MRKT 301 - Chapter 1

The essence of successful marketing is that firms provide unique value in order to gain ______.

loyal customers

The essence of marketing is that firms gain ________ customers by providing ________ value.

loyal; unique

When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer's needs and wants, the firm is ______.

market-oriented

A marketing program integrates the ______ to provide a good, service, or idea to prospective buyers.

marketing mix

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

marketing program

To better understand the needs of prospective customers, marketers use ______.

marketing research

Firms or agencies that buy goods and services for their own use or for resale are known as ______.

organizational buyers

Fill in the blanks to complete the sentence. Of the 4 Ps, is whatever the buyer gives up in exchange for the product, like money, time, or energy.

price

What marketing mix element describes what a buyer exchanges with a seller in order to obtain a product?

price

Which element of the marketing mix aims to create value for consumers by providing features and benefits to satisfy those consumers' needs?

product

Which element of the marketing mix refers to a good, service, or idea that satisfies consumers' needs?

product

Organizational buyers ______.

sometimes purchase with the intention of reselling

Which of the following statements best describe who is involved in marketing?

Every organization markets in some capacity.

Of the following, which two are principles contained in the marketing concept?

1. An organization should try to achieve its own goals. 2. An organization should strive to satisfy the needs of consumers.

What are two goals for a firm that implements an effective CRM program?

1. Customers will willingly choose that firm's products. 2. Customers will become brand advocates for the firm.

The societal marketing concept combines which two of the following principles?

1. Organizations should serve customers in a way that provides for society's well-being. 2. Organizations should satisfy the needs of consumers.

Select the four benefits received by buyers that help to create customer value.

1. before-sale and after-sale service 2. convenience 3. quality 4. on-time delivery

Match the following types of utility with the correct definition.

1. form = The production of the good or service. The production of the good or service. 2. place = Having the product available where consumers need it. 3. time = Having the product available when needed. 4. possession = Making an item easy to purchase.

According to the AMA definition of marketing, who benefits from marketing activities? (Select all that apply)

1. partners 2. society at large 3. customers

Which of the following are types of utility received by users of a product? (Select all that apply)

1. possession 2. place 3. time 4. form

Select the elements that make up the marketing mix. (Select all that apply)

1. product 2. price 3. promotion 4. place

Match the component of the marketing mix to an example of enhancing value for customers through it.

1. product = A soft drink company releases a new diet soda. 2. price = A bank lowers its monthly fees for its checking accounts. 3. place = A restaurant offers takeout and home delivery. 4. promotion = A new hardware store uses direct mail postcards to announce its grand opening.

Match the marketing mix component with its corresponding definition.

1. product = a good, service, or idea to satisfy needs 2. price = what is exchanged for the product 3. place = a means of getting the product to the consumer 4. promotion = a means of communication between seller and buyer

Put the four evolutionary stages in the correct historical order, with the oldest on the top and the newest on the bottom.

1. production era 2. sales era 3. marketing concept era 4. market orientation

Marketing typically impacts which of the following groups in society?

1. shareholders 2. customers 3. suppliers

For marketing to occur, parties involved in the transaction must have which things?

1. two or more parties with unsatisfied needs 2. a desire and ability on their part to have their needs satisfied 3. a way for the parties to communicate 4. something to exchange

Firms that employ ________ systematically collect information about their customers' needs. It is sometimes possible to use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers.

CRM

Which of the following statements about marketing is TRUE?

Marketing isn't always easy; thousands of new products fail each year.

The four Ps, or marketing mix, are the ________ set of activities that a firm uses to respond to the needs of its target market.

controllable

________ marketing connects the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Relationship

Which statement supports the idea that good marketing is not an easy task?

Thousands of new products fail in the marketplace each year

True or false: The same marketing principles used in business settings can be used by individuals to market themselves professionally and help them reach their goals.

True

Which of the following factors is not required for marketing to occur?

a retail location

Customer value is the unique combination of benefits received by targeted buyers

at a specific price.

A market orientation requires firms to create customer value through ______.

collecting information about customer needs

Listening to your customers in order to develop a better product is an example of ______.

effective marketing research

Marketing

is the activity for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

The business orientations typical of organizations have evolved over time; in the early years of the United States, a ________ orientation that focused on creation of any type of good was common, while today firms often have a ________ orientation in which they seek to satisfy the high expectations of customers.

production; market

TeaTime, a manufacturer of tea, has a new product that is currently only available in stores located in China. Knowing that it has customers around the world, TeaTime advertises the product on its Facebook page and will ship the product to customers via FedEx until the product is made available for purchase in other stores worldwide. In this scenario, Facebook serves as a ______ element and FedEx serves as a ______ element in TeaTime's marketing mix.

promotion; place

Environmental forces that shape the nature of an organization's actions include social, economic, technological, competitive, and ______ forces.

regulatory

The hallmark of developing and maintaining effective customer relationships is called ________ marketing.

relationship

Firms develop products and services with the understanding that their ultimate goal is to ______ their customers' needs.

satisfy

A ______ market is one or more specific groups of potential consumers toward which an organization directs its marketing program.

target

A(n) ______ ______ is a specific group of potential customers toward which an organization directs its marketing program. (Enter one word in each blank.)

target market

The idea that a company should attempt to satisfy its customers' needs while at the same time try to achieve its own objectives is known as ______.

the marketing concept

The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well-being is called ______.

the societal marketing concept

What is the objective of marketing?

to satisfy both consumer needs and wants

Which of the following is the most fundamental goal of marketing?

to satisfy consumer needs and wants

People who use the goods and services purchased for a household are known as ______.

ultimate consumers

Ultimate consumers ______.

use goods and services purchased for a household