MKT 327 – Flashcard
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What is the social process called that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the society's objectives?
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Macro-Marketing
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Which of the following is one of the results of marketing connections at the macro level? A) Exchange B) Personal Goals C) Improved Quality of Life D) Information.
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Improved Quality of Life
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Which of the following produces (as opposed to create) value primarily through production marketing, as opposed to marketing or innovation (select all that apply)? Task Time Place Form Possession
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Form & Task
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Which of the following is NOT related to the purpose of marketing? 1. Identify the needs and wants of customers within markets 2. Create customer value 3. Make connections between companies and customers 4. Contribute to organizational success 5. Establish organization's managerial structure
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Establish organization's managerial structure
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Which of the following creates (as opposed to produce) value primarily through marketing (select all that apply)? Task Time Place Form Possession
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All of them (check this answer)
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The essential function of marketing includes which of the following types of connections (select all that apply)? Communal (connections in the network of a community) Transactional Psychological Physical
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Communal (connections in the network of a community) Psychological Physical
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Marketing effectiveness is defined by which of the following statements? 1. What consumers perceive they gain from a product over and above its cost 2. The degree to which an organization's activities produce results that matter to consumers 3. The degree to which activities are carried out without waste of time or money, and without any negative impact on satisfying customer needs and wants. 4. A fundamental psychological or physical requirement of human nature that motivates behavior
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The degree to which an organization's activities produce results that matter to consumers
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Which of the following economic utilities involves having the product available where the customer wants it? Task Time Form Place Possession
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Place
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Which of the following produces (as opposed to create) value primarily through marketing, as opposed to production (?select all that apply) Task Time Form Place Possession
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Time, place, possession
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Which of the following economic utilities involves obtaining a good or service and having the right to use or consume it? Task Time Form Place Possession
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Possession
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The marketing mix is to micro marketing as which of the following is to macro marketing. A) organizations and customers B) components of an industry. C) universal marketing functions D) social capital
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C) universal marketing functions
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All of the following statements are true with respect to macro marketing expect for which one? A. It encourages specialization B. It focuses on the flow of goods and services between economic sectors C. It emphasizes the role and impact of individual organizations D. It allow mass production and the reaching of economies of scale
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C. It emphasizes the role and impact of individual organizations
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Which of the following best defines the term 'customer perceive value', or just customer value? A) Buyer's benefits at a specified price B) A cluster of benefits that an organization promises to its customers C) The affordability and accessibilty of a specified product or service. D) The main underlying motivating factor underlying a customer's purchase decision
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A) Buyer's benefits at a specified price
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Value in a marketing context is defined by which of the following statements? A. What consumers perceive they gain from a product over and above its cost B. The degree to which an organization's activities produce results that matter to consumers C. The degree to which activities are carried out without waste of time or money, and without any negative impact on satisfying customer needs and wants. D. A fundamental psychological or physical requirement of human nature that motivates behavior
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A. What consumers perceive they gain from a product over and above its cost
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Which of the following statements defines micro-marketing (or managerial marketing)? A) The activity for creating, communicating, delivering, and capturing the value from offerings that benefit the organization, its stakeholders, and society. B) The trade of things of value between a buyer and a seller so that each is better off. C) The idea that defines the role of marketing in an organizational, stating that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals. D) Linking the organization to the individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
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A) The activity for creating, communicating, delivering, and capturing the value from offerings that benefit the organization, its stakeholders, and society.
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One part of the statement defining the essence of marketing refers to the formation of community, connections, and relationships. Which of the following terms involves the marketing activities directed at achieving these objectives? A) market creation. B) market penetration. C) commercialization. D) relationship marketing.
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A. Market Creation
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Which of the following statements best defines the concept of macro marketing? A. The social mechanism that fuels economic development and improved quality of life by connecting members of a society and sectors of an economy enabling specialization B. The process by which organizations creates, communicates, delivers, and captures value in order to build strong relationships in order to create customers C. The set of activities to establish and communicate one's self image and personal assets in order to form and sustain relationships and achieve personal goals. D. The creation of something new that has value to some constituency.
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A. The social mechanism that fuels economic development and improved quality of life by connecting members of a society and sectors of an economy enabling specialization
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Utility is a term that describes the want-satisfying potential of a good or service. What are the four fundamental types of utility?
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form, place, time, ownership
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Marketing performs its most essential role at three broad levels macro, micro, and personal. At the macro level marketing serves as which of the following? A) social mechanism. B) business function. C) profit center. D) strategic business unit.
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A) social mechanism.
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How does marketing perform its most essential role at the macro level? A) Though the marketing mix. B) Though the marketing concept. C) Through specialization. D) Through the universal marketing functions.
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D) Through the universal marketing functions.
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The essence of marketing has been stated to be the creation of community, connections, and relationships, and using them as a platform to discover customer needs and wants and to create, communicate, deliver, and capture value in order to create a customer. This statement can be divided up into ___ main areas of marketing responsibilities or managerial focus.
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Two
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Marketing with meaning is about improving customers' lives through the marketing itself. True or false?
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True
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Which of the following statements defines a community? (select all that are correct) A collection of individuals or organizations with a common need, and the desire and ability (in terms of accessibility or affordability) to satisfy that need. A group of individuals or organizations with common purpose , linked perspectives or experiences, and physical or virtual proximity. A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services. A collection of individuals or organizations with a common need
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A group of individuals or organizations with common purpose , linked perspectives or experiences, and physical or virtual proximity.
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In the article, "What Marketing with Meaning Can Do For You" the definition of the term 'meaning' is synonymous with which of the following concepts? brand ideals shared consciousness purpose community
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Brand ideals and purpose
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Which of the following defines moral responsibility, one of the underlying components of a community? The factor that motivates community member's allegiance to that community and their behavior within it. The community member's affiliation or sense of belonging to the community The artifacts or communal actions that embed meanings into the community The community member's sense of duty or the community's behavioral norms
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The community member's sense of duty or the community's behavioral norms
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One part of the statement defining the essence of marketing refers to the formation of community, connections, and relationships. Which of the following terms involves the marketing activities directed at achieving these objectives? A) market creation. B) market penetration. C) commercialization. D) relationship marketing.
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A) market creation.
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Marketing with meaning is about improving customers' lives through innovation and the functional effectiveness of the product or service provided. True or false?
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False
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A community-centric marketing strategy tends to increase all of the following except for which one? costs authenticity innovation growth
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costs
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Marketing with meaning is about turning strangers into friends and friends into customers. True or false?
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False
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A community-centric marketing strategy is most effective in which of the following situations High market Growth Limited competition Low profit margins Economic or industry downturn
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Economic or industry downturn
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Which of the following defines identity, one of the underlying components of a community? The factor that motivates community member's allegiance to that community and their behavior within it. The community member's affiliation or sense of belonging to the community The artifacts or communal actions that embed meanings into the community The community member's sense of duty or the community's behavioral norms
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The community member's affiliation or sense of belonging to the community
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Which of the following statements defines a market? (select all that are correct) A collection of individuals or organizations with a common need, and the desire and ability (in terms of accessibility or affordability) to satisfy that need. A group of individuals or organizations with common purpose , linked perspectives or experiences, and physical or virtual proximity. A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services. A collection of individuals or organizations with a common need
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A collection of individuals or organizations with a common need, and the desire and ability (in terms of accessibility or affordability) to satisfy that need. A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services.
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What is a place where a company might have room to maneuver in a crowded playing field?
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White space
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All of the managerial marketing tasks below are part of the market creation activities except for which one? Creating Physical connections delivering value Discovering needs and wants Creating Community
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delivering value
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A product that delivers tangible and emotional value is in essence delivering ___
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Meaning
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A higher purpose that appeals to a universal human value and governs everything an organization does defines which of the following?
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Brand Ideal
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The collective common beliefs, perspectives, and identity held by members of community with respect to some purpose or cause, or object or brand defines the term __
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shared consciousness
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Which of the following refers to a group of individuals, groups, or organizations that are integrated within a dynamic network of environmental cause and effect activities that share purpose and proximity? A) connections. B) community. C) channels. D) markets.
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B. Community
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Which of the following defines purpose, one of the underlying components of a community? The factor that motivates community member's allegiance to that community and their behavior within it. The community member's affiliation or sense of belonging to the community The artifacts or communal actions that embed meanings into the community The community member's sense of duty or the community's behavioral norms
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The factor that motivates community member's allegiance to that community and their behavior within it.
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A community-centric marketing strategy tends to increase which of the following factors? costs competiton innovation company entrenchment
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Innovation
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The monetary amount of a product or service reflecting its perceived value and enabling organization to achieve financial goals.
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Price
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The extent to which consumers attach or associate some psychological meaning to a product or service.
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Symbolic
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The extent to which a product or service creates appropriate experiences, feelings, or emotions for a buyer.
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Experiential
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A want-satisfying value that is created when knowledge and materials are converted into a finished product capable of performing some desired function.
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Form
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Setting the objectives for communicating value and creating the messages and formants for achieving them.
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Promotion
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A want-satisfying value that is created by making it possible to transfer title of goods or services from one party to another; or transfer authorization for usage from one party to another.
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Ownership
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A want-satisfying value that is created when a product or service is made available when it is wanted
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Time
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Any physical object, service, idea, person, event, place, or organization offered to satisfy consumers' needs and wants.
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Product
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Which of the following is NOT a want? shelter a Big Mac Goldfish crackers Pantene shampoo an iPhone 6
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Shelter
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A ____ is what consumers perceive they gain from owing or using a product or service over and above the cost of acquiring it.
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value, customer value
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The ownership utility is different from the cost/sacrifice utility or value. True or false?
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True
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Which of the following would be required for wants to become demands (or a market)? person has desire to satisfy want person has access to product or service person can afford product or service all of these components are required
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all of these components are required
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There are two critical tasks associated with the essence of marketing: market creation (formaing connections) and market penetration (capturing value). True or false?
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True
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Which of the following is an element of the customer retention process as opposed to the customer acquisition process? loyalty want value relationship or relational exchange
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loyalty and relationship or relational exchange
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Which of the following elements are part of the customer acquisition process as opposed to the customer retention process? satisfaction loyalty demand relationship
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Demand
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The marketing mix needs to be blended when a company develops a marketing program. Which of the following is NOT an element of the marketing mix? price product place position promotion
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Position
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A___is a set of activities that an organization carries out to create value for its customers.
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value chain
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According to text, ideas, goods and services are exchanged in which of the following markets? consumer markets business-to-consumer (B2C) markets and business-to-business (B2B) markets non-profit markets internal markets all of the answers are correct
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all of the answers are correct
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What are the six key forces important in creating and capturing value?
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relationships, sustainability, technology and E-commerce, global, diversity and ethics
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The marketing mix consists of four elements, commonly referred to as the "Four P's" They are:
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product, price, promotion and place.
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The development and maintenance of successful relational exchanges through interactive, ongoing, two-way connections amoung customers, organizations, suppliers and other parties for mutual benefit is called:
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relationship marketing
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The philosophy of customer orientation focuses on which of the following?
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satisfying customer needs and wants
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A want is a specific form of consumption that satisfies what?
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a need
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Marketing tries to satisfy needs and wants. A need is which of the following?
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a fundamental requirement
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The creation of value through innovation and the marketing mix helps marketing form connections at which level?
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Micro
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Which of the following best defines (managerial) marketing? an organizational philosophy that focuses on satisfying consumer needs and wants advertising, point-of-purchase displays and personal selling the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large the business environment of serving customers to meet their needs through vision, planning and delivering situational analysis, targeting marketing, positioning and marketing mix decisions
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the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
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Sustainable competitive advantage refers to a strategy that:
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competitors cannot easily duplicate or surpass.
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Non-profit organizations tend to have stronger selling propositions than business organizations, because their constituents having greater involvement with organization's respective cause. True or false?
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False
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Not-for-profit organizations are required to keep financial records that can be easily understood, audited, and tracked. This is referred to as ___
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Transparency
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The personal capabilities of a person which are characterized by relationships with other people, or which are about how person approaches life and work is referred to as a ___
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soft skills
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The term ___ refers the ability of a person to recognize and manage their own and others' emotions.
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emotional intelligence
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Campaigns to combat drunk driving, drugs and domestic violence are:
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cause marketing
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Which of the following terms refers to the ability of the company to provide products that satisfy customer needs and wants?
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Being on code
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Which of the following terms refers to the extent the company and its actions are consistent with environmental conditions expected in the future?
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Being able to compete
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In the knowledge generation process knowledge directly results in
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query
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Which of the following parts of a marketing information system primarily deals with internal data?
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Knowledge management
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Which of the following is a data or information requirement for understanding stakeholders?
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Intermediaries
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Assessing a factor's impact and understanding the forces driving its expected changes are associated with the first step in a S.W.O.T. analysis. True or false?
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True
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Assessing a factor's impact and understanding the forces driving its expected changes are associated with the first step in an environmental scan. True or false?
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False
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Determining the extent to which an organization's capabilities will enable it to operate successfully in the market environment it will face is the purpose of which of the following analyses procedures?
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SWOT analysis
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The choice framework model plays a role in which stage of the customer decision making process?
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alternatives evaluation
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The ___ conflict occurs when a consumer desires two objectives but cannot have both.
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approach-approach
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A product life cycle provides guidelines for a skeleton tactical marketing plan. True of false?
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True
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A company has assessed through its information foundation analyses that buyers of its very frequently purchased product planned moderately before their purchase of their product and makes several comparisons over time. The company should classify this product as a(n)___product.
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staple
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The final stage in the new-product development process, when the product is introduced into the market is called
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commercialization
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If a marketing manager wanted to increase the percentage of its target market taking the action of purchasing, which of the following communication mix should receive the majority of funding?
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Personal selling
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Product liabilities and warranties are alternative courses of action for which of the basic product management decisions?
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Customer service
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The evaluation of alternatives for services is based more on surrogate cues the higher the credence. True or false?
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True
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Purpose driven branding is important in terms of creating community as a platform for sales. True or false?
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False
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A good ad should: reach the target audience. be creative. be understandable. be memorable. All of these answers are correct.
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All of these answers are correct.
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Reaching the consumer requires the ad to possess:
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Exposure and stopping power.
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A unique aspect of personal selling relative to other promotional mix elements (not including social media) is ___ communication
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two-way
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What type of sales occurs when the salesperson meets at the customer?s (buyer?s) place of business?
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Field selling
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Discount, service and hybrid are three:
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strategies related to service levels and pricing.
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Digital Direct Marketing is a synonomous term for online marketing? True or false?
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False
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Which types of costs are most relevant for pricing decisions?
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Incremental
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Intel differentiates its products through outstanding innovation and R&D. It uses the ________________________ strategy.
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Product leadership
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In its early years, the company grew steadily as a result of its heavy investment in marketing communications. True or false?
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False
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A company's long-term plan for using resources to pursue goals and objectives in competitive arenas is called:
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strategy
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Which of the following is an analysis process that is part of a marketing plan's information foundation as opposed to a strategic framing decision? A) Buyer Behavior B) Positioning C) Segmentation Analysis D) Product Classification
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a) Buyer behavior
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Which of the following elements of a typical marketing information system tends to deal with the analysis and presentation of information as opposed to the collection and analysis of information? A) knowledge management. B) marketing research. C) marketing or competitive intelligence. D) Decision support systems.
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D) Decision Support Systems
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Marketing performs its most essential role at three broad levels macro, micro, and personal. At the macro level marketing serves as which of the following? A) social mechanism. B) business function. C) profit center. D) strategic business unit.
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A) Social mechanism
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Which of the following statement defines a tactical implementation plan? A writen document describing company marketing objectives and how to broadly achieve them in light of competitive activities. statement of an organizational operating philosophy A written document for a SBU providing guidelines for achieving desired strategic position and creating customers. a short-term plan for actions and reactions to specific market conditions for how each part of the controllable marketing variables will be used to achieve the stategic marketing plan goals
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a short-term plan for actions and reactions to specific market conditions for how each part of the controllable marketing variables will be used to achieve the stategic marketing plan goals
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Which of the following is NOT a step of the marketing strategy process? target marketing licensing situational analysis marketing mix decisions positioning
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licensing
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Which of the following is NOT an element of a marketing plan? situation analysis positioning target marketing integrating the marketing mix manufacturing
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manufacturing
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Sectors of society are to macro marketing as which of the following is to micro marketing. A) organizations and customers B) components of an industry. C) individuals D) departments within an organization.
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A) organizations and customers
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Which of the following refers to a group of individuals, groups, or organizations that are integrated within a dynamic network of environmental cause and effect activities that share purpose and proximity? A) connections. B) community. C) channels. D) markets.
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community.
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Which of the analysis procedures below (that are part of the marketing information foundation) provide insights for potential customers and the market at large? situation analysis target market analysis S.W.O.T. analysis competitor analysis marketing audit
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target market analysis
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A management information system is the process of defining a marketing problem and/or opportunity, then systematically collecting and analyzing information, and recommending actions. True or false?
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False
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Selling products and generating a profit is the essence of marketing. True or false?
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False
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How does marketing perform its most essential role at the macro level? A) Though the marketing mix. B) Though the marketing concept. C) Through specialization. D) Through the universal marketing functions.
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D) Through the universal marketing functions.
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Which of the following is correct with regards to needs and wants? A) Wants produce needs. B) Demand produces wants and needs. C) Wants satisfy needs. D) None of the above.
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C) Wants satisfy needs.
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Which of the following terms refers to the ability of the company to provide products that satisfy customer needs and wants? being on course having correct content being able to compete being on code being customer oriented
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Being on code
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Profiling and naming a group of consumers with similar demographic and psychographic characteristics is the _________ step in an _______________ analysis. A) 1st; Buyer Behavior B) 3rd; Target Market C) 2nd; Segmentation D) 4th; Buyer Behavior
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C) 2nd; Segmentation
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Satisfaction is exclusively a function of the product's performance and quality. True or false?
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False
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Which of the following best defines the term 'customer perceive value', or just customer value? A) Buyer's benefits at a specified price B) A cluster of benefits that an organization promises to its customers C) The affordability and accessibilty of a specified product or service. D) The main underlying motivating factor underlying a customer's purchase decision
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A) Buyer's benefits at a specified price
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges defines which of the following? A) a marketing orientation. B) marketing management C) Satisfaction. D) marketing effectiveness.
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B) marketing management
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Which of the following actitives is associated with the strategic framework stage of the marketing planning process? positioning S.W.O.T. target market analysis marketing mix plan marketing control process
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positioning
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Which of the analysis procedures below that are part of the marketing information foundation provide insights for whether organization is on course?(select all answers that apply) situation analysis target market analysis S.W.O.T. analysis competitor analysis marketing audit
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situation analysis SWOT Analysis
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Which of the following steps in a strategic marketing plan is part of the information foundation? Positioning Pricing Plan Control Process S.W.O.T. Analysis
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S.W.O.T. Analysis
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All of the managerial marketing tasks below are part of the market creation activities except for which one? Creating Physical connections delivering value Discovering needs and wants Creating Community
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delivering value
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In most cases the Target Market Analysis process should end (its last step) with which of the following? A) Segmentation Analysis B) Psychographic factors C) Positioning D) Consumer Analysis
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A) Segmentation Analysis
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Measurable, substantial, and accessible are informational items for the first step in a segmentation analysis? A) True B) False
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False
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A company is aggresively marketing a shopping product (could be homogeneous or heterogeneous). Which of the following should be the focus of its 'skeleton plan' in terms of promotional efforts? A) Awareness B) Trial C) Differentiation D) Uniqueness
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C) Differentiation
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Which of the following decisions considers trade shows, display booths, and contests? Sales Promotion Personal Selling Advertising Public Relations
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Sales Promotion
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Which alternative below is a true statement regarding positioning, segmentation, and integrated marketing communications? A) These decisions are tactical in nature B) These are strategic framing decisions C) Alternatives A and B are both correct D) Alternatives A and B are both incorrect
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B) These are strategic framing decisions
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Because it is difficult to successfully appeal to all market segments, companies often select certain segments for emphasis, this process is called which of the following terms? Positioning Focusing Target marketing Sales maximization
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Target marketing
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Which of the following statements best defines a general marketing strategy? A guiding framework for developing a skeleton marketing plan that identifies which aspect of demand the firm should focus on how a firm will allocate Its resources to protect its weaknesses and/or exploit its strengths a 'bare bones' outline of the tactical portion of a detailed marketing plan. the number of people with the desire to satisfy a discovered need with particular want; and who also have the ability to satisfy that want.
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A guiding framework for developing a skeleton marketing plan that identifies which aspect of demand the firm should focus on
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All of the following are true regarding how Product Classification and Life Cycle help marketers except for which one? They provide blueprints for marketing strategies They provide the key mechanisms for creating value. They help improve marketing efficiency They help define tactical actions for various situations
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They help improve marketing efficiency
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Which of the following best describes what product classification is? defines how consumers purchase products and how they use those products. defines the role product oriented decisions play in the overall marketing strategy. defines the assets linked with the brand name and symbol of a product. None of the above
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defines how consumers purchase products and how they use those products.
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The purpose of Advertising is: Inform consumers with messages that provide information for later use. Persuade by changing consumers attitudes and opinions. Remind consumers about products. Reinforce to encourage repeat purchasing. All of these answers are correct.
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All are correct
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All of the following are true regarding how product classifications help marketers except for which of the following? A) They provide blueprints for marketing mix strategies. B) They provide tactical guidelines for creating value. C) They help improve marketing efficiency. D) They help define tactical actions for various situations.
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C) They help improve marketing efficiency.
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Which of the following is one of the alternative positioning strategies? A) Undifferentiated B) Demand Focus C) Increase Ability to buy D) Nicher Strategy
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B) Demand Focus
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A shopping product is in the introduction stage of the life cycle and consumers are at the awareness stage. Which communication objective is usually most appropriate for this situation? A) Persuade B) Inform/Educate C) Differentiate D) Reinforce/Stabilize
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B) Inform/Educate
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Which of the following characteristics best defines the difference between marketing intelligence and marketing research? Marketing intelligence depends on internal data Marketing research depends on external data Marketing research is primarily from secondary data Marketing intelligence continually collects information
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Marketing intelligence continually collects information
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Which of the following is true of a General Marketing Strategy it frames who will be targeted it frames the needs, wants and meanings to be marketed it frames the marketing mix actions to achieve desired position it frames the marketing mix actions to defend desired position
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it frames the marketing mix actions to achieve desired position
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Which of the following stages in the product life cycle involves building the brand name, adding distributors and creating product extensions and options? Introduction Growth Maturity Decline None of these answers are correct
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Growth
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The assets linked to a brand name and the symbol that adds value to the product refers to which of the following? Brand Equity Brand Warranty Brand Association None of the Above
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Brand Equity
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All of the following are true regarding how Product Classification and Life Cycle help marketers except for which one? They provide blueprints for marketing strategies They provide the key mechanisms for creating value. They help improve marketing efficiency They help define tactical actions for various situations
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They help improve marketing efficiency
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Which of the following is a role of pricing over and beyond the recovering of costs associated with a product or service? Establish Value Become a Competitive Advantage Achieve Positioning All of the above are pricing roles
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All of the above are pricing roles
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Which of the following would not be part of the total price concept? Money Contractual Terms Effort Time Spent
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Contractual Terms
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A shopping product is in the introduction stage of the life cycle and consumers are at the awareness stage of the AIDA model, therefore which communication objective is usually most appropriate for this situation? Persuade Provide Information Differentiate Reinforce/Stabilize
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Provide Information
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___ is what happens when a company attempts to capture each of its targeting segments with a unique marketing strategy.
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Differentiation
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Determining whether objectives are met or not would occur in which stage of the Integrated Marketing Concept Plan? Select Target Market Select Communication Mix Develop Budget Measure Results
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Measure results
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Gaining awareness for the product and establishing distribution should be the focus of a firm's marketing strategy in which stage of the life cycle? Introduction Growth Maturity Decline
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Introduction
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Which of the following statements best defines the concept of demand management? Selecting which aspect of demand (the number of buyers, there desire to buy, their physical ability to buy, or their financial ability to buy) the firm should focus on. how a firm will allocate Its resources to protect its weaknesses and/or exploit its strengths a �bare bones� outline of the tactical portion of a detailed marketing plan. the number of people with the desire to satisfy a discovered need with particular want; and who also have the ability to satisfy that want.
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Selecting which aspect of demand (the number of buyers, there desire to buy, their physical ability to buy, or their financial ability to buy) the firm should focus on.
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Which of the following is not considered a classification of consumer products? operating unsought emergency convenience specialty
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operating
