Exam 1: Defining Marketing for the 21st Century

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 societal marketing concept 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.

The competing concepts under which organizations have conducted marketing activities include: the production concept,product concept,selling concept,marketing concept,and holistic marketing concept.Evaluate the advantages and disadvantages of each concept as defined and presented in your textbook.Which concept do you believe is the most effective Why

In ________,consumers may share a strong need that cannot be satisfied by an existing product.

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

Companies that practice ________ are implementing a total market orientation and are likely to be the most successful.

Marketing feedback and ________ processes are necessary to understand the efficiency and effectiveness of marketing activities and how both could be improved.

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

Walt Disney's Magic Kingdom represents ________ marketing: Customers visit a fairy kingdom,a pirate ship,or a haunted house.

In response to giant retailers and category killers,entrepreneurial retailers are building entertainment into stores with coffee bars,lectures,demonstrations,and performances.They are marketing a(n)________ rather than a product assortment.

Global marketers must decide ________.

Advertising,sales promotion,and direct marketing are all part of what is called the offering mix.

The ________ is practiced most aggressively with unsought goods,goods that buyers normally do not think of buying,such as insurance,encyclopedias,and cemetery plots.

The selling concept holds that consumers will favor those products that offer the most quality,performance,or innovative features.

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

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

When a marketer makes decisions involving channels,assortments,locations,and transportation,the marketer is making what are called place decisions.

When Frank identifies a marketing opportunity to market his company's ski and snowboard helmets to baby boomers interested in winter sports through advertisements in enthusiast magazines,Frank is going through the _____.

The customer-value triad consists of a combination of quality,service,and price.

Companies that practice both a reactive and proactive marketing orientation are implementing a ________ and are likely to be the most successful.