Overview of Marketing chapter 1

In what chronological sequence did marketing evolve beginning for oldest to most recent from top to bottom

1.production-oriented area 2. sales-oriented era 3. market oriented era 4. value based marketing era

Match the action being performed with the correct type of marketing a) B2B b) B2C c) C2C

A) Manufacturer sells a computer to a retailer B) Retailer sells a computer to customer A C) Customer A sells the computer to his friend

Production oriented era=

Build a good product and it will sell itself

When consumers market the products, it is known as ____ marketing a) B2C b) b2b C) C2C D) C2B

C) C2C

______ 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

Value based marketing era

There is more to marketing than just meeting needs and wants; consumers also expect a fair return for the price they pay

Market oriented era

a growing focus on meeting customer needs and wants

When frito lay makes snacks, the company creates value, an essential part of this is created value is a products : a) brand identity b) manufacturing c) information d) taste

a) brand identity d) taste

Entrepreneurs use the marketing to do which of the following? a) examine the marketplace b) communicate value c) reduce incentives d) reduce taxes

a) examine the marketplace b) communicate value

Which of the following would be an examples of where consumer to consumer marketing might occur? a) it helps to get merchandise to customers when and where they want it b) buying an electric book from Amazon for the Kindle c) buying an item from a neighbors yard sale d) listing a house for sale with a realtor

a) it helps to get merchandise to customers when and where they want it c) buying an item from a neighbors yard sale

Identify two key elements marketers consider when determining price: a) marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase b) marketers should know how much money the buyer has c) marketers must identify the maximum price at which anyone will buy the product d) marketers must ensure the seller achieve a reasonable profit.

a) marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase d) marketers must ensure the seller achieve a reasonable profit.

During the sales oriented era, firms found an answer to their ____ by focusing on selling a) overproduction b) services c) value focus d) products

a) overproduction

Manufacturers in the production oriented marketing era were concerned with efficient _____________ not with satisfying needs of consumers. a) production b) distribution c) support d) price

a) production

What were the primary characteristics of the market-oriented era? a) products were designed to focus on consumers needs b) consumers had to purchase products of interior quality c) it was a seller's market d) consumers had a limited range of products from which to choose e) it was a buyers market

a) products were designed to focus on consumers needs e) it was a buyers market

Which of the following are related to marketing in the production oriented era? a) retailers were considered places to hold inventory until it was sold b) personal selling was used to market products c) manufacturers were concerned with product innovation, not with satisfying the needs of the individual d) there was an excess supply of products and the consumer was the king.

a) retailers were considered places to hold inventory until it was sold c) manufacturers were concerned with product innovation, not with satisfying the needs of the individual

Getting cash from an ATM is considered a ______________ transaction a) service b) product c) innovative d) business-to-business

a) service

Nike allows customers to design their own sneakers, which improves the value customers see in the brand. this is an example of _______________ a) value cocreation b) supply chain collaboration c) value chain creation d) value production

a) value cocreation

Which of the following are members of the supply chain? a)manufacturers b) retailers c) competitors d) advertisers

a)manufacturers b) retailers

Nike and Reebok, primarily make athletic shoes, select the different ways these firms add value to their products a) copying designs from competitors b) by enlisting popular celebrites to endore their designs c) by offering customer designs under its brand d) manufacturing in China with cheap labor

b) by enlisting popular celebrites to endore their designs c) by offering customer designs under its brand

In the marketing mix, place is expected to _____ value for the customer (recall that the Ps act differently and specifically a) create b) deliver c) capture d) communicate

b) deliver

If a car manufacturers wanted to segment its marketplace it would (select all that apply) a) offer the same car model to all consumers in the marketplace. b) identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) c) divide consumers into groups based on their incomes

b) identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) c) divide consumers into groups based on their incomes

For which of the following reasons is marketing considered important? a) marketing lowers the cost of developing a new product b) marketing expands global presence c) virtually every person and organization is involved in marketing d) advertising is loved by everyone

b) marketing expands global presence c) virtually every person and organization is involved in marketing

______ is the component of the four Ps that aims to capture value a) promotion b) price c) place d) product

b) price

Some benefits of staying at a luxury hotel might include: a) low price b) quality c) room service d) superior business center

b) quality c) room service d) superior business center

Firms marketing directly to each other are participating in business-to-_____ marketing

business

Many business people believe that marketing should focus on factors other than financial goals, such as: a) overall sales b) return on investment c) corporate citizenry d) market share

c) corporate citizenry

Why is a strong supply chain important a) it helps distributors and retailers to work together, but does not involve manufacturers. b) it helps the firm to obtain raw materials but has no role in marketing c) it helps to get merchandise to customers when and where they want it d) it is responsible for communicating the products value to consumers.

c) it helps to get merchandise to customers when and where they want it

Which statement about the marketplace is true? select all that apply a) the marketplace consists primarily of retail stores b) for most firms, the best strategy is to try to sell the product to everyone in the marketplace c) the marketplace can be divided into categories that are important to an organization for specific reasons d) the marketplace refers to the world of trade.

c) the marketplace can be divided into categories that are important to an organization for specific reasons d) the marketplace refers to the world of trade.

Successful entrepreneurs understand the marketing opportunity, sometimes referred to as the ________. a) met demand b) service call c) unfilled need d) sales call

c) unfilled need

A method of providing additional value to customers by allowing them the opportunity to act as collaborators is known as value _______.

cocreation

Once challenge for companies is to provide products that meet customers needs and wants while providing greater value than their ______________________

competitors

The process by which businesses sell to other firms, who use the goods and services to make other products to sell, is known as business to ________ marketing. a) producer b) consumer c) vendor d) business

d) business

Value-based marketing firms implement their strategies according to what _____ values a) producers b) shippers c) suppliers d) customers

d) customers

_________reflects the relationship of benefits to cost or "what you get for what you give." a) marketing b) positioning c) sales d) value

d) value

A core aspect of marketing borrowed from economics includes a _____ which is a transaction in which things of value are traded by buyers and sellers.

exchange

Products include goods and services as well as __________, which are thoughts, opinions, and philosophies. Intellectual concepts such as these can be marketed, just as goods and services can.

ideas

Sales oriented era=

lots of advertising and personal selling are the keys to success

In a ______ orientation, lifetime profitability is more important than the amount of money made during each transaction.

relational

A ______ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed.

service

When materials or products are transported to a different location, sometimes it requires they be stored in a warehouse operated by yet another organization. A group of firms that make and deliver a set of good and services is known as a _____ chain, or marketing channel.

supply

In order to compete successfully most firms today, operating in the market oriented phase of marketing have to provide their customers with better ____ -based marketing than their competitors.

value