Chapter 1 MArketing

Product, price, place, and promotion make up the elements of a firm's marketing mix True/False

True

_______ is the act of obtaining a desired object from someone by offering something in return A) exchange B)targeting C)positioning D)differentiation E)segmentation

A) Exchange

The _______ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitions do. A)marketing B)production C)selling D)societal marketing E)product

A) marketing

Abel now has he buying power to purchase the computer that he wanted to by six months ago. Abel's want has most likely became a ______. A)market offering B)demand C)need D)desire E)value

B) demand

Consumers' needs and wants are fulfilled through ________. A)demand B)ideas C)market offerings D)desire E)value

C) market offerings

JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________. A)production concept B)market offering C)value proposition D)selling concept E)segmentation strategy

C) value proposition

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ______ A)undifferentiated marketing B)consumer-generated marketing C)cost leadership D)target marketing E)mass distribution

D) target marketing

_________ are the form human needs take as they are shaped by culture and individual personality. A)necessities B)risks C)services D)wants E)benefits

D) wants

Dividing a market into several sections of customers is known as ________. A)mass customization B)market positioning C)value engineering D)undifferentiated marketing E)market segmentation

E) Market segmentation

According to the 5-step model of the marketing process, the first step in marketing is ________. A)constructing an integrated marketing program that delivers superior value B)capturing value from customers toe create profits and customer equity C)engaging customers, building profitable relationships, and creating customer delight D)designing a customer-driven marketing strategy E)understanding the marketplace and customer needs and wants

E) understanding the marketplace and customer needs and wants