Mktg 230: Quiz 1 – Flashcards
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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
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strike a balance among the sometimes differing interests of these groups
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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:
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exchange something of value
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If you feel hungry marketers would say you have developed ______ to eat something
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a need
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The first objective in marketing is to:
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discovering the needs of prospective customers
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Robert M. McMath, who has studied more than 110,000 new-product launches, has two key suggestions: (1)____ and (2) learn from past mistakes
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focus on what the customer benefit is
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The four P's of the marketing mix include product, place, price:
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promotion
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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?
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place
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"Help people around the world save money and live better—anytime and anywhere" is a statement of Walmart's
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customer value proposition
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In a marketing decision, the environmental forces such as social, economic, technological, competitive, and regulatory are known as
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uncontrollable forces
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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
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the purchases of loyal, satisfied customers during their lifetimes
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After discovering consumers' needs, marketing's next task is to
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translate information about consumer needs into product concepts.
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Which of the following statements is the primary reason that U.S. businesses moved from the production era to the sales era?
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competition grew, and the production of goods increased
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The marketing concept is the idea that an organization should strive to satisfy the needs of consumers
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while also trying to achieve the organizations goals
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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.
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Market Orientation
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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 __________.
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a physical object; intangible
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Which of the following is an example of possession utility?
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an electronics retailer that offers six months interest free on purchases over $400
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Product
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New App Website Lecture Republican Candidate
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Price
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Tuition Valet parking exchange rent
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Place
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Walmart.com Home party Coca-cola vending machine Target
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Promotion
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Word of mouth Flyer Pop-up ads Magazine Advertisment
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