MKT 340 Chapter 1

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. market-oriented era 4. value-based marketing era

place the members of a typical supply chain in order from the first step to the last

1. supplier of raw materials 2. manufacturer 3. retailer selling goods

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

which of the following are examples of consumer costs?

Price and time

____ is the component of the four Ps of marketing that is used by marketers to inform, persuade, and reminds potential buyers about a product or service to influence their opinions and produce a response

Promotion

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

in a marketing context, what do consumers seek in return for their money and scarce time?

a fair return in goods/services

which is 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

a supply chain

most marketers carefully seek customers who have interest in the product they are selling as well as _____ to buy the product

ability

which of the following are associated with marketing, as defined by the American marketing association

activities that communicate offerings that have value for society at large, processes used to create value for clients, institutions that facilitate the exchange of offerings that have value for customers

when a consumer gives up money (or something of value) in order to receive something else of value, this is called

an exchange

entrepeneurs perform which of the following tasks in business ventures?

assuming risk, organizing, managing operations

the influence of social responsibility can be illustrated by a firm's:

behavior

value-oriented marketers measure the ___ that customers perceive against the cost of their offerings

benefit

firms marketing directly to each other are participating in business-to-___ marketing

business

which of the following is not an example of a service

buying a new car

which of the following would be examples of where consumer-to-consumer marketing might occur?

buying an item from a neighbor's yardsale, making a purchase from Craigslist

which of the following would not be an example of value cocreation

buying ready to wear apparel from a department store

which of the following contributes to marketing's global presence?

cheap foreign travel, internet

a method of providing additional value to customers by allowing them the opportunity to act as collaborators is known as value___

cocreation

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 ____ vale.

communicating

one challenge for companies to provide products that meet customers' needs and wants while providing greater value than their ___

competitors

the four Ps, or marketing mix, are the ______ set of activities that a firm uses to respond to the wants of its target market.

controllable

Many businesspeople believe that marketing should focus on factors other than financial goals, such as:

corporate citizenry

each of the 4 Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ___ value.

creating

firms use ___ to find opportunities to better satisfy their customers' needs, keep costs down, and, in turn, develop long-term loyalties

customer data

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

promotion can ___ a product's or service's value

enhance

entrepeneurs use marketing to do which of the following?

examine the marketplace, communicate value

identify all of the areas where marketing may have a positive impact

expand global presence, enriches society, can be entrepreneurial

t/f: although social and mobile media technologies are popular among users, businesses should avoid using them.

false

t/f: value-based marketing means the value of a product depends on how the marketer sells it, not how the customer values it

false

What would be good features for a budget hotel to implement to build a value-based marketing strategy?

fast check-in kiosk and affordable rates

which of the following is an example of both goods and services received in combination?

getting new tires put on your car

all but one of the following is activities associated with buying, not selling. Which is NOT buying-related?

giving a client a haircut

services are intangible customer benefits, whereas ____ are tangible items that you can physically touch

goods

products include goods and services, as well as ____, which are thoughts, opinions, and philosophies. Intellectual concepts such as these can be marketed, just as goods and services can

ideas

customer relationship management (CRM) can help marketers compete by collecting data about their customers needs and then

identifying their best customers for targeted products, services, and promotions

some successful airlines create value by offering

in-flight wifi shopping opportunities, many flights to destinations the consumer wants

which of the following are characteristics marketers seek out in potential customers

individuals and/or business who have interest in the company's products and have the ability to buy them

which of the following are related to marketing in the production-oriented era?

manufacturerers were concerned with product innovation, not with satisfying the needs of the individual/ retailers were considered places to hold inventory until it was sold

which of the following are members of supply chain?

manufacturers and retailers

during the sales-oriented era:

manufacturers had the capacity to produce more than consumers were able to buy

identify two key elements marketers consider when determining price

marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase, marketers must ensure the seller achieves a reasonable profit

which of the following are core aspects of marketing

marketing entails an exchange marketing helps create value

a strategy developed by companies that specifies marketing activities for a specific period of time is known as

marketing plan

which of the following are components of the price paid by the buyer?

money, time, energy

like Hershey's and mars, godiva makes chocolate. How does godiva add unique value to its products?

offering individualized customer service in boutique shops, providing signature gold boxes for packaging, using fresh and original high-quality ingredients

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, firms found an answer to their ___ by focusing on selling

overproduction

business-to-business marketing can impact several aspects of business and society. which of the following stakeholders are affected?

partners, customers, employees

____ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it

place

is the component of the four Ps that aims to capture value

price

match the marketing mix component with its corresponding value function

product- creating value price- capturing value place- delivering value proposition promotion- communicating value

henry ford once said. "customers can have any color they want so long as it's black" this remark exemplifies attitudes toward marketing in the ___ orientation area

production

marketing eras

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

what were the primary characteristics of the market-oriented era

products were designed to focus on consumers' needs, it was a buyer's market

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

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

in a ___ orientation, lifetime profitability is more important than the amount of money made during each transaction

relational

value-oriented marketers outperform their competition by:

satisfying needs, developing loyalty

firms should be executing all of the following practices in all in which they perform business except:

saving money by using harmful chemicals

if you decide to list merchandise on ebay for someone to buy, you can best be described as a

seller

a ___ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed

service

Firms become value driven by focusing on which of the following activities?

sharing information, balancing customer benefits and costs, building relationships.

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

when materials or products are transported to a different location, sometimes it requires they be stored in a warehouse operated by yet another organization. A group of firms that make and deliver a set of goods and services is known as ___ chain, or a marketing channel

supply

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

t/f: Facebook experiences higher growth rates as countries continue to gain greater internet access

t

when Fritto-Lay makes snacks, the company creates value, and an essential part of this created value is the product's

tase and brand identity

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 the customer and the price of what is being sold

which of the following describes the fundamental purpose of marketing?

to create value and to satisfy consumer needs

if you decide at the last minute to go skiing between Christmas and new years day, yo will probably pay a relatively higher price for an airplane ticket to the ski area. this is an example of:

trading off price and convenience

when salespeople only care about selling products for the highest possible price, they have a(n) ____ orientation. However, when salespeople demonstrate concern for customers' well-being, they have a(n) ____ orientation

transactional, relational

t/f 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- place delivers value that product creates

____ 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 order to compete successfully most firms today, operating in the market orientation phase of marketing, have to provide their customers with better ____ - based marketing than their competitors

value

to build relationships, a home builder allows customers to change upgrades until the last possible moment during construction. It is using a ___ strategy

value-based