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Marketing is the process of

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creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

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focal point of all marketing activities

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customers

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Organizations should define themselves not according to the products they produce but according to

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how they satisfy customers

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The definition of marketing implies that ______ should receive benefits from exchange relationships.

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both customers and businesses

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The primary value that a marketer expects to receive from a customer in an exchange relationship is

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price charged for the product

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a target market

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is a specific group of customers on whom a company focuses its marketing efforts.

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SunnyD is aimed at mothers with children under age twelve. These mothers represent SunnyD's

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target market

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marketing mix is what? and is built around what audience?

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distribution, price, promotion and product. the customer

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The product variable of the marketing mix can include all of the following except

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consumer perception of the product price.

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The three basic forms that a product can take are

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searches ideas and goods

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A physical product you can touch is a

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good

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The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)

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service

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an example of a service marketer?

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Fed Ex

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a group that markets to change attitudes and laws primarily markets

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ideas

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Which of the following is most likely to be an idea marketer?

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abuse counselor

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adding gel insoles to running shoes would be a change in the what mix for nike?

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product

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Making modifications to packaging or brand names involves the _____ component of the marketing mix.

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product

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Issues of inventory levels and storage costs are both concerns relating to the _____ variable of the marketing mix.

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distribution

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online shopping has dramatically effected the what?

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distribution process

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change of hours of operation in a service business involves the what component?

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distribution

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to increase awareness of an element you should look to the what section of the marketing mix?

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promotion

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When DuPont develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?

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promotion

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a website that gives information but does not allow you to purchase directly from it?

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promotional purposes

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When DataComp Corp., a producer of computer software, delayed the introduction of its new spreadsheet program to modify the package, its scheduled magazine advertisements announcing the new product needed to be revised. In this case, a change in the ___________ variable caused changes in the ___________ variable of the marketing mix.

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product, promotion

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which variable cannot be controlled?

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competition

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what is the best description of exchange?

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Provision or transfer of goods, services, or ideas in return for something of value

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For an exchange to occur, four conditions must exist: first, two or more individuals, groups, or organizations must participate, and each must possess "something of value" that the other desires; second, the exchange must provide a benefit or satisfaction to both parties; third, each must have confidence in the promise of the "something of value" held by the other; and fourth,

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to build trust, parties to the exchange must meet expectations.

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Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

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satisfaction for the buyer and the seller

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Which of the following statements about marketing environment forces is correct?

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They influence customers by affecting their lifestyles, standards of living, and preferences and needs for products.

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The forces of the marketing environment include

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political, legal and regulatory, sociocultural, technological, economic, and competitive.

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A marketing manager for a small computer manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ___________ that influence(s) the firm's strategy.

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marketing enviroment

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Which of the following best characterizes the forces of the marketing environment?

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The forces change dramatically and quickly, and a change in one force is likely to affect the other forces.

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change in drinking age is a change in what?

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marketing enviroment

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Which of the following is essentially an uncontrollable factor in developing a marketing mix?

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government regulations

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The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they

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affect a marketing manager's decisions and actions by influencing buyers' reactions to the firm's marketing mix.

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marketing enviroment is

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dynamic and changing

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The marketing concept is best defined as

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a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.

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marketing concepts say organization should

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provide products that satisfy customers' needs and allow the organization to achieve its goals.

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The marketing concept is a management philosophy that affects

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all efforts of the organization

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The marketing concept focuses on

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satisfying customers' needs in a way that helps to achieve organizational objectives.

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The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also

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achieve the organizations goals

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Which one of the following statements by a company president best reflects the marketing concept?

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We have organized our business to make certain that customers get what they want.

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The marketing concept affects

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all organizational activities

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When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?

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marketing concept

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marketing concept is a

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management philosophy

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As the Industrial Revolution came to the United States, most firms operated in a(n) ___________ orientation.

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production

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During the Industrial Revolution demand for manufactured goods was

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strong

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From the 1920s to the 1950s, demand for manufactured goods decreased, leading to the ______ orientation.

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sales

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U.S. Electric, the maker of a highly innovative xenon light bulb, finds that it has excess inventory. The firm increases its advertising budget by 50 percent and doubles its sales staff. This company is operating as if it were in which of the following orientations?

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sales

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American Express implements a program of calling its current cardholders to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?

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market

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A market orientation is an organization-wide effort that includes all of the following activities except

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ocusing on the marketing department only.

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Which of the following best describes the acceptance of the marketing concept by American organizations?

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The marketing concept has yet to be fully accepted by all organizations.

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Which of the following is not an example of the implementation of the marketing concept?

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Burger King reduces the labor costs to produce its sausage-egg biscuits.

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Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as

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relationship marketing

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A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on

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creating and maintaining satisfying exchange relationships.

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In managing customer relationships, the three primary ways profits can be obtained are by

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enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

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customer relationship management begins its focus on customers with

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information

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Long-term relationships with profitable customers is the key objective of

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customer relationship management

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Managing customer relationships requires identifying patterns of ___________ and then using that information to focus on the most promising and profitable customers.

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buying behavior

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________ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

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value

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The equation a buyer applies to assess a product's value is

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value = customer benefits- customer costs

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Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

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monetary price

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Which of the following would not be a customer cost considered in determination of product value?

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Benefits received in the exchange for the products

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Benefits received in the exchange for the products

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monetary price

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Marketing management is defined as a process of

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planning, organizing, implementing, and controlling marketing activities.

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______ is the degree to which an exchange helps achieve an organization's objectives.

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effectiveness

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______ refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges.

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efficiency

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A systematic process of assessing opportunities and resources, determining marketing objectives, and developing a marketing strategy and plans for implementation and control describes which of the following marketing management activities?

answer

planning

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The marketing unit can be organized by ________.

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functions, products, regions, types of customers, or a combination of all four.

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_________ of marketing plans hinges on coordination of marketing activities, motivation of marketing personnel, and effective communication within the marketing unit.

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Implementation

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