Mkt 327 Ch 1 exam 1

How is marketing defined by the American Marketing Association (AMA)? Select one: a. The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value. b. The process of delivering and exchanging offerings. c. The activity of communicating and delivering offerings targeted at specific segments. d. The communication of goods and services that have value.

A

The marketing mix is made up of four controllable variables, including product, price, place and what other variable? Select one: a. Promotion b. Planning c. Planning d. Quality

A

Which of the following is NOT a market classification used in the book? Select one: a. Geographic markets b. Business-to-consumer markets c. Business-to-business markets d. Non-profit markets e. Internal markets

A

An exchange is a process in which two or more parties provide something of value to one another. Another word for value is utility. Which of the following (contains a word that) is not a type of utility? Select one: a. Form and Place b. Quality and Place c. Place and time d. Time and Ownership e. Ownership and Form

B

What are the six key forces important to create and capture value? Select one: a. Customers, Diversity, Ethics, Technology, Relationships, and Global b. Sustainability, Relationships, Ethics, Diversity, Global, and Technology & E-commerce c. Product, Price, Promotion, Place, Positioning, and Target Markets d. Distribution Channels, Physical Distribution, Promotion, Price, and Place

B

Which of the following is not a step in the marketing strategy process? Select one: a. Situation Analysis b. Targeting c. Manufacturing d. Positioning

C

Marketing has progressed through five eras - what are they? Select one: a. Historical, Industrial, Modern, Contemporary, and Future b. Marketing Research, Marketing Forecasting, Marketing Planning, Marketing Mix, Marketing Execution c. Industrial, Commercial, Societal, Customer, and Consumer d. Production, Sales, Customer, Value, and Social Media

D

Which of the following is not the concept of marketing or the purpose of marketing? Select one: a. Understand the needs and wants of customers b. Create customer value through satisfaction quality c. Be more effective and efficient than competitors d. Create the highest quality goods and services e. All of the above are part of the marketing concept

D

A market consists of all of the following elements except: Select one: a. Individuals or Organizations b. Goods, Services, or Ideas c. Entities with the potential to have a desire d. Entities with the potential to have the ability to acquire e. All of the above are characteristics of a market

E

Which of the following is a key benefit of a globally oriented organization? Select one: a. Bigger is always better b. They consult more customers with different needs. c. Global companies are always more efficient. d. You don't have to worry as much about economic demand shifts. e. Companies that connect globally generally have a better understanding of diversity and competition.

E

the flexibility and speed with which organizations can identify or create new wants and take action to satisfy them

agility

When a business purchases goods or services to produce other goods, to support daily operations or to resell at a profit.

business-to-business marketing

The marketing environment that exists when an abundance of product lets the buyer control the market.

buyers market

when organizations sell to individuals or households that buy, consumer, and dispose of products

consumer marketing

an organizational philosophy that focuses on satisfying consumer needs and wants

consumers orientation

refers to what consumers perceive they gain from owning or using a product when weighed against the cost of acquiring it

customers value

Subculture membership usually determined by birth and related to one or more of four elements: country of origin, native language, race, and religion.

ethnic background

The amount of identification an individual feels with a particular ethnic group.

ethnicity

occurs when knowledge and materials are converted into finished goods and services

form utility

is a measure of how often, when selecting from a product classy customer purchases a particular brand

loyalty

All the individuals and organizations with potential desire and ability to acquire a particular good or service.

market

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

marketing

A physical arena where marketing exchanges take place.

marketplace

The mass production, mass distribution, and mass promotion of a product to all buyers.

mass marketing

A want-satisfying value that is created by making goods and services conveniently available.

place utility

makes goods and services conveniently available

place utility

the process of creating an image, reputation, or perception of the company or its goods and services in the consumers mind

positioning

The development and maintenance of successful relational exchanges; it involves interactive, ongoing, two-way connections among customers, organizations, suppliers, and other parties for mutual benefit.

relationship marketing

historical marketing period that emphasized that consumers must be convinced to buy

sales orientation

refers to the consumer's overall rating of his or her experience

satisfaction

The marketing strategy process is a series of steps the organization takes to interface with the rest of the world.

situation analysis target marketing positioning marketing mix decisions

the steps and processes organizations undertake to manage growth without detrimentally affecting the resources or biological systems of the earth

sustainability

a want-satisfying value that is created when goods and services are made available when they are wanted

time utility

makes goods and services available when they are wanted

time utility

A specific form of consumption desired to satisfy need.

want