Chapter 1 Overview of Marketing

A core aspect of marketing involves a(n) , which is a transaction in which things of value are traded by buyers and sellers. (Enter one word in the blank.)

exchange

True or False: Businesses should avoid using social and mobile media technologies. True false question.TrueFalse

false

Companies' spending on social media ads is ______. Multiple choice question. stagnating decreasing increasing

increasing

During the sales-oriented era, Blank______. Multiple choice question. manufacturers had the capacity to produce more than consumers were able to buy the consumer held all the power in the buyer-seller relationship manufacturers focused on product innovation, not satisfying consumer needs firms believed a good product would sell itself

manufacturers had the capacity to produce more than consumers were able to buy

During the sales-oriented era, Blank______. Multiple choice question. the consumer held all the power in the buyer-seller relationship manufacturers focused on product innovation, not satisfying consumer needs firms believed a good product would sell itself manufacturers had the capacity to produce more than consumers were able to buy

manufacturers had the capacity to produce more than consumers were able to buy

When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is

market oriented

Which of the following are components of price? (Check all that apply.) Multiple select question. Money Energy Ethical climate Management style Time

money time energy

Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the four Ps is most at play here? Multiple choice question. Price Place Promotion Product

place

Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to Blank______. Multiple choice question. update human resources policies improve customer-to-customer marketing plan future products and services determine net profitability

plan future products and services

Of the four Ps, ____, is whatever the buyer gives up in exchange for the product, including money, time, or energy.

price

Of the four Ps, is whatever the buyer gives up in exchange for the product, including money, time, or energy.

price

Which of the following is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs? Multiple choice question. Placement Product Positioning Promotion

product

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient Blank______, not with satisfying the needs of consumers. Multiple choice question. support pricing production value creation

production

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient Blank______, not with satisfying the needs of consumers. Multiple choice question. value creation support production pricing

productions

A toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer. This is an example of market: Multiple choice question. satisfaction. manufacturing. needs. segmentation.

segmentation.

Value-oriented marketers engage in an ongoing process of balancing Blank______. Multiple choice question. supply chain demands and resource availability the efficiency of production and the needs of customers the perceived benefit to customers and the price public perception of the corporate ethics and the firm's stewardship

the perceived benefit to customers and the price

True or false: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.

true

In order to compete successfully, most firms today have to provide their customers with better ________ than their competitors.

value

Which are supply chain partners? (Choose every correct answer.) Multiple select question. Competitors Wholesalers Transporters Federal regulators Retailers

wholesalers transporters retailers

Which of the following are associated with marketing, as defined by the American Marketing Association? Multiple select question.

**Activities that communicate offerings that have value for society at large **Institutions that facilitate the exchange of offerings that have value for customers Organizations that develop industry partnerships for international outsourcing Institutions that implement technologies for increased production efficiency **Processes used to create value for clients

Which of the following characterizes an exchange?

A buyer maneuvers a seller into providing maximum value for the lowest price. **A buyer and seller trade things of value, leaving each better off than before. A buyer and seller work together to neither increase nor decrease net satisfaction. A seller determines the best way to maximize profit while minimizing buyer value.

Firms become value driven by focusing on which of the following activities? (Choose every correct answer.) Multiple select question. Balancing customer benefits and costs Establishing good hiring practices Sharing information Building relationships

Balancing customer benefits and costs Sharing information Building relationships

Products include goods and services, as well as ________, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can. (Remember to type only one word in the blank.)

Blank 1: ideas, concepts, or idea

Which entity does NOT market to the other entity? Multiple choice question. Wholesalers to retailers Businesses to customers Customers to businesses Manufacturers to retailers

Customers to businesses

When did the high degree of power held by the consumer lead to firms discovering marketing? Multiple choice question. During the market-oriented era During the sales-oriented era During the value-based marketing era During the production-oriented era

During the market-oriented era

How does ad revenue benefit consumers? Multiple choice question. It increases the prices that consumers pay for select products. It encourages consumers to pay more for valuable products. It enables companies to offer free services to consumers. It reduces the number of ads that consumers are shown.

It enables companies to offer free services to consumers.

What were the primary characteristics of the market-oriented era that followed World War II? Multiple select question. It was a seller's market. It was a buyer's market. Consumers had to purchase products of inferior quality. Products were designed to focus on consumers' needs.

It was a buyer's market. Products were designed to focus on consumers' needs.

Which of the following are related to marketing in the production-oriented era? (Choose every correct answer.) Multiple select question. There was an excess supply of product, and the consumer held all the power. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. Personal selling was used to market products. Retail stores were considered places to hold inventory until it was sold.

Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. Retail stores were considered places to hold inventory until it was sold.

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and Blank______ value.

Multiple choice question. replicate reduce **deliver justify

If a car manufacturer wanted to segment its marketplace, it would do which of the following?

Offer the same car model to all consumers in the marketplace **Divide consumers into groups based on their incomes **Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) **Organize potential customers into groups based on their age

Which of the following are elements of the marketing mix? (Choose every correct answer.)

Product Portfolio Price Purchase

Which of the following are elements of the marketing mix? (Choose every correct answer.)

Product Price

Drag each value function to the correct marketing mix component. Instructions Product Price Place Promotion Communicating value Capturing value Delivering value Creating value

Product - Creating value Price - Capturing value Place - Delivering value Promotion - Communicating value

Select all that apply What were the primary characteristics of the market-oriented era that followed World War II? Multiple select question. Products were designed to focus on consumers' needs. It was a buyer's market. It was a seller's market. Consumers had to purchase products of inferior quality.

Products were designed to focus on consumers' needs. It was a buyer's market.

Which of the following are related to marketing in the production-oriented era? (Choose every correct answer.) Multiple select question. There was an excess supply of product, and the consumer held all the power. Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. Personal selling was used to market products.

Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of individuals.

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Choose every correct answer.) Multiple select question. Lobbying for corporate tax breaks Social responsibility Environmentally friendly options Outsourcing as much labor as possible

Social responsibility Environmentally friendly options

What would happen to the global economy if all marketing ceased? Multiple choice question. The global economy would stay about the same. The global economy would slightly worsen. The global economy would improve. The global economy would plummet.

The global economy would plummet.

Which events helped create a situation in which manufacturers produced more than customers could buy? Multiple select question. World War II World War I The Great Recession The Great Depression

World War II The Great Depression

Which of the following are considered ideas? (Choose every correct answer.) Multiple select question. A philosophy A service An opinion A non-profit organization

a philosophy an opinion

The process by which businesses sell to consumers is known as Blank______ marketing. Multiple choice question. C2C B2C B2B C2B

b2c

Fast Bean sells coffee to Federico to brew and drink at home. This is an example of business-to-Blank______ marketing. Multiple choice question. business producer vendor consumer

consumer

Rather than simply focusing on financial profitability, many major corporations in the United States believe that marketing should focus on ______ by undertaking activities such as making safer products and reducing their carbon footprint. Multiple choice question. market share return on investment corporate citizenry total sales

corporate citizenry

Value-oriented marketers measure the benefits that customers perceive against the ______ of their offerings.

costs

In a value-based, marketing-oriented firm, marketers collect information about Blank______ and competitors and then analyze and distribute it across the firm's various departments. Multiple choice question. designers vendors prices customers

customers

Modern marketers use Blank______ to focus how they approach their customers and market their products. Multiple choice question. human resources data analytics supply chains customer-to-customer marketing

data analytics

Product, the first of the four Ps, is responsible for ______.

delivering ambiance communicating promotions establishing prices **satisfying customer needs