Exam 1: The Field of Marketing

According to the societal marketing concept, a firm is responsible not only to its customers, but also to anyone directly affected by its operation.

To the buyer, value means the amount of money charged for a product.

Business is built on relationships with suppliers, customers, and employees. The strength of these relationships is largely a function of the:

Russell Corp. is the largest manufacturer of team wear in the United States. It provides uniforms for high schools, colleges, and professional teams as well as individual apparel, active, and sports leisurewear. The billion-dollar company, which was founded in 1902, controls every step of its manufacturing processes from weaving raw fibers into fabric to dyeing, cutting, and sewing the fabric into the clothes it sells. The Russell plant in Alabama annually provides 7,000 Major League Baseball uniforms at the start of spring season. Each uniform is made to the exact personal specifications of the players. For example, San Francisco player Barry Bonds requires long pants that cover his shoes, and New York pitcher Steve Karsay wants his shirts to be billowing. -From the information provided, Russell Corp. is obviously operating at the _____ stage of marketing evolution.

Every organization that wants to prosper must be market-oriented.

Wood-burning heaters that are manufactured in July will be stored until customers are ready to buy them in the fall. The act of storing creates _____ utility.

One of Polaroid's major competitors is the one-hour film processors. Both appeal to amateur photographers because they both enhance the creation of _____ utility.

"A total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets to achieve organizational objectives" is the text's definition of:

In the 1960s, young people who could wore Levi's jeans. The children of this group refused to wear the jeans because it was what their parents had worn. Levi is trying to recapture the favored position it had in the 1960s through the development of a new line of jeans that were introduced to the public during the 2003 Super Bowl. The strategy Levi is using calls for its promotion to create _____ utility.

Which of the following is an example of a marketer?

Which of the following activities creates possession utility?

The text defines marketing as:

A business that acts in accordance with the marketing concept:

Leah gave the ticket seller $8 to acquire a ticket to see the most recent Batman movie. This is an example of a(n):

_____ is the development, production, and delivery of affordable products with enough variety and uniqueness that nearly every potential customer can have exactly what he or she wants.

_____ is a total system of business activities designed to plan, price, promote, and distribute want- satisfying products to target markets to achieve organizational objectives.

Lancaster Farms makes and sells an olive oil and garlic dressing. An attractive 10-ounce bottle of the dressing can be purchased through the mail for $8.95 plus $2.50 for shipping and handling. Mail-order is the only way the dressing is sold. Promotion of the dressing is through word-of-mouth, through mailings to former customers, and through a small monthly ad in several neighborhood shoppers in the areas near the farm. The preceding information described the _____ for Lancaster Farms.

When Dillard's department store moved into the Omaha area, the Omaha World Herald newspaper researched the store's sales in a similar area, extrapolated the data, and presented Dillard's with a comprehensive marketing study for its new store. The newspaper also developed a media plan for the department store that included not only newspaper ads, but also television and direct-marketing ads. The Omaha World Herald was engaged in:

While everyone can agree on the definition of ethical conduct, disagreement arises when the definitions are put into practice.

An organization in the market-orientation stage of its marketing evolution would be most likely to believe: