Exam 1: Defining Marketing for the 21st Century

A ________ is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the ________.

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, briefly characterize, and supply an example for each of the eight demand states described in the text.

Marketing has often been defined in terms of satisfying customers' needs and wants. Critics maintain that marketing does much more than satisfying customers' needs and wants and, in fact, create needs and wants that did not exist before. According to these critics, marketers encourage consumers to spend more money than they should on goods and services they really do not need. What is your opinion of this on-going debate? Take a stance and defend your position using examples of companies that you perceive to have created or satisfied customer needs.

Marketing has been described 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.

The Toronto Zoo represents ________ marketing: customers view animals in their natural habitats.

According to information provided in the chapter, McDonald's has been involved in a variety of corporate social initiatives. Please give an example of how McDonald's might initiate cause-related marketing. In your answer be sure to define what cause-related marketing is.

A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, or deliver the physical product or service(s) to the buyer or user.

According to Theodore Levitt, who drew a perceptive contrast between the selling and marketing concepts, ________ is preoccupied with the need to convert products into cash.

When a customer has a(n) ________ need he/she wants a car whose operating cost, not its initial price, is low.

One traditional depiction of marketing activities is in terms of the marketing mix or four Ps. The four Ps are characterized as being