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

The principles of marketing can apply to people, just as they apply to goods and services.

The value chain activity of ________ refers to converting materials into a final product for consumers.

The customer orientation maintains that marketers must satisfy customers' needs in ways that also benefit society.

Seth's mother didn't want to build a climbing wall as a permanent feature in her backyard, but it was certainly convenient to rent one from the company that catered Seth's 12th birthday party. The catering company created both ________ utility when it rented her the climbing wall.

Alcoholism and cigarette smoking are both examples of ________.

To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product.

A ________ is the ultimate user of a good or service.

A(n) ________ occurs when Kirin Albers trades Max Lynch three hours of babysitting Max's three-year-old daughter in exchange for Max fixing the hole in Kirin's porch roof.

Social networking is an integral part of which of the following?

The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.

Explain why and how a company would adopt a customer orientation.

________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy a product.

A value proposition includes the whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself.

In general, companies with a triple-bottom-line orientation are most likely to place a priority on which of the following?

A ________ is a good, service, idea, place, or person-whatever is offered for sale in the exchange.

Select one actual company located in your community. Identify at least four different types of stakeholders in this company.

Why should a firm be aware of its competitors' distinctive competencies?

The ratio of benefits to costs is one way to think of ________.

An entertainer such as Kenny Chesney, a television show, and a magazine subscription are all examples of products.

Which of the following is an example of a transaction that might occur in business-to-business marketing?