Marketing 370 smartbook chap 1
According to the story in the text, why might consumers be more likely to purchase a Phyter bar from Amazon than from the Phyter website? (Select all that apply.)
-Because Amazon already has their billing and shipping information stored -Because Amazon may personally recommend it to them based on their past purchases
Which of the following are characteristics marketers seek out in potential customers? (Select all that apply.)
-Individuals and/or businesses who have or are likely to have interest in the products or services -Individuals and/or businesses who have an ability to buy the products or services
What are the two key elements marketers consider when determining price? (Select all that apply.)
-Marketers must ensure the seller achieves a reasonable profit. -Marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase.
Which of the following are core aspects of marketing? (Check all that apply.)
-Marketing entails an exchange. -Marketing helps create value.
Which of the following are good marketing campaigns? (Check all that apply.)
-Ones that emphasize the ethical implications of any corporate decision on society -Ones that are thoughtfully planned
Which of the following are associated with marketing as defined by the American Marketing Association? (Check all that apply.)
-Processes used to create value for clients -Institutions that facilitate the exchange of offerings that have value for customers -Activities that communicate offerings that have value for society at large
What were the primary characteristics of the market-oriented era that followed World War II? (Check all that apply.)
-Products were designed to focus on consumers' needs. -It was a buyer's market.
Which statements about the marketplace are true? (Select all that apply.)
-The marketplace can be divided into categories that are important to an organization for specific reasons. -The marketplace refers to the world of trade. -For most firms, the best strategy is to target specific segments of the market.
Which of the following are buying-related activities, in contrast to an activity related to selling a service? (Select all that apply.)
-Using a credit card at grocery checkout counter -Giving a barista cash for a cup of coffee -Purchasing MP3s from an online retailer
If a car manufacturer wanted to segment its marketplace, it would ______. (Select all that apply.)
-divide consumers into groups based on their incomes. -identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans).
Some successful airlines create value by offering ______. (Select all that apply.)
-many flights to destinations the consumer wants -in-flight WiFi shopping opportunities
When Frito-Lay makes snacks, the company creates value. An essential part of this created value is a product's ______. (Select all that apply.)
-taste -brand identity
In what chronological sequence did marketing evolve, beginning from oldest to most recent from top to bottom?
1. production-oriented era 2.sales - oriented era 3. marketing-oriented era 4. value-based era
Approximately what percentage of marketers use social media?
97%
Which of the following characterizes the relationship between marketing and exchange?
A buyer and seller trade things of value, leaving each better off than before.
Which of the following are considered ideas? (Select all that apply.)
A philosophy A thought An opinion
Value-based marketers believe that consumers want which of the following when they purchase a product? (Select all that apply.)
A price that is a good value Their needs to be met Their wants to be met
What proportion of the world's population CANNOT access the Internet?
About 50%
What is the fundamental factor underlying all buyer-seller relationships?
An exchange
An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?
An idea
In what situation are you most likely to market yourself?
At a job interview
Which of the following periods denotes the production-oriented era?
At the turn of the 20th century
Firms selling merchandise directly to each other is called ______ marketing.
B2B
Match the action being performed with the correct type of marketing.
B2B---Manufacturer sells a computer to a retailer. B2C---Retailer sells a computer to customer A. C2C---Customer A sells the computer to his friend.
The process by which businesses sell to consumers is known as ______ marketing.
B2C
Firms become value driven by focusing on which of the following activities? (Check all that apply.)
Balancing customer benefits and costs Sharing information Building relationships
What is NOT a characteristic of good marketing?
Benefits the competition
is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response. (Enter one word in the blank.)
Blank 1: Promotion
Blank 1 of 1 cocreation occurs when a customer and a firm collaborate on a product or service.
Blank 1: Value
Firms marketing directly to each other are participating in business-to-Blank 1 of 1 marketing. (Type only one word in the blank.)
Blank 1: business or b2b
One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their
Blank 1: competitors, competition, competitor, or competers
Value-oriented marketers measure the benefits that customers perceive against the Blank 1 of 1 of their offerings. (Enter one word in the blank.)
Blank 1: cost or price
Products include goods and services, as well as Blank 1 of 1, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can. (Remember to type only one word in the blank.)
Blank 1: ideas, concepts, idea, or intellectual property
Of the four Ps, Blank 1 of 1 is whatever the buyer gives up in exchange for the product--for example, money, time, or energy.
Blank 1: price or pricing
Marketers who have a(n) Blank 1 of 1 orientation want to build long-term relationships with their customers.
Blank 1: relational or relation
In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better Blank 1 of 1-based marketing than their competitors.
Blank 1: value or valu
Which of the following is NOT an example of a service?
Buying a new car
Which of the following is an example of both goods and services received in combination?
Buying new tires and having them installed on your car.
Like Timex, Rolex makes watches. How does Rolex add unique value to its products?
By conferring status
When consumers market products to other individuals, it is known as ______ marketing.
C2C
Globally, what prevents marketers from targeting consumers via social media?
Consumers' lack of high-speed Internet
Which entity does NOT market to the other entity?
Customers to businesses
When was the consumer "king"?
During the market-oriented era
Which of the following are components of price? (Select all that apply.)
Energy Money Time
Which company would likely NOT lose too much money if marketing was discontinued?
True or false: Businesses should avoid using social and mobile media technologies.
False
True or false: Marketing can only be performed by a retailer interacting with an individual consumer.
False
True or false: Value-based marketing means the value of a product depends on how the marketer sells it, not how the customer values it.
False
Which of these would be good features for a budget hotel to implement to build a value-based marketing strategy? (Check all that apply.)
Fast check-in kiosk Affordable rates
Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.)
Great Depression World War II
Why is a strong supply chain important?
It helps get merchandise to customers when and where they want it.
A product can be broken down into services, ideas, and goods. What are goods?
Items you can touch
Which of the following are related to marketing in the production-oriented era? (Check all that apply.)
Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. Retailers were considered places to hold inventory until it was sold.
A cell phone company offers a sweepstakes at a local street fair. Participants register for the sweepstakes by completing a card with their name, email address, and phone number, which the company can use to contact them. In turn, each participant receives a small dispenser with hand sanitizer and the chance to win one year of free service. The sweepstakes is an example of which of the core aspects of marketing?
Marketing entails exchange of benefits between buyer (or potential buyer) and seller.
Which of the following is NOT a core aspect of marketing?
Marketing must occur in a specific setting.
Which company is most likely to be a value-driven firm?
One that has active and engaging social media channels
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
Place
______ is one of the elements of the four Ps that embodies all activities needed to get the product to the right customer when and where he or she wants it.
Place
______ is the component of the four Ps that aims to capture value.
Price
______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.
Product
Match the marketing mix component (on the left) with its corresponding value function (on the right).
Product---Creating value Price---Capturing value Place---Delivering value Promotion---Communicating value
Match each marketing era to the correct description of the marketing focus during that period.
Production-oriented era----Build a good product and it will sell itself. Sales-oriented era-----Lots of advertising and personal selling are the keys to success. Market-oriented era-----A growing focus on meeting customer needs and wants. Value-based marketing era----There is more to marketing than just meeting needs and wants; consumers also expect a fair return for the price they pay.
In the marketing mix, which element of the 4Ps communicates value to the consumer?
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
What are supply chain partners? (Select all that apply.)
Retailers Wholesalers Transporters
Drag and drop goods against the corresponding values they provide.
Rolex watch---Status Nike shoes---Performance Energy bars---Convenience
If you decide to list merchandise on eBay for someone to buy, you can best be described as what?
Seller
What are examples of C2C marketing? (Check all that apply.)
Selling your old laptop through eBay.com Buying an iron from a neighbor's yard sale Buying a lamp from an individual on Craigslist.org
Many of the most successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Check all that apply.)
Social responsibility Environmentally friendly options
What term refers to a set of approaches and techniques a firm employs to efficiently integrate suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction?
Supply chain management
Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer?
Supply chain management
Which of the following are elements of the marketing mix? (Select all that apply.)
The 4 Ps include product, price, place, and promotion.
Who sponsors the Milk Life and Body by Milk marketing campaigns?
The dairy industry
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Which of the following is true of services?
They cannot be separated from the producer.
Why would customers consider value cocreation to be valuable?
They get the opportunity to help create the product or service.
When applying for a job, how might you market yourself? (Select all that apply.)
Through the way you dress Through your answers to interview questions Through your cover letter
Why do companies divide their customer base into differing categories?
To better understand specific customers' wants and needs
What was the purpose of the 80th anniversary Babar marketing campaign?
To communicate the value proposition
Which of the following describes the fundamental purpose of marketing?
To create value and satisfy consumer needs.
What are purposes of the Milk Life and Body by Milk marketing campaigns? (Select all that apply.)
To encourage people to add milk to their diets to improve their health To sell more milk and dairy products
True or false: Goods and services may be offered together.
True
True or false: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.
True
True or false: Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings.
True or false: Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings.
Why is it useful for marketers to divide marketplace consumers into discrete groups, or segments?
Understanding specific marketplace segments can lead to marketing strategies that target relevant groups.
How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?
Using promotion
______ reflects the relationship of benefits to costs, or what you get for what you give.
Value
_______ reflects the relationship of benefits to costs, or "what you get for what you give."
Value
In what marketing era are we functioning today?
Value-based marketing era
In what type of market do investors most favorably view firms with high levels of social responsibility?
Volatile markets
An environmental nonprofit organization is marketing on Instagram the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur?
When its Instagram follower reduces his or her greenhouse gas emissions
Most marketers carefully seek customers who have interest in the product they are selling as well as a(n) ________ to buy the product.
ability
During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______.
aggressive selling and advertising
A successful marketing plan helps ensure that ______.
all parties involved in a transaction are satisfied
When a consumer gives up money (or something of value) in order to receive something else of value, this is called ______.
an exchange
Which of the following is not an example of value cocreation?
buying ready-to-wear apparel from a department store
In the four Ps of marketing, the task of the price is to ______ value for the market mix.
capture
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.
consumer
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______.
corporate citizenry
When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.
creating value
Firms that practice value-based marketing typically use a process known as ______, which includes a set of strategies, programs, and systems that focus on building loyalty among the firm's most valued customers.
customer relationship management
Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers?
customer relationship management
In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments.
customers
Value-based marketing firms implement their strategies according to what _____ believe is a good value.
customers
In a value-based, marketing-oriented firm, marketers share ______ about customers and integrate it across the firm's various departments.
data
In the marketing mix, place is expected to ______ value for the customer. (Recall that each of the Ps acts differently and specifically.)
deliver
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
deliver
Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______.
developing goods and services
In general, promotion can ______ a product's or service's value to consumers.
enhance
A core aspect of marketing, borrowed from economics, includes a(n) Blank 1 of 1, which is a transaction in which things of value are traded by buyers and sellers.
exchange
Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.
goods
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______.
market oriented
A strategy developed by companies that specifies marketing activities for a specific period of time is known as a(n) ______.
marketing plan
A frozen dessert company might select any of the following options to further develop and create consumer value EXCEPT ______.
offering only one flavor: vanilla, the best seller
During the sales-oriented era between 1920 and 1950, firms found an answer to their ______ by focusing on selling.
overproduction
Marketers must determine prices of products on the basis of ______.
potential buyers' beliefs about a product's value
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.
production
Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs.
products, services, or ideas
A ______ orientation is based on the philosophy that buyers and sellers should develop long-term interactions and communications.
relational
Apple, known for creativity and innovation, keeps its new innovations consistent with previous product lines to maintain long-term connections with consumers. This is an example of ______ orientation.
relational
If a consumer electronics firm acts on the philosophy that its new products should be compatible with existing products to develop long-term relationships with customers, then the firm is acting on the basis of a(n)______ orientation.
relational
In a(n) ______ orientation, lifetime profitability is more important than the amount of money made during each transaction.
relational
When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.
segmentation
A(n) ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held.
service
Getting cash from an ATM is considered a(n) ______ transaction.
service
Many firms recognize that adopting a strong ______ orientation in business is a sound strategy. It shows the consumer marketplace that the firm will be around for the long run and can be trusted with consumers' business.
socially responsible
Good ______ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers.
supply chain
Marketing success begins with a strong understanding of ______.
the desires and requirements of the marketplace consumer
Value-oriented marketers engage in an ongoing process of balancing
the perceived benefit to customers and the price.
In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.
value
Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of _______.
value cocreation
When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called ______.
value cocreation
To better understand value and develop a(n) ______ marketing orientation, a business must understand what customers view as the key benefits of a given product or service and how to improve on them.
value-based