BUS 346 Ch 1

Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, one important function Georgia should provide is Select one: a. advising the production and purchasing departments to produce or order smaller quantities of products. b. assisting customers in product recall confirmations. c. estimating profit per sale to determine whether the firm can survive the slowdown. d. pushing her customers to buy products whether they need them or not. e. avoiding contact with competing firms to maximize value-driven marketing.

A

Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in Select one: a. effective supply chain management. b. value cocreation. c. C2C value-driven marketing. d. a virtual monopoly. e. a traditional transactional orientation.

A

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing. Select one: a. production-oriented b. retailing-oriented c. market-oriented d. value-based marketing e. sales-oriented

A

Marketing channel management is related to which of the four Ps? Select one: a. place b. promotion c. price d. production e. product

A

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is Select one: a. implementing a market segmentation strategy. b. expanding from offering just goods to also offering services. c. expanding from offering just services to also offering goods. d. increasing customer value through inflated appraisal evaluations. e. capturing value through multiple pricing strategies.

B

In delivering value, marketing firms attempt to find the most desirable balance between Select one: a. explicit versus implicit value. b. providing benefits to customers and keeping costs down. c. the need for product improvement and the need for advertising. d. the desire to satisfy customers and the need to keep customers from running the company. e. the need for value and the perception of value.

B

Many firms with complex products have missionary salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers' needs and wants. These salespeople focus on aNo __________ orientation with their customers. Select one: a. external b. relational c. internal d. transactional e. divisional

B

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect? Select one: a. deciding where and how to sell the product b. pricing the product c. making product decisions d. developing a promotional plan e. managing the exchange function of marketing

C

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing. Select one: a. B2B b. C2B c. C2C d. B2C e. BBC

C

The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets. Select one: a. unpredictable b. internal c. controllable d. external e. global

C

The idea that a good product will sell itself is associated with the __________ era of marketing. Select one: a. sales-oriented b. market-oriented c. production-oriented d. value-based marketing e. retailing-oriented

C

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and Select one: a. the ability to negotiate discounts. b. a thorough knowledge of his brand messages. c. knowledge of competing products. d. the ability to buy them. e. are removed from traditional marketing alternatives.

D

The marketing goal of getting the right quantities to the right locations at the right time relates to Select one: a. capturing value. b. communicating the value proposition. c. price and performance management. d. service marketing. e. supply chain management.

E

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. Select one: a. value-based marketing b. market-oriented c. production-oriented d. retailing-oriented e. sales-oriented

E

When considering career choices in marketing, many students overlook supply chain management because a. it only takes place in large, urban areas. b. it is considered too quantitative. c. marketing has no responsibility for supply chain management. d. companies generally outsource these activities, so there are rarely supply chain jobs available. e. many of the activities take place behind the scenes.

E

When referring to exchange, marketers are focusing on a. the price charged, adjusted for currency exchange rates. b. location-based tactics for creating value. c. the location where products and services are traded. d. promotional offers designed to stimulate barter. e. the trading of things of value.

E

Enriching Marketing

Entrepruenial Expands global presence persuasive

Customer relationship management (CRM)

building loyalty among the firms most valued customers

Market-oriented Era

focus on wheat customers needed and wanted before they produced discovered marketing 1950-1990

Supply chain/ Marketing Channel

make and deliver a given set of goods and services

What does marketing do?

Creates value Satisfies customers wants/needs Exchange 4 P's can be performed by individuals and org many settings

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described? Select one: a. economics-oriented b. value-based marketing c. production-oriented d. market-oriented e. sales-oriented

D

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who only care about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing Select one: a. distribution is controlled by customers. b. customers are not considered until the product is ready for sale. c. promotion is the most important consideration, followed by pricing decisions. d. all parties to an exchange should be satisfied. e. decisions are made regarding how a product is designed.

D

Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smart phones. When she returned to work, she mentioned this observation to her international sales manager. Leah was providing the important marketing function of Select one: a. advising production on how much product to make. b. alerting the logistics department when to ship products. c. engaging customers, developing long-term relationships. d. identifying opportunities to expand. e. synthesizing and interpreting sales, accounting, and customer-profile data.

D

The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called Select one: a. market positioning. b. market segmentation. c. market share analysis. d. marketing. e. marketing research.

D

As owner of a retail franchise food store, Mary Gray 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 Select one: a. keeping prices below those charged by competitors. b. balancing customers' benefits and costs. c. evaluating strategic competitive partnerships. d. building relationships with customers. e. sharing information across the organization.

E

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of Select one: a. identifying opportunities to expand. b. advising production on how much product to make. c. advising the customer about new products and markets. d. synthesizing and interpreting sales, accounting, and customer-profile data. e. alerting the logistics department when to ship products.

E

The basic difference between a good and a service is that a good Select one: a. provides intangible benefits. b. is more quickly forgotten by consumers. c. is always less expensive than a corresponding service. d. generates greater interest among consumers. e. can be physically touched.

E

Sales-oriented Era

Personal selling and advertising era was to find customers for inventories that went unsold 1920-1950

Marketing Mix (4Ps)

Price Place Product Promotion

Production Oriented Era

Product good enough to sell itself innovation 1900s-1920s

Value-based Era

Relationship between benefits and costs that they perceive and what customers perceive Present

Product

Services (intangible) Goods (touchable) Ideas

Value driven:

Sharing Information about customers and competitors Balancing Benefits with costs Building relationships with customers: relational orientation-need to think about customers in terms of relationships instead of transactions lifetime profitability Take advantage of new technologies/social media

Exchange

Trade of things of value between buyer and seller money or information