Exam (elaborations)
Marketing Test 1 (Smart Book) with complete solutions graded A+
- Course
- Institution
Marketing Test 1 (Smart Book) with complete solutions graded A+
[Show more]
Content preview
Marketing Test 1 (Smart Book)Processes used to create value for clients, Activities that communicate offerings that have value for
society at large, Institutions that facilitate the exchange of offerings that have value for customers -
correct answer ✔✔Marketing defined by the American Marketing Association
Marketing is the activity, set of institutions, and processes that create, capture, communicate and deliver
______. - correct answer ✔✔value
Organizing potential customers into groups based on their age, Dividing consumers into groups based on
their incomes,
Identifying customer needs for different types of cars (such as sports cars, SUVs, and family sedans).
What are these examples of? - correct answer ✔✔Segmentation
Which of the following characterizes the relationship between marketing and exchange? - correct
answer ✔✔A buyer and seller trade things of value, leaving each better off than before.
Creating Value - correct answer ✔✔Product
Capturing Value - correct answer ✔✔Price
Delivering Value - correct answer ✔✔Place
Communicating Value - correct answer ✔✔Promotion
______ is the part of the marketing mix that seeks to create value by providing features and benefits that
meet consumers' needs - correct answer ✔✔Product
Which of the following are considered ideas? - correct answer ✔✔A philosophy
An opinion
,When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought
by the consumer, this is an example of market ______. - correct answer ✔✔segmentation
A core aspect of marketing involves a _____ , which is a transaction in which things of value are traded
by buyers and sellers. - correct answer ✔✔exchange
time, energy, money - correct answer ✔✔Components of Price
Which of the following are elements of the marketing mix? - correct answer ✔✔Product
Price
Place
Promotion
True or false: In the marketing mix, place attempts to deliver value by making the product or service
available when and where the consumer needs or wants it. - correct answer ✔✔True
Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the
four Ps, is responsible for ______. - correct answer ✔✔developing goods and services
Products include goods and services, as well as _______, which are thoughts, opinions, and philosophies
that can be marketed, just as goods and services can - correct answer ✔✔ideas
Which of the four Ps represents all activities necessary to get an offering to the right customer when that
customer wants it? - correct answer ✔✔Place
Of the four Ps, _______, is whatever the buyer gives up in exchange for the product, including money,
time, or energy. - correct answer ✔✔Price
______ is the part of the marketing mix that communicates the value of the product to the consumer. -
correct answer ✔✔Promotion
, Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later
she passes an ice cream shop. Which of the 4 Ps is most at play here? - correct answer ✔✔Place
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______
marketing. - correct answer ✔✔consumer
Retailers, Wholesalers, Transporters are examples of - correct answer ✔✔Supply chain partners
______ is one of the elements of the four Ps that embodies all activities needed to get the product to
the right customer when and where he or she wants it. - correct answer ✔✔place
What would happen to the global economy if all marketing ceased? - correct answer ✔✔the global
economy would plummet
The process by which businesses sell to consumers is known as ______ marketing. - correct answer
✔✔B2C
Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned
with product innovation, not with satisfying the needs of the individual. What era is this? - correct
answer ✔✔Production era
What were the primary characteristics of the market-oriented era that followed World War II? - correct
answer ✔✔It was a buyer's market.
Products were designed to focus on consumers' needs.
During the sales-oriented era, ______. - correct answer ✔✔manufacturers had the capacity to produce
more than consumers were able to buy
Which entity does NOT market to the other entity? - correct answer ✔✔customers to businesses
Which company would likely charge customers the least if all marketing and advertising spending was
discontinued? - correct answer ✔✔Facebook
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sanchy062. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now