question

In class, we looked at Generational Cohorts, including the "Greatest Generation." Which of the the following is NOT a subset of the Greatest Generation cohort group?

answer

Baby Boomers

question

In class, we heard from one of our video guest lecturers, Don Kosec, on the impact of generational preferences on:

answer

the use of landlines for phones.

question

According to the lecture, Kanye West was one of Def Jam's artists. He was a top rapper in the industry AND is a successful producer as well. His career is on the upswing in a high growth part of the music industry. For Def Jam, Kanye was a:

answer

Star

question

All of the following statements are true EXCEPT:

answer

During the 2000s, more people migrated from suburbs to exurbs.

question

If Ben & Jerry's sold more units of its Bonnaroo Buzz Fair Trade-sourced super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a __________ strategy.

answer

market penetration

question

A competitive advantage refers to

answer

a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

question

Generation X

answer

is the largest segment of business travelers.

question

An action item list refers to an aid to implement a marketing plan that consists of four columns: (1) the task; (2) the person responsible for completing that task; (3) __________; and (4) what is to be delivered.

answer

the date to finish the task

question

MySpace.com is a social network that is targeted primarily to people under the age of 25 years old. In 2005, when MySpace was the leading social network, News Corp, owner of The Wall Street Journal and Fox News, bought the firm for $580 million. Since then, its membership has declined precipitously due to changing consumer preferences. As a result, News Corp. sold MySpace to a group of investors for a paltry $38 million in mid-2011. This is an example of how __________ forces impact the marketing environment.

answer

social

question

In class, we thought about the need to do environmental scanning to identify and interpret potential trends. This requires both:

answer

data collection AND intelligent assessment.

question

When it comes to using SWOT analysis in the real business world, Fred Hunt, Director of Marketing for Sherwin-Williams tells us:

answer

Few techniques from the MBA are used more than SWOT analysis

question

Which American Cohort's coming-of-age experience consisted of economic strife, elevated unemployment rates, and having to take menial jobs to survive.

answer

Depression Cohort

question

In its business portfolio analysis, an organization's SBUs often start as "__________" and eventually become "__________."

answer

question marks; dogs

question

A marketing strategy refers to

answer

the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.

question

Consider Figure 2-7 above. A Florida-based flashlight company has been extremely successful due in part to the number of hurricanes in Florida that result in power outages. The firm is thinking of expanding its product offerings to include other emergency supplies such as generators and survival kits (consisting of food bars, a water filtration system, first aid supplies, etc.). Before going ahead with this decision, there were several factors that had to be taken into consideration: (1) The firm has a great reputation with its flashlights and does not want to ruin it. (2) Its physical plant could be refitted relatively easily to make small generators, but it would be rather costly. (3) It would have to rely on another firm to manufacture and package the survival kits. (4) Although there are nine named hurricanes anticipated for the upcoming year, no one really can predict what will happen. The company's reputation would fall in which quadrant(s) of the SWOT analysis grid?

answer

"A"

question

The Sierra Club is the oldest continuously operating environmental organization. By 2001, its growth had plateaued. To rekindle interest in the organization, its members elected a new 23-year-old president who promised to use MTV artists to create public service announcements about the organization targeting his generational cohort, who are members of

answer

Generation Y.

question

Generational marketing refers to

answer

different marketing programs developed for each generational cohort due to each group's distinctive attitudes and behaviors.

question

The Boston Consulting Group (BCG) uses __________ to quantify performance measures and growth targets to analyze its clients' SBUs as though they were a collection of separate investments.

answer

business portfolio analysis

question

In class, we discussed three types of competition that marketers must think about. Which of the following is a good example of "substitute product" competition?

answer

A ticket to the Indians, Cleveland Browns, or Cleveland Orchestra

question

The Electronic Signatures in Global and National Commerce Act makes digital signatures as valid as non-digital pen-and-ink signatures. This act created a demand for software and hardware that would collect, transmit, and receive digital signatures. This example indicates how __________ forces can work together in the marketing environment.

answer

technological and regulatory

question

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. "Stars" are SBUs that are classified as having

answer

high market growth rates and high relative market shares.

question

Microsoft, Intuit, and Yahoo are building new facilities in Quincy, WA, a town that previously had a population of 3,500. Along with these new neighbors, the residents of Quincy are also going to get more traffic lights, a strip mall, higher housing prices, and new jobs. This example best illustrates a(n) __________ change that will impact the people and businesses of Quincy.

answer

economic

question

Rhone-Poulenc is an international French company that produces and markets a variety of chemicals and pharmaceuticals. Due to the resources it makes available to its scientists and researchers, the company has a number of Nobel Prize winners working in its laboratories. This ability to employ some of the finest minds in the world is an example of a

answer

competency.

question

In class, we talked about the impact of social forces on people. Important to businesses and marketers, these forces affect how people live and ______________.

answer

what, where, and how they buy.

question

In our class discussion of the Strategic Marketing Process, we talked about the need to IDENTIFY groups of buyers who (a) have common needs and (b) will respond differently to a marketing effort. What did we call this?

answer

Market Segmentation

question

In class, we looked a the influence on marketing of a population's characteristics such as age, gender, ethnicity, income, and occupation. What type of environment factor did these concern?

answer

Social

question

Most firms seek to maximize their long-run __________, achieving as high a financial return on their investments as possible.

answer

profits

question

The money that remains after paying for taxes and necessities is referred to as __________.

answer

discretionary income

question

The overwhelming response by bargain-hunting consumers to Groupon's online deals is an example that demonstrates the change in consumption orientation known as

answer

value consciousness.

question

The strategic marketing process involves three phases: planning, implementation, and

answer

evaluation.

question

When participating in major projects in college marketing classes, effective teams can make use of a __________ to be sure that each team member does a fair amount of work and that their class projects are finished efficiently and on time.

answer

Gantt chart

question

To assist marketers in gathering data on the population, the U.S. Census Bureau has developed a classification system to describe the varying locations of the population. The system consists of two types of __________.

answer

statistical areas

question

In class, we looked at the environment element of racial and ethnic diversity. Based on what we heard, if you wanted to reach a large African-American audience, what state might you want to focus on?

answer

New York

question

In class, we looked at Generational Cohorts and their values. Which cohort did we hear is the most team-oriented and patriotic group?

answer

The World War II cohort

question

At the U.S. Census Bureau, gross income is referred to as __________.

answer

money income

question

Market segmentation refers to

answer

aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.

question

Which of the following statements about the American household is MOST ACCURATE?

answer

One of the fastest-growing types of households are those adults who has moved back home with their parents.

question

Gross income refers to

answer

the total amount of money made in one year by a person, household, or family unit.

question

The most recent estimate indicates that the population of the world today is about __________.

answer

7.1 billion

question

A family formed by merging two previously separated units into a single household is referred to as a

answer

blended family.

question

In Business in the News, we heard that as a part of its $3.5 million Hurricane Harvey relief efforts Target gave the 10,000 employees in the affected area what?

answer

A $100 store gift card

question

In our class discussion of the Strategic Marketing Process, we looked at the Marketing Program in terms of the 4 P's of the Marketing Mix. Which of the following is NOT a strategic element in the Marketing Mix?

answer

Hmmm...actually, these are ALL elements in the Marketing Mix!

question

Based on the lecture, what do you want to do if your SWOT analysis finds a weakness inside your organization?

answer

Once discovered, you should work to convert weaknesses to strengths

question

An organization's competencies include all of the following EXCEPT:

answer

a profit

question

Which of the following is not likley to DECREASE discretionary expenditures?

answer

a decrease in savings.

question

Significant changes in attitudes of men and women have occurred during the past thirty years. However, __________ believe that there is still a need for improvement in the workplace and in politics.

answer

women of Generation Y

question

All of the following are time periods that the U.S. economy experienced a period of recession EXCEPT:

answer

2010-2013

question

Consider the photo above of Apple's personal computers (PCs), such as the MacPro, iMac, and MacBookPro. With the arrival of tablet devices, such as Apple's iPad in 2010, global PC industry sales slowed and then declined. However, Apple's Macs have bucked this trend, increasing its global unit market share from 10 to 12 percent. By 2016, global PC unit sales are expected to fall dramatically due to the explosion in tablet device sales. Apple's Mac PC SBU appears to be a __________.

answer

dog

question

All of the following reasons explain the change in adult coffee consumption EXCEPT:

answer

there was an increase in away-from-home consumption due to an increase in consumers' discretionary incomes.

question

In Marketing in the News, we heard that Bloomingdale's rolled out an interactive 60-second video at the same time as what event?

answer

New York Fashion Week

question

When it comes to using SWOT analysis in the real business world, Fred Hunt, Director of Marketing for Sherwin-Williams tells us:

answer

Few techniques from the MBA are used more than SWOT analysis

question

In class, we discussed three types of competition that marketers must think about. Which of the following is a good example of "brand competition?"

answer

A consumer deciding whether to buy Crest, Colgate, or Arm & Hammer toothpaste

question

The College Board reports that since 2000, college tuition and fees have increased by 143 percent whereas family incomes have risen less than 19 percent. This is an example of a(n) __________ economy.

answer

inflationary

question

A firm conducting an environmental scan of the marketplace might uncover key __________ like the growth of crowdfunding and 3D printing.

answer

trends

question

By 2050, the world's population is expected to be __________.

answer

9.6 Billion

question

Consider Figure 2-5 above. A family owns a gelato business in a small town square next to a park, which is a favorite place for parents and children to stop on their way home from work to relax or school to play. However, the business owner is barely making ends meet. He experiments by purchasing a refrigerated cart and takes it to the local baseball and softball fields where he sells the gelato to the teams and their fans. Sales of gelato soar and profits begin to rise. This is an example of a __________ strategy that would be found in quadrant __________.

answer

market development; "C"

question

The marketing manager looks for two kinds of deviations, each triggering a different kind of action: (1) actual results fall short of goals and (2) __________.

answer

actual results exceed goals

question

One way a company can benefit from implementing a market penetration strategy would be to

answer

sell the same amount of product at a higher price in the same market.

question

In class, we heard that one company has developed approaches to appeal to Gen Z, including use of Periscope and building campaigns around cultural moments such as "promposals." What company did we heard about that is taking this approach?

answer

Taco Bell

question

In class, we heard about a company that captures the attention of Post-War cohort customers, by carrying many older brands, and even bringing them back to life! What company did we hear about that uses this marketing strategy?

answer

The Vermont Country Store

question

The strategic marketing process

answer

is an approach whereby an organization allocates its marketing mix resources to reach its target markets.

question

Offering a Champion brand heart pacemaker with features needed by Asian patients is an example of Medtronic's

answer

product/service strategy.

question

American Express has a long history of working for the good of all in its New York community. In 1885, it engaged its employees to help raise money to build the pedestal of the Statue of Liberty. Today, it has a program to help restore, preserve and revitalize historic sites in New York City. These actions by American Express are partial fulfillment of the __________ the firm has established for itself as a corporate citizen.

answer

social responsibility goals

question

In the U.S. alone, roughly 500 million computers will become obsolete by 2017. These computers contain more than 2 billion pounds of what will become lead waste that is harmful to the environment. As a result, computer manufacturers are being pressured to accept the return of used computers for the safety of communities. This environmental issue reflects a problem with __________, a technological issue within the marketing environment.

answer

recycling

question

During step 2 of the strategic marketing process, firms like Medtronic engage in all of the following marketing activities EXCEPT:

answer

develop the marketing program

question

The initial step in the strategic marketing process is to begin planning by conducting a

answer

situation (SWOT) analysis.

question

In Marketing in the News, we heard that Bloomingdale's has partnered with what company in rolling out a new interactive 60-second video?

answer

Cotton Incorporated

question

In class, we talked about the impact of social forces on people. Important to businesses and marketers, these forces affect how people live and ______________.

answer

what, where, and how they buy.

question

In Marketing in the News, we heard that YouTube advertisers are targeting millennials the most. Interestingly, we heard that millennials:

answer

spend the least amount of money.

question

Over a period of several decades, coffee consumption declined from 75% of the adult population in 1962 to 49% in 2004. Then, it increased to 64% in 2012. A firm with a good marketing orientation would have

answer

explored the reasons behind these changes.

question

Which of the following trends identified in an environmental scan is a competitive trend?

answer

Microbusiness impact will increase through peer-to-peer websites.

question

In Figure 2-4 shown above, SBUs found in quadrant "B" would be called __________.

answer

question mark

question

All of the following are commonly held values in the counties outside the U.S. EXCEPT:

answer

equality

question

The __________ element of the marketing mix includes channels and transportation.

answer

place

question

In Marketing in the News, we heard about a new research report that says YouTube reaches what percent of all Americans on the internet?

answer

81%

question

In class, we talked about the process of continually acquiring information on events occurring outside the organization. What did we call this process?

answer

Environmental Scanning

question

Which of the following brands would be a Cash Cow for Coca-cola?

answer

classic coke

question

The purpose of environmental scanning is to

answer

only identify and interpret trends in the marketplace.

question

A marketing strategy to increase sales of current products in current markets is referred to as

answer

market penetration.

question

Evergreen Air Center is the world's biggest parking lot for unwanted aircraft. Airlines pay a monthly fee from $750 to $5,000 to mothball their unneeded airplanes at this site. Its location is on 1,600 acres of Arizona desert near Tucson. The Southwest climate of dry, warm air serves as a cheap and effective airplane preservative against rust. Evergreen's location is a(n)

answer

competency.

question

Which of the following would be identified as a social force in an environmental scan?

answer

an increase in Asian immigration

question

Recent data on consumer expenditures indicate that the savings rate of U.S. consumers has __________.

answer

risen to 3.7 percent

question

The social forces in the environment include the __________ of the population and its values.

answer

demographic characteristics

question

In Marketing in the News, we heard that, unexpectedly, Baby Boomers not only watches YouTube advertising ____________, but also accounts for nearly ___________ of consumer expenditures each year.

answer

more often; 50%

question

In class, we looked at Generational Cohorts. Which group did we hear became the nation's largest living generation in 2015?

answer

Generation Y (Millennial Generation)

question

Consider the photo above of Apple's iPhone 5C. Apple launched its revolutionary iPhone in 2007, the first smartphone that used a multi-touch user interface. iPhone unit sales skyrocketed. Recently, smartphone sales have slowed as the industry moves into the maturity stage of its product life cycle. But Apple's sales have remained strong. By 2017, the smartphone market is expected to grow at a compound annual rate of 13 percent due to dropping average smartphone prices. Apple's iPhone had a 15 percent share of the global smartphone market in 2013—second to Samsung, whose share was 41 percent. Apple's iPod SBU appears to be a __________.

answer

question mark/star

question

Those characteristics of a product that make it superior to competitive substitutes are referred to as __________.

answer

points of difference

question

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. "Dogs" are SBUs that are classified as having

answer

low market growth rates and low relative market shares.

question

Quadrant "A" in Figure 2-7 above represents a(n) __________ in a SWOT analysis.

answer

strength

question

Electronic commerce refers to

answer

any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.

question

According to Figure 2-5 above, which two marketing strategies would be used if a firm were NOT willing to find new markets.

answer

product development and market penetration

question

Playaz Circle, a rap duo signed to a subsidiary of Def Jam, had a successful single, "Duffle Bag Boy." Def Jam invested in them and their album, which was a flop. From the perspective of the BCG Portfolio matrix, Def Jam should:

answer

Seriously consider disinvesting from Playaz Circle. It seems likely they will become a Dog.

question

The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. "Stars" are SBUs that are classified as having

answer

high market growth rates and high relative market shares.

question

When compared to baby boomers, members of Generation X are MORE LIKELY to invest their money in __________.

answer

housing

question

Objectives refer to

answer

statements of an accomplishment of a task to be achieved, often by a specific time.

question

The key steps of planning, implementation, and evaluation are part of (the)

answer

strategic marketing process.

question

In Marketing in the News, we heard that the new Apple iPhone X has a base price of about:

answer

999

question

In class, we head about economic factors that can influence marketing efforts. We heard that the auto industry has had several years of growth. However, we heard that the auto industry had to learn a basic economic less: Adjust production for _________.

answer

overall demand

question

In class, we heard from one of our video guest speaker (Mr. Muller) about they evaluate how well they are accomplishing their marketing strategy. One important managerial point that he makes is that when evaluating results, your people will tend to:

answer

pay attention to what you measure.

question

Remote suburbs are called __________.

answer

exurbs

question

IBM's business strategy to help its clients be more efficient, productive, and responsive to the data generated from the revolution in the global marketplace concerning the instrumentation and integration of the world's processes and infrastructures is referred to as

answer

"Smarter Planet."

question

The set of values, ideas, and attitudes that are learned and shared among the members of a group is referred to as __________.

answer

culture

question

The total amount of money made in one year by a person, household, or family unit is referred to as __________ income.

answer

gross

question

The __________ element of the marketing mix includes features and packaging.

answer

product

question

By 2030, which racial or ethnic group will have the largest racial or ethnic population in the U.S.?

answer

hispanics

question

In class, we looked at the environment element of racial and ethnic diversity. Based on what we heard, if you wanted to reach a large African-American audience, what state might you want to focus on?

answer

new york

question

A road map for the marketing activities of an organization for a specified future time period, such as one year or five years, is referred to as a __________.

answer

marketing plan

question

Market development refers to the marketing strategy of

answer

selling current products to new markets.

question

In Figure 2-4 shown above, SBUs found in quadrant "A" would be called __________.

answer

star

question

Which age segment of the U.S. population is expected to grow to 72 million people or almost 20 percent of the population by 2030?

answer

people aged 65 and over

question

According to the TEXTBOOK, Step 3 in the planning phase of the strategic marketing process consists of

answer

the marketing program.

question

Several years ago, Black & Decker purchased General Electric's small appliances product line. Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry. GE's small appliances product line is MOST LIKELY a __________ for Black & Decker.

answer

cash cow

question

In Marketing in the News, we heard the Mattel is investing in Hot Wheels with a new ad campaign. The focus of the ad we saw was on:

answer

Mom, demonstrating wild driving skills...and playing with the child.

question

Buying a book at www.amazon.com to give as a birthday present is an example of a(n) __________ transaction.

answer

electronic commerce

question

Olay's promotions for its Total Effects cleansing cloths, which fight signs of aging, are targeted toward

answer

baby boomers.

question

Which phase of the strategic marketing process does a firm obtain resources, design the marketing organization, develop schedules, and execute the marketing program?

answer

implementation phase

question

Demographers predict that the number of people in the U.S. aged 65 and over will __________ by 2030.

answer

almost double

Marketing Mini Test 2 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards