ISU Marketing 230 Exam 1 – Flashcards
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Using the___________variable, formulate the new baby foods from all-natural ingredients and without artificial flavors or other additives.
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Product
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Using the__________variable, create a TV commercial to link the new baby foods with two well-known brands, Beech-Nut and Goya.
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Promotion
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Using the__________variable, arrange an exclusive deal with one supermarket chain to carry a flavor not available in any other store.
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Distribution
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Customer relationship management focuses on using __________about customers to create marketing strategies that develop and__________desirable customer relationships.
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Information | Sustain
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Profits can be obtained through relationships by enhancing the__________of existing customers.
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Profitability
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Buyers and marketers are able to enter into relationships wherein both can participate in the__________.
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Creation of Value
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Marketers are increasingly turning to__________and information technology to build long-term relationships with the firm's customers.
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Marketing Research
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*Stores in areas with high unemployment are seeking to stock affordably-priced baby foods.__________ *The Food and Drug Administration is changing the rules for product labels.__________ *Parents are using cell phones to comparison shop for baby foods before they make a purchasing decision.__________ *Consumers are paying closer attention to the environmental impact of products, including whether food ingredients come from sustainable sources. __________ *A number of major hospitals give new parents samples of Gerber baby foods__________
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*Economic *Legal and Regulatory *Technological *Sociocultural *Competitive
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Put yourself in the role of advertising manager for JetBlue Airways. Your boss has asked you and your team to plan for advertising Mint, a new premium seating section for JetBlue's transcontinental flights. You ask your team to study target market possibilities by looking at the kinds of customers who fly coast to coast. They show you research data about the following customer groups. You have concluded that all but one of these groups represent attractive target markets for advertising the Mint package of special seating and meals, priced higher than other seating on the same flight. Which of the following groups is not an attractive target market in this situation?
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Government agency personnel seeking frequent, direct, low-fare flights from East to West coast cities.
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You've been hired as the marketing manager for Beech-Nut Goya. Before you create a marketing mix, you need to define the target market of consumers for your new baby food products. You should consider all of the following characteristics when defining your target market except:
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Occupation
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*Relates to activities used to inform individuals or groups about the organization and its products.__________ *Affects a marketer's ability to facilitate value-driven marketing exchanges.__________ *Involves creating or modifying brand names and packaging and may include decisions regarding warranty and repair services.__________ *Includes those constituents who have a claim in some aspect of a company's products, operations, markets, industry, and outcomes.__________ *It is the major focus of the marketing concept__________
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*Promotion Variable *Marketing Environment *Product Variable *Stakeholders *Satisfaction of the Company's Customers
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Marketing has always been an important element of the typical company's business strategy and execution. However, in an increasingly global economy and society, marketing is taking on an even more important role in the success of multinational companies worldwide. Select the statements below that are correct in relation to marketing.
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Nonprofit organizations used marketing activities in their organizations. The Internet is a vital tool for marketing to other businesses
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Businesses that have a__________are most concerned with determining the best way to make a product at a profit. When starting a business, the____________should be your top priority because you can't succeed unless you understand what customers want, where and when they buy, and how to satisfy their needs. With a__________,you would be emphasizing different ways to make sales, through personal selling or advertising or store sales.
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Production Orientation Market Orientation Sales Orientation
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A. How many tins of popcorn balls should I try to sell through each store? B. What are the most popular snacks in my area, and how are tastes changing? C. What kind of advertising would lead to the highest level of customer purchases? D. What is the highest output of popcorn balls I can cook up in a day? E. When and where do people most often buy food gifts in my area? F. Where can I buy cooking supplies at a cost that will allow me to make and sell my snacks profitably? G. Are popcorn balls viewed as an "affordable treat" or "unhealthy junk food" by customers? H. What commercial kitchen space is available locally, and how much is the hourly rent? I. Should I demonstrate the making of popcorn balls at home parties where I can sell the finished products?
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A. Sales B. Market C. Sales D. Production E. Market F. Production G. Market H. Production I. Sales
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The American Marketing Association defines__________as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have__________for customers, clients, partners, and__________." "The essence of marketing is to develop satisfying__________from which both customers and marketers benefit." Marketers generally focus their marketing efforts on a specific group of customers, called a__________. Marketing creates value through the__________.
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Marketing | Value | Society at Large Exchanges Target Market Marketing Mix
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Procter & Gamble makes and markets Iams pet foods for dogs and cats. Which of the following activities would be considered part of the Iams marketing mix? Choose all that apply.
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Testing reaction to discounts for buying multiple products at one time. Posting photos of new products on the Iams Facebook page. Determining how to ship Iams products to independent pet stores. Selling standard 29-pound packages of Iams dog food for $30. Linking from the Iams website to online pet-food retail sites where customers can place orders. Offering $1-off coupons for a new Iams cat food. Creating a new Iams pet food for overweight cats. Printing more detail about nutritional value on Iams labels
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The essence of marketing lies in building relationships. The major focus of the marketer's efforts is to build and maintain positive relationships with the firm's customers. Relationship marketing is the means through which the marketer is able to build long-term, mutually beneficial arrangements with the firm's customers. Which of the following statements is correct in regards to relationship marketing?
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Relationship marketing continually deepens the buyer's trust in the company.
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Launching a points program to reward repeat purchasing of Iams products.__________ Issuing cents-off coupons to get buyers of other brands to switch to Iams.__________ Giving away free Iams pet food to first-time pet owners._________ Customizing pet food formulations to individual owners' preferences, at a premium price.__________ Introducing new products based on customer responses to marketing research.__________ Creating a "share with a friend" promotion where customers forward a Iams-branded dog wellness video to their pet-owning friends.__________
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Keep Customers for Longer Periods Acquire New Customers Acquire New Customers Enhance Profitability of Existing Customers Keep Customers for Longer Periods Acquire New Customers
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Number of competitors and how much pet food each sells per year. __________ Percentage of customers who return products frequently or require intensive customer service interactions.__________ Number of years customers remain loyal to Iams.__________ Percentage of industrywide annual sales represented by Iams products.__________ Change in the number of Iams products each customer buys each year.__________
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Market Share Customer Lifetime Value Customer Lifetime Value Market Share Customer Lifetime Value
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There are a host of ways that a company can define a target market for its products and services. Its goal is to go after the market that offers the best current or long-term profit potential. Target markets are organized and specified according to a number of different factors. Examples of target markets a company might attempt to focus on with their marketing strategy are listed below. Indicate which type of factor is being used to define the target group. Single women aged 25-to-35 years old__________ Skiers__________ People with MBA degrees.__________ Men who have purchased a hair replacement product in the last 60 days__________ Residents of Yuma, Arizona__________ Unemployed men__________
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Demographics Lifestyle Demographics Usage Rate Geography Socioeconomics
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You are the executive director of a non-profit organization that assists women in starting and growing their own businesses. Periodically, your organization will host workshops on various aspects of small business management. You are preparing to launch a new series of workshops to teach attendees about the different elements of the marketing mix. In order to effectively address this topic, you should include in your workshop _______________. Select all the concepts listed below that you should include in your workshop.
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a discussion on how to research customer's needs and wants, and how to satisfy them. a discussion on how to establish pricing objectives and policies. a discussion on how to make products available in the quantities desired to as many target market customers as possible
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It requires market intelligence about current and future customer needs.__________ It is the major focus of the marketing concept.__________ They are the focal point of all marketing activities.__________ It is the management philosophy that guides an organization's overall activities.__________
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Market Orientation Customer Satisfaction Customers Marketing Concept
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What marketing term corresponds to the below descriptions? Two or more parties must participate for it to occur, and each party must possess something the other party believes has value. Each party must derive benefit or satisfaction from the activity. Each party must be confident in the other party's promise to give something of value. Each party must meet the other's expectations.
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Exchange
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Vast number of people or small group that is the focus of an organization's marketing efforts__________ Seeks to develop satisfying exchanges from which both customers and marketers benefit________ The focal point of all marketing activities_________
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Target Market Marketing Customers
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Customer relationship management is a vital aspect of a company's marketing strategy and related activities. A clear understanding of what it does and does not entail is critical to an organization's marketing success. Select the statements that are true as it relates to customer relationship management.
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Relationship marketing builds customer trust. Internet-based marketing strategies are called e-marketing.
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You are developing a set of success metrics to be used to evaluate the effectiveness of your customer relationship management (CRM) activities. Select the metrics that should be used to evaluate the effectiveness of your CRM activities.
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Number of new customers Number of open leads Revenue per marketing campaign Average time to resolution Customer retention rate
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You just missed your stop on the New York City subway because you were preoccupied with completing the crossword puzzle in the New York Times newspaper. If you can find the correct words to match the following phrases, you can complete the puzzle, and still get to work on time. 3 P's and a D marketing activities__________ Can be a good; can be a service__________ I increase public awareness of what my firm offers___________
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Marketing Mix Product Promotion
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You are scheduled to give a speech on strategies for enhancing customer value at your firm's next strategic planning conference. Your firm's management is keenly interested in this area because recent customer reviews indicate the company needs improvement in this area. The CEO specifically wants you to focus on discussing how the firm can develop a better understanding of customers' perceptions and assessments of the value a product or service provides to them. You have done your research on this very important subject and you have decided to emphasize a number of key points in your discussion. Which of the following statements are true about customers' perceptions and assessments of value?
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Customer benefits include anything a buyer receives in an exchange. Customer Value = Customer benefits - Customer costs The marketer must recognize that customers receive benefits based on their experiences.
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A major marketing newsletter has asked you to write a guest article dealing with how marketing is used to build relationships with customers and other stakeholders through the effective creation of exchanges. You are delighted to have the chance to be published in such a well-known publication. It should be a significant boost for your professional career. Which of the following statements are true about marketing and the creation of exchanges?
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To build trust, the parties to the exchange must meet expectations. Marketing activities should attempt to create and maintain satisfying exchange relationships. Marketers and their firms engage in marketing activities to facilitate exchanges.
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The word describes the collection of competitive, economic, legal, regulatory, technological, and socio-cultural forces that surrounds the customer and affects the marketing mix. What marketing term is your friend describing?
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Marketing Environment
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It is important for a company to be able to measure the efficiency and effectiveness of its marketing mix strategy. Therefore, the company must identify an appropriate set of metrics for measuring how well it is doing with each of its marketing mix variables. Select the metrics listed that would be appropriate for measuring the success of a company's activities related to the promotion variable
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Cost per Customer Contact Selling Expense-to-Sales Ratio New Accounts per Time Period
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You are contemplating adding a professional to your marketing analysis team to enhance your ability to evaluate and respond to changes in your company's marketing environment. In your most recent evaluation of your marketing environment you found the following forces were having the greatest impact on your marketing strategies: Federal Reserve Bank monetary policy Aging population dynamics Consumption expenditure trends in GDP Antitrust legislation changes in Congress Interest rates Currency fluctuations Which of the following professionals should you add to your marketing analysis team in order to enhance your team's ability the most in evaluating and responding to changes in your marketing environment if the forces listed above are having the most significant impact.
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An Economist
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Develop recommendations for packaging modifications for company's flagship products to position them as more eco-friendly.__________ Assist the company in determining if Facebook or Twitter would be the most effective social marketing partner.__________ Evaluate supply chain intermediaries' customer service and logistics performance and make recommendations for improvements.__________ Develop and implement a mystery shopper program that will enable company to regularly evaluate competitor pricing strategies.__________ Evaluate product mix sales performance for past year and recommend appropriate adjustments necessary to maximize profitability.__________ Review and revise product user documentation for full line of electronic products.__________
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Product Promotion Distribution Price Price Product
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You are writing a Request for Proposal (RFP) that you intend to send to a number of marketing strategy consulting firms around the country. You recognize that your company needs help in understanding and developing marketing strategy responses to the constantly changing dynamics in your marketing environment. Most importantly, you want to understand how to alter your marketing strategy to respond effectively to the following specific dynamics in your marketing environment: Increasing multiculturalism More women in the workforce Women delaying marriage and having fewer children 'Aging' of the population More single-person households More convenience-oriented consumers More health-conscious consumers More concern about the environment Based on these dynamics, which area of the marketing environment will you require the chosen firm to specialize in?
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Sociocultural Forces
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__________helps marketers understand and satisfy more customers than ever before. __________ is a strategic process involving stakeholder assessment to create long-term relationships with customers while maintaining, supporting, and enhancing the natural environment. Marketing improves_________for customers. Marketing is necessary to__________ a global economy. Businesses must engage in marketing to survive and grow, and___________ are needed to reach customers and provide products.
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Technology Green Marketing Quality of Life Advance Marketing Activities
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You are trying to decide which of the four mission statements below conveys your company's mission best. Select the criteria met by the following mission statement: Peppery Chips serves up innovative, all-natural treats for health-conscious families, putting taste and Earth first.
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Describes your core competency. Will serve as a long-term vision for what your company will become Defines your customers and the needs or wants you'll meet.
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Shutterfly enjoys a market share of more than 50 percent. Much of its success can be traced to its effective strategic planning process. Read the following descriptions of elements that are part of the company's strategic planning process. Then select the appropriate part of the strategic planning process for each element. Shutterfly aims to help customers share life's joy and strengthen personal connections.__________ The target market for photo books consists of "chief memory officers," women between the ages of 25 and 50 years old.__________ Shutterfly constantly improves its technology for helping customers create all kinds of personalized products through online design.__________ Wedding Paper Divas, a division of Shutterfly, markets stylish wedding invitations for consumers who want unique and exclusive custom-designed, custom-printed products.__________
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Mission Statement Marketing Strategy Corporate Strategy Business Unit Strategy
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Measuring the cost of staffing an area in each store for pickup of online purchases during the first three months of implementation__________an appropriate performance measurement standard for this strategy. Measuring the change in Walmart.com's profitability during the first three months of implementation__________an appropriate performance measurement standard for this strategy. Measuring incremental in-store sales to customers who pick up online purchases in local stores during the first three months of implementation__________an appropriate performance measurement standard for this strategy. Measuring the change in awareness of in-store pick up of online purchases during the first three months of implementation__________an appropriate performance measurement standard for this strategy.
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would be would not be would be would be
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Walmart has become an enthusiastic participant in social media, planning marketing communication efforts that include Facebook, Twitter, Pinterest, and other sites. Walmart's marketers know that a growing number of consumers check out products, prices, and promotions on social media and then click to a retail site to make a purchase. Its Facebook page, which has more than 34 million "likes", facilitates an ongoing dialogue between the retailer and its customers. This page hosts an amazing 42 consumer posts per minute on Black Friday (the day after Thanksgiving, one of the busiest shopping days of the year). Just as important, Walmart has high-tech tools to see what those visits mean to the company, in terms of interactions, sales, and loyalty. Now step into the shoes of the head of social media marketing for Walmart. Next week, you will be showing your plan for the coming year to the chief marketing officer. Walmart may be the world's largest retailer, but you don't have an unlimited budget. This means you have to keep an eye on costs as you prepare your plan. You've sketched out four possibilities to pursue. Which of the following marketing initiatives should you pursue, based on what you know about Walmart's situation?
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Invite consumers to post their ideas for a new Walmart commercial, allow your Facebook followers to vote for their favorite, and reward the winner with a $250 gift card.
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Peppery Chips pledges to use all-natural ingredients to make innovative, healthy treats.
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Describes your core competency
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Peppery Chips provides snack convenience for families on the go, without harming the planet.
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Defines your customers and the needs or wants you'll meet. Will serve as a long-term vision for what your company will become.
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If Marriott decides to hire a marketing director to plan and implement marketing activities only for Moxy Hotels, this would be an example of a organizational structure. If Marriott should decide to have the marketing department in its headquarters group manage all marketing activities for Moxy Hotels, this would be an example of a organizational structure. If Moxy needs to make decisions that are informed and responsive to local needs, it would be most effective if Marriott implemented a organizational structure to manage the marketing activities for Moxy Hotel. If Marriott decides to maintain tight top-level control over budgets, personnel, activities and the timing of tasks this would be an example of a organizational structure. "If Moxy Hotels requires speedy responses to changes in customer needs in its local area, then a organizational structure should be implemented to manage their marketing activities. " If Marriott wants to have a clear and direct understanding of complex market conditions, market by market, it should implement a organizational structure.
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decentralized centralized decentralized centralized decentralized decentralized
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How will I measure my success in achieving my sales objectives? What are the most popular chip snacks in my area, and how are tastes changing? What kind of advertising can I use to reach my target market? What other products will my chips be competing with in the marketplace? Will I need a sales person on my staff to work with retailers or should I contract with a wholesaler to do this? Who will be responsible for fielding questions from retailers and consumers? What level of awareness will help me go from marketing an unknown brand to marketing a brand that customers know about and want to try?
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Marketing Implementation ; Evaluation Environmental ; SWOT Analysis Marketing Objectives and Strategies Environmental ; SWOT Analysis Marketing Implementation ; Evaluation Marketing Implementation ; Evaluation Marketing Objectives and Strategies
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Peppery Chips pledges to protect the planet with every batch of tasty potato chips.
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Describes your core competency. Will serve as a long-term vision for what your company will become.
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Includes an assessment of target markets. A one- to two-page synopsis. Covers the financial controls and monitoring procedures. The threats in the industry are identified. Includes quantitative measures of what is to be accomplished. Discusses the marketing organizational structure. Describes how the marketing mix will be used.
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Environmental Analysis Executive Summary Performance Evaluation SWOT Analysis Marketing Objective Marketing Implementation Marketing Strategies
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Threats in the environment and industry Quantitative measures of what is to be achieved Assessment of target markets Summary of key points Financial controls Marketing mix
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SWOT Analysis Marketing Objective Environmental Analysis Executive Summary Performance Evaluation Marketing Strategies
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Your investment banker has presented you with the following list of business characteristics of a small company your company is considering acquiring: Market leadership Large inventories Lack of management depth Cost advantages Management turnover Excess manufacturing capacity relative to market Based on this list of characteristics, which of the following statements is true?
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This list contains more weaknesses than strengths
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Select the correct number for each step. Organize activities in the proper order. Assign responsibility for completing each activity. Identify activities to be performed. Separate sequenced activities from simultaneous activities. Determine time to complete each activity.
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4 5 1 3 2
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You are browsing through job listings for marketing-related jobs on Monster.com. One job catches your attention because it lists the following major responsibilities that closely match your experience: Candidate will be involved in planning, implementing and evaluating the performance of marketing activities and strategies. Candidate's major focus will be on evaluating the performance of marketing activities and strategies for effectiveness and efficiency. Candidate should have a customer value orientation, and strive to facilitate highly desirable customer relationships at minimal costs to the firm. Which of the following terms best describes the focus of this job?
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Strategic Marketing Management
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Uses revenue figures to evaluate a firm's marketing strategy performance. Lets a firm evaluate marketing strategy performance by comparing revenue achieved and expenses incurred. Describes the benchmark against which the actual performance of a marketing strategy is compared.
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Sales Analysis Marketing Cost Analysis Performance Standard
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Current products in current markets New products in new markets New products in current markets Current products in new markets
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Market Penetration Diversification Product Development Market Development
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Calculate the fully loaded cost of acquiring a new customer. Complete actuals versus budget revenue variance reports for each product. Compute change in market share quarter-over-quarter. Track customer responses to marketing mailers. Calculate breakeven point in units.
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Marketing Cost Amalysis Sales Analysis Sales Analysis Marketing Cost Analysis Sales Analysis
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Reduce outstanding accounts receivable by 20%. Increase new customer acquisitions by 500 by the end of the second quarter. Implement 4 employee training classes in the first quarter of the fiscal year. Reduce direct materials cost by 25%. Increase interest revenue earned on excess cash balances by 15% over previous year. Hold one customer appreciation event each quarter in the next fiscal year. Reduce assembly line equipment downtime by 10% versus last year. Reduce the average time to fill open positions by 30 days
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Finance Marketing Human Resource Production Finance Marketing Production Human Resource
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You are a venture capitalist and you are contemplating making an investment in one of two companies in the medical products industry. The BCG market growth/market share matrix for each company is shown below. Company A: Stars 15, Question Marks 10, Cash Cows 12, Dogs 8 Company B: Stars 13, Question Marks 10, Cash Cows 12, Dogs 10 Assume all other aspects of the two companies are essentially the same. Based solely on the market growth/market share matrix for the two companies, which one represents the best investment for your firm?
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Company A
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A. A company's product has proven to be defective and a federal investigation is underway. This is an example of a________force. B. An Internet company has hired lobbyists to promote laws that are advantageous to its business. This is an example of a__________force. C. A company is considering a change in operations due to the new minimum wage increase. This is an example of a__________force. D. A company is debating whether to move its profits to an overseas account to avoid high tax payments. This is an example of a__________force. E. A company is dropping its current health insurance policies for employees since these policies do not meet the requirements of the Affordable Care Act. This is an example of a__________force. F. A company's profits for the year are lower than forecasted due to the change in requirements for nutrition labels. This is an example of a__________force. G.A company has issued a recall of turkey sandwich meat because it was found to have traces of harmful bacteria. This is an example of a__________force. H. An oil company promotes the benefits of fracking, a process of extracting oil and natural gas from underground rock. This is an example of a__________force. I. Business leaders join a coalition to team with political leaders about cutting public spending. This is an example of a__________force.
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Legal ; Regulatory Political Legal ; Regulatory Legal ; Regulatory Legal ; Regulatory Legal ; Regulatory Legal ; Regulatory Political Legal ; Regulatory
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The_________prohibits price discrimination that lessens competition, and it prohibits producers from giving preferential treatment to large buyers. This act of Congress was created to provide protection for and regulation of brand names and trademarks. It was the__________. Any company that uses unfair or deceptive acts and practices, even if competition is not negatively impacted, would be in violation of the__________. Advertising of foods and drugs falls in the jurisdiction of the Federal Trade Commission as a result of the passage of the__________
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Robinson-Patman Act of 1936 Lanham Act of 1946 Wheeler-Lea Act of 1938 Wheeler-Lea Act of 1938
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Consumer groups are communicating with clothing manufacturers about using a treatment on materials that has been linked to skin rashes. A snack and beverage company is reacting to consumer complaints about high sugar content in its products. As more people migrate to the United States, some companies are shifting their product offerings and marketing messages to appeal to the values of a new market. A company decides to make a sponsorship deal with a popular older celebrity in order to appeal to the aging characteristic of the market. A company decides to offer an all-natural, locally-sourced, organic version of its most popular product offerings due to a change in consumer demand. A furniture company is changing its marketing message to appeal more to singles.
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Consumerism Consumerism Cultural Values Demographic/Diversity Cultural Values Demographic/Diversity
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The business cycle consists of__________stages. A deep, prolonged period of recession can become a__________ characterized by an extremely___________unemployment rate. Throughout most of the 1990s, the United States' economy was in the__________stage of the business cycle. Up until the early part of the 2000s, Japan's economy experienced an extended period of___________ . Unemployment normally___________during a period of economic prosperity. During a recession, consumers' buying power normally___________ . Consumers' attitudes towards prices will vary depending on the state of the macroeconomic environment. For example, during a recession, consumers tend to be___________price conscious. On the other hand, during a period of prosperity, consumers tend to be_________price conscious.
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four depression | high prosperity recession decrease decrease more | less
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Select the appropriate step number next to each tactic listed according to the order in which the tactics should be implemented. Learn more about the ingredients our company uses in smoothies and see how they affect diabetes and obesity. Update the menu to include the nutritional value of each smoothie. Partner with the Obesity Action Coalition and the American Diabetes Association. Reformulate our smoothie recipes with all natural/organic ingredients. Revamp company signage to promote the reformulated product.
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1 3 5 2 4
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The Food and Drug Administration announced new requirements for nutritional labels. Other smoothie and juice shops are introducing low sugar options to their menus. Market research indicates that consumers are willing to spend on healthy food options. There have been several local events and fairs promoting healthy lifestyles. Special interest groups are lobbying for a tax on products containing sugar. You have found that customers are responsive to nutritional surveys on social media.
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Legal ; Regulatory Competitive Economic Sociocultural Political Technological
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Refined copyright laws to protect digital versions of copyrighted materials, including music and movies. Outlaws illicit payments to foreign officials in order to obtain business. Regulates the collection of personally identifiable information like email addresses from minors. Amended the Lanham Act of 1946.
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Digital Millennium Copyright Act of 1990 Foreign Corrupt Practices Act of 1977 Children's Online Privacy Protection Act of 2000 Trademark Law Revision Act of 1988
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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?
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Technology has significantly changed the way that products are built and delivered to consumers.
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Which of the following statements is correct regarding the political forces in the marketing environment?
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A trade mission is when business executives and legislators visit foreign countries to meet potential clients or buyers
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Changes in these characteristics have a significant impact on relationships and individual behavior. In the last decade, the United States experienced the slowest growth rate in this characteristic since the Great Depression. Helps establish long-term consumer relationships by maintaining and enhancing the natural environment. The movement's major forces are individual consumer advocates, consumer organizations, and consumer education and laws.
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Demographic Characteristics Birthrate Green Marketing Consumerism
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It is important for organizations to determine when a technology is changing an industry and to define the_________of the new technology. The extent to which a firm can_________inventions stemming from research also influences its use of technology. The__________nature of technology relates to the fact that technology acts as a catalyst to spur even faster development. Mobile devices and consumers' increasing use of the Internet have changed how people__________and how marketers reach consumers. Technology determines how members of a society__________their physiological needs and has vastly improved communications.
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Strategic influence Protect Self-sustaining Communicate satisfy
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Select the correct economic concept with the appropriate economic scenario. The accumulation of past income, natural resources, and financial resources. Consumers use these funds to purchase entertainment and vacations. It is wages, rents, investments, pensions, and subsidy payments for a given period. The amount of money left after payment of taxes.
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Wealth Discretionary Income Income Disposable Income
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A company is facing declining sales in its breakfast cereal product line. There are several kinds of breakfast cereals available to consumers and the company's marketing team is determining how to deliver a differentiation strategy. Google's search engine is the most widely used channel for users searching the Internet with over 80 percent market share. Companies that sell salt do not generally raise or lower prices. Three cellular service providers dominate the market.
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Monopolistic Competition Monopoly Pure Competition Oligopoly
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One competitor has designed their app based on Distracted Driving Regulations drafted to deter drivers from dangerous behaviors. This app includes more features that restricts texting while driving and is priced at $3.99. This is an example of__________. One competitor is offering their new app under a trusted name that has been established in the automobile industry for several years. This app includes restricting texting while driving and is sold for $5.59. This is an example of__________. One competitor offers a physical device that detects texting while driving. This is an example of_________. Other businesses offer similar and complementary apps for $0.99. This is an example of_________.
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Product Competition Brand Competition Generic Competition Total-Budget Competition
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You are the head of the corporate acquisitions team at a major biotech company in Atlanta, Georgia. Your team has identified a couple of attractive acquisition targets that you would like to recommend to the Board of Directors for consideration. However, before you make a recommendation, you want to make sure that none of the acquisitions will raise any regulatory issues. In order to evaluate all potential regulatory issues, which one of the following analytical actions should you have your team complete prior to making any recommendations?
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A thorough analysis of the provisions of the Celler-Kefauver Act, the Clayton Act, and the Sherman Antitrust Act
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Environmental issues Interstate transportation industry Interstate Communications Food, drug, and cosmetic industries Business Practices Consumer Products
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Environmental Protection Agency (EPA) Interstate Commerce Commission (ICC) Federal Communications Commission (FCC) Food and Drug Administration (FDA) Federal Trade Commission (FTC) Consumer Product Safety Commission's (CPSC)
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You are an angel investor and you are evaluating the profit potential of an investment in a number of technology startup companies in Austin, Texas. To increase your odds of success you like to invest in companies that have little or no competition. Given your investment philosophy, which of the following situations should you invest in?
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Company C sells a product that has no substitutes in an industry that has many barriers to entry.
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A financial institution wishing to introduce a new agriculture commodity trading contract into the market. A hot, new technology company would like to go public. A new radio station would like to introduce a controversial, new program on its daily schedule. Importing of dog food manufactured in Spain
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Commodity Futures Trading Commission Securities and Exchange Commission Federal Communications Commission Food and Drug Administration
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Marketers will assess and interpret information obtained in an environmental scan by performing a(n)__________. The marketing environment includes different types of competitors. __________compete for the limited financial resources of the same customers. Automobile manufacturers compete in a(n)__________market structure where there are some barriers to entry. A__________is usually characterized by rising unemployment levels and declining consumer spending. When a consumer purchases a new wide screen television set, she is making a(n)__________purchase with what is left of her__________.
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Environmental Analysis Total Budget Competitors Oligopoly Recession Discretionary | Disposable
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Over the last few years, companies have come to recognize e-commerce sales are increasing at a much faster rate than brick-and-mortar sales. Accordingly, companies are focusing more on measuring the success of their websites in terms of sales generation and customer engagement. The list below represents some common metrics that companies use to measure the effectiveness of their websites in generating sales and engaging with their customers: Abandoned registrations - number of visitors who start the process of completing a registration page and then abandon the activity. Click-through - count of the number of people who visit a site, click on an ad, and are taken to the site of the advertiser. Page exposures - Average number of page exposures to an individual visitor. Cost-per-thousand (CPM) - sales dollars generated per dollar of advertising. Abandoned shopping carts - number of visitors who create a shopping cart and start shopping and then abandon the activity before paying for the merchandise. With respect to these metrics, which one of the following statements is true?
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The marketer would like to see items #1 and #5 as low as possible.
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The Act prohibits a number of activities, including trademark infringement, trademark dilution, and false advertising. An Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. Passed to close a loophole regarding asset acquisitions and acquisitions involving firms that were not direct competitors. Made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. Prohibits unfair and deceptive acts and practices regardless of whether competition is injured; places advertising of foods and drugs under the jurisdiction of the FTC. The Act sought to prevent anticompetitive practices. It specified particular prohibited conduct, enforcement schemes, exemptions and remedial measures.
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Lanham Act Sarbanes-Oxley Act Celler-Kefauver Act Dodd-Frank Act Wheeler-Lea Act Clayton Act
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The__________environment consists of factors that affect consumers' purchasing and spending power. The organization has no control over the___________environment. It can only respond to the changes taking place. __________help the company in promoting, selling, and distributing the goods to customers. __________data helps in preparing geographical marketing plans, household marketing plans, age, and gender oriented plans. The marketing environment includes that actors and forces outside marketing that affect__________management's ability to build and maintain successful relationships with__________customers.
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economic macro marketing intermediaries demographic marketing | target
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Unemployment rates are above normal levels and rising. Quarter-to-quarter Gross Domestic Product (GDP) growth is positive. Consumer prices are rising. Claims for unemployment are rising. New housing starts are declining.
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Contraction Expansion Expansion Contraction Contraction
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This measure enables consumers to gain buying power. When taxes rise, this income declines. The level of interest rates has a significant influence on the availability of this measure of buying power. Consumers purchase entertainment, appliances, and vacations with this measure of buying power. Because of differences in educational levels, professions, and wealth, this measure is not equally distributed in the United States.
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Wealth Disposable Income Credit Discretionary Income Income
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__________impacts of technology include concerns over privacy and intellectual property protection. __________and consumers' increasing use of the Internet have changed how people communicate and how marketers reach consumers. The expanding opportunities for__________are changing the relationship between marketers and consumers. Through__________,managers try to foresee the effects of new products and processes on the organization's operations, on other business organizations, and on society in general. Technology determines how members of society satisfy their__________needs and it has vastly improved communications.
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negative mobile devices e-commerce technology assessment physociological
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__________impacts of technology include concerns over privacy and intellectual property protection. __________and consumers' increasing use of the Internet have changed how people communicate and how marketers reach consumers. The expanding opportunities for__________are changing the relationship between marketers and consumers. Through__________,managers try to foresee the effects of new products and processes on the organization's operations, on other business organizations, and on society in general. Technology determines how members of society satisfy their_________needs and it has vastly improved communications.
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Competitive Legal and Regulatory Social Economic Technological
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Conduct marketing research to determine target market awareness and acceptance of the campaign. Determine the appropriate advertising channels to communicate the message to the target audience. Brand the social responsibility campaign. Determine how you will assess the campaign to determine its overall effectiveness. Conduct marketing research to determine the primary social causes that are of interest to your target market.
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5 4 2 3 1
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With this marketing strategy, companies link their products to an issue, belief, or perspective. A synergistic use of organizational competencies and resources for the benefit of all the organization's stakeholders. Principles and standards which define acceptable conduct in the execution of marketing strategies. The long-term well-being of the natural environment. Formalized rules and standards that describe what the organization expects from its employees.
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Cause-Related Marketing Strategic Philanthropy Marketing Ethics Sustainability Codes of Conduct
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A company makes reference to the Brazilian rainforest in its marketing campaign to encourage consumers to recycle. This is an example of_________. During new employee orientation, each employee is given a binder that outlines the standards that she or he is expected to adhere to. This binder is the company's__________. The CEO announces that the company is seeking to increase profits by 15% in the next fiscal year. This is an example of the__________dimension of social responsibility. The legal affairs department offers annual training to the global sales force to ensure they all understand the relevant laws and regulations. This is an example of the__________dimension of social responsibility.
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cause-related marketing code of conduct economic legal
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You have just learned that if your arthritis medication is taken with another leading over-the-counter pain reliever there may be an adverse reaction. You know a new generation of desktop computers is coming out, but you have a backlog of the old models in your current inventory for sales. You call one of your largest customers and tell them that you can get them a good deal on new computers, but do not tell them that new models will be out in months. The company agrees to buy 500 units. You are attempting to move the winter inventory to make room for summer sporting goods and clothing. You advertise that you are having a Winter Clearance Sale and drop the prices of the product minimally. You learn that competitors are creating counterfeit versions of your software and selling it though Internet sites around the world.
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Product Advertising and Promotion Pricing Distribution
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A large, successful company is working to acquire many of its smaller competitors in the marketplace so that it will have more control over product and pricing. This is an example of a_________issue. A real estate developer has just secured a permit to build on a 200-acre track that is inhabited by the endangered Preble's meadow jumping mouse. This is an example of a__________issue. A large beer manufacturer accidentally leaked some materials into a stream, which may have some health consequences for wildlife. This is an example of a_________issue. A company manufactures a very popular ice cream sandwich that its employees assemble by hand. Recently, the plant manager has noted that there has been an increased occurrence of carpal tunnel syndrome among the work force. This is an example of a_________issue. A defense contractor has moved one assembly plant to a poor section of Mexico, just across the border. The goal is to employ as many individuals as inexpensively as possible. This is an example of a__________issue. A company engages in the manufacturing of earth moving equipment. The plant is approximately 80 years old and employs outdated technology. The current plant operates at 50% efficiency compared to newer competitors. This is an example of a__________issue. A company offers a program for employees at the middle level of management or above to have tuition reimbursement for earning graduate degrees in business. This is an example of a__________issue. A company in the kidney dialysis business is working very hard to keep any litigation or news stories out of the media related to the health issues associated with particular types of kidney dialysis machines. This is an example of a_________issue.
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consumerism natural environment natural environment consumerism community relations natural environment community relations consumerism
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There has been a major flood and a request to donate money to help those in need. A decision needs to be made to determine how much a salesperson can spend on entertainment for customers. New cars are being purchased for salespeople, and the decision has been made to buy hybrid cars. A decision has to be made to begin labeling your company's potato chips as natural, even though they are no healthier than the average potato chip. The firm's sales manager tends to overlook a salesperson's questionable sales tactics because her sales results are high. A company has created a policy to limit customer service representatives from spending time on their personal social media sites while at work. To make an important sale to the Kingdom of Lione, King Kashtu requests a donation to his charity for homeless children in his country. An e-cigarette marketer must decide if it is okay to promote the health benefits of e-cigarettes. A company has made the decision to implement a code of conduct, even though there have not been any incidences of misconduct in the organization.
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social responsibility marketing ethics social responsibility marketing ethics marketing ethics marketing ethics marketing ethics marketing ethics marketing ethics
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While the founder continues to work at the payday lender, iWatch news and CBS News investigate to see if selling the firm to an Indian tribe was a bogus attempt to gain sovereign immunity. This is an example of a(n)__________factor. Employees are taught to threaten consumers in debt collection calls. This is an example of a(n)__________factor. There were allegations that consumers were deceived about the costs of their loans. This is an example of a(n)_________factor. The FTC settlement bars the company from requiring borrowers to agree in advance to electronic withdrawals from their bank account. This is an example of a(n)__________factor. AMG does Internet loans in states such as Colorado where the loans are illegal. This is an example of a(n)__________factor. The agreement to stop threatening to arrest or sue consumers eliminates the opportunity for misconduct. This is an example of a(n__________factor. Personal conflicts of interest are occurring at the organization, such as using firm resources for personal gain related to the individual. This is an example of a(n)__________factor. The sovereign model provides the opportunity for misconduct in violation of state laws. This is an example of a(n)__________factor.
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individual organizational relationship organizational relationship opportunity organizational relationship opportunity individual opportunity
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There is a new beer planned that is 9.0% alcohol with the brand name Stoned Hawk. A new advertising campaign is planned to target college students enjoying Blue Hawk ale at a football tailgate party. Currently, there are sales representatives that go into bars and promote Blue Hawk beers. There is a proposal to expand this program, with attractive Blue Hawk girls who buy beer and party with customers to encourage brand loyalty. The firm is currently selling its Cherry Lambic special seasonal brew for $15.00 per six-pack, which has twice the margin of its traditional Blue Hawk beers. Because many consumers do want to try unique craft beers, there is a discussion about releasing Blue Hawk to online beer stores, such as Bottle Select and Craft Shock, which can ship to most states. There is a suggestion of donating $2 per barrel to local communities for social causes in local communities. Blue Hawk has a tasting room at the brewery where visitors and consumers can taste 3-4 ounce samples of its beers. Blue Hawk has strong ethical leadership and a values statement but does not have a formal code of ethics or ethics program.
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Ethics Social Responsibility Ethics Social Responsibility Social Responsibility Social Responsibility Ethics Ethics
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Blue Hawk is developing a new brewing system that will require 15% less electricity. Blue Hawk is switching to all aluminum cans because they are 100% recyclable. Blue Hawk is switching to 100% renewable energy by installing more solar cells. The costs will result in an increase of 2 cents per can. Blue Hawk is launching a new marketing campaign focusing on natural ingredients, 100% recyclable packaging, and 100% use of renewable energy.
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Make Environmentalism Profitable Eliminate the Concept of Waste Make Prices Reflect the Cost Reinvent the Concept of Product
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__________is an organization's obligation to maximize its positive impact and minimize its negative impact on society. The code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong is called_________. A(n)_________is a situation that arises when all alternative choices have been deemed undesirable because of potential negative consequences, making it difficult to distinguish right from wrong. __________includes exaggerating packaging contents through subtle design, using misleading labeling or describing size in misleading terms. Marketing citizenship is the adoption of a(n)__________focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by___________
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Social Responsibility Ethics Ethical Dilemma Deceptive Packaging Strategic Stakeholders
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Marketers' response to planned obsolescence claims is that they are simply responding to consumers' constant desire to have the latest and greatest versions of products. Marketers' response to claims of poor service to disadvantaged consumers is that government regulators are there to protect against this and they do an effective job in that capacity. Marketers' response to too few social goods is that they and the purchasing consumers should share responsibility for paying the full social costs of their products. The marketers' response to too much political power is that while American industries do promote their own interests, government regulators are empowered to strike a balance between the interests of big business and the public good. Marketers' response to claims of cultural pollution is that their marketing campaigns are not intended for all consumers, and that advertising extends culture by making radio and television free to users. Furthermore, today's technology enables consumers to avoid marketing and advertising if they choose.
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matching
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Increasing evidence indicates that being socially responsible and ethical results in_________profits. __________is often the most visible interaction that consumers have with a firm. Marketers must evaluate the extent to which members of__________are willing to pay for what they want. Being socially responsible relates to doing what is economically sound, legal, ethical, and__________. The evidence is strong that a broad__________view of the firm can help improve marketing practices that contribute to improved financial, social, and ethical performance.
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increased marketing society socially conscious stakeholder
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Assume that one of the senators accuses your marketing intermediaries of marking up prices beyond the value they add to the supply chain. He further asserts that they do this because of the inefficiencies and duplication of services that are inherent in their activities in the supply chain. Which of the following responses would be your best response to the senator?
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Markups reflect the cost of the services that consumers expect. Our intermediaries enable us to provide these services like convenience, choice, service, and return privileges.
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In order to achieve an ethical corporate environment filled with employees who act ethically and embrace ethical behavior, a firm must do a number of things to support this objective. The firm should implement formal policies that are in writing and clearly outline what ethical practices should be set in place to avoid misunderstandings. The firm should set a tone at the top by ensuring that management acts with integrity all the time in all dealings on behalf of the firm. The firm should have a well-structured process for evaluating which job candidates place a premium on ethics and ethical decision-making. The firm should institute procedures and processes that ensure that actions and outcomes are credible, accurate and ethical. The totality of all these actions by the firm will serve to sustain an ethical workplace within the firm and within the minds of all employees in the firm. Rather than attempting to manage the media when ethical issues become public, the firm should focus on making sure ethical issues never arise in the first place.
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matching
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People learn values and principles through________by family members, social groups, religion, and formal education. An organization's__________has more influence on marketing decisions than an individual's own values. Ethical choices in marketing are most often made_________, in work groups and committees. Organizational culture and structure operate through____________relationships to influence ethical decisions. Professional codes of conduct influence___________by prescribing what behaviors are acceptable.
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socialization culture jointly organizational opportunity
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Ethical and socially responsible activities result in__________profits. Evidence suggests that a broad____________view of the firm can___________financial, social, and ethical performance. A stakeholder orientation helps to____________marketing perspectives by giving consideration to all the organizations' stakeholders.
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increased stakeholder | improve broaden
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It is important to provide assistance to private and public educational institutions. It is important that good corporate citizenship be defined as doing what is expected morally or ethically. It is important to maintain a high level of operating efficiency. It is important to recognize that corporate integrity and behavior go beyond mere compliance with laws and regulations. It is important to perform in a manner consistent with expectations of government and law. It is important to perform in a manner consistent with maximizing earnings per share.
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Philanthropic Responsibility Ethical Responsibility Economic Responsibility Ethical Responsibility Legal Responsibility Economic Responsibility
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You have just taken over as Chief Ethics Officer for a large financial institution based in London, England. Your first priority in your new job is to develop and implement an effective ethics education and monitoring program for your company. Which elements should be included as part of your ethics program? Select all that apply.
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Perform a background check on all new hires. Setup an anonymous hotline that employees can call to report unethical behavior. Develop a written Code of Conduct for all employees of the firm. Organize a seminar which educates employees on what actions constitute fraud.
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John came into the firm with a set of values and principles that immediately led him to making unethical decisions. His ethical decision-making is driven more by individual factors. Mary is learning to bend the rules by watching and learning from Elizabeth. Therefore, her ethical decision-making is being driven by organizational relationships. Chad has a lot of autonomy to make decisions as he deems appropriate. Even when his decisions are in violation of firm rules, he is still rewarded. Chad is making unethical decisions because the opportunity to do so seems to have no negative risk. His ethical decision-making is being influenced by the opportunity factor.
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matching
