question

Marketing refers to

answer

the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.

question

The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as __________.

answer

marketing

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Whether an individual is buying for personal use or use for his household, or an organization is buying for its own use or for resale, the individual or organization would be considered

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a prospective customer (Prospective customers include both individuals, buying for themselves and their households, and organizations that buy for their own use (such as manufacturers) or for resale (such as wholesalers and retailers).)

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Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange. To marketing people exchange refers to the

answer

trade of things of value between buyer and seller so that each is better off after the trade.

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Exchange refers to

answer

the trade of things of value between buyer and seller so that each is better off after the trade

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6. The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________.

answer

exchange

question

The American Red Cross created a series of advertisements encouraging viewers to donate blood. After viewing the advertisement, Amanda went to the local Red Cross office and donated a pint of blood. Amanda returned home feeling happy that she had performed a good deed. Was this a marketing exchange?

answer

Yes, because the donated blood was exchanged for a feeling of satisfaction (Marketers seek to discover and satisfy the needs and wants of customers. The key to achieving these objectives is exchange—the trade of things of value between buyer and seller so that each benefits from the exchange. In this instance, Amanda is the customer and the Red Cross is the marketer. An exchange occurs: Amanda exchanges her donated blood for a feeling of satisfaction, the Red Cross receives the donated blood and continues its readiness to serve the needs of society in times of disaster.)

question

A church has put advertisements in its weekly bulletins to encourage its members to participate in the services by reading. Jack volunteered and read during a service. He felt satisfied and felt he was contributing to his church. Was this a marketing exchange?

answer

Yes, because reading at the service was exchanged for a feeling of satisfaction (Marketers seek to discover and satisfy the needs and wants of customers. The key to achieving these objectives is exchange—the trade of things of value between buyer and seller so that each benefits from the exchange. In this instance, Jack is the customer and the church is the marketer. An exchange occurs: Jack exchanges his reading at the service for a feeling of satisfaction, the church receives a person to read at the service and continues its weekly services.)

question

Which of the following statements about marketing activities is most accurate?

answer

The marketing department works closely with other departments and employees to implement marketing activities. (Although an organization's marketing activity focuses on assessing and satisfying consumer needs, countless other people, groups, and forces interact to shape the nature of its activities. The marketing department works closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper. Environmental forces also shape an organization's marketing activities. Finally, an organization's marketing decisions are affected by and, in turn, often have an important impact on society as a whole.)

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The two central concerns of marketing are

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discovering and satisfying needs. (Marketing seeks to (1) discover the needs of prospective customers, and (2) satisfy those needs.)

question

The first objective in marketing is to discover the __________ of prospective customers.

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needs (The first objective in marketing is discovering the needs of prospective customers.)

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A need refers to

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a situation when a person feels deprived of basic necessities such as food, clothing, and shelter. (Even though not everyone's needs are the same, needs occur when a person feels physiologically deprived of something such as clothes, food, or shelter. A want is a felt need that is shaped by a person's knowledge, culture, or individual personality.)

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A __________ occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

answer

need

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A want refers to

answer

a felt need that is shaped by a person's knowledge, culture, or individual personality. (Even though not everyone's needs are the same, needs occur when a person feels physiologically deprived of something such as clothes, food, or shelter. A want is a felt need that is shaped by a person's knowledge, culture, or individual personality.)

question

A __________ is a need that is shaped by a person's knowledge, culture, and personality.

answer

want

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Marketing discovers consumer needs by

answer

using extensive preliminary research. (According to Figure 1-3 in the text, marketing seeks first to discover consumer needs through extensive research on them. It then seeks to satisfy those needs by successfully implementing a marketing program possessing the right combination of the marketing mix—the four Ps.)

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People with both the desire and ability to buy a specific offering are referred to as a __________.

answer

market

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Market refers to

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people with the desire and ability to buy a specific offering.

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Target market refers to

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one or more specific groups of potential consumers toward which an organization directs its marketing program.

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One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a

answer

target market.

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The United States Army has recently been both praised and criticized for its use of a popular video game-America's Army designed to reach potential recruits. The game's creator Col. Casey Wardynski wanted to provide a sense of the training and teamwork one could find in the military environment. The game is designed for "boys 14 years or older;" these players represent the Army's __________.

answer

target market (A target market is one or more specific groups of potential consumers toward which an organization directs its marketing program. In this case, although 14 year olds cannot serve in the military, a positive attitude or association with the game and its content now could lead to potential recruits in the future.)

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The element of the marketing mix that describes a good, service, or idea to satisfy the consumer's need is

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product.

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The element of the marketing mix that describes what is exchanged for a product is

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price.

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The element of the marketing mix that describes a means of communication between the seller and buyer is

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promotion.

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The element of the marketing mix that describes a means of getting the product to the consumer is

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place.

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The four Ps are commonly known as

answer

the marketing mix or controllable factors.

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The marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem are referred to as the __________.

answer

marketing mix

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Marketing mix refers to

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the marketing manager's controllable factors-product, price, promotion, and place--that can be used to solve marketing problems.

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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as __________.

answer

environmental forces

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Environmental forces refer to

answer

the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.

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The five major environmental forces considered in marketing are

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social, technological, economic, competitive, and regulatory.

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Customer Relationship Management refers to

answer

the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace primary encounters.

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The societal marketing concept is

answer

the view that an organization should satisfy the needs of consumers in a way that provides for society's well-being.

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The American business period that attempts to satisfy consumer needs while achieving organizational goals is called the __________ era.

answer

marketing concept (In the 1960s, marketing became the motivating force among many American firms. The policy of those seeking to satisfy the needs and wants of consumers while achieving organizational goals has come to be known as the marketing concept.)

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Many companies subscribe to being "green" because they feel that this is valued by the consumer. Yet, often in these same firms, office computers are left on 24 hours a day, office paper is not recycled, and employees are not encouraged to take public transportation to work. This example indicates it is not always easy for firms to act in accordance with the

answer

marketing concept. (The marketing concept is the idea that an organization should (1) strive to satisfy the wants of consumers (2) while also trying to achieve the organization's goals. In this example the organization would like consumers to view it as green, yet it is unable to carry out policies that will help achieve that goal.)

question

Which of the following terms best describes the marketing concept era?

answer

Consumer oriented (The marketing concept is the idea that an organization should (1) strive to satisfy the wants of consumers (2) while also trying to achieve the organization's goals.)

question

An organization that focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value is said to have a

answer

market orientation.

question

In keeping with its mission, Ben & Jerry's

answer

committed to buying its milk and cream from one dairy cooperative whose members guarantee the supplies are bovine growth-hormone free. (Ben & Jerry's buy its milk and cream from one dairy cooperative whose members guarantee the supplies are bovine growth-hormone free.)

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A(n) _________ is a legal entity of people who share a common mission.

answer

organization

question

A(n) _________ is a product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants.

answer

offering

question

Business firm refers to

answer

a privately owned organization that serves its customers to earn a profit so that it can survive.

question

The reward to a business firm for the risk it undertakes in marketing its offerings is referred to as

answer

profit.

question

Profit refers to

answer

the money left over after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

question

Which statement best describes the most significant difference between a business firm and a nonprofit organization?

answer

Both serve customers, but business firms seek a profit while nonprofit organizations do not. (A business firm is a privately owned organization that serves its customers in order to earn a profit so that it can survive. A nonprofit organization is a nongovernmental organization that serves its customers but does not have profit as an organizational goal.)

question

Organizations that develop similar offerings, when grouped together, create a(n)

answer

industry.

question

The level in an organization where top management directs overall strategy for the entire organization is referred to as the

answer

corporate level.

question

A subsidiary, division, or unit of an organization that directs overall strategy for the organization that markets a set of related products to a clearly defined group of customers is referred to as a(n)

answer

strategic business unit.

question

At the functional level, the organization's strategic direction becomes

answer

the most specific and most focused in terms of implementing the company's goals. (At the functional level, the organization's strategic direction becomes its most specific and focused.)

question

An organization's __________ are the fundamental, passionate, and enduring principles that guide its conduct over time.

answer

core values

question

Which of the following statements regarding core values is most accurate?

answer

Core values establish the norms of the firm's organizational culture. (Core values are developed by an organization's founders or senior management and are consistent with their essential beliefs and character. Core values capture the collective heart and soul of the organization. They should inspire and motivate employees to take productive action. Core values are timeliness, they should not change due to short-term financial, operational, or strategic concerns. They establish the norms of its organizational culture, and influence its strategy.)

question

The term that links the employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers of an organization is

answer

stakeholders

question

By understanding its core values, an organization can take steps to define its _________, a declaration of the organization's functions in society, often identifying its customers, markets, products, and technologies.

answer

mission statement

question

The terms __________ and a mission statement are often used interchangeable.

answer

vision

question

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

answer

organizational culture.

question

Organizational culture refers to

answer

a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

question

Business refers to

answer

the clear, broad, underlying industry or market sector of an organization's offerings.

question

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is referred to as

answer

market share

question

Market share refers to

answer

the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

question

Marketing plan refers to

answer

a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

question

A road map for the marketing activities of an organization for a specified future time period, such as one year or five years is referred to as a _________.

answer

marketing plan (A marketing plan is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.)

question

Rhone-Poulenc is an international French company that produces and markets a variety of chemicals and pharmaceuticals. Due to the resources it makes available to its scientists and researchers, the company has a number of Nobel Prize winners working in its laboratories. This ability to attract some of the finest minds in the world to its workforce is an example of a(n):

answer

core competency. (Competencies are an organization's special capabilities, including skills, technology, and resources that distinguish it from other organizations and that provide value to its customers.)

question

Environmental scanning refers to

answer

continually acquiring information on events occurring outside the organization to identify and interpret potential threats.

question

From the start of the war on terrorism, over $200 billion has been spent on the war effort in Iraq. According to an environmental scan of the United States, this military expenditure is an example of a change in __________ forces.

answer

economic (The increased military expenditure related to the war on terrorism is an example of a change in economic forces.)

question

Which of the following statements regarding environmental scanning is the most accurate?

answer

Environmental scanning identifies and interprets potential trends (The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called environmental scanning. Answer "c" negates the idea that you react to changes in the environment whenever they might affect you.)

question

The demographic characteristics of the population and its values are referred to as

answer

social forces

question

The social forces of the environment include the demographic characteristics of the population and its __________. Changes in these forces can have a dramatic impact on marketing strategy.

answer

values (The social forces of the environment include the demographic characteristics of the population and its values.)

question

The social forces of the environment include the __________ of the population and its values. Changes in these forces can have a dramatic impact on marketing strategy.

answer

demographic characteristics

question

The description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation is referred to as __________.

answer

demographics

question

Baby boomers are an important target market because they

answer

account for the majority of purchases of most consumer products and services (As the 76 million baby boomers have aged, their participation in the work force and their earnings have increased, making them an important consumer market. Their participation in the workforce has made them the wealthiest generation in U.S. history, with an estimated $1 trillion in annual buying power.)

question

The name given to the group of consumers who are self-reliant, entrepreneurial, supportive of racial and sexual diversity, and not prone to extravagance is __________.

answer

Generation X (Generation X includes the 15 percent of the population born between 1965 and 1976. This is a generation of consumers who are self-reliant, entrepreneurial, supportive of racial and ethnic diversity, and better educated than any previous generation. They are not prone to extravagance and are likely to pursue lifestyles that are a blend of caution, pragmatism, and traditionalism.)

question

This generation is known as a savvy and demanding group of consumers who feel personally responsible for making a difference in the world. They also have an extraordinary optimism about their potential for fame and fortune.

answer

members of Generation Y (Generation Y includes those born between 1977 and 1994. Members of this group are strong-willed, passionate about the environment, and optimistic.)

question

Which of the following is an example of how Generation Y members are different from other generations?

answer

They are attracted to purposeful work where they have control. (Generation Y includes the 72 million Americans born between 1977 and 1994. They are also called echo boom or baby boomlet. They are attracted to purposeful work where they have control.)

question

Younger members of Generation Y are also referred to as

answer

Millennials.

question

Marketers have developed generational marketing programs because

answer

members of each generation are distinctive in their attitudes and consumer behavior.

question

The set of values, ideas, and attitudes that are learned and shared among the members of a group are referred to as __________.

answer

culture

question

Culture refers to

answer

the set of values, ideas, and attitudes that are learned and shared among the members of a group.

question

In a survey conducted immediately after the World Trade Center attack, 47 percent of the women who responded to the survey said they would not treat themselves to small luxuries like manicures and 54 percent said they would not buy any expensive clothes. The results of this survey most directly relate to __________ forces within the environmental scan.

answer

economic (Buying intentions reflect a perspective of consumer income and are part of the microeconomic environment.)

question

In a(n) __________ economy, the cost to produce and buy products and services escalates as prices increase.

answer

inflationary (In an inflationary economy, the cost to produce and buy products and services escalates as prices increase.)

question

In an inflationary economy, the cost to produce and buy products and services __________ as prices

answer

escalates; increase (In an inflationary economy, the cost to produce and buy products and services escalates as prices increase.)

question

A time of slow economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is referred to as

answer

a recession. (Recession is a time of slow economic activity. Businesses decrease production, unemployment rises, and many consumers have less money to spend.)

question

Components of a consumer's income include

answer

gross, disposable, and discretionary incomes (A consumer's ability to buy is related to actual income, which consists of gross, disposable, and discretionary components.)

question

The total amount of money made in one year by a person, household, or family unit is referred to as __________ income.

answer

gross

question

The money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation is referred to as __________.

answer

disposable income

question

Discretionary income refers to

answer

the money that remains after paying for taxes and necessities

question

Technology refers to

answer

the inventions or innovations from applied science or engineering research.

question

The form of competition in which ever company has a similar product is referred to as __________.

answer

pure competition

question

Regulation refers to

answer

the restrictions that state and federal laws place on business with regard to the conduct of its activities.

question

Factors influencing personal, moral, philosophy, and ethical behavior include societal culture and norms, business culture and industry practices, and

answer

corporate culture and expectations. (Figure 4-1 in the text provides a framework for understanding ethical behavior. Each of the influences will have an effect on ethical marketing behavior. These include societal culture and norms, business culture and industry practices, and corporate culture and expectations.)

question

The Consumer Bill of Rights refers to

answer

a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard.

question

The Children's Online Privacy Protection Act (1998) is a law designed to protect consumers'

answer

right to be informed. (The consumer right to be informed has spawned much federal legislation, such as the Children's Online Privacy Protection Act (1998), and self-regulation initiatives restricting disclosure of personal information.)

question

A current practice whereby retailers may demand cash or free goods in exchange for shelf space for new products is referred to as

answer

slotting allowances (Relating to the right to choose, today many supermarket chains demand "slotting allowances" from manufacturers, in the form of cash or free goods, to stock new products.)

question

Two laws specifically intended to curb economic espionage and bribery in international marketing are the:

answer

Economic Espionage Act and Foreign Corrupt Practices Act (The prevalence of economic espionage and bribery in international marketing has prompted laws to curb these practices. Two significant laws, the Economic Espionage Act (1996) and the Foreign Corrupt Practices Act (1977), address these practices in the United States.)

question

Corporate culture refers to

answer

a set of values, ideas, and attitudes that is learned and shared among the members of an organization.

question

What was the consequence to the Coca-Cola employee who tried to sell classified information to Pepsi?

answer

The employee was sentenced to eight years in prison and ordered to pay $40,000 in restitution. (The consequence to the Coca-Cola employee who tried to sell Pepsi information was an eight year prison sentence and a $40,000 fine. The other accomplices were sentenced to five years in prison.)

question

A firm's formal statement of ethical principles and rules of conduct is called a

answer

code of ethics

question

Employees who report unethical or illegal actions of their employers are referred to as

answer

whistle-blowers

question

The owners of Ben & Jerry's Homemade, Inc. adhere to the belief that the company should in no way harm the environment and when possible, it should improve its environment. This is an example of the __________ philosophy.

answer

moral idealism (The philosophy of moral idealism is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.)

question

The idea that organizations are part of a larger society and are accountable to that society for their actions is referred to as

answer

social responsibility

question

Social responsibility refers to

answer

the view that organizations are part of a larger society and are accountable to that society for their actions.

question

Profit responsibility refers to

answer

the duty of a firm to maximize profits for its owners or stockholders.

question

Marketing efforts to produce, promote, and reclaim environmentally sensitive products are referred to as

answer

green marketing

question

A formal marketing practice, which occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products, is referred to as

answer

cause marketing.

question

A systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility is referred to as a(n)

answer

social audit.

question

Social audit refers to

answer

a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility.

question

Conducting business in a way that protects the natural environment while making economic progress is referred to as

answer

sustainable development.

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