Chapter 1-MKT 101

​Marketing activities are

​used by all sizes of organizations including for-profit, nonprofit, and government agencies.

What percent of all civilian workers in the United States perform marketing activities?

25 - 33%

​A target market

​is a specific group of customers on whom an organization focuses its marketing efforts.

When Shaw Industries develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?

Promotion

Which of the following can help sustain interest in a product that has been around for a long time?

Promotion

Amazon Prime has one of the highest customer loyalty ratings in the entertainment industry with a significant percentage of current video streaming subscribers continuing to renew their subscription with Amazon on a yearly or month-to-month basis. In addition, many customers have cancelled their cable or satellite subscriptions and rely almost exclusively on streaming services such as Amazon Prime and Netflix for their entertainment. Amazon Prime video streaming is available as part of Amazon's $99/year Amazon Prime suite of offerings that includes free 2-day shipping on many Amazon.com orders. Customers can also choose to pay by the month for $12.99/month. If a significant percentage of subscribers continue their service on an annual basis, Amazon is able to build a stable revenue stream based on repeat purchasers. A quick snapshot of one customer revealed that the customer had subscribed to Prime for five years and generated over $700 in revenue to Amazon. Which of the following marketing terms best captures the importance of customer loyalty and its impact on Amazon?

Customer lifetime value

Which of the following is the least uncontrollable factor in developing a marketing mix?

Government regulations

T-Mobile implemented a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?

Market

Which of the following is true about the marketing environment?

The effects of marketing environment forces can be difficult to predict.

Which one of the following statements by a company president best reflects the marketing concept?

We have organized our business to make certain that customers get what they want.

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society. As a result, more firms are working to

create a responsible approach to developing long-term relationships with customers and society.

To fulfill customer expectations about a seller's future behavior, marketers must

deliver on promises made.

​Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.

distribution

A market orientation is an organization-wide effort that includes all of the following activities except

focusing just on the marketing department.

Organizations should define themselves not according to the products they produce but according to

​how they satisfy customers.

To build long-term customer relationships, marketers are turning to

marketing research and data analytics.

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

monetary price.

According to the marketing concept, an organization should try to

provide products that satisfy customers' needs and allow the organization to achieve its goals.

Businesses that view sales as the major means of increasing profits are operating with a _____ orientation.

sales

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

stakeholders.

Special K cereal is aimed at people concerned about their weight. These people represent the Special K

target market.

The equation a buyer applies to assess a product's value is

value = customer benefits − customer costs.

​Which of the following scenarios involves the distribution element of the marketing mix?

​Deciding whether or not to have retail outlets in addition to a website

​Long-term relationships with profitable customers is the key objective of

​customer relationship management.

​The marketing mix is built around the

​customer.