Marketing Management – Iacobucci – Ch 1 – Flashcards

An exchange relationship exists between a firm and its customers in marketing.

Which of the following is an example of an industry marketing itself? a. An ad encouraging the purchase of a Firefox mountain bike. b. An ad introducing Pizza Hut's new menu. c. An ad encouraging the consumption of a Snicker bar. d. An ad encouraging the consumption of eggs.

Typically, marketers at ________ create ads that are related to "Drinking responsibly." a. government agencies b. breweries c. departmental stores d. bars

In context of the marketing framework, corporation is one of the elements in the 5Cs.

The STP helps systematically frame the general analysis of the entire business situation.

In context to the marketing management framework, the 4Ps precede STP.

With respect to the 5Cs in the marketing framework, "context" includes the backdrop of micro-environment factors.

With respect to the 5Cs in the marketing framework, which of the following is an example of "context"? a. A firm's stock product b. A firm's natural resources c. A firm's complementary good d. A firm's stockholder

The central players in a marketing exchange are: a. collaborators and competitors. b. customer and company. c. context and market concentration. d. price and promotion.

STP stands for segmentation, targeting, and ________. a. promotion b. positioning c. pricing d. production

With respect to STP in the marketing framework, the targeting process helps: a. create an image of the product in the mind of a selected customer. b. select a group of customers from a set of identified groups. c. provide additional information about a product to the public. d. educate customers about a product's benefits and values.

With respect to STP in the marketing framework, which of the following statement distinguishes segmentation from targeting? a. Segmentation deals with tangible goods, while targeting deals with intangible services. b. Segmentation identifies the marketing effort required for a macro-environment group, while targeting identifies the marketing effort required for a micro-environment group. c. Segmentation identifies groups with similar wants or needs, while targeting deals with the marketing efforts required for an identified group. d. Segmentation identifies the customers and collaborators of a company, while targeting deals with the competitive factors in an industry.

With respect to STP in the marketing framework, the positioning process helps a marketer to: a. evaluate groups of industrial customers who share similar wants and needs. b. choose a niche group segment from a selected set of industrial customers. c. analyze the market potential for a product's horizontal diversification. d. communicate a product's benefits clearly to the intended target customers.

The 5Cs, STP, and 4Ps operate interdependently.

Great marketing is an art based on an individual's soft skills and instincts.