marketing chapter 1

market segment

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market is the

value proposition

A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased is known as the

green marketing

A marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers

business analysis.

A review of the sales, costs, and profit projections for a new produc

What is mass marketing?

All possible customers in a market, regardless of the differences in their specific needs, are known as a __________.

a practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product.

An open source model is

benchmarking.

Comparing the company's products and processes with those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance

The benefit marketing provides by transforming raw materials into finished products is known as __________ utility.

FOrm Utility

Employee skills and their​ knowledge, skills, and intellect are considered to be​ _____.

Human and intellectual capital Internal strengths and weaknesses often reside in the​ firm's employeeslong dashthe ​firm's human and intellectual capital. What skills do the employees​ have? What kind of training have they​ had? Are they loyal to the​ firm? Do they feel a sense of​ ownership? Has the firm been able to attract top researchers and good decision​ makers?

For planning to benefit the entire​ organization, it must support the​ organization's mission and objectives as part of​ a(n) _____.

Integrated activity All business planning is an integrated activity. This means that​ strategic, functional, and operational plans must work together for the benefit of the​ whole, always within the context of the​ organization's mission and objectives.

Social media are

Internet-based platforms that allows users to create their own content and share it with others who access these sites.

social networking.

Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as

Which of the following is used by organizations to carry out the​ day-to-day activities of the marketing​ plan?

Operational plans The best plan ever written is useless if​ it's not properly carried out.​ That's what operational plans are for. They put the pedal to the metal by focusing on the​ day-to-day execution of the marketing plan.

Which of the following is used to determine how marketing contributes to the​ firm's financial​ success?

Return on marketing investment (ROMI) It's critical to consider marketing as an investment rather than an expenselong dashthis distinction drives firms to use marketing more strategically to enhance the business. For many firms​ today, ROMI is the metric du jour to analyze how the marketing function contributes to the bottom line.

Which of the following is used to allow firms to avoid external issues that might hurt the firm while seizing opportunities for​ growth?

SWOT analysis A SWOT analysis allows managers to focus clearly on the meaningful strengths​ (S) and weaknesses​ (W) in the​ firm's internal environment and opportunities​ (O) and threats​ (T) coming from outside the firm​ (the external​ environment). A SWOT analysis enables a firm to develop strategies that make use of what the firm does best in seizing opportunities for growth while at the same time avoiding external threats that might hurt the​ firm's sales and profits.

Which of the following is considered to be the key to successful​ marketing?

Satisfying consumer needs

How do managers match resources and capabilities to make​ long-term growth​ decisions?

Strategic planning Strategic planning is the managerial decision process that matches the​ firm's resources​ (such as its financial assets and​ workforce) and capabilities​ (the things it is able to do well because of its expertise and​ experience) to its market opportunities for​ long-term growth.

business review

Summarizes the company's rent developments, trends, and business objectives

The segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts is the __________.

Target Market

Which of the following best defines marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large

With regard to the marketing mix, how is place defined?

The availability of the product to the customer at the desired time and location

the Internet is known as e-commerce.

The process of buying and selling products

shrinkage.

The term for inventory and cash losses resulting from shoplifting and employee theft

What is the marketing mix?

Tools an organization uses to create a desired response among a set of predefined customers

Which of the following describes a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement?

Total Quality Management (TQM)

The attention economy is the measurement of

a company's success by its share of mind rather than its share of market.

A want is __________.

a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced

A want is

a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced.

A benefit is what

a product delivers when it satisfies a need or want.

A distinctive competency is

a superior capability of a firm in comparison with its direct competitors.

A product is a

a tangible good, service, idea, or some combination of these, that satisfies consumer or business customer needs through the exchange process.

A mass market is

all possible customers in a market, regardless of the differences in their specific needs.

The target market is the segment(s) on which

an organization focuses its marketing plan and toward which it develops its marketing efforts.

A target segment is the segment(s) on which

an organization focuses its marketing plan and toward which it directs its marketing efforts

E-commerce is the process

buying and selling products on the Internet

Folksonomy is a

classification system that relies on users rather than pre-established systems to sort contents.

Sustainability is a product design focus that seeks to

create products that meet present consumer needs without compromising the ability of future generations to meet their needs

Which of the following is a practice where firms outsource marketing activities (such as selecting an ad) to a community of users?

crowdsourcing

A need is the

difference between a consumer's actual state and some ideal or desired state.

Return on investment (ROI) is the

direct financial impact of a firm's expenditure of a resource, such as time or money.

Triple-bottom-line orientation looks at

financial profits, the community in which the organization operates, and creating sustainable business practices.

Distinctive competency is a(n) __________.

firm's capability that is superior to that of its competition

Crowdsourcing is a practice where

firms outsource marketing activities (such as selecting an ad) to a community of users.

Management moves products out of warehouses so that inventories don't pile up

in a selling orientation.

What are services?

intangible product is exchanged directly between the producer and the​ customer

Management moves products out of warehouses so that

inventories don't pile up in a selling orientation.

A market segment

is a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.

Total quality management (TQM)

is a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.

Market position

is how the target market perceives the product in comparison with competitors' brands.

Possession utility i

is the benefit marketing provides by allowing the consumer to own, use, and enjoy the product.

Place utility

is the benefit marketing provides by making products available where customers want them.

Time utility

is the benefit marketing provides by storing products until they are needed.

Form utility

is the benefit marketing provides by transforming raw materials into finished products.

Management builds

long-term bonds with customers in a triple-bottom-line orientation.

Which of the following describes a selling orientation approach to marketing?

management moves products out of warehouses so that inventories don't pile up.

Product orientation is

management philosophy that emphasizes the most efficient ways to produce and distribute products.

In a consumer orientation,

management prioritizes the satisfaction of customers' needs and wants.

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market is the

market segment

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market is the __________.

market segment

What is green marketing?

marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers

Web 2.0

new generation of the World Wide Web that incorporates social networking and user interactivity.

Not-for-profit marketing occurs when

not-for-profit organizations practice the marketing concept.

Promotion is the coordination

of a marketer's communication efforts to influence attitudes or behavior.

The target market is the segment(s)

on which an organization focuses its marketing plan and toward which it develops its marketing efforts.

Price is the assignment of value

or the amount the consumer must exchange to receive the offering.

Management moves products

out of warehouses so that inventories don't pile up in a selling orientation.

Anticonsumption occurs when

people deliberately deface products.

Market position is how the target market

perceives the product in comparison with competitors' brands.

The lifetime value of a customer is the

potential profit that a single customer's purchase of a firm's products generates over the customer's lifetime

An open-source model is a

practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product.

In a consumer orientation, management __________.

prioritizes the satisfaction of customers' needs and wants

The four Ps

roduct, price, promotion, and place—make up the marketing mix. These are the tools an organization uses to create a desired response among a set of predefined customers.

What is the term for inventory and cash losses resulting from shoplifting and employee theft?

shrinkage

Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as __________.

social networking

Consumer goods are

tangible products that consumers purchase for personal use or family use. An example would be a smartphone.

Industrial goods are

tangible products that organizations buy for further processing or for their own use when they do business.

Market position is how the

target market perceives the product in comparison with competitors' brands.

Marketing is

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large.

Place is

the availability of the product to the customer at the desired time and location.

Possession utility is the benefit marketing provides by __________.

the benefit marketing provides by allowing the consumer to won, use, and enjoy the product. The Bridal store proveds access to a range of styles and colors that would not be available to a woman outfitting a bridal party on her own

Which of the following best describes triple-bottom-line orientation?

the building of long-term bonds with customers rather than merely selling them stuff

Business Portfolio

the collection of businesses and products that make up the company

A need is

the difference between a consumer's actual state and some ideal or desired state.

Management emphasizes

the most efficient ways to produce and distribute products in a production orientation.

Market position is how the target market perceives

the product in comparison with competitors' brands.

target market is

the segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts.

situation analysis

the study of the internal and external factors that affect marketing strategies

Management emphasizes the most efficient ways

to produce and distribute products in a production orientation.

Management builds long-term bonds with customers in a

triple-bottom-line orientation.

The value chain is a

useful way to appreciate all the players that work together to create value.

physical URLs are new apps that enable

user-generated clouds of content to form around products; barcode scans allow the user to upload content or see what others have already uploaded.

A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased is known as the __________.

value proposition

A __________ is a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced.

want

A benefit is

what a product delivers when it satisfies a need or want.

Demand occurs when

you couple customers' desires for products with the resources needed to obtain them.