MKTG 303 Study exam one

Curtis is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Curtis will likely attempt to either provide the same quality at a lower cost or

improve products and services at the same cost.

Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix?

place

Jeffrey is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeffrey has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeffrey still need to work on?

place

Marketing channel management is also known as

supply chain management.

In delivering value, marketing firms attempt to find the most desirable balance between

the need to provide benefits to customers and keep down costs.

When referring to "exchange," marketers are focusing on

the trading of things of value.

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide

which kinds of stores to open.

The process of value ________, in which customers collaborate in product design, often provides additional value to the firm's customers.

cocreation

Marketing involves conducting exchanges, satisfying customer needs and wants, and

creating value

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay, Poshmark, and Mercari cater to ________ marketing.

C2C

The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

Controllable

The fundamental goal of marketers when creating goods, services, or combinations of both is to

Create value

Which element of the marketing mix is most relevant to the activity "capturing value"?

Price

Dream Home Solutions has been a successful small home-remodeling firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Dream Home rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Dream Home is engaged in

effective supply chain management.

What is the focus of a firm that develops a relational orientation with its customers?

gaining lifetime profitability from customer relationships

Justine offers design and consulting services on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on

how different customers perceive the value of her services.

By promoting jeans based on youth, style, and quality, Levi's is attempting to

increase the perceived value of its products.

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

its value

After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though they could charge much more due to the huge increase in demand. These firms probably recognize that

lifetime profitability of relationships matters more than profits from a particular transaction.

By using social media ________ on their mobile phones, customers can check in with HappyCow to find nearby vegetarian restaurants.

location-based apps

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

long-term relationships.

Ivana is struggling with the choice of publishing her new book, Slovak Cuisine, as an e-book or a paperback. Ivana is addressing which core marketing aspect?

making product decisions

Many marketing students initially overlook the importance of marketing channel management because

many of these activities take place behind the scenes.

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.

marketing mix

The publisher of the well-known Winnie-the-Pooh series wants to celebrate the 100th anniversary of the series, initiating a $200,000 campaign. This initiative represents the ________ component in the four Ps.

promotion

Cliff sells construction equipment. Whenever he calls on his building contractor customers, he asks if they are having any problems. In doing so, Cliff is addressing which of the following core aspects of marketing?

satisfying customer needs and wants

As owner of a retail franchise food store, Elena purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of

sharing information across the organization.

In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven by

sharing information across the organization.

Alan is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

the ability to buy them.

Even though they operate on a limited schedule and offer few extra services, discount, no-frill airlines like Allegiant have been successful. Consumers obviously consider

the benefit of lower prices to be greater than the cost of reduced services and less convenience.

During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

value-based marketing

Social media is of increasing importance. About ________ of the world's population uses Facebook.

30 percent

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from ________ to ________ marketing.

B2B; B2C