Chapter 1 Concepts Intro 2 MKT

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 Blank______ are tangible items that you can physically touch.

goods

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

Marketers must determine the prices of products on the basis of Blank______.

potential buyers' beliefs about a product's value

Of the four Ps, ______ is whatever the buyer gives up in exchange for the product, including money, time, or energy. Listen to the complete question

price or pricing

A company's Blank______ create(s) value by satisfying customer needs.

products, services, or ideas

Marketers use Blank______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response.

promotion

A ______ is any intangible offering that involves a performance or an effort by the provider that cannot be physically possessed, inventoried, or otherwise held.

service

Which of the following are considered ideas?

- An opinion - A philosophy

Firms become value driven by focusing on which of the following activities?

- Balancing customer benefits and costs - Building relationships - Sharing information

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

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

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability?

- Environmentally friendly options - Social responsibility

What were the primary characteristics of the market-oriented era that followed World War II?

- It was a buyer's market. - Products were designed to focus on consumers' needs.

Which of the following are related to marketing in the production-oriented era?

- 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 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

Which are supply chain partners?

- Retailers - Transporters - Wholesalers

What are elements of the marketing mix?

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

What are the marketing eras in order from oldest to most recent, with the oldest at the top.

1. Production 2. Sales 3. Marketing 4. Value-based marketing

Which of the following characterizes an exchange?

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

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

By conferring status

What is the marketing mix component of Product

Creating value

What is the marketing mix component of Place

Delivering value

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

During the market-oriented era

True or False: Businesses should avoid using social and mobile media technologies.

False

Which of the following best describes goods?

Items you can touch. Taingable

The product Performance goes with what type of value conveyed by its marketing.

Nike shoes

Which of the following is most likely to be a value-driven firm?

One that has active and engaging social media channels

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 four 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 that customer wants it?

Place

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

Place

In the marketing mix, which element of the four Ps communicates value to the consumer?

Promotion

______ is the part of the marketing mix that communicates the value of the product to the consumer.

Promotion

_______ 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

________ 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 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

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

______ reflects the relationship of benefits to costs, or "what you get for what you give."

Value

In which era of marketing evolution are we functioning today?

Value-based

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through Blank______.

aggressive selling and advertising

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______.

aggressive selling and advertising

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 offerings.

cost, price, or costs

In a value-based, marketing-oriented firm, marketers collect information about ______ and competitors and then analyze and distribute it across the firm's various departments.

customers

Modern marketers use ______ 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

Products include goods and services, as well as _____ , which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can.

ideas, concepts, or idea

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, concepts, or idea

Companies' spending on social media ads is ______.

increasing

When a firm has moved beyond production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______.

market oriented

During the sales-oriented era between 1920 and 1950, firms found an answer to their Blank______ by focusing on selling.

overproduction

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

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient Blank______, not with satisfying the needs of consumers.

production

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

the perceived benefit to customers and the price

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.

value

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

values

Which of the following are components of price?

- Energy - Time - Money

What is the marketing mix component of Price

Capturing value

What is the marketing mix component of Promotion

Communicating value

Which statement about how customers view value is correct?

Customers consider a variety of factors when determining the value of a product.

Which entity does NOT market to the other entity?

Customers to businesses

The product Convenience goes with what type of value conveyed by its marketing.

Energy bars

The product Status goes with what type of value conveyed by its marketing.

Rolex watch