Chapter 1 Marketing

Which of the following is true of marketing?

Marketing affects various stakeholders.

Data about how, when, why, where, and what people buy refers to

Marketing analytics

Which of the following is true with regard to mobile advertising?

Within just a couple of years, mobile advertising will be a bigger market than digital advertising.

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to

increase the perceived value of its products

The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)

industry

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

its value

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?

just after World War II

To build relationships, firms focus on the ________ of the relationship, not how much money is made during each transaction.

lifetime profitability

A relational orientation is based on the philosophy that buyers and sellers develop

long term relationship

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

long-term relationships

Which of the following is a core aspect of marketing?

making product, place, promotion, and price decisions

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

market-oriented

Many U.S. companies first discovered marketing during the ________ era.

market-oriented

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

marketing

Value-oriented marketers constantly measure

perceived customer benefits against the costs of their offerings.

Effective promotion enhances a product or service's

perceived value

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

place

Marketing channel management is related to which of the four Ps?

place

Which element of the marketing mix is most relevant to the activity "delivering value"?

place

________ represents all the activities necessary to get the product to the right customer when that customer wants it.

place

Which element of the marketing mix is most relevant to the activity "capturing value"?

price

Which element of the marketing mix is most relevant to the activity "creating value"?

product

Marketing involves all of the following except

production scheduling

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ________ era of marketing.

production-oriented

The idea that a good product will sell itself is associated with the ________ era of marketing.

production-oriented

During the ________ era, firms had excess capacity and used personal selling and advertising to generate customers.

sales-oriented

The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold.

sales-oriented

Marketing enriches society by

sponsoring charitable events

UPS, FedEx, and other shipping companies support other firms' ________ marketing goals.

supply chain management

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

the ability to buy them

In delivering value, marketing firms attempt to find the most desirable balance between

the need to provide benefits to customers and keep down costs.

The "onboard, online retail business" refers to

the options airlines offer passengers to shop through their mobile devices while they fly toward their destination.

When referring to "exchange," marketers are focusing on

the trading of things of value.

During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

value-based marketing

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered ________ marketing.

B2C

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to ________ marketing

C2C

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.

C2C

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.

C2C

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except

performance

Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix?

place

Which element of the marketing mix deals with supply chain management?

place

When we say that marketing can be entrepreneurial, it means that entrepreneurs

launch ventures to satisfy unfilled needs.

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

managing the supply chain.

Many marketing students initially overlook the importance of marketing channel management because

many of these activities take place behind the scenes

When a T-shirt manufacturer states, "We sell it only in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?

production-oriented

According to your text, in the broadest terms, the "marketplace" refers to

the world of trade

Which of the following best represents how marketing expands firms' global presence?

when companies manufacture and sell their products all over the world

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide

which kinds of stores to open.

The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time.

marketing

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.

marketing mix

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of

marketing plan

______ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

Promotion

Which of the following statements reflects the philosophy of the market-oriented era?

The customer is king

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as

an afterthought

The basic difference between a good and a service is that a good

can be physically touched

Which marketing activity is most directly served by the promotion element of the marketing mix?

communicating value

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

controllable

The fundamental goal of marketers when creating goods, services, or combinations of both is to

create value

People who organize, operate, and assume the risk of a business venture are called

entrepreneurs

Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is

expanding from offering just goods to also offering services.

The goal of customer relationship management is to

identify and build loyalty among a firm's most valued customers.

In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by

sharing information across the organization

Marketing channel management is also known as

supply chain management

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay include

the value of their time and energy.

If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and e-mail in order to participate, the radio station is

offering an exchange