MKT 320 Exam 1 ch 1

Marketing is the __________________, _______________ and ________________ for_____________________, _____________________, ______________________,_____________________ and _____________________ offerings that have value.

- activity - set of institutions - process - creating - communicating - capturing - delivering - exchanging

what is the focus of the value-oriented era?

- adding value to the stakeholder - attempt to discover/satisfy customers' need/wants

Exchange is mutually _____________________. Customers give up _____________________, _____________________ and _____________________.

- beneficial - money, time, and information

Price ______________value. Everything a _______________ gives up

- capture - buyer

Promotion __________________value. A promotion is designed to ___________________, ___________________ and ____________________.

- communicate - inform, remind , and persuade

Companies collect ____________ on customers, measure _____________________ of value and develop _________________________________ with customers.

- data - customer perception - long-term relationship

Place ______________value. Activities to get _______________ to customers.

- deliver - products

Marketing entails an _____________________ to satisfy customer _____________________ and _____________________.

- exchange - needs and wants

Marketing is performed by ______________________ or ________________________.

- individuals - organizations

Marketing impacts four stakeholders = __________________, ____________,_______________ and ______________________.

- society - customers - employees - supply chain

Value is dependent on the marketing mix. Products __________________value.

create

Marketing channel management is also known as __________. a.) a transactional orientation b.) wholesaling c.) production management d.) supply chain management e.) endless chain marketing

d.) supply chain management

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing a.) retailing-oriented b.) value-based marketing c.) sales-oriented d.) market-oriented e.) production-oriented

e.) production-oriented

Marketing enriches society _____________.

expanding, understanding (greener, healthier perception, safer and better investment)

what is the focus of the sales-oriented era?

focus on getting rid of the product (door-to-door salesman)

what is the focus of the marketing-oriented era?

focus on the customer needs

whats LTV?

lifetime value

what is the focus of the production-oriented era?

making the product (henry ford)

Which of the following statements reflects the philosophy of the market-oriented era? a.) The customer is king. b.) Firms should take advantage of a seller's market. c.) Advertising and personal selling should be emphasized in order to make the sale. d.) A good product will sell itself. e.) Firms should focus on value.

a.) The customer is king.

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is __________. a.) expanding from offering just goods to also offering services b.) implementing a market segmentation strategy c.) increasing customer value through inflated appraisal evaluations d.) capturing value through multiple pricing strategies e.) expanding from offering just services to also offering goods

a.) expanding from offering just goods to also offering services

Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on __________. a.) how different customers perceive the value of her services b.) how much her competitors charge for similar services c.) choosing an average price that she will charge all her clients d.) changes in the economy e.) changes in technology allowing consumers to manage their own affairs

a.) how different customers perceive the value of her services

During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers. a.) sales-oriented b.) market-oriented c.) production-oriented d.) value-based marketing e.) retailing-oriented

a.) sales-oriented

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era. a.) value-based marketing b.) sales-oriented c.) production-oriented d.) retailing-oriented e.) market-oriented

a.) value-based marketing

Value-oriented marketers constantly measure __________. a.) promotional effectiveness against ethical advertising standards b.) perceived customer benefits against the costs of their offerings c.) the problem of price maximization against cost-efficiency d.) the desire to achieve against the need for a stable source of supply e.) the goal of efficiency against the price charged by competitors

b.) perceived customer benefits against the costs of their offerings

Data about how, when, why, where, and what people buy refers to __________. a.) statistics b.) marketing analytics c.) value-based marketing d.) relational orientation e.) demographics

b.) marketing analytics

Even though they operate from out-of-the-way airports and offer few extra services, discount, no-frill airlines like Ryanair and EasyJet have been successful. Consumers obviously consider __________. a.) the prices to be slightly lower, but not low enough to have much influence b.) the benefit of lower prices to be greater than the cost of reduced services and less convenience c.) the extra services offered by these airlines to be the most thorough in the industry d.) the major airlines to be worthless e.) the long-term relationships established by these airlines to be a critical benefit

b.) the benefit of lower prices to be greater than the cost of reduced services and less convenience

what is the missing p?

people

what are the five p's

product , price, place, promotion, people