Smartbook 1 Marketing BA370 + chapter key terms

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

Getting cash from an ATM is considered a(n) Blank______ transaction.

service

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?

ww2 and the great depression

Which of the following characterizes an exchange?

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

Supply Chain Management

A set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, as well as to minimize systemwide costs while satisfying the service levels their customers require. Also called marketing channel management.

Marketing Plan

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.

Which of the following are associated with marketing, as defined by the American Marketing Association?

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

Which of the following are considered ideas? (Choose every correct answer.)

An opinion A philosophy A thought

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

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

During the market-oriented era

If a car manufacturer wanted to segment its marketplace, it would do which of the following?

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

Which of the following best describes goods?

Items you can touch

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. Retail stores were considered places to hold inventory until it was sold.

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

Place

Match each of the four P's with their purpose 1. Product 2. Price 3. Place 4. Promotion Answers to choose from: communication value delivering value capturing value creating value

Product---> creating value Price---> capturing value Place---> delivering Value Promotion---> communicating value

Which of the following are components of price? (Check all that apply.)

Time Energy Money

relational orientation

a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship

marketing channel management

also called supply chain management, refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers

service

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything. Cannot be separated from the producer

Business-to-consumer (B2C)

companies sell directly to consumers

Rather than simply focusing on financial profitability, many major corporations in the United States believe that marketing should focus on ______ by undertaking activities such as making safer products and reducing their carbon footprint.

corporate citizenry

Value-oriented marketers measure the benefits that customers perceive against the ___________ of their offering

cost

value cocreation

customers act as collaborators with a manufacturer or retailer to create the product or service

Modern marketers use Blank______ 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

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 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

A toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer. This is an example of market:

segmentation

Marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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

the perceived benefit to customers and the price

Consumer-to-consumer (C2C)

the process in which consumers sell to other consumers

business-to-business marketing (B2B)

the process of selling merchandise or services from one business to another

exchange

the trade of things of value between the buyer and the seller so that each is better off as a result

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

value

1. Product 2. Price 3. Place 4. Promotion

1) creating value 2) capturing value 3) delivering value 4) communicating value

How does ad revenue benefit consumers?

It enables companies to offer free services to consumers.

marketing mix

Marketing mix is the four ps

value

Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives.

Which of the following is true of services?

They cannot be separated from the producer.

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs through a variety of offerings

Which are supply chain partners? (Choose every correct answer.)

Transporters Retailers Wholesalers

Customer Relationship Management (CRM)

a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers

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

consumer