Marketing 3501 Chpt. 1

Which of the following factors is not required for marketing to occur?

A retail location

Which of the following is NOT an example of marketing?

A student markets himself to his instructors to get a better class schedule.

To be considered a part of the firm's market, consumers must have which of the following?

Both the desire and ability of the customer to buy.

Who benefits from effective marketing?

Consumers who buy, Society as a whole, Organizations who sell

Which of the following statements best describe who is involved in marketing?

Every organization markets in some capacity.

Which of the following statements about marketing is TRUE?

It is not always easy; thousands of new products fail each year.

Kacey grew up sailing and still loves it today. After securing a great job post graduation, he started saving for his own sailboat. He had his eye on one in particular and had saved about half what he needed when his company transferred him to Phoenix, which didn't have the same recreation options. Which of the following best describes Kacey?

Kacey is not in the market for the sailboat yet.

Which of the following best describes the place element of the marketing mix?

Many popular new songs are available for purchase and digital download via Apple's iTunes Store.

_____ helps discover the needs of prospective customers.

Marketing research

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

Organizational structure

Making an item easy to purchase.

Possession

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

Quality, convenience, on time delivery, and before-sale and after-sale service at a specific price.

links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits

Relationship marketing

The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external and influential forces but not environmental forces?

Shareholders, Suppliers, Customers, and other organizations.

Which best describes the price element of the marketing mix?

Southwest Airlines allows customers to choose a higher fare for a flight so that it is refundable if needed.

In order for marketing to occur, both parties involved must have which two requirements regarding their needs?

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

Dash Plumbing is an established company with 12 employees and a small office in the suburbs of Atlanta. The company had an old copier that was breaking down often, to the dismay of the staff, and it had the resources to buy a new one. Which best describes this situation?

The people at Dash Plumbing are in the market for a new copier.

Which of the following are reasons to learn about marketing?

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

It is about 6pm and you had a late lunch. Though you usually order a pizza and watch sports on Sunday night, you don't this time. What is the primary reason marketing did not occur in this situation?

You did not have the desire to satisfy a hunger need.

Customer value is the unique combination of benefits received by targeted buyers

at a specific price

Studying marketing should help you to ______.

be a more informed citizen when interacting with businesses.

Customer value reflects the relationship of a combination of ________ relative to a specific price, or what the customer gets for what she gives.

benefits

Marketing is about the exchange of things of value so that _______________ is/are better off as a result.

both the buyer and the seller

Marketing benefits the organization, its stakeholders, and society at large by _______ offerings that have value for customers?

communicating, creating, delivering, and exchanging.

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' interests, new expectations of marketers now include

consideration of social and environmental consequences of their actions.

The four Ps, or marketing mix, are the ________ set of activities that a firm uses to respond to the needs of its target market.

controllable

The internal response that customers have to all aspects of an organization and its offering is known as the

customer experience.

CRM stands for

customer relationship management.

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

customer relationship management.

is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

customer value

cluster of benefits that an organization promises customers to satisfy their needs

customer value proposition

Consider the primary objectives of marketing: for effective marketing to occur, what must marketers do before they can satisfy the needs of their customers?

discover customer needs and wants

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

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

Marketing is performed by

either individuals or organizations.

Actions by competitors and government restrictions are examples of ________ forces.

environmental

Social, economic, technological, competitive, and regulatory forces that are mostly beyond the control of the marketer are known as ________ forces.

environmental

By their very nature, ________ act externally to sometimes expand an organization's marketing opportunities and at other times restrict them.

environmental forces

A marketing tactic to advertise to young children online, while not illegal, is a(n) ________ issue.

ethical

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

is a transaction in which things of value are traded between the buyer and the seller.

exchange

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

false

The enacting of right-to-die legislation by a state government will become an environmental ___________for hospitals and doctors in that state.

force

The production of the good or service.

form

Which of the following are types of utility received by users of a product?

form, place, time, possession

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

Concepts like value and relationship marketing are important in designing a marketing program because such a program is what connects an organization to

its customers

The essence of successful marketing is that firms provide unique value in order to gain

loyal customers

The essence of marketing is that firms gain ________ customers by providing ________ value.

loyal; unique

While ________ establishes a firm's mission and objectives, the marketing department supports the goals by helping to provide satisfying products.

management

Successful airlines create value by offering

many flights to destinations the consumer wants.

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.

If you develop a desire for a product that does not yet exist in the marketplace, this would be considered an unsatisfied need, one of the conditions required for ________________ to occur.

marketing

The _____ department of an organization works closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

marketing

Which of the following departments of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders, its suppliers, and other organizations?

marketing department

The marketing manager's controllable factors that can be used to solve a marketing problem is known as the

marketing mix

is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

marketing program

Which of the following is the most fundamental method an organization uses to discover consumer needs?

marketing research

Product, price, promotion, and place are known as the marketing

mix

Even though ________, marketing is challenging enough that thousands of new products fail annually.

most people have a lot of experience with product decisions

In order to satisfy your hunger _____, you might grab something quick from a vending machine, or stop by a fast food drive through on your way home.

need

Based on his studies, Robert McMath recommends focusing on customer benefits and learning from past mistakes for

new product development.

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

organizational buyers.

Marketing typically impacts which of the following groups in society?

owners, suppliers, customers, and other organizations.

In marketing, a market is made up of

people with the desire and ability to buy a product.

A means of getting the product to the consumer

place

Having the product available where consumers need it.

place

What is exchanged for the product

price

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

price

A good, service, or idea to satisfy needs

product

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

product

In the marketing mix, ________ refers to the element comprised of the good, service, or idea that is offered.

product

is the part of the marketing mix that aims at satisfying consumers by providing features and benefits.

product

Which of the following are elements of the marketing mix?

product, price, promotion, place

A means of communication between seller and buyer

promotion

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

relationship

Firms develop products and services with the understanding that their ultimate goal is to ______ their customers' needs.

satisfy

In addition to considering its financial profit responsibility, organizations are increasingly shifting focus to areas like which of the following?

social responsibility and ethics

Organizations like 3M increasingly consider the consequences of their actions for all parties, even the general public, which illustrates the marketing concept.

societal

As a marketing manager plans new products to meet consumer needs, he or she should

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

Which value strategy does Nordstrom use?

superior service

is a specific group of potential customers toward which an organization directs its marketing program.

target market

Customer experience is

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

The idea that a company should attempt to satisfy its customers' needs while at the same time try to achieve its own objectives is known as

the marketing concept

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.

Having the product available when needed.

time

For marketing to occur, there must be ________ with unsatisfied needs.

two or more parties

People who use the goods and services purchased for a household are known as

ultimate consumers.

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

unsatisfied needs

A(n) ________ is a need that is shaped by a person's knowledge, culture, and personality.

want

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

wants