mktg 301 chapter 2

What are the four value activities for a firm's success?

Capture Create Deliver Communicate

Which action of Jeff's propane business represents delivering value?

Creating distribution hubs to cover each 30 square mile area within his business area

Which of these are examples of consumer wants?

Leather seats in a car Boots made from alligator and snakeskin Mineral water served from a glass bottle

What percentage of new products fail after being introduced into the marketplace?

More than 80 percent

Marketers know that a customer's personality, family, job, background, and previous experiences are all factors that ___

influence consumer wants

Roy has just moved to a new town and has to find a place to live. Finding a place to live is a need because __

it is necessary for survival

1) PRODUCT 2) PRICE 3)PLACE 4) PROMOTION

1) The first element of the marketing mix that marketers must discuss 2) Used to quickly adjust market share or revenue 3) Includes location, distribution, inventory management, and where to put an item in a store 4) Uses television commercials, online ads, salespeople, mobile apps, and coupons

Which of the following companies is focusing on delivering value?

A toy company signing an agreement with a shipping company to deliver its toys worldwide

In order to be successful in communicating value to a customer, a firm's promotion strategy should ____

effectively integrate advertising, sales promotion, public relations, and personal selling

A(n) ____ has taken place when a buyer and a seller trade things of value so that each party is better off as a result.

exchange

The activity that occurs when a buyer and seller trade things of value so that each is better off as a result is referred to as ____

exchange

Marketers must recognize the difference between wants and needs because __

most consumer decisions are based on wants

Georgia is leaving for a weekend fishing trip. She places several items in her backpack. Which of these fulfills a common need

sandwich

Google offers a variety of products, including services such as ______, goods such as ______, and ideas such as ______.

search engines; smart speakers; a wireless home

Which of these is a consumer want?

soccer ball

The place element of the marketing mix involves ______.

the activities a firm undertakes to make its product available to potential customers

Why does a marketing firm use the slogan "Drink this soda to get a flavorful jolt of power" rather than the slogan "Drink this soda if you are dehydrated so you don't die" to promote a new soft drink?

the first slogan appeals to wants, and the second appeals to a need.

Marketers define customer value as

the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it

Customer ______ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining the product.

value

When marketers develop a product that satisfies the needs and wants of a customer through an exchange relationship, they have created ______ for that customer.

value

Marketers need to understand that personality, family, job, background, and previous experiences are all factors that shape consumers' ___

wants

Which of the following terms refers to what humans would like to have and is shaped by personality, family, job, background, and previous experiences?

wants

What factors shape a person's wants?

Family Personality Job

Which marketing mix element must be addressed first since it is the element that all other decisions revolve around?

PRODUCT

What is the key to creating value for consumers?

Providing them with benefits that meet their needs and wants

As it pertains to marketing, the term exchange refers to ______

buyers and sellers trading things of value so that each is better off as a result

A buyer exchange is one way that firms ______ value.

capture

When customers purchase a product, they pay a price. The price is the primary way for a firm to ___

capture value from customers

Trisha's Tasty Treats, a bakery and coffee shop, is having a grand opening on Saturday to celebrate its newest location. In addition to advertising the event in the local paper, the company sends a complete menu of its baked goods to all households in the area along with a 50 percent off coupon. In doing so, Trisha's Tasty Treats is most likely attempting to ______ value.

communicate

Marketers should create and communicate value for a product that is _____

consistent with what consumers experience when the product is used

Customers have been complaining to the management at Sam's Sports Bar that the bar serves only major brands of domestic beer. In response, the establishment introduces a new line of craft beer. By providing customers with benefits that meet their wants and needs, Sam's Sports Bar is providing ___

customer value

An electronics manufacturer just implemented a drone system capable of flying its products directly to its customers. This strategy emphasizes ______ value.

delivering

What type of strategies are unpaid and build a firm's image with customers, employees, stockholders, and communities?

public relations

A group of hungry teenagers driving in a car are looking for a place to eat. One of them sees a billboard for McDonald's and says, "Let's eat there!" Everyone else quickly agrees. In this scenario, getting food represents a ______, whereas McDonald's represents a ______.

need; want

States of felt deprivation are referred to as

needs

When people feel deprived of basic necessities such as food, clothing, shelter, transportation, and safety, they have an unmet_______

needs

A two-way flow of communication between a salesperson and a customer that is paid for by the firm and seeks to influence the customer's purchase decision is known as ___

personal selling

One aspect of delivering value is that the product or service must be ___

physically available or easily accessible to the customer

A customer buying a Nestlé chocolate bar in a remote town in Montana shows that this company is successful because of its attention to ___

place

Coca-Cola's use of a sophisticated network to deliver its product is an aspect of _____

place

A firm looking to quickly adjust its market share or revenue would be best served by changing which element of the marketing mix?

price

Because customers view it as a signal about the quality of a good or service, _____ is a particularly powerful element in the marketing mix.

price

HKM Electronics wants to change the revenue it receives from its new line of televisions as quickly as possible. Which of the four Ps should it adjust?

price

The marketing mix element that describes the amount of something that a buyer exchanges with a seller in order to obtain a product is known as ____

price

A retailer sells all of its products for less than $10 and tries to build a store in every town with a population over 2,000 people. Which two aspects are the focus of its value communication strategy?

price and place

Any discussion of the marketing mix typically begins with which of the four Ps?

product

Doc's Hot Dogs is advertising on local radio and giving away 500 pounds of hot dogs to the winner of a drawing at a local grocery store. Doc is using a communication strategy based on ______.

promotion

Midnight Stroll is a late-night blues bar that is located just down the street from the city's theater district. The owners of the bar have decided to place an advertisement in the playbill of one of the more popular productions. Which element of the marketing mix does this represent?

promotion