Chapter 1

Which two of the following are true of environmental forces?

They are largely beyond the control of the marketer Social and economic forces are examples

Price

What is exchanged for the product

Two principles that are in the marketing concept

an organization should try to achieve its own goals an organization should strive to satisfy the needs of consumers

customer value is the unique combination of benefits received by targeted buyers

at a specific price

social responsibility can best be illustrated by a firm's

behavior

The primary interest of marketers when focusing on a target market is

concentrating on the needs of some potential consumer

in addition to an emphasis on consumers' interest, new expectations of marketers now include

consideration of social and environmental consequences of their actions

Marketing is the activity that does which of the following with offerings that benefit the organization, its stakeholders, and society at large?

creating communicating delivering

The internal response that customers have to all aspects of an organization and its offerings is known as the

customer experience

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptiosn of the organization is called

customer relationship management

A brief statement that sums up how a business satisfies customer needs is termed a

customer value proposition

Marketing typically impacts which of the following groups in society?

customers owners suppliers

By their very nature, _____ act externally to sometimes expand an organization's marketing opportunities and at other times restrict them

environmental forces

Though often treated as immovable constraints, ______ can sometimes be impacted by companies, particularly by achieving technology or competitive breakthroughs

environmental forces

To fulfill its objectives, marketing requires _____, which is the trade of things of value between a buyer and seller so that each is better off afterward.

exchange

The American Marketing Association states that, "Marketing is the activity for creating, communicating, delivering, and _____ offerings that benefit the organization, its stakeholders, and society at large."

exchanging

goods, services, and _____ are marketed

ideas

Which is a benefit of effective marketing to society?

improves quality of products and services

A marketing mix that is _____ to provide a good, service, or idea to prospective buyers is known as a marketing program.

integrated

The essence of successful marketing is that firms provide unique value in order to gain

loyal customers

Marketing directly supports _____ by helping to provide customer- satisfying products required for the organization's survival and prosperity

management goals

successful airlines create value by offering

many flights to destinations the consumer wants

Customers that desire to own a Lexus, that can afford to do so, that have the time and ability to visit a dealership would be considered to be in Lexus' _____

market

When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer's needs and wants, the firm is

market- oriented

The marketing manager's controllable factors that can be used to solve a marketing problem is kown as the

marketing mix

Manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and government agencies that buy products and services for their own use or for resale are known as

organizational buyers

The societal marketing concept combines which two of the following principles?

organizations should serve customers in a way that provides for society's well-being organizations should satisfy the needs of consumers

During the sales-oriented era, firms found an answer to their _____ by adding salespeople to find new buyers

overproduction

shareholders cutomers suppliers other organizations

ownership relationships partnerships alliances

In many settings, relationship marketing is more effective when there is

personal, ongoing interaction between parties

_____ one of the elements of the four Ps that embodies all activited essential to get the product to the right customer when and where that customer wants it

place

Which of the following are types of utility received by users of a product? possession image form performance

possession and form

______ is whatever the buyer gives up in exchange for the product, like money, time, or energy

price

A _____ is a good, service, or idea consisting of a bundle of tangible and intangible atributes that satisfies consumers' needs and is received in exchange for money or something else of value

product

Goods, services, and ideas can all be considered _____ in the right circumstances, when consumers exchange something of value for them to satisfy their needs

products

______ is the component of the marketing mix that provides a means of communication between a seller and a buyer

promotion

______ is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations

promotion

In the context of customer value, which of the following are considered benefits?

quality after-sale service convenience

_____ marketing links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits

relationship

A company adopting social _____ is purposefully acknowledging its accountability to a larger society

responsibility

Firms develop products and services with the understanding that their ultimate goal is to _____ their customers' needs

satisfy

as a marketing manager plans new products to meet consumer needs, she should

study previous new product launches to learn from the past successes and failures

A _____ market is a specific group of potential customers toward which an organization directs its marketing program.

target

To be in an organization's market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customer must also have

the ability to buy, financially and otherwise

Studies show that up to _____ percent of the new products that are launched go on to fail in the marketplace

40

Product

A good, service, or idea to satisfy needs

Promotion

A means of communication between seller and buyer

Place

A means of getting the product to the consumer

For marketing to occur, parties must have which two of these?

Both the desire and ability to satisfy their needs A way to communicate

Production era

Buyers accept virtually any goods because of the relative scarcity of goods

Which two of the following are required of effective market segments?

Buyers will respond similarly to a marketing action Buyers have common needs

Firms that employ _____ systematically collect information about their customer's needs. It is sometimes possible to use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers

CRM (customer relationship management)

According to the AMA definition of marketing, who benefits from this activity?

Customers, elements of society not involved in the exchange, partners

Customer-relationship relationship era

Firms seek continuously to satisfy the high expectations of those they serve

Time

Having the product available when needed

Place

Having the product available where consumers need it

customer experience

the internal response that customers have to all aspects of an organization and its offerings

Possession

Making an item easy to purchase

Sales era

Manufacturers can produce a surplus of goods and must find new buyers

For which of the following reasons is marketing considered beneficial?

Marketing can improve the quality of products and services marketing can improve global competition marketing creates utility for customers

Which of the following is the most fundamental method an organization uses to discover consumer needs?

Marketing research

_____ buyers, in contrast with ultimate consumers, may buy products for resale as well as for their own use.

Organizational

Marketing concept era

Organizations focus on identifying customer needs and using this to create value

_____ is the part of the marketing mix that aims at creating value for the consumer by providing features and benefits for the consumer needs

Product

Which of the following is true of the relationshi[ between society and marketing activites?

Society affects marketing and sometimes marketing has an impact on society

The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well-being is called

the societal marketing concept

The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external and influential but would not be considered environmental forces

Suppliers shareholders

Ofte there are differing interests among groups internal and external to an organization. How should these be handled?

The Organization should seek a balance among differing interests

_____ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household

ultimate

Customer _________ reflects the relationship of benefits to price, or what you get for what you give

value

Form

The production of the good or service