MKT CHAPTER 1 SET
Which of the following are associated with marketing, as defined by the American Marketing Association?
- Activities that communicate offerings that have value for society at large - Processes used to create value for clients - Institutions that facilitate the exchange of offerings that have value for customers
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.)
- 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
Which of the following are related to marketing in the production-oriented area?
- 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.
What were the primary characteristics of the market-oriented era that followed World War II
-Products were designed to focus on consumers' needs -It was a buyer's market
Which of the following characterizes an exchange?
A buyer and seller trade things of value, leaving each better off than before.
Which of the following are considered ideas?
An opinion A philosophy
When an electronics company sells its global positioning systems to a car manufacturer, it is engaged in ________ marketing
B2B
The process by which businesses sell to consumers is known as ______ marketing
B2C
Judy's Hair Salon provides haircuts and hair color treatments, and also sells various shampoo and conditioners. Judy's Hair Salon, therefore, provides
Both goods and services
Websites like Poshmark, where people can buy or sell new or used clothing to other consumers, is an example of ________ marketing
C2C
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.
Consumer
Which entity does NOT market to the other entity?
Customers to businesses
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
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 ______.
Developing goods and services
When was the consumer "king"?
During the market-oriented era
A core aspect of marketing involves a(n) ______,which is a transaction in which things of value are traded by buyers and sellers.
Exchange
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
Products include goods and services, as well as _______,which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can
Ideas
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 ______.
Market Oriented
The ________ consists of the product, price, place, and promotion of an offering
Marketing mix
Which of the following are components of price?
Money Energy Time
Understanding consumers' ________ is fundamental to marketing success
Needs & wants
Coinstar uses the ________ element of the marketing mix when it makes its coin kiosks available for customers when and where they need them
Place
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
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?
Place
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
Place
Which marketing mix variable is involved in the capture of value in the marketing exchange?
Price
Which of the following are elements of the marketing mix? (Choose every correct answer.)
Price Product Place Promotion
Apple creates value for consumers by developing a variety of offerings, such as its Apple Watch, Mac computers, and iPhones. In is doing so, Apple is focusing on which element of the four Ps?
Product
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?
Product
Match each marketing mix component with its corresponding value function
Product - Creating Value Price - Capturing Value Place - Delivering Value Promotion - Communicating Value
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
The ________ era embraced the belief that a good product would sell itself
Production-oriented
In the marketing mix, which element of the four Ps communicates value to the consumer?
Promotion
______ is the part of the marketing mix that communicates the value of the product to the consumer
Promotion
Which events helped create a situation in which manufacturers produced more than customers could buy?
The Great Depression World War II
What would happen to the global economy if all marketing ceased?
The global economy would plummet
Rather than being just a random activity, good marketing requires ________ in determining appropriate actions to produce sound decisions
Thoughtful planning
Which are supply chain partners?
Transporters Wholesalers Retailers
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
What is one of the core practices among value-oriented marketers?
constantly measuring the benefits that customers receive against the costs of offerings
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers is known as
customer relationship management
Samsung's Galaxy S10 smartphone is an example of which type of marketing offering?
goods
A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which marketing offering?
ideas
A service is different from a good in that the benefit is
intangible
During the sales-oriented era:
manufacturers had the capacity to produce more than consumers were able to buy
During what era did firms discover marketing?
market-oriented era
Jewel-Osco grocery stores collects massive amounts of data about how, when, why, where, and what people buy, and then analyzes those data to better serve its customers. This refers to
marketing analytics
Which scenario illustrates how marketing has a direct impact on consumers?
marketing helps consumers learn about new products and services
The ________ addresses how a product will be designed, how much it should cost, how it will be promoted, and how it will get to consumers
marketing plan
During the last couple of decades, it has become important for value-oriented marketers to ________ with customers
move toward a relational perspective from a transactional orientation
According to your text, what can be said regarding the use of social media in advertising?
only 20% of the world's population uses facebook, so 80% have not signed up
Which marketing mix element deals specifically with retailing and marketing channel management?
place
Which marketing mix element corresponds to what the buyer gives up in the marketing exchange?
price
When marketers communicate the value proposition, it involves the ________ element of the marketing mix
promotion
The goal of any exchange is that the parties to the transaction be
satisfied
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
segmentation
The dairy industry targets its "Milk Life" and "Body by Milk" campaigns to different market ________, including parents, their children, and athletes
segments
A national hotel chain engages in conversations with its customers through Facebook and even allows them to book their hotel reservations through its Facebook page. This is an example of marketing using
social media
Firms that are ________ recognize that including a strong social orientation in business is a sound strategy that is in the best interest of both the firm and its customers
socially responsible
A firm relies on a wide variety of vendors to make and distribute its products. Manufacturers buy raw materials from suppliers, use shipping companies to transport finished goods to multiple locations, and establish relationships with the retailers who sell them to consumers. Put all these businesses together and you have a
supply chain
When companies work collaboratively to buy and sell, transport, and store merchandise through a channel of distribution, it involves the entire ________ for goods and services
supply chain
