BUSB 340 – Week 2 Quiz – Understanding Buyers and Markets
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Question 1
The University of Redlands offers an outstanding business school education. Cali pays the tuition to attend the school and earns her MBA with an emphasis in Marketing. Upon graduating, she is offered a high-paying, fulfilling position. Was this a marketing exchange?
No, because money was exchanged.
Yes, because paying tuition was exchanged for knowledge that directly led to Cali’s fulfilling, new job.
No, because the university is a private one.
Yes, because the university is profitable.
No, because the school did not provide Cali with a product.
Question 2
A local pet supplies boutique had a good year with rising revenues and reduced operating costs that resulted in the owner receiving personal income of approximately $100,000. One-third of that was taken for local, state, and federal income taxes and another third went to pay for a home mortgage, car payments, food, clothing, and other necessities. What is the remaining third called?
extra income
bonus income
disposable income
gross income
discretionary income
Question 3
TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the MOST LIKELY target market for TUMI brand briefcases?
construction workers
executives
students
police officers
postal workers
Question 4
Which of the following is an example of possession utility?
an iPhone with a large selection of new “apps”
disposable diapers that come equipped with resealable tabs
the local dairy that offers to deliver bottles of milk to a customer’s doorstep
a gourmet food store that carries a line of ready-made salad
a mobile phone company that offers six-month financing, same as cash
Question 5
__________ 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.
Selling
Promotion
Advertising
Manufacturing
Marketing
Question 6
Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races are referred to as __________ marketing programs. For example, advertising agency Alma created an ad to appeal to McDonald’s Hispanic audience.
multicultural
regional
generatoional
panethnic
cross-cultural
Question 7
Which of the following statements accurately distinguishes between laws and ethics? __________
Ethics deal with religious and moral beliefs, and laws deal with social, economic, and environmental behaviors.
Ethics deal with internal (personal) issues, and laws deal with external (social) issues.
There is no significant difference; the terms can be used interchangeably.
Laws reflect the beliefs of the majority, and ethics reflect the beliefs of smaller individual segments of society.
Ethics deal with personal and moral principles while laws are society’s values and are enforceable in the courts.
Question 8
__________ is a moral philosophy that that considers individual rights or duties as universal, regardless of the outcome. For example, consumers’ safety should always come first.
Moral idealism
Hedonism
Altruism
Ethical aspiration
Utilitarianism
Question 9
In terms of marketing, who markets and what is marketed? Use examples to help explain.
Who Markets?
In terms of marketing, every organization markets. For example, manufacturing companies such as Apple, retailing companies such as Best Buy, and service companies such as The Hilton all market their goods and services. On the other hand, even non-profit organizations and individuals, such as politicians, market their offerings to further their cause or gain political following.
What is marketed?
Goods such as phones and computers, services such as legal advice, and ideas such as causes and concepts are the main marketing components.