MKT 1-8 – Flashcard
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Rather than being just a random activity, good marketing requires _____ in determining appropriate actions to produce sound decisions.
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thoughtful planning
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Understanding consumers' _____ is fundamental to marketing success.
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needs and wants
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The goal of a marketing exchange is that the parties to the transaction be satisfied.
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satisfied.
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A firm that creates value by developing a variety of offerings, including goods, services, and ideas, is doing so through which of the following element of the four Ps?
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Product
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A service is different from a good in that the benefit is
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intangible.
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A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings?
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Ideas
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Which of the marketing-mix elements corresponds to what the buyer gives up in the marketing exchange?
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Price
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Which of the marketing-mix variables represents all the activities necessary to get the right product to the right customer when the customer wants it?
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Place
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When an electronics company sells its global positioning systems to a car manufacturer, it is engaged in _____ marketing.
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B2B
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The _____ era embraced the belief that a good product would sell itself.
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production-oriented
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Which of the following is one of the core practices among value-oriented marketers?
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constantly measuring the benefits that customers receive against the costs of offerings
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A national hotel chain engages in conversations with its customers through Facebook and even allows them to book their hotel reservations through its Facebook page. This is an example of marketing using
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social media.
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According to your text, which of the following can be said regarding the use of social media in today's global economy?
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A big obstacle to the growth of social media is that only around 40 percent of the world's population has access to the Internet.
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Which of the following is not one of the core aspects of marketing?
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Marketing helps consumers learn about new products and services.
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Through the promotion element of the marketing mix, marketers attempt to _______ value.
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communicate
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Internet auction sites like eBay facilitate _______ marketing.
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C2C
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Which marketing era is characterized by an abundance of products allowing the buyer to make purchasing decisions on the basis of factors such as quality, convenience, and price?
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market-oriented era
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Which of the following best describes a relational orientation?
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Firms focus on the lifetime profitability of the customer relationship, not how much money is made during each transaction.
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Which of the following is one of the major considerations involved when a company develops its marketing strategy?
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identification of target markets
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Singapore Airlines is recognized as an industry leader for exemplary customer service, and has continued to add new ways to serve customers better than competitors. In doing so, it has focused on sustaining its competitive advantage through _____ excellence.
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customer
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Companies must deliver more value and satisfaction to target consumers than its competitors to gain a
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competitive advantage.
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Which of the following represents the three major phases of a marketing plan?
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planning, implementation, control
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The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?
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conducting a situation analysis
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A local coffee shop is known for poor customer service and an unclean, dirty environment. These factors would be classified as _____ in a SWOT analysis.
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weaknesses
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Toothpaste manufacturers understand that consumers have different needs when it comes to toothpaste (i.e., teeth whitening, sensitive teeth, breath freshening, and tartar control). Knowing that, they have divided the market based on these various needs and developed toothpaste to accommodate each group. By doing so, these toothpaste manufacturers are involved in
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market segmentation.
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Honda developed its new CR-Z hybrid model to a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being uniquely different from other hybrid models. This is an example of which of the following?
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market positioning
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Through which of the following marketing-mix variables do companies capture value from consumers, resulting in the generation of revenue?
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Price
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When marketers make their offering available when and where the customer wants it, which of the following elements of the marketing mix is involved?
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Place
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To evaluate the effectiveness or performance of a marketing strategy, firms typically use
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marketing metrics.
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Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan?
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GM (gross margin)
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The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called
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strategic business units.
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What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?
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relative market share and market growth rate
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General Motors determined that it would close down divisions that were in low-growth markets that had relatively low market shares. According to the BCG product portfolio analysis, GM was identifying divisions in the _____ category for closure.
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Dogs
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According to the BCG matrix, which type of product typically has excess resources that can be used to support other products that need additional resources?
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Cash cows
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Which of the following is one of the four major growth strategies marketers typically utilize?
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product development
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Starbucks recently introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. As he prepared for the instant-coffee product's North American rollout, Chief Executive Howard Schultz called Starbucks Corporation's Via Ready Brew "perhaps the biggest opportunity" in company history. This is an example of which growth strategy?
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product development
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Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?
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diversification
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Content that is distributed through online and mobile technologies to facilitate interpersonal interactions is referred to as
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social media.
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Through its Facebook page, a major restaurant chain is offering its customers a Groupon coupon for 50 percent off the purchase of a meal. In doing so, the restaurant is focusing on which aspect of the 4E framework?
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Exciting
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While shopping online for gardening supplies, Lana visits a website she had heard advertised on HGTV. Although she was not familiar with this particular firm, upon entering its website, Lana was able to learn about the company's value proposition as well as the benefits of their products. As a result, she decided to try out one of the company's most popular products. Which aspect of the 4E framework does this represent?
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Educate the customer
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If successful, marketers utilizing the first three Es of the 4E framework will have achieved the goal of _____ the customer.
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engaging
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Which of the following is a professional site that is designed to allow users to share information about their professional lives with others, post résumés, network with other professionals, and search for jobs?
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LinkedIn
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Which of the following types of blogs are written by people who review and give recommendations on products and servcies?
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professional
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Twitter is a type of
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microblog.
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How does a microblog differ from a traditional blog?
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A microblog is smaller in size—short sentences or short videos—whereas a traditional blog is typically longer.
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Which of the seven primary motivations for mobile app usage is the most popular?
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"Me time"
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Which of the following is not one of the seven primary motivations for using a mobile app?
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Advising
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A person who has loaded the Weather Channel app on his or her smartphone to get up-to-the-minute weather information is attempting to fulfill which primary motivation for using a mobile app?
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Discovery
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Showrooming is associated with apps designed to fulfill which primary motivation?
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Shop
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Which of the following is not a way of generating revenue from apps?
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Premium apps
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When a game or app prompts users to make small "micropurchases" to enhance the app or game, it is referred to as a(n)
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in-app purchase.
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Marketers analyze comments posted by consumers on sites such as Facebook and Twitter to assess the favorableness or unfavorableness of a company and its products in a process known as
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sentiment analysis.
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Which of the following is not a metric used by social media marketers to analyze data collected from social media?
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Cookie tracking
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Which of the following statements regarding the development and implementation of a social media marketing campaign is true?
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The images and messages used in a social media marketing campaign need to be updated almost constantly.
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Facebook's Ad Manager offers various metrics and reports, such as number of clicks on ads, audience demographics, and ad performance for specific time periods. This information would be used in which step of developing a social media campaign?
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Monitor and change.
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If a company wants to determine where people have come from to get to its website, it would use which metric?
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Keyword analysis
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Which of the following represents the primary ethical dilemma for marketing managers of publicly held firms?
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Balancing shareholder interests with the needs of society
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Applying sound ethical principles in marketing situations
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must be a continuous and dynamic process.
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The most basic corporate social responsibility to employees is to
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ensure a safe working environment.
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As noted in your text, which of the following ranks as the top unethical behavior by employees as reported by chief marketing officers?
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Participating in misleading or deceptive sales tactics
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Josie feels pressure to increase sales, so she decides to purposely mark up the price on a new shipment of sweaters and then immediately put them on sale. Even though she is deceiving the customer, Josie justifies her decision by knowing that management will be pleased with the increase in revenue. However, Josie's decision may have serious consequences for the company in the long term. What does your text suggest as a way to avoid the consequences that can result from such behavior?
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Making sure the short-term goals of each employee are aligned with the long-term goals of the firm
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Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are involved in
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corporate social responsibility.
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A firm makes generous donations to charities, but its employees are always being scrutinized for engaging in questionable sales practices. This firm would be considered
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unethical but socially responsible.
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Which of the following is an accurate statement about corporate social responsibility?
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A firm's employees must engage in ethical practices in order to be socially responsible.
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When firms are applying an ethical framework for making decisions in a questionable situation, the first step is to
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identify issues.
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Vashon, a manager at a marketing research firm, is trying to determine if his firm was acting ethically when it conducted its latest study. In doing so, he is evaluating whether or not the research respondents were told the real purpose of the study before proceeding. This involves which step of the ethical decision-making framework?
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Identifying issues
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In using the ethical decision-making framework, a firm should consider the impact of its actions on its employees, suppliers, and customers—otherwise known as the firm's
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stakeholders.
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What tool would a marketing executive use to ensure that he or she has applied all relevant decision-making criteria to assess his or her confidence in having come to a decision that respects the rights and dignity of all stakeholders?
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An ethical decision-making metric
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The objective of the last step of the ethical decision-making framework is to weigh various alternatives and choose the most appropriate action to take. What action should be taken if the marketer is not confident about that decision?
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Reexamine other alternatives.
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Which of the following is not a question that might be used on an ethical decision-making metric?
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Would I be able to profit in some way from this action?
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With regard to the ethical decision-making metric, which of the following questions best represents the transparency test?
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Could I give a clear explanation for the action I'm contemplating that would satisfy a fair moral judge?
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In the _____ phase of the strategic marketing planning process, the tone of decision-making questions are centered on the notion of "should we?"
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implementation
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What phase of the strategic marketing planning process would you find marketers including ethical statements in the firm's mission or vision statements?
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Planning
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In the _____ phase of marketing strategy, marketers must determine whether they truly have acted in an ethical and socially responsible manner.
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control
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When Pepsi reduced the saturated fat content in its Frito-Lay Ruffles potato chips to join forces with the America on the Move (AOM) program, which stakeholder category was this combined effort targeting?
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Customers
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Which of the following is the best example of corporate social responsibility affecting the marketplace?
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An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit.
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Which of the following entities is at the center of the marketing environment?
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Consumers
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Which of the following frameworks for analysis is comprised of a company's capabilities, competitors, and corporate partners?
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Immediate environment
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In the immediate environment, what is the first factor that affects the consumer?
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The company itself
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When a firm evaluates how other companies react to the firm's marketing activities, it is attempting to understand which aspect of the immediate environment?
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Its competitors
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Your text describes the macroenvironmental factors that operate in the external environment by which acronym?
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CDSTEP
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Culture, demographics, social issues, technological advances, economic situations, and the political/regulatory environment are all factors that make up which of the following frameworks of analysis?
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Macroenvironmental factors
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Broadly defined, _____ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people.
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culture
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In New England, soft-drink beverages are called soda while in many other parts of the country they are called pop. This is an example of the effects of
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regional culture.
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Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?
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Religion
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_____, also known as Millennials, constitutes more than 60 million members in the United States alone and were born between 1977 and 2000.
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Generation Y
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After World War II, the birthrate in the United States rose sharply, resulting in a generational cohort known as
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Baby Boomers.
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Which of the following best describes the current income distribution in the United States?
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Income between the highest-income and lower-income groups has grown more polarized.
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_______ consumers in the United States have increasing influences on mainstream U.S. culture, and the buying power of this group is projected to reach $1.3 trillion in 2015.
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Hispanic
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Firms that disingenuously market products as environmentally friendly with the goal of gaining public approval and sales, rather than actually improving the environment, are guilty of
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greenwashing.
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The ability of marketers to use mobile applications, Facebook, and Twitter to more effectively target and reach their customers is an example of which macroenvironmental factor?
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Technological advances
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Which of the following is the most likely result of inflation?
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Consumers will switch to less expensive options for necessities.
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The cost of borrowing money is measured by
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interest rates.
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The discrepancy between a consumer's actual state and desired state is associated with which of the following steps in the consumer decision process?
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Need recognition
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Which of the following pertains to the performance of a product or service?
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Functional needs
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_____ pertain(s) to the personal gratification consumers associate with the product or service.
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Psychological needs
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The vast majority of products and services are likely to satisfy
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both functional and psychological needs.
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According to the consumer decision process, after consumers recognize the need for a product, they then engage in
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an information search.
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_____ involves the buyer considering his own personal knowledge about a product based on past experience.
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An internal search for information
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The fact that a family would spend a lot more time researching the market before buying a new car than it would in the decision to purchase an inexpensive kitchen appliance, like a coffeemaker, can best be explained by which of the following concepts?
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Perceived benefits versus perceived costs of search
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Of the five types of risk associated with purchase decisions, which one involves the perceived danger inherent in a poorly performing product or service?
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Performance
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When a manufacturer offers a money-back guarantee on the purchase of its products to show that the products will perform as expected, it is most likely attempting to alleviate which risk?
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Financial
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External agencies and government bodies publish safety ratings for cars to help consumers alleviate _____ risk.
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physiological
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Alternative evaluation often occurs while the consumer is engaged in which of the following steps of the consumer decision process?
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Information search
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When consumers are engaged in the consumer decision process, the specific brands or stores they can readily recall in a product category are referred to as their _____ set.
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retrieval
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The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called
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evaluative criteria.
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Marketers that set unrealistically high consumer expectations of a product through advertising or other types of promotion may generate higher initial sales, but it will eventually lead to _____ if the product fails to achieve these expectations.
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postpurchase dissatisfaction
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Sometimes called buyer's remorse, _______ is the internal conflict that arises from an inconsistency between two beliefs, or between beliefs and behavior.
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postpurchase cognitive dissonance
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According to Maslow's hierarchy of needs, which of the following needs do people seek to meet first before meeting any other need?
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Physiological
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What are the three components that make up a person's attitude?
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Cognitive, affective, behavioral
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According to the elaboration likelihood model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision?
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The level of involvement
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A purchase decision that typically involves (at most) a moderate amount of effort and time is called
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limited problem solving.
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_____ reflects the link between consumers' demand for a company's product and the company's purchase of necessary inputs to manufacture or assemble that particular product.
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Derived demand
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In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer.
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manufacturers
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Which of the following is an example of a reseller?
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Wholesaler
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In terms of business markets, organizations like hospitals that provide goods and services to people in their care are classified as
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institutions.
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With its estimated outlay of over $500 billion for fiscal year 2014, the Pentagon represents which type of B2B organization?
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Government
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Which of the following statements regarding the B2B buying process is true?
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In the B2B buying process, the search for information and evaluation of alternatives is more formal and structured.
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The business-to-business buying process is initiated by which of the following steps?
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Need recognition
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Used by many smaller companies to help streamline procurement or distribution processes, _____ is an Internet site whose purpose is to be a major starting point for users when they connect to the web.
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a web portal
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In the B2B buying process, _____ can provide tremendous cost savings for firms because they eliminate periodic negotiations and routine paperwork, and offer the means to form a supply chain that can respond quickly to the buyer's needs.
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web portals
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In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale.
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Proposal analysis, vendor negotiation, selection
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Which of the following is not one of the six buying center roles?
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Advisor
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The individual who controls the flow of information or access to important decision makers serves as the _____ in the buying center.
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gatekeeper
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A firm's _____ reflects the set of values, traditions, and customs that guide its employees' behavior.
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organizational culture
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In a(n) _____ buying center, one person is authorized to make a decision, but input from others is gathered before doing so.
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consultative
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Autocratic buying centers are characterized by
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a single decision maker.
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Which of the following social media tools is mainly used for professional networking in the B2B marketplace?
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LinkedIn
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Most B2B buying situations can be categorized into three types: new buys, straight rebuys, and
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modified rebuys.
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The purchase of capital equipment by a company, which would likely be quite an involved process, is an example of a _____ situation.
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new buy
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In _____, the buyer is often the only member of the buying center involved in the process.
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straight rebuys
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In a _____ situation, the buying center is likely to proceed through all six steps in the buying process and involve many people in the buying decision.
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new buy
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The processes by which goods, services, capital, people, information, and ideas flow across national borders are referred to as
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globalization.
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According to your text, which of the following is not one of the fundamental changes that have resulted in global markets?
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Increased use of tariffs and embargoes by countries
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If a firm wants to conduct a country market analysis, it must look at major economic factors using well-established metrics. Which of the following is not a major economic factor that the firm would consider?
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Trade agreements
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Because the United States imports more goods than it exports, it operates under a(n)
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trade deficit.
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The most widely used metric used to gauge the size and market potential of an economy is ______, which is defined as the market value of the goods and services produced by a country in a year.
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gross domestic product
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_____ includes both the market value of the goods and services produced by a country in a particular year plus the net income earned from investments abroad.
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Gross national income
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In most cases, _______ are intended to make imported goods more expensive and thus less competitive with domestic products, which in turn protects domestic industries from foreign competition.
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tariffs
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The United States wants to limit the amount of a product that can be imported into the country for a period of time by setting a maximum import quantity. To do so, the United States should institute
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a quota.
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The measure of how much one currency is worth in relation to another is referred to as
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the exchange rate.
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Which of the following is the major trade agreement between the United States, Canada, and Mexico?
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NAFTA
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Which of Hofstede's cultural dimensions relates to a willingness to accept social inequality as natural?
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Power distance
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Which of the following accurately represents the countries that make up what is known as the BRIC countries?
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Brazil, Russia, India, China
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Which BRIC country is one of the world's fastest-growing markets and is home to one of the youngest populations in the world?
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India
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The global entry strategy whereby goods are produced in one country and sold in another is known as
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exporting
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_____ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized.
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Franchising
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A(n) _____ forms when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared.
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joint venture
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Which global entry strategy has the highest degree of risk?
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Direct investment
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The global product strategy a firm chooses depends on
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the needs of its target market.
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In pricing products in parts of Europe, including Belgium, Italy, Spain, Greece, and France, U.S. companies need to be aware that sales (i.e., temporary promotional discounts)
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are allowed only twice per year.
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As noted in your text, the complexity of a global distribution channel is determined by
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how many firms a seller needs to deal with to get its merchandise to the customer.
