MKT 300 Chapter 1
A core aspect of marketing involves a(n) , which is a transaction in which things of value are traded by buyers and sellers.
exchange
Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.) Great Depression World War II World War I Great Recession
WWII and the Great Depression
Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.) Multiple select question. World War I The Great Depression The Great Recession World War II
WWII and the Great Depression
Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.) Great Recession World War I World War II Great Depression
World War II Great Depression
Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to ______.
plan future products and services
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
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
segmentation
Manufacturers focused on product innovation, not satisfying consumer needs during
the sales-oriented era
In order to compete successfully, most firms today have to provide their customers with better ____________ than their competitors.
value
Value-oriented marketers measure the benefits that customers perceive against the _________ of their offerings.
cost
Value-oriented marketers measure the benefits that customers perceive against the __________ of their offerings.
cost
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
A core aspect of marketing involves a(n) __________, which is a transaction in which things of value are traded by buyers and sellers.
exchange
Products include goods and services, as well as _________ , 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.)
ideas
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 ______ oriented.
market oriented
Approximately what percentage of marketers use social media?
97%
Which of the following characterizes the relationship between marketing and exchange? A buyer and seller work together to neither increase nor decrease net satisfaction. A buyer and seller trade things of value, leaving each better off than before. A seller determines the best way to maximize his profit while minimizing buyer value. A buyer maneuvers a seller into providing maximum value for the lowest price.
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 non-profit organization A philosophy A service An opinion
a philosophy, an opinion
Marketing is about an
exchange
In the broadest terms, the marketplace refers to
the world of trade
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.
Firms become value driven by focusing on which of the following activities? (Select all that apply.) Building relationships Balancing customer benefits and costs Sharing information Establishing good hiring practices
Building relationships Balancing customer benefits and costs Sharing information
Firms become value driven by focusing on which of the following activities? (Select all that apply.) Multiple select question. Building relationships Establishing good hiring practices Reason: Firms can hire good people and still not be value driven. Balancing customer benefits and costs Sharing information
Building relationships Balancing customer benefits and costs Sharing information
The four Ps of the marketing mix are
Product, Price, Place, Promotion
Which of the following are related to marketing in the production-oriented era? (Select all that apply.) Multiple select question. There was an excess supply of product, and the consumer was king. Personal selling was used to market products. Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals.
Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals.
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Which entity does NOT market to the other entity? Wholesalers to retailers Manufacturers to retailers Businesses to customers Customers to businesses
Customers to businesses
When was the consumer "king"?
During the market oriented era
Which company would likely charge customers the least if all marketing and advertising spending was discontinued? NBC BuzzFeed Facebook Hulu
Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the 4 Ps is most at play here?
High
Which of the following are components of price? (Select all that apply.) Ethical climate Management style Money Time Energy
Money, Time, Energy
Which company is most likely to be a value-driven firm? One that brings goods to market when it is convenient for the firm One that collects scant data about its customers One that has active and engaging social media channels One that thinks primarily about its customers but not its community or society
One that has active and engaging social media channels
Of the four Ps, __________ is whatever the buyer gives up in exchange for the product, including money, time, or energy.
Price
Which of the following are associated with marketing, as defined by the American Marketing Association? (Select all that apply.) Processes used to create value for clients Activities that communicate offerings that have value for society at large Organizations that develop industry partnerships for international outsourcing Institutions that facilitate the exchange of offerings that have value for customers Institutions that implement technologies for increased production efficiency
Processes used to create value for clients Activities that communicate offerings that have value for society at large Institutions that facilitate the exchange of offerings that have value for customers
______ is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs.
Product
What were the primary characteristics of the market-oriented era that followed World War II? (Select all that apply.) Multiple select question. Consumers had to purchase products of inferior quality. Products were designed to focus on consumers' needs. It was a seller's market. It was a buyer's market.
Products were designed to focus on consumers' needs. It was a buyer's market.
Value-oriented marketers engage in an ongoing process of balancing ______.
the perceived benefit to customers and the price
Which of the following are related to marketing in the production-oriented era? (Select all that apply.) There was an excess supply of product, and the consumer was king. Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. Personal selling was used to market products.
Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual.
Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Select all that apply.) Multiple select question. Outsourcing as much labor as possible Lobbying for corporate tax breaks Social responsibility Environmentally friendly options
Social responsibility Environmentally friendly options
Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.)
The Great Depression World War II
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.) Multiple select question. Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) Offer the same car model to all consumers in the marketplace Organize potential customers into groups based on their age Divide consumers into groups based on their incomes
Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) Organize potential customers into groups based on their age Divide consumers into groups based on their incomes
What were the primary characteristics of the market-oriented era that followed World War II? (Select all that apply.) It was a seller's market. Products were designed to focus on consumers' needs. Consumers had to purchase products of inferior quality. It was a buyer's market.
Products were designed to focus on consumers' needs It was a buyers market
Which are supply chain partners? (Select all that apply.) Competitors Federal regulators Wholesalers Transporters Retailers
Wholesalers Transporters Retailers
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______.
corporate citizenry
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
Modern marketers use ______ to focus how they approach their customers and market their products.
data analytics
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
deliver