Marketing Exam 1 Chapter 1
Which of the following equations describes customer value?
Customer value= customer benefits - customer costs
Which of the following sentences is true about a marketing exchange?
It requires four conditions to take place.
promotion variable
activities used to inform and persuade to create a desired response
market orientation
an organization wide commitment to researching and responding to customer needs
Which stakeholders are the focal point of all marketing activities?
customer
price variable
decisions and actions associated with establishing pricing objectives and policies and determining product prices
During the holiday season, a Bluetooth speaker was in such high demand that it sold out quickly at a local Walmart. When Walmart tried to order more, it learned that the suppliers had so many orders to fill that it would not be able to fill Walmart's order for two weeks. What type of marketing mix variable does this problem involve?
distribution
relationship marketing
establishing long-term, mutually satisfying buyer-seller relationships
The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit.
exchange
Marketing environmental forces are often _______.
independent
customer lifetime value
measurement that forecasts a customers lifetime economic contribution
market concept
philosophy that an organization should try to satisfy customers' needs through a set of activities
Lime is using social media to ask consumers about the qualities they desire in an electric scooter. The firm hopes to develop a new type of electric scooter based on the feedback it receives. Which marketing mix variable is Lime addressing?
product
4 P's
product, price, distribution (place), promotion
Lumos Labs, the maker of brain-training app Lumosity, released advertisements that claimed its app was able to prevent Alzheimer's. The Federal Trade Commission fined Lumos Labs $2 million, saying that the company did not have the science to back up its ads. What type of marketing mix variable is involved in this situation?
promotion
Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone else will too. She starts a cookie dough business. Charlotte views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Charlotte seem to embrace?
sales orientation
marketing environment
sociocultural forces that surround the customer and affect the marketing mix
Customers choose to go to Buffalo Wild Wings based upon the value they place on the total product—including the food, service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _______.
subjective
Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's _______.
target market
marketing mix
the 4 p's that a firm can control to meet the needs of customers within its target market.