Chapter 1 marketing

Many entrepreneurs are successful through marketing efforts designed to A. mimic existing products on the market. B. satisfy unfilled needs. C. raise social consciousness. D. gain monopoly power. E. push a new technology even if people aren't ready for it.

B. satisfy unfilled needs.

Marketers might wish to sell their products to everyone, but it is not practical to do so. True False

True

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings. A. information B. benefits C. relationships D. rebates E. merchandise

b. benefits

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

B. sales-oriented

Melanie works for a small computer software company. Her boss is constantly improving their products but neglecting customers, billing, and promoting the company. Her boss is probably stuck in the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

A. Product oriented

Auction sites like eBay have increased opportunities for __________ marketing. A. B2B B. C2C C. D2C D. C2D E. B2G

B. C2C

__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product. A. Pricing B. Promotion C. Placement D. A relational orientation E. Value cocreation

B. Promotion

The marketing goal of getting the "right quantities to the right locations, at the right time" is: A. communicating the value proposition. B. supply chain management. C. creating value. D. capturing value. E. price and performance management.

B. Supply chain management

.Supply chain management is also referred to as A. delivery management. B. marketing channel management. C. production management. D. retail management. E. value proposition management.

B. marketing channel management.

Marketing enriches society by A. focusing solely on maximizing profits. B. sponsoring charitable events. C. recognizing that the firm can do very little by itself, and so it should stay focused on its own core competencies. D. facilitating the smooth flow of goods through the supply chain. E. coordinating marketing functions with other functional areas in the company.

B. sponsoring charitable events.

Effective promotion enhances a product or service's A. supply chain management system. B. wholesaling capabilities. C. perceived value. D. design features. E. trialability.

C) perceived value

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing. A. B2C; B2B B. B2C; C2C C. B2B; B2C D. B2B; C2C E. C2C; B2C

C. B2B; B2C

Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in A. a traditional transactional orientation. B. C2C value-driven marketing. C. effective supply chain management. D. value cocreation. E. a virtual monopoly.

C. effective supply chain management.

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e- book or a paperback. Brian is addressing which core marketing aspect? A. Developing a promotional plan B. Managing the exchange function of marketing C. Making product decisions D. Deciding where and how to sell the product E. Pricing the product

C. making product decisions

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing. A. B2C B. C2B C. B2B D. C2C E. underground

D. C2C

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to A. influence social norms regarding sexuality. B. encourage consumers to participate in product redesign. C. stimulate supply chain management cooperation. D. increase the perceived value of their products. E. none of these.

D. Increase the perceived value of their products

The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets. A. unpredictable B. external C. internal D. controllable E. global

D. controllable

The traditional marketing channel through which consumers most often find and purchase goods and services is known as A. B2B. B. C2C. C. D2C. D. C2D. E. B2C.

E. B2C

Delivering the value proposition is also known as A. endless chain marketing. B. a transactional orientation. C. wholesaling. D. product design. E. supply chain management.

E. Supply chain management

The fundamental goal of marketers when creating goods, services, or combinations of both, is to: A. defeat the competition. B. serve all consumers. C. operate according to government regulations. D. stimulate short-term sales. E. create value.

E. create value.

A(n)__________ is the trade of things of value between the buyer and the seller so that each is better off as a result. A. exchange B. market segment C. promotional plan D. transactional orientation E. relational orientation

Exchange

Entrereneurial companies are unable to control their marketing mixes. True False

False

Marketing is an activity that only large firms with specialized departments can execute. True False

False

Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company. True False

False

Over the past decade or so, marketers have begun to realize that it is best to structure a firm's customer orientation in terms of transactions rather than relationships. True False

False

The four Ps include product, promotion, planning, and place. True False

False

When a car manufacturer sells trucks, cars, and car parts to the government or military, this is an example of B2C marketing. True False

False

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described? A. Market-oriented B. Sales-oriented C. Production-oriented D. Value-based marketing E. Economic-oriented

Market-oriented

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the describes the four Ps. A. Marketing Mix B. Marketing Channel C. Marketing plan D. Marketing era E. Marketing implementation

Marketing mix

If a radio station holds an online contest in which you must log in to their website and submit personal details such as name, phone number, and email in order to participate, the radio station is A. offering an exchange. B. behaving unethically. C. hoping to receive feedback. D. implementing a CRM program. E. none of these.

Offering an exchange

Jeff opened a sporting apparel store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? A. Price B. Place C. Promotion D. Product E. Prototype

Price

When a tee shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing? A. Production-oriented B. Sales-oriented C. Market-oriented D. Value-based marketing E. Economic-oriented

Production oriented

Marketing involves all of the following EXCEPT A. conducting exchanges. B. satisfying customer needs and wants. C. creating value. D. efforts by individuals and organizations. E. production scheduling.

Production scheduling

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A. Satisfying customer needs and wants B. The exchange function of marketing C. Product, place, promotion, and price decisions D. Decisions about the setting in which marketing takes place E. Creating value

Satisfying customer needs and wants

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and A. a thorough knowledge of his brand messages. B. the ability to buy them. C. knowledge of competing products. D. the ability to negotiate discounts. E. are removed from traditional marketing alternatives.

The ability to buy them

If you are involved in a buying or selling situation in which you do not expect to do business with the other party again, you are engaged in a A. transaction. B. negotiation. C. relationship. D. C2C channel. E. marketing mix.

Transaction

A buyer's representative in a real estate purchase was asked by her customer, "Is this a fair offer?" She responded, "You are only trying to buy one house. Do you want to offer more money than you have to?" The buyer's representative recognized that in most situations, home buyers are engaged in A. relationships. B. subterfuge. C. collective bargaining. D. prestige purchases. E. transactions.

Transactions

Foursquare is an example of a location-based social media application. True False

True

Garage sales and online classified ads are examples of C2C marketing. True False

True

The group of firms that makes and delivers a given set of goods and/or services is called a supply chain. True False

True

Understanding a customer's needs and wants is fundamental to marketing success. True False

True

Value is what you get for what you give. True False

True

When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers. True False

True

Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena operates in the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

Value based marketing

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates in the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

Value-based marketing

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as A. an afterthought. B. an integral part of a business plan. C. an accounting function. D. a profit center. E. important only for new products.

an afterthought

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT A. product. B. place. C. performance. D. promotion. E. price.

c. performance

When an accounting firm provides an online training module showcasing real-life decision lapses and their negative effect on the company, it is trying to encourage what type of behavior from its employees? A. ethical B. strategic C. formal D. casual E. secretive

ethical

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering A. information. B. promotional capital. C. pricing data. D. value cocreation. E. feedback.

information

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. Retailers function as A. market intermediaries. B. monopolists. C. regulators of consumer demand. D. wholesale specialists. E. intermediate promoters.

market intermediaries

The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called A. marketing. B. marketing research. C. market share analysis. D. market segmentation. E. market positioning.

marketing

The primary purpose of the __________ plan is to specify the marketing activities for a specific time. A. marketing B. business C. strategic D. organizational E. resource

marketing

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

production-oriented

Marketing provides the critical function of __________ when companies expand globally. A. managing production efficiency B. understanding customers C. managing personnel D. forecasting economic growth E. evaluating government stability

B. understanding customers

People who initiate, organize, operate, and assume the risk of a business venture are called A. entrepreneurs. B. leaders. C. managers. D. professionals. E. consultants.

entrepreneurs

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about A. its value. B. the environment. C. the cost to manufacture the product. D. the economic outlook. E. the product's new advertising campaign.

its value

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on A. transaction-oriented marketing. B. premium pricing. C. his seniority at the firm. D. special incentives from tour operators. E. value cocreation.

value cocreation

The goal of customer relationship management is to A. manage every customer relationship differently. B. manage every customer relationship to maximum short-term profitability. C. eliminate customers who are profitable, but not highly profitable. D. identify and build loyalty among a firm's customers. E. generate relationships with all of a firm's customers.

D. identify and build loyalty among a firm's customers.

Many firms with complex products have "missionary" salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers' needs and wants. These salespeople focus on a(n) __________ orientation with their customers. A. transactional B. external C. relational D. internal E. divisional

C. relational

The "Got Milk" advertising campaign, designed to increase consumption of milk, was intended to help market a(n) A. individual. B. firm. C. industry. D. organization. E. specific product.

C) industry

Many U.S. companies first discovered marketing during the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

C. market-oriented

Yesenia, the new university course scheduling manager, is struggling with adjustments to the fall schedule. She is trying to determine how to offer the classes students need at the times when students need them. Yesenia is struggling with the marketing function of A. communicating the value proposition. B. supply chain management. C. creating value. D. capturing value. E. value cocreation.

B. Supply chain management

Which of the following is NOT true about marketing ideas? A. Opinions, philosophies, intellectual concepts, and even thoughts can be effectively marketed. B. The marketing of ideas does not involve true exchange of value. C. Ideas can be "purchased" by convincing someone to change his or her behavior. D. Marketing can be directed toward primary and secondary targets to increase knowledge and change behavior. E. Value can be created through changing behaviors.

B. The marketing of ideas does not involve true exchange of value

During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

B. sales-oriented

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes A. only the actual price they pay at the register. B. the value of their time and energy. C. the excitement they experience in finding an item they desire. D. the savings to the store of not having to display the products neatly on shelves. E. the time the product was full price and didn't sell.

B. the value of their time and energy.

The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange. True False

True

To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and is surveying its graduates regarding students' educational needs and desires. Pokrah University is becoming more value driven through A. sharing information across the organization. B. balancing its customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with customers. E. keeping the faculty members happy.

Building relationships w customers

As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value- driven principle of A. sharing information across the organization. B. balancing customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with customers. E. keeping prices below those charged by competitors.

Sharing information across the organization

Even though they operate from out-of-the-way airports and offer few extra services, discount airlines like Ryanair and EasyJet have been successful. Consumers obviously consider A. the schedules these airlines offer to be the most convenient in the industry. B. the long-term relationships established by these airlines to be a critical benefit. C. the prices to be slightly lower, but not low enough to have much influence. D. the benefit of lower prices to be greater than the cost of reduced services and less convenience. E. the major airlines to be worthless.

The benefit of lower prices to be greater than the cost of reduced services and less convenience

Marketers involved in supply chain management are constantly balancing A. the goal of promotional effectiveness against ethical advertising standards. B. the problem of price maximization against cost efficiency. C. the goal of minimizing costs against satisfying the service levels customers expect. D. the desire to achieve against the need for a stable source of supply. E. the goal of efficiency against the price charged by competitors.

The goal of minimizing costs against satisfying the service levels customers expect

The power adapters Dell sells with its computers are built by small companies who specialize in power- related accessories. Dell and the power adapter manufacturers are engaging in B2B marketing. True False

True

Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant to improve benefits to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or A. improve products and services at the same cost. B. increase prices to increase revenue. C. offset higher hotel rates with lower restaurant prices. D. reduce customer expectations through reduced service. E. any of these.

Improve products and services at the same cost

During the __________ era manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

C. market-oriented

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people. When reading about the core aspects of marketing, Julia is relieved to see that in marketing A. all parties to an exchange should be satisfied. B. promotion is the most important consideration, followed by pricing decisions. C. decisions are made regarding how a product is designed. D. customers are not considered until the product is ready for sale. E. distribution is controlled by customers.

all parties to an exchange should be satisfied

In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer. True False

True

UPS, FedEx, DHL, and other shipping companies support other firms' __________ marketing goals. A. supply chain management B. value communication C. value capture D. retail management E. none of these

A. Supply chain management

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of A. advising production on how much product to make. B. alerting the logistics department when to ship products. C. advising the customer about new products and markets. D. identifying opportunities to expand. E. synthesizing and interpreting sales, accounting, and customer-profile data.

Alerting the logistics department when to ship products

The basic difference between a good and a service is that a good A. provides intangible benefits. B. can be physically touched. C. is always less expensive than a corresponding service. D. generates greater interest among consumers. E. is more quickly forgotten by consumers.

B. can be physically touched.

Franco uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be "in the buying mode." Franco's system is part of A. C2C marketing. B. customer relationship management. C. a transactional marketing orientation. D. supply chain management. E. typical production era marketing practices.

B. customer relationship management.

Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of A. C2C marketing. B. customer relationship management. C. a transactional marketing orientation. D. supply chain management. E. typical production-oriented era marketing practices.

B. customer relationship management.

Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on A. choosing an average price that she will charge all her clients. B. changes in technology allowing consumers to manage their own affairs. C. how different customers perceive the value of her services. D. changes in the economy. E. how much her competitors charge for similar services.

C. how different customers perceive the value of her services.

Which of the following is a core aspect of marketing? A. Satisfying as many needs as possible B. Creating a product that everyone will want to buy C. Setting prices lower than all competitors D. Making product, place, promotion, and price decisions E. Increasing the company's profit

D. making product, place, promotion, and price decisions

Good marketing is not a random activity. True False

True

When considering career choices in marketing, many students overlook supply chain management because A. it is considered too quantitative. B. marketing has no responsibility for supply chain management. C. companies generally outsource these activities, and so there are rarely supply chain jobs available. D. it only takes place in large, urban areas. E. many of the activities take place behind the scenes.

E. many of the activities take place behind the scenes.

When referring to "exchange," marketers are focusing on A. the location where products and services are traded. B. the price charged, adjusted for currency exchange rates. C. location-based tactics for creating value. D. promotional offers designed to stimulate barter. E. the trading of things of value.

E. the trading of things of value.

Value is A. the lowest cost option. B. represented by brand names. C. the highest priced alternative. D. everyday low prices. E. what you get for what you give.

E. what you get for what you give.

After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Benjamin an order. Benjamin was providing the important marketing function of A. advising production on how much product to make. B. alerting the logistics department when to ship products. C. engaging customers and developing long-term relationships. D. identifying opportunities to expand. E. synthesizing and interpreting sales, accounting, and customer-profile data.

Engaging customers and developing long term relationships

After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that A. they can make more money from government contracts than from sales to customers. B. a transactional orientation is the key to long-term profitability. C. none of their competitors would be raising prices. D. lifetime profitability of relationships matters more than profits from a particular transaction. E. if they raised prices they would be in violation of Commerce Department regulations.

Lifetime profitability of relationships matters more than profits from a particular transaction

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in A. higher prices than the market leader charges. B. increased competition. C. long-term relationships. D. strong connections among competing firms in the marketplace. E. lower price

Long-term relationships

Your roommate, a non-business major, sees you reading your marketing text. He or she asks, "Why is marketing important?" You respond by saying all of the following EXCEPT A. Marketers advise production on how much product to make. B. Marketers tell the logistics department when to ship products. C. Marketers engage customers and develop long-term relationships. D. Marketers identify opportunities to expand. E. Marketers are the most important profit center in any organization.

Marketers are the most important profit center in any organization

Marketing was once an afterthought to A. accounting. B. economics. C. production. D. finance. E. none of these—marketing was never an afterthought.

c. production

Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, one important function Georgia should provide is A. pushing her customers to buy products whether they need them or not. B. advising the production and purchasing departments to produce or order smaller quantities of products. C. assisting customers in product recall confirmations. D. avoiding contact with competing firms in order to maximize value-driven marketing. E. estimating profit per sale to determine whether or not the firm can survive the slowdown.

Advising the production and purchasing departments to produce or order smaller quantities of products

During the __________ era manufacturers and retailers recognized they needed to give their customers greater value than their competitors did. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

D. value-based marketing

Margo likes a brand of coffee that is only sold at Starbucks, so she plans her route to work to drive by Starbucks every morning. Margo is being influenced by the "place" element of the marketing mix. True False

True

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is A. expanding from offering just services to also offering goods. B. implementing a market segmentation strategy. C. capturing value through multiple pricing strategies. D. expanding from offering just goods to also offering services. E. increasing customer value through inflated appraisal evaluations.

D. expanding from offering just goods to also offering services.

The importance of supply chain management is often overlooked in the study of marketing because A. marketing has no responsibility for supply chain management. B. supply chain management doesn't add much value for customers. C. companies do not want customers to know anything about the supply chain. D. many of the activities take place behind the scenes. E. supply chain management is already transparent.

D. many of the activities take place behind the scenes.

The evolution of marketing progressed along the following continuum: A. sales, marketing, value-based marketing, production. B. marketing, value-based marketing, production, sales. C. value-based marketing, production, sales, marketing. D. production, sales, marketing, value-based marketing. E. sales, value-based marketing, marketing, production

D. production, sales, marketing, value-based marketing.

Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smart phones. When she returned to work, she mentioned this observation to her international sales manager. Leah was providing the important marketing function of A. advising production on how much product to make. B. alerting the logistics department when to ship products. C. engaging customers, developing long-term relationships. D. identifying opportunities to expand. E. synthesizing and interpreting sales, accounting, and customer-profile data.

Identifying opportunities to expand

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he would sell monthly. He has researched his competition and talked to some customers and has decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? A. Place B. Product C. Price D. Promotion E. Planning

Place

Of primary interest to marketers are __________ buyers. A. centrally controlled B. unqualified and underserved C. qualified potential D. first-time E. C2C

Qualified potential

Marketing channel management is related to which of the four Ps? A. Product B. Price C. Place D. Promotion E. Production

c. place

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers. A. cocreation B. positioning C. delivery D. chain management E. based marketing

cocreation

A relational orientation is based on the philosophy that buyers and sellers develop A. a complete understanding of each other's needs. B. a long-term relationship. C. a price-value comparison matrix. D. supply chain synergy. E. a marketing value transaction focus.

B. a long-term relationship.

Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move- Them-Out operates as if it were in the __________ era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

B. sales-oriented

During the market-oriented era A. a good product would sell itself. B. the customer was king. C. marketing was more important than production. D. advertising and personal selling were emphasized to make the sale. E. firms focused on value.

B. the customer was king.

In delivering value, marketing firms attempt to find the most desirable balance between A. the need for value and the perception of value. B. explicit versus implicit value. C. providing benefits to customers and keeping costs down. D. the desire to satisfy customers and the need to keep customers from running the company. E. the need for product improvement and the need for advertising.

C. providing benefits to customers and keeping costs down.

A friend of yours comments, "I'm starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That's just for the mega-corporations." Which of the following arguments would you NOT use in talking about marketing? A. Marketing helps new ventures organize, operate, and assess risk. B. Marketers help address unmet customer needs, regardless of the size of the firm. C. Marketing focuses on the product, but only as one element. Three other areas are Promotion, Price, and Place. D. Marketers are skilled at communicating the value of the product to potential customers. E. Marketing isn't essential now, but it will be in a year or two when the product takes off.

Marketing isn't essential now, but it will be in a year or two when the product takes off

In the past, manufacturer's representatives did not have up-to-minute data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven through A. sharing information across the organization. B. balancing customers' benefits and costs. C. evaluating strategic competitive partnerships. D. building relationships with government regulators of marketing institutions. E. keeping prices below those charged by competitors.

Sharing information across the organization

The idea that a good product will sell itself is associated with the __________ era of marketing. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

production-oriented

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called A. supply chain management. B. a transactional orientation. C. wholesaling. D. value cocreation. E. endless chain marketing.

supply chain management

After hurricanes like Katrina, many small building contractors will flock to the damaged area, charging whatever customers will pay for temporary repairs to roofs and other parts of damaged homes. These contractors are engaged in a(n) __________ marketing orientation. A. transactional B. external C. relational D. internal E. value driven

transactional