MKT 3305 – Ch 1 DSM

question

All possible customers in a market, regardless of the differences in their specific needs, are known as a __________.
answer

mass market
question

Which of the following is an intangible product that you might pay for but never own?
answer

A service, such as an oil change
question

What is a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers?
answer

Green marketing
question

Distinctive competency is a(n) __________.
answer

firm’s capability that is superior to that of its competition
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Possession utility is the benefit marketing provides by __________.
answer

allowing the customer to own, use, and enjoy the product
question

Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as __________.
answer

social networking
question

In a consumer orientation, management __________.
answer

prioritizes the satisfaction of customers’ needs and wants
question

The availability of the product to the customer at the desired time and location is known as __________.
answer

place
question

A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased is known as the __________.
answer

value proposition
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A want is __________.
answer

a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced
question

What is total quality management (TQM)?
answer

A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
question

What is the term for inventory and cash losses resulting from shoplifting and employee theft?
answer

Shrinkage
question

Product, price, promotion, and place make up the __________.
answer

marketing mix
question

The benefit marketing provides by transforming raw materials into finished products is known as __________ utility.
answer

form
question

The segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts is the __________.
answer

target market
question

Which of the following best defines marketing?
answer

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large
question

A __________ is a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced.
answer

want
question

What is shrinkage?
answer

Inventory and cash losses resulting from shoplifting and employee theft
question

Which of the following best describes triple-bottom-line orientation?
answer

The building of long-term bonds with customers rather than merely selling them stuff
question

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market is the __________.
answer

market segment
question

The target market is __________.
answer

the segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts
question

What is crowdsourcing?
answer

A practice where firms outsource marketing activities (such as selecting an ad) to a community of users
question

Which of the following describes a selling orientation approach to marketing?
answer

Management moves products out of warehouses so that inventories don’t pile up.
question

Which orientation is described as the building of long-term bonds with customers rather than merely selling them stuff?
answer

Triple-bottom-line

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