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How much time does 3M allow their inventors for the purpose of doing initially unfunded research?
15%
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While working at 3M, Windorski and his team observed and questioned students about how they studied, took notes, wrote term papers, etc., primarily in order to
discover a potentially new way to satisfy student needs by creating a new product.
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If other companies applied the same strategy used by David Windorski at 3M, they would most likely
search continuously to discover customers' needs.
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Which of the following statements about the study of marketing is most accurate?
You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.
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YouTube.com was named Time Magazine's Invention of the Year for 2005. They attributed its success to the fact that it
was both edgy and easy for users.
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Marketing refers to
the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
-
The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders is referred to as
selling
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The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as
marketing
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The common factor among the chairman of the board, the stockholders, the suppliers, the laborers in the factory, and finally the customer who purchases the product is
all of the people listed in the question are stakeholders and should benefit by marketing of the product.
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To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.
discover
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Which of the following statements about stakeholders is most accurate?
The organization doing the marketing, suppliers, shareholders, employees, and consumers are all potential stakeholders. Ultimately all of society should benefit.
-
Marketing refers to
the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large.
-
The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as
marketing
-
Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange. To marketing people exchange refers to the
trade of things of value between buyer and seller so that each is better off after the trade.
-
The trade of things of value between buyer and seller so that each is better off after the trade is referred to as
exchange
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In figure 01-02a, "A" represents a firm's alliances with
other organizations
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In figure 01-02a, "B" represents a firm's partnerships with
suppliers
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In figure 01-02a, "C" represents a firm's ownership with
shareholders
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In figure 01-02a, "D" represents a firm's relationship with
customers
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A student would like to buy a sports car from the local dealer, but she cannot afford one. Marketing does not occur in this situation because
one of the involved parties does not have the ability to satisfy its needs.
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An economics student would like to buy a mini-scooter, but she cannot afford one. Which of the following reasons explain why marketing fails to occur here?
The ability to satisfy needs is missing.
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The two central concerns of marketing are
discovering and satisfying needs.
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The first objective in marketing is to discover consumer
needs.
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A factor that might doom a product is referred to as a(n)
monkey wrench
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A want refers to
a felt need that is shaped by a person's knowledge, culture, or individual personality.
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A television advertisement shows several teenagers searching through the refrigerator for something to quench their thirst. The refrigerator offers the youngsters many alternatives—soft drinks, fruit drinks, sport drinks, and bottles of Sunny Delight drink. The ad, which shows the teens happily selecting Sunny Delight over all the other product offerings, appeals to the consumers' __________ for liquid and attempts to shape consumers' __________ for the advertised product.
needs; wants
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In Figure 01-03, section "A" represents __________ and section "B" represents __________.
the process of discovering consumer needs; the process of satisfying consumer needs by designing a marketing program having the right combination of product, price, promotion, and place
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People with both the desire and ability to buy a specific offering are referred to as a
market
-
Marketing discovers consumer needs by
using extensive preliminary research
-
Which of the following would a marketer use as a synonym for controllable marketing mix factors?
The four Ps of marketing
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Which element of the marketing mix is demonstrated when the Mars Company has a sale on M&Ms® brand candies?
Price
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Publix Supermarkets and The Little Clinic signed an exclusive agreement in 2006, placing small walk-in health clinics inside selected stores. Now Publix customers can have simple medical needs addressed in a convenient and familiar environment, seven days a week, and pick up their prescription from the pharmacy without even leaving the store. This is a prime example of
relationship marketing.
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Which of the following acts as a barrier to the development of relationship marketing?
The large number of one-to-one relationships customers are asked to sustain
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Which of the following acts as a barrier to the development of relationship marketing?
The ever increasing usage of the Internet for consumer purchases
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Which of the following statements about 3M's marketing program for Post-it® Flag Highlighters is most accurate?
Windorski, a 3M inventor, developed the Post-it® Flag Highlighter to help college students in their studying.
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The period of American business history when firms could produce more than they could sell and the focus was on hiring more salespeople to seek out new markets and customers is referred to as the __________ era.
Sales
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The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals is referred to as the
marketing concept
-
Which of the following terms best describes the marketing concept era?
Consumer oriented
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The American business period that attempts to satisfy consumer needs while achieving organizational goals is called the __________ era.
marketing concept
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Customer relationship management (CRM) is most closely related to the __________ era in U.S. business history.
customer relationship
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The internal response that customers have to all aspects of an organization and its offerings is referred to as
customer experience
-
Customer Relationship Management refers to
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace primary encounters.
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