CH 1
Which three conditions occurred around the end of World War I and caused production capacity utilization to decline?
-Capacity had been increased greatly for the war. -A number of firms that had dominated before the war now found themselves with stiff competition bc new competitors had flooded into the marketplace. -Financial markets were becoming more sophisticated and were placing more pressure on firms to continually increase sales volume and profits.
Which of the following are impacted by the shift in generational values and preferences?
-How marketing carries out its management of customer relationships. -The method by which messages are communicated. -Attitudes toward work versus family.
According to Peter Drucker, which of the following are aspects of marketing? Select all that apply.
-It cannot be considered a separate function within the business. -It is the whole business seen from the customer's point of view. -It is, first, a central dimension of the entire business.
Which three are reasons that the AMA definition of marketing is considered good?
-It recognizes marketing as an activity, set of institutions, and processes. -It focuses on the more strategic aspects of marketing. -It shifts the areas of central focus of marketing to value.
According to the American Marketing Association, which of the following are aspects of marketing?
-Marketing creates, communicates, delivers, and exchanges valuable offerings. -Marketing concerns all marketing stakeholders. -Marketing includes activities, institutions, and processes.
Why are the 4Ps (product, price, place, and promotion) referred to as the marketing mix?
-because "mixing" these elements allows for a product or brand to be set apart from the competition -because making a change in any one of the marketing mix elements tends to result in a domino effect on the others
The ability for marketers to tailor and deliver specific product messages to specific groups is the essence of
-differentiation **The idea is to create and communicate differentiation, or what clearly distinguishes your products from those of competitors in the minds of customers
After World War II, the advent of the marketing concept emerged as a result of Blank______.
-pent-up demand for consumer goods and services after the war -a desperate need to regain a normalcy of day-to-day life after years of war -the advent of readily available mainframe computing capability -the opening up of production capacity dominated for years by war production
Which of the following conditions occurred around the end of world war 1 and caused production capacity utilization to decline?
1. Capacity had been increased greatly for the war. 2. number of firms that had dominated their respective industries before the war now found themselves with stiff competition for sales because many new competitiors had flooded into the marketplace. 3. financial markets were becoming more sophisticated and were placing more pressure on firms to continually increase sales volumes and profits.
What are common misconceptions concerning marketing?
1.) marketing is all about advertising 2.) Marketing is all about selling 3.) Marketing is all fluff and no substance 4.) Marketing is inherently unethical and harmful to society 5.) Only marketers market 6.) Marketing is just another cost center in a firm
____________ means communicating and delivering value in different ways to different customer groups.
Differentiation
True or false: As a field of study, marketing is only important to those involved in consumer industries.
False Marketing offers knowledge and skills needed by people in every field, from accounting to engineering, from business to science.
Which are action elements required for successful Marketing (Big M)?
Make sure everyone in an organization understands the concept of customer orientation. Align all internal organizational processes and systems around the customer. Forget the concept that the marketing department is where Marketing (Big M) takes place. Create market-driving, not just market-driven, strategies. Find somebody at the top of the firm to consistently champion this Marketing (Big M) business philosophy.
______ is an approach that drives the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.
Market Creation
The understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, that allows a firm to successfully develop strategies for the future is referred to as Blank______.
Marketing (Big M)
______ serves as a core driver of business strategy.
Marketing (Big M)
______ always needs to be couched within the philosophy, culture, and strategies of the firm's Marketing (Big M).
Marketing (little m)
What is a common misconception concerning marketing?
Marketing is all about advertising.
______ is a core business activity that focuses on leading and managing the facets of marketing to improve individual, unit, and organizational performance.
Marketing management
In 2019, Pew Research Center named Blank______ as the largest generational segment in the United States making this group's impact on products and markets that much more important.
Millennials
Which characteristics attributed to millennials will have an impact on marketing in the future?
Millennials favor authenticity over content. Millennials are particularly loyal to brands that are active on social media. Millennials are highly connected through technology.
According to Blank______, "Marketing is so basic that it cannot be considered a separate function (i.e., a separate skill or work) within the business... it is, first, a central dimension of the entire business. It is the whole business... seen from the customer's point of view."
Peter Drucker
What was a result of the the marketing concept being a major breakthrough in business?
The idea of the marketing plan became codified in most organization's business processes. ** it was a major breakthrough in business in the 1960's and 70s. Soon firms everywhere were adopting the practice of letting the market decide what products to offer. Such an approach required substantial investment in ongoing market and consumer research and also necessitated an organization-wide commitment to marketing planning. As a result, the idea of the marketing plan became codified in most organizations' business processes
True or False: The relationship of the 4Ps of the marketing mix is such that making a change in any one of the components tends to result in a domino effect on the others.
True
True or false: Nowadays, customers of all kinds have nearly limitless access to information about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies.
True
True or false: The AMA believes that the role of marketing in enhancing the greater good of society is more important than any of the challenges that marketing faces.
True
Why is it that, as a field of study, marketing doesn't always get the respect it deserves?
Unlike other business disciples, marketing has few useful metrics to gauge the impact of a marketing investment.
______ is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.
Value
Recognizing that it is far more efficient and effective to invest in keeping and cultivating existing customers rather than trying to gain new customers is the premise behind ______.
a relationship orientation
During the ______, an organization-wide customer orientation with the objective of achieving long-run profits took hold.
advent of the marketing concept
In a market orientation, placing the customer at the core of the enterprise is often referred to as a __________ approach to business
customer-centric
Marketing was done on a one-to-one basis between firms and customers_________
during the pre-industrial revolution
During the ______, the focus was on this PRODUCT ORIENTATION of improving products and production efficiency without much regard for what was going on in the marketplace.
early 20th century
During the ___________, the focus was on improving products and production efficiency without much regard for what was going on in the marketplace.
early 20th century **for the early 20th century, the focus was on this production orientation of improving products and production efficiency without much regard for what was going on in the marketplace. In fact, consumers snapped up this new pipeline of reasonably priced goods, even if the product didn't give much choice in style or function. A production orientation assumes that customers will beat a path to your door just because you have a great product that functions nicely; build a better mousetrap and they will come. However, this alone does not ensure success. Firms that are stuck in production orientation mentality will have great difficulty competing successfully for customers
A central tenet of marketing is the concept of ________ , in which a person gives up something of value to them for something else they desire to have.
exchange
Marketing (the Big M) won't be successful unless ______.
firm employees understand the power of a customer-centric business approach internal systems support the customer-centric business approach
The comment by Henry Ford that "People can have the Model T in any color—so long that it's black" exemplifies which period of marketing?
focus on production and products
The concept of environmentally friendly marketing that promotes sustainability is commonly known as ____________ marketing
green
According to Peter Drucker, what are the two business functions that help a firm achieve its ultimate purpose?
innovation and marketing Peter Drucker: late management guru, often referred to as "the father of modern management", set the stage for contemporary marketing and conceiving of its potential power.
Microsoft's revolution of the information field, Disney's creation of the modern theme park industry, and Apple's innovation in integrated communications with the iPhone and the iPad are all examples of _____.
market creation
Outside the confines of the internal business operation, which area is more visible compared to the others?
marketing
Specific programs and tactics aimed at customers and other stakeholder groups tend to emanate from ______.
marketing (little m)
The practice of measuring, managing, and analyzing marketing performance to maximize marketing effectiveness and optimize return on marketing investment is called ________
marketing analytics
The ______ is an organization-wide customer orientation with the objective of achieving long-run profits
marketing concept
As a result of the_________, firms began to adopt the practice of letting the market decide what products to offer.
marketing concept **After WW2, businesses changed bc of the war and in the 1950s, there was high pressure to sell, which sparked a shift in the focus of American business. The resulting business philosophy was labeled marketing concept. - an organization-wide customer orientation with the objective of achieving long - run profits.
Leading and managing the facets of marketing to improve individual, unit, and organizational performance is called
marketing management **it is a core business activity
Measurements designed to identify, track, evaluate, and provide key benchmarks for the improvement of marketing activities are called
marketing metrics
Product, price, promotion, and place are components of the _____.
marketing mix - the 4 Ps of marketing **these fundamental elements comprise the marketer's "tool kit" to be applied in carrying out the job.
The facts that "Marketing is a fuzzy field" and "If it can't be measured, it can't be managed" have increased the focus on marketing ______
metrics
The bundle of goods, services, ideas, and other components, that delivers value to satisfy a need or a want, is called a(n) _____
offering
Before Henry Ford created assembly lines, how was marketing was conducted between firms and customers?
on a one-to-one basis **-between firms and customers, although the word "marketing" wasn't really used.
Advocating that firms should learn with each customer's needs and then connect that knowledge with the firm's production and service capabilities in a customized manner is the premise behind Blank______.
one-to-one marketing ** advocates that firms should direct energy and resources into establishing a learning relationship with each customer and then connect that knowledge with the firm's production and service capabilities to fulfill that customer's needs in as custom a manner as possible
Which word points to why marketing, as a field of study, doesn't always get the respect it deserves?
overexposure **sometimes marketing seems to be "just common sense" or "not very scientific" to individuals who haven't studied it. It doesn't always get the respect it deserves in part bc of exposure.
Which marketing mix element has an emphasis on sophisticated, integrated supply chain approaches as one of its crucial components?
place ** place has undergone tremendous change. Rather than just connoting the process of getting goods from point A to point B, firms now understand that sophisticated, integrated supply chain approaches are a crucial component
The concept of value is largely regarded in relationship to__________, a component of the marketing mix.
price
A ________ orientation means securing, building, and maintaining long-term relationships with profitable customers.
relationship
The fact that consumers today are more receptive to the use of digital and social media tools for communicating highlights which change driver affecting marketing today?
shift in generational values and preferences
Competitor proliferation, open secrets, universal innovation, information depreciation, easy growth, and time-deprived customers represent which change driver impacting the future of marketing?
shift to product glut and customer shortage
In ______ marketing, members of society at large are viewed as stakeholders for marketing.
societal **Societal marketing is growing rapidly in influence on many firms' overall marketing strategies. More and more consumers say what a company stands for influences their purchasing decisions. Societal marketing with sincerity and conviction has the potential to appeal to consumers on a very emotional level and further drive customer loyalty. - engages consumers in a much more meaningful, long-lasting way.
A bundle of benefits from an offering that solves a problem or fills a need for a customer is referred to as a(n)
solution
Any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by is called a marketing's _______
stakeholders
Marketing's ______ include any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by.
stakeholders
A long-term, firm-level commitment to investing in marketing—supported at the highest organization level—for the purpose of enhancing organizational performance is called _______________ marketing
strategic
The AMA's official definition of marketing is quite good because it focuses on the more ______ aspects of marketing, which positions marketing as a core contributor to overall firm success. Multiple choice question.
strategic - **which positions marketing as a core contributor to overall firm success
______ means a long-term, firm-level commitment to investing in marketing—supported at the highest organization level—for the purpose of enhancing organizational performance.
strategic marketing (aka big M)
Societal marketing has evolved into a part of the core of many firms under the label ______, which refers to business practices that meet humanity's needs without harming future generations.
sustainability
According to _________, marketing is 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. Multiple choice question.
the American Marketing Association (AMA)
According to Peter Drucker, what is the only purpose of business?
to create a customer
What are marketing metrics?
tools and processes that identify, track, evaluate, and provide key benchmarks for the improvement of marketing activities
The fact that, unlike most other key areas of business, marketing as a field is highly ______ outside the confines of the internal business operation, leads to many misconceptions about marketing.
visible
Marketing management teaches knowledge and skills that ______.
will enhance your personal effectiveness in any job
