question

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

answer

marketing plan

question

Understanding the marketplace, and especially consumer needs and wants, is fundamental to marketing _____.

answer

success

question

If a car manufacturer wanted to segment its marketplace it would (select all applicable answers): a: offer the same car model to all consumers in the marketplace. b: identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans). c: divide consumers into groups based on their incomes.

answer

b and c

question

The text outlines the role that each of the four Ps plays in adding value for customers and firms. Product, the first of the four Ps, is responsible for _____ value.

answer

creating

question

In the four Ps of marketing, price aims to _____ value for the market mix.

answer

capture

question

Which of the following are components of the price paid by the buyer? (Select all that apply.) a: Cultural Imperialism b: Money c: Time d: Ethical Climate e: Energy

answer

b, c, and e

question

In the marketing mix, place is expected to _____ value for the customer. (Recall that each of the Ps acts differently and specifically.)

answer

deliver

question

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

answer

Place

question

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

answer

Promotion

question

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

answer

Value

question

True or false: Value-based marketing means the value of a product depends on how the marketer sells it, not how the customer values it.

answer

False

question

Which of the following would not be an example of value cocreation? a: A clothing company allowing customers to personalize the fit of a pair of jeans. b: Buying ready-to-wear apparel from a department store. c: Client interacting sales associate who takes information on how to customize apparel d: Buying a customized cake from the bakery

answer

b

question

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.

answer

customers

question

True or false: Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings.

answer

True

question

In a _____ orientation, lifetime profitability is more important than the amount of money made during each transaction.

answer

relational

question

Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers? a: Revenue Recognition Management b: Customers Coordination Programs c: Customer Relationship Management d: Frequent-user Programs

answer

c

question

Which of the following are members of the supply chain? (Choose all that apply.) a: Competitors b: Manufacturers c: Retailers d: Advertisers

answer

b and c

question

A group of firms that make and deliver a given set of goods and services through the channels of production is known as a:

answer

supply chain

question

Marketers should focus on which of the following? (Check all that apply.) a: International Monetary Fund b: World Trade Organization c: Social responsibility d: Financial profitability

answer

c and d

question

Which of the following are core aspects of marketing? (Check all that apply.) a: Marketing helps create value. b: Marketing occurs solely in retail stores. c: Marketing can be performed only by organizations. d: Marketing entails an exchange.

answer

a and d

question

Marketing is the activity, set of institutions, and processes that creates, captures, communicates, and _____ value.

answer

delivers

question

Value-based marketing firms implement their strategies according to what _____ value.

answer

customers

question

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

question

When consumers market products, it is known as _____ marketing.

answer

C2C

question

Many of the most successful American firms believe that marketers should focus on which of the following beyond developing and marketing products and brands? (Check all that apply.) a. World Trade Organization b. Financial profitability c. Social responsibility d. International Monetary Fund

answer

b and c

question

Many business people believe that marketing should focus on factors other than financial goals, such as:

answer

corporate citizenry

question

Of the 4 Ps, _____ is whatever the buyer gives up in exchange for the product - for example, money, time, or energy.

answer

price

question

_____ is the component of the 4 Ps that aims to capture value.

answer

price

question

_____ is one of the elements of the 4 Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it.

answer

Place

question

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 _____ which, reflects the relations of benefits to costs.

answer

value

question

_____ is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations.

answer

Promotion

question

A(n) _____ plan is a document developed by a company to specify its marketing activities for a specific period of time.

answer

marketing

question

Which of the following are examples of consumer costs? (Check all that apply.) a. Packaging b. Price c. Advertising d. Time

answer

b and d

question

Successful airlines create value by offering:

answer

many flights to destinations the consumer wants

question

When materials or products are transported to a different location, sometimes it requires they be stored in a warehouse operated by yet another organization. A group of firms that make and deliver a set of goods and services is known as a _____ chain, or marketing channel.

answer

supply

question

Which of the following would be examples of where consumer-to-consumer marketing could potentially take place? (Check all that apply.) a. Putting merchandise for sale on eBay.com b. Making a purchase from Walmart.com c. Buying an electronic book from Amazon for the Kindle d. Making a purchase from Craigslist.com

answer

a and d

question

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.

answer

exchange

question

Which of the following are related to marketing in the production-oriented era? (Check all that apply.) a. Personal selling was used to market products. b. There was an excess supply of product, and the consumer was the king. c. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. d. Retailers were considered places to hold inventory until it was sold.

answer

c and d

question

In order to compete successfully most firms today, operating in the market orientation phase of marketing, have to provide their customers with better _____ than their competitors.

answer

value

question

Firms marketing directly to each other are participating in business-to-_____ marketing.

answer

business

question

Most marketers carefully seek out customers who have interest in the product they are selling as well as a(n) _____ to buy the product.

answer

ability

question

For which of the following reasons is marketing considered important? (Check all that apply.) a. Marketing lowers the cost of developing a new product. b. Virtually every person and organization is involved in marketing. c. Advertising is loved by everyone. d. Marketing expands global presence.

answer

b and d

question

Marketers must determine prices of products carefully on the basis of:

answer

potential buyers' beliefs about a product's value

question

Which of the following are characteristics marketers seek out in potential customers? (Check all that apply.) a. Individuals and/or businesses who have an interest in the company's products b. Individuals and/or businesses who have an ability to buy the products or services c. Opportunities to sell the product to every individual and/or business

answer

a and b

question

Good _____ 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.

answer

supply chain

question

A _____ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed.

answer

service

question

Which of these is NOT a reason why marketing is important? a. Marketing expands global presence. b. Marketing can be entrepreneurial. c. Marketing includes improving manufacturing techniques. d. Marketing is pervasive across channel members. e. Marketing enriches society.

answer

c

question

Entrepreneurs use marketing to do which of the following? (Check all that apply.) a. Reduce incentives b. Communicate value c. Reduce taxes d. Examine the marketplace

answer

b and d

question

What were the primary characteristics of the market-oriented era? (Check all that apply.) a. It was a buyer's market. b. Products were designed to focus on consumers' needs. c. Consumers had to purchase products of inferior quality. d. Consumers had a limited range of products from which to choose. e. It was a seller's market.

answer

a and b

question

Products include goods and services, as well as _____, which are thoughts, opinions, and philosophies. Intellectual concepts such as these can be marketed, just as goods and services can.

answer

ideas

question

Why is strong supply chain important?

answer

It helps to get merchandise to customers when and where they want it.

question

Identify all of the areas where marketing may have a positive impact: (Check all that apply.) a. enriches society b. can be entrepreneurial c. expand global presence d. production afterthought

answer

a, b, and c

question

During the sales-oriented era, firms found an answer to overproduction by extensively employing:

answer

aggressive selling and TV advertising

question

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

answer

goods

question

Value-oriented marketers measure the _____ that customers perceive against the cost of their offerings.

answer

benefit

question

Which of the following describes the fundamental purpose of marketing? a. To develop innovative products b. To create value and to satisfy customer needs c. To sell things as cheaply as possible d. To advertise and entertain customers

answer

b

question

Which of the following is not an example of a service? a. Taking a flight to New York b. Buying a new car c. Staying at a hotel

answer

b

question

A method of providing additional value to customers by allowing them the opportunity to act as collaborators is knows as value _____.

answer

cocreation

question

When Frito-Lay makes snacks, the company creates value. An essential part of this created value is a product's: (Check all that apply.) a. taste b. information c. manufacturing d. brand identity

answer

a and d

question

The process by which businesses sell to consumers is known as _____ marketing.

answer

B2C

question

Entrepreneurs perform which of the following tasks in business ventures? (Check all that apply.) a. Assuming risk b. Making the environment cleaner and safer c. Managing operations d. Creating advertising e. Organizing

answer

a, c, and e

question

What is the fundamental factor involved in buyer-seller relationships?

answer

exchange

question

One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their _____.

answer

competitors

question

A frozen dessert company might select which of the following options to further develop and create value: (Check all that apply.) a. offering ideas on how to use the dessert as an ingredient in a recipe b. offering options that may take allergies into considerations c. offering many flavors d. offering one flavor one ingredient

answer

a, b, and c

question

Some benefits of staying at a luxury hotel might include: (Check all that apply.) a. superior business center b. room service c. low price d. quality

answer

a, b, and d

question

Firms become value driven by focusing on which of the following activities? (Check all that apply.) a. Good hiring practices b. Balancing customer benefits and costs c. Sharing information d. Paying taxes e. Building relationships

answer

b, c, and e

question

The influence of social responsibility can be illustrated by a firm's:

answer

behavior

question

Which of the following contributes to marketing's global presence? (Check all that apply.) a. Cheap foreign travel b. Internet c. Accounting standards d. Corporate consolidation

answer

a and b

question

During the sales-oriented era:

answer

manufacturers had the capacity to produce more than customers were able to buy

question

If a consumer electronics firm acts on the philosophy that its new products should be compatible with existing products to develop long-term relationships with customers, then the firm is acting on the basis of a(n) _____ orientation.

answer

relational

question

Many firms recognize that adopting a strong _____ orientation in business is a good strategy. It shows the consumer marketplace that the firm will be around for the long run and can be trusted with consumers' business.

answer

socially responsible

question

Marketing firms must attempt to find the most desirable _____ between providing benefits to customers and keeping their own costs down.

answer

balance

question

Value-oriented marketers outperform their competition by: (Check all that apply.) a. satisfying needs b. paying higher salaries c. charging the highest possible prices d. developing loyalty

answer

a and d

question

The process by which businesses sell to other firms, who then use the goods and services to make other products to sell, is known as business to _____ marketing.

answer

business

question

Which of the following is an example of BOTH goods and services received in combination? (Check all that apply.) a. Going to a psychotherapist. b. Getting new tires put on your car. c. Eating at a restaurant. d. Graduating from college.

answer

b and c

question

Which of these would be good features for a budget hotel to implement to build a value-based marketing strategy? (Check all that apply.) a. Affordable rates b. A spa and salon c. 24-hour room service d. Fast check-in kiosk

answer

a and d

question

Business-to-business marketing can impact several aspects of business and society. Which of the following factors are affected? (Check all that apply.) a. employees b. taxes c. customers d. partners

answer

a, c, and d

question

If you decide to list merchandise on eBay for someone to buy, you can best be described as a:

answer

seller

question

Firms use _____ to find opportunities to better satisfy their customers' needs, keep costs down, an , in turn, develop long-term loyalties.

answer

customer data

question

To build relationships, a home builder allows customers to change upgrades until the last possible moment during construction. It is using a _____ strategy.

answer

value-based

question

UPS works with its customers to develop efficient transportation solutions. Over time, UPS becomes an integral part of the fabric of the customers' organizations. UPS is using a _____ orientation with customers since the business is enduring.

answer

relational

question

Used car sales typically are based on a _____ orientation: The seller wants to get the highest price for the car, the buyer wants the lowest, an neither expects to do business with the other again.

answer

transactional

question

In a marketing context, what do consumers seek in return for their money and scarce time?

answer

a fair return in goods/services

question

Firms should be executing all of the following practices in all countries in which they perform business EXCEPT: a. remaining price competitive b. being socially responsible c. being involved in the community d. saving money by using harmful chemicals

answer

d

question

A(n) _____ orientation in the supply chain means that the participating parties do not care much about their trading partners as the merchandise passes among them.

answer

transactional

question

If you decide at the last minute to go skiing between Christmas and New Year's Day, you will probably pay a relatively higher price for an airplane ticket to the ski area. This is an example of:

answer

trading off price and convenience

question

The 4 Ps, or marketing mix, are the _____ set of activities that a firm uses to respond to the wants of its target market.

answer

controllable

question

Firms that employ _____ systematically collect information about their customers' needs. They use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers.

answer

CRM (customer relationship management)

question

Promotion can _____ a product's or service's value.

answer

enhance

question

All of the following are activities associated with buying, not selling, decisions except: a. buying MP3s from an online retailer b. attending a class you have paid for c. doing dishes in exchange for dinner d. giving a client a haircut

answer

d

question

True or false: Although social and mobile media technologies are popular among users, businesses should avoid using them.

answer

False

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