MKT3300 CH 1
Which of the following describes the fundamental purpose of marketing?
To create value and satisfy consumer needs
Which of the following are considered ideas? (Select all that apply.)
opinion, philosophy
A company's ______ create(s) value by satisfying customer needs.
products, services, or ideas
Approximately what percentage of marketers use social media?
97
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
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
What were the primary characteristics of the market-oriented era that followed World War II? (Choose every correct answer.)
It was a buyer's market. Products were designed to focus on consumers' needs.
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
Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the 4 Ps is most at play here?
place
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
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 ______.
plan future products and services
Of the four Ps, is whatever the buyer gives up in exchange for the product, including money, time, or energy.
price
Value-oriented marketers measure the benefits that customers perceive against the of their offerings.
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?
product
______ is the part of the marketing mix that communicates the value of the product to the consumer.
price
In the marketing mix, which element of the four Ps communicates value to the consumer?
promotion
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying the needs of consumers.
production
In order to compete successfully, most firms today have to provide their customers with better than their competitors
value
.... 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
Which of the following characterizes an exchange?
A buyer and seller trade things of value, leaving each better off than before.
When was the consumer "king"?
During the market-oriented era
Which of the following are associated with marketing, as defined by the American Marketing Association?
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
Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Choose every correct answer.)
Social responsibility Environmentally friendly options
Modern marketers use ______ to focus how they approach their customers and market their products.
data analytics
A core aspect of marketing involves a(n) .... , which is a transaction in which things of value are traded by buyers and sellers.
exchange
Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.
goods
Products include goods and services, as well as , which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can. (Remember to type only one word in the blank.)
ideas
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
Marketers use ______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response.
promotion
Value-oriented marketers engage in an ongoing process of balancing ______.
the perceived benefit to customers and the price
Which are supply chain partners? (Choose every correct answer.)
retailers, transporters, wholesalers
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market ______.
targeting
Match the corresponding elements: Product Price Place Promotion
Creating Value capturing value delivering value communicating value
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.)
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
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
Which of the following best describes goods?
Items you can touch
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 related to marketing in the production-oriented era? (Choose every correct answer.)
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.
Which of the following are components of price? (Check all that apply.)
time, money, energy
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
Which events helped create a situation in which manufacturers produced more than customers could buy? (Choose every correct answer.)
The Great Depression World War II
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