Chapter 1 ("What is Marketing") quiz Flashcards
- Which of the following is contained as an explicit activity in the AMA’s definition of marketing?
financing new products
communicating about offerings that have value
locating personnel for marketing activities
determining locations for production facilities
assessing competitors’ weaknesses
communicating about offerings that have value
- Which association below between the AMA’s definition of marketing matches with the corresponding element of the marketing mix?
creating offerings => Place communicating offerings => Promotion delivering offerings => Price exchanging offerings => Product providing offerings => Profit
communicating offerings => Promotion
creating offerings => Product
Develivering => Place
Exchanging => Price
- Which of the following is part of the marketing mix, also known as the “four Ps”?
profit performance planning place personnel
Place
他は
Product
Price
Promotion
- Which element of the marketing mix would include advertising and sales?
profit product price place promotion
promotion
- The personal value equation of the customer is reflected in the formula ________.
Value = Benefits offered + [Price – Hassle] Value = [Price + Hassle] + Benefits received Value = Price – [Benefits offered + Hassle] Value = Benefits received – [Price + Hassle] Value = [Price – Hassle] + Benefits received
Value = Benefits received – [Price + Hassle]
- How might a marketer increase a consumer’s personal value equation?
decrease the benefits offered and associated with the exchange
increase the price associated with the exchange
reduce the hassle and increase the benefits associated with the exchange
increase the hassle and the price associated with the exchange
decrease the hassle and the benefits offered with the exchange
reduce the hassle and increase the benefits associated with the exchange
- Sam likes to buy season tickets to his favorite college football team, while Kerry likes to buy individual game tickets to the team’s games. What does this likely mean?
Sam is a better fan than Kerry.
Sam and Kerry have different personal value equations.
The team values Kerry more than Sam.
The team has better value equations than other teams.
Both Sam and Kerry have the same personal value equation.
Sam and Kerry have different personal value equations.
. Which of the following examples best illustrates the marketing concept?
A mail-order company begins using less expensive packing material to increase profits per sale.
A manufacturing firm opens a new distribution facility closer to the factory.
A catering firm decides to expand its hours of operations to better serve working mothers.
A beverage distributor installs vending machines which show the operation of the machine to the customer.
A food company puts nutritional information on its packages.
A catering firm decides to expand its hours of operations to better serve working mothers.
The marketing concept is a philosophy that requires marketers seek to satisfy customer wants and needs. This is an operational decision.
- Which of the elements below is included in the bundle that is the company’s offering to the customer?
public relations profits intangible elements advertising competition
intangible elements
Intangible elements, combined with tangible elements and price, comprise the company’s offering.
- What is defined as the actual transportation and storage of materials and products?
logistics supply chain product placement value direct marketing
logistics
- Procter and Gamble markets its Tide detergent to consumers, households, retailers, institutions (such as hospitals), and the U.S. military. Still, Procter and Gamble is usually categorized as a _______________.
non-profit, B2B company for-profit, B2B company non-profit, B2C company for-profit, B2C company governmental agency
for-profit, B2C company
B2C=Business to Company
- If the U. S. Department of Homeland Security mails free packing guidelines to airline travelers, it is _______________.
engaged in marketing as a for-profit company
not engaged in marketing because they are a government agency
not engaged in marketing because travelers are not charged for the guidelines
engaged in marketing to specific individuals but do not offer value
engaged in marketing as a non-profit organization
engaged in marketing as a non-profit organization
- _________________ is an effort by government agencies, nonprofit institutions, and religious organizations to achieve certain social objectives.
Profitability Social marketing Environmental scanning Sustainability Logistics
Social marketing
. Which of the following represents good marketing?
making a good offering that will sell itself
making an offering that encourages poor choices so consumers will buy again
yielding a positive value for the consumer and a profitable transaction for the company
educating the customer so that the maximum profit possible is extracted from the exchange
all of the above
yielding a positive value for the consumer and a profitable transaction for the company
- Opponents argue that marketing costs do not benefit society. Marketers counter this by stating these costs result in the creation of _________________.
more advertising lower prices better informed consumers less government supervision more competition
better informed consumers
Marketers answer critics that marketing costs are offset by better informed customers, benefiting society.
