MAR3025 ch 1 – Flashcards
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Brand has the closest association to _____ in a firm's marketing mix
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product
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Which of the following is true of customer value?
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To create value, the new good, service, or idea must satisfy a perceived marketplace demand.
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Needs are states of felt deprivation that:
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are shaped by personality, culture, and buying situation.
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Which of the following makes it absolutely essential that nonprofit organizations engage in marketing efforts?
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Successful marketing helps attract membership and much-needed funds.
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During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels manufacturer, caters to this need. Which of the following actions would represent the conversion of this need into a want?
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Raindrop introduces a line of see-through umbrellas that glow in the dark.
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The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is termed as:
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Brand
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Lara and her friends visit a new restaurant in town called Betelgeuse. They just happen to notice it while on a long drive. Lara and her friends like the ambience, décor, as well as the food. Lara is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Betelgeuse failed?
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Communicating value to potential customers
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P7J, a chain of discount stores across the United States, has many store brands including Wire, a line of sports shoes. Wire is a popular brand among regular store customers and they vouch for its quality being as good as other top brands. Facing competition from other shoe brands, P7J reduced the prices on Wire products by 30 percent. While it sold an average of 800 units per day at a price of $30 per unit amounting to $24,000 before the discount, it sold 1,000 units per day amounting to $21,000 after the discount. Which of the following is exemplified by this scenario?
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A reduction in pricing does not necessarily increase overall revenue earned from a product.
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Which of the following is a useful guideline to make ethical decisions?
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It is possible to avoid ethical problems if the ethical issue is clearly identified.
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Which of the following is characterized by customer orientation?
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Marketing concept
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_____ are moral standards expected by a society.
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ethics
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Corporate social responsibility (CSR) can be defined as an organization's obligation to:
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maximize its positive impact and minimize its negative impact on society.
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Which of the following led to the development of the marketing concept strategy?
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he surplus of products in the market beginning in the early 1950s
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Once a company has created value, the next thing that the company must do is to:
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communicate that value.
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_____ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product.
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Customer value
