MGT 333

If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.) A)Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) B)Offer the same car model to all consumers in the marketplace C)Divide consumers into groups based on their incomes D)Organize potential customers into groups based on their age

A,C,D

Which of the following are considered ideas? (Select all that apply.) A) An opinion B) A philosophy C) A non-profit organization D) A service

A,D

Which of the following are components of price? (Select all that apply.) A)Time B)Management Style C)Ethical Climate D)Energy E)Money

A,D,E

Which are supply chain partners? (Select all that apply.) A) Federal regulators B) Transporters C) Wholesalers D) Retailers E) Competitors

B,C,D

Which of the following are associated with marketing, as defined by the American Marketing Association? (Select all that apply.) A) Institutions that implement technologies for increased production efficiency B) Organizations that develop industry partnerships for international outsourcing C) Processes used to create value for clients D) Institutions that facilitate the exchange of offerings that have value for customers E) Activities that communicate offerings that have value for society at large

C, D, E

Which of the following are related to marketing in the production-oriented era? (Select all that apply.) A) There was an excess supply of product, and the consumer was king. B) Personal selling was used to market products. C) Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. D) Retail stores were considered places to hold inventory until it was sold.

C,D

Which entity does NOT market to the other entity? Customers to businesses Businesses to customers Manufacturers to retailers Wholesalers to retailers

Customers to businesses

Which of the following characterizes the relationship between marketing and exchange? A) A buyer maneuvers a seller into providing maximum value for the lowest price. B) A buyer and seller work together to neither increase nor decrease net satisfaction. C) A seller determines the best way to maximize his profit while minimizing buyer value. D) A buyer and seller trade things of value, leaving each better off than before.

D) A buyer and seller trade things of value, leaving each better off than before.

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value. justify deliver replicate reduce

Deliver

True or false: The purpose of a marketing strategy is to maximize short-term profits.

False

Of the four Ps, ______ is whatever the buyer gives up in exchange for the product, including money, time, or energy.

Price

______ is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs. Placement Product Positioning Promotion

Product

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______. segmentation satisfaction targeting needs

Segmentation

What would happen to the global economy if all marketing ceased? The global economy would plummet. The global economy would improve. The global economy would stay about the same. The global economy would slightly worsen.

The global economy would plummet.

A company that has successfully built a wall around its position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example of a company that has established ______. product excellence superior service operational excellence competitive advantage

competitive advantage

A core aspect of marketing involves a(n)______, 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 that can be marketed, just as goods and services can. (Remember to type only one word in the blank.)

ideas