Exam 1: Why Marketing Matters to You

What question would a firm ask if it were using the ethical decision-making framework regarding its product?

When it comes to marketing products and services, marketers do not need to be concerned with any ethical implications of their actions because the consumer bears the ultimate responsibility to determine whether or not a product is needed.

As noted in your text, what was the result when some of the world's most ethical companies were compared with the U.S. Large-Cap Index on a profitability measure?

How are consumer wants different from consumer needs?

A group of Internet-based applications that allow the creation and exchange of user-generated content is referred to as ________ ________.

Which marketing mix element describes what a buyer exchanges with a seller?

You are designing a marketing campaign to help the American Red Cross recruit new members and volunteers to assist its organization. This type of marketing is referred to as

When people think of what marketing entails, they typically think about the marketing mix element referred to as ________.

What percentage of new products fail in the marketplace?

When marketers evaluate whether a marketing campaign was successful by using metrics to measure performance, they are engaged in

Which era in the history of marketing continued until the end of World War II?

Logistics is the process of coordinating the flow of money among members of the supply chain.

Marketers create value for customers when they develop products that allow consumers to satisfy their needs and wants through exchange relationships.

You are interested in selling your homemade crafts. You have chosen a retail location to sell your crafts. What other factors in distribution ("place" from the marketing mix)do you need to consider besides the location?

Which question relates to the place element of the marketing mix?

Your local coffee shop has recently implemented an app that allows customers to receive a free drink for every 10 drinks purchased, gives birthday rewards, and provides recommendations for new beverages to try based on prior purchasing history. This app attempts to maintain and enhance customers' connection to the coffee shop and reflects

Typically, ________ is the easiest marketing mix element to change.

A ________ occurs when a person feels deprived of basic necessities such as food, clothing, shelter, transportation, and safety.

What do manufacturers, shipping companies, wholesalers, and retailers all have in common?

The production era continued until consumer demand could not keep up with the growth in production and new strategies were needed to maximize success.