Exam 1: Defining Marketing for the 21st Century

Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled.

Disintermediation via the Internet has resulted in ________.

The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________.

Marketers should be skilled in stimulating demand for a company's products. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. Marketing managers seek to influence the level, timing, and composition of demand to meet the organization's objectives. List and briefly characterize the eight different demand states.

The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.

The Internet has given today's companies a new set of capabilities. Among those capabilities is the ability to operate a new information channel. Describe how information can be used by the marketer in this new channel.

Performance marketing requires understanding the financial and non-financial returns to business and society from marketing activities and programs.

What are the four broad themes of holistic marketing?

According to Starbucks Chairman Howard Schultz, "We see a fundamental change in the way consumers buy their products and services … Consumers now commonly engage in a cultural audit of providers. People want to know your value and ethics demonstrated by how you treat employees, the community in which you operate. The implication for marketers is to strike the balance between profitability and social consciousness and sensitivity … It is not a program or a quarterly promotion, but rather a way of life. You have to integrate this level of social responsibility into your operation." Discuss the concept of social responsibility marketing and how it impacts both companies and consumers.

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

Assume that you have been given the task of assisting a company in designing its marketing planning process. What components should be in such a process?

Julia is worried about the rising pollution levels in her city. She doesn't mind paying extra for goods and services that use sustainable processes to help control pollution. This is an example of ________ for pollution.

The marketing-mix component called "people" reflects all the creativity, discipline, and structure brought to marketing management.

During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________.

When demand is ________, it implies that more customers would like to buy the product than can be satisfied.

Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.

The marketing concept stresses on finding the right customers for the company's products.

The competing concepts under which organizations have conducted marketing activities include: the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. Evaluate the advantages and disadvantages of each concept. Which concept do you believe is the most effective? Why?

Identify the correct statement about marketing management.

Marketers must try to balance increased spending on search advertising, social media, direct email, and text/SMS marketing efforts with appropriate spending on _________________.