Exam 1: Why Marketing Matters to You

In order to measure the value customers receive from a product, marketers need only look at the actual monetary outlay the customer must produce in order to obtain the product.

The interconnected nature of the world economy is referred to as internationalization.

During what stage in the evolution of marketing did firms believe that quality products would sell themselves?

Enrico owns a small grocery store. He has heard about the marketing concept and he thinks he should implement it in his store. What is the marketing concept? What are some things Enrico can do to implement this concept in his grocery store?

________ is a process of measuring, managing, and analyzing market performance in order to identify marketing opportunities and problems, evaluate marketing actions, and evaluate marketing strategies' performances. A)Marketing analytics B)Marketing communication C)Consumer behavior D)Data collection E)Data analysis

The four Ps are product, price, place, and ________.

Which order accurately depicts the stages in the evolution of marketing?

In marketing terms, what is a person looking to satisfy if that person feels deprived of basic necessities such as food, clothing, shelter, transportation, or safety?

The marketing mix element referred to as ________ includes advertising, public relations, personal selling, and sales promotion.

Large companies like Enron, WorldCom, and Arthur Andersen all failed due to their lack of _________.

How is the marketing concept different from the sales orientation strategy?

Since they are not in the business of generating revenue or making profits, nonprofit organizations do not need to rely on marketing efforts to be successful.

How many steps are there in the ethical decision-making framework?

The central element in the marketing mix is ________, which is the element that all other decisions revolve around.

Wants are the form that human needs take and are shaped by

When comparing ethical firms with the WME Index to the U.S. Large-Cap Index for the years 2014-2019, it was discovered that firms identified as ethical were more profitable on the whole than the mix of companies included in the U.S. Large-Cap Index.

NAFTA has had a negative impact on U.S. farmers because of the restrictions it imposes on exports, which has made trade between countries more difficult for the farmers.

Customer _________ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it.

Brandi used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. As it relates to marketing, these things represent a ________ for Brandi.

The practice of measuring, managing, and analyzing market performance is referred to as