MNGT 282 Chapter 1 Smartbook

exchange

A core aspect of marketing involves a(n)...............which is a transaction in which things of value are traded by buyers and sellers

Which of the following are considered ideas?

A philosophy An opinion

Services are intangible customer benefits, whereas Blank______ are tangible items that you can physically touch.

goods

Which of the following characterizes an exchange?

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

Manufacturers in the production-oriented marketing era at the turn of the 20th century were primarily concerned with product ______, not with satisfying the needs of consumers.

innovation

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

place

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

promotion

is the part of the marketing mix that communicates the value of the product to the consumer.

promotion

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market

segmentation

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?

-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 era?

-Retail stores were considered places to hold inventory until it was sold. -Manufacturers were concerned with product innovation, not with satisfying the needs of individuals.

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

Which of the following are elements of the marketing mix?

Product, price, place, and promotion.

Which are supply chain partners?

Retailers Wholesalers Transporters

Which element of the four Ps embodies all activities needed to get the product to the right customer when and where that customer wants it?

The Great Depression World War II

During the sales-oriented era,

manufacturers had the capacity to produce more than consumers were able to buy

Which of the following are components of price?

money, time, energy

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 four 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 that customer wants it?

place

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

The process by which businesses sell to consumers is known as Blank______ marketing.

B2C

Price

Capturing value

Promotion

Communicating value

What is a result of the ad revenue companies collect from advertisers?

Companies are able to offer free services to consumers.

Product

Creating value

Which entity does NOT market to the other entity?

Customers to businesses

Place

Delivering the value proposition

When did the high degree of power held by the consumer lead to firms discovering marketing?

During the market-oriented era

developing goods and services

Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, focuses on

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

What were the primary characteristics of the market-oriented era that followed World War II?

It was a buyer's market. Products were designed to focus on consumers' needs.

Which of the following best describes goods?

Items you can touch

If a car manufacturer wanted to segment its marketplace, it would do which of the following?

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)

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs through a variety of offerings

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

Segmentation

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market

Fast Bean sells coffee to Federico to brew and drink at home. This is an example of business-to-Blank______ marketing.

consumer

A company's Blank______ create(s) value by satisfying customer needs.

products, services, or ideas

In the marketing mix, which element of the four Ps communicates value to the consumer?

promotion

In order to compete successfully, most firms today have to provide their customers with better ....... than their competitors.

values