MKTG Ch. 1
The component of the four Ps that aims to capture value is ____.
- Price
Place the member of a supply chain from 1st step to last.
- Supplier of raw materials - manufacturer - retailer selling finished goods
All but one of the following is activities associated with buying, not selling. Which is NOT buying-related?
- giving a client a haircut
A supply chain is a relationship between a firm and ____.
- manufacturers and raw materials suppliers
Of the four Ps, ___ is whatever the buyer give up in exchange for the product, including money, time, or energy.
- price
Getting cash from an ATM is considered a(n) _____ transaction.
- service
Firms become value driven by focusing on which of the following of the following activities.
- sharing information - balancing customer benefits and costs - building relatioships
Marketing channel management seeks to create a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time. It is also known as _____ chain management.
- supply
When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called _____.
- value cocreation
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
For which of the following reasons is marketing considered important?
- virtually every person and organization is involved in marketing - marketing expands global presence
the process by which businesses sell to consumers is known as ____ marketing.
B2C
T/F: Although social and mobile media technologies are popular among users, businesses should avoid using them.
- False
____ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.
- Product
During the sales-oriented era b/w 1920 and 1950, firms found an answer to their ____ by focusing on selling.
- overproduction
Marketers who have a ____ orientation want to build an enduring interaction with their customers.
- relational
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 kind of marketing is taking place when coffee-roasting company sells its products to a coffee shop?
- B2B
Who tends to be most directly affected by B2B marketing?
- Customers of the businesses involved in that marketing effort - partners in the supply chain of the businesses involved in that marketing effort - Employees of the businesses involved in that marketing effort.
Match type of marketing: B2B B2C C2C
- Manufacturer sells a computer to a retailer - retailers sells a computer to customer a - customer a sells the computer to his friend
In what chronological sequence did marketing evolve, beginning from oldest to most recent from top to bottom?
- Production-oriented era - Sales-oriented era - Market-oriented era - Value-based marketing era
What were the primary characteristics of the market-oriented era that followed WWII?
- Products were designed to focus on consumers' needs. - It was a buyers' market.
Which of the following are related to marketing in the production-oriented era?
- Retailers were considered places to hold inventory until it was sold. - Manufacturers were concerned with product innovation, not with satisfying the needs of the individual.
Which statements about the marketplace are true?
- The marketplace refers to the world of trade - for most firms, the best strategy is to target specific segments of the market - The marketplace can be divided into categories that are important to an organization for specific reasons
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
Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of _____.
- Value cocreation
Which of the following is the most helpful to a firm in ensuring that its merchandising 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
When a customer gives up money in order to receive something else of value, then it is called ____.
- an exchange
Examples of C2C markeing.
- buying a lamp from an individual on Craigslist.org - selling your old laptop through eBay.com - buying an iron from a neighbor's yard sale
Which of the following would not be an example of value cocreation?
- buying ready-to-wear apparel from a department store
Entrepreneurs use marketing primarily to do which of the following?
- communicate value - examine the marketplace
The four Ps are the _____ set of activities that a firm uses to respond to the wants of its target market.
- controllable
When Southwest Airlines provides travelers with a variety of flight times to various cities, 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
Value-based marketing firms implement their strategies according to what ____ believe is a good value.
- customers
In general, promotion can _____ a product's or service's value to consumers.
- enhance
Which of these would be good features for a budget hotel to implement to build a value-based marketing strategy?
- fast check-in kiosk - affordable rates
Many of the most successful American firms believe that marketers should focus on which of the following beyond developing and marketing products and brands?
- financial profitability - social responsibility
Products include goods and services as well as __________, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can.
- ideas
CRM can help marketers compete by collecting data about their customers' needs and then ____.
- identifying their best customers for targeted products, services, and promotions.
Which of the following contribute to marketing's global presence?
- internet - affordable foreign travel
Identify the ways in which marketing has become a major business function.
- it can expand a firm's global presence - it can enrich society - it can be entrepreneurial
A product can be broken down into services, goods, and ideas. What are goods?
- items you can personally touch
What are some of the tasks that entrepreneurs perform in business ventures?
- managing operations - organizing - assuming risk
A strategy developed by companies that specifies marketing activities for a specific period of time known as ____.
- marketing plan
Which of the following Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
- place
Which of the following are associated with marketing, as defined by the American Marketing Association?
- 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
The first element of the four Ps of marketing is ____ that a company offers to its customers.
- product
Which of the following are elements of the marketing mix?
- product - price
Marketers use ____ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?
- promotion
The part of the marketing mix that communicates the value of the products to the consumer in many ways, such as advertising, social media, and public relations, is _____.
- promotion
A ____ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed.
- service
Many firms recognize that adopting a strong _____ orientation in business is a good 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 a ____ chain, or a marketing channel.
- supply
What is the element of products marketing that differentiate it from services marketing?
- tangibility
Marketing begins w/ a strong understanding of ____.
- the desires and requirements of the marketplace consumer
If you decide at the last minute to go skiing between Christmas and New Year's Day, you 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
In order to compete successfully most firms today have to provide their customers w/ greater ___ than their competitors provide.
- value
____ reflects the relationship of benefits to costs, or "what you get for what you give."
- value