American Marketing Association (AMA) definition of marketing
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customer relationships in ways that benefit the organization and its stakeholders.
A written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forms income (and other financial) statements.
The trade of things of value between the buyer and seller so that each is better off as a result.
Marketing mix, or four Ps
Product, price, place, and promotion - the controllable set of activities that a firm uses to respond to the wants of its target markets.
Exhibit 1.1 Core Aspects of Marketing
Exhibit 1.3 The Marketing Mix
Items that can be physically touched. Example: Nike shoes, Pepsi-Cola, etc.
Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed, intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Example: airline travel, sporting event, etc.
Intellectual concepts - thoughts, opinions, and philosophies.
Business-to-consumer (B2C) marketing
The process in which businesses sell to consumers.
Business-to-business (B2B) marketing
The process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers.
Consumer-to-consumer (C2C) marketing
The process in which consumers sell to other consumers.
Exhibit 1.5 Marketing Evolution: Production, Sales, Marketing, and Value
Reflects the relationship of benefits to costs, or what the consumers gets for what he or she gives.
Customers act as collaborators with a manufacturer or retailer to create the product or service. Example: Nike customer design sneakers
A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship.
Customer relationship management (CRM)
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most value customers.
Which of the following are related to marketing in the production-oriented era?
*Manufacturers were concerned with product innovation, not with satisfying the needs of the individual.
**Retailers were considered places to hold inventory until it was sold.
During the sales-oriented era, firms found an answer to their ___ by focusing on selling.
Value-based marketing firms implement their strategies according to what ___ value.
Which of the following would not be an example of cocreation?
Buying ready-to-wear apparel from a department store.
A ___ orientation is based on the philosophy that buyers and sellers should develop long term interactions and communications.
Firm's that practice value-based marketing typically use a process known as ___ which includes a set of strategies, programs, and systems that focus on building loyalty among the firm's most valued customers.
Customer relationship management
True or false: Although social and mobile media technologies are popular among users, businesses should avoid using them.
All but one of the following is activities associated with buying, not selling. Which is NOT buying-related?
Giving a client a hair cut.
What factors do marketers consider when determining to whom they want to sell their products?
Both interest and ability of the customer to buy.
What is the fundamental factor underlying all buyer-seller relationships?
The four Ps, or marketing mix, are the ___ set of activities that a firm uses to respond to the wants of its target market.
When Frito-Lay makes snacks, the company creates value. An essential part of this created value is a product's:
For Nike and Reebok, athletic shoes and clothes are the core of the business, but they add value to their products in which of the following ways?
*By offering customer designs under the brand name.
**By enlisting popular celebrities to endorse their designs.
Which of the following is an example of BOTH goods and services received in combination?
Getting new tires put on your car.
Products include goods and services, as well as ___, which are thoughts, opinions, and philosophies. Intellectual concepts such as these can be marketed, just as goods and services can.
If you decide at the last minute to go skiing between Christmas and New Year's Day, you will probably pay a relatively higher price for an airplane ticket to the ski area. This is an example of:
Trading off price and convenience.
Promotion can ___ a product's or service's value.
"Customers can have any color they want so long as it's black" is an example of ___ orientation era.
During the sales-oriented era:
Manufacturers had the capacity to produce more than consumers were able to buy.
One challenge for companies is to provide products that meet customers' needs and wants while still being financially sound and making a(n) ___.
In a marketing context, what do consumers seek in return for their money and scarce time?
A fair return in goods/services.
A method of providing additional value to customers by allowing them the opportunity to act as collaborators is known as value ___.
Firm's become value driven by focusing on which of the following activities?
Building relationships, balancing customer benefits and costs, and sharing information.
Value-oriented marketers engage in an ongoing process of balancing
The perceived benefit to the customer and the price of what is being sold.
Value-oriented marketers outperform their competition by:
Keeping costs down, developing loyalty, and satisfying needs.
To build relationships, a home builder allows customers to change upgrades until the last possible moment during construction. It is using a ___ strategy.
UPS works with its customers to develop efficient transportation solutions. Over time, UPS becomes an integral part of the fabric of the customers' organizations. UPS is using a ___ orientation with customers since the business is enduring.
Customer relationship management (CRM) can help marketers compete by collecting data about their customers' needs and then
Identifying their best customers for targeted products, services and promotions.
True or False: Facebook experiences higher growth rates as countries continue to gain greater internet access.
Which of the following are members of the supply chain?
Manufacturers and retailers.
Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers?
Customer relationship management
When a consumer gives up money (or something of value) in order to receive something else of value, this is called ___.
A frozen desert company might select any of the following options to further develop and create consumer value EXCEPT:
Offering only one flavor: vanilla, the best seller.
For Nike and Reebok, athletic shoes and clothes are the core of the business, but they add value to their products in which of the ways?
By offering customer designs under the brand name, and by enlisting popular celebrities to endorse their designs.
When firms provide customers an opportunity o act as collaborators in creating the product or service, it is called:
Firms become value driven by focusing on which of the following activities?
Balancing customer benefits and costs, building relationships, and sharing information.
Of the 4 Ps, ___ is whatever the buyer gives up in exchange for the product--for example, money, time, or energy.
___ 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 the customer wants it.
Match the marketing mix component with its corresponding value function. Product, Price, Place, and Promotion.
Product creates value. Price captures value. Place delivers value proposition. Promotion communicates value.
Select all that could apply if a car manufacturer wanted to segment its marketplace:
Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) and divide consumers into groups based on their incomes.
___ is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response.
Which of the following is not a core aspect of marketing?
Marketing must occur in a specific setting.
In what chronological sequence did marketing evolve beginning from oldest to most recent from top to bottom?
First it was the production-oriented era, then sales-oriented era, then market-oriented era, and finally value-based marketing era.
Which of the following are components of the price paid by the buyer.
___ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.
___ is the component of the four Ps that aims to capture value.
___ reflects the relationship of benefits to costs, or "what you get for what you give."
A core aspect of marketing, borrowed from economics, includes a(n) ___, which is a transaction in which things of value are traded by buyers and sellers.
In the marketing mix, place is expect to ___ value for the customer.
B2B - manufacturer sells a computer to a
retailer.
B2C - Retailer sells a computer to customer A.
C2C - Customer A sells the computer to his friend.
Which of the following are associated with marketing, as defined by American Marketing Association?
Processes used to creat value for clients, activities that communicate offerings that have value for society at large, and institutions that facilitate the exchange of offerings that have value for customers.
Firms marketing directly to each other are referred to as business-to-___ marketing.
___ 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.
Which of the following are elements of the marketing mix?
Product, price, place, promotion are the 4 Ps, please note the labels must match specifically.
What were the primary characteristics of the market-oriented era?
Products were designed to focus on consumers' needs, and it was a buyer's market.
What term refers to a set of approaches and techniques a firm employs to efficiently integrate suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction?
Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that the consumers are not disappointed and the firm's profits do not suffer.
Successful airlines create value by offering:
Many flights to destinations the consumer wants.
A ___ is any INTANGIBLE offering that involves a performance, or an effort by the provider, that cannot be physically possessed.
The process by which businesses sell to other firms, who then use the goods and services to make other products to sell, is known as business to ___ marketing.
Production-oriented era
Sales-oriented era
Market-oriented era
Value-based marketing era
Production-oriented
era - Build a good product and it will sell itself.
Sales-oriented era - Lots of advertising and personal selling are the keys to success.
Market-oriented era - A growing focus on meeting customer needs and wants.
Value-based marketing era - There is more to marketing than just meeting needs and wants; consumers also expect a fair return for the price they pay.
Which of the following would be examples of where C2C marketing might occur.
Making a purchase from Craigslist and buying an item from a neighbor's yard sale.
Within the marketing mix when a company offers many alternatives, the ___ element of the 4Ps creates value by satisfying customer needs.
Identify two key elements marketers consider when determining price.
Marketers must figure out how much customers are willing to pay so that they are satisfied with the purchase and they must ensure the sellers achieves a reasonable profit.
Which statement about the marketplace is true?
The marketplace can be divided into categories that are important to an organization for specific reasons, and the marketplace refers to the world of trade.
Getting cash from an ATM is considered a ___ transaction.
A product can be broken down into services, ideas, and goods? What are goods?
Items you can personally touch.
A strategy developed by companies that specifies marketing activities for a specific period in time is known as a(n) ___.
Which of the following are characteristics marketers seek out in potential customers?
Individuals and/or businesses who have an ability to buy the products or services and individuals and/or businesses who have an interest in the company's products.
In order to compete successfully most firms today have to provide their customers with greater ___ than their competitors provide.
When consumers market products, it is known as ___ marketing.
Marketing is the activity, set of institutions, and processes that creates, captures, and communicates, and ___ value.
In the marketing mix, value is communicated to the consumer by which element of the 4Ps?
Business-to-business marketing can impact several aspects of business and society. Which of the following stakeholders are affected?
Employees, customers, and partners.
If you decide to list merchandise on eBay for someone to buy, you can best be described as a:
When someone participates in a sweepstakes from Barnes & Noble, in order to participate the firm collects information (I.e., an email address from the participate/buyer). Barnes & Noble then submits the name of the participant/buyer into the "Free Books for Life" sweepstakes. This is an example of which of the core aspects of marketing, as discussed in the chapter?
Marketing entails exchange of benefits between buyer and seller.
___ 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.
True or false: When marketers seek out customers, their primary concern is to seek out potential customers who have both an interest in the product and an ability to buy it.
Which of the following is the final recipient of marketing efforts?