Which of the following definitions of marketing most accurately reflects the definition of the American Marketing Association?
1) Marketing is a process of producing maximum profits.
2) Marketing is a social and managerial process by which individuals and organizations obtain what they want and need.
3) Marketing is the creation of value for customers who then are able to buy what they need and want, when and where they want.
4) Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
Why can't the term marketing be used to refer to advertising activities performed by a marketer?
1) Because advertising is not one of many marketing communications tools
2) Because marketing is a much broader, strategic discipline and advertising is only one part of the communication function of marketing
3) Because advertising is commonly used interchangeably with the term marketing by professional marketers
4) Because without advertising it won't matter what the company markets because no one will know about it
How do marketers ensure customers can find offerings?
1) By ensuring their products are offered on the internet
2) By ensuring they developed supply chains that are designed to deliver the right product to the right customer at the right time
3) By spreading word of mouth promotions
4) By ensuring that the customer understands how to use a product and why the product has value to them.
What is marketing's most important role?
1) Bring needed products and services to consumer groups
2) Contribute to the organization's profits by ensuring the company is offering the right products.
3) Create value for consumers
4) Grow the organization in terms of market share, overall revenues, profit margin, or other measurement of success as defined in the organization's strategic plan.
The personal value equation refers to:
1) the relationship between the price of the product and how difficult it is to purchase the product versus the benefits the customer hopes to receive.
2) how much a consumer feels a particular product is worth.
3) the combination of price and the benefits the customer hopes to receive from his purchase.
4) the combination of the brand equity of the product, the degree to which the product is discounted, the number of competing products and the effort the consumer needs to purchase the product.
What is an offering?
1) The benefits of acquiring a particular product.
2) The price a consumer pays to acquire a product.
3) A bundle of value deliverered via a product, a service, or a combination of the two, plus the price
4) A tangible good a consumer can purchase
Which statement best describes the 'offering' of an Apple iphone.
1) A cell phone that costs more than competing offerings because consumers perceive that the iPhone offers more features than any other cell phone and is worth the price, and the Apple brand is known and respected.
2) A state of the art mobile phone device that needs to be attached to a cell service provide for worldwide phone connectivity
3) A means to connect with anyone, anywhere, any time
4) A bundle of features and benefits along with the reputation of Apple products, the warranty and ancillary support
What is the value of an organization having a customer-focused value proposition?
1) A good value proposition will ensure that the organization achieves a profit or other goals.
2) A value proposition is the tagline or jingles used by marketers in all of their marketing communications that customers can easily remember.
3) A value proposition spells out the price of a product or service offering in terms the customer can understand and therefore make a decision. The customer does not need to search for the price.
4) A value proposition helps customers quickly identify the benefits of a product or service offering, and can distinguish those features and benefits from competing offers.
Which of the following marketers do you think practices the marketing concept?
1) A cat food company that drops its price by 10%
2) A use car salesman who wants to sell you a car that will provide her with the highest possible commission
3) A restaurant that encourages customers to fill out a feedback card and use that information to improve the restaurant offering
4) A new operating system that will replace an existing operating system within six months for an increase in user fees
Why should marketers try to benefit society at large?
1) Because marketing facilitates trade which makes people's lives better.
2) Because if they don't goverments and consumer groups will eventually regulate the industry.
3) Because all of society are potential customers.
4) Because consumer advocacy groups can initiate a boycott of the company's product.
What are the major steps in a strategic planning process?
1) conduct marketing research to identify customer needs
develop a mission statement
develop a valuable offering
communicate the offering
2) environmental analysis
value proposition and strategy formulation
3) mission statement
4) develop mission statement
develop corporate objectives
scan the internal and external environments
develop product or service offerings
Which of the following represents a customer-focused mission statement.
1) Our mission is to expand globally within the next five years.
2) Our mission is to become the product of choice for all our customers.
3) Our mission is to become the world's leader in our technological field.
4) Our mission is to grow the company with state of the art products and services.
What is the reason why a good strategic plan includes an analysis of the current situation including a SWOT analysis?
1) To ensure the organization identifies everything that happened in the past to include that history in its strategic plan
2) To ensure all departments are represented in the strategic planning process
3) To ensure the organization does not repeat past mistakes.
4) To ensure the organization plans to minimize its weaknesses and threats and maximize its strengths and opportunities
Why is it important for organizations to adopt a marketing orientation?
1) Because it no longer matters what an organization offers so long as it produces profits.
2) Because the marketing orientation ensures the organization will reach maximum sales
3) Because the selling orientation doesn't work anymore
4) Because adopting a marketing orientation means the organization focuses its efforts and resources on creating value to satisfy customer wants and needs
Why should an organization operate in an ethical and socially responsible manner?
1) Because consumers are demanding ethical and socially responsible behavior.
2) Because marketing has a bad reputation and companies need to regain the public's trust
3) Because organizations can be assessed heavy fines if they do not operate ethically and in a socially responsible manner.
4) Because the organization's officers can be held personally responsible if the company is found to have violated an ethical norm.