Exam 1: Why Marketing Matters to You

Janie is looking to open a cupcake shop. She wants to make sure her shop is successful, so she hires a consultant to help her determine the best location for her new business. In this example, the information given to Janie by the consultant is considered a product.

Travis has extra inventory of a product that he needs to get rid of. Using the elements of promotion, what might Travis do in order to sell his inventory quickly?

Which marketing mix element is typically the easiest to change?

Which marketing mix element involves decisions regarding logistics and managing the supply chain?

Weights and More health club has just opened a new location in your neighborhood. The club has mailed a flyer to all households in the area that contains information about the club-its location, hours, the classes it offers, its personal trainers, etc.-and a coupon for one free personal training session. In doing so, Weights and More is most likely attempting to

The combination of activities that represent everything a firm can do to influence demand for its good, service, or idea is referred to as the marketing

A new pizza shop in town allows customers to create their own individual pizzas using various toppings. The store owners have decided to have a contest for the most unique customer creation. They are asking customers to create a pizza, take a picture of their creation, and post it on their Facebook page as well as on Instagram so people can vote for their favorite. The winning creation will be featured on the shop's menu. This use of social media relates to which element of the marketing mix?

The marketing concept is also referred to as the four Ps of marketing.

The key assumption underlying the marketing concept is that

NAFTA is an international trade agreement between the United States

_________ is an international trade agreement between the United States, Canada, and Mexico.

The focus of the marketing concept era was on

The first step in the ethical decision-making framework is to identify the ethical issue at hand.

When a buyer and a seller trade things of value with each party being better off as a result, a(n)________ has taken place.

The job of marketers is to focus on providing products that fulfill customers' wants, which in turn will satisfy their underlying ________.

Which approach to marketing was especially important during the Great Depression when consumers did not have much money and firms competed intensely for customer sales?

What type of marketing strategy is a company using if it consciously addresses customers, markets, and competition throughout the world?

You work in a jewelry store, and your supervisor has told you to decrease the price of a line of jewelry that is not selling well in the hope that the remainder of the inventory will sell quickly. Why might this strategy be effective in selling the remaining units of this jewelry line?

Tony the Tiger is part of the brand that differentiates Kellogg's cereal from that of other firms.

Firms that use social media for promotion try to create content that attracts attention and encourages readers to share the content with their social networks.