A) event
B) property
C) service
D) place
E) idea
Answer: D
Diff: 2
LO: 1.1: Define the scope of marketing.
AACSB: Analytical thinking; Application of knowledge
22) In Walt Disney's Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.
A) experience
B) service
C) event
D) organization
E) good
Answer: A
Diff: 1
LO: 1.1: Define the scope of marketing.
AACSB: Analytical thinking; Application of knowledge
23) People in emerging countries today are becoming increasingly health conscious and are seeking healthy food choices. As a result, demand for health foods is rising steadily, creating an opportunity for marketers to exploit this ________ market.
A) demographic
B) business
C) need
D) geographic
E) service
Answer: C
Diff: 3
LO: 1.1: Define the scope of marketing.
AACSB: Analytical thinking
24) Services constitute the bulk of most countries' production and marketing efforts.
Answer: FALSE
Diff: 3
LO: 1.1: Define the scope of marketing.
AACSB: Analytical thinking
25) Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.
Answer: TRUE
Diff: 1
LO: 1.1: Define the scope of marketing.
26) Properties are tangible rights of ownership to either real property (real estate) or financial property (stocks and bonds).
Answer: FALSE
Diff: 1
LO: 1.1: Define the scope of marketing.
27) How does the social definition of marketing differ from the managerial definition?
Answer: The managerial definition focus on the challenges and responsibilities of managing marketing functions and processes within the organization. The social definition is more of an "outside looking in" definition, as a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.
Diff: 3
LO: 1.1: Define the scope of marketing.
AACSB: Analytical thinking
28) What are the five basic markets in the modern economy?
Answer: The five basic markets are resource markets, manufacturer markets, consumer markets, intermediary markets, and government markets.
Diff: 2
LO: 1.1: Define the scope of marketing.
AACSB: Reflective thinking
29) Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.
Answer: The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services. This requires application of state-of-the art tools and techniques. It is also an art as marketers try to find creative solutions to consumer needs.
Diff: 2
LO: 1.1: Define the scope of marketing.
AACSB: Reflective thinking
30) Marketers are involved in marketing 10 types of entities. List and briefly characterize these entities.
Answer: The types of entities that are marketed are:
• goods – physical goods
• services – hotels and car rental services
• events – time-based events such as trade shows
• experiences – Walt Disney's Magic Kingdom
• persons – celebrity marketing
• places – cities, states, regions, and even whole nations
• properties – intangible rights of ownership of either real property or financial property
• organizations – corporate identity
• information – information produced and marketed as a product
• ideas – marketing the basic idea of a market offering.
Diff: 3
LO: 1.1: Define the scope of marketing.
AACSB: Analytical thinking; Application of knowledge
31) Selling is not the most important part of marketing. Explain why not.
Answer: According to Peter Drucker, "There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available."