Exam 1: Defining Marketing for the 21st Century

________ marketing aims to build mutually satisfying long-term collaboration with key constituents, such as customers, employees, suppliers, distributors, and other marketing partners, in order to earn and retain their business.

Define internal marketing and its role in the company. Outline how various departments within the company can demonstrate a customer focus.

Which of the following is true of business markets?

Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception.

Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a true understanding of their "needs." List and briefly describe the five types of needs that most consumers have.

The ________ holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being.

Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled.

Which of the following statements about marketing is true?

________ reflects a customer's judgment of a product's performance in relation to his or her expectations.

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

The ________ concept holds that consumers will favor offerings with the best quality, performance, or innovative features.

When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________.

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

Linda Evans has been given the task of developing the product element of her company's marketing mix. List the components that will likely be included in this element of the marketing mix.

Shops and stores have a physical existence and as such are examples of marketspace.

The U.S. economy today consists of a 70-30 services-to-goods mix.

Arthur Jones has decided to start a business. He wants to manufacture lawn mowers and believes in the production concept. If this approach is taken, what will be Mr. Jones' primary areas of concentration as he builds his business?

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

The task environment of a firm consists of demographic, economic, natural, and technological environments, as well as the political-legal system and the social-cultural arena.

________ is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.