Marketing 3350 Chapter 1
What is total quality management (TQM)?
A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
What is the value proposition?
A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
What is crowdsourcing?
A practice where firms outsource marketing activities (such as selecting an ad) to a community of users
What is a mass market?
All possible customers in a market, regardless of the differences in their specific needs
Which of the following is a practice where firms outsource marketing activities (such as selecting an ad) to a community of users?
Crowdsourcing
Which of the following can be marketed?
Goods and services, people, places, and ideas
What is a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers?
Green marketing
What are services?
Intangible products that consumers pay for but never own
What is shrinkage?
Inventory and cash losses resulting from shoplifting and employee theft
Which of the following describes a selling orientation approach to marketing?
Management moves products out of warehouses so that inventories don't pile up.
Which of the following is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large?
Marketing
What is social networking?
Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members
Historically, the original approach to marketing was as a ____ concept.
Production
The segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts is the __________.
Target Market
Which of the following best defines marketing?
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large
With regard to the marketing mix, how is place defined?
The availability of the product to the customer at the desired time and location
Which of the following best describes triple-bottom-line orientation?
The building of long-term bonds with customers rather than merely selling them stuff
What are the elements of the marketing mix?
The marketing mix is comprised of the product, price, place and promotion.
Which orientation is described as the building of long-term bonds with customers rather than merely selling them stuff?
Triple-bottom-line
A want is __________.
a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced
Possession utility is the benefit marketing provides by __________.
allowing the consumer to own, use, and enjoy the product
Management prioritizes the satisfaction of customers' needs and wants in a __________ orientation.
consumer
What is a market segment?
distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market
When a firm or marketing organization offers customers a superior value and capability that other competitors cannot match, it has a ____________.
distinctive competency through the value chain
he triple-bottom-line orientation that has, in recent years, become a marketing process to improve the organization's capability to offer quality is based on ____________________ bottom lines.
financial, social, and environmental
Distinctive competency is a(n) __________.
firm's capability that is superior to that of its competition
The benefit marketing provides by transforming raw materials into finished products is known as __________ utility.
form
The first element in the value chain an organization offers customers is the ____________________.
inbound logistics
A ___________ is a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
market segment
Product, price, promotion, and place make up the __________.
marketing mix
All possible customers in a market, regardless of the differences in their specific needs, are known as a __________.
mass market
The availability of the product to the customer at the desired time and location is known as __________.
place
__________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy the product.
possession
In a consumer orientation, management __________.
prioritizes the satisfaction of customers' needs and wants
In a __________ orientation, management moves products out of warehouses so that inventories don't pile up.
selling
What is the term for inventory and cash losses resulting from shoplifting and employee theft?
shrinkage
Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as __________.
social networking
The target market is __________.
the segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts
The marketing plan is a document that describes the organization's assessment of several elements of the market environment and one element of its competitive advantage, which includes _________________.
the organization's capabilities
Form utility is the benefit marketing provides by __________.
transforming raw materials into finished products
A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased is known as the __________.
value proposition
A __________ is a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced.
want