Marketing Midterm Chapt. 1 – Flashcards
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Marketing refers to
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the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
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The American Association of Marketing combined 2004/2007 definition of marketing refers to
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the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
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The common factor among an organization's chairman of the board, stockholders, suppliers, laborers, customers, and society at large is that
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all are stakeholders and should benefit by the marketing of the product
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To serve both buyers and sellers, marketing seeks to _______ and satisfy the needs and wants of prospective customers
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discover
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Whether an individual is buying for personal or household use, or an organization is buying for its own use or resale, the individual or organization would be considered
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a prospective customer
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A student wants to buy a cell phone so she can share pictures with her friends. An insurance claims adjuster wants to buy a cell phone to document accident reports. If they both purchase the same model phone, which statement is most accurate?
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Both the adjuster and students are potential customers because in their own way, they both benefit from the product
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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, which refers to
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the 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
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the proffering of money in the form of cash, check, credit card, or gold for a product or service at the time of purchase.
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The trade of things of value between buyer and seller so that each is better off after the trade is referred to as __________.
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exchange
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The American Red Cross created a series of advertisements encouraging viewers to donate blood. After viewing an ad, 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 an exchange in a marketing sense?
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Yes, because the donated blood was exchanged for a feeling of satisfaction
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A local college of business offers an outstanding business school education. Cali pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange?
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Yes, because paying tuition was exchanged for knowledge that directly led to Cali's high paying, fulfilling new job.
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Which of the following statements about marketing departments is most accurate
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The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.
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Four factors are required for marketing to occur: (1) __________; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.
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two or more parties (individuals or organizations) with unsatisfied needs
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Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) __________; (3) a way for the parties to communicate; and (4) something to exchange
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a desire and ability on their part to be satisfied
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Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.
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a way for the parties to communicate
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Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) __________.
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something to exchange
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Which of the following conditions is necessary for marketing to occur
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two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange
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A business student is preparing for the GMAT exam so he can get into a good graduate business school. He knows that any money he spends on a tutor will be well worth it if he can improve his scores. He's heard that there is a great tutor in his local community but has no idea who she is. What is the next logical step in order for marketing to occur?
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He should check for ads in the college and local papers, ask his friends, look for ads by her on a bulletin board in the business college student lounge, and perhaps even check Craig's List.
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A student would like to buy a sports car from the local dealer, but she cannot afford one. Marketing does not occur in this situation because
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one of the involved parties does not have the ability to satisfy its needs.
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A local candidates running for office would very much like to have your vote. She promises that she will "make the country better." Because all candidates for public office say this, you decide not to vote for her. Marketing will not occur in this situation because
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something to exchange is missing
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An economics student would like to buy a mini-scooter but she cannot afford one. Which of the following reasons explain why marketing fails to occur here?
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The ability to satisfy a need is missing.
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The two central concerns of marketing are __________.
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discovering and satisfying needs
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The first objective in marketing is to discover consumer __________.
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needs to identify reasons for buying
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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 __________.
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marketing mix
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The four Ps are commonly known as
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the marketing mix or controllable factors
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The 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 a marketing problem.
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Which of the following would a marketer use as a synonym for controllable marketing mix factors?
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the four Ps of marketing
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The four Ps of the marketing mix are
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product, price, promotion, and place.
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Jakubowski Farms Gourmet Bread Base is the brand name for a mix designed for use in bread machines. The mixes are sold in 2-pound canisters for $14.99 plus postage. The products are only available through the mail. People learn about the product through word-of-mouth and bread machine demonstrations the company's founder gives to groups in Wisconsin where she lives. This is a description of the company's
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marketing mix.
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The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets. This statement deals with which part of the marketing mix?
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product
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Which element of the marketing mix is demonstrated when the Mars Company has a sale on M&Ms® brand candies?
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price
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The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.
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price
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To attend a winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door. This statement is most closely related to the __________ element of the marketing mix.
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price
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The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market. Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.
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promotion
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The element of the marketing mix demonstrated when a company places an ad in the Yellow Pages is __________.
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promotion
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The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is __________.
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place
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The ability to buy a soda from a vending machine demonstrates which element of the marketing mix?
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place
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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as __________.
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environmental forces
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Environmental forces refer to
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the marketing manager's uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.
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The five major environmental forces in a marketing decision are
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social, technological, economic, competitive, and regulatory
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Which of the following statements about environmental forces is most accurate
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Although many consider environmental forces a negative impact on a firm's marketing plans, some environmental forces can actually enhance a firm's marketing opportunities
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Which of the following statements describes an environmental force
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Several states have legislation requiring children under the age of four to use car seats
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Newspaper readership has significantly declined in recent years. Not only are traditional newspapers losing subscribers, they are also losing advertisers. To combat this, many newspaper publishers now offer online versions of their printed newspapers. This is most an example of a(n)
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a social environmental force.
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An organization with a market orientation
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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
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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
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market orientation
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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
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have a market orientation
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The 3M inventor, David Windorski took this approach when he developed the Post-it® Flag Highlighter
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He started with his idea and then investigated if there was a market for it.
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Which of the following statements about 3M's market research prior to introducing the Post-it® Flag Highlighter is most accurate
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Windorski used focus groups, observed students' studying behavior, and even gave out trial Post-it® Flag Highlighters to students to try for a month.
