mgmt 323 chapter 1

Which of the following are associated with marketing, as defined by the American Marketing Association? (Choose every correct answer.) (Activities that communicate offerings that have value for society at large Organizations that develop industry partnerships for international outsourcing Institutions that facilitate the exchange of offerings that have value for customers Institutions that implement technologies for increased production efficiency Processes used to create value for clients)

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

Firms become value driven by focusing on which of the following activities? (Choose every correct answer.) (Balancing customer benefits and costs. Establishing good hiring practices. Sharing information Building relationships)

(Balancing customer benefits and costs. Sharing information. Building relationships)

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

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

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Choose every correct answer.) (Outsourcing as much labor as possible Environmentally friendly options Social responsibility Lobbying for corporate tax breaks)

(Environmentally friendly options. Social responsibility)

Which of the following are related to marketing in the production-oriented era? (Choose every correct answer.) (Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. There was an excess supply of product, and the consumer was king. Personal selling was used to market products. Retail stores were considered places to hold inventory until it was sold.)

(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? (Choose every correct answer.) (Products were designed to focus on consumers' needs. Consumers had to purchase products of inferior quality. It was a seller's market. It was a buyer's market.

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

Which are supply chain partners? (Choose every correct answer.) (Federal regulators Retailers Wholesalers Transporters Competitors)

(Retailers Wholesalers Transporters)

The process by which businesses sell to consumers is known as

B2C marketing

When was the consumer "king"?

During the market-oriented era

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

One that has active and engaging social media.

Which element of the four Ps embodies all activities needed to get the product to the right customer when and where he or she wants it?

Place

Elements of the marketing mix

Product, Price, Place, Promotion

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

Promotion

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 WHAT , of their offerings.

cost

product-

creates value

Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.

customer

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

Which entity does NOT market to the other entity?

customers to businesses

Marketing is the activity, set of institutions, and processes 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

A buyer and seller trade things of value, leaving each better off than before is called an

exchange

A core aspect of marketing involves what , which is a transaction in which things of value are traded by buyers and sellers.

exchange

During the sales-oriented era, ______. (the consumer was king manufacturers focused on product innovation, not satisfying consumer needs manufacturers had the capacity to produce more than consumers were able to buy)

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

place

delivers value

place

captures value

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? (Positioning Product Promotion Placement)

product

communicates value

promotion

Marketers use ______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response. Multiple choice question. product

promotion to

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

segmentation

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