51. One traditional depiction of marketing activities is in terms of the marketing mix or four Ps. The four Ps are characterized as being ________.
a. product, positioning, place, and price
b. product, production, price, and place
c. promotion, place, positioning, and price
d. place, promotion, production, and positioning
e. product, price, promotion, and place
52. From a buyer’s point of view, each marketing tool is designed to deliver a customer benefit. The SIVA customer-centric breakdown of marketing activities includes ________.
a. sale, interaction, voice, and availability
b. solution, information, value, and access
c. satisfaction, intention, value, and account
d. situation, importance, variability, and awareness
e. none of the above
53. A firm can ________ only in the long run.
a. reduce its sales-force size
b. develop new products
c. change its price
d. modify advertising expenditures
e. All of the above may be done in the short or long run.
54. Holistic marketing incorporates ________, ensuring that everyone in the organization embraces appropriate marketing principles, especially senior management.
a. profit objectives
b. share of customer
c. internal marketing
d. the marketing mix
e. strategic planning
55. Companies are recognizing that much of their market value comes from ________, particularly their brands, customer base, employees, distributor and supplier relations, and intellectual capital.
a. variable assets
b. the value proposition
c. intangible assets
d. tangible assets
e. customer preferences
56. Holistic marketing incorporates ________, an understanding of broader concerns in the ethical, environmental, legal, and social context of marketing activities.
a. safe product design
b. cultural marketing
c. social responsibility marketing
d. cross-functional teams
e. direct-sales policies
57. The ________ holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being.
a. customer-centered business
b. focused business model
c. societal marketing concept
d. ethically responsible marketing manager
e. production-centered business
58. At the heart of any marketing program is the ________—the firm’s tangible offering to the market.
a. service offer
c. sales support team
e. auxiliary offer
59. ________ activities include those the company undertakes to make the product accessible and available to target customers.
a. Consumer behavior
b. Market segmentation
c. Marketing research
e. New-product development
60. Marketing feedback and ________ processes are necessary to understand the efficiency and effectiveness of marketing activities and how both could be improved.
e. consumer behavior
61. A short definition of marketing is “meeting needs profitably.”
62. Value marketing is the “art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.”
63. Services constitute the bulk of most countries’ production and marketing effort.
64. The U.S. economy today consists of a 70–30 services-to-goods mix.
65. “Friends Don’t Let Friends Drive Drunk,” is an example of marketing an experience to an interested audience.
66. Unwholesome demand occurs when consumers’ purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
67. When consumers share a strong need that cannot be satisfied by an existing product, they are engaged in latent demand.
68. Companies selling goods and services in the global marketplace have the advantage of being able to sell the goods and services in almost the same way as they do in their domestic market.
69. Companies selling their goods to nonprofit organizations may charge an extra premium over their normal prices because these organizations are largely indifferent to price.
70. A marketspace is physical, as when you shop in a store.
71. Wants are basic human requirements such as food or air.
72. Demands are wants for specific products backed by an ability to pay.
73. Most marketers satisfy everyone in a market—that’s how they stay in business.
74. The customer-value triad consists of a combination of quality, service, and price.
75. A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, or deliver the physical product or service(s) to the buyer or user.
76. The main actors in the task environment are the components of demographics, economics, physical setting, technology, the political-legal system, and the social-cultural arena.
77. Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled.
78. Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries.
79. The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.
80. Companies can facilitate and speed external communication among customers by creating online and off-line “buzz” through brand advocates and user communities.
81. The proliferation of targeted media and communication channels has allowed marketers to become much more aware of their target consumers’ preferences and to customize both products and messages for individual consumers.
82. The marketing concept is one of the oldest concepts in business.
83. The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.
84. The marketing concept stresses a customer-centered approach to marketing.
85. The selling concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies.
86. Relationship marketing aims to build mutually satisfying long-term relationships with key parties.
87. Attracting a new customer may cost five times as much as doing a good enough job to retain an existing one.
88. The marketing-mix component called promotion includes such items as product variety, design, packaging, services, and warranties.
89. When a marketer makes decisions involving channels, assortments, locations, and transportation, the marketer is making what are called place decisions.
90. Advertising, sales promotion, and direct marketing are all part of what is called the offering mix.
91. One of the key themes of integrated marketing is that there are very few marketing activities that can effectively communicate and deliver value.
92. Internal marketing is an appropriate practice to be used in holistic marketing.
93. In most companies, marketing should focus on the customer and other departments should focus on the business itself.
94. Performance marketing involves reviewing metrics assessing market share, customer loss rate, customer satisfaction, and product quality in the evaluation of the effectiveness of marketing activities.
95. The selling relationship concept holds that consumers will prefer products that are ethical, environmentally responsible, legal, and social in the context of marketing activities and programs.
96. The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being.
97. Cause-related marketing involves donating a percentage of revenues to a specific cause based on the revenue occurring during the announced period of support.
98. Making gifts of money, goods, or time to help nonprofit organizations, groups, or individuals is known as corporate philanthropy.
99. To understand what is happening inside and outside the company, the company needs a reliable marketing information system.
100. Because of surprises and disappointments that can occur as marketing plans are implemented, the company will need feedback and control to improve itself.
101. Marketing has been described being both an “art” and a “science.” Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a “real-life” example where you have seen both processes work effectively at creating customer value and loyalty.
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