Chapter 1 LearnSmart Practice

Which two of the following are true of environmental forces?

Social and economic forces are examples, and they are largely beyond the control of the marketer

Which of the following is true of the relationship between society and marketing activities?

Society affects marketing and sometimes marketing has an important impact on society

In marketing, a market is made up of

people with a desire and ability to buy a product

_____ 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

Put the following business orientations in the correct historical order, with the oldest on the top and the newest on the bottom

Production era Sales era Marketing concept era Customer relationship era

Customer experience is

the internal response that customers have to all aspects of an organization and its offering

You are purchasing a magazine. For marketing to occur, there will be an exchange which must include

both the magazine and the money

When manufacturers, wholesalers, retailers, and government agencies purchase goods and services they are known as

organizational buyers

Which of the following concepts is of LEAST critical importance to an organization's marketing program?

organizational structure

During the sales-oriented era, firms found an answer to their _____ by adding salespeople to find new buyers.

overproduction

In many settings, relationship marketing is more effective when there is

personal, ongoing communication between parties

Of the 4 Ps, _____ is whatever the buyer gives up in exchange for the product, like money, time, or energy.

price

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptions of the organization is called

customer relationship management

The unique combination of benefits received by target buyers at a specific price is known as

customer value

A brief statement that sums up how a business satisfies customers needs is termed a

customer value proposition

Listening to your customers in order to develop a better product is an example of

effective marketing research

Marketing is performed by

either individuals or organizations

The decision about whether or not to sell information about one's customers to other organizations, while the practice is not illegal, is a(n) _____ issue.

ethical

Many business people believe that marketing should focus on factors other than financial goals, such as

ethics

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 afterwards.

exchange

When a consumer gives money or something else of value for something he or she values, a marketer would describe this as a(n) _____.

exchange

A local library that promotes enhanced reading skills and an increased global perspective resulting from reading library books is an example of marketing

ideas

Goods, services, and _____ are marketed.

ideas

A marketing mix that is _____ to provide a good, service or idea to prospective buyers is known as a marketing program.

integrated

A marketing program _____ the marketing mix elements to provide a good, service, or idea to prospective buyers.

integrates

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

During the sales-oriented era

manufacturers were able to produce more than consumers were able to buy

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 implements the marketing concept to consider customer needs in its strategy, it then is said to have a _____ orientation.

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 known as the

marketing mix

A(n) _____ is a good, service, or idea consisting of a bundle of tangible and intangible attribute that satisfies consumers' needs and is received in exchange for money or something else of value.

product

Homemakers that make due with whatever type of pantry goods they could acquire is an example of which marketing orientation among businesses of that era?

production

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

Since the 1980s, firms that are part of the customer relationship era have sought to satisfy

the high expectations of customers

Some 33,000 new products are introduced worldwide each month, but new-product experts estimate about _____ percent of them fail.

40

Which of the following is an example of an environmental force?

A contraction of the economy nationwide

Product Price Place Promotion

A good, service, or idea to satisfy needs What is exchanged for the product A means of getting the product to the consumer A means of communication between seller and buyer

Product Price Place Promotion

A soft drink company releases a new diet soda A bank offers fewer monthly fees for its checking accounts A restaurant offers takeout and home delivery A new hardware store uses flyers to announce its grand opening

Which of the following is NOT an example of marketing?

A student markets himself to his instructors to get better grades

For marketing to occur, parties must have which two of these?

A way to communicate, and both the desire and ability to satisfy their needs

Which of the following is the best example of a large corporation using technology to realize the benefits of relationship marketing?

BMW receives data transmitted by each new vehicle it sells to help understand how customers use its products.

Wal-Mart Nike Home Depot

Best price Best product Best service

Which two of the following are required of effective market segments?

Buyers will respond similarly to marketing action, and buyers have common needs

Marketing is the activity that does which of the following with offerings that benefit the organizations, its stakeholders, and society at large?

Creating, communicating, and delivering

To serve both buyers and sellers, marketing fundamentally seeks to do which two of the following?

Discover the needs and wants of prospective customers, and satisfy the needs and wants of customers

True or false: Marketing can only be performed by a retailer interacting with a consumer.

False

Which is a benefit of effective marketing to society?

Improves quality of products and services

Which of the following statements about marketing is TRUE?

It isn't always easy; thousands of new products fail each year.

After a consumer makes a purchase in the grocery store, the firm is better off because it has more money in the register and the consumer is better off because he has more food in his pantry. This is an example of which of the core aspects of marketing, as discussed in the chapter?

Marketing entails exchange between buyer and seller

Which two of the following are characteristic of the marketing concept era?

Marketing was integrated into each phase of business, and product design focused on consumers' needs.

Which of the following might be given or received in an exchange when marketing occurs?

Money, intangible services, satisfaction, and information

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, and organizations should satisfy the needs of customers.

Who benefits from effective marketing?

Organizations who sell, society as a whole, and consumers who buy

Shareholders Customers Suppliers Other organizations

Ownership Relationships Partnerships Alliances

_____ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it.

Place

_____ 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

_____ marketing links the organization to its customers, employees, suppliers, and other partners for mutual long-term benefits.

Relationship

Which of the following represents a way buyers and sellers communicate so that marketing can occur for a magazine?

Seeing the magazine on display in the bookstore

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 and shareholders

Marketing typically impacts which of the following groups in society?

Suppliers, customers, and owners

In order for marketing to occur, both parties involved must have which of the following regarding their needs?

The ability to satisfy a need, and the desire to satisfy a need

Often 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

Form Place Time Possession

The production of the good or service Having the product available where consumers need it Having the product available when needed Making an item easy to purchase

Which of the following are reasons to learn about marketing?

To become a better consumer and to help in your career planning

Which of the following is the most fundamental goal of marketing?

To satisfy consumer needs

A market orientation requires firmed to create customer value through

collecting information about customer needs

The marketing _____ is the idea that an organization should strive to satisfy customer needs while trying to achieve its goals.

concept

In addition to an emphasis on consumers' interests, new expectations of marketers now include

consideration of social and environmental consequences of their actions

In the context of customer value, which of the following are considered benefits?

convenience, quality, and after-sale service

The hallmark of developing and maintaining effective customer relationships is called _____ marketing.

relationship

A company adopting social _____ is purposefully acknowledging its accountability to a larger society.

responsibility

McDonald's provides many items on its menu, primarily to _____ the needs and wants of its many types of customers.

satisfy

As a marketing manger plans new products to meet consumer needs, she should

study previous new product launches to learn from the past successes and failures

A(n) _____ market is a specific group of potential customers toward which an organization directs its marketing program.

target

_____ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household

ultimate

For marketing to occur, there must be two or more parties with

unsatisfied needs

Customer _____ is the unique combination of benefits received by targeted buyers at a specific price.

value

Customer _____ reflects the relationship of benefits to price, or what you get for what you give.

value

Marketing attempts to satisfy consumer needs but clearly also shapes a person's _____, because it may impact knowledge or even culture.

wants

When Apple first introduced the personal computer to the market, creating a new industry, consumers did not know

what the benefits would be