Marketing Chapter 1

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

b) effective marketing research.

Social, economic, technological, competitive, and regulatory forces that are mostly beyond the control of the marketer are known as ________________ forces.

environmental

One of the core aspects of marketing, borrowed from economics, includes a(n) _________________, which is a transaction in which things of value are traded between the buyer and seller.

exchange

_________________ (one word) is one of the elements of the four Ps that embodies all activities essentials to get the product to the right customer when and where that customer wants it.

Place

Customers that desire to own a Lexus, that can afford to do so, that have the time and ability to visit a dealership would be considered to be in Lexus' ___________________. (one word)

market

Marketing typically impacts which of the following groups in society? Select all that apply. a) Customers b) Suppliers c) Stakeholders d) Owners

a) Customers b) Suppliers c) Stakeholders d) Owners

To serve both buyers and sellers, marketing, broadly speaking, seeks to do which two of the following? a) Discover the needs and wants of prospective customers b) Satisfy the needs and wants of customers c) Identify appropriate corporate strategy d) Identify shareholder gaps

a) Discover the needs and wants of prospective customers b) Satisfy the needs and wants of customers

Match the marketing mix component with its corresponding definition. a) Product b) Price c) Place d) Promotion 1. What is exchanged for the product. 2. A means of getting the product to the consumer. 3. A means of communication between seller and buyer. 4. A good, service, or idea to satisfy needs.

a) Product => A good, service, or idea to satisfy needs. b) Price => What is exchanged for the product. c) Place => A means of getting the product to the consumer. d) Promotion => A means of communication between seller and buyer.

The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external groups that influence business, but would not be considered an environmental force? a) Suppliers b) Energy prices c) Taxes d) Shareholders

a) Suppliers d) Shareholders

In order for marketing to occur, both parties involved must have which two of the following regarding their needs? a) The desire to satisfy a need b) The future ambition to satisfy a need c) The ability to satisfy a need d) An undiscovered need that could be satisfied

a) The desire to satisfy a need c) The ability to satisfy a need

Customer value reflects the relationship of a combination of _______________ relative to a specific price, or what the customer gets for what she gives. a) benefits b) costs c) products d) identifying features

a) benefits

Marketing is about the exchange of things of value so that _______________ is/are better off as a result. a) only the seller of the tangible goods b) only the buyer of any product c) both the buyer and the seller d) only the seller of the services

c) both the buyer and the seller

For marketing to occur, there must be two or more parties with a) an existing relationship b) unrecognized needs c) unsatisfied needs d) a desire to create a relationship

c) unsatisfied needs

The unique combination of benefits received by targeted buyers at a specific price is known as a) the marketing relationship b) the service agreement c) product satisfaction d) customer value

d) customer value

A target market is one or more specific groups of _______________ consumers toward which an organization directs its marketing program. a) financially secure b) previous c) identifiable d) potential

d) potential

When a consumer gives money or something else of value for something he or she values, this is called a(n) __________________.

exchange

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

loyal; unique

________________ marketing links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits (one word).

relationship

Which of the following are reasons to learn about marketing? 1. To become a better citizen. 2. To become a more informed citizen. 3. To help in your career planning. 4. To easily mislead people

1. To become a better citizen. 2. To become a more informed citizen. 3. To help in your career planning.

____________________ (one word) is the component of the marketing mix that provides a means of communication between a seller and a buyer.

Promotion

Customer _____________ (one word) reflects the relationship of benefits to price, or what you get for what you give.

value

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

A retail location

Of the 4 Ps, _______________ is whatever the buyer gives up in exchange for the product: for example, money, time, or energy.

price

Which of the following statements about marketing is true?

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

__________________ (one word) is the part of the marketing mix that aims at creating value for the consumer by providing features and benefits for the consumer needs.

Product

Match the component of the marketing mix to an example of value. a) Product b) Price c) Place d) Promotion 1. A bank offers fewer monthly fees for its checking accounts. 2. A restaurant offers takeout and home delivery. 3. A new hardware store uses flyers to announce its grand opening. 4. A soft drink company releases a new diet soda.

a) Product => A soft drink company releases a new diet soda. b) Price => A bank offers fewer monthly fees for its checking accounts. c) Place => A restaurant offers takeout and home delivery. d) Promotion => A new hardware store uses flyers to announce its grand opening.

Which two of the following are true of environmental forces? a) They are largely beyond the control of the marketer. b) Promotional and pricing forces are examples. c) Their purpose is to apply pressure to organizations to improve global conditions. d) Social and economic forces are examples.

a) They are largely beyond the control of the marketer. d) Social and economic forces are examples.

Match the following companies with the strategy they use to deliver value for their customers. a) Wal-Mart b) Nike c) Home Depot 1. Best product 2. Best price 3. Best service

a) Wal-Mart => Best price b) Nike => Best product c) Home Depot => Best service

The four Ps, or marketing mix, are the _________________ set of activities that a firm uses to respond to the need of its targeted market. a) controllable b) environmental c) uncontrollable d) economic

a) controllable

The hallmark of developing and maintaining effective customer relationships is called ___________________ marketing. a) relationship b) partnership c) identification d) paired

a) relationship

Firms develop products and services with the understanding that their ultimate goal is to ____________ their customers' needs. a) satisfy b) accept c) create d) identify

a) satisfy

To be in an organization's market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customers must also have a) the ability to buy, financially and otherwise. b) no existing connection to the company. c) had a previous relationship with the organization. d) no other options to satisfy these needs.

a) the ability to buy, financially and otherwise.

The American Marketing Association states that, "Marketing is the activity for creating, communicating, delivering, and _________ offerings that benefit the organization, its stakeholders, and society at large." a) trading b) exchanging c) stealing d) marketing

b) exchanging

In the context of customer value, which of the following are considered benefits? a) corporate partnerships b) production cost c) convenience d) quality e) after-sale service

c) convenience d) quality e) after-sale service

After a consumer makes a purchase in the grocery store, the firm 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, as discussed in the chapter? a) Marketing is about satisfying customers' wants. b) Marketing is about price, product, place, and promotion decisions. c) Marketing requires a place to communicate. d) Marketing entails exchange between buyer and seller.

d) Marketing entails exchange between buyer and seller.

A marketing program ______________ the marketing mix elements to provide a good, service, or idea to prospective buyers. a) maximizes b) minimizes c) identifies d) integrates

d) integrates

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

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

______________ (one word) is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations.

promotion