Marketing Ch. 1 Learn Smart

What were the primary characteristics of the market-oriented era that followed World War 11? - Consumers had a limited range of products from which to choose - It was a buyer's market. - Consumers had to purchase products of inferior quality. - It was a seller's market - Products were designed to focus on consumer's needs.

- It was a buyer's market. - Products were designed to focus on consumer's needs.

Which of the following are related to marketing in the production-oriented era? - There was an excess supply of product, and the consumer was the king - 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 - Personal selling was used to market products

- 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

Identify two key elements markets consider when determining price: -Marketers should know how much money the buyer has -Marketers must identify the maximum price at which anyone will buy the product -Marketers must ensure the sellers achieves a reasonable profit -Marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase.

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

***Which of the following are associated with marketing, as defined by the American Marketing Association?

-processes used to create value for clients -activities that communicated offerings that have value for society at large -institutions that facilitate the exchange of offerings that have value for customers

In what chronological sequence did marketing evolve, beginning from oldest to most recent from top to bottom?

1. production-oriented era 2. sales-oriented era 3. market-oriented era 4. value-based marketing era

Match B2B - B2C - C2C -

B2B - Manufacturer sells a computer to a retailer B2C - Retailers sells a computer to customer A C2C - Customer A sells the computer to his friend

The process by which businesses sell to consumers is known as _____________ marketing

B2C

Match each marketing era to the correct description of the marketing focus during that period. Production-oriented era Sales - oriented era Market - oriented era Value-based marketing era

Build a good product and it will sell itself Lots of advertising and personal selling are the keys to success A growth focus on meeting customer needs and wants There is more to marketing than just meeting needs and wants; consumers also expect a fair return for the price they pay

Which of the following is NOT an example of a service

Buying a new car

When consumers market products, it is known as ___________ marketing C2C B2B C2B B2C

C2C

Entrepreneurs use marketing to do which of the following? Communicate value Examine the marketplace Reduce incentives Reduce taxes

Communicate value Examine the marketplace

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is __________ to satisfy customer needs.

Creating Value

Product Price Place Promotion

Creating Value Capturing Value Delivering Value Communicating Value

Firms that practice value-based marketing typically use a process known as _________, which includes a set of strategies, programs, and systems that focus on building a loyalty among the firm's most valued customers.

Customer relationship management

In what ways can marketing impact a firm? Develops value Pays corporate taxes Advises production Lobbies for change in laws

Develops value Advises production

Many of the most successful American firms believe that marketers should focus on which of the following beyond developing and marketing products and brands?

Financial profitability Social profitability

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

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

A product can be broken down into services, ideas, and goods. What are goods?

Items you can physically touch

Which of these is NOT a reason why marketing is important? Marketing is pervasive across all channel members Marketing enriches society Marketing includes improving manufacturing techniques Marketing can be entrepreneurial Marketing expands global presence

Marketing includes improving manufacturing techniques

****Business-to-business marketing can impact several aspects of business and society. Which of the following stakeholders are affected?

Partners Customers Employees

_________ is the component of the four Ps that aim to capture value Price Place Promotion Product (aims to create value for the consumer)

Price

Which of the following are examples of consumer costs? Packaging Price Advertising Time

Price Time

___________ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumer's needs.

Product

In the marketing mix, value is communicated to the consumer by which element of the 4Ps?

Promotion

****Which of the following are members of the supply chain? Competitors Retailers Manufacturers Advertisers

Retailers Manufacturers

A _____________ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed.

Service

Good ________ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers. Customer Global Supply Chain Components and Raw Materials

Supply Chain

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 disapointed and the firm's profits do not suffer?

Supply chain

Marketing success begins with as strong understanding of __________________

The desires and requirements of the marketplace consumer

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

Why is it useful for marketers to divide the marketplace consumers into discrete groups, or segments?

Understanding specific marketplace segments can lead to marketing strategies that target relevant groups.

How do marketers inform, persuade, and remind potential buyers about a product or service to influencer their opinions and elicit a response? Using promotion Using place Using product Using price

Using promotion

_______ reflects the relationship of benefits to costs, or "what you get for what you give." Positioning Marketing Values Sales

Value

***For which of the following reasons is marketing considered important? Virtually every person and organization is involved in marketing Marketing expands global presence. Marketing lowers the cost of developing a new product Advertising is loved by everyone

Virtually every person and organization is involved in marketing Marketing expands global presence.

A successful marketing plan helps ensure that _________

all parties involved in a transaction are satisfied

When a consumer gives up money (or something of value) in order to receive something else of value, this is called business-to-business marketing an exchange a relationship supply chain management

an exhange

Firms marketing directly to each other are participating in business-to- __________________ marketing.

business

Which of the following would not be an example of value cocreation? - buying a customized cake from the bakery - a clothing company allowing customers to personalize the fit of a pair of jeans - buying ready-to-wear apparel from a department store - client interacting sales associate who takes information on how to customize apparel

buying ready-to-wear apparel from a department store

In the four Ps of marketing, the task of the price is to _________ value for the market mix stabilize decrease capture increase

capture

**One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their

competitors

Value-oriented marketers measure the benefits that customers perceive against the _______________ of their offerings.

cost

Value-based marketing firms implement their strategies according to what ______________ value producers shippers customers suppliers

customers

In a value-based, marketing-oriented firm, markets share ________ about customers and integrate it across the firm's various departments.

date

****If a car manufacturer wanted to segment its marketplace it would

divide consumers into groups based on their income identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans)

A core aspect of marketing, borrowed from economics, includes a ______________, which is a transaction in which things of value are traded by buyers and sellers.

exchange

Products include goods and services, as well as _______________, which are thoughts, opinions, and philosophies. Intellectual concepts such as these can be marketed, just as goods and services can.

ideas

A supply chain is a relationship between a firm and _______________ the firm's customers the competitors the sales staff and employees manufacturers and raw materials suppliers

manufacturers and raw materials suppliers

During the sales-oriented era between 1920 and 1950, firms found an answer to their ______________ by focusing on selling products value focus overproduction services

overproduction

Within the marketing mix, when a company offers many alternatives the _______________ create(s) value by satisfying customer needs. product promotions production efficiency variety presented products, services, or ideas

products, services or ideas

In a _______________ orientation, lifetime profitability is more important than the amount of money made during each transaction transactional product value relational

relational

When materials or products are transported to a different location, sometimes it requires they be stored in a warehouse operated by yet another organization. A group of firms that make and deliver a set of goods and services is known as a _________________ chain, or a marketing channel

supply

In order to compete successfully most firms today, operating in the market orientation phase of marketing, have to provide their customers with better ______________ = based marketing than their competitors.

value