Chapter 1 SB - What is marketing

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

- identify customer needs for different types of cars (such as sports cars, SUVs and family sedans) -divide consumers into groups based on their incomess -organize potential customers into groups based on their age

which of the following are associated with marketing, as defined by the American Marketing Association

- institutions that facilitate the exchange of offerings that have value for customers -activities that communicate offerings that have value for society as large -processes used to create value for clients

which of the following are considered ideas

-opinion -philosophy

approximately what percentage of marketers use social media

97%

which of the following characterizes an exchange

A buyer and seller trade things of value, leaving each better off than before.

the process by which businesses sell to consumers is known as ______ marketing

B2C

which entity does NOT market to the other entity

Customers to businesses

When was the consumer "king"

During the market-oriented era

which company would likely charge customers the least if all marketing and advertising spending was discontinued?

Facebook

which of the following are related to marketing in the production-oriented era

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

What were the primary characteristics of the market-oriented era that followed World War II

Products were designed to focus on consumers' needs it was a buyers market

Which are supply chain partners?

Retailers Wholesalers Transporters

Which events helped create a situation in which manufacturers produced more than customers could buy?

The great depression world war II

Firms become value-driven by focusing on which of the following activities

balancing customers benefits and costs sharing information building relationships

Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.

consumer

many businesspeople believe that marketing should focus on factors other than financial goals, such as

corporate citizenry

value-oriented marketers measure the benefits that customers perceive against the _______ of their offerings

cost, price or costs

In a value-based, marketing-oriented firm, marketers share information about _______ and competitors and then integrate and distribute it across the firm's various departments

customers

Modern marketers use ______ to focus how they approach their customers and market their products.

data analytics

Marking is the activity, set of institutions, and process that create, capture, communicate, and ____ value

deliver

Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______.

developing goods and services

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability

environmentally friendly options socially responsibility

a core aspect of marketing involves a(n) _______ which is a transaction in which things of value are traded by buyers and sellers

exchange

true or false: businesses should avoid using social and mobile media technologies

false

Products include goods and services, as well as __________, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can.

ideas, concepts, or idea

During the sales-oriented era, ______.

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 components of price

money, energy, time

which of the following is most likely to be a value-driven firm?

one that has active and engaging social media channels

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 4 Ps is most at play here?

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

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

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?

product

which of the following elements of the marketing mix

product price

match each marketing mix component with its corresponding value function

product : creating value price: capturing value place: delivering value promotion: communicating value

Manufacturers in the production-orientated marketing era at the turn of the 20th century were concerned with efficient _______, not with satisfying the needs of consumers

production

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.

segmentation

What would happen to the global economy if all marketing ceased

the global economy would plummet

Value-oriented marketers engage in an ongoing process of balancing

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 or values


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