Exam 1: Scope and Concepts of Marketing

Marketing has evolved over time and, as a result, a firm can take five different approaches to marketing: production, product, selling, marketing, and societal marketing.

A company-wide culture that creates the necessary behaviors for delivering superior values to buyers is called

_________________________ is the tendency of marketing efforts to focus on products/production or sales and ignore specific consumer needs, or important markets.

An example of a _____ is the purchase of a bicycle by a college student for transportation to and from class.

The American Consumer Satisfaction Index is a national economic indicator of the quality of services from various companies that produce about 50% of the national GDP.

The American Consumer Satisfaction Index is a national economic indicator of the quality of

The first level of exchange takes place between the manufacturer and a wholesaler.

At the heart of marketing is

Successful marketers must be able to identify target consumers as well as their

_____ is/are defined as all of the actual and potential consumers of a company's products.

All of the following statements are true about the production era (from 1870 to 1930), except the fact that

When Wal-Mart searches for ways to reduce distribution costs so they can reduce the price of products they sell to consumers, Wal-Mart is using the

A need becomes a want when it is backed by the ability to buy the respective good or service.

Consumers may define value of particular brand or product differently.

The production era was the period between _____ when the primary focus of marketing was on producing the best products possible at the lowest possible price.

The main disadvantages of the product and production orientation is that the focus is on the product and production processes rather than on the consumer.

The marketing philosophy that assumes a company can compete more effectively if it first researches consumers' generic needs, wants, and preferences is the _________________________.

Through data mining, retailers hope to find out who customers are, what they buy, where they buy, and how often they buy.

Marketing has evolved over time and therefore, a firm can take different approaches to marketing. All of the following are possible approaches except

One method of demonstrating societal marketing is for a firm to become involved in social causes, such as the Boys & Girls Club of America or Cancer Research.