Basic Marketing Chapter 3 and 4 – Flashcards

The following statements describe two types of economic reports available to marketers. Fill in the blanks with the words from the drop-down list that would best complete the statements.

An overview of a technological environment provides a good review of its past effects to better predict its possible future effects. While technology has added to the quality of lives in some instances, concerns have been raised about the instances where technology can infringe upon our daily lives. Fill in the blanks with the word(s) from the drop-down list that would best complete the passage.

Marketing research activities provide a special arena for examining issues of ethics in business practices. Some activities have become routine, such as the establishment of customer databases and the selling of address lists, both e-mail and street locations. In the Internet age, the ease with which information can be collected becomes apparent when individuals conduct an online search of their names. A surprising amount of information can be viewed—not all of it correct. Fill in the blanks with the word(s) from the drop-down list that would best complete the passage.

As a newly hired Marketing Director for a smoothie chain, you are charged with revitalizing the company's image and reach.The company has been largely successful in the past, but it has seen a decline in sales over the last few years. Your first task is to determine what environmental changes affected the business and come up with a plan to address these changes. After conducting preliminary market environmental scanning, you find that there is a large proportion of the local population that suffers from obesity and diabetes, and customers are becoming wary of making food purchases without knowing the nutritional content. Here are the various steps you decided to take: Step A - Reformulate our smoothie recipes with all natural/organic ingredients. Step B -- Partner with the Obesity Action Coalition and the American Diabetes Association. Step C -- Learn more about the ingredients our company uses in smoothies and see how they affect diabetes and obesity. Step D -- Revamp company signage to attract customer interest. Step E -- Update the menu to include nutritional value of each smoothie. In what order should you take these steps?

Scenario: You were just hired as executive director for a major non-profit organization that works on environmental causes. You are having an operating budget discussion with the board of directors, and you are pushing hard for an increase in funds allocated to social media marketing. Since most of the board members are not active users of social media they are not keen to the ways that it can be used for marketing in general, and especially not for non-profits. The general consensus among the board members is that a social media marketing strategy for this non-profit would be a waste of time and money. Their message to you is your budget request is denied unless you can give them one good reason why a non-profit organization would benefit from using a social media marketing strategy. Which of the following statements would you make to the board to demonstrate how social media marketing can be useful to a non-profit organization?

Scenario: You are a sales and marketing team leader for a car manufacturer. Over the last year, you have watched while many of your major competitors have reaped huge benefits from their social media marketing strategies. You are determined to outdo all of them and position your firm as the company with the most effective social media marketing strategy in the industry. To that end, you are leading a brainstorming session with your team to identify the specific social media platforms and tools that will support your strategy best. To start the discussion, you outline the following goals and objectives you would like to achieve with the strategy: You want to stream demonstration videos of your cars on your social media platform. You want your customers and potential customers to be able to communicate directly with designated members of the firm to discuss products. You want your customers to be able to rate their satisfaction with your products. You want to be able to quickly distribute product updates and other relevant information to your customers and potential customers. The purpose of your brainstorming session is to determine which social media platforms and tools can be used to accomplish your goals and objectives. Select all the statements that are accurate.

In the following descriptions of appropriate social media marketing rules, fill in the blanks with the word(s) from the drop-down list that would best complete each description.

Fill in the blanks with the word(s) from the drop-down list that would best complete the passage:

A typical social media marketing campaign is developed using a process that includes six phases. The different phases are designed to ensure the marketer adequately addresses all the key elements required for an effective social media marketing campaign. In which of the following phases will the marketer address the question: "How do we engage the audience in a conversation?"

Which of the following factors should a firm consider when measuring the success of a social media marketing plan?

Scenario: You are reviewing the preliminary social media marketing (SMM) plan that your staff put together for your approval. Once you approve the plan, it can be finalized for presentation to the executive management team. You previously instructed your staff to follow the common format for the SMM plan and make sure it contains clear wording that covers the salient points and answers any anticipated questions about the initiative. Based on your review, you listed a number of critiques of the plan and how it deviates from the common format that you were expecting. Select all your critiques of the SMM plan that are valid based on the common format and content of a SMM plan.

Fill in the blanks with the word(s) from the drop-down list that would best complete the passage:

Scenario: You are head of the IT department for a kitchen appliance distributor. You are meeting with the head of customer service to explore ways to allow customers to request customer service calls more efficiently and at a lower cost to the firm. The current process requires customers to call a toll-free number and speak to a customer service representative to schedule an appointment. This process often leads to customer complaints when they can't get through to a representative without waiting for long periods of time. The customer service head tells you that she would like to implement a process using social media that would allow customers to do the following: Communicate their need for service without needing to speak to a representative over the phone. The customer would be prompted for all the relevant information about their appliance and the service issue they have. Check available appointment times for service calls in their area over the Internet or on their mobile phones. The customers can then choose a day and time that they would like to have a service call. The customer's service request would then be automatically routed to the closest available technician in their area. The service technician would accept the service call and send a confirmation to the customer. You acknowledge to the customer service head that what she is asking for can be accomplished with social media tools, but the right tool must be selected. Which of the following social media tools would you recommend using to address the objectives the customer service head has articulated?

and transparency are vital approaches for a firm involved in managing a potential social media crisis. Firms calculate the of their social media marketing initiatives, using reach and frequency. refers to the percentage of people in a target market who are exposed to the marketing effort at least once. offers solutions that monitor its business customers' reputations online.

Social media marketing allows marketers to customize their approach to targeted audiences more so than traditional marketing. However, marketers must still take steps to ensure they are reaching the right audience based on their social media marketing goals. In order to effectively deliver their social media marketing message, marketers must gather which of the following bits of information about their target audience?

Which of the following social media terms and concepts is(are) described correctly?

refers to the number of conversations about the company versus competitors and the overall market. Timeliness and are vital approaches for a firm involved in managing a potential social media crisis. Monitoring and measuring help marketers understand what their customers . The process of tracking and measuring a firm's social media marketing initiatives is called . help marketers track and interpret data related to social media initiatives.

When measuring the success of a social media marketing plan, a firm should consider which of the following factors?

Which of the following statements is true about the ethical and legal issues associated with social media marketing?

Scenario: You are the marketing manager for a B2B company in North Carolina. You recently put in a budget request for funding to support a social media marketing strategy that you developed for the firm. Most of the management committee that decides on funding requests is older and not in tune with the trends in social media. So, you expect to have to make an in-person appeal to get your request approved. You start gathering information that will support your claim that social media marketing can be just as effective for B2B firms as it is for B2C firms. Which of the following statements is true and would support your claim about social media marketing and B2B firms?

Scenario: You are considering adding an analyst to your marketing team to focus on analyzing and maintaining certain elements of your social media platform and tools. You are debating on whether this analyst should be dedicated to maximizing your firm's search engine rankings or maintaining your firm's various social media sites. Your decision will depend on which of the two social media elements is most influential in consumers' buying decision-making process. You are leaning towards having the analyst focus on the firm's search engine rankings because you believe it is more influential in the consumer buying decision process than social media sites and platforms. Select all the statements that are true and would support your belief in the influence of search engines on the consumers' buying decision process.

Scenario: You are the head of social media IT services at your firm. You recently received a request from your in-house marketing group to assist it withbuilding out the company's social media presence online. The group is not exactly sure what social media platform and tools are needed but they do know what they want to accomplish. They sent you the following list of user requirements for the social media presence they desire: Users should be able to share media with each other. Users should be able to post information and opinions about any topics they desire and have other users respond to their posts. Based on these user requirements, which of the following combinations of social media platform and tools should you recommend?

Scenario: You are meeting with your team of marketing analysts to discuss their preliminary draft of the social media marketing plan (SMM) that you assigned to them. After listening to the team present a summary of their draft plan, you are concerned that they are not developing the plan in accordance with the six phases of a social media marketing campaign. You give the team some guidance on what questions their plan should answer in each of the six phases. You tell them to go back and review the structure of the plan to make sure it is consistent with the six phases. More specifically, they should make sure their plan provides answers to all the relevant questions in each phase of the social media marketing campaign process. Which of the following questions do you tell them they should answer first in their plan?

In which of the following statements are social media marketing and traditional marketing described correctly?

Like traditional marketing plans, the social media marketing plan requires a for implementation. Every communication in the social media marketing campaign should focus on the . Good are those the targeted audience will likely search with when looking for information about goods and services. Marketers who use social media to reach their targeted audience are entering into with customers. Social media strategists advise organizations unflattering comments posted on their social media sites.

A social media marketing (SMM) marketing plan contains many of the same elements of a traditional marketing plan. Marketers should be sure to draft a plan that clearly articulates the goals and strategies for the social media marketing initiative. They should be sure to include clear and concise wording that covers all the key points and answers all the anticipated questions about the initiative. Select all the statements that accurately describe the elements of or the considerations for developing an effective social media marketing (SMM) plan.

Scenario: You are representing the marketing department in the annual operating budget meeting. As in past years, the purpose of the meeting is to review actual operating expenses from the last year, and to budget for next year's expenses. Each department head must make a case for whatever funds are to be allocated to the business that he represents. You are making a strong case for why social media marketing is going to be a major part of your department's marketing initiatives next year, and how the firm will benefit from these initiatives. You believe social media marketing can significantly influence the buying decision process for most consumers, so it makes sense for your firm to invest in this concept. To support your case, you quote some findings from a recent survey that indicates social media posts are having a significant influence on consumers' buying decisions. Which of the following statements is true and supports your claim about the influence of social media posts on consumers' buying decisions?

Indicate which of the following characteristics of social media content is(are) correct.

Your company makes highly sophisticated components for military equipment. The U.S. Department of Defense is your largest customer. In recent years, you have expanded your customer base to include the militaries of all the major countries in the world. The following headlines appeared in the Sunday NYC Times newspaper recently: "The Federal Reserve Board Chairman Sees Economic Growth Accelerating in the Third Quarter." "Congressional Republicans and Democrats Fail to Reach Compromise on the New Immigration Bill." "The Average Teen Spends Two Hours Per Day on Social Media Sites." "State Department Considers Imposing New Sanctions on Exports of Sensitive Military Technology." "Unemployment Rate Falls to 6.2%." Which one of the following statements is true regarding these headlines?

A competitive strategy will be tailored to the type of competition that a company faces. The marketing director of Pitter Patter, a high-end children's shoe and apparel store, knows that the shared strip mall includes both direct and indirect competitors. Her boss is particularly concerned about indirect competition. Which of the following vendors fall into that category?

The U.S. government has implemented a number of laws over the years to ensure the U.S. economy remains fair, competitive, and free of monopolies. One such law has the following characteristics: It is also a criminal law, and individuals and businesses that violate it may be prosecuted by the Department of Justice. It imposes criminal penalties of up to $100 million for a corporation and $1 million for an individual. It doesn't clearly prohibit mergers or interlocking directorates. It outlaws "every contract, combination, or conspiracy in restraint of trade." Which of the following laws has all of these characteristics?

The U.S. economy constantly cycles through periods of expansion and contraction based on financial, political, and geopolitical dynamics. During expansionary periods, economic performance is robust and consumer spending increases. During contractionary periods, economic performance is lackluster or negative and consumer spending decreases.

Your company is planning to increase its political influencing activities in the next fiscal year in an attempt to shape an upcoming, key legislation in your favor. You want to garner the attention of seasoned, non-nonsense politicians.

Although the monopoly is one of the four major market structures that theoretically exists in a free market capitalist system, the reality is there are very few true monopolies in the economy. This is the result of many federal laws and regulations that have been passed to limit the creation and power of monopolies.

You have just been hired by a public relations firm that has achieved great success in its niche of launching demarketing campaigns for a variety of customers, from public utilities to restaurants, from Chambers of Commerce to automobile manufacturers.

Your company's sales and operations are primarily concentrated in the Second Federal Reserve Bank District, which is under the supervision of the Federal Reserve Bank of New York. The New York Fed just issued its economic analysis of the Second District. The following are some of the key points articulated in the analysis:

The impact of technological forces on consumer behaviors has been broad and significant. Which one of the following statements is correct regarding the impact of technological forces on consumers and marketing?

Your startup company has a mission to make significant environmental changes using the latest technology. Your organization plans to make significant contributions about human effects on the planet such as climate change.

No business can have its marketing function fail to take government regulations into account. For every strategic decision that the business takes, it must consider how the decision will affect and be affected by these constraints. There are multiple U.S. government agencies charged with enforcing business regulations. Which of the following agencies' potential enforcement actions is correctly defined?

Marketing ethics is an important consideration in the world of business, especially because mistakes that have been made have been widely reported. One way to get a useful overview of marketing ethics is to tie specific topics to one of the four elements of the marketing mix: product strategy, distribution, promotion, and pricing. Which of the following topics is(are) correctly tied to an element of the marketing mix?

Organizations, like individual people, can be accused of criminal behavior. The four most common wrongs that businesses have been found to commit are fraud, environmental waste discharge, tax offenses, and antitrust offenses. The U.S. Federal Sentencing Guidelines for Organizations were developed in 1991. The approach used combines positive reinforcement— a "carrot"—and negative reinforcement—a "stick."

You work for an investment-banking firm that wants to demonstrate its social responsibility to the small family-owned businesses in the area and the communities in which it has offices. Which of the following steps should they be least likely to take to show their commitment?

You work for a local restaurant whose wait staff have been protesting for several weeks because they are unsatisfied with their wages. The restaurant owner feels that because staff are getting minimum wage, he's fulfilling his end of the employer-employee agreement. Moreover, his staff are entitled to all of the tips they earn. Despite the fact that the wait staff are unhappy, the restaurant manager does not think he is doing anything wrong.