Devry BUS319 week 2 quiz 1 (SCORE 25/25)

Question 1. Question : (TCO 1) To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers.

Student Answer: change

create

manipulate

discover

weigh

Points Received: 3 of 3

Comments:

Question 2. Question : (TCO 1) A student would like to buy a sports car from the local dealer, but she cannot afford one. Marketing does not occur in this situation because

Student Answer: two or more parties have unsatisfied needs.

there is no desire on the part of either party to satisfy its needs.

one of the involved parties does not have the ability to satisfy its needs.

there is no way for each party to communicate with one another.

there has been no assessment of consumer wants and needs.

Question 3. Question : (TCO 1) The first objective in marketing is to discover consumer

Student Answer: diversity.

ability to pay.

objectives.

needs.

synergy.

Points Received: 3 of 3

Comments:

Question 4. Question : (TCO 6) Which of the following would be the best target market for tickets to the home games of the Indianapolis Colts professional football team?

Student Answer: All people in the Indianapolis area.

All people in the United States.

All men in the United States.

People in the Indianapolis area with an interest in professional football.

All people in the United States with an interest in professional football.

Points Received: 3 of 3

Comments:

Question 5. Question : (TCO 6) The four Ps are commonly known as

Student Answer: the environmental or uncontrollable factors.

the environmental or controllable factors.

the marketing mix or controllable factors.

the marketing mix or uncontrollable factors.

product, price, promotion, and process.

Question 6. Question : (TCO 1) Profit is

Student Answer: the point at which company assets equal company liabilities.

the money left over after a business firm's total expenses are subtracted from its total revenues.

the goodwill earned from implementing the societal marketing concept.

the money earned when the economic order quantity is maintained.

accurately described by all of the above.

Question 7. Question : (TCO 1) The corporate level in an organization is where

Student Answer: the department heads direct overall strategy for the entire organization.

groups of specialists actually create value for the organization.

a small number of people from different departments are mutually accountable to accomplish a task or a common set of performance goals.

a subsidiary, division, or unit of an organization markets a set of related offerings to a clearly defined group of customers.

top management directs overall strategy for the entire organization.

Instructor Explanation: See pages 26–28. The corporate level in an organization is where top management directs overall strategy for the entire organization.

Points Received: 0 of 3

Comments:

Question 8. Question : (TCO 1) At the strategic business unit level, the marketing department provides leadership activities in

Student Answer: talent management.

fiscal restraint.

look outward, keeping the organization focused on creating value both for it and for customers.

creating the corporate culture.

sustaining the means-end chain.

Instructor Explanation: See pages 27–28. A key role of the marketing department is to look outward, keeping the organization focused on creating value both for it and for customers. This is accomplished by listening to customers, developing and producing offerings, and implementing marketing program activities.

Points Received: 0 of 3

Comments:

Question 9. Question : (TCO 1) By understanding its business, an organization can take steps to define its _____, a statement of the organization's functions in society, often identifying its customers, markets, products, and technologies.

Student Answer: benefit statement

business portfolio

functional philosophy

mission

corporate code

Instructor Explanation: See page 29 and the definition of the key term mission.

Points Received: 3 of 3

Comments:

Question 10. Question : (TCO 1) The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is called

Student Answer: sales quality.

market share.

industry potential.

contribution margin.

marginal revenue.

Instructor Explanation: See page 30 and the definition of the key term market share.

Points Received: 3 of 3

Comments: