MKT Quiz 1

What is customer value?

Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

marketing concept

Focuses on satisfying the needs and wants of customers, at the same time making a profit for the company.

From a micro view, marketing

is a set of activities performed by an individual organization to satisfy its customers.

what kind of an economy is marketing not needed?

pure subsistence

Marketing encourages ____________ and ____________

research and innovation

All of the following are part of the direct market environment:

the company itself., competitors, customers.

A firm's product-market screening criteria for evaluating existing plans and possible new opportunities should consider

the firm's resources, trends in the market environment, the objectives of top management.

An organization practicing ______ aims all its efforts at satisfying its customers—at a profit.

the marketing concept

Between 2010 and 2025, population in the U.S. is projected to grow about _____percent.

15

___________ ___________ are the firms that are considered to be the organization's closest challengers.

Competitive rivals

Which of the following is true?

Baby Boomers refer to the generation born from 1946 to 1964.

_____ help(s) innovators develop hard-to-copy marketing strategies that will be very

Breakthrough opportunities

______ means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

Competitive advantage

_____ means trying to increase sales by selling present products in new markets.

Market development

what are the 5 eras of business?

Diversification era 1- simple trade era - sell surplus 2- Product era - increase supply 3- Sales era - beat competition 4- marketing Era - coordinate and control 5- The Marketing Company Era - long term customer satisfaction

Concerning marketing ethics:

Individuals develop moral standards based on their own values. Opinions about what is right or wrong vary from one society to another. The prevailing practice of most business people is to be fair and honest.

Which of the following statements best describes the modern view of marketing?

Marketing anticipates customer needs.

The "four Ps" of a marketing mix are:

Product, Place, Promotion, and Price.

The Price area of the marketing mix:

Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices. Requires an understanding of discounts and allowances.

A SWOT analysis includes:

Strengths Weaknesses Opportunities Threats

Place in marketing mix

The Place area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted.

promotion marketing mix

The _____ area of the marketing mix includes decisions related to telling the target market

what is innovation?

The development and spread of new ideas, goods, and services for the marketplace is called:

what is marketing?

_______ is defined as the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing flow of need-satisfying goods and service from producer to customer or client.

what does Differentiation mean?

_______ means the marketing mix is distinct from and better than what is available

International opportunities should be considered by managers because:

a the world is getting smaller. b. serving international markets may improve economies of scale. c. around the world, potential customers have needs and money to spend.

The most important variable in a firm's marketing mix is:

all contribute to one whole Price Product Promotion Place

A "marketing program":

blends all of a firm's marketing plans into one big plan.

does the economic environment change fast or slow?

can change very rapidly.

The __________ environment affects the number and types of competitors a marketing manager must face--and how they might.

competitive

Evaluating opportunities in international markets is uniquely challenging for managers because

international variables are confusing and unfamiliar to outsiders.

The languages people speak, the type of education they have, and their religious beliefs are examples of the

cultural and social environment.

The three basic ideas in the "marketing concept" are:

customer satisfaction, total company effort, profit.

In monopolistic competition,

each competitor tries to get control in its "own" target market.

Marketing managers should remember that there are many variables in the world market such as ____________ (list all variables)

economic and technological political and legal environments cultural and social environment

The difference between target marketing and mass marketing is that target marketing

focuses on specific customers, while mass marketing aims at an entire market.

what does technology affect in the economic enviroment?

how the economy's resources are converted to output.

A "marketing plan":

includes the time-related details for carrying out a marketing strategy.

With regard to a firm's resources (when searching for attractive opportunities):

lack of financial strength is often a barrier to entry.

A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ________environment.

legal

In a ____ the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

market-directed economy

does marketing involve making goods

no

The marketing management process is the process of:

planning marketing activities. implementing marketing plans. controlling marketing plans.

"Nationalism" is an issue in the ______________ environment.

political

Exchange between producers and consumers is more difficult in an advanced economy because of:x

separation in time separation in values. spatial separation. separation of information.

"Product" is concerned with:

services and physical goods. developing products which will satisfy some customers' needs. designing, packaging, and branding new products.

Mission Statement Components

sets out the organization's basic purpose for being.

what does marketing strategy do?

specifies a target market and a related marketing mix.

Gross domestic product (GDP) is

the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.

The universal functions of marketing include buying, selling..................

transporting, storing, standardization and grading, financing, risk taking, and marketing information

Marketing could NOT take place without:

two or more parties who are willing to exchange something for something else.

Most Americans live in ________ areas.

urban