Marketing 3310 - Ch. 1
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.
Many business people believe that marketing should focus on factors other than financial goals, such as ______.
corporate citizenry
Value-oriented marketers measure the benefits that customers perceive against the __________ of their offerings.
cost
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
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 are associated with marketing, as defined by the American Marketing Association? (Select all that apply.)
Activities that communicate offerings that have value for society at large. Institutions that facilitate the exchange of offerings that have value for customers Processes used to create value for clients
Value-oriented marketers engage in an ongoing process of balancing ______.
the perceived benefit to customers and the price
Approximately what percentage of marketers use social media?
97%
Which of the following are considered ideas?
A philosophy An opinion
The process by which businesses sell to consumers is known as ______ marketing.
B2C
Firms become value driven by focusing on which of the following activities?
Balancing customer benefits and costs Building relationships Sharing information
Which entity does NOT market to the other entity?
Customers to businesses
When was the consumer "king"?
During the market-oriented era
Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability?
Environmentally friendly options Social responsibility
Businesses should avoid using social and mobile media technologies.
False
Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.)
Great Depression World War II
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). Divide consumers into groups based on their incomes. Organize potential customers into groups based on their age.
Which of the following are components of price?
Money Time Energy
Which company is most likely to be a value-driven firm?
One that has active and engaging social media channels
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 4 Ps is most at play here?
Place
Of the four Ps, _____________ is whatever the buyer gives up in exchange for the product, including money, time, or energy.
Price
______ 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 Reason: The 4 Ps include product, price, place, and promotion.
Match the marketing mix component (on the left) with its corresponding value function (on the right).
Product / Creating value Price / Capturing value Place / Delivering value Promotion / Communicating value
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 the individual.
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Which are supply chain partners?
Transporters Retailers Wholesalers
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
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.
consumer
In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments.
customers
Modern marketers use ______ to focus how they approach their customers and market their products.
data analytics
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
deliver
Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______.
developing goods and services
A core aspect of marketing involves a(n) _________, which is a transaction in which things of value are traded by buyers and sellers.
exchange
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
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______.
market oriented
Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to ______.
plan future products and services
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.
production
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
segmentation Reason: Targeting occurs after the marketplace is segmented.
In order to compete successfully, most firms today have to provide their customers with better __________ than their competitors.
value