SmartBook Ch. 1

Which statements about the marketplace are true? (Select all that apply.) A. The marketplace refers to the world of trade. B. The marketplace can be divided into categories that are important to an organization for specific reasons. C. For most firms, the best strategy is to target specific segments of the market. D. The marketplace consists primarily of retail stores.

A, B, C.

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 ______. A. developing goods and services B. delivering ambiance C. establishing prices D. communicating promotions

A. developing goods and services

Getting cash from an ATM is considered a(n) ______ transaction. A. online B. service C. product D. business-to-business

B. service

What is NOT a characteristic of good marketing? A. Benefits society B. Benefits customers C. Benefits the competition D. Benefits the firm

C. Benefits the competition.

Marketing is about satisfying ____ and ____.

customer needs and wants

What is the definition of marketing?

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

What are the five core aspects of marketing?

1. Marketing can be performed by individuals and organizations. 2. Marketing creates value. 3. Marketing entails an exchange. 4. Marketing is about satisfying customer needs and wants. 5. Marketing affects various stakeholders.

Match each marketing era to the correct description of the marketing focus during that period. Market-oriented era

A growing focus on meeting customer needs and wants.

What are supply chain partners? (Select all that apply.) A. Retailers B. Wholesalers C. Transporters D. Competitors E. Federal regulators

A, B, C.

Which of the following are components of price? (Select all that apply.) A. Time B. Energy C. Money D. Cultural imperialism E. Ethical climate

A, B, C.

Which of the following are related to marketing in the production-oriented era? (Check all that apply.) A. Retailers were considered places to hold inventory until it was sold. B. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. C. Personal selling was used to market products. D. There was an excess supply of product, and the consumer was the king.

A, B.

Firms become value driven by focusing on which of the following activities? (Check all that apply.) A. Building relationships B. Establishing good hiring practices C. Balancing customer benefits and costs D. Sharing information E. Using existing technologies to improve processes

A, C, D.

If a car manufacturer wanted to segment its marketplace it would __________? (Select all that apply.) A. Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans). B. Offer the same car model to all consumers in the marketplace. C. Divide consumers into groups based on their incomes. D. Organize potential customers in the marketplace

A, C, D.

According to the story in the text, why might consumers be more likely to purchase a Phyter bar from Amazon than from the Phyter website? (Select all that apply.) A. Because Amazon already has their billing and shipping information stored B. Because the consumer does not feel confident that Phyter will deliver the shipment on time C. Because Amazon may personally recommend it to them based on their past purchases D. Because Amazon offers significant discounts on purchases of fruit and vegetable products

A, C.

Which of the following are characteristics marketers seek out in potential customers? (Select all that apply.) A. Individuals and/or businesses who have or are likely to have interest in the products or services B. Individuals and/or businesses with no expressed wants or needs C. Individuals and/or businesses who have an ability to buy the products or services D. Individuals and/or businesses who have little interest in the products or services

A, C.

What are the two key elements marketers consider when determining price? (Select all that apply.) A. Marketers must ensure the seller achieves a reasonable profit. B. Marketers should know how much money the buyer has. C. Marketers must identify the maximum price at which anyone will buy the product. D. Marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase.

A, D.

Which of the following are core aspects of marketing? (Check all that apply.) A. Marketing helps create value. B. Marketing can be performed only by organizations. C. Marketing occurs solely in retail stores. D. Marketing entails an exchange.

A, D.

An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling? A. An idea B. A good C. A service

A. An idea

What is NOT a characteristic of good marketing? A. Benefits the competition B. Benefits the firm C. Benefits society D. Benefits customers

A. Benefits the competition

Globally, what prevents marketers from targeting consumers via social media? A. Consumers' lack of high-speed Internet B. Consumers' inability to pay exorbitant prices for high-speed Internet C. Local laws and restrictions D. Consumers' lack of interest in social media

A. Consumers' lack of high-speed Internet

Why do companies divide their customer base into differing categories? A. To better understand specific customers' wants and needs B. To discourage non-target customers from engaging online C. To expedite retail shipping D. To identify potential employees in the event of a hiring blitz

A. To better understand specific customers' wants and needs.

In what marketing era are we functioning today? A. Value-based marketing era B. Sales-oriented era C. Production-oriented era D. Market-oriented era

A. Value-based marketing era

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______. A. aggressive selling and advertising B. wider distribution of the products C. product innovation and greater varieties offered D. price reductions and discounts

A. aggressive selling and advertising

When a consumer gives up money (or something of value) in order to receive something else of value, this is called ______. A. an exchange B. business-to-business marketing C. a relationship D. supply chain management

A. an exchange

During the sales-oriented era, ______. A. manufacturers had the capacity to produce more than consumers were able to buy B. firms believed a good product would sell itself C. the consumer was the king D. manufacturers focused on product innovation, not satisfying consumer needs

A. manufacturers had the capacity to produce more than consumers were able to buy

Marketers must determine prices of products on the basis of ______. A. potential buyers' beliefs about a product's value B. the profit the company could make at a target price C. break-even analysis D. how many aggressive competitors exist in the market

A. potential buyers' beliefs about a product's value

What are examples of good marketing campaigns? (Select all that apply.) A. Ones that are unethical B. Ones that are ethical C. Ones that are thoughtfully planned D. Ones that consider their affect on society

B, C, D.

Which of the following are associated with marketing, as defined by the American Marketing Association? (Check all that apply.) A. organizations that develop industry partnerships for international outsourcing B. institutions that facilitate the exchange of offerings that have value for customers C. institutions that implement technologies for increased production efficiency D. activities that communicate offerings that have value for society at large E. processes used to create value for clients

B, D, E.

Some successful airlines create value by offering ______. (Select all that apply.) A. locally targeted marketing campaigns B. in-flight WiFi shopping opportunities C. employees membership in unions D. many flights to destinations the consumer wants

B, D.

What is the fundamental factor underlying all buyer-seller relationships? A. A good price B. An exchange C. A relationship D. A transaction

B. An exchange.

Like Timex, Rolex makes watches. How does Rolex add unique value to its products? A. By offering convenience B. By conferring status C. By offering an eco-friendly, ethically-made product D. By providing an inexpensive option

B. By conferring status

A product can be broken down into services, ideas, and goods. What are goods? A. Experiences that cannot be separated from the producer B. Items you can touch C. Value for which the consumer pays money D. Intangible products

B. Items you can touch

Which of the following is NOT a core aspect of marketing? A. Marketing entails an exchange. B. Marketing must occur in a specific setting. C. Marketing helps create value. D. Marketing requires product, price, place, and promotion decisions.

B. Marketing must occur in a specific setting.

A strategy developed by companies that specifies marketing activities for a specific period of time is known as a(n) ______. A. Sales plan B. Marketing plan C. A product positioning map D. Concept map D. Advertising campaign

B. Marketing plan

Which of the following is true of services? A. They can be easily substituted with goods. B. They cannot be separated from the producer. C. They are tangible. D. They can be offered only if goods are purchased.

B. They cannot be separated from the producer.

What was the purpose of the 80th anniversary Babar marketing campaign? A. To create value B. To communicate the value proposition C. To deliver the value proposition D. To capture value

B. To communicate the value proposition

Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch. A. brands B. goods C. values D. supply chains

B. goods

A(n) ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held. A. good B. service C. price D. promotion

B. service

Good ______ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers. A. customer relations B. supply chain C. components and raw materials D. global marketing

B. supply chain

Match each marketing era to the correct description of the marketing focus during that period. Production--oriented era

Build a good product and it will sell itself.

Which of the following are buying-related activities, in contrast to an activity related to selling a service? (Select all that apply.) A. Presenting a three-course meal to diners at a set price. B. Giving a client a haircut C. Giving a barista cash for a cup of coffee D. Purchasing MP3s from an online retailer E. Using a credit card at the grocery checkout counter

C, D, E.

When Frito-Lay makes snacks, the company creates value. An essential part of this created value is a product's ______. (Select all that apply.) A. hidden flaws B. similarity to other products C. taste D. brand identity

C, D.

Most marketers carefully seek customers who have interest in the product they are selling as well as a(n) ________ to buy the product. A. Experience B. Knowledge C. Ability D. Interest

C. Ability

Why is a strong supply chain important? A. It helps distributors and retailers work together but does not involve manufacturers. B. It is responsible for communicating the product's value to consumers. C. It helps get merchandise to customers when and where they want it. D. It helps the firm obtain raw materials but has no role in marketing.

C. It helps get merchandise to customers when and where they want it.

______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs. A. Positioning B. Promotion C. Product D. Placement

C. Product

A successful marketing plan helps ensure that ________.? A. external factors never influence the customer's decision B. net profits increase nominally over many years C. all parties involved in a transaction are satisfied D. the selling party receives more value than the buyer

C. all parties involved in a transaction are satisfied

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs. A. minimizing hassles B. undervaluing C. creating value D. overvaluing

C. creating value

Customer relationship management (CRM) can help marketers compete by collecting data about their customers' needs and then A. selling data to collaborating firms. B. sharing data with collaborating firms. C. identifying their best customers for targeted products, services, and promotions. D. encouraging them to send information about the brand and firm to their friends and family.

C. identifying their best customers for targeted products, services, and promotions.

During the sales-oriented era ______. A. the consumer was the king B. manufacturers focused on product innovation, not satisfying consumer needs C. manufacturers had the capacity to produce more than consumers were able to buy D. firms believed a good product would sell itself

C. manufacturers had the capacity to produce more than consumers were able to buy.

Value-oriented marketers engage in an ongoing process of balancing... A. the efficiency of production and the safety and health standards for employees and customers. B. public perception of the corporate ethics and the firm's stewardship. C. the perceived benefit to customers and the price.

C. the perceived benefit to customers and the price.

Regarding the marketing mix, prices __________ value.

Capture

Match the marketing mix component (on the left) with its corresponding value function (on the right). Price

Capturing value

Regarding the marketing mix, promotions __________ value.

Communicate

Match the marketing mix component (on the left) with its corresponding value function (on the right). Promotion

Communication value

Regarding the marketing mix, products __________ value.

Create

Marketing is the activity, set of institutions, and processes that ______, _______, ____________, and _______ value.

Create Capture Communicate Deliver

Match the marketing mix component (on the left) with its corresponding value function (on the right). Product

Creating value

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

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

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and _______ value. A. justify B. replicate C. reduce D. deliver

D. Deliver

A cell phone company offers a sweepstakes at a local street fair. Participants register for the sweepstakes by completing a card with their name, email address, and phone number, which the company can use to contact them. In turn, each participant receives a small dispenser with hand sanitizer and the chance to win one year of free service. The sweepstakes is an example of which of the core aspects of marketing? A. Marketing is about price, product, place, and promotion decisions. B. Marketing is about satisfying customers' wants. C. Marketing helps create value. D. Marketing entails an exchange of benefits between buyer (or potential buyer) and seller.

D. Marketing entails exchange of benefits between buyer (or potential buyer) and seller.

Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs. A. Brand names B. Production efficiency C. Product promotions D. Products, services, or ideas

D. Products, services, or ideas.

If you decide to list merchandise on eBay for someone to buy, you can best be described as what? A. Sales associate B. Buyer C. Purchaser D. Seller

D. Seller

What term refers to a set of approaches and techniques a firm employs to efficiently integrate suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction? A. Enterprise resource management B. Sales and marketing C. Transaction processing system D. Supply chain management

D. Supply chain management

Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer? A. An online ordering system B. Discount pricing C. Domestic sales representatives D. Supply chain management

D. Supply chain management

Marketing success begins with a strong understanding of ______. A. best practices in contemporary graphic design B. any and all trade laws that determine front line production C. behavioral patterns of employees in upper management D. the desires and requirements of the marketplace consumer

D. The desires and requirements of the marketplace consumer.

Why is it useful for marketers to divide marketplace consumers into discrete groups, or segments? A. Undesirable segments, such as those without interest in a given product, can be leveraged in negotiations. B. Dividing the marketplace into groups can help alleviate pressure on overburdened management. C. Certain market sectors are likely to produce potential capital in the form of donations and gifts. D. Understanding specific marketplace segments can lead to marketing strategies that target relevant groups.

D. Understanding specific marketplace segments can lead to marketing strategies that target relevant groups.

An environmental nonprofit organization is marketing on Instagram the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur? A. When its Instagram follower commutes to work using his or her car B. When its Instagram follower likes more than 50% of their posts C. When its Instagram follower shares the posts with a friend D. When its Instagram follower reduces his or her greenhouse gas emissions

D. When its Instagram follower reduces his or her greenhouse gas emissions

A frozen dessert company might select any of the following options to further develop and create consumer value EXCEPT ______. A. offering options that may take allergies into consideration B. offering many flavors C. offering ideas on how to use the dessert as an ingredient in a recipe D. offering only one flavor: vanilla, the best seller

D. offering only one flavor: vanilla, the best seller

Regarding the marketing mix, places __________ value.

Deliver

Match the marketing mix component (on the left) with its corresponding value function (on the right). Place

Delivering value

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______. A. targeting B. needs C. satisfaction D. demographics E. segmentation

E. Segmentation

A core aspect of marketing, borrowed from economics, includes a(n) __________, which is a transaction in which things of value are traded by buyers and sellers.

Exchange

Match the product type with its description. Services

Intangible customer benefits that cannot be separated from the producer.

Match each marketing era to the correct description of the marketing focus during that period. Sales-oriented era

Lots of advertising and personal selling are the keys to success.

What is the marketing mix (four p's)?

Product Price Place Promotion

What are the four components of the marketing mix?

Product, Price, Place, Promotion

In what chronological sequence did marketing evolve, beginning from oldest to most recent from top to bottom?

Production-oriented era Sales-oriented era Marketing-oriented era Value-based era

Match the product type with its description. Goods

Tangible items.

Market segmentation

The process of dividing a market of potential customers into groups, or segments, based on different characteristics.

Match each marketing era to the correct description of the marketing focus during that period. Value-based marketing era

There is more to marketing than just meeting needs and wants; consumers also expect a fair return for the price they pay.

Match the product type with its description. Ideas

Thoughts, opinions, philosophies, intellectual concepts.

Who can perform marketing?

individuals and organizations