So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick—to be implemented from early winter to late spring—that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."
18) Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________.
A) market offering
B) target market
C) market segment
D) product positioning
E) marketing mix
Answer: A
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: Challenging
19) Human needs are shaped by culture and individual personality.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
20) The difference between human needs and wants is that needs are not created by marketers.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Moderate
21) When backed by buying power, needs become wants.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
22) Market offerings are limited to physical products.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
23) An experience such as a vacation can be defined as a market offering.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
24) When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Moderate
25) A market is the set of actual and potential buyers of a product or service.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Easy
26) How do suppliers help companies like Walmart maintain consistently low prices?
Answer: Walmart has been able to maintain its promise of providing low prices to its customers only because of its suppliers who provide merchandise at low costs. Walmart has developed and managed relationships with its suppliers.
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Difficulty: Moderate
27) What should sellers consider if they wish to avoid marketing myopia?
Answer: Sellers should consider the particular benefits and experiences desired by their customers, and not just pay attention to the specific products they offer.