Marketing 304 CH1 Quiz

Microsoft's revolution of the information field and Disney's creation of the modern theme park industry are classic examples of ________.

Market Creation

________ refers to approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.

Market Creation

________ 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.

Marketing

To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi's clothing website or some company-owned stores and order a pair of jeans that will be made especially for them. Levi's has adopted a ________ orientation approach.

Mass customization

Which of the following action elements is NOT desired for successful Marketing (Big M)?

Remembering the fact that the marketing department is where marketing (Big M) takes place

Marketing (Big M) is also known as ________ marketing.

Strategic

When the text states that marketers need to create tools for ongoing, meaningful measurement of marketing productivity, it is referring to the need for __________.

accountability

A misconception about marketing is that it is ________.

all about selling

Peter Drucker, the father of modern management, stated that the only purpose of an organization is to ________.

create a customer

Hannah's alterations business works around the needs of the customer by providing hours of operation that vary throughout the week, including some evening and weekend hours. It could be said that Hannah's business is ___________.

customer-centric

Purpose marketing, or pro-social marketing, as practiced by the well-known Tom's shoe company, ________.

engages consumers in a meaningful way

Bryan gets reduced fees for his daughter's piano lessons by maintaining her teacher's website. Bryan is practicing the central tenet of marketing called ________.

exchange

Customer relationship management (CRM) is designed primarily to ________.

facilitate higher levels of customer satisfaction

Claire and her mother are both in marketing positions. Claire's job is satisfying to her primarily because it gives her a flexible schedule and pays well so she can take vacations with her friends. Her mother chose a job that provides health benefits and structured work with regular hours. This demonstrates shifts in ___________ that can influence work life versus family life.

generational values and preferences

In Wiersema's book, The New Market Leaders, he identifies six new market realities. Which of the following is included in the list?

innovation is universal

Relationship-oriented firms tend to ________.

keep and cultivate their profitable current customers who are highly satisfied with the firms offering

Everything from brand image, to the message sales people and advertisements deliver, to customer service, to packaging and product features, to the chosen distribution channel exemplify ________.

marketing (little m)

The concept of engaging in a learning relationship with customers and directing the firm's resources to making each product or service as customized as possible is known as ________.

one-to-one marketing

A medieval knight could not go to the armor maker and pick out a size 44 long suit of armor to protect him in battle. Nor could a person living in the middle ages go to the cobbler and get a pair of shoes in a few minutes. This period before the advent of marketing is known as the ________.

pre-industrial revolution

In the context of the marketing mix, ________ today is largely regarded in relationship to the concept of value.

price

The 4Ps of marketing refer to ________.

product, price, place, and promotion

Which of the following is NOT a facet of marketing?

recruiting

A local landscaping company works hard to keep and cultivate profitable current customers instead of constantly investing in gaining new customers that come with unknown return on investment. This company has a ________ orientation.

relationship

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation.

sales

The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the ________.

shift in generational values and preferences

Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the ________.

shift in information power from marketer to customer

Appropriate and effective marketing metrics must be designed to identify, track, evaluate, and provide key benchmarks for improvement. In the context of change drivers affecting the future of marketing, this reflects the ________.

shift to justifying the relevance and payback of the marketing investment

The core marketing concept characteristics of an organization-wide customer orientation and long-run profits are ________ in nature.

strategic

For successful Marketing (Big M), all internal organizational practices should be aligned around ________.

the customer