Marketing Chapter 1

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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?

Facebook

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


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