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Exam 1: Overview of Marketing

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Question 51

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In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by

A) sharing information across their own organizations and with other firms.
B) balancing customers' benefits and costs with customers' needs and wants.
C) evaluating strategic competitive partnerships.
D) building relationships with government regulators of marketing institutions.
E) keeping prices below those charged by competitors.

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Question 52

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Describe how marketing has evolved into a major business function that crosses all areas of a firm or organization.

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Marketing advises production about how m...

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Question 53

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Margo always stops at Starbucks for her morning coffee. Not only is there a Starbucks Drive-Thru on her way to work, there is also a small kiosk in the lobby of her office building. Starbucks is using the place element of the marketing mix to influence its customers.

Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smartphones. When she returned to work, she mentioned this observation to her international sales manager. Leah was providing the important marketing function of

During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing?

Pokrah University recently began holding regular coffee-hour discussions with current and prospective students and surveying all new and alumni students regarding educational needs and desires. These actions reflect how Pokrah University is striving to become more value driven by

Name the various stakeholders who are impacted by marketing and give one example of how each one might be impacted in a fictitious situation.

Effective promotion enhances a product or service's

The process of value ________, in which customers collaborate in product design, often provides additional value to the firm's customers.

How does the exchange of ideas provide value, and what is the role of marketing in this process? Explain this using the example in the text of groups marketing bicycle helmets, or choose your own scenario.

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of

Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on

The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

What is the fundamental purpose of marketing?

The text states, "Good marketing is not a random activity." Create an example to respond to this statement.

What is the focus of a firm that develops a relational orientation with its customers?

Suppose you worked at a restaurant near campus, one that was popular with students, and the manager asked you to explain how the restaurant might benefit from using location-based social media tools. How would you answer?

Marney bought a dress from a retail store. Which type of transaction was Marney participating in?