Chapter 1

Question 1

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.

Answer 1

deliver

Question 2

Each of the four Ps play a distinct role in adding value for customers and firms. Product, the first of the four Ps, focuses on ____.

Answer 2

developing goods and services

Question 3

Product

Answer 3

Creating value

Question 4

Price

Answer 4

Capturing value

Question 5

Place

Answer 5

Delivering value

Question 6

Promotion

Answer 6

Communicating value

Question 7

What is true of services?

Answer 7

They cannot be separated from the producer.

Question 8

____ cocreation occurs when a customer and a firm collaborate on a product or service.

Answer 8

Value

Question 9

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ____ to satisfy customer needs.

Answer 9

creating value

Question 10

What were the primary characteristics of the market-oriented era that followed WWII?

Answer 10

It was a buyer’s market and products were designed to focus consumers’ needs.

Question 11

Large corporations collect vast amounts of information about their customers’ shopping habits, including how, when, why, where, and what they buy, then use that information to ____.

Answer 11

guide their business choices

Question 12

When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers’ needs and wants, the firm is ____.

Answer 12

market oriented

Question 13

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market _____.

Answer 13

segmentation

Question 14

Firms become value driven by focusing on which of the following activites?

Answer 14

Building relationships, balancing customer benefits and costs, and sharing information

Question 15

A core aspect of marketing involves a(n) _____, which is a transaction in which things of value are traded between the buyer and the seller.

Answer 15

exchange

Question 16

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

Answer 16

By conferring status

Question 17

What are components of price?

Answer 17

Money, time, and energy

Question 18

In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.

Answer 18

True

Question 19

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

Answer 19

Place

Question 20

In the marketing mix, which element of the four Ps communicates value to the consumer?

Answer 20

Promotion

Question 21

_____ 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.

Answer 21

Promotion

Question 22

Which of the following is most likely to be a value-driven firm?

Answer 22

One that has active and engaging social media channels.

Question 23

Fast Bean sells coffee to Federico to brew and drink at home. This is an example of business-to-_____ marketing.

Answer 23

consumer

Question 24

Firms selling merchandise directly to each other is called _____ marketing.

Answer 24

B2B

Question 25

Many businesspeople believe that marketing should focus on factors other then financial goals, such as _____.

Answer 25

corporate citizenry

Question 26

A _____ is any intangible offering that involves a performance or an effort by the provider that cannot be physically possessed, inventoried, or

Answer 26

service

Question 27

Which of the following are associated with marketing, as defined by the American Marketing Association?

Answer 27

- Activities that communicate offerings that have value for society at large - Institutions that facilitate the exchange of offerings that have value for customers - Processes used to create value for clients

Question 28

Which of the following is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs?

Answer 28

Product

Question 29

When did the high degree of power held by the consumer lead to firms discovering marketing?

Answer 29

During the market-oriented era

Question 30

When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called _____.

Answer 30

value cocreation

Question 31

In a value-based, marketing-oriented firm, marketers collect information about _____ and competitors and then analyze and distribute it across the firm's various departments.

Answer 31

customers

Question 32

In order to compete successfully, most firms today have to provide their customers with better _____ than their competitors.

Answer 32

value

Question 33

Modern marketers use _____ to focus how they approach their customers and market their products.

Answer 33

data analytics

Question 34

Which of the following are services airlines frequently offer to create value for customers?

Answer 34

Many flights to destinations consumers want and in-flight WiFi shopping opportunities.

Question 35

If a car manufacturer wanted to segment its marketplace, it would do which of the following?

Answer 35

- Identify customer needs for different types of cars - Divide consumers into groups based on their incomes - Organize potential customers into groups based on their age

Question 36

What characterizes an exchange?

Answer 36

A buyer and seller trade things of value, leaving each better off than before.

Question 37

Of the four Ps, _____ is whatever the buyer gives up in exchange for the product, including money, time, or energy.

Answer 37

price

Question 38

Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the four Ps is most at play here?

Answer 38

Place