MKT 3010 Chapter 1 Quiz – Flashcards

The "four Ps" of the marketing mix include product, price, place, and a. promotion. b. process. c. profit. d. physical environment. e. people.

The American Marketing Association definition shows that marketing is far more than simply advertising or personal selling. It stresses the need to a. assure consumers that firms deliver exactly the products as specified. b. persuade consumers and deliver profits to marketers. c. deliver genuine value in the offerings of goods, services, and ideas marketed to customers. d. create and amplify needs and wants. e. improve and perfect existing products and services.

"Help people around the world save money and live better—anytime and anywhere" is a statement of Walmart's a. environmental pledge. b. possession utility. c. customer value proposition. d. mission statement. e. pricing promise.

The first objective in marketing is a. developing desirable products and services. b. developing a suitable customer pool. c. discovering the needs of prospective customers. d. building sufficient organizational capability. e. identifying and targeting attractive customers.

After discovering consumers' needs, marketing's next task is to a. design product prototypes at multiple price points. b. develop a customer value strategy to create long-term customer loyalty. c. translate information about consumer needs into product concepts. d. determine if there are preexisting products that satisfy these needs. e. create a target market mission statement.

Marketing expertise is gained a. by involvement in making marketing-related decisions every day. b. only through careful study of relevant marketing success stories. c. most often by mentoring from experienced marketing professionals. d. only by large firms with many years of experience; it is practically impossible for entrepreneurial start-up companies to achieve it. e. typically through a comprehensive study of product failures.

Which of the following is an example of possession utility? a. an iPhone with a large selection of new apps b. a service station that sells both regular gasoline and diesel fuel c. cold cut packages that can be zipped closed for reuse d. an electronics retailer that offers six months interest free on purchases over $400

An organization that has a ___________ 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. a. market orientation b. societal marketing concept c. marketing concept d. customer experience management program e. consumer sustainability marketing program

The primary difference between a good and a service, both of which are products to the marketer, is that a good is __________ and a service is __________. a. a physical object; intangible b. exchanged; performed free of charge c. part of the regulatory environment; free from regulation d. a direct form of customer value; a customer value proposition e. valued by the consumer; valued only by organizational buyers

Loyal Kleenex customers average 6.7 boxes a year, about $994 over 60 years in today's dollars. This is an example of how firms now actually try to place a dollar value on a. stakeholder value. b. the purchases of loyal, satisfied customers during their lifetimes. c. customer discounts. d. strategic partnership. e. the firm's value chain.

The marketing concept is the idea that an organization should strive to satisfy the needs of consumers a. as its sole focus. b. while simultaneously creating new needs. c. through strong customer relationships. d. while also trying to achieve the organization's goals. e. without any market segmentation.

Robert M. McMath, who has studied more than 110,000 new-product launches, has two key suggestions: (1)________________, and (2) learn from past mistakes. a. market aggregation b. product grouping c. mass market d. focus on what the customer benefit is e. tangential market

In terms of marketing, which of the following statements about small business is most accurate? a. Small businesses traditionally hire only those market managers who have already proven themselves at a major corporation. b. Small businesses are the source of the majority of new U.S. jobs. c. Marketing in small businesses rarely succeeds because the economic environment is too unstable. d. Almost all small businesses consider marketing a luxury rather than a necessity. e. More than half of small businesses fail because they must answer to shareholders.

Which of the following statements is the primary reason that U.S. businesses moved from the production era to the sales era? a. Technology was in a dormant stage. b. Advertising was becoming a major marketing force. c. The population was moving away from urban to rural areas. d. There were too many customers to serve. e. Competition grew and the production of goods increased.

From a marketing perspective, prospective customers include a. individuals or organizations making purchases either for themselves or others, regardless of whether it is for personal use or for resale. b. people who purchased the product once before but were dissatisfied with its initial performance. c. people who do not even know about this product but who can be convinced that they have a need for it. d. people who will likely make repeated purchases of this product or similar items in the product line. e. only those persons desiring the product, regardless of whether they plan to purchase it or not.

If you feel hungry, marketers would say you have developed __________ to eat something. a. an obsession b. a desire c. a craving d. a need e. a feeling

It is not possible for organizations to simultaneously provide the lowest-priced and highest-quality products to customers and pay the highest prices to suppliers, the highest wages to employees, and the maximum dividends to shareholders. This is because an organization must a. satisfy customers' needs and wants before all others. b. appreciate that when there are conflicting needs, the organization cannot succeed. c. strike a balance among the sometimes differing interests of these groups. d. match the level of competition in the marketplace. e. always put the interests of the firm first.

Marketing occurs when a transaction takes place; for example, when Mark exchanges his cash for a Domino's Handmade Pan Pizza. The buyer and seller a. have had their needs satisfied. b. must then determine whether the exchange has been mutually satisfying. c. do not need a way to communicate. d. are conflicted as there is a lot of competition in the pizza segment. e. exchange something of value.

In a marketing decision, the environmental forces such as social, economic, technological, competitive, and regulatory are known as a. uncontrollable forces. b. the marketing mix. c. marketer factors. d. the four Ps. e. utilities.

Netflix can deliver movies to its customers via streaming video over the Internet or via mail. These two methods would constitute which element of the marketing mix for Netflix? a. process b. physical environment c. profit d. place e. promotion