MKT 350 Chapter 1 SmartBook

Marketers were expected to spend approximately Blank______ on social media ad spending in 2020.

$43 billion

Which of the following are related to marketing in the production-oriented era? -There was an excess supply of product, and the consumer held all the power. -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. -Manufacturers were concerned with product innovation, not with satisfying the needs of individuals.

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

B2C

Firms become value driven by focusing on which of the following activities? Establishing good hiring practices Building relationships Balancing customer benefits and costs Sharing information

Building relationships Balancing customer benefits and costs Sharing information

What is a result of the ad revenue companies collect from advertisers?

Companies are able to offer free services to consumers.

Marketing Mix: Product => ______ Price => _______ Place => ______ Promotion => ______

Creating value Capturing value Delivering value Communicating value

Which entity does NOT market to the other entity?

Customers to businesses

When did the high degree of power held by the consumer lead to firms discovering marketing?

During the market-oriented era

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

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

Which of the following is most likely to be a value-driven firm?

One that has active and engaging social media channels

Which of the following are elements of the marketing mix?

Price Product

Which are supply chain partners? Competitors Federal regulators Retailers Transporters Wholesalers

Retailers Transporters Wholesalers

Many successful American firms have undertaken actions that focus on goals beyond financial profitability, including which of the following? Social responsibility Lobbying for corporate tax breaks Environmentally friendly options Outsourcing as much labor as possible

Social responsibility Environmentally friendly options

Which events helped create a situation in which manufacturers produced more than customers could buy?

The Great Depression World War II

What would happen to the global economy if all marketing ceased? Multiple choice question.

The global economy would plummet.

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

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

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

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

Which of the following are related to marketing in the production-oriented era? a. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. b. Personal selling was used to market products. c. There was an excess supply of product, and the consumer held all the power. d. Retail stores were considered places to hold inventory until it was sold.

a. 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.

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. Organizations that develop industry partnerships for international outsourcing c. Activities that communicate offerings that have value for society at large d. Processes used to create value for clients e. Institutions that facilitate the exchange of offerings that have value for customers

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

Fast Bean sells coffee to Federico 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, price, or costs

In a value-based, marketing-oriented firm, marketers collect information about Blank______ and competitors and then analyze and distribute it across the firm's various departments.

customers

Modern marketers use ________ to focus how they approach their customers and market their products.

data analytics

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

deliver

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

exchange

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 ______.

guide their business choices

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

innovation

During the sales-oriented era, ______.

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

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

segmentation

Value-oriented marketers engage in an ongoing process of balancing ______.

the perceived benefit to customers and the price

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

value