mkt
Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors wehn buyers do have problems. Greenbelt is engaged in
effective supply chain management.
After the previous sales representative in his territory infuriated an important customer, Ben visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Ben an order. Ben was providing the important marketing function of
engaging customers and developing long-term relationships.
The Wall Street Journal providers a set of guidelines each year for purchasing a laptop computer. The guidelines include recommendations for hard disk capacity, memory size, battery life, and several other attributes. The Wall Street Journal is providing consumers with
evaluative criteria.
chapter 1: Components and Classifications of Products and Services Four Winds Art Gallery sells paintings. They have also recently begun offering appraisals of customers' art collections. Four Winds is
expanding from offering just goods to also offering services.
Postpurchase cognitive dissonance is especially likely for products that are
expensive, infrequently purchased or associated with high levels of risk.
Bryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Bryan's firm must look at everything it does
from a customer's point of view.
What is the focus of a firm that develops a relational orientation with its customers?
gaining lifetime profitability from customer relationships
CHAPTER 1: the 4 P's Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on
how different customers perceive the value of her services.
The goal of customer relationship management is to
identify and build loyalty among a firm's most valued customers.
CHAPTER 1: the 4 P's Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
Which of the following is true of marketing?
Marketing affects various stakeholders.
Which of the following is an example of an institutional buyer?
Mayo Clinic Hospital
Which of the following is true with regard to mobile advertising?
Within just a couple of years, mobile advertising will be a bigger market than digital advertising.
A relational orientation is based on the philosophy that buyers and sellers develop
a long-term relationship.
How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of
a marketing plan.
A relational orientation is based on the philosophy that buyers and sellers develop
a price-value comparison matrix.
chapter 1: target markets Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and
ability to buy them.
For some products, marketers can combine education level with other data like occupation and income to obtain
accurate predictions of purchase behavior.
A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using ________ to build loyalty among its customers.
customer relationship management
Fran uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Fran contacts his customers when they are most likely to be "in the buying mode." Fran's system is part of
customer relationship management.
Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. These special issues are an example of
customer relationship management.
Leslie is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smartphones. When she returned to work, she mentioned this observation to her international sales manager. Leslie was providing the important marketing function of
identifying opportunities to expand.
Maria is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Maria will likely attempt to either provide the same quality at a lower cost or
improve products and services at the same cost.
By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to
increase the perceived value of its products.
The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)
industry.
chapter 1: CRM Whenever Vivian has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Vivian is gathering
information.
When Kyle began searching for a new car to replace her old, rusty one, she probably relied on __________ sources of information.
internal and external
Marketers are particularly interested in postpurchase behavior because it involves both compensatory and non compensatory consumers.
involves actual rather than potential customers.
It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?
just after World War II
To build relationships, firms focus on the ________ of the relationship, not how much money is made during each transaction.
lifetime profitability
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
long-term relationships.
CHAPTER 1: the 4 P's Brett is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brett is addressing which core marketing aspect?
making product decisions
CHAPTER 1: the 4 P's Which of the following is a core aspect of marketing?
making product, place, promotion, and price decisions
chapter 1: Supply chain management Many marketing students initially overlook the importance of marketing channel management because
many of these activities take place behind the scenes.
Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ________ growth strategies.
market development
At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?
market-oriented
Many U.S. companies first discovered marketing during the ________ era. A) production-oriented
market-oriented
The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time.
marketing
Data about how, when, why, where, and what people buy refers to
marketing analytics.
Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.
marketing mix
Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the
marketing mix.
Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of not creating a(n)
marketing plan.
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called
marketing.
Both the B2B and B2C buying processes begin with
need recognition
The greater the discrepancy between a consumer's _________, the greater the consumer's need recognition will be.
needy state and desired state
If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and e-mail in order to participate, the radio station is
offering an exchange.
chapter 1: Supply chain management The marketing goal of getting the "right quantities to the right locations, at the right time" relates to
perceived customer benefits against the costs of their offerings.
chapter 1:Product Value Creation Value-oriented marketers constantly measure
perceived customer benefits against the costs of their offerings.
Effective promotion enhances a product or service's
perceived value.
chapter 1: Role of Promotion Effective promotion enhances a product or service's
perceived value.
After defining the business mission, what should a firm do next to develop a marketing plan?
perform a situation analysis
Every year before he puts his boat in the water, Jamie has his mechanic put a new battery in the boat. Jamie is most likely concerned with _________ risk.
performance
CHAPTER 1: the 4 P's Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except
performance.
CHAPTER 1: the 4 P's Which element of the marketing mix deals with supply chain management?
place
Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix?
place
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
place
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
Marketing channel management is related to which of the four Ps?
place
Which element of the marketing mix is most relevant to the activity "delivering value"?
place
Jeffrey opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?
price
Which element of the marketing mix is most relevant to the activity "capturing value"?
price
Which element of the marketing mix is most relevant to the activity "creating value"?
price
When Marvel launched several successful series on Netflix, including Jessica Jones, The Defenders, Iron Fist, and Luke Cage, it employed a __________ strategy
product development
chapter 1 Marketing involves all of the following EXCEPT
production scheduling.
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ________ era of marketing.
production-oriented
Mary works for a small computer software company. Her boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Her boss is probably stuck in the ________ era of marketing.
production-oriented
The idea that a good product will sell itself is associated with the ________ era of marketing.
production-oriented
The idea that a good product will sell itself is associated with the ___________ era of marketing
production-oriented
chapter 1: Marketing Eras When a T-shirt manufacturer states, "We sell it only in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?
production-oriented
When the publisher of the well-known Babar books wanted to celebrate the 80th anniversary of the series, it initiated a $100,000 camain. Which of the four P's does this campaign represent?
promotion
When the publisher of the well-known Babar books wanted to celebrate the 80th anniversary of the series, it initiated a $100,000 campaign. Which of the four Ps does this campaign represent?
promotion
In New England, foot-long sandwiches are called "grinders" while in many other parts of the country they are called "subs". This is an example of the impact of
regional culture.
If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers.
relational
The first objective in the evaluate performance phase of the marketing plannin process is to
review implementation programs and results using metrics.
During the ________ era, firms had excess capacity and used personal selling and advertising to generate customers.
sales-oriented
Near the end of the model year, the Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the ________ era.
sales-oriented
The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold.
sales-oriented
chapter 1 Jamie sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jamie is addressing which of the following core aspects of marketing?
satisfying customer needs and wants
Dwayne's company is facing a difficult ethical issue. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluating alternatives. Management reviewed and refined the alternatives. It should now choose the course of action that
seems best after weighting the concerns of all stakeholders.
As owner of a retail franchise food store, Mary Grey purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of
sharing information across the organization.
In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by
sharing information across the organization.
chapter 1 :Social Media as Part of the Marketing Plan Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product.
social media
What type of firms recognize that including a strong social orientation in business is a sound strategy that is in both its own and its customers' best interest?
socially responsible firms
Fernando was thrilled to find out that his company has just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its markt, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)
star.
Jane, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer Jane is providing the important marketing function of
supply chain management
chapter 1: Supply chain management UPS, FedEx, and other shipping companies support other firms' ________ marketing goals.
supply chain management
Jane, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jane is providing the important marketing function of
supply chain management.
Marketing channel management is also known as
supply chain management.
When positioning products relative to competitors' offering, firms typically are most successful when they focus on opportunities.
that build on their strengths relative to those of their competition
Even though they operate from out-of-the-way airports and offer few extra services, discount, no-frill airlines like JetBlue have been successful. Consumers obviously consider
the benefit of lower prices to be greater than the cost of reduced services and less convenience.
Some banks offer special accounts designated to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain that they are worth; however, bankers know that consumers are creatures of habit that the young people they serve now will become adult customers. These banks recognize
the lifetime value of customers
In delivering value, marketing firms attempt to find the most desirable balance between
the need to provide benefits to customers and keep down costs.
When referring to "exchange," marketers are focusing on
the trading of things of value.
chapter 1: Product value creation When referring to "exchange," marketers are focusing on
the trading of things of value.
CHAPTER 1: the 4 P's Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes
the value of their time and energy.
Chris has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Pete, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Pete's approach is based on
value cocreation.
During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
value-based marketing
Selena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Selena most likely operates in the ________ era of marketing.
value-based marketing
Troy sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Troy operates as if he were in the ________ era.
value-based marketing
chapter 1: Product Value Creation What type of marketers constantly measure the benefits that customers perceive against the cost of their offerings?
value-oriented marketers
CHAPTER 1: the 4 P's Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide
which kinds of stores to open.
Marketing enriches society by
creating charitable campaigns.
On Linkedin, people who post or engage in -group discussions get on average ___ times as many page views
4
On Linkedin, content pages receive _____times more page views vs. jobs pages.
7
chapter 1 :Social Media as Part of the Marketing Plan What percentage of marketers assert that they use social media tools for their businesses?
97 percent
When a pharmaceutical company develops a new medication, it typically applied for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish.
A sustainable competitive advantage.
As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from ________ to ________ marketing.
B2B; B2C
Marnie bought a dress from a retail store. Which type of transaction was Marnie participating in?
B2C
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. When they sell to consumers, it is considered ________ marketing.
B2C
Derek bought a pickup truck to transport his equipment to fishing tournaments. He also bought a trailer for his lawn maintenance business. His purchases were
B2C and B2B, respectively.
Molly has been directed by her regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month, Which step of the strategic marketing planning process is Molly engaged in?
Implement marketing mix and resources
By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to ________ marketing.
C2C
Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.
C2C
Janice was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.
D) C2C
Which of the following groups has never lived without easy acces to the internet and other digital technologies?
Generation Z
Ironically, while the leaders of Enron corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices, but was also Practicing marketing ethics
Demonstrating corporate social responsibility.
________ represents all the activities necessary to get the product to the right customer when that customer wants it.
Place
Which of the following is not a growth strategy?
Product Penetration
What are the four P's in the marketing mix?
Product, Price, Place and Promotion
CHAPTER 1: the 4 P's ________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.
Promotion
The process through which organizations invite alternative venders or supplying their required components or specifications is formally referred to as
Request for proposals.
Imagine the use (or misuse) of data collected from consumers by a marketing research firm. One of the issues that might arise is the way the data are collected. At what step in the framework for ethical decision making would this issue be identified by the marketing research firm?
Step 1 - identifying issues
Which of the following statements reflects the philosophy of the market-oriented era?
The customer is king.
Thought Asian Americans comprise only about 5.6 percent of U.S. population, they represent
The fastest-growing minority population.
Georgette, the outside sales rep for a major building supply 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, Georgette will help her company become more value driven if she
advises the production and purchasing departments to produce or order smaller quantities of products.
Apple computer users ten to like the company and love its products. Apple has nurtured this ______ component of its customer attitudes.
affective
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, _________ should engage in brainstorming and evaluating alternatives
all parties relevant to the decision
chapter 1 Julie is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julie is relieved to see that in marketing
all parties to the transaction should be satisfied.
To avoid having ethical situations become problemaic for a firm, the short-term goals of each employee must
be aligned with the long-term goals of the firm.
Compared to the average company, firms with strong ethical climates tend to
be more socially responsible.
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, all parties relevant to the decision should
brainstorm for alternatives.
To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pokrah University is becoming more value driven through
building relationships with customers.
chapter 1: Components and Classifications of Products and Services The basic difference between a good and a service is that a good
can be physically touched.
When Toyota owners began to report problems with sticking accelerator pedals and nonfunctioning brakes, Toyota at first ignored or rejected the claims. Eventually, the company evaluated the issue and issued a recall. Which of the four steps of the ethical decision-making framework ws Toyota performing when it recalled several of its models?
choose a course of action
When clients work with their investment advisers, they ________ their investment portfolios.
cocreate
The process of value ________, in which customers collaborate in product design, often provides additional value to the firm's customers.
cocreation
Which marketing activity is most directly served by the promotion element of the marketing mix?
communicating value
A firm's macroenvironment includes aloof the following except
competition.
Business-to-business marketing involves buying and selling goods or services by all of the following except
consumers.
CHAPTER 1: the 4 P's 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
Parties that work along with the focal firm to provide goods and services are views as
corporate partners.
chapter 1: The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value.