MKT Test 1

Approximately what percentage of marketers use social media?

97%

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.

When was the production-oriented era?

At the turn of the 20th century

Firms become value driven by focusing on which of the following activities?

Building relationships Balancing customer benefits and costs Sharing information

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

In the four Ps of marketing, the task of the price is to ______ value for the market mix.

Capture

Price

Capturing value

Promotion

Communicating value

Value-oriented marketers measure the benefits that customers perceive against the _____ of their offerings.

Cost

Product

Creating value

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

In a value-based, marketing-oriented firm, marketers share ______ about customers and integrate it across the firm's various departments.

Data

Place

Delivering value

When was the consumer "king"?

During the market-oriented era

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

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 are related to marketing in the production-oriented era?

Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. Retailers were considered places to hold inventory until it was sold.

Which company is most likely to be a value-driven firm?

One that has active and engaging social media channels

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

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

______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

Product

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

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 are supply chain partners?

Retailers Transporters Wholesalers

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

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

Which of the following are elements of the marketing mix?

The 4 Ps include product, price, place, and promotion

Which of the following is true of services?

They cannot be separated from the producer.

Which of the following are components of price?

Time Energy Money

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs.

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 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

In what marketing era are we functioning today?

Value-based marketing era

Which of the following are associated with marketing, as defined by the American Marketing Association?

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

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______.

aggressive selling and advertising

Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______.

corporate citizenry

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

If a car manufacturer wanted to segment its marketplace it would ______. (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).

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

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

During the sales-oriented era between 1920 and 1950, firms found an answer to their ______ by focusing on selling.

overproduction

Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs.

products, services, or ideas

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.

segmentation

Value-oriented marketers engage in an ongoing process of balancing

the perceived benefit to customers and the price.