Chapter 1 LS (MKT 3013)

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Marketing is the activity that does which of the following with offerings that benefit the organization, its stakeholders, and society at large?
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Communicating Creating Delivering
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Form
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The production of the good or service
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Place
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Having the product available where consumers need it
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Time
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Having the product available when needed
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Possession
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Making an item easy to purchase
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Marketing attempts to satisfy consumer needs but clearly also shapes a persons _________ because it may impact knowledge or even culture
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wants
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One of the core aspects of marketing, borrowed from economics, includes a(n) _______ which is a transaction in which things of value are traded between the buyer and seller
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exchange
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For marketing to occur, parties must have which two of these?
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1. Both the desire and ability to satisfy their needs 2. A way to communicate
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The marketing managers controllable factors that can be used to solve a marketing problem is known as the
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Marketing mix
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The american marketing association states that, “marketing is the activity for creating, communicating, delivering, and __________ offerings that benefit the organization, its stakeholders, and society at large”
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Exchanging
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A customer value proposition is
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A cluster of benefits that an organization promises customer to satisfy their needs
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A __________ market is a specific group pf potential customers towards which an organization directs its marketing program
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target
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Which two of the following are required of effective market segments?
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1. Buyers have common needs 2. Buyers will respond similarly to marketing action
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Which two of the following are true of environmental forces?
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1. Social and economic forces are examples 2. They are largely beyond the control of the marketer
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In marketing, a market is made up of
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People with the desire and ability to buy a product
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Customer ___________ is the unique combination of benefits received by targeted buyers at a specific price
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Value
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Of the following, which two are principals contained in the marketing concept?
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1. An organization should strive to satisfy the needs of consumers 2. An organization should try to achieve its own goals
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To effectively segment a market, you should ensure that the segments are relatively __________, at least in terms of prospective buyers needs and responses to marketing
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homogeneous
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___________ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household
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Ultimate
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The hallmark of developing and maintain effective customer relationships is called ___________ marketing
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relationship
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Ideas can be marketed as ___________ if they have the potential to satisfy consumer needs when exchanged for something of value
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products
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The marketing ____________ is the idea that an organization should strive to satisfy customer needs while trying to achieve its goals
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Concept
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In the context of customer value, which of the following are considered benefits?
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1. Convenience 2. Quality 3. After-sale service
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Listening to your customers in order to develop a better product is an example of
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Effective marketing research
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A ___________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Marketing program
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Who benefits from effective marketing?
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1. Consumers who buy 2. Society as a whole 3. Organizations who sell
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To fulfill its objectives, marketing requires ____________, which is a trade of things of value between a buyer and seller so that each is better off afterward
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Exchange
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In addition to considering its financial profit responsibilities, organizations are increasingly shifting focus to areas like which two of the following?
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1. Social responsibility 2. Ethics
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______________ is the component of the marketing mix that provides a means of communication between a seller and a buyer
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Promotion
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Good, services, and ____________ are marketed
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Ideas
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The process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization is called
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Customer relationship management
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To serve both buyers and sellers, marketing fundamentally seeks to do which two of the following?
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1. Satisfy the needs and wants of customers 2. Discover the needs and wants of prospective customers
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Customer _________ reflects the relationship of benefits to price, or what you get for what you give
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Value
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______________ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it
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Place
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Which of the following might be given or received in an exchange when marketing occurs?
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1. Information 2. Money 3. Intangible services 4. Satisfaction
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A company adopting social __________ is purposefully acknowledging its accountability to a larger society
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responsibility
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Marketing typical impacts which of the following groups in society?
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1. Suppliers 2. Customers 3. Owners
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Which of the following is the most fundamental method an organization uses to discover consumer needs?
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Marketing research
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The societal marketing concept combines which two of the following principals?
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1. Organizations should satisfy the needs of consumers 2. Organizations should serve customers in a way that provides for societies well being
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Which two of the following are characteristics of the marketing concept era?
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1. Product design focused on consumers needs 2. Marketing was integrated into each phase of business

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