Chapter 1: Marketing. MAR3023

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

form possession

A local organization that promotes enhanced reading skills and an increased global perspective resulting from reading library books is an example of marketing ______.

ideas

A marketing program is a plan that ______.

integrates the marketing mix to provide a good, service, or idea to prospective buyers

According to Robert M. McMath, what two items will help marketers to have a successful product launch?

learning from past mistakes focusing on what benefit the product has for customers

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

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

marketing research

If you develop a desire for a product that does not exist yet in the marketplace, this would be considered an unsatisfied _______, one of the conditions required for marketing to occur

need, want, or needs

Manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and government agencies that buy products and services for their own use or for resale are known as ______.

organizational buyers

In marketing, a market is made up of ______.

people with the desire and ability to buy a product

In many settings, relationship marketing is more effective when there is ______.

personal, ongoing interaction between parties

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

product

Homemakers that make due with whatever type of pantry goods they could acquire is an example of which marketing orientation among businesses of that era?

production

The statement by Henry Ford that his automobile customers "can have any color they want so long as it's black" is an example of the ________ era in business.

production

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

production era Sales era Marketing concept era Market orientation

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

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

promotion product place price

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

In the context of customer value, which of the following are considered benefits? (Select all that apply)

quality after-sale service convenience

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

regulatory

Many firms recognize that adopting a strong ______ orientation in business is a sound 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

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

society at large partners customers

Organizational buyers ______.

sometimes purchase with the intention of reselling

What can an organization do to reconcile the different interests of various groups impacting the organization?

strike a balance between the varying interests of the different groups

Marketing typically impacts which of the following groups in society? (Select all that apply)

suppliers customers shareholders

To be included in an organization's market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customer must also have ______.

the ability to buy, financially and otherwise

In order for marketing to occur, both parties involved must have which two requirements regarding their needs?

the desire to satisfy a need the ability to satisfy a need

Customer experience is ______.

the internal response that customers have to all aspects of an organization and its offerings

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

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

ultimate consumers

For marketing to occur, there must be two or more parties with

unsatisfied needs.

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

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

Many successful firms deliver outstanding customer value using which three strategies?

Best product Best price Best service

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

Both the desire and ability to satisfy their needs A way to communicate

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

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

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

Every organization markets in some capacity.

Which two statements are true of environmental forces?

Forward-looking, action-oriented firms can affect some environmental forces. Social and economic forces are examples.

Your car has a flat tire so you go to the auto shop to have it repaired. At the auto shop, the technician tries to talk you into getting your oil changed, but you refuse this service. What is the most likely reason the marketing exchange of an oil change did not occur?

Getting an oil change was not a need you desired to have fulfilled.

Which scenario illustrates a marketing exchange?

Mandy pays $65 to Sparkle Maid Service to have her house cleaned.

Which of the following is characteristic of marketing in the production era?

Manufacturers could not keep up with customer demand.

After John buys two boxes of macaroni and cheese at the grocery store with a five dollar bill, the store is better off because it has more money in the register and the consumer is better off because he has more food in his pantry. This is an example of which of the core aspects of marketing?

Marketing entails exchange between buyer and seller.

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

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

A(n) , ___________ market is a specific group of potential customers toward which an organization directs its marketing program (one word). Correct Answer Blank 1: target Need help? Review these concept resources.

Target

Often there are differing interests among groups internal and external to an organization. How should these be handled?

The organization should seek a balance among differing interests.

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

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

at a specific price.

Effective relationship marketing takes place ______.

before, during, and after the sale

The primary interest of marketers when focusing on a target market is ______.

concentrating on the needs of some potential consumer

Marketing is an activity that creates value for customers, clients, partners, and society at large. A firm does this by ______. (Select three answers)

creating offerings delivering offerings communicating offerings

The internal response that customers have to all aspects of an organization and its offering is known as the ______.

customer experience

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

effective marketing research

In addition to considering its financial profit responsibility, organizations are increasingly shifting focus to areas like which two of the following?

ethics social responsibility

During the sales-oriented era, firms found an answer to their ________ by adding salespeople to find new buyers.

excess inventory

A marketing _________ is the trade of things of value between a buyer and seller so that each is better off afterward.

exchange

A marketing manager that plans new products to meet consumer needs should ______.

focus on how the new product will benefit consumers

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

Relationship

Which of the following represents a way buyers and sellers communicate so that marketing can occur for a magazine?

Seeing the magazine on display in the bookstore.

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

Thousands of new products fail in the marketplace each year.

Select the scenario that illustrates communication in the marketing exchange process.

While shopping at the mall, Hadley receives a coupon on her phone from Foot Locker.

Select the four factors required for marketing to occur.

a way for the parties to communicate a desire for the parties to have their needs satisfied something for the parties to exchange two or more parties with unsatisfied needs