Exam 1: Marketing: the Art and Science of Satisfying Customers

On average, marketing expenses account for half of the costs involved in a product.

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -The _____ equals the revenues and benefits a customer brings to an organization, minus expenses to attract and maintain the relationship.

What is a facilitating function of marketing?

Production orientation is a business philosophy that stresses on the importance of quantity of products rather than the quality of products.

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -refers to buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties.

Fame-us is a talent agency that focuses on youth looking to work in television and movies. As part of its marketing strategy, how will Fame-us generate time and place utility?

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -The moral standards of behaviour expected by a society are known as _____.

What are the moral standards of behaviour expected by society called?

What are companies able to do by converting indifferent customers into loyal ones through relationship marketing?

What does mobile marketing refer to?

When Starbucks makes a latte for a customer, it is performing a distribution function.

Which of the following would be visible in relationship marketing?

Why does relationship marketing focus more attention on existing customers?

By combining fabric, thread, wood, springs, and other components, a furniture maker creates time utility for its consumers.

The advent of a strong buyer's market created the need for consumer orientation by businesses.

Differentiate between transaction-based marketing and relationship marketing.

A biotechnology company and a university medical school work to develop a new drug to treat arthritis. What is this an example of?

The traditional view of marketing can be described as transaction-based marketing.

Define marketing myopia, and describe how a company can overcome a myopic view. Give an example of a company before and after changing its view.

While many firms claim to have adopted the marketing concept, there is little evidence that a strong market orientation contributes to market success and overall performance.