Exam 1: Defining Marketing for the 21st Century

Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries-this is called ________.

As economies advance,a growing proportion of their activities focuses on the production of ________.

Many brick-and-click competitors became stronger contenders in the marketplace than the pure-click firms because they had a larger pool of resources to work with and ________.

Performance marketing involves reviewing metrics assessing market share,customer loss rate,customer satisfaction,and product quality in the evaluation of the effectiveness of marketing activities.

Wants are basic human requirements such as food or air.

Relationship marketing aims to build mutually satisfying long-term relationships with key parties.

Cause-related marketing involves donating a percentage of revenues to a specific cause based on the revenue occurring during the announced period of support.

________ activities include those the company undertakes to make the product accessible and available to target customers.

During market segmentation analysis,the marketer identifies which segments present the greatest opportunity.These segments are called ________.

A short definition of marketing is "meeting needs profitably."

Holistic marketing incorporates ________,ensuring that everyone in the organization embraces appropriate marketing principles,especially senior management.

Charles Revson of Revlon observed: "In the factory,we make cosmetics;in the store,________."

Under which of the following company orientations toward the marketplace would we expect to find the "better mousetrap" fallacy?

Attracting a new customer may cost five times as much as doing a good enough job to retain an existing one.

Unwholesome demand occurs when consumers' purchases vary on a seasonal,monthly,weekly,daily,or even hourly basis.

According to information provided in the chapter,McDonald's has been involved in a variety of corporate social initiatives.Give an example of how McDonald's might initiate cause-related marketing,and define what cause-related marketing is.

Marketers are skilled in stimulating demand for a company's products,but this is too limited a view of the tasks they perform.Just as production and logistics professionals are responsible for supply management,marketers are responsible for demand management.Marketing managers seek to influence the level,timing,and composition of demand to meet the organization's objectives.List and briefly characterize the eight demand states described in the text.

Companies can facilitate and speed external communication among customers by creating online and off-line "buzz" through brand advocates and user communities.

Distinguish between the concepts of value and satisfaction.

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