Marketing Chapter Uno

Approximately what percentage of marketers use social media?

97%

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

When was the consumer "king"?

During the market-oriented era

Deliver

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.

Which of the following are components of price?

Money, time, energy

Which company is most likely to be a value-driven firm?

One that has active and engaging social media channels

______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

Product

What are the marketing mix's 4 P's?

Product, price, place, and promotion

In the marketing mix, which element of the 4Ps communicates value to the consumer?

Promotion

Personal selling was a hallmark of which marketing era?

Sales-oriented era

Firms become value driven by focusing on which of the following activities?

Sharing information Building relationships

Many of the most successful American firms believe that marketers should focus on which of the following beyond financial profitability?

Social responsibility Environmentally friendly options

Goods

Tangible items

Which of the following is true of services?

They cannot be separated from the producer.

Ideas

Thoughts, opinions, philosophies, intellectual concepts

in what marketing era are we functioning in today?

Value-based marketing era

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

Which of the following characterizes the relationship between marketing and exchange?

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

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

false

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

What are supply chain partners?

wholesalers transporters retailers

Which of the following are considered ideas?

A thought an opinion a philosophy

When was the production-oriented era?

At the turn of the 20th century

The process by which businesses sell to consumers is known as ______ marketing.

B2C

Price

Capturing value

Promotion

Communicating value

Which entity does NOT market to the other entity?

Consumers to businesses

Product

Creating Value

Place

Delivering Value

divide consumers into groups based on their incomes. identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans).

If a car manufacturer wanted to segment its marketplace it would ______. (Select all that apply.)

Services

Intangible customer benefits that cannot be separated from the producer

What were the primary characteristics of the market-oriented era that followed World War II?

It was a buyers market Products were designed to focus on consumers' needs

A product can be broken down into services, ideas, and goods. What are goods?

Items that you can touch

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

Place

______ is the component of the four Ps that aims to capture value.

Price

Which of the following are related to marketing in the production-oriented era?

Retailers were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual.

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs.

_______ reflects the relationship of benefits to costs, or "what you get for what you give."

Value

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______.

aggressive selling and advertising

In the four Ps of marketing, the task of the price is to ______ value for the market mix.

capture

Value-based marketing firms implement their strategies according to what _____ believe is a good value.

customers

In a value-based, marketing-oriented firm, marketers share ______ about customers and integrate it across the firm's various departments.

data

In the marketing mix, place is expected to ______ value for the customer. (Recall that each of the Ps acts differently and specifically.)

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

A core aspect of marketing, borrowed from economics, includes a(n) __________, which is a transaction in which things of value are traded by buyers and sellers.

exchange

True or false: Value-based marketing means the value of a product depends on how the marketer sells it, not how the customer values it.

false

Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch

goods

You're walking down a street and find yourself hankering for an ice cream cone. A few blocks later you see a Baskin Robbins ice cream shop. Which of the 4 Ps is most at play here?

place

______ is one of the elements of the four Ps that embodies all activities needed to get the product to the right customer when and where he or she wants it.

place

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

price

______ is the component of the four Ps that aims to capture value.

price

Which of the following are associated with marketing, as defined by the American Marketing Association?

processes used to create value for clients institutions that facilitate the exchange of offerings that have value for customers activities that communicate offerings that have value for society at large

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.

production

Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs.

products, services, or ideas

______ 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

_____________is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response.

promotion

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.

segmentation

A(n) ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held.

service

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

How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?

using promotion

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.

value

In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better ______________based marketing than their competitors.

value

In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better_________based marketing than their competitors.

value