In delivering value, marketing firms attempt to find the most desirable balance between
the need to provide benefits to customers and keep down costs.
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of
production management.
a marketing plan
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.
product- oriented
At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?
market- oriented
Which of the following is a core aspect of marketing?
making product, place, promotion, and price decisions
What is the name of the process in which customers collaborate in product design, often providing additional value to the firm's customers?
value co-creation
Marketers involved in value-oriented marketing are constantly balancing
perceived customer benefits with the costs of their offerings.
It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?
just after World War II
Which marketing activity is most directly served by the promotion element of the marketing mix?
communicating value
During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
value-based marketing
During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers.
sales-oriented
Which element of the marketing mix deals with supply-chain management?
place
__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product.
promotion
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, which includes all of the following except
performance
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
how much her competitors
how different customers perceive the value of her services.
The primary purpose of the __________ plan is to specify the marketing activities for a specific period of time.
marketing
When referring to "exchange," marketers are focusing on
location-based tactics for creating value.
the trading of things of value.
Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.
marketing mix
Which element of the marketing mix is most relevant to the activity "capturing value"?
price