Module 1 (Chapter 1)
Select all that apply Which of the following are elements of the marketing mix? (Choose every correct answer.) Price Product Portfolio Purchase
Price Product (Reason: The 4 Ps include product, price, place, and promotion.)
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? Multiple choice question. Placement Product Promotion Positioning
Product Reason: Promotion is part of the marketing mix and communicates features and benefits to consumers.
Select all that apply 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 The Great Recession World War I
The Great Depression World War II (Reason: sales-oriented era)
Value-oriented marketers measure the benefits that customers perceive against the __________ of their offerings.
cost
Match each marketing mix component with its corresponding value function. + Product + Price + Place + Promotion
+ Product: creating value + Price: capturing value + Place: delivering value + Promotion: communicating value
The process by which businesses sell to consumers is known as ______ marketing. Multiple choice question. B2C C2B C2C B2B
B2C
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 Building relationships Sharing information
Balancing customer benefits and costs Building relationships Sharing information
When was the consumer "king"? Multiple choice question. During the production-oriented era During the value-based marketing era During the sales-oriented era During the market-oriented era
During the market-oriented era
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? Multiple choice question. Place Promotion Product Price
Place
Of the four Ps, ___________ is whatever the buyer gives up in exchange for the product, including money, time, or energy.
price
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. Multiple choice question. value creation pricing production support
production
Approximately what percentage of marketers use social media? Multiple choice question. 17% 97% 37% 57%
97%
*****Which of the following characterizes an exchange? Multiple choice question. A buyer maneuvers a seller into providing maximum value for the lowest price. A buyer and seller work together to neither increase nor decrease net satisfaction. A seller determines the best way to maximize profit while minimizing buyer value. A buyer and seller trade things of value, leaving each better off than before.
A buyer and seller trade things of value, leaving each better off than before.
Select all that apply Which of the following are considered ideas? (Select all that apply.) Multiple select question. An opinion A service A philosophy A non-profit organization
An opinion A philosophy
Which entity does NOT market to the other entity? Multiple choice question. Wholesalers to retailers Customers to businesses Manufacturers to retailers Businesses to customers
Customers to businesses (Reason: ONLY Business-to-Business, Business-to-Consumer, Consumer-to-Consumer)
Select all that apply Which of the following are components of price? (Check all that apply.) Energy Management style Money Ethical climate Time
Energy Money Time
Which company would likely charge customers the least if all marketing and advertising spending was discontinued? Multiple choice question. BuzzFeed Facebook Hulu NBC
True or False: Businesses should avoid using social and mobile media technologies. True False
False Reason: Businesses are increasingly using social and mobile media technologies to connect with customers.
Select all that apply If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.) Multiple select question. 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 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
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? Multiple choice question. Marketing Positioning Marketing mix Place
Place
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it? Multiple choice question. Price Promotion Place Product
Place
Select all that apply 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 buyer's market. It was a seller's market.
Products were designed to focus on consumers' needs. It was a buyer's market.
Select all that apply 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. Personal selling was used to market products. There was an excess supply of product, and the consumer was king. 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.
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______. Multiple choice question. return on investment market share corporate citizenry total sales
corporate citizenry
A core aspect of marketing involves a(n) ____________ , which is a transaction in which things of value are traded by buyers and sellers.
exchange
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 ______. Multiple choice question. sales oriented market oriented price oriented profit oriented
market oriented
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 ______. Multiple choice question. plan future products and services improve customer-to-customer marketing update human resources policies determine net profitability
plan future products and services
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market ______. Multiple choice question. needs satisfaction targeting segmentation
segmentation
Value-oriented marketers engage in an ongoing process of balancing ______. Multiple choice question. supply chain demands and resource availability the perceived benefit to customers and the price the efficiency of production and the safety and health standards for employees and customers public perception of the corporate ethics and the firm's stewardship
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
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 False
True
Select all that apply 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 Processes used to create value for clients Institutions that implement technologies for increased production efficiency Organizations that develop industry partnerships for international outsourcing Institutions that facilitate the exchange of offerings that have value for customers
Activities that communicate offerings that have value for society at large Processes used to create value for clients Institutions that facilitate the exchange of offerings that have value for customers
Which of the following is most likely to be a value-driven firm? Multiple choice question. One that has active and engaging social media channels One that brings goods to market when it is convenient for the firm One that thinks about its customers but not its community or society One that collects scant data about its customers
One that has active and engaging social media channels
Select all that apply Which are supply chain partners? (Choose every correct answer.) Retailers Competitors Transporters Wholesalers Federal regulators
Retailers Transporters Wholesalers
Select all that apply Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? Social responsibility Environmentally friendly options Lobbying for corporate tax breaks Outsourcing as much labor as possible
Social responsibility Environmentally friendly options
What would happen to the global economy if all marketing ceased? Multiple choice question. The global economy would plummet. The global economy would stay about the same. The global economy would improve. The global economy would slightly worsen.
The global economy would plummet.
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing. Multiple choice question. producer business vendor consumer
consumer
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. Multiple choice question. designers customers vendors prices
customers
Modern marketers use ______ to focus how they approach their customers and market their products. Multiple choice question. human resources supply chains customer-to-customer marketing data analytics
data analytics
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value. Multiple choice question. justify reduce deliver replicate
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 ______. Multiple choice question. developing goods and services delivering ambiance establishing prices communicating promotions
developing goods and services
Products include goods and services, as well as ______________, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can
idea
During the sales-oriented era, ______. Multiple choice question. the consumer was king firms believed a good product would sell itself manufacturers had the capacity to produce more than consumers were able to buy manufacturers focused on product innovation, not satisfying consumer needs
manufacturers had the capacity to produce more than consumers were able to buy
During the sales-oriented era, ______. Multiple choice question. the consumer was king manufacturers had the capacity to produce more than consumers were able to buy manufacturers focused on product innovation, not satisfying consumer needs firms believed a good product would sell itself
manufacturers had the capacity to produce more than consumers were able to buy