Marketing 3100 Quiz 1

Which of the following is true of services?

They cannot be separated from the producer.

Which of the following are considered ideas?

Thoughts, opinions, philosophies

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs

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 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.

Value

___ cocreation occurs when a customer and a firm collaborate on a product or service.

Value

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

Value

When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called ______.

Value cocreation

An environmental nonprofit organization is using Instagram to market the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur?

When one of its Instagram followers reduces his or her greenhouse gas emissions

During the sales-oriented era, ______.

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

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

products, services, or ideas

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

1. Balancing customer benefits and costs 2. Sharing information 3. Building relationships

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)

Which of the following are services airlines frequently offer to create value for customers?

1. In-flight WiFi shopping opportunities 2. Many flights to destinations consumers want

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

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

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

1. It was a buyer's market. 2. Products were designed to focus on consumers' needs.

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

1. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. 2. Retail stores were considered places to hold inventory until it was sold.

Which are supply chain partners?

1. Retailers 2. Wholesalers 3. Transporters

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

1. Social responsibility 2. Environmentally friendly options

1. Rolex watch 2. Nike shoes 3. Energy bars 4. Product 5. Price 6. Place 7. Promotion

1. Status 2. Performance 3. Convenience 4. Creating Value 5. Capturing Value 6. Delivering Value 7. Communicating Value

Value-based marketers believe that consumers want which of the following when they purchase a product?

1. Their needs to be met 2. A price that is a good value 3. Their wants to be met

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

1. World War II 2. The Great Depression

Which of the following characterizes an exchange?

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

An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?

An idea

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

B2C

Which of the following is NOT an example of a service?

Buying a new car

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

By conferring status

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

Consumer

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

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.

Creating value

Which entity does NOT market to the other entity?

Customers to businesses

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 ______ value.

Deliver

When was the consumer "king"?

During the market-oriented era

A core aspect of marketing involves a(n) ___, which is a transaction in which things of value are traded by buyers and sellers.

Exchange

Businesses should avoid using social and mobile media technologies.

False

For consumers, good value means that a product or service is inexpensive.

False

Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.

Goods

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

Companies' spending on social media ads is ______.

Increasing

How does ad revenue benefit consumers?

It enables companies to offer free services to consumers.

Which of the following best describes goods?

Items you can touch

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

Which of the following are components of price?

Money, time, energy

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 4 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 he or she 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

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

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

Which of the following are elements of the marketing mix?

Product, price, place, promotion

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

Production

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

Promotion

Marketers use ______ to inform, persuade, and remind potential buyers about a product or Service to influence their opinions and elicit 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

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

Promotion

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

Satisfying customer needs

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.

Segmentation

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

Getting cash from an ATM is considered a(n) ______ transaction.

Service

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

The global economy would plummet.

Value-oriented marketers engage in an ongoing process of balancing

The perceived benefit to customers and the price