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 ________.

When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n)________.

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 ________.

What are customer touch points?

The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.

Identify and define the traditional four Ps. Also identify the new four Ps and the reason for developing the new interpretation.

According to Starbucks Chairman Howard Schultz, "Consumers now commonly engage in a cultural audit of [product and service] providers. People want to know your value and ethics demonstrated by how you treat employees, the community in which you operate." Discuss the concept of social responsibility marketing and how it impacts both companies and consumers.

Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.

You have been given the assignment of justifying cause-related marketing to your board of directors. What would be your primary argument in favor of such a proposal?

Marketers are involved in marketing 10 types of entities. List and briefly characterize these entities.

________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Demands are wants for specific products backed by an ability to pay.

When demand is ________, it implies that more customers would like to buy the product than can be satisfied.

Marketers at Johnny Inc. believe in putting their customers ahead of everything else. Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction. Johnny Inc., follows the ________ concept in doing business.

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

In response to threats from such companies as AOL, Amazon.com, Yahoo!, eBay, E*TRADE, and dozens of others, established manufacturers and retailers became "brick-and-click" oriented by adding online services to their existing offerings. This process is known as ________.

New terms are now being used to describe where marketing is done. Using the automobile market, describe automotive buying behavior for a: (1)marketplace, (2)marketspace, and (3)metamarket.

Disintermediation via the Internet has resulted in ________.

One of the key themes of integrated marketing is that there are very few marketing activities that can effectively communicate and deliver value.

Attracting a new customer costs far more than retaining an existing one.