Marketing Exam 1

____ reflects the relationship of benefits to costs, or "what you get for what you give"

Value

What are examples of where customer -to -customer marketing could potentially take place?

- Making a purchase from craigslist.com - putting merchandise for sale on eBay.com

Two key elements marketers consider when determining price

1. Marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase 2. marketers must ensure the seller achieves a reasonable profit

In what ways can marketing impact a firm?

Advises Production, Develops value

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

Business

In the marketing mix, place is expected to ____ value for the customer

Deliver

Which of the 4 P's represents all activities necessary to get an offering to the right customer when that customer wants it?

Place

____ is one of the elements of the 4 P's that embodies all activities essential to get the product to the right customer when and where that customer wants it.

Place

Of the 4 P's, _____ is whatever the buyer gives up in exchange for the product -- for example, money, time, or energy

Price

____ is the component of the 4 P's that aims to capture value

Price

____ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs

Product

Product Price Place Promotion (Match the marketing mix component)

Product - Creating Value Price - Capturing value Place - Delivering the value proposition Promotion - communicating value

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

Production, sales, marketing, value-based marketing

___ is the component of the four P's of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response

Promotion

What are the steps of the supply chain in order from first to last?

Supplier of raw materials, manufacturer, retailer of selling goods

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 services is known as a ____ chain, or a marketing channel.

Supply