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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 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. Institutions that facilitate the exchange of offerings that have value for customers processes used to create value for clients

Which of the following periods denotes the production-oriented era?

At the turn of the 20th century

The process by which businesses sell to consumers is known as ______ marketing.

B2C

What is NOT a characteristic of good marketing?

Benefits the competition

Which of the following is NOT an example of a service?

Buying a new car

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

Which entity does NOT market to the other entity?

Customers to businesses

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.

Deliver

When was the consumer "king"?

During the market-oriented era

A product can be broken down into services, ideas, and goods. What are goods?

Items you can touch

Which of the following are good marketing campaigns?

Ones that are thoughtfully planned. Ones that emphasize the ethical implications of any corporate decision on society

Which of the following are elements of the marketing mix?

Price Product Place Promotion

What were the primary characteristics of the market-oriented era that followed World War II?

Products were designed to focus on consumers' needs. It was a buyer's market.

What are supply chain partners?

Retailers Wholesalers Transporters

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.

Personal selling was a hallmark of which marketing era?

Sales-oriented era

Which of the following is true of services?

They cannot be separated from the producer.

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs.

In what marketing era are we functioning today?

Value-based marketing era

An environmental nonprofit organization is marketing on Instagram the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur?

When its Instagram follower reduces his or her greenhouse gas emissions

A successful marketing plan helps ensure that ______.

all parties involved in a transaction are satisfied

In the four Ps of marketing, the task of the price is to ______ value for the market mix.

capture

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.

creating value

Value-based marketing firms implement their strategies according to what _____ believe is a good value.

customers

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, borrowed from economics, includes a(n) __, which is a transaction in which things of value are traded by buyers and sellers.

exchange

True or false: Value-based marketing means the value of a product depends on how the marketer sells it, not how the customer values it.

false

Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.

goods

An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?

idea

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

If a car manufacturer wanted to segment its marketplace, it would ______.

identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans). divide consumers into groups based on their incomes.

Some successful airlines create value by offering ______.

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

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

A strategy developed by companies that specifies marketing activities for a specific period of time is known as a(n) ______.

marketing plan

Which of the following are components of price?

money, time, energy

During the sales-oriented era between 1920 and 1950, firms found an answer to their ______ by focusing on selling.

overproduction

Which of the following are considered ideas?

philosophy, thought, opinion

______ 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 part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

product

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

Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs.

products, services, or ideas

How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?

promotion

In the marketing mix, which element of the 4Ps communicates value to the consumer?

promotion

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.

segmentation

A(n) ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held.

service

Getting cash from an ATM is considered a(n) ______ transaction.

service

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

True or false: Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings.

true

_______ reflects the relationship of benefits to costs, or "what you get for what you give."

value