Chapter 1—Marketing: The Art and Science of Satisfying Customers
MULTIPLE CHOICE
1. What utility does Cannondale create when the company combines aluminum and other components in the production of bicycles?
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ownership utilityform utilityplace utilitytime utility
ANS: B PTS: 1
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What type of orientation does a company have when it assumes that customers will resist purchasing products NOT deemed essential and, therefore, the marketing department must overcome this resistance through personal selling and advertising? production orientationmarketing orientationsales orientationrelationship orientation
ANS: C PTS: 1 DIF: 1 REF: 9
OBJ: 1-2 BLM: Higher Order
NOT: AACSB Reflective Thinking | TB&E Model Marketing Plan
14. What characterizes a buyer’s market? more goods and services than buyersmore buyers than available goods and servicespractically no competition in the marketplaceslow economic growth
ANS: A PTS: 1 DIF: 1 REF: 9
OBJ: 1-2 BLM: Remember NOT: AACSB Analytic | TB&E Model Marketing Plan
15. What BEST explains the emergence of the marketing concept? higher production levelsa shift from a production to a sales orientationa shift from a seller’s market to a buyer’s marketa focus on product quality
ANS: C PTS: 1 DIF: 2 REF: 9
OBJ: 1-2 BLM: Remember NOT: AACSB Analytic | TB&E Model Marketing Plan
16. When did relationship marketing emerge? right after the end of World War IIduring the mid-1960sduring the mid-1980sduring the 1990s
ANS: D PTS: 1 DIF: 2 REF: 10
OBJ: 1-2 BLM: Remember NOT: AACSB Analytic |
It seems ambiguous whether the Kindle Fire can be categorized as a tablet or e-reader. Nowadays, these two terms are looking and performing quite similarly thus making it difficult to tell them apart. There are some important differences between the two that will prove useful in making this distinction. The first is screen size as the Kindle Fire has a 7-ich screen, which is consistent with most other e-readers. In contrast, tablets come in a range of sizes but some of the more popular ones such as the i-Pad can have 10-iche screens. Another
Competitive advantage - Nundies is an innovative product which provides an alternative to visible panty lines; no other company produces the same type of product
- The type of working environment I see myself in is one with consistency, but also has room for change and flexibility. Consistency is important to me because I like having at least a basic structure to work with. With marketing being my major I know that there are basic structures and concepts people in the field go by, but outside of that allows for the creativity. I like to think of myself as a creative person. As a college student now I am very innovative with the resources that I have available to me. For example I am a very picky eater, so something that I do for lunch when eating at the school cafeteria is that I’ll pack my own salad dressing, Nutella, and plastic container of mandarin oranges for my salads. That may not mean anything to most people but I have gotten remarks like, “Oh, that’s a good idea!” A different example that relates more to “real-life situations” is that if something appears to be broken and I feel I have the potential to fix it, I will do what I can to at least put it in better shape than it was. One time
3. The policy should be changed and this impact AAA to acquire more Wholesalers and grow their profit margin by allowing the label.
Discuss what is meant by the term “customer orientation”. Illustrate with examples how companies demonstrate their customer orientation by reference to at least two elements of the marketing mix.
Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.
1. Compared with other approaches to business, the marketing concept is distinct in that it:
An Analysis of Marketing As defined by Kotler and Armstrong (1994) marketing is “a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”. Marketing is an extensive topic. Primarily when we consider what is marketing we think about the advertising, publicity and selling of a product or service. In actual fact the prime concern of marketing is customers, and the establishment and growth of relationships between organisations and consumers. It consists of studying the wants and needs of the customers and how to make the perfect product which is priced, promoted and distributed in the right place to make it
This document represents The i-Fusions Consultant’s Report on BRITA. The company’s current business situation is analysed and various options for action considered. The report aims to identify a clear marketing strategy for Brita in order to address the current issues facing the company the associated falling sales.
1) Changing trends in the electronics manufacturing industry that caused changes in clients' order needs
This is another common business orientation. It holds that consumers and businesses, if left alone, will ordinarily not buy enough of the selling company’s products. The organization must, therefore, undertake an aggressive selling and promotion effort. This concept assumes that consumers typically show buying inertia or resistance and must be coaxed into buying. It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying. Most firms practice the selling concept when they have overcapacity. Their aim is to sell what they make rather than make what the market wants.
Marketing is the process of planning and undertaking the idea of pricing, promotion, and distribution of goods and services to create and retain relationships that will satisfy individual and organisational objectives. It also deals with customers, understanding, communicating, and delivering consumer value and satisfaction. Also, individuals obtain what they need and want by creating and exchanging products with others. Exchange process involves work. Sellers must search for buyers, identify their needs, design good products, set prices to the product, promote and deliver them. However, individuals make decisions on how to spend their obtainable resources like money before purchasing any products. This is known as
The Marketing Concept The marketing concept has evolved over the last years, marketing reflects to a key approach to doing business. An organisations objective is to make profit, to do this they have to consider the marketing concept, in order to satisfy customers. For an organisation to be successful should divert its attention away from particular products and towards the interest of the customers. Customers changing their needs and wants influence an organisations strategies and plans. Meeting customer’s needs is the main key in marketing.
“There are four main elements to our business model – product, distribution, communication and price. Our job is to do such a fantastic job on the first three that people forget all about the fourth.” (Bernard Arnault, CEO of Moët Hennessy-Louis Vuitton. Taken from
In an ideal situation, customers would not have to wait for the delivery of products and services. However, in the real world, organizations cannot always match exact capability and demand; therefore, waiting is frequently inevitable while purchasing, especially in service marketing, as service firms can barely inventory their “stock” for sale at a later date (Lovelock, 1992, p.154). In general, waiting in lines – known as “queuing”, happens when the number of customers arrive at a facility exceeds the capability of the system to serve them (Lovelock & Wirtz, 2011, p.260). Basically, this essay will state the relationship between queuing and customer satisfaction, as well as relationship between customer satisfaction and