MKT ch1
A core aspect of marketing involves a(n) ____ , which is a transaction in which things of value are traded by buyers and sellers.
exchange
True or False: Businesses should avoid using social and mobile media technologies.
false
True or False: For consumers, good value means that a product or service is inexpensive.
false
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
Of the four Ps, ___ is whatever the buyer gives up in exchange for the product, including money, time, or energy.
price
Match each marketing mix component with its corresponding value function. product ---> creating value price ---> capturing value place ---> delivering value promotion ---> communicating value
product ---> creating value price ---> capturing value place ---> delivering value promotion ---> communicating value
____ is the component of the four Ps 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
Match each good with the value it primarily provides. rolex watch --> status nike shoes --> performance energy bars --> convenience
rolex watch --> status nike shoes --> performance energy bars --> convenience
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
In order to compete successfully, most firms today have to provide their customers with better ____ than their competitors.
value
Approximately what percentage of marketers use social media? -17% -37% -57% -97%
-97%
Which of the following characterizes an exchange? -A buyer maneuvers a seller into providing maximum value for the lowest price. -A buyer and seller trade things of value, leaving each better off than before. -A buyer and seller work together to neither increase nor decrease net satisfaction. -A seller determines the best way to maximize profit while minimizing buyer value.
-A buyer and seller trade things of value, leaving each better off than before.
Which of the following are considered ideas? (Select all that apply.) -A philosophy -An opinion -A non-profit organization -A service
-A philosophy -An opinion
The process by which businesses sell to consumers is known as ______ marketing. -C2B -B2C -B2B -C2C
-B2C
Like Timex, Rolex makes watches. How does Rolex add unique value to its products? -By offering convenience -By providing an inexpensive option -By offering an eco-friendly, ethically-made product -By conferring status
-By conferring status
Which entity does NOT market to the other entity? -Businesses to customers -Customers to businesses -Wholesalers to retailers -Manufacturers to retailers
-Customers to businesses
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.) -Offer the same car model to all consumers in the marketplace -Divide consumers into groups based on their incomes -Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) -Organize potential customers into groups based on their age
-Divide consumers into groups based on their incomes -Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) -Organize potential customers into groups based on their age
When was the consumer "king"? -During the value-based marketing era -During the sales-oriented era -During the production-oriented era -During the market-oriented era
-During the market-oriented era
Which company would likely charge customers the least if all marketing and advertising spending was discontinued? -Facebook -BuzzFeed -Hulu -NBC
What were the primary characteristics of the market-oriented era that followed World War II? (Choose every correct answer.) -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 consumers' needs.
-It was a buyer's market. -Products were designed to focus on consumers' needs.
What were the primary characteristics of the market-oriented era that followed World War II? (Choose every correct answer.) -It was a buyer's market. -Products were designed to focus on consumers' needs. -Consumers had to purchase products of inferior quality. -It was a seller's market.
-It was a buyer's market. -Products were designed to focus on consumers' needs.
Which of the following best describes goods? -Intangible products -Items you can touch -Experiences that cannot be separated from the producer -Value for which the consumer pays money
-Items you can touch
Which of the following are services airlines frequently offer to create value for customers? (Choose every correct answer.) -Many flights to destinations consumers want -Employees membership in unions -Locally targeted marketing campaigns -In-flight WiFi shopping opportunities
-Many flights to destinations consumers want -In-flight WiFi shopping opportunities
Which of the following are components of price? (Choose every correct answer.) -Money -Ethical climate -Energy -Time -Management style
-Money -Energy -Time
Which company is most likely to be a value-driven firm? -One that thinks about its customers but not its community or society -One that has active and engaging social media channels -One that collects scant data about its customers -One that brings goods to market when it is convenient for the firm
-One that has active and engaging social media channels
Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the 4 Ps is most at play here? -Place -Product -Price -Promotion
-Place
Which element of the four Ps embodies all activities needed to get the product to the right customer when and where he or she wants it? -Positioning -Marketing -Place -Marketing mix
-Place
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it? -Place -Product -Promotion -Price
-Place
Which of the following are elements of the marketing mix? (Choose every correct answer.) -Portfolio -Price -Purchase -Product
-Price -Product
Which of the following are associated with marketing, as defined by the American Marketing Association? (Choose every correct answer.) -Processes used to create value for clients -Activities that communicate offerings that have value for society at large -Institutions that implement technologies for increased production efficiency -Organizations that develop industry partnerships for international outsourcing -Institutions that facilitate the exchange of offerings that have value for customers
-Processes used to create value for clients -Activities that communicate offerings that have value for society at large -Institutions that facilitate the exchange of offerings that have value for customers
Which of the following is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs? -Placement -Promotion -Positioning -Product
-Product
______ is the part of the marketing mix that communicates the value of the product to the consumer. -Product -Place -Promotion -Price
-Promotion
Firms become value driven by focusing on which of the following activities? (Choose every correct answer.) -Establishing good hiring practices -Sharing information -Balancing customer benefits and costs -Building relationships
-Sharing information -Balancing customer benefits and costs -Building relationships
Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? -Outsourcing as much labor as possible -Social responsibility -Lobbying for corporate tax breaks -Environmentally friendly options
-Social responsibility -Environmentally friendly options
Which events helped create a situation in which manufacturers produced more than customers could buy? (Choose every correct answer.) -The Great Depression -World War I -The Great Recession -World War II
-The Great Depression -World War II
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.
Value-based marketers believe that consumers want which of the following when they purchase a product? (Choose every correct answer.) -A price that is inexpensive -A low cost for the marketer -Their needs to be met -Their wants to be met -A price that is a good value
-Their needs to be met -Their wants to be met -A price that is a good value
Which of the following is true of services? -They cannot be separated from the producer. -They can be easily substituted with goods. -They are tangible. -They can be offered only if goods are purchased.
-They cannot be separated from the producer.
Which of the following describes the fundamental purpose of marketing? -To create value and satisfy consumer needs -To sell the most products and services possible -To advertise and entertain customers -To develop innovative products
-To create value and satisfy consumer needs
______ reflects the relationship of benefits to costs, or "what you get for what you give." -Marketing -Value -Positioning -Sales
-Value
Which are supply chain partners? (Choose every correct answer.) -Federal regulators -Wholesalers -Competitors -Retailers -Transporters
-Wholesalers -Retailers -Transporters
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing. -producer -consumer -business -vendor
-consumer
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______. -corporate citizenry -market share -return on investment -total sales
-corporate citizenry
When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs. -minimizing hassles -overvaluing the flying experience -undervaluing the flying experience -creating value
-creating value
In a value-based, marketing-oriented firm, marketers share information about ______ and competitors and then integrate and distribute it across the firm's various departments. -designers -prices -vendors -customers
-customers
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value. -reduce -replicate -deliver -justify
-deliver
Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______. -communicating promotions -delivering ambiance -developing goods and services -establishing prices
-developing goods and services
Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch. -brands -goods -values -supply chains
-goods
During the sales-oriented era, ______. -the consumer was king -firms believed a good product would sell itself -manufacturers had the capacity to produce more than consumers were able to buy -manufacturers focused on product innovation, not satisfying consumer needs
-manufacturers had the capacity to produce more than consumers were able to buy
When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______. -sales oriented -market oriented -profit oriented -price oriented
-market oriented
Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to ______. -determine net profitability -improve customer-to-customer marketing -plan future products and services -update human resources policies
-plan future products and services
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying the needs of consumers. -production -pricing -support -value creation
-production
A company's ______ create(s) value by satisfying customer needs. -products, services, or ideas -production efficiency -product promotions -brand names
-products, services, or ideas
In the marketing mix, which element of the four Ps communicates value to the consumer? -price -product -promotion -place
-promotion
Marketers use ______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response. -promotion -product -price -place
-promotion
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______. -targeting -needs -segmentation -satisfaction
-segmentation
A ______ is any intangible offering that involves a performance or an effort by the provider that cannot be physically possessed, inventoried, or otherwise held. -price -promotion -good -service
-service
Value-oriented marketers engage in an ongoing process of balancing ______. -public perception of the corporate ethics and the firm's stewardship -the efficiency of production and the safety and health standards for employees and customers -supply chain demands and resource availability -the perceived benefit to customers and the price
-the perceived benefit to customers and the price
In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give. -price -value -satisfaction -quality
-value