Marketing 3350 Chapter 1

What is total quality management (TQM)?

A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

What is the value proposition?

A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

What is crowdsourcing?

A practice where firms outsource marketing activities (such as selecting an ad) to a community of users

What is a mass market?

All possible customers in a market, regardless of the differences in their specific needs

Which of the following is a practice where firms outsource marketing activities (such as selecting an ad) to a community of users?

Crowdsourcing

Which of the following can be​ marketed?

Goods and​ services, people,​ places, and ideas

What is a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers?

Green marketing

What are services?

Intangible products that consumers pay for but never own

What is shrinkage?

Inventory and cash losses resulting from shoplifting and employee theft

Which of the following describes a selling orientation approach to marketing?

Management moves products out of warehouses so that inventories don't pile up.

Which of the following is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large?

Marketing

What is social networking?

Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members

Historically, the original approach to marketing was as a​ ____ concept.

Production

The segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts is the __________.

Target Market

Which of the following best defines marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large

With regard to the marketing mix, how is place defined?

The availability of the product to the customer at the desired time and location

Which of the following best describes triple-bottom-line orientation?

The building of long-term bonds with customers rather than merely selling them stuff

What are the elements of the marketing​ mix?

The marketing mix is comprised of the​ product, price, place and promotion.

Which orientation is described as the building of long-term bonds with customers rather than merely selling them stuff?

Triple-bottom-line

A want is __________.

a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced

Possession utility is the benefit marketing provides by __________.

allowing the consumer to own, use, and enjoy the product

Management prioritizes the satisfaction of customers' needs and wants in a __________ orientation.

consumer

What is a market segment?

distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market

When a firm or marketing organization offers customers a superior value and capability that other competitors cannot​ match, it has a​ ____________.

distinctive competency through the value chain

he​ triple-bottom-line orientation that​ has, in recent​ years, become a marketing process to improve the​ organization's capability to offer quality is based on​ ____________________ bottom lines.

financial, social, and environmental

Distinctive competency is a(n) __________.

firm's capability that is superior to that of its competition

The benefit marketing provides by transforming raw materials into finished products is known as __________ utility.

form

The first element in the value chain an organization offers customers is the​ ____________________.

inbound logistics

A​ ___________ is a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.

market segment

Product, price, promotion, and place make up the __________.

marketing mix

All possible customers in a market, regardless of the differences in their specific needs, are known as a __________.

mass market

The availability of the product to the customer at the desired time and location is known as __________.

place

__________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy the product.

possession

In a consumer orientation, management __________.

prioritizes the satisfaction of customers' needs and wants

In a __________ orientation, management moves products out of warehouses so that inventories don't pile up.

selling

What is the term for inventory and cash losses resulting from shoplifting and employee theft?

shrinkage

Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as __________.

social networking

The target market is __________.

the segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts

The marketing plan is a document that describes the​ organization's assessment of several elements of the market environment and one element of its competitive​ advantage, which includes​ _________________.

the​ organization's capabilities

Form utility is the benefit marketing provides by __________.

transforming raw materials into finished products

A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased is known as the __________.

value proposition

A __________ is a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced.

want