Ch1-3 Medium

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Which term does the textbook use instead of the traditional first P in marketing?

Service

Value chain

Offering (correct)

Product

What is the 'triple bottom line' in the context of marketing?

The evaluation of products, services, and combinations

The importance of ethics and social responsibility in creating successful organizations

The impact of companies on their local community

The financial, social, and environmental performance of companies (correct)

Why is global awareness important for marketing professionals?

To evaluate the entire experience

To increase their impact on the overall environment

To provide value throughout the value chain

To understand the world in which they operate (correct)

Which of the following is NOT one of the components of marketing as defined by the American Marketing Association?

Exchanging (B) Signup and view all the answers

What are the four Ps of marketing?

Product, Price, Place, Promotion (C) Signup and view all the answers

What is the main focus of marketing?

Creating value (B) Signup and view all the answers

Why were the four Ps of marketing changed to the components of marketing?

The four Ps did not capture all marketing activities (A) Signup and view all the answers

According to the text, what is the personal value equation?

value = benefits received - (price + hassle) (D) Signup and view all the answers

What does it mean for a consumer's personal value equation to be positive?

The benefits received are greater than the price (A) Signup and view all the answers

During which era did companies believe that good products would sell themselves?

Production era (C) Signup and view all the answers

What is the approach to business that recognizes that consumers want value no matter how it is delivered?

Service-dominant logic (B) Signup and view all the answers

Who is responsible for delivering value in marketing?

Both the company and the customer (D) Signup and view all the answers

What is the primary component of supply chain management?

Logistics (D) Signup and view all the answers

What is the focus of marketing in the modern approach?

Creating, communicating, delivering, and exchanging value (B) Signup and view all the answers

What is the personal value equation?

All of the above (D) Signup and view all the answers

Which type of company sells products to be used by consumers?

B2C company (D) Signup and view all the answers

What is the term used to describe nonprofit organizations engaging in marketing activities?

Nonprofit marketing (B) Signup and view all the answers

Which organization engages in marketing activities to promote environmentally friendly activities?

Environmental Protection Agency (D) Signup and view all the answers

What is the term used to describe companies that engage in marketing by selling products to other companies?

B2B company (D) Signup and view all the answers

Which era did Singer and National Cash Register operate in?

Selling era (B) Signup and view all the answers

What does the company's offering consist of?

Tangible good, intangible service, and price (A) Signup and view all the answers

Who is responsible for ensuring that a new phone delivers value?

Marketing (D) Signup and view all the answers

What does communicating in marketing mean?

Both A and B (C) Signup and view all the answers

Which of the following best describes social marketing?

Changing people's attitudes and behaviors for social change (A) Signup and view all the answers

What is the main objective of the EPA's campaign about motor oil disposal?

To promote responsible disposal of motor oil (A) Signup and view all the answers

Is creating a resume considered a form of marketing?

Yes, it is a form of marketing (C) Signup and view all the answers