Chapter 1 LearnSmart Practice

Which of the following is an example of an environmental force?
A contraction of the economy nationwide
Which of the following statements about marketing is TRUE?
It isn’t always easy; thousands of new products fail each year.
Which of the following are reasons to learn about marketing?
To become a better consumer and to help in your career planning
When a consumer gives money or something else of value for something he or she values, a marketer would describe this as a(n) _____.
exchange
After a consumer makes a purchase in the grocery store, the firm is better off because it has more money in the register and the consumer is better off because he has more food in his pantry. This is an example of which of the core aspects of marketing, as discussed in the chapter?
Marketing entails exchange between buyer and seller
Marketing typically impacts which of the following groups in society?
Suppliers, customers, and owners
Marketing directly supports _____ by helping to provide customer-satisfying products required for the organization’s survival and prosperity.
management goals
Which of the following is true of the relationship between society and marketing activities?
Society affects marketing and sometimes marketing has an important impact on society
Often there are differing interests among groups internal and external to an organization. How should these be handled?
The organization should seek a balance among differing interests
True or false: Marketing can only be performed by a retailer interacting with a consumer.
False
For marketing to occur, there must be two or more parties with
unsatisfied needs
In order for marketing to occur, both parties involved must have which of the following regarding their needs?
The ability to satisfy a need, and the desire to satisfy a need
Which of the following represents a way buyers and sellers communicate so that marketing can occur for a magazine?
Seeing the magazine on display in the bookstore
You are purchasing a magazine. For marketing to occur, there will be an exchange which must include
both the magazine and the money
A(n) _____ is a good, service, or idea consisting of a bundle of tangible and intangible attribute that satisfies consumers’ needs and is received in exchange for money or something else of value.
product
Form
Place
Time
Possession
The production of the good or service
Having the product available where consumers need it
Having the product available when needed
Making an item easy to purchase
Put the following business orientations in the correct historical order, with the oldest on the top and the newest on the bottom
Production era
Sales era
Marketing concept era
Customer relationship era
Marketing is the activity that does which of the following with offerings that benefit the organizations, its stakeholders, and society at large?
Creating, communicating, and delivering
Customer _____ is the unique combination of benefits received by targeted buyers at a specific price.
value
Product
Price
Place
Promotion
A good, service, or idea to satisfy needs
What is exchanged for the product
A means of getting the product to the consumer
A means of communication between seller and buyer
The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external and influential but would not be considered environmental forces?
Suppliers and shareholders
Which two of the following are true of environmental forces?
Social and economic forces are examples, and they are largely beyond the control of the marketer
Marketing attempts to satisfy consumer needs but clearly also shapes a person’s _____, because it may impact knowledge or even culture.
wants
In marketing, a market is made up of
people with a desire and ability to buy a product
When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer’s needs and wants, the firm is
market-oriented
_____ marketing links the organization to its customers, employees, suppliers, and other partners for mutual long-term benefits.
Relationship
A market orientation requires firmed to create customer value through
collecting information about customer needs
Shareholders
Customers
Suppliers
Other organizations
Ownership
Relationships
Partnerships
Alliances
Listening to your customers in order to develop a better product is an example of
effective marketing research
Which two of the following are required of effective market segments?
Buyers will respond similarly to marketing action, and buyers have common needs
Product
Price
Place
Promotion
A soft drink company releases a new diet soda
A bank offers fewer monthly fees for its checking accounts
A restaurant offers takeout and home delivery
A new hardware store uses flyers to announce its grand opening
_____ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household
ultimate
The marketing _____ is the idea that an organization should strive to satisfy customer needs while trying to achieve its goals.
concept
For marketing to occur, parties must have which two of these?
A way to communicate, and both the desire and ability to satisfy their needs
The hallmark of developing and maintaining effective customer relationships is called _____ marketing.
relationship
When a firm implements the marketing concept to consider customer needs in its strategy, it then is said to have a _____ orientation.
market
A(n) _____ market is a specific group of potential customers toward which an organization directs its marketing program.
target
The unique combination of benefits received by target buyers at a specific price is known as
customer value
A marketing mix that is _____ to provide a good, service or idea to prospective buyers is known as a marketing program.
integrated
Wal-Mart
Nike
Home Depot
Best price
Best product
Best service
To fulfill its objectives, marketing requires _____, which is the trade of things of value between a buyer and seller so that each is better off afterwards.
exchange
The marketing manager’s controllable factors that can be used to solve a marketing problem is known as the
marketing mix
Which of the following might be given or received in an exchange when marketing occurs?
Money, intangible services, satisfaction, and information
To be in an organization’s market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customer must also have
the ability to buy, financially, and otherwise
A brief statement that sums up how a business satisfies customers needs is termed a
customer value proposition
_____ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it.
Place
Who benefits from effective marketing?
Organizations who sell, society as a whole, and consumers who buy
Customer _____ reflects the relationship of benefits to price, or what you get for what you give.
value
Many business people believe that marketing should focus on factors other than financial goals, such as
ethics
To serve both buyers and sellers, marketing fundamentally seeks to do which two of the following?
Discover the needs and wants of prospective customers, and satisfy the needs and wants of customers
_____ is the component of the marketing mix that provides a means of communication between a seller and a buyer.
Promotion
The societal marketing concept combines which two of the following principles?
Organizations should serve customers in a way that provides for society’s well-being, and organizations should satisfy the needs of customers.
Homemakers that make due with whatever type of pantry goods they could acquire is an example of which marketing orientation among businesses of that era?
production
When manufacturers, wholesalers, retailers, and government agencies purchase goods and services they are known as
organizational buyers
A company adopting social _____ is purposefully acknowledging its accountability to a larger society.
responsibility
_____ is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations.
Promotion
In the context of customer value, which of the following are considered benefits?
convenience, quality, and after-sale service
The essence of successful marketing is that firms provide unique value in order to gain
loyal customers
A local library that promotes enhanced reading skills and an increased global perspective resulting from reading library books is an example of marketing
ideas
Customer experience is
the internal response that customers have to all aspects of an organization and its offering
Which two of the following are characteristic of the marketing concept era?
Marketing was integrated into each phase of business, and product design focused on consumers’ needs.
Which of the following is NOT an example of marketing?
A student markets himself to his instructors to get better grades
Customers that desire to own a Lexus, that can afford to do so, that have the time and ability to visit a dealership would be considered to be in Lexus’ _____.
market
A marketing program _____ the marketing mix elements to provide a good, service, or idea to prospective buyers.
integrates
Goods, services, and _____ are marketed.
ideas
Of the 4 Ps, _____ is whatever the buyer gives up in exchange for the product, like money, time, or energy.
price
_____ is the part of the marketing mix that aims at creating value for the consumer by providing features and benefits for the consumer needs.
Product
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptions of the organization is called
customer relationship management
Which of the following is the most fundamental goal of marketing?
To satisfy consumer needs
During the sales-oriented era
manufacturers were able to produce more than consumers were able to buy
Which is a benefit of effective marketing to society?
Improves quality of products and services
During the sales-oriented era, firms found an answer to their _____ by adding salespeople to find new buyers.
overproduction
The decision about whether or not to sell information about one’s customers to other organizations, while the practice is not illegal, is a(n) _____ issue.
ethical
When Apple first introduced the personal computer to the market, creating a new industry, consumers did not know
what the benefits would be
In addition to an emphasis on consumers’ interests, new expectations of marketers now include
consideration of social and environmental consequences of their actions
McDonald’s provides many items on its menu, primarily to _____ the needs and wants of its many types of customers.
satisfy
As a marketing manger plans new products to meet consumer needs, she should
study previous new product launches to learn from the past successes and failures
In many settings, relationship marketing is more effective when there is
personal, ongoing communication between parties
Marketing is performed by
either individuals or organizations
Which of the following concepts is of LEAST critical importance to an organization’s marketing program?
organizational structure
Since the 1980s, firms that are part of the customer relationship era have sought to satisfy
the high expectations of customers
Some 33,000 new products are introduced worldwide each month, but new-product experts estimate about _____ percent of them fail.
40
Which of the following is the best example of a large corporation using technology to realize the benefits of relationship marketing?
BMW receives data transmitted by each new vehicle it sells to help understand how customers use its products.
Successful airlines create value by offering
many flights to destinations the consumer wants