Bus130 Ch1 TF – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing is an activity that only large firms with specialized departments can execute.
answer
FALSE Marketing activities can be performed by organizations of all sizes and by individuals as well.
question
Good marketing is not a random activity
answer
TRUE Good marketing requires thoughtful planning.
question
Understanding a customer's needs and wants is fundamental to marketing success.
answer
TRUE The needs and wants of the customer must be an integral part of marketing planning.
question
Marketers might wish to sell their products to everyone, but it is not practical to do so.
answer
TRUE Marketers seek out potential customers who have an interest in the product and the ability to buy it. Not everyone will fall into this category for a given product.
question
The four Ps include product, promotion, planning, and place.
answer
FALSE The four Ps include product, promotion, price, and place
question
Because thoughts, opinions, and philosophies are neither goods nor services, they cannot really be marketed.
answer
FALSE Thoughts, opinions, and philosophies fall into the category of ideas, which can be marketed. In fact, this is the essence of a political campaign.
question
The group of firms that makes and delivers a given set of goods and services is known as a supply chain.
answer
TRUE Supply chain partners include al firms involved in manufacturing and delivering goods and services from raw material suppliers to retailers and shipping companies.
question
Value is what you get for what you give.
answer
TRUE Value is the relationship of the benefits received to the costs expended.
question
In value cocreation, the customer is involved as a collaborator in the creation of a product or service, which provides additional value to the customer.
answer
TRUE In the value cocreation, the firm and the customer work together to create the product or service. This process adds value because the product or service can be tailored to the customer's needs.
question
Value-based marketing helps to build long-term customer loyalty.
answer
TRUE The greater value a firm can deliver to its customers, the more likely they are to be loyal in the long run.
question
Over the past decade or so, marketers have begun to realize that it is best to structure a firms customer orientation in terms of transactions rather than relationships.
answer
FALSE A transactional orientation focuses only on the current exchange, whereas a relational orientation attempts to build a long-term relationship with the customer, resulting in a stream of transactions and (usually) higher profits.
question
The latest introduction from Apple, the iPad, has been successful because it provides value to customers.
answer
TRUE Apple succeeds because the revolutionary products it releases to the market provide value to customers.
question
When a value proposition is advertised, its purpose is to inform, persuade or remind customers about the product or service.
answer
TRUE Promotions are generally designed to inform, persuade or remind potential buyers about a product or service.
question
By publishing a Code of Ethics, a firm ensures that all employees will behave ethically.
answer
FALSE The fact that a document has been written does not ensure that employees will follow the rules.
question
When a car manufacturer sells trucks, cars, and car parts to the government or military, this is an example of B2C marketing.
answer
FALSE This is an example of B2B marketing. B2C marketing would involve selling cars or trucks to individual consumers.
question
The power adapters Dell sells with its computers are by small companies specializing in power-related accessories. Dell and the power adapter manufacturers are engaging in B2B marketing.
answer
TRUE Dell, a business, is purchasing supplies from another business, so this is an example of B2B marketing.
question
Garage sales and online classified ads are examples of C2C marketing.
answer
TRUE This is a C2C marketing scenario where consumers market to each other.
question
Small start-up companies are unable to control their marketing mixes.
answer
FALSE Even start-up companies have control over their marketing mix (the four Ps). By definition, these are the controllable set of activities that the firm undertakes to respond to the wants of its target markets.
question
When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers.
answer
TRUE
question
Entrepreneurial companies are unable to control their marketing mixes.
answer
FALSE
question
Foursquare is an example of a location-based social media application.
answer
TRUE
question
The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.
answer
TRUE
question
Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.
answer
FALSE
question
Margo likes a brand of coffee that is only sold at Starbucks, so she plans her route to work to drive by Starbucks every morning. Margo is being influenced by the "place" element of the marketing mix.
answer
TRUE
