A) need
B) necessity
C) demand
D) exchange
E) transaction
Answer: C
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Moderate
11) A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.
A) market offering
B) value proposition
C) brand positioning
D) market segment
E) market mix
Answer: A
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
12) Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
A) vendor lock-in
B) social loafing
C) value proposition
D) marketing myopia
E) conspicuous consumption
Answer: D
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Moderate
13) When marketers set low expectations for a market offering, they run the risk of ________.
A) disappointing loyal customers
B) having to use an outside-in rather than an inside-out perspective
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market
Answer: C
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
14) ________ is the act of obtaining a desired object from someone by offering something in return.
A) Valuation
B) Exchange
C) Market offering
D) Confiscation
E) Donation
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
15) A(n) ________ is the set of actual and potential buyers of a product or service.
A) market
B) control group
C) subsidiary
D) focus group
E) audience
Answer: A
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
16) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.
A) positioning
B) marketing
C) outsourcing
D) production
E) logistics
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
17) When are sellers most effective?
A) when they focus more on their specific products and services
B) when they focus more on the price of their products and services
C) when they focus more on the benefits and experiences produced by their products and services
D) when they focus more on where their products and services can be purchased
E) when they focus more on cost to produce the product or service
Answer: C
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
Refer to the scenario below to answer the following question(s).
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"