Exam 1: Welcome to the World of Marketing: Create and Deliver Value

Two teachers purchased art supplies for their classes. One paid $103.45 for eight large boxes of crayons. The other teacher purchased ten identical boxes for $105.55. The second teacher got more for her money because she took advantage of a quantity discount, a reduced price for buying ten or more boxes. Which element of the marketing mix most directly relates to these purchases?

Using a ________ approach, a company uses a single strategy to reach all customers.

Identify the four Ps in the following description: Rosa Alvarez markets 23 different varieties of salsa in 8-ounce and 12-ounce bottles at supermarkets in the southwestern United States. The 8-ounce bottle sells for $5.95, and the larger size sells for $7.95. Periodically, she sets up a table in one of the marketplaces that carries her salsa brand and offers customers a sample. She recently received considerable publicity for being the "Hispanic Entrepreneur of the Year."

Which of the following is a true statement about the four Ps of the marketing mix?

Which of the following is the best example of a service?

According to the theory of the wisdom of crowds, consumers are more interested in content produced by other consumers than in content produced by brands.

________ is a network of servers, all having different functions, providing an almost infinite amount of storage space.

A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced.

Which of the following is the best example of a consumer good?

When companies calculate the lifetime value of a customer they look at ________.

Which of the following is an example of a not-for-profit organization that would use marketing principles?

Which of the following is LEAST likely to be of growing importance in marketing in the near future?

To calculate lifetime value, a company would estimate the amount of money a person would spend with the company over a lifetime and then subtract what it will cost the company to maintain this relationship.

Interacting with consumers via portable technology such as smart phones, tablets, and wearable screens is referred to as ________.

When a firm analyzes the marketing environment, it is LEAST likely to look at which of the following?

Explain the concept of business-to-business marketing and give an example of a business-to-business transaction.

The elements of the marketing mix are the four Ps.

Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________.

What is the difference between a mass market and a market segment?

Discuss how the principles of marketing can be applied to people.