Exam 1: Creating Customer Relationships and Value Through Marketing

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to

Four factors are required for marketing to occur: (1)two or more parties (individuals or organizations)with unsatisfied needs; (2)a desire and ability on their part to be satisfied; (3)__________;and (4)something to exchange.

A want refers to

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as a(n)

In the movie Tin Men,two rival salesmen engaged in a variety of dishonest and unethical practices in order to sell aluminum siding to homeowners in 1963.Their job was difficult,in part,because the supply of aluminum siding surpassed the demand for the product and competition was intense.This situation is indicative of the __________ era of U.S.business history.

What are the three components of a person's ability to buy an offering?

Pepsi Next (see the photo above)is a "mid-calorie soft drink targeted at consumers who want both taste and low calories.A potential showstopper for this product is likely to be its

Which era of U.S.business history does the following statement best describe? "We are in the business of satisfying the needs and wants of consumers while achieving our own goals."

Which of the following is an example of an ultimate consumer?

The combined American Marketing Association's 2004 and 2007 definitions of marketing used in the textbook define marketing as

What are the two key objectives of marketing? Define "exchange" and explain how it supports these objectives.

All of the following constitute the "4 Ps" of the marketing mix EXCEPT:

What utility does UPS provide when it delivers new DVD releases to Best Buy stores before the Tuesday national release day?

Which of the following terms best describes the marketing concept era?

The period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.

In China,many people are removing their money from the state banks and lending it out themselves.The interest rate earned in a state bank account is about one-half the rate of inflation.On the other hand,loaning money to friends,relatives,and even unrelated entrepreneurs can often earn the investor a rate at least double the inflation rate.The gray market,an underground network of investors and private businesses,moves the cash from lenders to businesses.Did marketing occur here? Explain your answer.

The Terrafugia Transition (see the photo above)is a flying car with an anticipated price of $279,000.A potential showstopper for this product is likely to be

Firms such as General Electric,Marriott,and Facebook have achieved great success by putting a huge effort into implementing the marketing concept,giving their firms a

The marketing mix elements are called __________ because they are the responsibility of the marketing department in an organization.

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day.This creates both __________ and __________ utilities.