Marketing Exam 1 Chapter 1

Which of the following equations describes customer value?

Customer value= customer benefits - customer costs

Which of the following sentences is true about a marketing exchange?

It requires four conditions to take place.

promotion variable

activities used to inform and persuade to create a desired response

market orientation

an organization wide commitment to researching and responding to customer needs

Which stakeholders are the focal point of all marketing activities?

customer

price variable

decisions and actions associated with establishing pricing objectives and policies and determining product prices

During the holiday season, a Bluetooth speaker was in such high demand that it sold out quickly at a local Walmart. When Walmart tried to order more, it learned that the suppliers had so many orders to fill that it would not be able to fill Walmart's order for two weeks. What type of marketing mix variable does this problem involve?

distribution

relationship marketing

establishing long-term, mutually satisfying buyer-seller relationships

The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit.

exchange

Marketing environmental forces are often _______.

independent

customer lifetime value

measurement that forecasts a customers lifetime economic contribution

market concept

philosophy that an organization should try to satisfy customers' needs through a set of activities

Lime is using social media to ask consumers about the qualities they desire in an electric scooter. The firm hopes to develop a new type of electric scooter based on the feedback it receives. Which marketing mix variable is Lime addressing?

product

4 P's

product, price, distribution (place), promotion

Lumos Labs, the maker of brain-training app Lumosity, released advertisements that claimed its app was able to prevent Alzheimer's. The Federal Trade Commission fined Lumos Labs $2 million, saying that the company did not have the science to back up its ads. What type of marketing mix variable is involved in this situation?

promotion

Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone else will too. She starts a cookie dough business. Charlotte views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Charlotte seem to embrace?

sales orientation

marketing environment

sociocultural forces that surround the customer and affect the marketing mix

Customers choose to go to Buffalo Wild Wings based upon the value they place on the total product—including the food, service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _______.

subjective

Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's _______.

target market

marketing mix

the 4 p's that a firm can control to meet the needs of customers within its target market.