question

Marketing Mix or 4 P's:

answer

Product Price Place Promotion

question

Core Aspects of Marketing:

answer

-Marketing helps create value -Marketing affects various stakeholders -Marketing can be performed by both individuals and organizations -Marketing is about satisfying customer needs and wants -Marketing entails an exchange -Marketing requires product, price, place, and promotion decisions

question

The American Marketing Association states that:

answer

marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

question

The marketing plan is broken down into various components-

answer

how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the customer.

question

Which of the following is not a core aspect or marketing? a)Marketing requires product, price place and promotion decisions b)Marketing helps create value c)Marketing entails an exchange d)Marketing mush occur in a specific setting

answer

d)Marketing mush occur in a specific setting

question

Of the 4 P's, _____ is whatever the buyer gives up in exchange for product--for example, money, time, or energy.

answer

Price

question

Importance of Marketing:

answer

-Can be entrepreneurial -Expands global presence -Pervasive across channel members -Enriches society

question

For which of the following reasons is marketing considered important? -Marketing lowers the cost of developing a new product -Virtually every person and organization is involved in marketing -Advertising is loved by everyone -Marketing expands global presence

answer

-Virtually every person and organization is involved in marketing -Marketing expands global presence

question

Typical Supply Chain Order:

answer

1. Supplier of raw materials 2. Manufacturer 3. Retailer selling finished goods

question

Promotion:

answer

Communicating Value

question

Place:

answer

Delivering Value

question

Product:

answer

Creating Value

question

Price:

answer

Capturing Value

question

Ideas:

answer

include thoughts, opinions, and philosophies; intellectual concepts such as these can also be marketing. Groups promoting bicycle safety go to schools, give talks, and sponsor bike helmet poster contests for members of their primary market--children. Then their secondary target market segment, parents and siblings, gets involved through their interactions with the young contest participants.

question

Services:

answer

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

question

______ is the component of the four P's of marketing that is used by marketers to inform, persuade, and reminds potential buyers about a product or service to influence their opinions and produce a response.

answer

Promotion

question

_______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

answer

Product

question

Identify all of the areas where Marketing may have a positive impact: -enriches society -can be entrepreneurial -production afterthought -expand global presence

answer

-enriches society -can be entrepreneurial -expand global presence

question

What were the primary characteristics of the market-oriented era? -Consumers had to purchase products of inferior quality -Products were designed to focus on consumers' needs -It was a buyer's market -It was a seller's market -Consumers had a limited range of products from which to choose

answer

-Products were designed to focus on consumers' needs -It was a buyer's market

question

In the marketing mix, value is communicated to the consumer by which elements of the 4Ps?

answer

Promotion

question

A product can be broken down into services, ideas, and goods. What are goods?

answer

Items you can personally touch

question

A _______ is any INTANGIBLE offering that involves a performance, or any effort by the provider, that cannot be physically possessed.

answer

service

question

Nike and Reebok, primarily make athletic shoes, select the different ways these firms add value to their products: -by offering customer designs under its brand -copying designs from competitors -by enlisting popular celebrities to endorse their designs -manufacturing in China with cheap labor

answer

-by offering customer designs under its brand -by enlisting popular celebrities to endorse their designs

question

Firms marketing directly to each other are participating in business-to-__________ marketing.

answer

business

question

Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of _________.

answer

value co-creation

question

When consumers market products, it is known as ________ marketing.

answer

C2C

question

A core aspect of marketing, borrowed from economics, includes a(n) ___________, which is a transaction in which things of value are traded by buyers and sellers.

answer

exchange

question

Which of the following are related to marketing in the production-oriented era? -Retailers were considered places to hold inventory until it was sold -Manufacturers were concerned with product innovation, not with satisfying the needs of the individual -Personal selling was used to market products -There was an excess supply of product, and the consumer was the king

answer

-Retailers were considered places to hold inventory until it was sold -Manufacturers were concerned with product innovation, not with satisfying the needs of the individual

question

Production-Oriented Era: Henry Ford, the founder of Ford Motor Company, once famously remarked,

answer

"Customers can have any color they want so long as it's black."

question

Turn of the Century: 1920: 1950: 1990:

answer

Turn of the century-1920:Production 1920-1950: Sales 1950-1990: Marketing 1990: Value-based

question

Which of the following are characteristics Marketers seek in potential customers: -selling the product to every customer -customers who have an interest in the products -customers who have an ability to buy the products or services

answer

-customers who have an interest in the products -customers who have an ability to buy the products or services

question

Why is a strong supply chain important?

answer

It helps to get merchandise to customers when and where they want it

question

Which of the following are members of the supply chain? -Manufacturers -Competitors -Retailers -Advertisers

answer

-Manufacturers -Retailers

question

A ________ plan is a document developed by a company to specify its marketing activities and strategy for a specific period if time.

answer

marketing

question

Marketing is about satisfying ________ and ________.

answer

needs; wants

question

In a _______ orientation, lifetime profitability is more important than the amount of money made during each transaction.

answer

relational

question

The process by which businesses sell to other firms, who then use the goods and services to make other products to sell, is known as business to ________ marketing.

answer

business

question

Value

answer

reflects the relationship of benefits to costs, or what you get for what you give. In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time.

question

Production-oriented era:

answer

Build a good product and it will sell itself

question

Sales-oriented era:

answer

Lots of advertising and personal selling are the keys to success

question

Market-oriented era:

answer

A growing focus on meeting customer needs and wants

question

Value-based marketing era:

answer

There is more to marketing than jut meeting needs and wants; consumers also expect a fair return for the price they pay

question

When Frito-Lay makes snacks, the company creates value, and essential parts of this created value are the product's:

answer

-taste -brand identity

question

Many businesspeople believe that marketing should focus on factors other than financial goals, such as:

answer

corporate citizenry

question

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ___________.

answer

segmentation

question

Some benefits of staying at a luxury hotel might include: -superior business center -room service -quality -low price

answer

-superior business center -room service -quality

question

Which of the following are examples of consumer costs? -Time -Packaging -Price -Advertising

answer

-Time -Price

question

Getting cash from an ATM is considered a _________ transaction.

answer

service

question

Business-to-business marketing can impact several aspects of business and society. Which of the following factors are affected?

answer

-Employees -Partners -Customers

question

Value-oriented marketers measure the ______ that customers perceive against the cost of their offerings.

answer

benefit

question

In order to compete successfully most firms today have to provide their customers with better ________ than their competitors.

answer

value

question

Most marketers carefully seek customers who have interest in the product they are selling as well as a(n) __________ to buy the product.

answer

ability

question

Value-based marketing firms implement their strategies according to what _______ value.

answer

customers

question

What is the fundamental factor involved in buyer-seller relationships?

answer

Exchange

question

A method of providing additional value to customers by allowing them the opportunity to act as collaborators is known as value ____________.

answer

cocreation

question

Marketing is the activity, set of institutions, and processes that creates, captures, communicates, and ______ value.

answer

delivers

question

________ is one of the elements of the four P's that embodies all activities essential to get the product to the right customer when and where that customer wants it.

answer

Place/Placement

question

Value-oriented marketers outperform their competition by: -satisfying needs -developing loyalty -paying higher salaries -charging the highest possible prices

answer

-satisfying needs -developing loyalty

question

During the sales-oriented era, firms found an answer to overproduction by extensively employing:

answer

aggressive selling and TV advertising

question

In what chronological sequence did marketing evolve beginning from oldest to most recent?

answer

1. Production-oriented era 2. Sales-oriented era 3. Marketing-oriented era 4.Value-based marketing era

question

Firms become value driven by focusing on which of the following activities? -Balancing customer benefits and costs -Building relationships -Good hiring practices -Paying taxes -Sharing information

answer

-Balancing customer benefits and costs -Building relationships -Sharing information

question

One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their _____________.

answer

competitors

question

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking _________ which, reflects the relations of benefits to costs.

answer

value

question

People who organize, operate, and assume the risks of a business venture such as idea creation, production, funding, and market development, are called ____________.

answer

entrepreneurs

question

Which of the four Ps represents all activities necessary to get an offering to the right customer when the customer wants it?

answer

Place

question

Which of the following are components of the price paid by the buyer? -Cultural Imperialism -Energy -Ethical Climate -Time -Money

answer

-Energy -Time -Money

question

Firms achieve operational excellence through which of the following? -Excellent supply chain management -Efficient operations -Strong relationships with suppliers -Focusing on human resources as little as possible

answer

-Excellent supply chain management -Efficient operations -Strong relationships with suppliers

question

In _______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook

answer

portfolio

question

When a company focuses on having _________ excellence it may also focus on having good Internet presence.

answer

locational

question

________ excellence is when a firm focuses on having high perceived value and effective branding and positioning

answer

Product

question

Customer excellence:

answer

Focuses on retaining loyal customers and excellent customer service

question

Operational excellence:

answer

Achieved through efficient operations and excellent supply chain and human resource management

question

Product excellence:

answer

Having products with high perceived value and effective branding and positioning

question

Locational excellence:

answer

Having a good physical location and Internet presence

question

In the _____ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success

answer

second

question

Planning Phase

answer

Step 1: Business mission & objectives Step 2: Situation Analysis SWOTT

question

Implementation Phase

answer

Step 3: Identify opportunities (Segmentation, Targeting, Positioning) Step 4: Product, Price, Place, Promotion

question

Control Phase

answer

Step 5: Evaluate performance using marketing metrics

question

Five-step marketing planning process:

answer

Step 1: Business mission and objectives Step 2: Situation Analysis SWOTT Step 3: Identify Opportunities Step 4: Product, Price, Place, Promotion Step 5: Evaluate performance using marketing metrics

question

Which of the following are strategies for achieving operational excellence? -Effective branding and positioning -Efficient operations -Loyalty programs -Supply chain management -Excellent customer service

answer

-Efficient operations -Supply chain management

question

A ________ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time.

answer

sustainable

question

When conducting a SWOTT analysis, adverse economic conditions and intense competition are examples of potential ______ for firms.

answer

threats

question

A firm can build sustainable competitive advantage:

answer

when it outperforms competition and through some business activities over a long period of time

question

Place is the component of the four Ps responsible for _______ value.

answer

delivering

question

Some commonly used financial performance metrics include:

answer

sales revenue and profits

question

When a company such as Singapore Airlines positions itself as a leader in technology, innovation, quality and _______ service it ensures that its competition will have difficulty meeting its standards. These strategies have helped Singapore Airlines remain profitable even as other airlines struggle to survive.

answer

customer

question

A company that has successfully built a wall around its position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example of a company that has established:

answer

competitive advantage

question

Market share:

answer

the percentage of a market accounted for by a specific entity, and is used to establish the product's strength in a particular market

question

A firm needs a marketing plan:

answer

to implement the marketing mix to clearly state its overall objectives to explain how overall objectives will be met

question

_______ excellence is when a firm focuses on having high perceived value and effective branding and positioning.

answer

Product

question

Mission statement:

answer

a broad description of a firm's objectives and the scope of activities it plans to undertake

question

The mission statement attempts to answer what two main questions?

answer

What type of business are we? What do we need to do to accomplish out goals and objectives?

question

Marketers strive for efficient operations to provide their customers with all of the following EXCEPT: The merchandise they want A lower delivered cost than their competitors Low quality products The correct quantity

answer

Low quality Efficiency is aimed at cost savings and smooth, accurate operations, and ensuring good value to their customers

question

Al marketers strive for efficient operations to get their customers the merchandise they want, when they want it, in the required quantities, and at lower delivered cost than their ________.

answer

competitors

question

STP includes which of the following? Segmentation Strengths Pricing Positioning

answer

Segmentation Positioning

question

Three major phases of the marketing plan?

answer

Planning Implementation Control

question

_______ is the only marketing activity that actually brings in money.

answer

Pricing

question

__________ consist of consumers who respond similarly to a firm's marketing efforts.

answer

Market segments

question

Which of the following are TRUE regarding price? It will not generate much volume if it is too high It may result in lower-than-necessary margins and profits if it is too low It should be based on the value that the customer perceives It should always be based on competitors' price

answer

It will not generate much volume if it is too high It may result in lower-than-necessary margins and profits if it is too low It should be based on the value that the customer perceives

question

What do "opportunities" represent in SWOTT analysis?

answer

The positive aspects of the external environment

question

Examples of how firms use info from loyalty programs:

answer

Analyzing buying habits of customers Identifying customers in advance who might stop doing business with the company Tailor their offering to meet the needs of customers

question

A marketing strategy:

answer

outlines what a firm plans to do to appeal to potential customers

question

SBU:

answer

Strategic business unit

question

Product line:

answer

a group of products that consumers may use together or perceive as similar in some way One line of product for Goodyear could be car, van, SUV, and light truck while another line could be high-performance tires or aviation tires.

question

What is a strategic business unit?

answer

An SBU is a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives. Ex: Goodyear is one of the largest tire firms in the world, selling its products on six continents in over 180 countries and with sales of approximately $21 billion. Its four SBUs are organized by geography: N American; Europe, Middle East, African; Latin American; and Asia Pacific.

question

Which one of the following is true regarding SBUs? The term stands for "segmented business unit" The term refers to parent companies An SBU may have a different mission or objective from other divisions SBUs develop cash stars

answer

An SBU may have a different mission or objective from other divisions

question

A ___________ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time

answer

sustainable

question

Market positioning involves the process of defining the marketing mix variables so that target customers:

answer

clearly understand the product's unique benefits in comparison with competing products

question

In Step 1 of the planning phase, a firm:

answer

defines the mission and/or vision of the business

question

A _______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

answer

marketing plan

question

The macro strategies for developing customer value include each of the following EXCEPT: operational excellence product excellence marketing excellence locational excellence

answer

marketing excellence

question

Firms achieve operational excellence through:

answer

efficient operations excellent supply chain management strong relationships with suppliers

question

Market ________ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics

answer

segmentation

question

Product excellence:

answer

occurs by having products with high perceived value and effective branding and positioning

question

A market development strategy employs the existing product offering to:

answer

reach new market segments

question

A __________ strategy introduces a new product or service to a new market segment, one that currently the firm has not targeted.

answer

diversification

question

Firms consider pursuing various _________ as part of their overall growth strategies

answer

market segments

question

In _______ of the five-step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning.

answer

the third step

question

Step 4 of the five-step marketing planning process:

answer

is the point at which a firm implements the four Ps

question

Examples of strengths that might be identified in a SWOT analysis?

answer

Licensing of a brand Constantly innovating products A strong network of retailers

question

Loyalty programs:

answer

give firms the opportunity to learn more about their customers

question

After a firm has identified a group of market segments, it does all of the following EXCEPT: determining which segments to pursue using a process known as targeting evaluating each segment's attractiveness re-assigning the segments

answer

re-assigning the segments

question

A ________ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

answer

marketing strategy

question

A _____ _____ is a group of products that consumers perceive as similar in some way and that the firm regards as group.

answer

product line

question

Once a marketer has earned a good service reputation, it can sustain this advantage for a long time because:

answer

a competitor is hard pressed to develop a comparable reputation

question

A ______ is a measuring system that quantifies a trend, dynamic, or characteristic

answer

metric

question

A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on:

answer

increasing sales to current customers

question

Portfolio Analysis:

answer

Management evaluates the firm's various products and businesses--its "portfolio"--and allocates resources according to which products are expected to be the most profitable for the firm in the future. Portfolio analysis is typically performed at the strategic business unit (SBU) or product line level of the firm, though managers also can use it to analyze brands or even individual items.

question

In portfolio analysis: (select all that apply) -management evaluates the firm's various products and businesses -management develops the marketing mix for each SBU -firms typically perform it at the SBU or product line level of the firm -management allocates its resources to products with the greets potential to be profitable

answer

management evaluates the firm's various products and businesses -firms typically perform it at the SBU or product line level of the firm -management allocates its resources to products with the greets potential to be profitable

question

Brand ______ means customers are reluctant to patronize competing firms

answer

loyalty

question

Why do firms use metrics?

answer

To make it possible to compare results across regions, product lines, and time periods To project the future To explain why things happen

question

Customers who continue to buy their coffee at Dunkin' Donuts even after Starbucks opens more convenient locations and offers lower prices are probably _______ customers.

answer

loyal

question

In portfolio analysis, the ________ measures how attractive a particular market is.

answer

market growth rate

question

Market growth rate:

answer

annual rate of growth of the specific market in which the product competes

question

Stars:

answer

(upper left quadrant) occur in high-growth markets and are high market share products. That is, stars often require a heavy resource investment in such things as promotions and new production facilities to fuel their rapid growth. As their market growth slows, stars will migrate from heavy users of resources to heavy generators of resources and become cash cows.

question

Cash Cows:

answer

(lower left quadrant) are in low-growth marts but are high market share products. Because these products have already received heavy investments to develop their high market share, they have excess resources that can be spun off to those products that need it. For example, the firm may decide to use the excess resources generated by Brand C to fund products in the question mark quadrant

question

Question Marks:

answer

(upper right quadrants) appear in high-growth markets but have relatively low market shares; thus, they are often the most managerially intensive products in that they require significant resources to maintain and potentially increase their market share. Managers must decide whether to infuse question marks with resources generated by the cash cows, so that they can become stars, or withdraw resources and eventually phase out the products. Brand A, for instance, is currently a question mark, but by infusing it with resources, the firm hopes to turn it into a star.

question

Dogs:

answer

(lower right quadrant) are in low-growth markets and have relatively low market shares. Although they may generate enough resources to sustain themselves, dogs are destines for "stardom" and should be phased out unless they are needed to complement or boost the sales of another product for competitive purposes

question

Firms can achieve operational efficiencies by developing which of the following? The most inconsistent distribution and info systems More uniquely segmented markets Superior market positioning Strong relationships with vendors

answer

Strong relationships with vendors

question

At each level of an organization, the ________ should be held accountable only for the revenues, expenses, and profits they can control.

answer

business unit managers

question

The _______ planning process can move back and forth between steps, depending on the situation.

answer

strategic

question

Vendor relations help firms maintain or gain a competitive advantage by all of the following except: -obtaining special terms of purchase not available to competitors -gaining exclusive rights to sell merchandise in a particular region -hiring a vendor's employees -receiving popular merchandise that might be in short supply

answer

hiring a vendor's employees

question

_________ evaluations are used to pinpoint problem areas

answer

Performance

question

Value creation means that firms attempt to develop products or services that customers perceive as ________ enough to buy.

answer

valuable

question

A Market Penetration Strategy, as one of the possible growth options, may be achieved by:

answer

encouraging current customers to patronize the firm and brand more often

question

Market penetration strategy:

answer

employs the existing marketing mix and focuses the firm's efforts on existing customers. Such a growth strategy might be achieved by attracting new consumers to the firm's current target market or encouraging current customers to patronize the firm more often or buy more merchandise on each visit.

question

Firms are starting to report corporate social responsibility metrics in an effort to:

answer

help customers feel better about their buying experience be proactive along socially responsible dimensions strengthen their relationships with both local and global suppliers

question

A firm can begin to implement the marketing mix IMMEDIATELY after which step?

answer

it has finished segmentation, targeting, and positioning

question

_________ marketing requires firms to charge a price that customers perceive to be a good value for the product

answer

value-based

question

A market penetration strategy generally requires:

answer

greater marketing efforts, such as increased advertising and additional sales and promotions, or intensified distribution efforts in geographic areas in which the product or service already is sold

question

A market _______ growth strategy focuses on increasing sales of the firm's current products to its current target markets

answer

penetration

question

_________ holds the primary responsibility of enhancing the value of the company's products for its customers and other constituents

answer

Marketing

question

A firm, particularly a small privately owned business, may set a variety of goals--for example, achieving positive social change, being the most innovative among the competitors, and avoiding high risk levels because:

answer

not all objectives are profit-driven

question

Firms can obtain competitive advantage by:

answer

reinforcing the brand image through merchandise, service, and promotion

question

The process of deciding which specific segment(s) to pursue is known as:

answer

targeting

question

The ________ strategy offers a new product or service to a firm's current target market

answer

product development

question

Customer excellence is focused on:

answer

retaining loyal customers and offering excellent customer service

question

A marketing plan includes all of the following except: a SWOT analysis a plan on how to pitch to your investors an analysis of the current marketing situation marketing objectives and strategy

answer

a plan on how to pitch to your investors *this would be part of your business plan

question

In the ________ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success.

answer

second

question

Relative market share is used to provide managers with a product's:

answer

relative strength

question

Assessing relative levels of sales and profits can be used for all of the following reasons EXCEPT: -to test how sensitive profit is to price changes -to compare a firm's growth relative to other companies -as an addition to assessing absolute levels of sales and profits -to determine exactly what competitors will do next

answer

-to determine exactly what competitors will do next

question

A competitive advantage based on location:

answer

is sustainable when real estate is difficult or expensive to obtain

question

A Market Penetration Strategy, as one of the possible growth options, may be achieved by which of the following?

answer

encouraging current customers to patronize the firm and brand more often

question

Green marketing efforts and expansion outside the US are potential ________ for a firm

answer

opportunities

question

A firm can begin to implement the marketing mix immediately after what step?

answer

after it has finished segmentation, targeting, and positioning (STP)

question

STP works through each of the following steps except: -position its products and services to meet the needs of the chosen targets -determining which subgroups should be pursued -planning a marketing strategy -dividing the marketplace into subgroups

answer

planning a marketing strategy

question

When a firm decides which segments to pursue, it must determine how it wants to be _______ within those segments

answer

positioned

question

In a SWOT analysis, a firm's heavy reliance on its joint venture partner when opening new stores may be a potential _________ for the firm

answer

weakness

question

One key to long-term financial performance is to establish a:

answer

sustainable competitive advantage

question

T/F: stakeholders, such as investors and potential investors, would not utilize a marketing plan

answer

False

question

T/F: Possible opportunities for manufacturers include an untapped market, international expansion and growing interest in "green" products

answer

True

question

Select all potential goals of location-based software and applications, as used by marketers: -not to provide customers with additional benefits or insights -educate customers about products they may wish to consider at some future time -offer efficient driving directions -bring a relevant offer to the customer when they are in the process of making a purchase decision

answer

-educate customers about products they may wish to consider at some future time -offer efficient driving directions -bring a relevant offer to the customer when they are in the process of making a purchase decision

question

T/F: the only way to experience a product or service is to actually purchase it

answer

False

question

The first step in the Social Media Engagement Process is known as the ___________ stage

answer

listen

question

Social Media Engagement Process:

answer

Listen-->Analyze-->Do (LAD)

question

Social Media Marketing Campaign:

answer

1. Identify strategy & goals 2. Target audience 3. Campaign: experiment & engage 4. Budget 5. Monitor & change

question

_______ _______ refers to the content districted through social interactions

answer

social media

question

4E framework

answer

EXCITE customers with relevant offers EDUCATE them about the offering Help them EXPERIENCE products, whether directly or indirectly Give then an opportunity to ENGAGE with their social work

question

Identify the benefits Home Shopping Network marketers gained by sponsoring an official HSN channel on YouTube

answer

-opportunities to target customers who watched specific videos -opportunity for customers to re-view product videos after they are aired -comparisons of video views vs. hourly sales

question

Several social media tools are useful in helping marketers to educate potential customers, including: -blogs -Youtube videos -radio ads -in-store displays

answer

-blogs -YouTube videos

question

_________ is a well known social network with over 800 million active users; it allows individuals to connect with others, and gives marketers the ability to carefully target their audiences

answer

Facebook

question

Example scenario where freemium apps are being used by the consumer and generate revenue for the developer:

answer

In a game of Candy Crush Saga you have lost and will not wait any amount of time to continue and buy lives at $0.99 and immediately continue

question

Effective uses of corporate blogs include:

answer

-connecting and engaging with customers by discussing new products and promotions -educating customers about products and services -developing long term relationships by addressing positive and negative comments

question

T/F: All social media tools fall into the category of media-sharing sites

answer

False Social media tools can also be social network sites or thought-sharing sites

question

A ________ differs from a traditional blog in size--it supports short sentences, short videos, and individual images

answer

microblog

question

In the 4Es framework for social media, when attempting to __________ the customer, a firm spends considerable time explaining the benefits and features of the product, and then encourages the customer to offer feedback

answer

engage

question

________ _________ marketing entails educating and communicating product benefits to customers using their computers, tablets, or mobile devices

answer

social media

question

Marketers find personal blogs useful, because they can:

answer

-track what is going on in the marketplace -get feedback without having to -compensate the blogger -respond to customer concerns and complaints

question

Which of the following are reasons why mobile marketing is increasing in importance for marketers? -mobile phone usage is growing -increasingly more mobile apps related to marketing (such as price check apps) are available -relatively few smartphone owners use them to make purchases, so firms need to take steps to encourage them -consumers who use mobile marketing find out more information about products and the products potentially becomes more attractive

answer

-mobile phone usage is growing -increasingly more mobile apps related to marketing (such as price check apps) are available -consumers who use mobile marketing find out more information about products and the products potentially becomes more attractive

question

Which of the following are elements of the 4E framework for effective use of social media by companies? Select as many that apply -Educate customers about offers -Give customers an opportunity to engage with their social network -Encourage customers to explore a wide variety of websites before making choices -Help customers to experience products, whether directly or indirectly -Excite customers with relevant offers

answer

-Educate customers about offers -Give customers an opportunity to engage with their social network -Help customers to experience products, whether directly or indirectly -Excite customers with relevant offers

question

One of the app pricing models is known as __________ apps which charge the customer an upfront price to download the app

answer

paid apps

question

Different kinds of social-media related offers used to excite customers:

answer

-Information on Groupon used to communicate promotions -Information on Facebook used to communicate deals -Mobile applications used to communicate personalized offers

question

How much control do companies have over the content on corporate blogs?

answer

A high degree of control, since the company chooses the content posted

question

When a customer is offering feedback--meaning the customer is taking action to _________ the company--this is an opportunity for the the firm to create a relationship which may result in a loyal commitment from the customer

answer

engage

question

The _______ rate is the frequency with which site visitors leave the site almost as soon as they arrive--perhaps after viewing just one page

answer

bounce

question

Click paths:

answer

shows how users proceed through information--not in-like how grocery stores try to track the way shoppers move through their sales.

question

Conversion rates:

answer

a measure that indicates what percentage of visitors or potential customers act as the marketer hopes, whether by clicking, buying, or donating.

question

Click paths and conversion rates can also reveal what users might have ________, but did not find, at their site

answer

wanted

question

Which of the following is NOT used by marketers when they are relying on social media achieve certain objectives: -get more members -promote themselves and gain more friends -appeal to potential customers -appeal to customers who do not like the site

answer

appeal to customers who do not like the site

question

Identify the 4 different types of pricing models used for apps:

answer

paid apps with in-app purchases paif apps ad-supported freemium

question

Identify the info Facebook uses to target site users to receive particular ads:

answer

preferences profile info browsing history

question

_________ is attempting to take market share from Facebook by attracting the gaming community, adding several online games to its lineup

answer

Google+

question

A photo sharing website provides both companies and consumers an opportunity to participate in what?

answer

Opportunities to support a particular cause or charity Opportunities for people to share ideas through pictures Opportunities to learn about new places, people and things through pictures

question

________ is the total requests for a page

answer

Hits

question

______ measure the number of time a website page is seen by any site visitor

answer

page views

question

Suppose that Taco Bell wants to learn more about how customers feel about new menu items. It collects and analyzes content from several social media sites to assess favorable vs. unfavorable comments and determine customers' attitudes and preferences. Taco Bel is conducting:

answer

sentiment analysis

question

The first step in planning and executing a social media marketing campaign is to identify:

answer

goals

question

A process called ________ enables customers to scan a product in a store and instantly compare prices online to see whether a better deal is available

answer

showrooming

question

Seven Primary Motivations for Mobile App Usage:

answer

Self expression: participating in hobbies and interests Discovery: seeking news and info Preparation: planning for upcoming activities Accomplishing: managing finances, health, and productivity Shopping: seeking a product or service "Me Time: seeking relaxation or entertainment (ex: watching a funny vid, reading a gossip website, playing solitaire, or even window shopping for fun) Socializing: interacting with other people

question

In the final step of the process to plan and execute a social media marketing campaign, the firm:

answer

reviews the success of the campaign, making changes if necessary

question

Most retail companies will attempt to achieve sustainable competitive advantage by including what features on their websites?

answer

interactive chat customer reviews in-depth product information

question

Which of the following elements are considered traditional ways to market products and services? Television ads Mobile ads Newspaper ads Social networks

answer

Television ads Newspaper ads (newspaper is considered a traditional mass media element)

question

__________ ___________ is a technique that analyzes consumer-generated content from a variety of social media sites, seeking to summarize customer attitudes and preferences

answer

sentiment analysis

question

Which of the following fall into the category of media-sharing sites? Picasa Flicker YouTube Google

answer

Picasa Flicker YouTube

question

If advertising (for ex, on Facebook) is included in a social media campaign, costs are usually based on:

answer

a set daily budget

question

After establish strategy and goals for a social media marketing campaign, the second step is to:

answer

identify the target audience

question

T/F: Both individuals and companies can post videos and sponsor their own YouTube channels

answer

true

question

Understand the types of social media:

answer

Users of social media employ them to promote themselves or their products and services. They do so through three main categories: social networking sites (e.g., Facebook, LinkedIn), media-sharing sites (e.g., YouTube), and thought-sharing sites (e.g., blogs, Twitter)

question

Recognize and use the three components of a social media strategy:

answer

Firms engage with customers through social and mobile media using a three-step process. First, they listen to the customer using techniques like sentiment analysis. Second, they analyze the data collected in the first step using metrics like bounce rate, click paths, and conversion rates. Finally, they use this information to develop tactics to engage their customers

question

Descrive the 4E framework of social media marketing:

answer

The 4E framework recognizes that marketing must EXCITE the customers with relevant offers; EDUCATE them about the offering; help them EXPERIENCE products, whether directly or indirectly; and give them an opportunity to ENGAGE

question

________ blogs are written by people who review and give recommendations on products and services and a re sometimes compensated for doing so

answer

Professional

question

Suppose that your university wants to know how website visitors find the site. The university can use _________ to determine what types of searches people perform that lead them to the university's site

answer

keyword analysis

question

Consumers tend to least trust which of the following blogs? microblogs corporate professional personal

answer

corporate

question

Which of the following are ethical values that are addressed by the American Marketing Association and subareas within the AMA code of ethics? Promotion Fairness Honesty Disrespect Pricing

answer

Fairness Honesty

question

AMA specific values to which marketers should aspire:

answer

honesty, responsibility, fairness, respect, openness, and citizenship

question

Business ethics refers to:

answer

moral dilemmas that might arise in a business setting

question

An ex of corporate social responsibility is when a firm:

answer

lessens the negative impact it has on the environment

question

In the early days of CSR, it was primarily _____ that were under consideration by government agencies

answer

products

question

Ethical issues related to evaluating performance can arise during the _____ phase of the marketing plan

answer

control

question

Issues that might arise in the process of ethical decision making about consumer research include:

answer

whether participants in a study are informed of the real purpose whether the collected data will be used to mislead or harm the public the data collection method used

question

During the _______ phase of the marketing plan, marketers are identifying potential markets and must consider several ethical issues related to the product or service being delivered

answer

implementation

question

Originally, CSR was predominantly just applied to _______ but now it has expanded in definition and application

answer

how the firm made its products

question

By using the ethical decision-making framework, decision markers are more likely to:

answer

include the relevant ethical issues evaluate the alternatives choose a course of action that will help them to avoid serious ethical lapses

question

Ethical Decision-Making Framework:

answer

Step 1: identify issues Step 2: gather info and identify stakeholders Step 3: brainstorm and evaluate alternative Step 4: choose a course of action

question

The fourth step in ethical decision making is:

answer

choosing a course of action

question

Firms need to have what in order to align personal and corporate goals?

answer

A system for rewarding and punishing behavior A strong ethical climate A code of ethics

question

The ethical dilemma companies face is finding a way to balance:

answer

shareholder interests with the needs of society

question

A firm's attempt to apply sound, ethical must be a _______ and _______ process

answer

dynamic; continuous

question

Stakeholders can include which of the following? One-off customers Members of the community Employees The government

answer

Members of the community Employees The government

question

In brainstorming alternatives, a firm:

answer

considers alternative courses of action

question

A firm creates a strong ethical climate within a marketing division by having a set of _______ that guides _______.

answer

values; decision making

question

Firms can introduce ethics at the beginning of the planning process by:

answer

including ethical statements in the firm's vision statement

question

Ethics problems are likely to arise if a firm's ______ goals do not line up with an employee's _______ goals

answer

long-term; short-term

question

Ethical issues arise continually as _______ emerge

answer

new technologies; new markets

question

Today, companies are undertaking a wide range of CSR initiative, such as:

answer

supporting minority activities establishing charitable foundations supporting nonprofit groups

question

CSR programs must be designed considering trends in issues of importance to customers. Trends receiving the most current attention include:

answer

respecting and protecting privacy ensuring healthiness of products

question

Advertising practitioners fall between ______ and _____ in terms of general attitudes about the ethical standards of various professions

answer

congresspeople; lawyers

question

Marketers have the opportunity to build _______ because they interact so regularly with people in all areas, not just the corporate world.

answer

public trust

question

If one firm in an industry decides to develop CSR program, its competitors are often forced to:

answer

develop their own CSR programs

question

During the planning phase, a firm can typically address ethical issues at the outset through all of the following except: vision statement credo financial results mission

answer

financial results

question

The most basic form of CSR to employees is:

answer

to provide a safe working environment

question

Top management must commit to _______ an ethical climate; employees must be dedicated to those ethical _______.

answer

establishing; values

question

According to a recent survey, the vast majority of CEOs believe:

answer

that society expects companies to engage in CSR programs

question

Inappropriate groups that are not intended to be targeted could be responsive to the firm's efforts. However, firms _______ target these groups

answer

should not

question

Firms know that many consumers give their business to firms they perceive as socially _______ by stakeholders in order to earn their business

answer

responsible

question

Firms must perform the _______ phase from an ethical perspective, and systems must be in place to check whether each potentially ethical issue was successfully addressed

answer

control

question

Culture:

answer

shared meanings, beliefs, morals, values, and customs of a group of people. Transmitted by words, literature, and institutions, culture is passed down from generation to generation and learned over time.

question

Country culture:

answer

the visible nuances of a country's culture, such as artifacts, behavior, dress, symbols, physical settings, ceremonies, language differences, colors and tastes, and food preferences are easy to spot. But the subtler aspects of country culture generally are ticker to identify and navigate.

question

Macro environment:

answer

various impacts of culture, demographics, and social, technological, economic, and political/legal factors

question

Immediate (micro) environment:

answer

Competition, corporate partners, and company

question

Successful marketing firms focus on satisfying customer _____ that match their core competencies. Competencies are the measurable or observable knowledge, skills, abilities, and behaviors (KSABs) critical to successful job performance.

answer

needs

question

You participate in many cultures:

answer

Your family has a cultural heritage, so perhaps your mealtime traditions including eating rugelach, a traditional Jewish pastry, or sharing corned beef & cabbage to celebrate your Irish ancestry on St. Patrick's Day

question

Two dimensions of culture that marketers must take into account as they develop their marketing strategies are:

answer

the culture of the country and that of a region within a country

question

Regional Culture:

answer

the region in which people live in a particular country has its own regional culture that affects many aspects of people's life, including they way they might refer to a particular product category like soft drinks. In the soft drinks market,

question

Demographics:

answer

indicate the characteristics of human populations and segments, especially those used to identify consumer markets. Typical demographics such as age (which includes generational cohorts), gender, race, and income are readily available from market research firms such as IRI.

question

Generational Cohorts:

answer

A group of people of the same generation--have similar purchase behaviors because they have shared experiences and are in the same stage of life.

question

Members of Gen Z are also known as ______ because people in this group were born into a world that already was full of electronic gadgets and digital technologies such as the Internet and social networks

answer

Digital Natives

question

Members of Gen Z are also called Millenials include more than 60 million people in the US alone, born between ____ and ____. As the children of the Baby Boomers, this group is the biggest cohort since the original post WW2 boom. It also varies the most in age, ranging from teenagers to adults who have their own family.

answer

1977; 2000

question

Gen X

answer

-1965-1977 -Represent 41 million Americans -Vastly unlike their Baby Boomers parents -Xers are the first generation of latchkey children (those who grew up in homes in which both parents worked) -50% of them have divorced parents

question

After WW2 the birthrate in the US rose sharply, resulting in a group known as the _________.

answer

Baby Boomers

question

Baby Boomers:

answer

-78 million Americans -1946-1964

question

Approximately ____ percent of all population growth in the next 20 years is expected to come from African Americans, Hispanic, and Asian communities.

answer

80

question

Minorities now represent approximately _______ of the population; by 2050 they will represent 50 percent, and nearly 30 percent of the population will be Hispanic

answer

one-quarter

question

The UN also estimates that approximately ________ people per year will emigrate from less developed nations to the US over the next 40 years

answer

1 million

question

Many foreign-born Americans and recent immigrants rend to concentrate in a holdall of ______ areas, such as New York, Los Angeles, San Francisco, and Chicago

answer

metropolitan

question

Hispanic buying power is projected to reach #1.3 trillion in 2015, a cumulative increased of around ___ percent compared with 2010.

answer

25

question

Hispanics consumer behaviors differs little from that of other groups of Americans. For example:

answer

they use credit cards, are minimally influenced by advertising and product placements, exhibit greater sensitivity to in-store-promotions, and are likely to shop online and from catalogs

question

A key age demographic for many markets is:

answer

18-49 years

question

Social Trends:

answer

Health and wellness concerns Greener consumers Privacy concerns

question

Green marketing:

answer

involves a strategic effort by firms to supply customers with environmentally friendly merchandise *Many consumers, concerned about everything from the purity of air and water to the safety of beef and salmon, believe that each person can make a difference in the environment. For example, nearly half of US adults now recycle their soda bottles and newspapers, and European consumers are even more green. Germans are required by law to recycle bottles, and the European Union does not allow beef raise on artificial growth hormones to be imported.

question

Are consumers willing to pay higher prices for green products? Are firms really interested in improving the environment? Or are they disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales rather than actually improving the environment? This type of exploitation is common enough that it even has produced a new term:

answer

greenwashing . Consumers need to question whether a firm is spending significantly more money and time advertising being green and operating with consideration for the environment than actually spending these resources on environmentally sound practices

question

Privacy concerns:

answer

More and more consumers worldwide sense a loss of privacy. At the same time that the Internet has created an explosion of accessibility to consumer info, improvements in computer storage facilities and the manipulation of info have led to more and better security and credit check services. Yet controversies still erupt, and some observers suggest hackers are just getting more effective. In 2013, for example, Target suffered a massive security breach that allowed hackers to steal credit and debit card info for 40 million customers, as well as personal info, including phone numbers and addresses, for another 70 million.

question

Placing "cookies" on a user's computer:

answer

shows them where he or she starts, proceeds, and ends the online encounter as well as what he or she buys and doesn't.

question

Technological advances:

answer

have accelerated during the past decade, improving the value of both products and services. Consumers have constant access to the Internet everywhere through services such as WiFi, Mobile hotspots, 4G, LTE. Smartphones using the iOS and Android systems allow for greater computing, data storage, and communication. Tablet computers, starting with the iPad, have extended mobile computing even further by offering a larger mobile interface in environments that traditionally have limited access. These examples of advanced technology make consumers increasingly dependent on the help they receive from the providers of technology. Thus Netflix suggests which movies we should watch, Pandora outlines the music we should listen to, and Amazon tells us what we should read.

question

Radio frequency identification device (RFID)

answer

enables it to track an item from the moment it was manufactured, through the distribution system, to the retail store, and into the hands of the final consumer

question

Some major factors that influence the state of an economy include:

answer

the rate of inflation, foreign currency exchange rates, and interest rates

question

Inflation:

answer

refers to the persistent increase in the prices of goods and services. Increasing prices cause the purchasing power of the dollar to decline; in other words, the dollar buys less than it used to.

question

Shifts in the three economic factors make marketing easier for some and harder for others For example, when inflation increases:

answer

consumers probably don't buy less food, but they may shift their expenditures from expensive steaks to less expensive hamburgers. Grocery stores and inexpensive restaurants win, but expensive restaurants lose. Consumers also buy less discretionary merchandise, though off-price and discount retailers often gain ground at the expense of their full-price competitors

question

Political/Regulatory environment:

answer

comprises political parties, government organizations, and legislation and laws. Organizations must fully understand and comply with with any legislation regarding fair competition, consumer protection, or industry-specific regulation. Since the turn of the century, the government has enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances hat would damage a competitive marketplace, fostering fair pricing practices for all suppliers and consumers.

question

1890 Sherman Antitrust Act:

answer

prohibits monopolies and other activities that would restrain trade or competition and makes fair trade within a free market a national goal

question

1914 Clayton Act:

answer

supports the Sherman Act by prohibiting the combination of two or more competing corporations through pooling ownership of stock and restricting pricing policies such as price discrimination, exclusive dealing, and tying clauses to different buyers

question

1936 Robison-Patman Act

answer

specifically outlaws price discrimination toward wholesales, retailers, or other producers and requires sellers to make ancillary services or allowances available to all buyers on proportionately equal terms

question

Regulations require marketers to abstain from false or misleading advertising practices that might mislead consumers, such as:

answer

claims that a medication can cure a disease when in fact it causes other health risks.

question

Manufacturers are required to refrain from using any harmful or hazardous materials (e.g., lead in toys) that place a consumer at:

answer

risk

question

Organizations must adhere to fair and reasonable business practices when they communicate with

answer

consumers Ex: they must employ reasonable debt collection methods and disclose any finance charges, and they are limited with regard to their telemarketing and email solicitation activities

question

Responding to pressures from the Federal Communications Commission:

answer

FCC; political and regulatory environment

question

The economic status of consumers:

answer

economic situation

question

Increasing access to faster broadband capabilities:

answer

technological advances

question

Greater social responsibility:

answer

social trends

question

Demographics:

answer

age, income, market size, education, gender and ethnicity

question

How do demographics affect the launching of a new product?

answer

A product may be targeted towards a specific age group or generational cohort A product may be for a specific gender

question

What are some components of a country's culture?

answer

-what is most valued -food preferences -language differences

question

In the immediate environment, it is critical that marketers understand their firm's ________ including their strengths, weaknesses, and likely reactions to the marketing activities that their own firm undertakes

answer

competitors

question

What are some characteristics of Gen Y?

answer

this cohort varies most in age, ranging from teenagers to adults who have their own family

question

__________ are characteristics of human populations such as gender, race, age, and income.

answer

Demographics

question

Sitting within the macro environment and related to elements of the competitive industry in which the firm operates is the _________ environment.

answer

immediate

question

Goals of value-based marketing:

answer

-provide value to consumers -recognize consumers' needs and wants

question

What are some characteristics that describe Gen X?

answer

Born between 1965 and 1976 Represent 41 million Americans Latchkey children

question

When developing marketing plans, a firm should consider what about its customers?

answer

Likely reactions to the firm's plans Weaknesses

question

The ________ environment comprises political parties, government organizations, and legislation and laws

answer

political

question

When tourists visit and shop in other countries because the value of the tourist' home currency is stronger, this results from a favorable ________ rate

answer

exchange

question

What industry is most likely to suffer a downturn when interest rates rise?

answer

Housing market When borrowing for mortgage costs, more will cause a downturn in the housing market

question

Traits that best describe baby boomers:

answer

largest population of 50-plus consumers born between 1946-1964

question

Which macro-environmental factors DO NOT influence a firm, indirectly impacting consumers as a result? Technology Competition Demographics Culture

answer

Competition Competition is a factor in the immediate environment, not the macro environment

question

______ is when a company uses more resources advertising green projects versus actually spending these resources on environmentally sound practices

answer

Greenwashing

question

What generational cohort consists of people born between 1965 and 1976?

answer

Gen X

question

What are some distinct characteristics that may be causing the increase in wealthy families?

answer

Increase in dual-income households Higher overall level of education Maturing of the general population

question

Examples of government legislation designed to protect the consumer:

answer

Consumer Product Safety Act Nutrition Labeling and Education Act Children's Television Act

question

Which of the following demographic factors can help predict consumer buying patterns? Income earned Social behavior Education attained Hobbies Technology usage

answer

Income earned Education attained

question

What is a factor that marketers should keep in mind about gender when promoting goods and services?

answer

Marketers should strive to transcend gender boundaries whenever possible

question

A successful firm focuses on matching its core _________ of its products and services to what consumers need and want

answer

competencies

question

Having a broad range in income creates marketing opportunities at the: low end of the market high end of the market market growth rate target market

answer

low and high end of the market

question

Which income group's purchasing power is growing relative to others income groups?

answer

highest income group *the middle income group's real purchasing power continues to decline

question

Which is the largest generational cohort since the Baby Boomers?

answer

Gen Y

MKTG 361 Exam 1 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards