Chapter 1 SB - What is marketing
If a car manufacturer wanted to segment its marketplace it would do which of the following?
- identify customer needs for different types of cars (such as sports cars, SUVs and family sedans) -divide consumers into groups based on their incomess -organize potential customers into groups based on their age
which of the following are associated with marketing, as defined by the American Marketing Association
- institutions that facilitate the exchange of offerings that have value for customers -activities that communicate offerings that have value for society as large -processes used to create value for clients
which of the following are considered ideas
-opinion -philosophy
approximately what percentage of marketers use social media
97%
which of the following characterizes an exchange
A buyer and seller trade things of value, leaving each better off than before.
the process by which businesses sell to consumers is known as ______ marketing
B2C
which entity does NOT market to the other entity
Customers to businesses
When was the consumer "king"
During the market-oriented era
which company would likely charge customers the least if all marketing and advertising spending was discontinued?
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 individuals retail stores were considered places to hold inventory until it was sold
What were the primary characteristics of the market-oriented era that followed World War II
Products were designed to focus on consumers' needs it was a buyers market
Which are supply chain partners?
Retailers Wholesalers Transporters
Which events helped create a situation in which manufacturers produced more than customers could buy?
The great depression world war II
Firms become value-driven by focusing on which of the following activities
balancing customers benefits and costs sharing information building relationships
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.
consumer
many businesspeople believe that marketing should focus on factors other than financial goals, such as
corporate citizenry
value-oriented marketers measure the benefits that customers perceive against the _______ of their offerings
cost, price or costs
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
Modern marketers use ______ to focus how they approach their customers and market their products.
data analytics
Marking is the activity, set of institutions, and process 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
Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability
environmentally friendly options socially responsibility
a core aspect of marketing involves a(n) _______ which is a transaction in which things of value are traded by buyers and sellers
exchange
true or false: businesses should avoid using social and mobile media technologies
false
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, concepts, or idea
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
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
which of the following components of price
money, energy, time
which of the following is most likely to be a value-driven firm?
one that has active and engaging social media channels
Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the 4 Ps is most at play here?
place
Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to
plan future products and services
Of the four Ps, _________ is whatever the buyer gives up in exchange for the product including money, time, or energy
price
which of the following is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs?
product
which of the following elements of the marketing mix
product price
match each marketing mix component with its corresponding value function
product : creating value price: capturing value place: delivering value promotion: communicating value
Manufacturers in the production-orientated marketing era at the turn of the 20th century were concerned with efficient _______, not with satisfying the needs of consumers
production
When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.
segmentation
What would happen to the global economy if all marketing ceased
the global economy would plummet
Value-oriented marketers engage in an ongoing process of balancing
the perceived benefit to customers and the price
true or false: in the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it
true
In order to compete successfully, most firms today have to provide their customers with better _______ than their competitors
value or values