CH 1 Flashcards
What is the role of the promotion element in the marketing mix?
-creating the value of a product for prospective customers
-selling the value of a product to customers
-making the value of a product affordable for customers
-delivering the value of a product to customers
-communicating the value of a product to customers
communicating the value of a product to customers
Which statement is a useful guideline when making ethical decisions?
-Consider how an ethical decision will affect stakeholders rather than discussing it with them.
-It is possible to avoid ethical problems if the ethical issue is clearly identified.
-The factual elements of a problem cannot be determined without the influence of personal bias.
-The first alternative available should be chosen when solving an ethical problem.
It is possible to avoid ethical problems if the ethical issue is clearly identified.
Companies in any country are expected to operate according to the moral standards expected by that particular society. These standards are referred to as
laws.
exchanges.
attitudes.
ethics.
needs.
ethics
A clothing company needs to determine how its advertising dollars are being spent. What should it utilize to get this information?
-branding strategies
-logistics
-social media
-marketing analytics
-marketing mix
marketing analytics
How does a new good or service create value?
-It minimizes the use of the 4 Ps.
-It creates a need customers did not know they had.
-It satisfies a perceived marketplace demand.
-It changes a customer’s perception.
-It utilizes all elements of the supply chain.
It satisfies a perceived marketplace demand.
Dryden’s, a chain of department stores across the United States, has several exclusive store brands including Comfies, a line of sports shoes. Comfies is a popular brand among regular store customers and they vouch for its quality being as good as other top brands. Facing competition from other stores, Dryden’s reduces the prices on Comfies products by one-third. While it sold an average of 800 units per day at a price of $30 per unit amounting to $24,000 before the discount, it sold 1,000 units per day at $20 per unit, amounting to $20,000 after the discount. In analyzing this scenario, it can be said that
competing on product quality generates more sales than competing on price.
a reduction in pricing does not necessarily increase overall revenue earned from a product.
pricing is typically the most difficult marketing mix element to change.
a product that is priced higher is perceived to be of a higher quality.
a reduction in pricing does not necessarily increase overall revenue earned from a product.
Customer orientation is a key characteristic of
a production orientation.
a sales orientation.
marketing analytics.
the marketing concept.
sales forecasting.
the marketing concept.
Frozen is an ice-cream manufacturer located in a warm climate. Frozen does not spend too much on marketing its products. Instead, it focuses on improving the processes through which it manufactures ice cream. Frozen believes that the quality of the ice cream alone is enough to differentiate it from other manufacturers and generate sales. In this scenario, Frozen’s marketing strategy is _____Blank oriented.
production
relationship-marketing
promotion
sales
marketing-concept
production
A product decision is most likely to include determining
-the number of salespeople needed to sell a product.
the discount or introductory offers on a product.
the price of a product.
the target market of the product.
the features of a product.
the features of a product.
Why should nonprofit organizations engage in marketing efforts?
-It helps these organizations develop products and services.
Nonprofit organizations, like for-profit organizations, lay off people during recessions.
Nonprofit organizations are among the major contributors to the U.S. economy.
Successful marketing helps attract membership and funds for operating.
It is the best way for nonprofit firms to increase its value for shareholders.
Successful marketing helps attract membership and funds for operating
A company that manufactures and sells medical equipment in the U.S. found that its sales stalled during a recession. A consultant suggested that the company pursue sales in other countries. Why is it important for this company to market globally?
-Selling products globally does not require the use of all elements of the marketing mix.
Most of the world’s population lives outside the United States.
Compared to domestic marketing, it is less expensive to market globally.
It is easier to sell products internationally than it is domestically.
The benefits of marketing globally always outweigh the costs.
Most of the world’s population lives outside the United States
Once a company has created value, the next thing that the company must do is
communicate that value.
create a need for that value.
understand customers’ perceptions of value.
deliver that value to potential customers.
gauge customer confidence in that value.
communicate that value.
Needs are states of felt deprivation that
do not fit well with basic human makeup.
are created when customers lack something essential.
are shaped by personality, culture, and buying situation.
cannot be satisfied by a process of exchange.
can be created solely by marketers.
are created when customers lack something essential.
The moral standards expected by a society.
Ethics
A marketing strategy that consciously addresses customers, markets, and competition throughout the world.
Global Marketing
That part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer.
Logistics
The idea that a firm’s long-term success must include a companywide effort to satisfy customer needs and wants.
Marketing concept
A combination of activities that represent everything a firm can do to influence demand for its good, service, or idea; often referred to as the four Ps of marketing (product, price, place, and promotion).
Marketing Mix
States of felt deprivation. Consumers feel that deprivation when they lack something useful or desirable like food, clothing, shelter, transportation, or safety.
Needs
A marketing strategy that focuses on attracting, maintaining, and enhancing customer relationships.
Relationship marketing
A marketing strategy in which personal selling and advertising are used to persuade consumers to buy new products and more of existing products.
Sales orientation
The linked set of companies that perform or support the delivery of a company’s products to customers.
Supply Chain
