Marketing chapter 1
Approximately what percentage of marketers use social media?
97%
which of the following characterized the relationship between marketing and exchange?
A buyer and seller trade things of value, leaving each better off than before.
The process by which business sell to consumers is known as __________marketing.
B2C
Firms become value driven by focusing on which of the following activities?
Balancing customer benefits and costs Building relationship Sharing information
Which entity does NOT market to the other entity?
Customers to businesses
When was the consumer "king"?
During the value-based marketing era
Which company would likely NOT lose to much money if marketing discontinued?
Which company is most likely to be value-driven firm?
One that has active and engaging social media channels
_______ 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
which of the following are elements of the marketing mix?
Price, Product
_______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers needs
Product
__________ 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
Which of the following are related to marketing in the production-oriented era?
Retailers were considered places to hod inventory until it was sold. Manufactures were concerned with product innovation, not with satisfying the needs of the individual.
What are supply chain partners?
Retailers, Transporters, Wholesalers
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Which of the following are components of price?
Time, energy, money
Which events helped create a situation in which manufactures produced more than customers could buy?
World War II , Great Depression
Which of the following are considered idea?
a philosophy, a thought, an opinion
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-________ marketing.
consumer
Many business people believe that marketing should focus on factors other than financial goals, such as ________.
corporate citizenry
Value-oriented markets measure the benefits that customers perceive against the ______ of their offerings.
cost
In a value-based, marketing-oriented firm, marketers share______about customers and integrate it across the firms various departments.
data
In the marketing mix, place is expected to ______value for the customer.
deliver
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______value.
deliver
Each of the following Ps plays a distinct role for customers and firms. Product, the first of the four Ps, is responsible for______.
developing goods and services
If a car manufacturer wanted to segment its marketplace, it would ____?
divide consumers into groups based on their incomes, offer the same car model to all consumers in the marketplace, identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans).
A core aspect of marketing, borrowed from economics, includes a(n) ___________, which is a transaction in which things of value are traded by buyers and sellers.
exchange
In the four Ps of marketing, the task of the price is to _______ value for the market mix.
increase
What were the primary characteristics of the market-oriented era that followed World War II?
it was a buyers market product were designed to focus on consumers needs.
During the sales-oriented era, __________.
manufactures had the capacity to produce more than consumers were able to buy
During the sales-oriented era, _____>
manufactures has 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
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
You're walking down a street and find yourself hankering for an ice cream cone. A few blocks later you see a Baskin Robbins ice cream shop. Which of the 4Ps is most at play here?
place
Of the four Ps, _______ is whatever the buyer gives up in exchange for the product for example, money, time, or energy.
price
_________ is the component of the four PS that aims to capture value.
price
which of the following are associated with marketing as defines by the American Marketing Association?
process used to create value, activities that communicate offering that have value for society at large, Institutions that facilitate the exchange of offering that have value for customers
Manufactures in the production-oriented marketing era at the turn of the 20th century were concerned with efficient______, not with satisfying needs of consumers.
production
In the marketing mix, which element of the 4Ps communicates value to the consumer?
promotion
When a toothpaste manufactures divides the marketplace into a smaller targets based on consumers ages and habits, this is an example of market_______.
segmentation
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
In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better value-based marketing than their competitors.
value