26 Questions
Which term does the textbook use instead of the traditional first P in marketing?
Offering
What is the 'triple bottom line' in the context of marketing?
The financial, social, and environmental performance of companies
Why is global awareness important for marketing professionals?
To understand the world in which they operate
Which of the following is NOT one of the components of marketing as defined by the American Marketing Association?
Exchanging
What are the four Ps of marketing?
Product, Price, Place, Promotion
What is the main focus of marketing?
Creating value
Why were the four Ps of marketing changed to the components of marketing?
The four Ps did not capture all marketing activities
According to the text, what is the personal value equation?
value = benefits received - (price + hassle)
What does it mean for a consumer's personal value equation to be positive?
The benefits received are greater than the price
During which era did companies believe that good products would sell themselves?
Production era
What is the approach to business that recognizes that consumers want value no matter how it is delivered?
Service-dominant logic
Who is responsible for delivering value in marketing?
Both the company and the customer
What is the primary component of supply chain management?
Logistics
What is the focus of marketing in the modern approach?
Creating, communicating, delivering, and exchanging value
What is the personal value equation?
All of the above
Which type of company sells products to be used by consumers?
B2C company
What is the term used to describe nonprofit organizations engaging in marketing activities?
Nonprofit marketing
Which organization engages in marketing activities to promote environmentally friendly activities?
Environmental Protection Agency
What is the term used to describe companies that engage in marketing by selling products to other companies?
B2B company
Which era did Singer and National Cash Register operate in?
Selling era
What does the company's offering consist of?
Tangible good, intangible service, and price
Who is responsible for ensuring that a new phone delivers value?
Marketing
What does communicating in marketing mean?
Both A and B
Which of the following best describes social marketing?
Changing people's attitudes and behaviors for social change
What is the main objective of the EPA's campaign about motor oil disposal?
To promote responsible disposal of motor oil
Is creating a resume considered a form of marketing?
Yes, it is a form of marketing
Test your knowledge of marketing strategies with this quiz! Learn about the different components of a marketing campaign, such as offering, communication, delivery, and exchange. See if you can identify the correct strategies used by McDonald's and Procter & Gamble in their product launches.
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