Exam 1: Welcome to the World of Marketing: Create and Deliver Value

Although having something to eat or drink may be a want, the desire for a specific brand name is referred to as a need.

________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal.

Alex paid for a(n) ________ when he took his car to the carwash to be washed and waxed.

Chris just landed her dream job but realizes that her college wardrobe is not going to work for her new professional position. In this situation, Chris has a(n) ________.

In which kind of market would a production orientation be most successful?

When companies calculate the lifetime value of a customer they look at ________.

What is a market segment? Explain how an automaker might appeal to different market segments.

Kao Corp., which makes Ban deodorant, invited teenage girls to create an ad that would encourage other girls to buy the product. This program is an example of ________.

Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________.

________ are the tangible products that individuals purchase for personal or family use.

The principles of marketing can apply to people, just as they apply to goods and services.

________ is the assignment of a product's value, or the amount the consumer must exchange to receive the offering.

A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts.

What is the difference between consumer goods and consumer services? Give an example of each.

Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers?

Terrible Tees is an online t-shirt company that invites consumers to enter their t-shirt designs in a monthly contest. All visitors to the site are invited to vote on their favorite design, and at the end of the month, the company produces and takes orders for the t-shirt design with the most votes. This is an example of ________.

A firm's capability that is superior to that of its competition is referred to as a(n) ________.

Briefly describe the collaborative consumption trend.

A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants.

Differential benefits set products apart from competitors' products by providing something unique that customers want.