Marketing Foundations | Section:MRKT 1001 - Marketing Ch.1

Identify two current trends that may affect the way firms reach customers in the future.

Fewer Americans watch television through a cable subscriber than ever before & Social media outlets are a primary source for consumer news.

What role, if any, did marketing play in the U.S. housing crisis that began in December 2007?

Marketers triggered the crisis by encouraging consumers to buy homes that were more than they could afford.

What era in the evolution of marketing is best reflected by the notion that in order to be successful a firm must have a company-wide commitment to satisfying customer needs?

Marketing concept.

When Evan hires new employees to work at his sporting goods store, he spends a lot of time training them in customer service. Evan's philosophy is that everyone at his store should be concerned with doing whatever it takes to satisfy the customer's needs. Which marketing strategy best describes Evan's philosophy?

Marketing concept.

A firm looking to quickly adjust its market share or revenue would change which element of the marketing mix?

Price.

Of all the marketing mix elements, which is typically the easiest to change?

Price.

During which point in American history was the sales orientation strategy particularly important?

The Great Depression.

The part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final consumer is called...

logistics or logistic.

The element of supply chain management concerned with planning, implementing and controlling the flow of goods, services, and information between the point of origin and the final consumer is called...

logistics.

The four Ps are more commonly referred to as the...

marketing mix.

The four Ps of the ______ ______ provide marketers with the tools to increase customer awareness, sales, and profitability.

marketing or market; mix

Collectively, all the things that a firm can do to influence demand for its goods, services, or ideas is referred to as the marketing...

mix.

True or false: Events of the last 20 years have shown the the global economy is not really interconnected.

False

True or false: When it comes to marketing products and services, marketers do not need to be concerned with any ethical implications of their actions because the consumer bears the ultimate responsibility to determine whether or not a product is needed.

False

In marketing, states of felt deprivation are referred to as...

a need.

In marketing, the activity that occurs when a buyer and seller trade things of value so that each is better off as a result is referred to as...

an exchange.

The slogan Just Do It, along with the swoosh symbol on its shoes, are elements that help to identify Nike's ______ from that of competitors.

brand

As it pertains to marketing, the term exchange refers to...

buyers and sellers trading things of value so that each is better off as a result.

Trisha's Tasty Treats, a bakery and coffee shop, is having a grand opening on Saturday to celebrate its newest location. In addition to advertising the event in the local paper, Trisha sent a bakery menu to all households in the area along with a 50% off coupon. In doing so, Trisha's Tasty Treats is most likely attempting to...

communicate value.

After two decades of economic depression, the U.S. entered an era of expansion beginning in the...

1950s.

Wants are the form that human needs take. What three things does your text say shape a person's wants?

Buying situation, Personality & Culture.

The international trade agreement originally known as NAFTA and now called the USMCA relaxes trade restrictions between the United States and which two other countries?

Canada and Mexico.

What is perhaps the most basic concept in marketing?

Determining the difference between consumer needs and wants.

What are two reasons social media advertising a good choice for small firms and nonprofit organizations?

It is driven by word of mouth & It is relatively inexpensive.

What percentage of new products fail after being introduced into the marketplace?

Over 80%

Which of the following is not one of the 4Ps of the marketing mix?

Perception.

What four items make up the 4 Ps of the marketing mix?

Place, Price, Promotion, & Product.

Any discussion of the marketing mix typically begins with which of the four Ps?

Product.

Which marketing mix element must be addressed first since it is the element that all other decisions revolve around?

Product.

Efficient processes in manufacturing that resulted in quality products and reduced unit costs was the focus of which era in the evolution of marketing?

Production orientation

Which era in the history of marketing began in the early years of the United States prior to the 1920s?

Production orientation.

Midnight Stroll is a late-night blues bar that is located just down the street from the city's theater district. The owners of the bar have decided to place an advertisement in the playbill for selected theater productions. Which element of the marketing mix does this represent?

Promotion.

What element of the marketing mix involves all the activities that communicate value of a product and persuade customers to buy it?

Promotion.

What is the key to creating value for consumers?

Providing them with benefits that meet their needs and wants.

Which statement is indicative of the thinking that was present during the production orientation era in the evolution of marketing?

Quality products will sell themselves.

______ marketing is the marketing strategy that focuses on attracting, maintaining, and enhancing customer relationships.

Relationship

Which statement accurately reflects the relationship between revenue and price?

Revenue from an item will either be increased or decreased depending on how that item is priced.

Which stage in the evolution of marketing was characterized by personal selling and advertising in order to persuade customers to buy new products or more of existing products?

Sales orientation

Which stage in the evolution of marketing was characterized by personal selling and advertising in order to persuade customers to buy new products or more of existing products?

Sales orientation.

What is the premise behind the marketing concept stage in the evolution of marketing?

Satisfy the needs of the customer.

Which media outlet is rapidly growing as a source where consumers get their news?

Social media sites.

What form of promotion is good for smaller firms and nonprofit organizations because it is driven by word of mouth and, therefore, relatively inexpensive to implement?

Social media.

What is the overall purpose of marketing as it relates to customers?

To provide customers with value.

True or false: Even in a healthy economy, over 80% of all new products fail.

True

True or false: The marketing concept is the idea that a firm's long-term success must include a company-wide effort to satisfy customer needs.

True

______ are the form that human needs take as they are shaped by personality, culture, and buying situation.

Wants

Which statement best reflects the thinking behind the sales orientation era of marketing?

We need to persuade customers to buy our products so they don't buy from our competitors.

A local family is advertising a 5k run to raise awareness for diabetes since one of their children was just diagnosed with the condition. Felicia likes to run, so she decides to pay the fee to participate in the event. Afterward, she is pleased that she participated and feels good about helping out the family. Would this be considered a marketing exchange?

Yes, because participating in the run was exchanged for Felicia's feeling of satisfaction for helping the family.

A local social group is advertising a block party to raise funds for a new playground. Tickets are $20 per family. Participants are also encouraged to volunteer on playground-building days. John and Claire buy a ticket for their family and join in the building process. They feel great about helping their community. Would this be considered a marketing exchange?

Yes. This is a marketing exchange.

Ethan knows that when he graduates from college and begins looking for a job, he will need to make his resume stand out from all the other resumes that the company receives in order to be selected for an interview. This focus on making his resume unique, means that Ethan understands the importance of...

communicating value.

Marketing seeks to ______ for customers, clients, partners, and society at large.

create value

According to your text, marketing is defined as a process that involves...

creating, communicating, and delivering value to customers and managing those relationships to benefit the company and its stakeholders.

The focus of the marketing concept era was on...

customer needs.

Customers have been complaining to the management at Sam's Sports Bar that it only serves domestic beer. So the establishment has decided to introduce a new line of craft beers to its menu. By providing its customers with benefits that meet their needs, Sam's Sports Bar is providing...

customer value.

The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it is referred to as...

customer value.

Central to the marketing concept is the idea that the long-term success for a firm must include a company-wide effort to satisfy the needs of the...

customer, consumer, customers, or consumers.

A firm sells its product in outlets all around the country. Having an efficient supply chain is critical if the firm wishes to...

deliver value.

After Levi's manufactures its jeans, the company ships the product to wholesalers who, in turn, use transportation companies to ship the product to various retail outlets. The manufacturer, wholesaler, transportation company and retailer all work together to create and distribute the product. This is an example of...

delivering value.

For firms in the United States, much of their growth comes from...

expanding into international markets.

A firm engaged in ______ marketing would consciously address its customers, markets, and competition throughout the world.

global or international.

Today, we see an increase in the number of countries that trade with one another resulting in the world economy becoming ever more connected. This is known as...

globalization.

When a person feels deprived of basic necessities such as food, clothing, shelter, transportation and safety, it can be said that they have an unmet...

need or needs.

An advertisement shows a group of teenagers driving in a car looking for a place to eat. As they drive along, one of the passengers in the car sees a McDonald's ahead and says "Let's eat there!" Everyone else quickly agrees. In this ad, getting food represents a ______, while McDonald's represents a...

need; want

An advertisement shows a group of teenagers driving in a car looking for a place to eat. As they drive along, one of the passengers in the car sees a McDonald's ahead and says "Let's eat there!" Everyone else quickly agrees. In this ad, getting food represents a ______, while McDonald's represents a...

need; want.

Decisions regarding logistics and managing the supply chain take place within the ______ element of the marketing mix.

place

Questions regarding the delivery of products, how much inventory to carry, and which suppliers to use are all part of the ______ element of the marketing mix.

place

The marketing mix element that describes what a buyer exchanges with a seller in order to obtain a product is known as...

price.

A(n) ______ may be a good—such as an automobile, or a service—such as a haircut.

product

Marketing mix decisions typically begin with the ______ element.

product

Firms with a ______ orientation believed that quality products would simply sell themselves.

production or product

Jolee is a marketer for a health and beauty products manufacturer. Whenever a new product is developed, Jolee must figure out how to communicate the value of the product to customers so they will want to buy it. Jolee's job deals with the ______ element of the marketing mix.

promotion

Placing a 30-second advertisement during a televised football game, offering customers a money-saving coupon, or having a salesperson describe the benefits of a product are all activities in the ______ element of the marketing mix.

promotion

When asked "What is marketing?," most people would think of the ______ element of the marketing mix.

promotion

The marketing strategy that focuses on attracting, maintaining, and enhancing customer relationships is referred to as...

relationship marketing.

The amount a firm earns from selling products to customers is its...

revenue.

Because it relates to the value consumers place on the product, ______ is one of the most important strategic decisions a firm faces with regard to a product.

setting a price

The term ______ refers to Internet-based applications that enable users to create their own content and share it with others who access these sites. Multiple choice question.

social media

Because Facebook and Twitter allow users to create their own content and share it with other Facebook and Twitter users, these sites are referred to as...

social media.

Facebook, Twitter, and YouTube are all Internet-based applications that allow users to create and exchange information. These products fall into the category known as...

social media.

The term used to describe a group of Internet-based applications that allow the creation of user-generated content is...

social media.

Everyday, Pepsi products are delivered to grocery stores, gas stations, vending machines, and restaurants in the United States and to locations around the world. In order to accomplish this task, it is critical that Pepsi have an efficient ______ to get its products from its source to the consumer.

supply chain

A set of multiple companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer is referred to as the...

supply chain.

The place element of the marketing mix involves...

the activities a firm undertakes to make its product available to potential customers.

The sales orientation era in the history of marketing continued until...

the end of World War II.

Marketers define customer value as...

the perceived monetary or nonmonetary benefits that customers receive from a product compared to the cost associated with obtaining the product.

Marketers create ______ for customers when they develop products that allow customers to satisfy their needs and wants through exchange relationships.

value

Setting a price is one of the most important strategic decisions a firm faces because it relates to the ______ consumers place on the product.

value

When marketers develop a product that satisfies the needs and wants of a customer through an exchange relationship, they have created ______ for that customer.

value

Marketers need to understand that personality, culture, and the buying situation are all factors that shape the desire for consumer...

wants.