Marketing 2015

good marketing is not a random activity
Understanding a customer’s needs is fundamental to marketing success?
Marketing’s fundamental purpose is to create value by developing a variety of offerings that will earn income for the company
Strong supplier relations and efficient supply chains help firms such as Walmart to achieve operational excellence.
The strategic planning process always proceeds sequentially through the five steps
Sandisk’s MP3 player product line (called the Sansa) has a low relative market share. the MP3 player market is expected to decline over the next few years. In BCG portfolio analysis, the Sansa would be considered a dog.
The four P’s include product, promotion, planning, and place.
Price should be based on the value that the customer perceives
The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.
If a firm wants to develop a sustainable competitive advantage, it should
A. begin an aggressive campaign to buy up competitors
B. copy the innovative features of others firms that are attractive to customers
C. examine its operations and customer relations to identify significant things competitors cannot easily copy****
D. Increase its marketing budget so that it outsides its competitors
E. arrange to meet with competitors to discuss how to avoid direct competition
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
A. Planning****
B. Implementation
C. Control
D. Segmentation
E. Metric
For years, when considering new products, marketers at Celestial Seasonings asked themselves, “What would Stacy think?” Stacy was a fiction character representing 25-50 year-old, educated, upper-income women who rarely watched television but did a lot of reading. “Stacy” represented Celestials primary…
A. Demographic segment
B. Positioning
D. Target Market Segment****
E. Sustainable Competitive Advantage
Henry Ford’s Statement, “Customers can have any color they want so long as it’s black,” typified the ___________ era of marketing…
A. Production-oriented****
B. Sales-oriented
C. Market-Oriented
D. Value-Based Marketing
E. Retailing oriented
In delivering value, marketing firms attempt to find the most desirable balance between…
A. the need for value and the perception of value
B. explicit versus implicit value.
C. providing benefits to customers and keeping costs down****
D. the desire to satisfy customers and the need to keep customers from running the company.
E. the need for product improvement and the need for advertising
After hurricanes like Katrina, many small building contractors will flock to the damaged area, charging whatever customers will pay for temporary repairs to roofs and other parts of damaged homes. These contractors are engaged in a(n) __________ marketing orientation…
A. Transactional
B. External
C. Relational
D. Internal
E. Value Driven****
Marketing enriches society by…
A. Focusing solely on maximizing profits.
B. Sponsoring charitable events
C. Recognizing that the firm can do very little by itself, so it should stay focused on its core competencies.
D. Facilitating the smooth flow of goods through the supply chain.****
E. Coordinating marketing functions with other functional areas in the company.
The thing of value that you get people to give up for their things of value.
represents all the activities necessary to get the product to the right customer when that customer wants it.
everything the buyer gives up–money, time, energy– in exchange for the product.
Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.

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