Exam 1: Defining Marketing for the New Realities

Which of the new four Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?

A firm's tangible offering to the market includes product quality, design, features, and packaging.

The ________ is the channel from raw materials to components to final products that are carried to final buyers.

The product concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependence.

Which of the following holds that consumers prefer products that are widely available and inexpensive?

Integrated marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.

In the statement, "Volvo develops its cars for buyers to whom safety is a major concern, positioning the vehicles as the safest a customer can buy," buyers to whom safety is a major concern is the target market.

A(n) ________ need is a need that the consumer explicitly verbalizes.

The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization's products.

The ultimate outcome of relationship marketing is a unique company asset called the ________, consisting of the company and its supporting stakeholders.

The marketplace isn't what it used to be. List and briefly discuss the new behaviors, opportunities, and challenges that await the marketer in the 21st century.

Which of the following is true of business markets?

When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ________.

Services constitute the bulk of most countries' production and marketing efforts.

The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

Discuss the concept of disintermediation and provide an example.

As a major steel manufacturer, SteelMakers Inc. focuses on having the most efficient manufacturing processes in place. The company believes that its competitive edge lies in its ability to offer the best prices. They also maintain an excellent distribution network that ensures wide availability of their products. SteelMakers has a ________ orientation.

The Body Shop, Timberland, and Patagonia incorporate ________ as a way to differentiate themselves from competitors, build consumer preference, and achieve notable sales and profit gains.

Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.