MKT 260 Chapter 1

Which of the following are impacted by the shift in generational values and preferences?

- attitudes toward work versus family - the method by which messages are communicated -How marketing carries out its management of customer relationships.

Which of the following are evolutionary steps beyond the original marketing concept?

- differentiation orientation - market orientation - relationship orientation - one-to-one marketing

Which of the following conditions occured around the end of world war 1 and caused production capacity utilization to decline?

1. Capacity had been increased greatly for the war. 2. number of firms that had dominated their respective industries before the war now found themselves with stiff competition for sales because many new competitiors had flooded into the marketplace. 3. financial markets were becoming more sophisticated and were placing more pressure on firms to continually increase sales volumes and profits.

Which of the following are leading to a shift to product glut and customer shortage?

1. Information depreciation 2. Commpetitor proliferation 3. Universal innovation 4. Open secrets -----------also there is ----------- 5. easy growth makes for hard times 6. customers have less time than ever.

Place the flow of marketing's evolution as a field in the correct order:

1. Pre-Industrial Revolution 2. Focus on production and products 3. focus on selling 4. Advent on the Marketing Concept 5. Post-Marketing Concept Approaches

Which of the following are key components in the marketing mix?

The 4P's of Marketing: product, price, place, and promotion

The concept of value is largely reguarded in relationship to ___________, a component of the marketing mix.

price

In the context of the 4Ps of the marketing mix, high-tech media options like cell phones and the Internet have had a huge impact on _____.

product

A __________ orientation means improving products efficiency without much reguard for what is going on in the market place.

production orienation

Henry Ford is well known to business students for creating the assembly line that enabled mass production of the Model T. This is an example of _____.

production orientation

Today companies have no choice but to be more open about their businesses and products because they can't stop chat rooms or bloggers or customer reviews. In the context of change drivers impacting the future of marketing, this reflects the _____.

shift in information power from marketer to customer

_________ means a long-term, firm-level commitment to investing in marketing - supposed at the highest organization level - for the purpose of enhancing organizational performance.

strategic marketing

The ratio of the bundle of benefits a customer recieves from an offering compared to the costs incurred by the customer in aquiring that bundle of benefits is called ____________.

value

A(n) ___________ orientation suggests that, to increase sales and consequently production capacity utilization, professional,salespeople need to "push" product into the hands of customers.

sales orientation

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

In ___________ marketing, members of society at large are viewed as a stakeholder for marketing.

societel

Marketing's _________ include any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by.

stakeholders

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

strategic

Post-Marketing Concept Approaches

1. Differentation Orientation 2. Market Orientation 3. Relationship Orientation 4. One-to-One Marketing

Which of the following is an organization-wide customer orientation with the objective of achieving long-run profits?

The marketing concept

Which of the following are sources of information that empower customers?

chat rooms, blogs, and independent websites

The ______________ is at the core of the relationship between Marketing (Big M) and marketing (little m).

customer

Relationship-oriented firms _____.

keep and cultivate the most profitable current customers who are highly satisfied with the firm's offering

_________ is an approach that drives the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible at the time.

market creation

In order for Marketing (Big M) to succeed, firms should create _____ strategies.

market-driving

__________ ____________ combines flexible manufactoring with flexible marketing to greatly enhance customer choices.

mass customization

The facts that "Marketing is a fuzzy field" and "if it can't be measured, it can't be managed" have increased the focus on marketing ______________.

metrics

Marketing _________ must be designed to identify, track, evaluate, and provide key benchmarks for improvement just as various financial metrics guide the financial management of the firm.

metrics - marketing metrics

A(n) ______________ could include a bundle of goods, services, ideas, and other components often by strong overarching branding.

offering

A(n) _______________ orientation means securing, building, and maintaining long-term relationships with profitable customers.

relationship

Which of the following are action elements required for successful Marketing (Big M)?

- Make sure everyone understands the concept of customer orientation. - Align all internal organizational processes and systems around the customer. - Find someone at the top of the firm to consistently champion the Marketing (Big M) business philosophy. - Forget the concept that the marketing department is where Marketing (Big M) takes place. - Create market driving, not just market-driven, strategies.

The understanding of markets, competitiors, and other external forces, coupled with attention to internal capabilities, allows a firm to successfully develop strategies for the future is called

Marketing (Big M)

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

Which of the following shifts is not a trend impacting the future of marketing?

Shift to relaxing a return on marketing investment.

Societel marketing has evolved into a part of the core of many firms under the label __________, which refers to business practices that meet humanity's needs without harming future generations.

sustainability

Marketing occurs on two dimensions within an organization: strategic and __________.

tactical

In the context of change drivers impacting the future of marketing, marketing (little m) is also known as _____.

tactical marketing

Marketing (little m) serves the firm and its stakeholders at a fuctional or operational level; hence, it is often thought of as __________ marketing.

tactical marketing

According to _________, marketing 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.

the American Marketing Association

The concept of supply chain management is considered to be part of the _____ of the marketing mix.

place

During the _______, marketing was done very much on a one-to-one basis between firms and customers.

pre-industrial revolution

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

price

The Internet has made it easy for customers to get details about products online, post their opinions, and read other people's opinions. From a marketer's point of view, this has caused _____.

a shift in information power from marketers to consumers

During the __________, an orginization-wide customer orientation with the objective of achieving long-run profits took hold.

advent of the marketing concept

A _________ orientation means creating and communicating what clearly distiguishes your products from those of competitors in the minds of customers.

differentiation

When a person gives up something of value to them for something else they desire it is called __________.

exchange

Companies that promote sustainability practices like Starbucks, which has a stringent recycling program, or General Electric, which makes environmentally sensitive products, are practicing _____.

green marketing

Which of the following are current marketing buzzwords?

guerilla, permission, and holistic marketing; marketing warfare, marketing rainmaking, buzz marketing, integrated marketing

Maximizing production capacity utilization first became predominant concern during the __________.

industrial revolution

A(n) ___________ orientation means the implementation of the marketing concept

market orientation

Customer orientation is one component of ____________, which is the implementation of the marketing concept within a company.

market orientation

An organization-wide customer orientation with the objective of achieving long-run profits is called the ______________ comcept.

marketing

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)

__________ always needs to be couched within the philosophy, culture, and startegies of the firm's Marketing (Big M).

marketing (little m)

Leading and managing the facets of marketing to improve individual, unit, and organizational performance is called ___________.

marketing management

Which of the following are the conditions for any exchange?

1. There must be at least two parties 2. Each party has something that might be of value to the other party. 3. Each party has something that might be of value to the other party. 4. Each party is capable of communication and delivery. 5. Each party believes it is appropriate or desirable to deal with the other party.

__________ serves as a core driver of business technology.

Marketing (Big M)

Which of the following statements is true of marketing?

Marketing is no more inherently unethical than other business areas.

According to the American Marketing Association, which of the following are aspects of marketing?

Marketing is the activity, set of isititutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large. Marketing concerns all marketing stakeholders.

______ to ______ marketing advocates that firms should learn each customer and then connect that knowledge with the firm's production and service capabilities to fulfil that customer's needs in as custom a manner as possible.

one - to - one