"Marketing Management" Hw.1 – Flashcards
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Salesperson
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-Superior Listening skills -Terrific persuasion skills
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Fleet Manager
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-Excellent vehicle knowledge - Patience
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Event Coordinator
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-Time management skills -Excellent organizational skills
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Pricing Analyst
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-Strong quantitative skills, comfortable with numbers -Good researcher, comfortable scanning the environment
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Ethical decision making framework
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1.Determine the facts in an unbiased manner 2. Identify the ethical issue at hand 3. Identify the stakeholders impacted by the decision 4. Consider all available alternatives 5. Consider how the decision will affect the stakeholders 6. Discuss the pending decision with the stakeholders 7. Make the decision 8. Monitor and assess the quality of the decision
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Internal Stakeholders
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-Employees -Managers -Owners
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External Stakeholders
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-Suppliers -Society -Governments -Creditors -Shareholders -Customers
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Employees
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Internal Stakeholders who benefit from the increased workload
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Owners
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Internal Stakeholders who are negatively impacted by the short-term reduction of profits, but potentially benefit from the long-term improvement in product quality
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Governments
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External stakeholders who are concerned that the marketing strategy shift will lead to lower revenues and ultimately lower tax revenue.
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Creditors
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External stakeholders who could be impacted if short-term losses prohibit SEH from making its loan payments
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Suppliers
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External stakeholders who are negatively impacted by SEH's decision to make all products internally
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Customers
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External stakeholders who benefit by the increase in product quality
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Marketers at Twin Oaks and other organizations create value by understanding customer needs, solving problems, and building
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Relationship
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________ is changing the game for marketers by allowing consumers to better connect with brands and other consumers.
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Social Media
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All of the following are parts of the marketing function EXCEPT? A. Logistics Management B. Advertising C. Research and development D. Human Resource Management E. Sales
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D. Human Resource management
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Marketers for frozen pasta meals can provide value to consumers in each of the following ways EXCEPT? A. Improving the taste of the pasta B. Changing the colors on the packaging C. Making the product healthier D. increasing the convenience of where the pasta can be purchased. E. Selling at a lower price
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B. Changing the colors on the packaging
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Product
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-letting fans vote through different social media platforms on alternative endings they would like to see as part of the DVD release of the movie -Responding to social media posts and deciding to offer the movie in 3-D
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Price
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-Tweeting out a discount to purchase tickets to all of the followers of a movies twitter account -Offering fans who like the movie on facebook a 2$ discount off a 3-D printed ticket
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Place
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-Letting fans vote for the first three countries that the movie should be released - Tweeting out which theaters will be offering special advanced screening movie the day before its official release
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Promotion
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-Encouraging fans to enter a contest on Facebook with two luck winners getting to attend the movies grand opening -Tweeting out a youtube link to watch a commercial preview of the movie
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Ethical decision making framework
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1. Prices and Nutritional Information 2. High in calories and saturated fat 3. Students, Parents, and the school system 4. Offering healthy menu items 5. Benefit students 6. school board meeting 7. Healthier menu items 8. Following up on decision
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communicate that value
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once a company has created value, the next thing that the company must do is to
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Ethics
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_are moral standards expected by a society
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Marketing concept
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is characterized by customer orientation
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Customer value
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Refers to the perceived benefits, both monetary and non-monetary, that customers receive from a product.
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What did firms such as Ford do during the Great Depression when product sales decreased?
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they resorted to personal selling and advertising
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Needs are states of felt deprivation that?
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are created when customers lack something useful or desirable
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Brand has the closest association to _ in a firm's marketing mix.
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Product
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Which of the following is a useful guideline to make ethical decisions?
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it is possible to avoid ethical problems if the ethical issue is clearly identified
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During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels manufacturer, caters to this need. Which of the following actions would represent the conversion of this need into a want?
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Raindrops introduces a line of see-through umbrellas that glow in the dark
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Freez is an ice-cream manufacturer in Ceda, a predominantly agrarian nation. Freez does not spend not spend too much on marketing its products. Instead, it focuses on improving the processes through which it manufactures ice-cream. Freez believes that the quality of the ice cream alone is enough to differentiate itself from other manufacturers and generate sales. In this scenario, Freez's marketing strategy is:
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Production oriented
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The role of the promotion element in the marketing mix?
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Communicating the value of a product to customers
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P7J, a chain of discount stores across the United States
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a reduction in pricing does not necessarily increase overall revenue earned from a product
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The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is termed as:
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Brand
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Corporate social responsibility (CSR) can be defined as an organization's obligation to:
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maximize its positive impact and minimize its negative impact on society
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Which of the following can be considered a product decision?
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Determining the features of a product
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Which of the following makes it absolutely essential that nonprofit organizations engage in marketing efforts?
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successful marketing helps attract membership and much-needed funds
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Lara and her friends visit a new restaurant in town called Betelgeuse. They just happen to notice it while on a long drive. Lara and her friends like the ambience, decor, as well as the food. Lara is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Betelgeuse failed?
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communicating value to potential customers
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Which of the following led to the development of the marketing concept strategy?
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The surplus of products in the market beginning in the early 1950s
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Why should marketers distinguish between needs and wants?
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It helps them provide products that fulfill customers' wants and satisfy their underlying needs.
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Which of the following is true of customer value?
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To create value, the new good, service, or idea must satisfy a perceived marketplace demand.
