MKTG Ch. 1

The component of the four Ps that aims to capture value is ____.

- Price

Place the member of a supply chain from 1st step to last.

- Supplier of raw materials - manufacturer - retailer selling finished goods

All but one of the following is activities associated with buying, not selling. Which is NOT buying-related?

- giving a client a haircut

A supply chain is a relationship between a firm and ____.

- manufacturers and raw materials suppliers

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

- price

Getting cash from an ATM is considered a(n) _____ transaction.

- service

Firms become value driven by focusing on which of the following of the following activities.

- sharing information - balancing customer benefits and costs - building relatioships

Marketing channel management seeks to create a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time. It is also known as _____ chain management.

- supply

When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called _____.

- value cocreation

To Build relationships, a home builder allows customers to change upgrades until the last possible moment during construction. It is using a ____ strategy.

- value-based

For which of the following reasons is marketing considered important?

- virtually every person and organization is involved in marketing - marketing expands global presence

the process by which businesses sell to consumers is known as ____ marketing.

B2C

T/F: Although social and mobile media technologies are popular among users, businesses should avoid using them.

- False

____ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

- Product

During the sales-oriented era b/w 1920 and 1950, firms found an answer to their ____ by focusing on selling.

- overproduction

Marketers who have a ____ orientation want to build an enduring interaction with their customers.

- relational

Which of the following characterizes the relationship between marketing and exchange?

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

Which kind of marketing is taking place when coffee-roasting company sells its products to a coffee shop?

- B2B

Who tends to be most directly affected by B2B marketing?

- Customers of the businesses involved in that marketing effort - partners in the supply chain of the businesses involved in that marketing effort - Employees of the businesses involved in that marketing effort.

Match type of marketing: B2B B2C C2C

- Manufacturer sells a computer to a retailer - retailers sells a computer to customer a - customer a sells the computer to his friend

In what chronological sequence did marketing evolve, beginning from oldest to most recent from top to bottom?

- Production-oriented era - Sales-oriented era - Market-oriented era - Value-based marketing era

What were the primary characteristics of the market-oriented era that followed WWII?

- Products were designed to focus on consumers' needs. - It was a buyers' market.

Which of the following are related to marketing in the production-oriented era?

- 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.

Which statements about the marketplace are true?

- The marketplace refers to the world of trade - for most firms, the best strategy is to target specific segments of the market - The marketplace can be divided into categories that are important to an organization for specific reasons

T/F: 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

Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of _____.

- Value cocreation

Which of the following is the most helpful to a firm in ensuring that its merchandising will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer?

- a supply chain

When a customer gives up money in order to receive something else of value, then it is called ____.

- an exchange

Examples of C2C markeing.

- buying a lamp from an individual on Craigslist.org - selling your old laptop through eBay.com - buying an iron from a neighbor's yard sale

Which of the following would not be an example of value cocreation?

- buying ready-to-wear apparel from a department store

Entrepreneurs use marketing primarily to do which of the following?

- communicate value - examine the marketplace

The four Ps are the _____ set of activities that a firm uses to respond to the wants of its target market.

- controllable

When Southwest Airlines provides travelers with a variety of flight times to various cities, it is ____ to satisfy customer needs.

- creating value

Firms that practice value-based marketing typically use a process known as _____, which includes a set of strategies, programs, and systems that focus on building loyalty among the firm's most valued customers.

- customer relationship management

Value-based marketing firms implement their strategies according to what ____ believe is a good value.

- customers

In general, promotion can _____ a product's or service's value to consumers.

- enhance

Which of these would be good features for a budget hotel to implement to build a value-based marketing strategy?

- fast check-in kiosk - affordable rates

Many of the most successful American firms believe that marketers should focus on which of the following beyond developing and marketing products and brands?

- financial profitability - social responsibility

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

CRM can help marketers compete by collecting data about their customers' needs and then ____.

- identifying their best customers for targeted products, services, and promotions.

Which of the following contribute to marketing's global presence?

- internet - affordable foreign travel

Identify the ways in which marketing has become a major business function.

- it can expand a firm's global presence - it can enrich society - it can be entrepreneurial

A product can be broken down into services, goods, and ideas. What are goods?

- items you can personally touch

What are some of the tasks that entrepreneurs perform in business ventures?

- managing operations - organizing - assuming risk

A strategy developed by companies that specifies marketing activities for a specific period of time known as ____.

- marketing plan

Which of the following Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

- place

Which of the following are associated with marketing, as defined by the American Marketing Association?

- 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

The first element of the four Ps of marketing is ____ that a company offers to its customers.

- product

Which of the following are elements of the marketing mix?

- product - price

Marketers use ____ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?

- promotion

The part of the marketing mix that communicates the value of the products to the consumer in many ways, such as advertising, social media, and public relations, is _____.

- promotion

A ____ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed.

- service

Many firms recognize that adopting a strong _____ orientation in business is a good strategy. It shows the consumer marketplace that the firm will be around for the long run and can be trusted with consumers' business.

- socially responsible

When materials or products are transported to a different location, sometimes it requires they be stored in a warehouse operated by yet another organization. A group of firms that make and deliver a set of goods and services is known as a ____ chain, or a marketing channel.

- supply

What is the element of products marketing that differentiate it from services marketing?

- tangibility

Marketing begins w/ a strong understanding of ____.

- the desires and requirements of the marketplace consumer

If you decide at the last minute to go skiing between Christmas and New Year's Day, you will probably pay a relatively higher price for an airplane ticket to the ski area. This is an example of:

- trading off price and convenience

In order to compete successfully most firms today have to provide their customers w/ greater ___ than their competitors provide.

- value

____ reflects the relationship of benefits to costs, or "what you get for what you give."

- value