Marketing

True or False: The marketing department helps support the goals of management by working with a network of other departments and employees to provide the customer-satisfying products that help the organization to survive and prosper. True False

True

Select the scenario that illustrates communication in the marketing exchange process. While shopping for a prom dress, Namrata decides she needs new shoes to go with it. A new shoe store plans to open in time for Black Friday shopping. Ned is in need of new running shoes so he goes to the mall to see what is available. While shopping at the mall, Hadley receives a coupon on her phone from Foot Locker.

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

Jacob is moving from Southern California to Minnesota and is in need of a winter coat. Jacob likes to look fashionable, so he is looking to get a designer coat even though it may not be the warmest option. In this scenario, a winter coat represents ______, and a designer coat represents ______. . a need; an exchange a need; a want a want; an exchange a want; a need

a need; a want

In the context of customer value, which of the following are considered benefits? (Select all that apply) after-sale service quality convenience production cost corporate partnerships

after-sale service quality convenience

Customer value is the unique combination of benefits received by targeted buyers ______. regardless of price as an average of several or ongoing buying occasions on a single buying occasion at a specific price

at a specific price

Studying marketing should help you to ______. identify all potential marketing failures before they occur understand the principles of financial leverage care more deeply about environmental causes be a more informed citizen when interacting with businesses

be a more informed citizen when interacting with businesses

Effective relationship marketing takes place ______. during and after a sale, but not beforehand before, during, and after the sale only after the customer has made a purchase only while the customer is in the store

before, during, and after the sale

To be considered a part of the firm's market, consumers must have ______. liquid assets, like cash or a savings account a way to physically reach the firm's brick and mortar store both the desire and ability to buy its products an unmet need regardless of the ability to buy

both the desire and ability to buy its products

You are purchasing a magazine. For marketing to occur, there will be an exchange which must include ______. only information passing between you and the merchant only you receiving the magazine both the magazine and the money only the merchant receiving the money

both the magazine and the money

The primary interest of marketers when focusing on a target market is ______. focusing on wealthy buyers concentrating on the needs of some potential consumer selling the product to every customer utilizing every promotional tool available to promote a product

concentrating on the needs of some potential consumer

The marketing______________ is the idea that an organization should strive to satisfy customer needs while trying to achieve its goals. (Enter one word in the blank.)

concept

Especially when compared with the environmental forces, the elements of the marketing mix can be viewed as ________ factors impacting the organization. static convenient ethical controllable

controllable

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

controllable

Select the four benefits received by buyers that help to create customer value. convenience before-sale and after-sale service on-time delivery environmental forces quality promotion efforts

convenience before-sale and after-sale service on-time delivery quality

The internal response that customers have to all aspects of an organization and its offering is known as the ______. customer experience value assumption market orientation marketing concept

customer experience

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptions of the organization is called ______. customer relationship management the societal marketing concept marketing utility a marketing program

customer relationship management

Along with the price paid, benefits such as quality, convenience, on-time delivery, and both before-sale and after-sale service are evaluated by buyers to determine ______. customer utility customer value the market orientation the marketing mix

customer value

Consider the primary objectives of marketing: for effective marketing to occur, what must marketers do before they can satisfy the needs of their customers? discover customer needs and wants create innovative products offer low prices differentiate the firm's product from the competition

discover customer needs and wants

Listening to your customers in order to develop a better product is an example of _____. market capitalization effective distribution effective marketing research promotion and public relations

effective marketing research

A company that wants to specifically develop a relationship with its customers might ______. advertise its products in more than one outlet offer special savings on big shopping days like Black Friday offer its products in both its retail locations as well as on the company website encourage customers to become part of its online communities

encourage customers to become part of its online communities

A company that wants to specifically develop a relationship with its customers might ______. offer its products in both its retail locations as well as on the company website advertise its products in more than one outlet encourage customers to become part of its online communities offer special savings on big shopping days like Black Friday

encourage customers to become part of its online communities

Social, economic, technological, competitive, and regulatory forces that are mostly beyond the control of the marketer are known as ________ forces. general environmental constraining absolute

environmental

By their very nature, ________ act externally to sometimes expand an organization's marketing opportunities and at other times restrict them. target markets value propositions marketing mixes environmental forces

environmental forces

Though often treated as immovable constraints, __________ can sometimes be impacted by companies, particularly by achieving technology or competitive breakthroughs. environmental forces marketing mix elements supplier arrangements partnership agreements

environmental forces

Though often treated as immovable constraints, __________ can sometimes be impacted by companies, particularly by achieving technology or competitive breakthroughs. supplier arrangements partnership agreements marketing mix elements environmental forces

environmental forces

A marketing manager that plans new products to meet consumer needs should ______. focus on how the new product will benefit consumers focus entirely on creating a new industry utilize technology to create the most advanced products regardless of what the consumer wants simply copy the new products of the firm's biggest competitor

focus on how the new product will benefit consumers

According to Robert M. McMath, what two items will help marketers have a successful product launch? Select two that apply spending more on promotion than competitors focusing on what benefit the product has for customers learning from past mistakes producing goods the customer doesn't know they need

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

To effectively segment a market, you should ensure that the segments are relatively ________, at least in terms of prospective buyers' needs and response to marketing. persuadable homogeneous unrelated affluent

homogeneous

A marketing program is a plan that ______. integrates the marketing mix to provide a good, service, or idea to prospective buyers links the organization to its individual customers and other stakeholders for their mutual long-term benefit defines the unique features and benefits of all of an organization's product offerings identifies one or more specific groups of potential consumers toward which an organization directs its efforts

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

Concepts like value and relationship marketing are important in designing a marketing program because such a program is what connects an organization to ______. low prices preferred suppliers and distributors large profits

its customers

The essence of successful marketing is that firms provide unique value in order to gain ______. price wars loyal customers higher margins more shareholders

loyal customers

The essence of marketing is that firms gain ________ customers by providing ________ value. loyal; unique superior; product-related additional; less the right number of; the right type of

loyal; unique

While ________ establishes a firm's mission and objectives, the marketing department supports the goals by helping to provide satisfying products. the strategic business unit the board of directors management The finance department

management

When a firm implements the marketing concept to consider customer needs in its strategy, it then is said to have a ________ orientation. sales production market progressive

market

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 ______. price-oriented sales-oriented profit-oriented market-oriented

market-oriented

Product, price, promotion, and place are elements that make up the ______. customer value proposition marketing strategy marketing mix target market

marketing mix

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. value map marketing program business plan relationship matrix

marketing program

To better understand the needs of prospective customers, marketers use ______. corporate entrepreneurship customer loyalty marketing research executive leadership

marketing research

A(n) ___________occurs when a person feels deprived of basic necessities such as food, clothing, and shelter, whereas a __________is similar but specifically shaped by a person's knowledge, culture, and personality.

need, want

In many settings, relationship marketing is more effective when there is ______. preferential treatment for some customers frequent changes in product offerings uniform quality and service in product offerings personal, ongoing interaction between parties

personal, ongoing interaction between parties

Select the elements that make up the marketing mix. (Select all that apply) profit place promotion price product

place promotion price product

Of the 4 Ps, _____________is whatever the buyer gives up in exchange for the product, like money, time, or energy.

price

In the marketing mix, ________ refers to the element comprised of the good, service, or idea that is offered. price promotion place product

product

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

product

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

product

When a company advertises its product in hopes that it will entice consumers to buy the product, the ______ element of the marketing mix is being used. product promotion perception price

promotion

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; product product; price product; place promotion; place

promotion; place

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

regulatory

The hallmark of developing and maintaining effective customer relationships is called ________ marketing. identification relationship partnership paired

relationship

Market ________ are relatively homogeneous groups of prospective buyers that have common needs and respond similarly to marketing action. segments concepts mixes targets

segments

Marketing typically impacts which of the following groups in society? (Select all that apply) shareholders regulatory agencies customers suppliers

shareholders customers suppliers

What can an organization do to reconcile the different interests of various groups impacting the organization? let the groups come up with a solution to reconcile their varying interests strike a balance between the varying interests of the different groups seek to eliminate the interests of the weakest group seek to eliminate the interests of the strongest group

strike a balance between the varying interests of the different groups

A ______ market is one or more specific groups of potential consumers toward which an organization directs its marketing program. Multiple choice question. test reliable promotional target

target

Studies show that approximately ________ percent of the new products that are launched go on to fail in the marketplace. 20 40 70 90

40

Which of the following factors is not required for marketing to occur? A way for the parties to communicate Something to exchange The desire and ability to satisfy these needs A retail location Two or more parties with unsatisfied needs

A retail location

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 ______. had a previous relationship with the organization the ability to buy, financially and otherwise no existing connection to the company no other options to satisfy these needs

the ability to buy, financially and otherwise

The place element of the marketing mix involves ______. the activities a firm undertakes to get a product to the consumer finding the best ways to promote a product to consumers what is exchanged between buyer and seller in order to obtain a product the combination of goods, services, or ideas that a firm offers to consumers

the activities a firm undertakes to get a product to the consumer

The place element of the marketing mix involves ______. the activities a firm undertakes to get a product to the consumer the combination of goods, services, or ideas that a firm offers to consumers what is exchanged between buyer and seller in order to obtain a product finding the best ways to promote a product to consumers

the activities a firm undertakes to get a product to the consumer

Which statement supports the idea that good marketing is not an easy task?Multiple choice question. A. Thousands of new products fail in the marketplace each year. B.The promotion of new products is being handled by the developers of the product and not the marketing team. C.The number of new products that enter the marketplace each year is relatively small.

A. Thousands of new products fail in the marketplace each year.

How does having knowledge of marketing and its many applications help an individual? (Select all that apply) Multiple select question. A.It can make the individual a better consumer. B.It can help the individual be a more informed citizen. C.It can help the individual in career planning. D.It can help the individual understand world events.

A.It can make the individual a better consumer. B.It can help the individual be a more informed citizen. C.It can help the individual in career planning.

Marketing benefits the organization, its stakeholders, and society at large by _______ offerings that have value for customers? (check all that apply) A.creating B.delivering C.communicating D.reducing

A.creating B.delivering C.communicating

Of the following, which two are principles contained in the marketing concept? Select Two: An organization should strive to satisfy the needs of consumers. An organization should focus its activities on outperforming its competition. An organization should try to achieve its own goals. An organization should limit its actions to those that maximizing benefits for shareholders.

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

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? A.Marketing is about price, product, place, and promotion decisions. B.Marketing entails exchange between buyer and seller. C.Marketing requires a place to communicate. D.Marketing requires rational decision making.

B.Marketing entails exchange between buyer and seller.

As it relates to fulfilling marketing objectives, an exchange refers to ______. A.the cash outlay that must be given in exchange for a product or service B.buyers and sellers trading things of value so that each is better off after the trade C.an unsatisfied customer returning a product in hopes of securing another product that better meets the customer's needs D. the selection of one promotional tactic over another in order to successfully market a product or service

B.buyers and sellers trading things of value so that each is better off after the trade

Many successful firms deliver outstanding customer value using which three strategies? Best service Best price Best product Best promotion Best organizational structure

Best service Best price Best product

For marketing to occur, parties involved in the transaction must have which two things? Promotional advertising or other sales tactics Both the desire and ability to satisfy their needs Possession of thorough research A way to communicate

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

Select the scenario that illustrates a marketing exchange. The sales representative tells his customer that he will give him 10 percent off if the customer signs the contract today. Rogan lets Brian borrow his lawn mower since his is broken. Moria notices an ad in the paper that Best Buy is having a sale on televisions. Carter pays $3.49 for a coffee from Starbucks.

Carter pays $3.49 for a coffee from Starbucks.

What are two goals for a firm that implements an effective CRM program? Customers will become brand advocates for the firm. The firm's marketing department will no longer be needed. Customers will willingly choose that firm's products. The firm will be able to eliminate its competition.

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

True or false: Environmental forces are absolute constraints that firms have no control over. True False

FALSE

Customer experience is ______. the internal response that customers have to all aspects of an organization and its offerings the completion of a transaction by a consumer in a physical location and any follow-up that may occur anything that is shared verbally between a customer and someone else about aspects of a purchase how a customer rates a shopping trip to a retail store, even when no purchase is made

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

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? Only one need can be fulfilled at a time. Getting an oil change was not a need you desired to have fulfilled. Getting an oil change was not properly communicated. The auto shop did not have the ability to satisfy your needs.

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

Which of the following is true of the relationship between society and marketing? . Marketing impacts society, but in practice society does not effect marketing efforts. Marketing is almost completely isolated from society, so the two exist independently and do not impact each other. Society impacts marketing, but society is effectively shielded from marketing impacts. It is a two-way relationship; each influences the other.

It is a two-way relationship; each influences the other.

What statement is TRUE regarding the generation of new products? It takes very few ideas to come up with a successful product. So few new products are generated because so few ideas are presented. It takes thousands of ideas to generate one successful product. Practically every product idea is turned into a successful product.

It takes thousands of ideas to generate one successful product.

Which scenario illustrates a marketing exchange? Mandy pays $65 to Sparkle Maid Service to have her house cleaned. Kyle is deciding whether to buy a new pickup truck or buy a used sport utility vehicle. Since people weren't buying lemonade from his stand, Tyler decided to offer fruit juice instead. Andy's Car Wash placed a coupon in the local paper but it hasn't generated much traffic, so it put the coupon on its Facebook page instead.

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

The activity that involves creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called _____________

Marketing

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 is about price, product, place, and promotion decisions. Marketing entails exchange between buyer and seller. Marketing requires rational decision making. Marketing requires a place to communicate.

Marketing entails exchange between buyer and seller.

Which of the following concepts is of LEAST critical importance to an organization's marketing program? Customer relationships Organizational structure Relationship marketing Customer value

Organizational structure

Which of the following concepts is of LEAST critical importance to an organization's marketing program? Customer value Organizational structure Customer relationships Relationship marketing

Organizational structure

Which of the four Ps represents the activities necessary to get a product to the customer where the customer wants it? Promotion Price Place Product

Place

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 ______. social responsibility the marketing concept customer relationship management sales orientation

the marketing concept

Which of the marketing mix elements is used to communicate with the consumer? Promotion Place Price Product

Promotion

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

Relationship

Which of the following is the best example of a large corporation using technology to realize the benefits of relationship marketing? Ritz Carlton Hotel staff observes and records customer preferences in its guest recognition system. Costco offers high-quality products in large sizes to maximize value. H&R Block provides standardized software for several different types of income tax filers. United Airlines offers a great variety of large destinations and flights throughout the day.

Ritz Carlton Hotel staff observes and records customer preferences in its guest recognition system.

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. Having the money to buy the magazine. Purchasing the magazine for the first time. Organizing the delivery of the magazine to several vendors.

Seeing the magazine on display in the bookstore.

What is the objective of marketing? to create consumer needs and wants to satisfy only consumer wants to satisfy both consumer needs and wants to satisfy only consumer needs

to satisfy both consumer needs and wants

What is is the most fundamental goal of marketing? to achieve sustainability to develop innovative products to satisfy consumer needs to advertise

to satisfy consumer needs

Which of the following is true of the relationship between society and marketing activities? Marketing is almost completely isolated from society, so the two exist independently of one another. There are societal forces that impact different competitors uniquely, and this is the only effect. Society affects marketing and sometimes marketing has an important impact on society. Society has no impact on marketing except as it pertains to the five environmental forces.

Society affects marketing and sometimes marketing has an important impact on society.

Which of the following are factors required for marketing to occur? (Check all that apply.) A universal form of payment Something for the parties to exchange A desire for the parties to have their needs satisfied A desire to turn a need into a want Two or more parties with unsatisfied needs A way for the parties to communicate

Something for the parties to exchange A desire for the parties to have their needs satisfied Two or more parties with unsatisfied needs A way for the parties to communicate

Which best describes the price element of the marketing mix? Many popular new songs are available for digital download via Apple's iTunes Store. Southwest Airlines allows customers to choose a higher fare for a flight so that it is refundable if needed. Delta offers a variety of plumbing fixtures fit for use in residential or commercial properties. Progressive Insurance uses a spokescharacter named Flo for many of its television commercials.

Southwest Airlines allows customers to choose a higher fare for a flight so that it is refundable if needed.

True or False: The marketing department helps support the goals of management by working with a network of other departments and employees to provide the customer-satisfying products that help the organization to survive and prosper. True False

TRUE

True or false: The key to a marketing exchange is that both buyers and sellers trade things of value so that each is better off after the trade. True False

TRUE

In order for marketing to occur, both parties involved must have which two requirements regarding their needs? An undiscovered need that could be satisfied The ability to satisfy a need The future ambition to discover an unsatisfied need The desire to satisfy a need

The ability to satisfy a need The desire to satisfy a need

For marketing to occur, there must be ________ with unsatisfied needs. at least one party one party two or more parties exactly two parties

two or more parties

For marketing to occur, there must be ________ with unsatisfied needs. Multiple choice question. one party at least one party exactly two parties two or more parties

two or more parties

For marketing to occur, there must be two or more parties with ______. an existing relationship unrecognized needs a desire to create a relationship unsatisfied needs

unsatisfied needs

Often there are differing interests among groups internal and external to an organization. How should these be handled? The organization must put the needs of shareholders first. The organization must satisfy the customer first and foremost. The organization should fulfill its obligations to employees first. The organization should seek a balance among differing interests.

The organization should seek a balance among differing interests.