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

All of the following are forms of utility created by marketing processes except ________.

Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft?

________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm.

According to the theory of the wisdom of crowds, under the right circumstances ________.

An organic farmer has identified three distinct groups who might be interested in his products: vegetarians, people who are concerned about chemicals in their foods, and people who consider themselves innovators and trendsetters. These three groups are examples of ________.

Which element of the marketing mix is most closely associated with a company's channel of distribution?

There are several different sports watches for cyclists. When compared to its competitors, the Bike Nashbar watch is the least expensive. The Acumen Basic is the only one designed for older cyclists who prefer a larger display. Sports Instrument is the most comfortable of all the available watches. This describes the ________ of the three sports watches.

The terms market segment and target market represent the same concept.

Terrible Tees is an online t-shirt company that invites consumers to enter their t-shirt designs in a monthly contest. All visitors to the site are invited to vote on their favorite design, and at the end of the month, the company produces and takes orders for the t-shirt design with the most votes. This is an example of ________.

The marketing mix is the marketer's strategic toolbox.

Ruth Terry is a realtor. In her ads, Terry offers the free use of a moving truck to every customer she helps either buy or sell a house. This free use of a moving truck is an example of ________.

A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product.

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.

A new shampoo advertisement on television identifies all of the wonderful benefits the consumer will enjoy when using one company's shampoo as opposed to another company's shampoo. What is this company seeking to convey in this television commercial?

Write two questions that a firm would be likely to consider during the market planning stage.

Give three examples of marketplaces.

Today, it's most likely that companies selling unsought goods will use a selling orientation.

________ are the tangible products that individuals purchase for personal or family use.

A glitzy shopping mall, a mail-order catalog, a television shopping network, and an e-commerce website are all examples of ________.

The main activities of value chain members include all of the following except ________.