Marketing

When applying for a job, how might you market yourself? (Choose every correct answer.)

Through your answers to interview questions Through your cover letter Through the way you dress

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs through a variety of offerings

Which are supply chain partners? (Choose every correct answer.)

Transporters Wholesalers Retailers

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 a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking Blank______, which reflects the relationship of benefits to costs, or what you get for what you give.

Value

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

Value

______ reflects the relationship of benefits to costs, or "what you get for what you give."

Value

Which events helped create a situation in which manufacturers produced more than customers could buy? (Choose every correct answer.)

World War II The Great Depression

A successful marketing plan helps ensure that

all parties involved in a transaction are satisfied

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

communicating promotions

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

consumer

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

corporate citizenry

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.

creating value

Firms that practice value-based marketing typically use a process known as Blank______, which includes a set of strategies, programs, and systems that focus on building loyalty among the firm's most valued customers. Multiple choice question.

customer relationship management

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.

customers

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

Services are intangible customer benefits, whereas ______ are tangible items that you can physically touch.

goods

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.

guide their business choices

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

Manufacturers in the production-oriented marketing era at the turn of the 20th century were primarily concerned with product Blank______, not with satisfying the needs of consumers. Multiple choice question.

innovation

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

Marketers must determine the prices of products on the basis of Blank______. Multiple choice question.

potential buyers' beliefs about a product's value

Marketers use Blank______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response. Multiple choice question.

promotion

Which of the following characterizes an exchange?

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

Which of the following is NOT an example of a service?

Buying a new car

Which of the following best describes goods?

Items you can touch

Which element of the four Ps embodies all activities needed to get the product to the right customer when and where that customer wants it?

Place

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

Place

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

Price

What were the primary characteristics of the market-oriented era that followed World War II? (Choose every correct answer.)

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

______ is the part of the marketing mix that communicates the value of the product to the consumer.

Promotion

is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response.

Promotion

Status Performance Convenience

Rolex watch Nike shoes Energy bars

Getting cash from an ATM is considered a(n) ______ transaction.

Service

Marketing is

The activity, set of institutions, and processes that create, capture, communicate and deliver value.

Which of the following is true of services?

They cannot be separated from the producer.

An environmental nonprofit organization is using Instagram to market the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur?

When its Instagram followers reduce their greenhouse gas emissions

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market

segmentation Reason: Targeting occurs after the marketplace is segmented.

A(n) ______ is any intangible offering that involves a performance, or an effort by the provider, that cannot be physically possessed, inventoried, or otherwise held.

service

______ is any intangible offering that involves a performance or an effort by the provider that cannot be physically possessed, inventoried, or otherwise held.

service

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

data analytics

In a(n) ______ orientation, lifetime profitability is more important than the amount of money made during each transaction.

relational

Marketers who have a Blank______ orientation want to build an enduring interaction with their customers. Multiple choice question.

relational

Good Blank______ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers. Multiple choice question.

supply chain

Value-oriented marketers engage in an ongoing process of balancing

the perceived benefit to customers and the price

Marketers were expected to spend approximately Blank______ on social media ad spending in 2020.

$43 billion

Value-based marketers believe that consumers want which of the following when they purchase a product? (Choose every correct answer.)

A price that is a good value Their needs to be met Their wants to be met

marketing plan

A strategy developed by companies that specifies marketing activities for a specific period of time is known as a

An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?

An Idea

Which of the following are considered ideas? (Select all that apply.)

An opinionA philosophy

Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of

Answer value cocreation Wrong supply chain collaboration Reason: The key function of allowing customers to design their own sneakers is to create more value for the customer.

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

Answer: 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 Divide consumers into groups based on their incomes Wrong: Offer the same car model to all consumers in the marketplace Reason: Segmenting a market involves dividing it into groups.

In what situation are you most likely to market yourself?

At a job interview

Firms selling merchandise directly to each other is called Blank______ marketing.

B2B

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

B2C

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

What is a result of the ad revenue companies collect from advertisers?

Companies are able to offer free services to consumers.

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

Cost

Product Price Place Promotion

Creating value Capturing value Delivering value Communicating value

Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers?

Customer relationship management

Which entity does NOT market to the other entity?

Customers to businesses

When did the high degree of power held by the consumer lead to firms discovering marketing?

During the market-oriented era

Many successful American firms have undertaken actions that focus on goals beyond financial profitability, including which of the following? (Choose every correct answer.)

Environmentally friendly options Social responsibility

A core aspect of marketing, borrowed from economics, includes 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

True or false: For consumers, good value means that a product or service is inexpensive.

False

Which of the following are examples of value cocreation? (Choose every correct answer.)

Getting a tattoo of a family member's name Buying a custom cake from the bakery Ordering a pair of jeans with personalized embroidery

What are the two key elements marketers consider when determining price?

How much value customers believe the product has That price is not always monetary

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 Processes used to create value for clients Activities that communicate offerings that have value for society at large

Why is a strong supply chain important?

It helps get merchandise to customers when and where they want it. Reason: The supply chain covers everything from raw materials through delivery of the product to the final customer. The supply chain covers everything from raw materials through delivery of the product to the final customer.

Which of the following are related to marketing in the production-oriented era? (Choose every correct answer.)

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.

Which of the following are services airlines frequently offer to create value for customers? (Choose every correct answer.)

Many flights to destinations consumers wantIn-flight WiFi shopping opportunities

Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer?

Marketing channel management

Which of the following are components of price? (Choose every correct answer.)

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?

Place

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

Price Product

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 Reason: Promotion is part of the marketing mix and communicates features and benefits to consumers.

Within the marketing mix, when a company offers many alternatives, its ______ create(s) value by satisfying customer needs.

Products, services, or ideas.

In the marketing mix, which element of the four Ps communicates value to the consumer?

Promotion

Firms become value driven by focusing on which of the following activities? (Choose every correct answer.)

Sharing information Balancing customer benefits and costs Building relationships

Which term refers to the set of approaches and techniques a firm employs to efficiently integrate suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction?

Supply chain management

What would happen to the global economy if all marketing ceased?

The global economy would plummet.

When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called

value cocreation