Strategic MKT Ch 1

The fact that, unlike most other key areas of business, marketing as a field is highly ________ outside the confines of the internal business operation, leads to many misconceptions about marketing.

visible

Marketing management teaches knowledge and skills that ________.

will enhance your personal effectiveness in any job

________ means communicating and delivering value in different ways to different customer groups.

Differentiation

What is a common misconception concerning marketing?

Marketing is all about advertising.

What is the focus of a customer orientation?

an investment in customers over the long term. the idea that marketing is an organization-wide issue.

What represents the day-to-day operationalization and implementation of Marketing (Big M)?

marketing (little m)

According to Peter Ducker, what is the only purpose of business?

to create a customer

What are marketing metrics?

tools and processes that identify, track, evaluate, and provide key benchmarks for the improvement of marketing activities

The ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits is called ________.

value

Which three conditions occurred around the end of World War I and caused production capacity utilization to decline?

A number of firms that had dominated before the war now found themselves with stiff competition. Financial markets were becoming more sophisticated. Capacity had been increased greatly for the war.

Which of the following conditions did not cause production capacity utilization to decline around the end of World War I?

Customers became the central component of marketing.

True or false: As a field of study, marketing is only important to those involved in consumer industries.

False

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

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

Maximizing production capacity utilization first became a predominant concern during the _____.

Industrial Revolution

According to Peter Ducker, which of the following are aspects of marketing?

It is the whole business seen from the customer's point of view. It is, first, a central dimension of the entire business. It cannot be considered a separate function within the business.

Which three are reasons that the AMA definition of marketing is considered good?

It shifts the areas of central focus of marketing to value. It recognizes marketing as an activity, set of institutions, and processes. It focuses on the more strategic aspects of marketing.

The understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, that allows a firm to successfully develop strategies for the future is referred to as ________.

Marketing (Big M)

________ serves as a core driver of business strategy.

Marketing (Big M)

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

Marketing includes activities, institutions, and processes. Marketing creates, communicates, delivers, and exchanges valuable offerings. Marketing concerns all marketing stakeholders.

What are common misconceptions concerning marketing?

Marketing is all about advertising. Marketing is just another cost center in a firm. Marketing is all about selling.

________ is a core business activity that focuses on leading and managing the facets of marketing to improve individual, unit, and organizational performance.

Marketing management

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

One; one

According to ________, "Marketing is so basic that it cannot be considered a separate function (i.e., a separate skill or work) within the business... it is, first, a central dimension of the entire business. It is the whole business... seen from the customer's point of view."

Peter Drucker

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

Strategic marketing

________ refers to business practices that meet humanity's needs without harming future generations.

Sustainability

What was a result of the the marketing concept being a major breakthrough in business?

The idea of the marketing plan became codified in most organization's business processes.

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

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

True or False: The relationship of the 4Ps of the marketing mix is such that making a change in any one of the components tends to result in a domino effect on the others.

True

True or false: Nowadays, customers of all kinds have nearly limitless access to information about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies.

True

________ is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

Value

Successfully putting the marketing concept into practice is the essence of ________.

a market orientation

Recognizing that it is far more efficient and effective to invest in keeping and cultivating existing customers rather than trying to gain new customers is the premise behind ________.

a relationship orientation

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

advent of the marketing concept

What are two principles contained in the marketing concept?

an organization-wide customer orientation a company objective of achieving long-run profits

Why are the 4Ps (product, price, place, and promotion) referred to as the marketing mix?

because "mixing" these elements allows for a product or brand to be set apart from the competition. because making a change in any one of the marketing mix elements tends to result in a domino effect on the others.

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

chat rooms independent websites blogs

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

competitor proliferation information depreciation open secrets universal innovation

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

customer

In a market orientation, placing the customer at the core of the enterprise is often referred to as a ________ approach to business.

customer-centric

What are three problems outlined in the AMA's 7 Big Problems in the Marketing Industry?

dealing with an omni-channel world. the digital transformation of the modern corporation. generating and using insight to shape marketing practice.

The ability for marketers to tailor and deliver specific product messages to specific groups is the essence of ________.

differentiation

Marketing was done on a one-to-one basis between firms and customers ________.

during the pre-industrial revolution

During the ________, the focus was on improving products and production efficiency without much regard for what was going on in the marketplace.

early 20th century

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

information depreciation open secrets universal innovation competitor proliferation

According to Peter Ducker, what are the two business functions that help a firm achieve its ultimate purpose?

innovation marketing

Which of the following is not a marketing challenge identified by the Intellectual Agenda of the AMA?

lack of competition in global markets

A(n) ________ orientation means the implementation of the marketing concept.

market

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

marketing

Outside the confines of the internal business operation, which area is more visible compared to the others?

marketing

Specific programs and tactics aimed at customers and other stakeholder groups tend to emanate from ________.

marketing (little m)

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

marketing (little m)

As a result of the ________, firms began to adopt the practice of letting the market decide what products to offer.

marketing concept

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

marketing management

Measurements designed to identify, track, evaluate, and provide key benchmarks for the improvement of marketing activities are called ________.

marketing metrics

The key components of marketing (product, price, place, and promotion) are referred to as the 4Ps of marketing, or the marketing ____.

mix

The bundle of goods, services, ideas, and other components, that delivers value to satisfy a need or a want, is called a(n) ________.

offering

Before Henry Ford created assembly lines, how was marketing was conducted between firms and customers?

on a one-to-one basis

Advocating that firms should learn with each customer's needs and then connect that knowledge with the firm's production and service capabilities in a customized manner is the premise behind ________.

one-to-one marketing

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

price

Today, ________ is largely regarded in relationship to the concept of value

price

Select those components that make up the marketing mix.

price promotion product place

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

relationship

The fact that consumers today are more receptive to the use of digital and social media tools for communicating highlights which change driver affecting marketing today?

shift in generational values and preferences

Which of the following shifts are trends impacting the future of marketing?

shift in generational values and preferences. shift to distinguishing Marketing ("Big M") from marketing ("little m"). shift to product glut and customer shortage. shift in information power from marketer to customer.

Competitor proliferation, open secrets, universal innovation, information depreciation, easy growth, and time-deprived customers represent which change driver impacting the future of marketing?

shift to product glut and customer shortage

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

shift to relaxing a return on marketing investment

At the broadest conceptual level, members of society at large can be viewed as stakeholders for marketing, a concept called ________ marketing.

societal

In ________ marketing, members of society at large are viewed as stakeholders for marketing.

societal

A bundle of benefits from an offering that solves a problem or fills a need for a customer is referred to as a(n) ________.

solution

Any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by is called a marketing's ________.

stakeholders

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

stakeholders

A long-term, firm-level commitment to investing in marketing--supported at the highest organization level—for the purpose of enhancing organizational performance is called ________ marketing.

strategic

The AMA's official definition of marketing is quite good because it focuses on the more ________ aspects of marketing, which positions marketing as a core contributor to overall firm success.

strategic

Societal 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

Little-m marketing is considered to be _____ marketing because it almost always takes place at the functional or operational level of a firm.

tactical

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

tactical

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

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

After World War II, the advent of the marketing concept emerged as a result of ________.

the advent of readily available mainframe computing capability. the opening up of production capacity dominated for years by war production. a desperate need to regain a normalcy of day-to-day life after years of war. pent-up demand for consumer goods and services after the war.