question

Goals of marketing

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1. To attract new customers by promising superior value 2.To retain and grow current customers by providing satisfaction

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Customer needs

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State of felt deprevation

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Customer wants

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needs shaped by culture and individual personality

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Customer demands

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wants backed by buying power

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A marketing offering

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Some combination of products, service, information or experiences offered to a market to satisfy a need or want

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Market myopia

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Focusing more on specific products than benefits and experiences

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The 4 Ps of Marketing

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Product, price, place, promotion

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Product

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Creating value Purpose of marketing is to create value to items in order to satisfy customer needs

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Price

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Capturing value Key is figuring out how much customers are willing to pay and generating a profit

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Place

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Delivering the value proposition Supply chain, getting the product to the customer

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Promotion

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Communicating value Persuades potential customer, the goal is to influence options and elicit response

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Customer value (Locational excellence)

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Where are the products going to be?

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Customer value (Operational excellence)

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Efficient operations, excellent supply chain management

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Customer value (Customer excellence)

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Retaining loyal customers, having good customer service

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Customer value (Product excellence)

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Building brand name

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The Marketing Plan Step 1

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Business mission and objectives (planning phase)

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The Marketing Plan Step 2

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Situation analysis (SWOT) (planning phase)

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The Marketing Plan Step 3

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Identify opportunities- segmentation, targeting, positioning (implementation phase)

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The Marketing Plan Step 4

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Implement marketing mix- the 4 Ps (implementation phase)

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The Marketing Plan Step 5

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Evaluate performance using marketing metrics (Control phase)

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Strategic Planning

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A fit between marketing opportunities and organizational goals and capabilities

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The business portfolio

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The collection of businesses and products that make up the company

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What does the business portfolio involve?

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1. Analyzing the current portfolio to decide which business units should receive more, less or no investments. 2. Shaping the future portfolio by developing strategies 3. Evaluate performance and make adjustments

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Market penetration

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Existing marketing mix

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Market strategy

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Making more sales to current customers

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Market Development

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Develop new markets for its current product

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Product development

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Creating a new product for a current market

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Ethical criticisms of marketing

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Deceptive practices, high pressure selling, poor service to disadvantaged customers, etc.

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Firm goals

answer

1. Greed and short term profit seeking, leads to serious long term consequences 2. Creating value over the long run, leads to long term success

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American Marketing Association code of ethics

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A generally accepted code in marketing, flows from general norms of conduct to specific values

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The Marketing environment

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The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

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Environmental forces

answer

-Social (demographic shifts, cultural changes) -Economic (macroeconomics conditions, consumer income) -Competitive (alternate forms of competition, types of competition, increasing foreign competition) -Technological (changing technology, ecological impact of technology) -Regulatory (laws protecting competition, laws affecting marketing mix, self regulation, consumerism)

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Microenvironment/ immediate environment

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The actors close to the company that affect its ability to serve its customers- the company, its suppliers, marketing intermediaries, customer markets, competitors and publics.

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Macro environment

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Changes involve large societal forces at work

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The Microenvironment- Competitors

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Company must provide greater customer value and satisfaction than competitors, the company must position its offerings strongly against competitors offerings in minds of customers

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Macro Environmental Factors

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Culture, demographics, political/legal, economic, etc.

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Macro Environment

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Consists of the broader forces that affect the actors in the micro environment

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Demographic Environment

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-The study of human populations in size, density, age, location, gender, race. etc. -Provide an easily understood snapshot of the typical customer in a specific target market

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Baby Boomers

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-78 million people, born between 1946 and 1964 -Wealthiest generation, account for 50% of consumer spending and hold 75% of nations financial assets

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Generation X

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-49 million, born between 1965 and 1976 -Most educated generation -Less materialistic, skeptical of marketing, careful spenders

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Millenials

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-83 million, born between 1977 and 2000 -$733 billion in purchasing power -Ethnically diverse, technology, personalization and product customization are key to marketing success

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Your firm's marketing campaign appeals to consumers' desires to own a car that will impress others. Your marketing campaign appeals to customers' ______

answer

Wants

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Your company offers free maintenance and repair for the first two years after the purchase of a bike. Therefore, along with the physical product, you offer an attractive package of ____

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Services

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Kodak continued to focus on producing traditional film-based cameras long after competitors introduced digital models. Kodak suffered from _____

answer

Marketing myopia

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The act of obtaining a desired object from someone by offering something in return is know as ____

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Exchange

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You favor an approach that emphasizes the quality and new features of your product while your assistant prefers to emphasize innovative promotion strategies. Which two marketing concepts are being exhibited?

answer

Product and Selling

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To save on labor and production costs, you build a factory in Mexico. However, you provide benefits to the Mexican workers comparable to those Americans receive, this practicing the ___ concept

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Societal Marketing

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You've developed a product for consumers and priced it at a level they are willing to pay. You've established the stores where consumers can purchase your product and launched an advertising campaign to let consumers know about the product. Collectively, these four elements are known as the _____

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Marketing Mix

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Your kitchen appliance firm keeps a database of those who send in their warranty cards. Customers receive quarterly newsletters, special discounts, and access to a password protected cooking-related website. Your firm is engaging in _____

answer

Customer relation management

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Comcast is a cable television company that is offering customers internet and phone services as well. Comcast is trying to increase its ______

answer

Share of customer

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In the new digital age, the most important technology for connecting is _____

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the internet

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Marketing planning takes place at the:

answer

business unit level, product level, market level

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Schwinn bicycle want to grow by diversification. To accomplish this, Schwinn will _______

answer

Start up or acquire businesses outside of its current products and markets

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Proctor and Gamble once had more than 10 different brands of laundry detergent, but now only markets 6. This is an example of ________

answer

Downsizing

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Sarah has divided the cell phone market into 5 groups based on age. This is an example of _____

answer

Market segmentation

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Walmart "partners" with its vendors to deliver greater value to its customers. This is an example of ____

answer

Value delivery network

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To identify opportunities and problem areas, companies often hire an independent consultant to conduct a systematic examination of their environment, objectives and strategies. This is an example of ____

answer

Marketing audit

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Companies that sell one product line to many different types of markets should use _____

answer

Market management organization

question

The net return from a marketing investment divided by the costs of the marketing investment is called ______

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Return on marketing investment

question

Zipcar is an example of what type of market orientation?

answer

Value-based marketing

question

Zipcar's goal is to have an available zipcar located within 10-15 minutes of its members. This is an example of what component of the marketing mix?

answer

Place

question

Zipcar traditionally focused on marketing towards individuals without cars as a convenient form of alternative transportation. Zipcar has now begun to also market towards businesses and organizations to use Zipcar for their employees. This is an example of: ____

answer

B2B marketing (business to business)

question

Zipcar's commitment to educating customers about alternative transportation is an example of what?

answer

Enriching society

question

Zipcar was developed to adapt to customer's changing transportation needs. Zipcar's success is because they were able to create a venture that satisfied these unfulfilled needs. This is an example of what?

answer

Entrepreneurship

question

To communicate to consumer that their products are both healthy and delicious, Red Mango would use which of the 4 Ps?

answer

Promotion

question

Having employees make smoothies for customers represents which aspect of a product offering?

answer

Service

question

By creating cool, comfortable stores that invite customers to socialize, Red Mango increased the ____ of their market offerings.

answer

Value

question

Customers can use the self-service area to customize their own dish of frozen yogurt. In marketing terms, Red Mango is engaging these customers in _____.

answer

Value co creation

question

One of Netflix's original competitive advantages was its efficiency. The company delivered movies quickly and charged a relatively low cost for the service. Strategically, this is known as ____ excellence

answer

operational

question

In the immediate environment, the first factor that affects the consumer is/ are the _____

answer

Company itself

question

When Pepsi reduced the saturated fat content in its Frito-Lays potato chips to join forces with the American on the Move program, what stakeholder category was this combined effort targeting

answer

Customers

question

When companies work collaboratively to buy and sell, transport and store merchandise through a channel of distribution, it involved the entire ____ for goods and services

answer

Supply chain

question

In using the ethical decision-making framework, a firm should consider the impact of its actions on its retired and current employees, suppliers and customers- otherwise known as a firms _______

answer

Stakeholders

question

In New England, soft drink beverages are called "soda" while other parts of the country call it "pop." This is an example of the effects of _____

answer

Regional culture

question

Applying sound ethical principles in marketing situations:

answer

Must be a continuous and dynamic process

question

What is a good example of corporate social responsibility affecting the marketplace?

answer

An industry leader adopts environmentally-friendly production practices and other companies in the industry follow

question

The social trend of _____ is causing consumers to question whether or not firms are truly operating with consideration for the environment or simply changing marketing efforts in order to appear that they are

answer

greener consumers

question

In the ____ phase of the strategic marketing process, the tone of the decision making questions are centered around the notion of "should we"

answer

implementation

question

In the ____ phase of marketing strategy, marketers must determine whether they have truly acted in an ethical and socially responsible manner

answer

control

question

Companies must deliver more value and satisfaction to target consumers than its competitors to deliver, in order to gain:

answer

competitive advantage

question

The Toyota Camry is one of the best-selling family sedans in the USA. Sales in this particular market have been growing slowly, if at all, in recent years. According to the BCG Product Portfolio Analysis, the Toyota Camry would be considered a ____

answer

cash cow

question

Acronym that represents the macroenvironmental factors that operate in the external environment

answer

CDSTEP

question

When managers at General Motors evaluated the firm's various divisions and chose to close some, it was involved in:

answer

portfolio analysis

question

In an attempt to increase sales during a lagging economy, Macy's has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. What growth strategy is being used?

answer

market penetration

question

A car wash offers a 20% discount to its customers if they return for a second car wash within a week. This is an example of what growth strategy?

answer

market penetration

question

When a firm considers its overall objectives and considers the type of business it is in, it is engaged in what step of the marketing planning process?

answer

defining the mission

question

In recent years, as consumer have become more concerned with nutrition, McDonald's has come under fire for the unhealthy nature of many of its menu items. in a SWOT analysis, this is an example of a ___

answer

threat

question

A firm whose employees act in an ethical manner, and which is only concerned with its closest stakeholders is considered to be ___

answer

ethical but socially irresponsible

question

As an overall goal, ______ involves finding ways in which a company can best use its strengths to take advantage of attractive opportunities in the environment in order to outline specific actions to take to appeal to potential customers

answer

marketing strategy

question

A ____ competitive advantage is not easily copied by competitors and so tends to be maintained over the long run.

answer

sustainable

question

An important economic factor is _____, which refers to the persistent increase in the prices of goods and services

answer

inflation

question

Marketing firms that want to abide by an established set of high standards and values that guide decision making and other business behaviors need to create a strong _____

answer

ethical climate

question

The ___ addresses how a product will be designed, how much it should cost, how it will be promoted and how it will get to consumers

answer

marketing plan

question

If starbucks opens stores in major chinese cities, this is an example of which of the growth strategies?

answer

Market development

question

Recently, it has become important for value-oriented marketers to _______ with customers

answer

move toward a relational perspective from a transactional orientation

question

Firms that take voluntary actions to address the ethical, social and environmental impacts of its business operations are involved in ______

answer

corporate social responsibility

question

Which entity is at the center of the marketing environment?

answer

consumers

question

General Motors determined that it would close down divisions that were in low growth and had relative low market shares. According to the BCG product portfolio analysis, general motors would be selecting divisions in the ____ category for closure.

answer

dogs

question

Starbucks, Dunkin' Donuts, and McDonald's strive to provide good coffee and food to their customers. Despite the similarities, each firm selects its own target market, designs its own marketing mix, and chooses its own basis for building competitive advantage. These individual choices are directly related to each firm's _______

answer

marketing strategy

question

The primary strength of Pepsi is the manufacture, distribution, and promotion of carbonated beverages. These describe which factor of a Pepsi consumers' immediate environment?

answer

Company capabilities

question

The AMA's Code of Ethics indicates the basic ethical values marketers should aspire to include:

answer

honesty, responsibility, fairness, respect, openness and citizenship

question

A SWOT analysis involves an assessment of factors internal to the company, which include ____ and factors outside the company, which include _____

answer

strengths and weaknesses; opportunities and threats

question

Virgin Atlantic hosts a service called Taxi2 to make it easier for passengers to share rides from the airport to their destination at a lower cost. In this way, Virgin Atlantic is responding to the social trend of ___

answer

thrift

question

The ____ consists of product, price, place and promotion as components of a firm's offering

answer

marketing mix

question

With regard to the Ethical Decision Making Metric, which question represents "the transparency test"?

answer

Could I give a clear explanation for the action I'm contemplating that would satisfy a fair moral judge?

question

What tool would a marketing executive use to ensure that they applied all relevant decision-making criteria to assess their confidence in having come to a decision that respects the rights and dignity of all stakeholders?

answer

an ethical decision-making metric

question

What is the primary ethical dilemma for marketing managers of publicly held firms?

answer

Balancing stockholders interests with the needs to society

question

What represents the concepts of the "lipstick effect"?

answer

Consumers will treat themselves to small luxuries, but forego larger luxury items

question

SWOT analysis is typically conducted during which step of the marketing planning process?

answer

analyzing the situation

question

Culture, demographics, social issues, technological advances, economic situations and the political/ regulatory environment are all factors that make up which of the framework analysis?

answer

macroenvironmental factors

question

When a firm evaluates likely reactions to its marketing activities, it is attempting to understand what aspects of the immediate environment?

answer

its competitors

question

When an optical center provides eye exams and new contact lenses as its offering, it is an example of what combinations?

answer

goods and services

question

_____ are the younger edge of Gen Y who have never lived without the internet or easy access to cell phones

answer

tweens

question

After a firm has conducted a SWOT analysis, it would typically progress to the next step of the marketing planning process, which is:

answer

identifying opportunities

question

Honda developed its CR-Z hybrid model to a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being different from other hybrid models. What is this an example of?

answer

Market positioning

question

Starbucks introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. This is an example of:

answer

product development

question

Broadly defined, ____ is the shared meanings, beliefs, morals, values, and customs of a group of people.

answer

culture

question

Consumers that have similar purchase behaviors because they have shared experiences and are in the same stage of life are known as a ___ cohort

answer

generational

question

Ford Motor company engages in partnerships with its suppliers, component part makers, unions, transport companies, and dealerships- collectively known as its ____

answer

corporate partners

question

Which group of people is referred to as "digital natives" ?

answer

Gen Z

question

Firms make trade offs between product and ___ to give customers the best value

answer

price

question

Toyota developed the Scion brand to appeal to young car buyers who might not want to purchase cars from the same brand that their parents own. Young car buyers represented Scion's:

answer

target market

question

Because it has been at the center of success for many companies, marketing is considered a cornerstone of ____

answer

entrepreneurship

question

Top-level managers must establish and uphold clearly articulated ethical standards to get at the roots of ethical conflict. The root of this conflict typically involves:

answer

competing values of employees

question

When firms are applying an ethical framework for making decisions in a questionable situation, the first step is to:

answer

identify issues

question

What is one of the core practices among value-oriented marketers?

answer

constantly measure benefits that customers receive against the costs of offerings.

question

The ___ era embraced the belief that a good product would sell itself.

answer

production-oriented

question

Understanding consumers' ____ is fundamental to marketing success

answer

needs and wants

question

At the most basic level, marketing involves ____ between the buyer and seller. While being better off is the goal, it is not always at the "basic" level

answer

exchanges

question

The first generation "latchkey" children, known as ____, includes those born between 1965 and 1976

answer

gen x

question

What is an example of a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan?

answer

GM (gross margin)

question

What is an accurate statement about corporate social responsibility?

answer

a firm's employees must engage in ethical practices in order to be socially responsible

question

When companies like Toyota develop different models of vehicles to meet the unique wants and needs of different groups of consumers, they are involved in:

answer

segmentation

question

A key attribute of services that differentiates it from a good is that a service is

answer

intangible

question

When an electronics company sells its global positioning systems to a car manufacturer, it is engaged ____ marketing

answer

B2B

question

The goal of marketing exchange is that the parties to the transaction be ____

answer

satisfied

question

Apple's ipad is an example of what type of marketing offerings?

answer

goods

question

What is one of the 4 major growth strategies?

answer

product development

question

Walmart is known for keeping its costs as low as possible, partly by developing strong relationships with its suppliers. Based on this information, what is Wal Mart's primary source of sustainable competitive advantage?

answer

operational excellence

question

What is the top ranked unethical behavior by employees as reported by chief marketing officers?

answer

participating in misleading or deceptive sales tactics

question

a group that sponsors bike helmet poster contests for children to promote bike safety is providing which marketing offering?

answer

ideas

question

Which of the marketing mix elements corresponds to to what the buyer gives up in the marketing exchange?

answer

price

question

what phase of the strategic marketing planning process would you find marketers including ethical statements in the firm's mission or vision statements

answer

planning

question

what framework for analysis is comprised of a company's capabilities, competitors, competitors and corporate partners?

answer

immediate environment

question

what is one of the major considerations involved when a company develops its marketing strategy?

answer

identification of target markets

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