Marketing Chapter 1

A core aspect of marketing involves a(n) ________ , 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 that can be marketed, just as goods and services can.

ideas

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

price

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market ______.

segmentation

In order to compete successfully, most firms today have to provide their customers with better ______ than their competitors.

values

Select all that apply Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? A. Environmentally friendly options B. Social responsibility C. Outsourcing as much labor as possible D. Lobbying for corporate tax breaks

A. Environmentally friendly options B. Social responsibility

Select all that apply What were the primary characteristics of the market-oriented era that followed World War II? A. It was a buyer's market. B. Consumers had to purchase products of inferior quality. C. Products were designed to focus on consumers' needs. D. It was a seller's market.

A. It was a buyer's market. C. Products were designed to focus on consumers' needs.

Select all that apply If a car manufacturer wanted to segment its marketplace, it would do which of the following? A. Organize potential customers into groups based on their age B. Divide consumers into groups based on their incomes C. Offer the same car model to all consumers in the marketplace D. Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans)

A. Organize potential customers into groups based on their age B. Divide consumers into groups based on their incomes D. Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans)

Select all that apply Which events helped create a situation in which manufacturers produced more than customers could buy? A. World War II B. World War I C. The Great Depression D. The Great Recession

A. World War II C. The Great Depression

Many business-people believe that marketing should focus on factors other than financial goals, such as ______. A. corporate citizenry B. return on investment C. market share D. total sales

A. corporate citizenry

Modern marketers use ______ to focus how they approach their customers and market their products. A. data analytics B. human resources C. customer-to-customer marketing D. supply chains

A. data analytics

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market ______. A. segmentation B. needs C. targeting D. satisfaction

A. segmentation

Which of the following characterizes an exchange? A. A buyer and seller work together to neither increase nor decrease net satisfaction. B. A buyer and seller trade things of value, leaving each better off than before. C. A seller determines the best way to maximize profit while minimizing buyer value. D. A buyer maneuvers a seller into providing maximum value for the lowest price.

B. A buyer and seller trade things of value, leaving each better off than before.

Select all that apply Which of the following are associated with marketing, as defined by the American Marketing Association? A. Institutions that implement technologies for increased production efficiency B. Institutions that facilitate the exchange of offerings that have value for customers C. Processes used to create value for clients D. Organizations that develop industry partnerships for international outsourcing E. Activities that communicate offerings that have value for society at large

B. Institutions that facilitate the exchange of offerings that have value for customers C. Processes used to create value for clients E. Activities that communicate offerings that have value for society at large

Select all that apply. Which of the following are related to marketing in the production-oriented era? A. There was an excess supply of product, and the consumer was king. B. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. C. Personal selling was used to market products. D. Retail stores were considered places to hold inventory until it was sold.

B. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. D. Retail stores were considered places to hold inventory until it was sold.

Select all that apply Which of the following are components of price? A. Ethical climate B. Money C. Time D. Energy E. Management style

B. Money C. Time D. Energy

Select all that apply Which are supply chain partners? A. Competitors B. Retailers C. Transporters D. Federal regulators E. Wholesalers

B. Retailers C. Transporters E. Wholesalers

Select all that apply Firms become value driven by focusing on which of the following A. Establishing good hiring practices B. Sharing information C. Building relationships D. Balancing customer benefits and costs

B. Sharing information C. Building relationships D. Balancing customer benefits and costs

What would happen to the global economy if all marketing ceased? A. The global economy would stay about the same. B. The global economy would plummet. C. The global economy would slightly worsen. D. The global economy would improve.

B. The global economy would plummet.

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. A. vendors B. customers C. prices D. designers

B. customers

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 ______. A. establishing prices B. developing goods and services C. communicating promotions D. delivering ambiance

B. developing goods and services

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 ______. A. price oriented B. market oriented C. profit oriented D. sales oriented

B. market oriented

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value. A. reduce B. replicate C. deliver D. justify

C. deliver

Value-oriented marketers engage in an ongoing process of balancing ______. A. public perception of the corporate ethics and the firm's stewardship. B. the efficiency of production and the safety and health standards for employees and customers. C. the perceived benefit to customers and the price. D. supply chain demands and resource availability.

C. the perceived benefit to customers and the price.

Approximately what percentage of marketers use social media? A. 97% B. 37% C. 17% D. 57%

A. 97%

Select all that apply Which of the following are elements of the marketing mix? A. Product B. Price C. Portfolio D. Purchase

A. Product B. Price

Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing. A. consumer B. vendor C. business D. producer

A. consumer

Which company would likely charge customers the least if all marketing and advertising spending was discontinued? A. Hulu B. Facebook C. BuzzFeed D. NBC

B. Facebook

Which of the following is most likely to be a value-driven firm? A. One that thinks about its customers but not its community or society B. One that collects scant data about its customers C. One that has active and engaging social media channels D. One that brings goods to market when it is convenient for the firm

C. One that has active and engaging social media channels

Match each marketing mix component with its corresponding value function. Price ----->

Capturing value

Match each marketing mix component with its corresponding value function. Promotion ----->

Communicating value

Match each marketing mix component with its corresponding value function. Product ----->

Creating value

The process by which businesses sell to consumers is known as ______ marketing. A. C2C B. C2B C. B2B D. B2C

D. B2C

When was the consumer "king"? A. During the sales-oriented era B. During the production-oriented era C. During the value-based marketing era D. During the market-oriented era

D. During the market-oriented era

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? A. Price B. Promotion C. Product D. Place

D. Place

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? Multiple choice question. A. Promotion B. Placement C. Positioning D. Product

D. Product

During the sales-oriented era, ______. A. manufacturers focused on product innovation, not satisfying consumer needs B. the consumer was king C. firms believed a good product would sell itself D. manufacturers had the capacity to produce more than consumers were able to buy

D. manufacturers had the capacity to produce more than consumers were able to buy

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 ______. A. improve customer-to-customer marketing B. determine net profitability C. update human resources policies D. plan future products and services

D. plan future products and services

Match each marketing mix component with its corresponding value function. Place ----->

Delivering value

True or False: Businesses should avoid using social and mobile media technologies.

False

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