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MKTG 3650 5W2 Exam 1

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Which of the following is the closest to the current GDP of the USA (in trillions of dollars)?
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17
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In marketing, VALUE is expressed as a relationship between ___
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cost and benefit
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The American Marketing Association’s (2013) definition of marketing could entail any of the following, except ___
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governments
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The idea that we are surrounded by marketing stimuli, which exist all around us and everywhere, is best expressed by which of the following characteristics that contribute to the significance of consumer behavior?
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ubiquitous
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Of the 4 Ps of marketing, which is another name for distribution?
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place
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In an ideal marketing transaction, which of the following parties gain value?
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both the buyer and the seller
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The American Marketing Association’s (2013) definition of marketing suggests that, primarily, marketing is concerned with delivering value to all of the following, except ____
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investors
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Modern Age is referred to
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Age of the Consumer
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Consumer spending accounts for roughly how much of the GDP?
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2/3
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Contemporary marketing scholars think of ___ and ___ as central tenets of marketing
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exchange and value
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AMA definition of marketing
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Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Focus has shifted from 4 P’s to
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creating, communicating, delivering, exchanging
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Focus have shifted from ____-centric to ____-centric
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organization; consumer
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Stakeholders addressed in AMA definition are
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customers, clients, partners, society
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Value equals
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benefits minus costs
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Dyad
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something that consists of two elements or parts
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Marketing management
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“the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value”
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Functional areas of marketing
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brand management, customer service, distribution, market research, product management, promotions, public relations, retailing, sales
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Resources flow from the ____ to the ___
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industry; consumer
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Money and information flow from ____ to ____
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consumers (market); organizations (industry)
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Evolution of marketing
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Production orientation, product orientation, selling orientation, marketing concept, societal marketing concept, holistic marketing concept
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Production orientation
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dealt with mechanized manufacturing, Henry Ford, emphasis on increasing efficiency in manufacturing, lowering costs, achieving high levels of quality control
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Product orientation
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focus on novelty, quality, and uniqueness of product offferrings
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Limitations of product orientation
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consumer perspectives not given much consideration, products and services hit market and then perish because consumers are not ready for them
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Marketing myopia
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when marketers focus on making a product that is better from THEIR perspective
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Selling orientation
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focuses on informing and educating consumers about the various nuances of the brands and products a business organization might have to offer
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Selling orientation emphasizes
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“push” technique; often involves aggressive promotions, pricing discounts, and “hard sell” tactics
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Most predominant philosophy among contemporary business organizations
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marketing concept
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Marketing concept
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urges business to uncover wants and needs of the consumer, then find ways of adapting business; “customer is king”
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Arguments against marketing concept
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There are many products and services that would have never existed had firms merely reacted to consumer demands; approach stifles innovation; concept focuses disproportionately on individual needs and wants
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Societal marketing concept
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updated version of marketing concept; in addition to wants and needs of consumer, the well-being of consumers and society as a whole receives significant attention; has been used effectively in drug abuse prevention, heart disease awareness (public health campaigns)
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Holistic marketing concept
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“based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and inter dependencies”
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Four components of holistic marketing concept
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relationship marketing, internal marketing, integrated marketing, and performance marketing
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Relationship marketing (holistic marketing)
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organization is devoted to building long-lasting relationships with their stakeholders
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Internal marketing (holistic marketing)
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focuses on process of aligning, motivating and empowering employees on all levels of management
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Integrated marketing (holistic marketing)
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All functional areas and departments within an organization contribute to value and brand of a market offering; all marketing tasks (PR, TV ads, etc) should tie together to maximize positive impact it has on its customer
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Why is integrated marketing important?
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Often consumers perceive an organization as a complete and singular entity, and there are possible synergies that may be harvested in the company’s communications to consumers
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Performance marketing (holistic marketing)
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non-monetary metrics for assessing the performance of organizations
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Consumer behavior definition
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“the study of individuals, groups. or organizations and the processes they use to select, secure, use and dispose of products, services, experiences, or ideas to satisfy needs and impacts that these processes have on the consumer and society”
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Consumer behavior can occur ___ or as a ____
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individually; group
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Consumer behavior external factors
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culture, subculture, demographics, social class, reference groups, family, situational factors
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Consumer behavior internal factors
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perception, learning, memory, motivation, personality, emotions, attitudes
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Consumer behavior antecedent variables
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External factors, internal factors
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Consumer behavior intermediary variables
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self-concept, lifestyle
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Consumer decision process
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need recognition, information search, alternative evaluation and selection, purchase, postpurchase processes
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Consumer behavior outcome
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Consumer decision process