Chapter 1: Introduction of Marketing

During the sales-oriented era, Blank______.

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

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 Blank______.

plan future products and services

Product, the first of the four Ps, is responsible for ______.

satisfying customer needs

Firms become value driven by focusing on which of the following activities? (Choose every correct answer.)

Building relationships Balancing customer benefits and costs Sharing information

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and Blank______ value.

Delivery

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 events helped create a situation in which manufacturers produced more than customers could buy?

The great depression and WWII

Modern marketers use Blank______ to focus how they approach their customers and market their products.

data analytics

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

1. Activities that communicate offerings that have value for society at large 2. Processes used to create value for clients 3. Institutions that facilitate the exchange of offerings that have value for customers

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

1. Divide consumers into groups based on their incomes 2. Organize potential customers into groups based on their age 3. Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans)

The process by which businesses sell to consumers is known as Blank______ marketing.

B2C

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

Customer

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

During the market-oriented era

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

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.

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

What would happen to the global economy if all marketing ceased?

The global economy would plummet.

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

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

Value

Value-oriented marketers measure the benefits that customers perceive _________against the of their offerings.

cost

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

segmentation

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

the perceived benefit to customers and the price

Which of the following characterizes an exchange?

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

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

An opinion A philosophy

Which entity does NOT market to the other entity?

Customer and Business

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

False

Companies' spending on social media ads is ______.

Increasing

How does ad revenue benefit consumers?

It enables companies to offer free services to consumers.

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

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

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 Blank______.

Market oriented

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

One that has active and engaging social media channels

Of the four Ps, _______is whatever the buyer gives up in exchange for the product, including money, time, or energy.

PRICE

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

Drag each value function to the correct marketing mix component.

Product---Creating value Price--Capturing value place--Delivering value promotion--Communicating Value

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Choose every correct answer.)

Social responsibility Environmentally friendly options

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

Time, money, and energy

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

Transporters Retailers Wholesalers

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