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The traditional view of marketing is that the firm makes something and then sells it, with marketing taking place in the selling process. Companies that subscribe to this view have the best chance of succeeding in economies marked by goods shortages where consumers are not fussy about quality, features, or stylefor example, basic staple goods in developing markets. This traditional view will not work, however, in economies with many different types of people, each with individual wants, perceptions, preferences, and buying criteria. The smart competitor must design and deliver offerings for well-defined target markets. This realization inspired a new view of business processes that places marketing at the beginning of planning. Instead of emphasizing making and selling, companies now see themselves as part of a value delivery process. We can divide the value creation and delivery sequence into three phases.2 First, choosing the value represents the "homework" marketing must do before any product exists. Marketers must segment the market, select the appropriate target, and develop the offering's value positioning. The formula "segmentation, targeting, positioning (STP)" is the essence of strategic marketing. The second phase is providing the value. Marketing must determine specific product features, prices, and distribution. The task in the third phase is communicating the value by utilizing the sales force, Internet, advertising, and any other communication tools to announce and promote the product. The value delivery process begins before there is a product and continues through development and after launch. Each phase has cost implications.

71. Why does a business keep stock on hand for resale?

72. Silence is an effective negotiating technique to use with a vendor when a business wants the vendor to

73. One of the benefits of production to consumers is that production

74. Another term for quality is

75. Which of the following is an area often used by customers that a business must maintain on a regular

basis:

76. A comprehensive report reveals that the Sabin Company can increase its data-entry outputs by 20% in a

six-month period by installing the MMX software system. Sabin can use this type of business analysis to

determine

77. Which of the following statements about creativity in marketing occupations is true:

78. John frequently lists or ranks the things he needs to do in the order of their importance. John is

__________ his activities.

79. Kate works closely with all the company's departments to develop computer software programs that

enhance the business's ability to communicate and obtain data. Kate works in the area of

.

80. Which of the following characteristics are necessary for entrepreneurs to be successful: