Chapter 1: What is Marketing?

_____ refers to a philosophy that focuses on competing through product innovation.

Product orientation

How might a marketer increase a consumer's personal value equation?

Reduce the hassle and increase the benefits associated with the exchange

Jenny's work involves meeting with potential customers, determining their needs, and proposing products that would satisfy the customers. In which of the following areas of marketing does Jenny work?

Sales

_____ refers to a philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully.

Selling orientation

Jenny lives on a farm. If Jenny wants to buy an iPad, she would have to drive six hours to the nearest city that has an Apple Store. According to the personal value equation, which of the following statements would be true, if Jenny were to buy an iPad?

The value of the iPad, as determined by Jenny, would decrease.

Tom and Jim go to the same sushi bar and order the same entrée. Tom feels that the sushi is terrible and over-priced. Jim enjoys the sushi and decides to regularly patronize the restaurant. Which of the following statements about Tom and Jim is true?

Tom and Jim derived different values from the same entrée.

When designing a marketing plan, companies should start with _____.

customers

Telemarketers call consumers at their homes to sell their products. This is an example of _____.

direct marketing

Amazon sends out emails to customers with "people who bought x also bought y". What eras of marketing does this represents?

one-to-one

The current era of marketing can be described as a time when the focus on serving customers more completely is changing complete companies into new forms and core products, known as the _____.

transformative era

Jenny goes to the department store and buys a camera. Which component of marketing does this describe?

Exchanging

Opponents argue that marketing costs do not benefit society. Marketers counter this by stating these costs result in the creation of _____.

better informed consumers