Marketing Ch 1

An organization that focuses its efforts on continuously collecting information about customers' needs and competitors' capabilities, sharing this information across departments, and using the information to create customer values is said to

• 1. While working at 3M, Windorski and his team observed and questioned students about how they used their textbooks, took notes, wrote term papers, and reviewed for exams, primarily in order to

• 2. Which of the following statements about the study of marketing is most accurate?

• 3. Marketing refers to

• 4. Which of the following statements about stakeholders is most accurate?

• 5. To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.

• 6. A student wants to buy a cell phone so she can share pictures with her friends, and an insurance claims adjuster wants to buy a cell phone to document accident reports. If they both purchase the same model phone, which statement is most accurate?

• 7. Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange. To marketing people exchange refers to the

• 8. A local college of business offers an outstanding business school education. Cali pays the tuition to attend and earns her MBA with a concentration in Supply Chain Management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange?

• 9. Which of the following statements about marketing departments is most accurate?

• 10. The two central concerns of marketing are

• 11. he first objective in marketing is to discover the __________ of prospective customers.

• 12. avoid new-product failure, Robert M. McMath, a new-product expert, suggests

• 13. A factor that might doom a product is referred to as a(n) __________.

• 14. Which of the following statements best defines needs and wants?

• 15. A want refers to

• 16. A __________ is a need that is shaped by a person's knowledge, culture, and personality.

• 17. Marketing discovers consumer needs by

• 18. People with both the desire and ability to buy a specific offering are referred to as a __________.

• 19. . The most likely market for cosmetic dentistry (which can cost $15,000 for straightening and whitening) is

• 20. Target market refers to

• 21. A local university offers business courses for a specific target market composed of people who currently work, who want to take refresher courses, or work towards a higher degree. Which of the following would be the most effective way to communicate with the target market, bearing in mind that communication must be both effective and economical?

• 22. The element of the marketing mix that describes a good, service, or idea to satisfy the consumer's need is

• 23. The element of the marketing mix that describes what is exchanged for a product is

• 24. The element of the marketing mix that describes a means of communication between the seller and buyer is

• 25. The element of the marketing mix that describes a means of getting the product to the consumer is

• 26. The four Ps are commonly known as

• 27. The marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem are referred to as the __________.

• 28. The marketing mix elements are called __________ because they are under the jurisdiction of the marketing department in an organization.

• 29. The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as __________.

• 30. Environmental forces refer to

• 31. The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price is called

• 32. Which of the following statements about customer value is most accurate?

• 33. Wal-Mart, Southwest Airlines, and Costco have all been successful offering consumers the

• 34. Marriott, Lands' End, and Home Depot deliver customer value by providing its customers with the __________ in the market.

• 35. The linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits is referred to as

• 36. Which of the following statements about relationship marketing is most accurate?

• 37. A business traveler joined the Starwood Preferred Guest Program in order to earn points each time he stayed overnight in a Westin or Sheraton hotel. Once he has accumulated enough points, he can trade his points in for a free night's stay. As a member of this program, the traveler receives periodic updates on new hotels and learns of ways to earn additional points. The marketing term that best describes this scenario is

• 38. Marketing program refers to:

• 39. The purpose of the introduction of a 3M inventor's Post-it® Flag highlighter was to

• 40. . In the life of a firm, the _________ era, covered the years from the 1920s to the 1960s.

• 41. If you wanted a new pair of shoes during the Civil War (1861-1865), you traced the outline of your foot on a piece of paper and gave it to a shoemaker. There was no distinction between right and left foot because you wanted your shoes as quickly as possible, and the shoemaker knew that you would buy them even if they just "sort of" fit. This is an example of a transaction that would have occurred during the __________ era in U.S. business history.

• 42. Imagine a confectionary company has introduced a new nutty candy bar during the 1930s (the sales era in U.S. business history). Which of the following statements would you most likely expect management to make if sales of this new candy bar were much lower than expected?

• 43. In the 1960s, marketing became the motivating force among many American firms and the __________ dawned.

• 44. Marketing concept refers to

• 45. Which of the following terms best describes the marketing concept era?

• 46. Which era of U.S. business history does the following statement best describe? "We are in the business of satisfying needs and wants of consumers."

• 47. Market orientation refers to

• 49. Today's __________ era is one in which firms seek continuously to satisfy the high expectations of customers.

• 50. Customer Relationship Management refers to