Exam 1: Marketing: the Art and Science of Satisfying Customers

Company A provides a component to Company B, which then sells it under its own brand. This is an example of a vertical alliance.

Product development partnerships and vertical alliances are two examples of strategic alliances.

The physical distribution functions of marketing are related to advertising, personal selling, and sales promotion in the attempt to match products and services to consumer needs.

List the eight universal functions of marketing.

When we go to the grocery store and buy milk, steak, and a dozen eggs, whether we know it or not, we are experiencing the effect of one of the facilitating functions of marketing.

Buying an iPod generates ownership utility; however, buying a concert ticket does not.

What era of marketing history had a philosophy that could be summarized by the phrase "a good product will sell itself"?

Marketing myopia exists when management fails to recognize the scope of its business.

The expanded concept of marketing assumes the marketing effort will proceed in a socially responsible manner and the needs of society will be addressed before the needs of the shareholders.

Sustainable products are products that can be produced, used, and disposed of with minimal impact on the environment.

Explain the exchange and distribution functions of marketing.