mkt 304 ch 1 quiz – Flashcards

Marketing expertise is gained a only by large firms with many years of experience; it is practically impossible for entrepreneurial startup companies to achieve it. b by even the average person, who has a great deal of shopping experience. c typically through a comprehensive study of product failures. d most often by mentoring from experienced marketing professionals. e only through careful study of relevant marketing success stories. *** You are already a marketing expert; you perform many marketing activities and make marketing-related decisions every day. Your experience in shopping gives you some expertise in marketing. As a consumer, you've been involved in thousands of marketing decisions, but mostly on the buying and not the selling side.

The concept of __________ links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. a market segmentation b strategic partnership c relationship marketing d stakeholder value e a marketing program *** keyterm

Walmart's __________ can be described as "everyday low prices for a broad range of products that are always in stock in convenient locations." a time utility b intangible environment c possession utility d customer value proposition e form utility *** Designing an effective marketing mix also conveys to potential buyers a clear customer value proposition, which is a cluster of benefits that an organization promises customers to satisfy their needs.

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

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

The rising price of oil has increased the costs of transportation and thus the cost to deliver most manufactured goods. This is an example of which environmental force? a technological b social c competitive d regulatory e economic

A marketing program is a plan that __________ the marketing mix for prospective buyers. a translates b integrates c idealizes d halts e redesigns

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

The goal of marketing is to both __________ the needs of prospective customers. establish and assure persuade and deliver improve and perfect discover and satisfy create and amplify

Beth's sorority volunteers to paint graffiti on downtown fences. She spent last Saturday helping out, and felt satisfied because she was contributing to her community. Was this an exchange? a No, because Beth did not receive a tangible product, such as a "thank you" gift. b No, because the sorority is a nonprofit organization. c No, because no money was exchanged. d Yes, because the sorority promotes itself as being charitable. e Yes, because painting the fences was exchanged for something of value—a feeling of satisfaction.

Sound and Cinema is a company that will turn an ordinary basement into a home theater. It advertises in publications that are mailed to homeowners in subdivisions where the least expensive home costs $550,000. These homeowners are the __________ for Sound and Cinema. a mass market b target market c tangential market d market aggregation e product grouping

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

When the Eastman Kodak Company concerns itself with disposal of its film packages in national parks by promoting the slogan "Take only pictures, leave only footprints," it is acting in accordance with a the societal marketing concept. b the profit motive. c a moral imperative. d customer value. e its regulatory environment.

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 exchanged; is performed free of charge. b part of the regulatory environment; free from regulation. c a physical object; intangible. d a direct form of customer value; a customer value proposition. e valued by the consumer; valued only by organizational buyers.

The primary purpose of 3M's 15% rule is to a limit the amount of time that inventors can spend doing research that does not lead to future marketable products. b provide inventors with an opportunity to identify solutions to problems and/or identify new opportunities that would lead to marketable 3M products. c encourage inventors to spend at least 15% of their time analyzing competitors' products. d discover possible connections between the amount spent on school supplies and student grade performance. e explain why 15% of students prefer to study alone while 85% prefer to study in a group setting.

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 is referred to as a consumer sustainability marketing. b customer relationship management. c the societal marketing concept. d customer experience management. e the marketing concept.

A friend gave you the name of a company, Batteries Plus, where you could inexpensively purchase a new power cord for your laptop. However, when you called, no one answered the phone even though you called during business hours. Marketing did not occur because a the products sold at the store were too expensive for you to afford. b there was no way for the parties to communicate. c the company has poor customer service. d there is a lot of competition in the computer power cord segment. e you probably did not have a true need for the power cord.

The "4 Ps" of the marketing mix include product, price, place, and a physical environment. b people. c process. d promotion. e profit.

What are people with the desire and ability to buy a specific offering referred to as? a customer pool b buying group c customer cluster d market e bazaar

Which of the following statements is an example of place utility? a A wireless smartphone company offers six-month financing, same as cash. b An iPhone with a large selection of new "apps." c Cold cut packages that can be zipped closed for reuse. d A service station that sells both regular gasoline and diesel fuel. e ATM machines in thousands of locations.