
b.) entrepreneurial (moderate) p. 4
c.) demand
d.) entrepreneurial
e.) Societal
2. Which of the following is an example of an entity that marketing people market?
a.) a Civil War novel about two sisters
b.) an actor like Rob Lowe
c.) the Homespun Arts & Crafts Festival d.) Plastic
e.) all of the above (difficult) pp. 4-5
3. Which of the following is not an entity that can be marketed?
a.) places
b.) events
c.) information d.) Persons
e.) All of the above can be marketed. (moderate) pp. 4-5
4. Overfull demand is
a.) where consumers avoid a product .
b.) where demand varies by season, hour, or day
c.) where there is more demand than can be handled (moderate) p. 5
d.) where consumers demand unhealthy products
e.) Where consumers lack interest in the product
5. Which of the following products will have the strongest negative demand?
a) nursing home care (moderate) p. 5
b.) Star Wars collectible figures
c.) McDonald's Happy Meals
d.) Ice cream
e.) landscaping
6. Jane and Henry produce and sell garden artwork. They are debating over a description of the potential customers for their artwork. Jane and Henry are debating .
a.) the definition of customer value
b.) customer satisfaction
c.) who their market is (moderate) pp. 6
d.) what constitutes an exchange
e.) relationship marketing
7. is the societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others.
a.) Marketing (easy) p. 6
b.) Management
c.) Strategic planning
d.) Ethics
e.) Consumer behavior
8. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
a.) internally
b.) management (moderate) p. 6
c.) segmentation
d.) Training
e.) integration
9. Which of the following is correct?
a.) A metamediary is a physical marketplace.
b.) A marketspace is a stall in a flea market.
c.) A metamarket is a huge store.
d.) A marketspace is a digital shopping "area." (Difficult) p. 7
e.) A megamarket includes only suppliers.
10. The computer consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, as well as those who install computers and software and who repair or upgrade computers and software.
a.) marketplace
b.) metamarket (moderate) p. 7
c.) macro market
d.) Market space
e.) Micro market
11. Which is true?
a.) Needs preexist marketers. (Moderate) p. 7
b.) Marketers create needs.
c.) A person's need for food or shelter is a creation of marketers.
d.) Wants become needs when they are directed at specific objects that might satisfy the want.
e.) Demand strictly means desire for some object.
12. Are wants for specific products backed by an ability to pay?
a.) Demands (moderate) p. 7
b.) Needs
c.) Values
d.) Morals
e.) Exchanges
13. A brand name such as BMW carries many associations in the minds of people: speed, expensive, engineering, status, the BMW logo. These associations make up BMW's .
a.) brand strength
b.) customer value triad
c.) brand image (moderate) p. 8
d.) effective demand e.) Value proposition
14. Which of the following is an example of a product?
a.) a screenplay based on the life of Bill Clinton
b.) a haircut
c.) a seminar on time management d.) a carton of eggs
e.) all of the above (difficult) pp. 4-5
15. A is an offering from a known source.
a.) product
b.) demand
c.) need
d.) brand (moderate) p. 8
e.) service
16. is the ratio between what the customer gets and what the customer gives.
a.) Value (moderate) p. 8
b.) Cost
c.) Satisfaction level
d.) Price
e.) Benefit
17. Marketers can increase the value of a customer offering by
a.) lowering benefits and raising costs.
b.) reducing benefits.
c.) raising costs.
d.) raising benefits. (difficult) p. 8
e.) not considering the competitive offering.
18. The act of obtaining a desired product from someone by offering something in return is known as
a.) product valuation
b.) the service desired of the product
c.) an exchange (moderate) p. 8
d.) the cost of the product
e.) customer satisfaction
19. Which is not necessary in order for exchange to exist?
a.) at least two parties
b.) satisfaction by both parties (difficult) p. 8
c.) each party is free to accept or reject the offer
d.) each party believes it is appropriate or desirable to deal with the other party
e.) each party has something that might be of value to the other party
20. Which of the following is an example of a transfer?
a.) Mrs. King gives Bonnie a dozen cookies for walking her dog.
b.) Ofra buys a sweater at a flea market.
c.) Andi places the winning bid on a vase at an auction.
d.) Anna donates money to the American Cancer Society. (difficult) p. 9
e.) All of the above are examples of transfers.
21. If a marketer seeks to retain customers' long-term preference and business through a win-win business style, the marketer is engaged in marketing.
a.) relationship (moderate) p. 9
b.) transaction
c.) transfer
d.) reciprocal
e.) give-and-take
22. marketing aims to build long-term, mutually satisfying relationships with key parties -- customers, suppliers, distributors -- in order to earn and retain their long-term preference and business.
a.) Network
b.) Business-to-business
c.) Transaction-oriented
d.) Behavioral response
e.) Relationship (moderate) p. 9
23. Customers, employees, suppliers, and distributors could all be considered .
a.) stockholders
b.) stakeholders (moderate) p. 10
c.) channel members
d.) part of the marketing organization
e.) supply chain members
24. channels deliver messages to and receive messages from target buyers.
a.) Communication (moderate) p. 10
b.) Distribution
c.) Supplier
d.) Delivery
e.) Informal
25. Which of the following is a part of the physical distribution channel for a producer of bottled water?
a.) the warehouse where empty plastic bottles are stored (moderate) p. 10
b.) the toll-free number it uses for customer orders
c.) the print media that runs its advertisements
d.) the bank where it borrowed the money to purchase its filtration system
e.) the insurance company that insures the company in the event of litigation
Academic requirements:
•Answer all the objective questions.