Marketing Chapter 1
Sales-Oriented Era
1920-1950 production and distribution became more sophisticated Great Depression World War II People planted victory gardens instead of buying produce Aggressive sales techniques and the belief that high sales result in high profits How can we sell more aggressively?
Approximately what percentage of marketers use social media?
97%
Which of the following characterizes an exchange?
A buyer and seller trade things of value, leaving each better off than before.
Which of the following are associated with marketing, as defined by the American Marketing Association? (Choose every correct answer.)
Activities that communicate offerings that have value for society at large Processes used to create value for clients Institutions that facilitate the exchange of offerings that have value for customers
Market-Oriented Era
After World War II Shopping centers began to replace cities' central business districts limited supply products became plentiful customer became king Marketing was discovered! Satisfying customer wants and needs while meeting organizational objectives What do customers want and need?
An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?
An idea
Which of the following are considered ideas? (Select all that apply.)
An opinion A philosophy
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? (Choose every correct answer.)
Building relationships Sharing information Balancing customer benefits and costs
Which of the following is NOT an example of a service?
Buying a new car
Like Timex, Rolex makes watches. How does Rolex add unique value to its products?
By conferring status
Customer Relationship Management
CRM identifying and building loyalty among firm's most valued customers
Product, Price, Place, Promotion
Creating Value, Capturing Value, Delivering Value, Communicating Value
Which entity does NOT market to the other entity?
Customers to businesses
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.)
Divide consumers into groups based on their incomes Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) Organize potential customers into groups based on their age
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? (Choose every correct answer.)
Environmentally friendly options Social responsibility
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
True or False: Businesses should avoid using social and mobile media technologies.
False
True or False: For consumers, good value means that a product or service is inexpensive.
False
Which of the following are examples of value cocreation? (Choose every correct answer.)
Getting a tattoo of a family member's name Buying a custom cake from the bakery Ordering a pair of jeans with personalized embroidery
Which of the following best describes goods?
Items you can touch
Which of the following are related to marketing in the production-oriented era? (Choose every correct answer.)
Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. Retail stores were considered places to hold inventory until it was sold.
Which of the following are services airlines frequently offer to create value for customers? (Choose every correct answer.)
Many flights to destinations consumers want In-flight WiFi shopping opportunities
Which of the following are components of price? (Choose every correct answer.)
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
Which element of the four Ps embodies all activities needed to get the product to the right customer when and where he or she wants it?
Place
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
Place
supply chain management
Place? set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations and at the right time, while minimizing systemwide costs and satisfying the customer.
Which of the following are elements of the marketing mix? (Choose every correct answer.)
Price Product
Which of the following 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? (Choose every correct answer.)
Product Price
What were the primary characteristics of the market-oriented era that followed World War II? (Choose every correct answer.)
Products were designed to focus on consumers' needs. It was a buyer's market.
In the marketing mix, which element of the four Ps communicates value to the consumer?
Promotion
Societal Orientation
Satisfying customer wants and needs while enhancing individual and societal well-being What do customers want/need, and how can we benefit society?
How do firms become value driven?
Sharing Information Balancing Benefits with Costs Building Relationships with Customers Connecting with Customers Using Social and Mobile Media
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Value-based marketers believe that consumers want which of the following when they purchase a product? (Choose every correct answer.)
Their needs to be met Their wants to be met A price that is a good value
Which of the following is true of services?
They cannot be separated from the producer.
Which of the following describes the fundamental purpose of marketing?
To create value and satisfy consumer needs
Which are supply chain partners? (Choose every correct answer.)
Transporters Wholesalers Retailers
True or False: 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
______ reflects the relationship of benefits to costs, or "what you get for what you give."
Value
cocreation occurs when a customer and a firm collaborate on a product or service.
Value
An environmental nonprofit organization is using Instagram to market the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur?
When one of its Instagram followers reduces his or her greenhouse gas emissions
Which events helped create a situation in which manufacturers produced more than customers could buy? (Choose every correct answer.)
World War II The Great Depression
Production- Oriented Era
around the turn of the 2th century "a good product will sell itself" product innovation Internal capabilities of the firm What can we make or do best?
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.
consumer
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______.
corporate citizenry
Product
created value by developing a variety of offerings, including goods, service, and ideas to satisfy needs
When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.
creating value
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
Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.
goods
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
Value-based Marketing Era
most successful firms today are market oriented, meaning they generally have transcended a production or selling orientation and attempt to discover and satisfy their customers' needs and wants. Before the turn of the 21st century, better marketing firms recognized that there was more to good marketing than simply discovering and providing what consumers wanted and needed; to compete successfully they would have to give their customers greater value than their competitors did.
Marketing is about satisfying customer
needs and wants
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 the needs of consumers.
production
A company's ______ create(s) value by satisfying customer needs.
products, services, or ideas
Marketers use ______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response.
promotion
Marketing
satisfying customer needs and wants entails an exchange creates value through product, price, place, and promotion can be performed by individuals and organizations affects various stake holders
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
segmentation
A ______ is any intangible offering that involves a performance or an effort by the provider that cannot be physically possessed, inventoried, or otherwise held.
service
Getting cash from an ATM is considered a(n) ______ transaction.
service
Marketing Plan
specifies the marketing activities for a specific period of time, how the product will be concevied, the cost, when and where it will be promoted, and how it will get to the consumer
Marketing channel management
supply chain management
marketing mix
the 4 Ps
Value-oriented marketers engage in an ongoing process of balancing ______.
the perceived benefit to customers and the price
marketplace
the world of trade, can be segmented
relational cocreation
thinking of customers as relationships rather than transactions
Ideas include
thoughts, opinions, and philosophies
In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.
value
In order to compete successfully, most firms today have to provide their customers with better than their competitors.
value
Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of ______.
value cocreation
When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called ______.
value cocreation
