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

According to the theory of the wisdom of crowds, under the right circumstances ________.

How has the Internet aided in the administration of customer relationship management (CRM)?

Conveniently located vending machines around your college or university campus make it easy for you to buy a soda and a snack between classes.This is an example of the ________ element of the marketing mix.

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

The term "marketing" is synonymous with the term "advertising."

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.This is an example of___________.

When Tony rented a loft apartment where he would live for the summer, he acted as a(n) ________.

________ provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.

The Internet has created a paradigm shift for businesses, moving us toward an attention economy in which a company's success will be measured by its ________.

Which of the following is the best example of a consumer good?

________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.

The elements of the marketing mix are the four Ps.

As described in the opening vignette of Chapter 1, customers return to the Yellow Point Lodge each year because it offers comfort and wonderful memories of years past.This is an example of ________.

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

A marketer who wants to achieve a competitive advantage over her rivals cannot use the marketing mix to achieve this goal.

A(n) ________ is the ultimate user of a good or service.

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

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.

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

The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.