Marketing Test #1 - Chapter 1 Review
Which company would likely NOT lose too much money if marketing was discontinued?
Match the product type with its description.
Ideas - Thoughts, opinions, philosophies, intellectual concepts Goods - Tangible Items Services - Intangible customer benefits that cannot be separated from the producer
What were the primary characteristics of the market-oriented era that followed World War II?
It was a buyer's market & products were designed to focus on consumers' needs
A product can be broken down into services, ideas, and goods. What are goods?
Items you can touch
Which of the following is true of services?
They cannot be separated from the producer.
An environmental nonprofit organization is marketing on Instagram 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 its Instagram follower reduces his or her greenhouse gas emissions
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
Value-oriented marketers measure the benefits that customers perceive against the _______ of their offerings.
cost
Firms that practice value-based marketing typically use a process known as ______, which includes a set of strategies, programs, and systems that focus on building loyalty among the firm's most valued customers.
customer relationship management
Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers?
customer relationship management
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
If a car manufacturer wanted to segment its marketplace it would ______.
divide consumers into groups based on their incomes and identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans).
Some successful airlines create value by offering ______.
in-flight WiFi shopping opportunities & many flights to destinations the consumer wants
Which of the following is NOT an example of a service?
Buying a new car
In the four Ps of marketing, the task of the price is to ______ value for the market mix.
Capture
True or false: Businesses should avoid using social and mobile media technologies.
False
True or false: Value-based marketing means the value of a product depends on how the marketer sells it, not how the customer values it.
False
Why is a strong supply chain important?
It helps get merchandise to customers when and where they want it.
How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?
Using promotion
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 a value-based, marketing-oriented firm, marketers share ______ about customers and integrate it across the firm's various departments.
data
In the marketing mix, place is expected to ______ value for the customer.
deliver
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
deliver
In general, promotion can ______ a product's or service's value to consumers.
enhance
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
Marketers must determine prices of products on the basis of ______.
potential buyers' beliefs about a product's value
Which of the following are associated with marketing, as defined by the American Marketing Association?
processes used to create value for clients, activities that communicate offerings that have value for society at large, & institutions that facilitate the exchange of offerings that have value for customers
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.
production
Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs.
products, services, or ideas
A ______ orientation is based on the philosophy that buyers and sellers should develop long-term interactions and communications.
relational
Apple, known for creativity and innovation, keeps its new innovations consistent with previous product lines to maintain long-term connections with consumers. This is an example of ______ orientation.
relational
If a consumer electronics firm acts on the philosophy that its new products should be compatible with existing products to develop long-term relationships with customers, then the firm is acting on the basis of a(n)______ orientation.
relational
In a(n) ______ orientation, lifetime profitability is more important than the amount of money made during each transaction.
relational
Marketers who have a(n) _________ orientation want to build long-term relationships with their customers.
relational
When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.
segmentation
A(n) ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held.
service
Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of _______.
value co-creation
Which of the following characterizes the relationship between marketing and exchange?
A buyer and seller trade things of value, leaving each better off than before.
An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?
An idea
When was the production-oriented era?
At the turn of the 20th century
Firms selling merchandise directly to each other is called ______ marketing.
B2B (business-to-business)
The process by which businesses sell to consumers is known as ______ marketing.
B2C (business-to-consumers)
Firms become value driven by focusing on which of the following activities?
Balancing customer benefits and costs, building relationships, & sharing information
What is NOT a characteristic of good marketing?
Benefits the competition
When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.
Creating Value
Which entity does NOT market to the other entity?
Customers to businesses
When was the consumer "king"?
During the market-oriented era
_________ is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response.
Promotion
Which of the following are related to marketing in the production-oriented era?
Retailers were considered places to hold inventory until it was sold and manufacturers were concerned with product innovation, not with satisfying the needs of the individual.
Match the good with the value it provides.
Rolex Watch - Status Nike Shoes - Performance Energy Bars - Convenience
Personal selling was a hallmark of which marketing era?
Sales-oriented era
Many of the most successful American firms believe that marketers should focus on which of the following beyond financial profitability?
Social responsibility & environmentally friendly options
Good ______ management creates 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 system-wide costs and maximizing satisfaction of the value required by customers.
Supply chain
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Which statements about the marketplace are true?
The marketplace can be divided into categories that are important to an organization for specific reasons, for most firms, the best strategy is to target specific segments of the market, & the marketplace refers to the world of trade.
Value-based marketers believe that consumers want which of the following when they purchase a product?
Their wants to be met, their needs to be met, & a price that is a good value
True or false: Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings.
True
In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better ________-based marketing than their competitors.
Value
______ reflects the relationship of benefits to costs, or "what you get for what you give."
Value
_____________co-creation occurs when a customer and a firm collaborate on a product or service.
Value
In what marketing era are we functioning today?
Value-based marketing era
What are supply chain partners?
Wholesalers, Transporters, & Retailers
In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments.
customers
Value-based marketing firms implement their strategies according to what _____ believe is a good value.
customers
A core aspect of marketing, borrowed from economics, includes 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
Marketing success begins with a strong understanding of ______.
the desires and requirements of the marketplace consumer
Value-oriented marketers engage in an ongoing process of balancing
the perceived benefit to customers and the price.
Approximately what percentage of marketers use social media?
97%
In what situation are you most likely to market yourself?
At a job interview
Like Timex, Rolex makes watches. How does Rolex add unique value to its products?
By conferring status
What are the two key elements marketers consider when determining price?
Marketers must ensure the seller achieves a reasonable profit and marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase.
A strategy developed by companies that specifies marketing activities for a specific period of time is known as a(n) ______.
Marketing Plan
Which of the following are components of price?
Money, energy, and time
Which company is most likely to be a value-driven firm?
One that has active and engaging social media channels
What are examples of good marketing campaigns?
Ones that are thoughtfully planned, ones that consider their effect on society, & ones that are ethical
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
Place
You're walking down a street and find yourself hankering for an ice cream cone. A few blocks later you see a Baskin Robbins ice cream shop. Which of the 4 Ps is most at play here?
Place
Of the four Ps, ________ is whatever the buyer gives up in exchange for the product--for example, money, time, or energy.
Price
______ is the component of the four Ps that aims to capture value.
Price
Which of the following are elements of the marketing mix?
Price, Product, Place, & Promotion
______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.
Product
Match the marketing mix component with its corresponding value function.
Product - Creating Value Price - Capturing Value Place - Delivering Value Promotion - Communicating Value
In the marketing mix, which element of the 4Ps communicates value to the consumer?
Promotion
______ 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
What term refers to a set of approaches and techniques a firm employs to efficiently integrate suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction?
Supply chain management
Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer?
Supply chain management
Why would customers consider value cocreation to be valuable?
They get the opportunity to help create the product or service.
When applying for a job, how might you market yourself?
Through the way you dress, through your cover letter, & through your answers to interview questions
What was the purpose of the 80th anniversary Babar marketing campaign?
To communicate the value proposition
Which of the following describes the fundamental purpose of marketing?
To create value and satisfy consumer needs.
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
During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______.
aggressive selling and advertising
A successful marketing plan helps ensure that ______.
all parties involved in a transaction are satisfied
Firms marketing directly to each other are participating in business-to-__________ marketing.
business
Which of the following is not an example of value co-creation?
buying ready-to-wear apparel from a department store
One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their_______.
competitors
Getting cash from an ATM is considered a(n) ______ transaction.
service
