marketing ch.1

marketing is an activity that only large firms with specialized departments can execute
the four ps include product, promotion, planning, and place
Over the past decade or so, marketers have begun to realize that it is best to structure a firm’s customer orientation in terms of transactions rather than relationships. ␣
When a car manufacturer sells trucks, cars, and car parts to the government or military, this is an example of B2C marketing. ␣
Entrereneurial companies are unable to control their marketing mixes.
Marketing’s fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.
When a tee shirt manufacturer states, “We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently,” their statement reflects the views that were popular in which era of the evolution of marketing?
product scheduling
Marketing involves all of the following EXCEPT ␣
satisfying customer needs and wants
Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? ␣ ␣
all parties to an exchange should be satisfied
Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people. When reading about the core aspects of marketing, Julia is relieved to see that in marketing ␣ ␣
the ability to buy them
Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and ␣ ␣
qualified potential
Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and
the trading of things of value
When referring to “exchange,” marketers are focusing on ␣
Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering ␣ ␣
making product, place, promotion, and price decisions
Which of the following is a core aspect of marketing? ␣
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT ␣
The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets. ␣ ␣
create value
The fundamental goal of marketers when creating goods, services, or combinations of both, is to: ␣
making product decisions
Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e- book or a paperback. Brian is addressing which core marketing aspect? ␣ ␣
can be physically touched
The basic difference between a good and a service is that a good ␣
expanding from offering just goods to also offering services
Four Winds Art Gallery recently began offering appraisals of customers’ art collections, in addition to continuing to sell paintings. Four Winds is ␣ ␣
its value
Marketers must determine the price of a product carefully, based on potential buyers’ beliefs about ␣
the value of their time and energy
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes ␣ ␣
how different customers perceive the value of her service
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on ␣ ␣
supply chain management
Delivering the value proposition is also known as ␣ ␣
supply chain management
Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called ␣ ␣
supply chain management
Yesenia, the new university course scheduling manager, is struggling with adjustments to the fall schedule. She is trying to determine how to offer the classes students need at the times when students need them. Yesenia is struggling with the marketing function of ␣ ␣
supply chain management
The marketing goal of getting the “right quantities to the right locations, at the right time” is: ␣ ␣
the goal of minimizing costs against satisfying the service levels customers expect.
Marketers involved in supply chain management are constantly balancing ␣
many of the activities take place behind the scenes
The importance of supply chain management is often overlooked in the study of marketing because ␣
many of the activities take place behind the scenes
When considering career choices in marketing, many students overlook supply chain management because ␣ ␣
supply chain management
UPS, FedEx, DHL, and other shipping companies support other firms’ __________ marketing goals. ␣
__________ is communication by a marketer that informs, persuades, or reminds potential customers
perceived value
Effective promotion enhances a product or service’s ␣
increase the perceived value of their products
By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to ␣
The traditional marketing channel through which consumers most often find and purchase goods and services is known as ␣ ␣
market intermediaries
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. Retailers function as ␣ ␣
Auction sites like eBay have increased opportunities for __________ marketing. ␣
b2b, b2c
As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing. ␣
Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing. ␣ ␣
the marketing of ideas does not involve true value of exchange
Which of the following is NOT true about marketing ideas? ␣
The “Got Milk” advertising campaign, designed to increase consumption of milk, was intended to help market a(n) ␣ ␣
production, sales, marketing, value-based marketing
The evolution of marketing progressed along the following continuum: ␣
The idea that a good product will sell itself is associated with the __________ era of marketing. ␣
Henry Ford’s statement, “Customers can have any color they want so long as it’s black,” typified the __________ era of marketing. ␣
Melanie works for a small computer software company. Her boss is constantly improving their products but neglecting customers, billing, and promoting the company. Her boss is probably stuck in the __________ era of marketing. ␣ ␣
During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers. ␣ ␣
The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold. ␣ ␣
Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move- Them-Out operates as if it were in the __________ era. ␣ ␣
Many U.S. companies first discovered marketing during the __________ era. ␣
the customer was king
During the market-oriented era ␣
During the __________ era manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products. ␣
value-based marketing
During the __________ era manufacturers and retailers recognized they needed to give their customers greater value than their competitors did. ␣ ␣
what you get for what you give
Value is ␣ ␣
Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates in the __________ era. ␣ ␣
Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena operates in the __________ era of marketing. ␣
providing benefits to customers and keeping costs down
In delivering value, marketing firms attempt to find the most desirable balance between ␣
improve products and service at the same cost
Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant to improve benefits to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or ␣ ␣
value cocreation
Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter’s approach is based on ␣
building relationships with customers
To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and is surveying its graduates regarding students’ educational needs and desires. Pokrah University is becoming more value driven through ␣
sharing information across the organization
As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn’t been informed of in advance. The franchise company failed to live up to the value- driven principle of ␣ ␣
sharing information across the organization
In the past, manufacturer’s representatives did not have up-to-minute data about the products they were selling. Today, manufacturer’s representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven through ␣ ␣
Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.
long-term relationships
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in ␣
the benefit of lower prices to be greater than the cost of reduced services and less convenience.
Even though they operate from out-of-the-way airports and offer few extra services, discount airlines like Ryanair and EasyJet have been successful. Consumers obviously consider ␣
A buyer’s representative in a real estate purchase was asked by her customer, “Is this a fair offer?” She responded, “You are only trying to buy one house. Do you want to offer more money than you have to?” The buyer’s representative recognized that in most situations, home buyers are engaged in ␣
If you are involved in a buying or selling situation in which you do not expect to do business with the other party again, you are engaged in a ␣ ␣
a long-term relationship
relational orientation is based on the philosophy that buyers and sellers develop ␣ ␣
Many firms with complex products have “missionary” salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers’ needs and wants. These salespeople focus on a(n) __________ orientation with their customers. ␣ ␣
lifetime profitability of relationships matters more than profits from a particular transaction.
After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that ␣ ␣
After hurricanes like Katrina, many small building contractors will flock to the damaged area, charging whatever customers will pay for temporary repairs to roofs and other parts of damaged homes. These contractors are engaged in a(n) __________ marketing orientation. ␣ ␣
identify and build loyalty among a firm’s customers
The goal of customer relationship management is to ␣ ␣
customer relationship management
Franco uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be “in the buying mode.” Franco’s system is part of ␣
customer relationship management
Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of ␣ ␣
Marketing was once an afterthought to ␣ ␣
an afterthought
Many inventors struggle with the question, “I made it; now how do I get rid of it?” They have made the error of considering marketing as ␣ ␣
marketers are the most important profit center in any organization
Your roommate, a non-business major, sees you reading your marketing text. He or she asks, “Why is marketing important?” You respond by saying all of the following EXCEPT ␣ ␣
advising the production and purchasing departments to produce or order smaller quantities of products.
Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, one important function Georgia should provide is ␣ ␣
alerting the logistics department when to ship products
Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company’s distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of ␣ ␣
engaging customers and developing long-term relationships
After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Benjamin an order. Benjamin was providing the important marketing function of ␣ ␣
understanding customers
Marketing provides the critical function of __________ when companies expand globally. ␣
identifying opportunities to expand
Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company’s products were available, except for smart phones. When she returned to work, she mentioned this observation to her international sales manager. Leah was providing the important marketing function of ␣
effective supply chain management
Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company’s gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in ␣
sponsoring charitable events
Marketing enriches society by ␣
marketing isn’t essential now, but it will be in a year or two when the product takes off
A friend of yours comments, “I’m starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That’s just for the mega-corporations.” Which of the following arguments would you NOT use in talking about marketing? ␣ ␣
satisfy unfilled needs
Many entrepreneurs are successful through marketing efforts designed to ␣
People who initiate, organize, operate, and assume the risk of a business venture are called ␣
offering an exhange
if a radio station holds an online contest in which you must log in to their website and submit personal details such as name, phone number, and email in order to participate, the radio station is ␣
A(n)__________ is the trade of things of value between the buyer and the seller so that each is better off as a result. ␣ ␣
marketing mix
traditionally, marketing activities have been divided into product, price, place, and promotion. select the term that best describes the 4 ps
internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
The primary purpose of the __________ plan is to specify the marketing activities for a specific time. ␣
The process of value __________, in which customers collaborate in product design, often provides additional value to the firm’s customers. ␣ ␣
when an accounting firm provides an online training module showcasing real-life decision lapses and their negative effect on the company, it is trying to encourage what type of behavior from its employees?
The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called ␣
Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he would sell monthly. He has researched his competition and talked to some customers and has decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on?␣ ␣
Jeff opened a sporting apparel store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? ␣ ␣
At one point in the evolution of marketing, the United States entered a buyer’s market and the customer became king. Which era is being described? ␣
marketing channel management
Supply chain management is also referred to as ␣
Marketing channel management is related to which of the four Ps? ␣