question

The group of firms that makes and delivers a given set of goods and/or services is called a supply chain. T/F

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TRUE Supply chain (or marketing channel) partners include all firms involved in manufacturing and delivering goods and services, from raw material suppliers to retailers and shipping companies.

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In value co-creation, the customer participates in the creation of a good or service, which provides additional value to the customer. T/F

answer

TRUE In value co-creation, the firm and the customer work together to create the product or service. This process adds value because the product or service can be tailored to the customer's needs.

question

Foursquare is an example of a location-based social media application. T/F

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TRUE Foursquare, Scvngr, Google Maps, and Loopt are all examples of social media applications that allow users to check in to different locations.

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Marketing's fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.

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FALSE This is not correct. Marketing's fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.

question

The text highlights one entrepreneur who was a billionaire by the age of 50. This person is Warren Buffet. T/F

answer

FALSE Oprah!!

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Firms become value-driven, in part by focusing on the competition. T/F

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TRUE Firms become value-driven by focusing on their customers and competitors.

question

Marketing involves all of the following EXCEPT

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production scheduling.

question

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

answer

Satisfying customer needs and wants

question

Marketers involved in value-oriented marketing are constantly balancing

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customer benefits with costs of their offerings.

question

The importance of supply chain management is often overlooked in the study of marketing because

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many of the activities take place behind the scenes.

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When considering career choices in marketing, many students overlook supply chain management because

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many of the activities take place behind the scenes.

question

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. Retailers function as

answer

market intermediaries.

question

The idea that a good product will sell itself is associated with the __________ era of marketing.

answer

production-oriented

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The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.

answer

sales-oriented

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During the __________ era, manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products.

answer

Market-oriented

question

It is not always necessary to go through all the steps in the marketing planning process.

answer

True

question

A mission statement describes the specific actions a firm will take to achieve its goals.

answer

FALSE A mission statement is a broad description of a firm's objectives and the scope of activities it plans to undertake.

question

Geraldo manages the electrical turbine engine division of General Electric Corporation. He makes most decisions independently, without consulting headquarters. Geraldo manages a strategic business unit.

answer

TRUE A strategic business unit is a division of the firm that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.

question

The strategic planning process always proceeds sequentially through the five steps.

answer

FALSE Planning processes can move back and forth between the steps as needed.

question

Isaac is looking for ways to offer new goods and services to his existing customers. He is pursuing a market development strategy.

answer

FALSE This is a product development strategy. A market development strategy offers existing products and services to new customers.

question

Relative market share is an example of a marketing metric.

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TRUE Relative market share might be used as a metric to evaluate a firm's performance compared to its competitors.

question

Firms decide how to allocate resources to their various products and services during the STP step of the marketing planning process.

answer

FALSE Resource allocation takes place during Step 4, in which the marketing mix is implemented and resources are allocated.

question

When Ramona, the keynote speaker at a major business leaders; conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her ten-hour plane trip. The night clerk found someone to dry clean Ramonas suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of

answer

customer excellence.

question

Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can

answer

create a sustainable competitive advantage.

question

For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates

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opportunities.

question

Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to

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divide the marketplace into subgroups.

question

For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?"; Stacy was a fictional character representing 25-50- year-old, educated, upper-income women who rarely watched television but did a lot of reading. Stacy represented Celestia's primary

answer

target market segment.

question

After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in

answer

Target marketing

question

LeBron James, Alex Rodriguez, and other athletes are paid huge sums of money by companies for celebrity endorsements. If endorsements by these athletes create a clear understanding among consumers of the companies' products in comparison to competing products, they can help with the firm's ________________ strategy.

answer

positioning

question

__________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products.

answer

Positioning

question

Imagine that you are in a convenience store choosing your favorite comfort food instead of being in a classroom taking this test. You might notice the packaging, colors, labels, even the fonts used on labels. All of these efforts are part of the marketer's

answer

Positioning Strategy

question

E-books, in addition to being an alternative product form, provide __________ value creation since they can be downloaded via the Internet immediately when and where they are needed.

answer

place

question

Google and other search engines allow marketers to bid to have their ads shown when consumers search on keywords related to the firm's products. These marketers are attempting to create value through

answer

promotion

question

In most companies, portfolio management is typically done at the SBU or ___________ level of the firm.

answer

product line

question

A(n) ___________ is a group of products that consumers may use together or perceive as similar in some way.

answer

product line

question

To determine how attractive a particular market is, using the BCG portfolio analysis, __________________ is established as one axis.

answer

market growth rate

question

In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called

answer

cash cow

question

The strategic marketing planning process

answer

is not always sequential.

question

Which of the following is NOT one of the four major growth strategies marketers typically use?

answer

segment development

question

For many years, because of the size of the U.S. economy, domestic companies ignored international markets, preferring instead to develop new product offerings for existing customers. These companies were pursuing a ________________ strategy.

answer

product development

question

H&R is a small, local heating and air conditioning business. The area military base is a potential source of growth, and H&R already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. H&R is considering a ____________ growth strategy.

answer

Market Development

question

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ____________ growth strategies.

answer

market development

question

Maryam called her auto insurance agent to renew her policy. The agent told her about new types of insurance that are now available-- to cover her apartment, or even the engagement ring she just got from her fiancé. The agent was pursuing a ________________ growth strategy.

answer

product development

question

Fourteenth National Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Fourteenth National's superior service, the bank creates and delivers value through

answer

customer excellence.

question

What are sthe steps of the marketing planning process

answer

(1) define the business mission, (2) situation analysis, (3) identify opportunities, (4) implement marketing mix and allocate resources, and (5) evaluate performance

question

Allen is in the marketing department of a mid-sized firm that develops and sells communications systems. He is proud of the Human Resources area in the company that provides the firm with excellent employees. Allen himself really enjoys his work, but he knows the work of HR helps create an operational advantage for the firm because of all of the following EXCEPT

answer

the company provides products with a high perceived value.

question

Culture

answer

The shared meanings, beliefs, morals, values and customs of a group of people. Visible artifacts and underlying values

question

Tme Poor Society

answer

Where everyone needs convinece, there is a lack of time

question

Green Marketing

answer

firms supplying consumers with greener products, business

question

Regulations`

answer

Regulate fairness, ethical standards. Fair practice for consumers and suppliers

question

Political environment

answer

political parties/ Governmental Agency, legislation, laws. protecting

question

Concentrated Marketing Strategy

answer

Finding a single select primary target market and focusing all the firms efforts on the wants and needs of this group. Think Entrepreneurs.

question

Differentiated Marketing Strategy

answer

Target several market segments with different offerings for each. Think Conde Nast and the 20 different magazines they offer.

question

Undifferentiated Marketing Strategy

answer

When everyone could be a potential buyer. think salt/sugar. hard to see true Undiff MS

question

Attractive Segments

answer

Identifiable, reachable, profitable, responsive, substantial

question

Positioning Strategy

answer

Last stage of STP. Communicates the products value proposition, or benefits to be received from product or service

question

Market positioning

answer

defining the marketing mix variables so customers clearly know what a product is

question

Positioning Map

answer

(Perceptual Map) shows the position of product or brand in customer mind.

question

Segmentation Aspects

answer

Loyalty (behavioral), Psycho geographic, Geodemographic, Benefit, Demographic

question

Benefit Segmentation

answer

groups consumers on the basis of benefits they derive from from products or services (how much they like it, will continue to buy it)

question

Psychographic

answer

how do customers describe themselves? How do people self select. Self values: goals for life. Self concept: ideal self image

question

Geodemographic

answer

combo of geographic, demographic and lifestyle characteristics to classify groups. Think same neighborhood buys same types of cars.

question

Research Process

answer

1. Defining the objectives and research needs 2. Designing the research 3. Collecting the Data 4. Analyzing the Data and collecting insights 5. Developing and Implementing an action plan

question

Secondary Research

answer

Data collected by other sources and readily available. Think Statista, MRI Mediamark, DATABASES

question

Quantitative Research

answer

Structured responses that can be statistically tested

question

Qualitative Research

answer

Allow for broad, open answers. Focus groups, observation, following social media sites, interviews

question

Focus Groups

answer

8-12 people get together to discuss ideas or concepts. conversation guided by trained moderator.

question

Data Mining

answer

Statistical analysis to uncover previously unknown patterns in data stored in databases

question

Seven Deadly Sins of Questionnaire Design

answer

leading double barrelled lack of clarity hidden contingincys not mutually exclusive not exhaustive sensitive issues

question

Private‐label brands

answer

brand developed by reatiler and available only from that retailer

question

Co Branding

answer

2 or more brands together on same package YUM! brands couples restaurant chains together. Pizza Hut & Taco Bell

question

`Product lines

answer

Think Iphone 5,6,7,8 ect

question

Brand Dilution

answer

brand extension adversely effects consumer perceptions. Ex. Cheetos lip balm, Colgate kitchen entrees

question

Consumer Product Classes

answer

Convenience, Shopping, Specialty, Unsought

question

Convenience product class

answer

Staples, Impulse, Emergency placed where it makes sense

question

Shopping products

answer

consumer will spend time comparing alternatives. think clothes, apparel

question

Homogenous

answer

Compare price, similar item

question

Hetrogenous

answer

many things to compare

question

Specialty product

answer

rarer purchase. think cars

question

Business Product Classes

answer

Assesory, Raw Materials, Components, MRO Supply, Professional Service, Installations

question

Adoption Curve

answer

INnovator Early Adopter Early Majority Late Majority Laggard

question

Diffusion of Adoption

answer

Compatability, Observability, Relative advantage, Trialability

question

Direct Marketing Channel

answer

Manufacturer sells to buyer

question

Indirect Marketing Channel

answer

One or more intermediaries between manufacturer and buyer

question

Vertical Marketing System

answer

members act in unified system.

question

Administered Vertical Marketing System

answer

They natuarlly have the power. think Walmart

question

Corperate Verticle marketing

answer

parent company has all power

question

Channel Power

answer

one firm has means to dictate what goes on in other firm decisions/pricing

question

Intensive Distribution

answer

Get as many products into as many outlets as possible. Think pepsi, procter gamble

question

selective distribution

answer

relies on few selected retailers in specific areas

question

exclusive distribution

answer

manufacturers can grant exclusive rights to specific product in certain area

question

M-commerce

answer

mobile technology to buy product

question

E commerce

answer

internet commerce

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