Chapter 1 quiz intro to MKT

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

C2C

_______ includes the shipment/delivery of products, so these companies can be an important part of the supply chain.

Supply chain management

Curtis is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Curtis will likely attempt to either provide the same quality at a lower cost or

improve products and services at the same cost.

Whenever Kristy has a new manicure customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her manicure service for payment, Kristy is gathering

information.

Makenna, the outside sales rep for a brick and stone company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, Makenna will help her company become more value-driven if she

advises the production and purchasing departments to produce or order smaller quantities of products.

To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through

building relationships with customers.

Which of the following is a core aspect of marketing?

making product, place, promotion, and price decisions

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

managing the supply chain.

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

marketing mix

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

can be physically touched.

The marketing mix activity price does what with value?

captures value

When clients work with their investment advisers, they ________ their investment portfolios.

cocreate

The marketing mix activity promotion does what with value?

communicate value

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

communicating value

The four Ps are the _______ set of decisions or activities that the firm uses to respond to the wants of its target markets.

controllable

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 marketing mix activity product does what with value?

creates value

Marketing involves conducting exchanges, satisfying customer needs and wants, and

creating value.

The marketing mix activity place does what with value?

deliveres value

Nice 'n Easy sells handcrafted furniture. They have also recently begun offering appraisals of customers' antiques. Nice 'n Easy is

expanding from offering just goods to also offering services.

Jeffrey is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeffrey has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeffrey still need to work on?

place

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

product

If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers.

relational

In the _______ era, manufacturers had the capacity to produce more than customers really wanted or were able to buy. Firms found an answer to their overproduction in becoming sales-oriented: They depended on heavy doses of personal selling and advertising.

sales-oriented

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

sales-oriented

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

supply chain management

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

the world of trade.