MKTG 409 Test 1 Pride

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

It requires four conditions to take place.

Which stakeholder is the focal point of all marketing activities?

customer

Which of the following equations describes customer value?

customer value= customer benefits - customer costs

During the Christmas season, a stuffed animal modeled after the popular cartoon character Garfield was in high demand. In fact, demand was so high at a local Walmart that it quickly sold out. 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

Toyota is developing a new luxury vehicle. After performing some market tests, it realized that it was pricing its vehicles too high, even for the luxury market. Toyota had to make some changes in its marketing mix. Unfortunately, it made the mistake of launching its product right when a recession hit. As unemployment rose, sales of luxury products such as Toyota's new luxury vehicle tend to decrease. In this case, the pricing of its vehicle is a(n) _____________ force for Toyota, while the economic downturn is a(n) _____________ factor.

e. controllable; uncontrollable

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

exchanges

Fill in the blank. Marketing environmental forces are often ______________.

interdependent

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

product

POM Wonderful released advertisements saying that its pomegranate products have certain health benefits. The Federal Trade Commission filed a lawsuit against POM Wonderful, saying that it has not been proven that pomegranates have these positive impacts on a person's health. What type of marketing mix variable is involved in this situation?

promotion

Check My Work Customers choose to go to Olive Garden 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