Chapter 1
Which two of the following are true of environmental forces?
They are largely beyond the control of the marketer Social and economic forces are examples
Price
What is exchanged for the product
Two principles that are in the marketing concept
an organization should try to achieve its own goals an organization should strive to satisfy the needs of consumers
customer value is the unique combination of benefits received by targeted buyers
at a specific price
social responsibility can best be illustrated by a firm's
behavior
The primary interest of marketers when focusing on a target market is
concentrating on the needs of some potential consumer
in addition to an emphasis on consumers' interest, new expectations of marketers now include
consideration of social and environmental consequences of their actions
Marketing is the activity that does which of the following with offerings that benefit the organization, its stakeholders, and society at large?
creating communicating delivering
The internal response that customers have to all aspects of an organization and its offerings is known as the
customer experience
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptiosn of the organization is called
customer relationship management
A brief statement that sums up how a business satisfies customer needs is termed a
customer value proposition
Marketing typically impacts which of the following groups in society?
customers owners suppliers
By their very nature, _____ act externally to sometimes expand an organization's marketing opportunities and at other times restrict them
environmental forces
Though often treated as immovable constraints, ______ can sometimes be impacted by companies, particularly by achieving technology or competitive breakthroughs
environmental forces
To fulfill its objectives, marketing requires _____, which is the trade of things of value between a buyer and seller so that each is better off afterward.
exchange
The American Marketing Association states that, "Marketing is the activity for creating, communicating, delivering, and _____ offerings that benefit the organization, its stakeholders, and society at large."
exchanging
goods, services, and _____ are marketed
ideas
Which is a benefit of effective marketing to society?
improves quality of products and services
A marketing mix that is _____ to provide a good, service, or idea to prospective buyers is known as a marketing program.
integrated
The essence of successful marketing is that firms provide unique value in order to gain
loyal customers
Marketing directly supports _____ by helping to provide customer- satisfying products required for the organization's survival and prosperity
management goals
successful airlines create value by offering
many flights to destinations the consumer wants
Customers that desire to own a Lexus, that can afford to do so, that have the time and ability to visit a dealership would be considered to be in Lexus' _____
market
When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer's needs and wants, the firm is
market- oriented
The marketing manager's controllable factors that can be used to solve a marketing problem is kown as the
marketing mix
Manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and government agencies that buy products and services for their own use or for resale are known as
organizational buyers
The societal marketing concept combines which two of the following principles?
organizations should serve customers in a way that provides for society's well-being organizations should satisfy the needs of consumers
During the sales-oriented era, firms found an answer to their _____ by adding salespeople to find new buyers
overproduction
shareholders cutomers suppliers other organizations
ownership relationships partnerships alliances
In many settings, relationship marketing is more effective when there is
personal, ongoing interaction between parties
_____ one of the elements of the four Ps that embodies all activited essential to get the product to the right customer when and where that customer wants it
place
Which of the following are types of utility received by users of a product? possession image form performance
possession and form
______ is whatever the buyer gives up in exchange for the product, like money, time, or energy
price
A _____ is a good, service, or idea consisting of a bundle of tangible and intangible atributes that satisfies consumers' needs and is received in exchange for money or something else of value
product
Goods, services, and ideas can all be considered _____ in the right circumstances, when consumers exchange something of value for them to satisfy their needs
products
______ is the component of the marketing mix that provides a means of communication between a seller and a buyer
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
In the context of customer value, which of the following are considered benefits?
quality after-sale service convenience
_____ marketing links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits
relationship
A company adopting social _____ is purposefully acknowledging its accountability to a larger society
responsibility
Firms develop products and services with the understanding that their ultimate goal is to _____ their customers' needs
satisfy
as a marketing manager plans new products to meet consumer needs, she should
study previous new product launches to learn from the past successes and failures
A _____ market is a specific group of potential customers toward which an organization directs its marketing program.
target
To be in an organization's market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customer must also have
the ability to buy, financially and otherwise
Studies show that up to _____ percent of the new products that are launched go on to fail in the marketplace
40
Product
A good, service, or idea to satisfy needs
Promotion
A means of communication between seller and buyer
Place
A means of getting the product to the consumer
For marketing to occur, parties must have which two of these?
Both the desire and ability to satisfy their needs A way to communicate
Production era
Buyers accept virtually any goods because of the relative scarcity of goods
Which two of the following are required of effective market segments?
Buyers will respond similarly to a marketing action Buyers have common needs
Firms that employ _____ systematically collect information about their customer's needs. It is sometimes possible to use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers
CRM (customer relationship management)
According to the AMA definition of marketing, who benefits from this activity?
Customers, elements of society not involved in the exchange, partners
Customer-relationship relationship era
Firms seek continuously to satisfy the high expectations of those they serve
Time
Having the product available when needed
Place
Having the product available where consumers need it
customer experience
the internal response that customers have to all aspects of an organization and its offerings
Possession
Making an item easy to purchase
Sales era
Manufacturers can produce a surplus of goods and must find new buyers
For which of the following reasons is marketing considered beneficial?
Marketing can improve the quality of products and services marketing can improve global competition marketing creates utility for customers
Which of the following is the most fundamental method an organization uses to discover consumer needs?
Marketing research
_____ buyers, in contrast with ultimate consumers, may buy products for resale as well as for their own use.
Organizational
Marketing concept era
Organizations focus on identifying customer needs and using this to create value
_____ is the part of the marketing mix that aims at creating value for the consumer by providing features and benefits for the consumer needs
Product
Which of the following is true of the relationshi[ between society and marketing activites?
Society affects marketing and sometimes marketing has an impact on society
The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well-being is called
the societal marketing concept
The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external and influential but would not be considered environmental forces
Suppliers shareholders
Ofte there are differing interests among groups internal and external to an organization. How should these be handled?
The Organization should seek a balance among differing interests
_____ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household
ultimate
Customer _________ reflects the relationship of benefits to price, or what you get for what you give
value
Form
The production of the good or service