6

A(n) _____ are go-betweens that bring buyers and sellers together.

broker

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

customer value

Leon Georges works in the warehouse for a manufacturer of air-purification systems. He is responsible for the transportation of metal components, preformed plastic, etc. used to manufacture the systems as well as the efficient movement of the finished systems from the manufacturing facility to the warehouse to distribution trucks. Georges is involved in:

distribution

The chain of manufacturer, agent, wholesaler, and retailer through which items like x-ray machines, dental equipment, and safety goggles flow is called a(n) ______ channel.

distribution

The marketing concept:

does all of the above

Within the distribution channel, retailers and wholesalers are called:

marketing intermediaries

Customer satisfaction:

refers to the customer's feeling that a product has met or exceeded expectations

In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:

relationship marketing

_____ is a strategy that focuses on forging long-term partnerships with customers.

relationship marketing

The marketing concept:

satisfies customer wants and needs legally and responsibly

Distribution strategy is another term for place strategy.

true

For most corporations, physical-distribution activities are usually the responsibility of the marketing department.

true

Marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives.

true

Sales promotion, advertising, and public relations are elements of the promotion strategy.

true

Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products.

true

The goal of all promotion is to stimulate action.

true

The marketing concept emphasizes a consumer orientation.

true

The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.

true

A person who works as a sales representative for a manufacturer or wholesaler and gets paid a commission on any sales is classified a(n):

NOT: broker

Victorinox is the name of the company that manufacturers Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.

NOT: consumer

The _____ is the belief that the firm should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.

NOT: total exchange concept NOT: market mission statement

Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as a:

agent

_____ is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

distribution

The _____ is a series of marketing entities through which goods and services pass on their way from producers to end-users

distribution channel

Personal selling is an element of the product strategy.

false

The five P's are product, promotion, price, people and possession.

false

The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.

false

A(n) _____ is an independent wholesaler who buys related product lines from many manufacturers and sells them to industrial users.

industrial distributor

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

marketing

According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.

marketing concept

A distribution channel is a series of marketing entities through which goods and services pass on their way from producers to end users.

true

A retailer is showing concern for a store's atmosphere when he considers the type of store fixtures to have, the size and type of signage to use, the type of background music to play, and the number and type of employees to hire.

true

A target market is a specific group of consumers toward whom a firm directs its marketing effort.

true

Agents are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.

true

An example of nonstore retailing is the vending machine from which you purchased a soda.

true

An intermediary that takes possession and title of goods is called a merchant wholesaler.

true

Frequent-buyer clubs are common tools in relationship marketing.

true

Information promotion is more common in the early stages of the product life cycle.

true

Internet retailing is also called e-retailing.

true