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

Automobiles, haircuts, tutoring, and lighting fixtures are all examples of consumer goods.

A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________.

In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following?

The pricing element of the marketing mix always involves monetary exchanges.

According to the theory of the wisdom of crowds, consumers are more interested in content produced by other consumers than in content produced by brands.

Many not-for-profit organizations use marketing principles.

To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product.

The acronym ROI stands for rely on instinct.

A ________ is a good, service, idea, place, or person-whatever is offered for sale in the exchange.

Who are growth hackers, and why might their work be controversial?

What does the phrase "exchange relationship" mean in relation to marketing?

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want has become a(n) ________.

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

To calculate lifetime value, a company would estimate the amount of money a person would spend with the company over a lifetime and then subtract what it will cost the company to maintain this relationship.

Explain why and how a company would adopt a consumer orientation.

________ are intangible products that we pay for and use but never own.

An organic farmer has identified three distinct groups who might be interested in his products: vegetarians, people who are concerned about chemicals in their foods, and people who consider themselves innovators and trendsetters. These three groups are examples of ________.

The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay.

Using a(n) ________ approach, a company uses a single strategy to reach all customers.

A new shampoo advertisement on television identifies all of the wonderful benefits the consumer will enjoy when using one company's shampoo as opposed to another company's shampoo. What is this company seeking to convey in this television commercial?