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

When did relationship marketing emerge?

Manufacturers engage in risk taking when they create goods and services based on research and their belief that consumers need them.

Defined in its most historical and simplest form, marketing is essentially an exchange process in which one party, the consumer, receives something to satisfy a perceived need.

If WestJet describes itself as a transportation company rather than an airline, it is suffering from marketing myopia.

Which of the following must all organizations create in order to survive?

What is involved in the selling function of marketing?

What utility is created when a firm converts raw materials and other inputs into finished products?

A music star promotes her concerts, but also uses her concerts to promote a charitable cause.What two types of marketing is this example a combination of?

The functions of marketing can be grouped into three major categories: exchange functions, physical distribution functions, and financing functions.

Not-for-profit organizations are generally less concerned with the bottom line than for-profit organizations.

A trade dispute in Nigeria, a pipeline rupture in Alberta, or a tsunami in Asia can impact the price of everything from cars to clothing.The increased costs can be attributed solely to the cost of the gasoline used to deliver these goods.

According to a Canadian group called Network for Business sustainability, how much of a premium are customers willing to pay for sustainable products?

Studies have shown that approximately 50 percent of all new products introduced into the marketplace will eventually succeed; most of these are the highest-quality products.

Taylor purchased a new TV at Best Buy.Later that evening he invited his cousin, Marshall, to watch a baseball game.Impressed with the TV's performance, Marshall went home and purchased the same TV on Best Buy's website.Time, place, and ownership utility were created for Marshall.

An increase in output, as a result of improvements in production techniques, helped usher in the marketing era in the 1950s.

List the four eras in marketing history in chronological order.Briefly describe the philosophy behind each era.

The application of relationship marketing requires attention to levels of customer loyalty.What is the highest level, as defined by this type of marketing?

When you purchase concert tickets over the Internet, which of the following utilities is NOT created?

When management shifts its focus from product orientation to customer orientation, future growth is endangered.

All organizations must create utility to survive.