Exam 1 v.2
The marketing concept is
a management philosophy.
The marketing concept is best defined as
a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.
Which of the following is most likely to be an idea marketer
abuse counselor
The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also
achieve the organization's goals
The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they
affect a marketing manager's decisions and actions by influencing buyers' reactions to the firm's marketing mix
The marketing concept is a management philosophy that affects
all efforts of the organization
The marketing concept affects
all organizational activities
The definition of marketing implies that ________ should receive benefits from exchange relationships
both customers and businesses
Marketers often speak of the "controllable" variables in the practice of marketing. Which of the following is not considered one of the controlled variables?
competition
The marketing mix is built around the
consumer
The product variable of the marketing mix can include all of the following except
consumer perception of the product price
The public is becoming more aware of how marketers' activities affect the welfare of consumers and society. As a result, more firms are working to
create a responsible approach to developing long-term relationships with customers and society.
A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on
creating and maintaining satisfying exchange relationships.
Marketing is the process of
creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
Long-term relationships with profitable customers is the key objective of
customer relationship management
The focal point of all marketing activities is
customers
Changing the hours of operation for a service business involves the _____ component of the marketing mix
distribution
Consumers buying products online have dramatically affected the _____ variable of the marketing mix
distribution
Issues of inventory levels and storage costs are both concerns to the _______ variable of the marketing mix
distribution
The marketing environment is best described as being
dynamic and changing.
______ is the degree to which an exchange helps achieve an organization's objectives.
effectiveness
______ refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges
efficiency
Marketing knowledge and skills
enhance consumer awareness and help provide people with satisfying goods and services.
In managing customer relationships, the three primary ways profits can be obtained are by
enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.
A target market is always defined by demographics
false
In marketing, a product can be a good or a service but not an idea
false
Marketing consists primarily of selling and advertising
false
The broadest and simplest definition of marketing states that it is the development and efficient distribution of products for consumer segments.
false
The marketing mix consists of three major variables: product, price, and distribution
false
When DataComp Corp., a producer of computer software, delayed the introduction of its new spreadsheet program to modify the package, its scheduled magazine advertisements announcing the new product needed to be revised. In this case, a change in the _______ variable caused changes in the ________ variable of the marketing mix
product; promotion
As the Industrial Revolution came to the United States, most firms operated in a(n) ___________ orientation.
production
The element of the marketing mix used to increase awareness of a product or company is
promotion
According to the marketing concept, an organization should try to
provide products that satisfy customers' needs and allow the organization to achieve its goals.
Marketers use the term "___________" to describe establishing long-term, mutually satisfying buyer-seller relationships.
relationship marketing
Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as
relationship marketing.
The marketing concept focuses on
satisfying customers' needs in a way that helps to achieve organizational objectives.
In today's market environment, you might pay $15 for a CD by your favorite musical artist. Approximately how much of that price goes to activities related to marketing (promotion, distribution, profit margins)?
$7.50
Approximately what percentage of civilian workers in the United States performs marketing activities?
25 to 33 percent
Online sales account for about ____ percent of all retail sales in the U.S.
5
The Internet has been used as a search engine to find information about a marketer's product or service by about ____ percent of adults in the U.S.
91
Which of the following would not be a customer cost considered in determination of product value?
Benefits received in the exchanged for the products
Which of the following is not an example of the implementation of the marketing concept?
Burger King reduces the labor costs to produce its sausage-egg biscuits.
Which of the following scenarios involves the distribution element of the marketing mix?
Deciding whether or not to have retail outlets in addition to a website
Mark goes to a vending machine, deposits $1.00, and receives a Sprite. Which one of the following aspects of the definition of marketing is illustrated here?
Exchange
which of the following companies is the best example of a service marketer
FedEx
Which of the following best describes Nintendo's initial strategy when introducing the Wii?
Increase its sales of game consoles by broadening the appeal of gaming to all ages
When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?
Marketing concept
Scott, a buyer for a medium-sized company, is assessing the value of competing software products for use in his firm. Which of the following would not be a customer benefit considered in his determination of this product's value?
Monetary price
When Burger King offers 99-cent Whoppers to increase store traffic, it is altering which aspect of the marketing mix?
Price
A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines?
Product, price, distribution, and promotion variables
When DuPont develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the products benefits. This called for activity in which of the following marketing mix variables?
Promotion
Boca Burger's website features information about products, recipes, and nutritional values, but customers cannot actually purchase products from the website. This website is most likely used primarily as a ______ marketing tool
Promotional
The concept of "exchange" is fundamental to the definition of marketing. What is the best description of exchange?
Provision or transfer of goods, services, or ideas in return for something of value
Marketing facilitates exchanges relationships between buyers and sellers. What is marketing's intended outcome for this relationship?
Satisfaction for both the buyer and seller
Health Care Systems, Inc. rolls out an innovative nurse-on-call information system available online. The product is not widely accepted because patients don't see the need for such a service. This situation represents a failure in which aspect of implementing the marketing concept?
The customer information system
The Jackson Hewitt company wants to adopt the marketing concept as a business philosophy. To be consistent with this decision, it should adopt which of the following philosophies?
The customer is always right.
Which of the following best characterizes the forces of the marketing environment?
The forces change dramatically and quickly, and a change in one force is likely to affect the other forces
Which of the following best describes the acceptance of the marketing concept by American organizations?
The marketing concept has yet to be fully accepted by all organizations
Which of the following statements about marketing environment forces is not correct?
They fluctuate slowly and thereby create threats to a firm's marketing mix
Which one of the following statements by a company president best reflects the marketing concept?
We have organized our business to make certain that customers get what they want.
A physical product you can touch is a
good
Which of the following is essentially an uncontrollable factor in developing a marketing mix?
government regulations
Initiatives intended to improve an organization's positive impact on society and the natural environment are called
green marketing
Marketing activities
help sell an organization's products and generate financial resources for the firm.
Mother Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets
ideas
The Church of the Latter Day Saints has used advertising for many years to market its
ideas
If McDonald's runs a promotion advertising Big Macs for $1.50, it must ensure that each of the company's restaurants has sufficient staff and product on hand to handle expected demand. This relates to which of the following marketing management activities?
implementation
_________ of marketing plans hinges on coordination of marketing activities, motivation of marketing personnel, and effective communication within the marketing unit.
implementation
Taco Bell is introducing some of its products into supermarkets, vending machines, college campuses, and other locations to increase its product availability and convenience. One reason Taco Bell is doing so is to
increase customer value
Customer relationship management (CRM) begins its focus on customers with
information
Customer relationship management focuses on using ___________ about customers to create marketing strategies.
information
A target market
is a specific group of customers on whom a company focuses its marketing efforts
_________ is the process of establishing performance standards, comparing actual performance with established standards, and reducing the difference between desired and actual performance.
marketing control
A change in the minimum drinking age in any given state illustrates a change in the the ______ for Miller Brewing
marketing environment
A marketing manager for a small computer manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ____ that influences the firm's strategy
marketing environment
Marketing managers strive to develop a marketing mix that
matches the needs of the target market
Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is
monetary price
For most firms, the costs of marketing activities consume approximately what portion of the consumer's dollar?
one-half
Developing the internal structure of a firm's marketing unit relates to which of the following marketing management activities?
organizing
A systematic process of assessing opportunities and resources, determining marketing objectives, and developing a marketing strategy and plans for implementation and control describes which of the following marketing management activities?
planning
Marketing management is defined as a process of
planning, organizing, implementing, and controlling marketing activities
The forces of the marketing environment include
political, legal and regulatory, sociocultural, technological, economic, and competitive
Deciding to add gel insoles to its running shoes would be a change in the _______ element of the marketing mix for Nike
product
Making modifications to packaging or brand names involves the ______ component of the marketing mix
product
The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a
service
The three basic forms that a product can take are
services, ideas, and goods
Coca-cola is aiming its Diet Coke Plus (with vitamins and minerals) at health-conscious customers. These health-conscious customers represent Coke's
target market
SunnyD is aimed at mothers with children under age 12. These mothers represent SunnyD's
target market
Rob Donaldson runs a successful wholesale business that sells equipment to restaurants throughout the Midwest. He is considering purchasing his own fleet of trucks to deliver the equipment instead of relying on a shipper as he is currently doing. This most closely represents a decision about
the best way to distribute his products
StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about
the marketing environment
Distribution, price, promotion, and product are all elements of
the marketing mix
The primary value that a marketer expects to receive from a customer in an exchange relationship is
the price charged for the product
For an exchange to occur, four conditions must exist: first, two or more individuals, groups or organizations must participate, and each must possess "something of value" that the other desires; second, the exchange must provide a benefit or satisfaction to both parties; third, each must have confidence in the promise of the "something of value" held by the other; and the fourth,
to build trust, parties to the exchange must meet expectations
A family that organizes and advertises a garage sale is performing marketing activities.
true
A target market is a specific group of customers on whom an organization focuses its marketing efforts.
true
Customers are the focal point of all marketing activities.
true
Target markets can be people who buy the product but do not necessarily use the product.
true
Marketing activities are
used by all sizes of organizations including for-profit, nonprofit, and government agencies.
________ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.
value
The equation a buyer applies to assess a product's value is
value = customer benefits - customer costs