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

Which of the following is the industry term for inventory and cash losses from shoplifting and employee theft?

The second step in developing a competitive advantage is to turn a distinctive competency into a ________ that is important to customers.

Within the context of the marketing mix, place refers to the availability of the product to the customer at the desired time and location.

An entertainer such as Garth Brooks, a television show, and a magazine subscription are all examples of products.

Which of these statements about mass marketing is true?

A catalog retailer has identified African-American professionals between the ages of thirty-five and forty-five as the group of customers within the larger market that is a potential market for its products. The retailer plans to direct its marketing efforts toward this group of consumers. The retailer has identified a ________.

Which of the following is an example of a not-for-profit organization that would use marketing principles?

What is the difference between a mass market and a market segment?

A sign manufacturer who uses plastic, metal, and neon tubing to create a motel sign has performed the marketing benefit of creating ________ utility.

Seth's mother didn't want to build a climbing wall as a permanent feature in her backyard, but it was certainly convenient to rent one from the company that catered Seth's 12th birthday party. The catering company created both ________ utility when it rented her the climbing wall.

A value proposition includes the whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself.

The ________ element of the marketing mix informs consumers about products and encourages them to buy these products using forms such as personal selling, advertising, coupons, and publicity.

Two teachers purchased art supplies for their classes. One paid $103.45 for eight large boxes of crayons. The other teacher purchased ten identical boxes for $105.55. The second teacher got more for her money because she took advantage of a quantity discount, a reduced price for buying ten or more boxes. Which element of the marketing mix most directly relates to these purchases?

________ utility is the benefit marketing provides by allowing the consumer to own, use, and enjoy a product.

For an exchange to occur, ________.

Briefly explain how the value chain is related to competitive advantage.

Business-to-business marketing represents greater total sales than business-to-consumer marketing.

Explain how marketers are held accountable for the results of their work, including a discussion of scorecards and ROI.

IBM manager Celia Moore coordinates IBM's long-standing "Reinventing Education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do. In the process, the program is actually helping to shape a market of significant interest to IBM. "We see the program very much as an investment, rather than handing out money," says Moore. The existence of this program indicates that IBM has a(n) ________ orientation.

________ is a network of servers, all having different functions, providing an almost infinite amount of storage space.