Chapter 1 Learnsmart

Value-oriented marketers outperform their competition by

- Developing loyalty - Keeping costs down - Satisfying needs

Select all that could apply if a car manufacture wanted to segment its marketplace

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

Which of the following are characteristics marketers seek out in potential customers?

- Individuals and/or businesses who have an ability to buy the products or services - Individuals and/or businesses who have an interest in the company's product

Identify two key elements marketers consider when determining price

- Marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase - Marketers must ensure the seller achieves a reasonable profit

The core aspects of marketing:

- Marketing helps create value - Marketing is about satisfying customer wants and needs - Marketing entails an exchange - Marketing requires product, price, place, and promotion decisions - Marketing can be performed by both individuals and organizations - Marketing effects various stakeholders

Which of the following are core aspects of marketing

- Marketing helps create value - Marketing is about satisfying customer wants and needs - Marketing entails an exchange - Marketing requires product, price, place, and promotion decisions - Marketing can be performed by both individuals and organizations - Marketing effects various stakeholders

Which of the following are associated with marketing, as defined by the american marketing association?

- Processes used to create value for clients - Institutions that facilitate the exchange of offerings that have value for customers - Activities that communicate offerings that have value for society at large

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

Firms becomes value driven by focusing on which of the following activities

- Sharing information - Building relationships - Balancing customer benefits and costs

Which statements about the marketplace are true?

- The marketplace refers to the world of trade - The marketplace can be divided into categories that are important to an organization for specific reasons - For most firms, the best strategy is to target specific segments of the market

Which of the following are buying-related activities, in contrast to an activity related to selling a service?

- Using your credit card at grocery checkout counter - Giving a barista cash for a cup of coffee - Purchasing MP3s from an online retailer

Which of the following characterize the relationship between marketing and exchange?

A buyer and seller trade things of value, leaving each better better off than before

market-oriented era

A growing focus on meeting customer needs and wants

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through

Aggressive selling and advertising

Firms selling merchandise directly to each other is called

B2B marketing

The process by which businesses sell to consumers is known as

B2C marketing

Production-oriented era

Build a good product and it will sell itself

Which of the following is not an example of value co creation?

Buying ready to wear apparel from a department store

When consumers market products to other individuals, it is known as

C2C marketing

When southwest airlines provides travelers with a variety of flight times to various cities, it is

Creating value

Each of the 4 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

Why is a strong supply chain important?

It helps get merchandise to customers when and where they want it

sales-oriented era

Lots of advertising and personal selling are the keys to success

Which of the following are members of the supply chain?

Manufacturers Retailers

Successful airlines create value by offering

Many flights to destinations the customer wants

A strategy developed by companies that specifies marketing activities for a specific period of time is known as a

Marketing plan

Eras of marketing in chronological order (earliest to most recent)

Production-oriented era → sales-oriented era → market-oriented ear → value-based marketing era

__?__ is part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations

Promotion

Which of the following are elements of the marketing mix?

Promotion Product Price Place

Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firms profits to not suffer?

Supply chain management

What factors do marketers consider when determining to whom they want to sell their products?

The interest and ability of the customer to buy

value-based marketing era

There is more to marketing than just meeting needs and wants; consumers als expect a fair return for the price they pay

What is true of services?

They cannot be separated from the producer

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

Using promotion

__?__ marketing firms implement their strategies according to what customers believe is a good value

Value-based

In a marketing context, customers seek a fair return in goods and/or services for their hard earned money. They are seeking value, which reflects the relationship of

benefits to costs

Marketing success begins with a strong understanding of the

desires and requirements of the marketplace consumer

What is the fundamental factor underlying all buyer-seller relationships?

exchange

One challenge for companies is to provide products that meet customers' needs and wants while still being

financially sound and making a reasonable profit

Services are intangible customer benefits, whereas __?__ are tangible items that you can physically touch

goods

In order to compete successfully most firms today have to provide their customers with

greater value than their competitors provide

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

Which of the 4 Ps embodies all activities essential to get the product to the right customer when and where that customer wants it?

place

Marketers must determine prices of products on the basis of

potential buyers beliefs about a products value

Of the 4 Ps, __?__ is whatever the buyer gives up in exchange for the product - for example, money, time, or energy

price

__?__ is the component of the 4 Ps that aims to capture value

price

Manufacturers in the __?__ marketing era at the turn of the 20th century were concerned with efficient production, not with satisfying needs of consumers

production-oriented

The original approach to marketing that targeted efficient and cost-effective manufacturing of goods was known as

production-oriented marketing

Within the marketing mix, when a company offers many alternatives that consumers can purchase, the __?__ element of the 4 Ps creates value by satisfying customer needs

products

In a __?__, lifetime profitability is more important than the amount of money made during each transaction

relational orientation

During the __?__ era between 1920 and 1950, firms found an answer to their overproduction by focusing on selling

sales-oriented

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

supply chain management

T/F: during the market oriented era, companies began to focus on what consumers wanted and needed before they made the products

true

T/F: in the marketing mix, place attempts to deliver by making the product or service available when and where the consumer needs or wants it

true