What is Marketing
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
Segmentation
Firms become value driven by focusing on which of the following activities?
-Sharing Information -Building relationships -Balancing customer benefits and costs
Which of the following are components of price?
-Time -Money -Energy
Which of the following are elements of the marketing mix?
The 4 Ps include product, price, place, and promotion.
Value-oriented marketers measure the benefits that customers perceive against the _____ of their offerings
cost, price
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) _______ , Correct Unavailable, which is a transaction in which things of value are traded by buyers and sellers.
exchange
Value-oriented marketers engage in an ongoing process of balancing ______.
the perceived benefit to customers and the price
Which of the following are considered ideas? (
-An opinion -A Philosophy
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
Which company is most likely to be a value-driven firm?
One that has active and engaging social media channels
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.)
-Divide consumers into groups based on their incomes -Organize potential customers into groups based on their age -Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) *Segmenting a market involves dividing it into groups.
Like Timex, Rolex makes watches. How does Rolex add unique value to its products?
By conferring status
The process by which businesses sell to consumers is known as ______ marketing.
B2C
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
Deliver
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
Which of the following describes the fundamental purpose of marketing?
To create value and satisfy consumer needs
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
______ reflects the relationship of benefits to costs, or "what you get for what you give."
Value
Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch
goods
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
Match the marketing mix component (on the left) with its corresponding value function (on the right).
-Product: Creating Value -Price: Capturing Value -Place: Delivering Valjue -Promotion: Communicating Value
Which are supply chain partners?
-Retailers -Transporters -Wholesalers
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.
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?
Place
A company's ______ create(s) value by satisfying customer needs.
products, services, or ideas
