question

1. Which of the following is not a core aspect of marketing?

answer

• Marketing must occur in a specific setting

question

Price

answer

• everything the buyer gives up - money, time, and/or energy in exchange for the product

question

_____ is one of the elements of the 4 Ps that embodies all activities essential to get the product to the right customer when and where that customer wants it

answer

• place, placement, distribution

question

place the members of a typical supply chain in order from the 1st step in the supply chain to the last from top to bottom

answer

• supplier of raw materials o manufacturer • retailer selling finished goods

question

product

answer

• is the part of the marketing mix that aims at creating value by providing features an benefits that meet consumers' needs

question

how do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response?

answer

• Using promotion

question

What are the 4 Ps of marketing mix?

answer

• Product • Price • Place • Promotion

question

Everything always has a ___ it doesn't always have to be monetary , however this element of the 4 Ps is aimed to capture value

answer

• price

question

in the marketing mix, place is expected to __ value for the customer

answer

• deliver

question

promotion

answer

• is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and PR

question

what are some characteristics marketers seek in potential customers

answer

• customers who have an ability to buy the product or service • customers who have an interest in the product

question

in marketing context, customers seek fair return in goods for their hard earned money to scarce time, they are seeking ___ which reflects the relations of benefits to costs

answer

• value

question

during the sales-oriented era, firms found an answer to their ___ vy focusing on selling

answer

• overproduction

question

in what ways can marketing impact a firm

answer

• advises production • develops value

question

which of the following are members of the supply chain

answer

• manufacturers • retailers

question

a __ is any INTANGIBLE offering that involves a performance, or effort that cannot be physically possessed

answer

• service

question

when a consumer gives up money (or something of value) in order to receive something else of value its called....?

answer

• An exchange

question

Successful entrepreneurs understand the marketing opportunity, sometimes referred to as the ___

answer

• Unfilled need

question

Value oriented marketers measure the ___ that customers perceive against the cost of their offerings

answer

• benefits

question

why is a strong supply chain important

answer

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

question

most marketers carefully seek customers who have interest in the product they are selling as well as a __ to buy the product

answer

• ability

question

value-based marketing firms implement their strategies according to what __ value

answer

• customers

question

___ reflects the relationship of benefits to costs, or what you get for what you give

answer

• value

question

entrepreneurs use marketing to do which of the following

answer

• examine the marketplace • communicate value • combine products

question

firms use ___ to find opportunities to better satisfy their customers/ needs, keep costs down,, and in turn develop long-term loyalties

answer

• customer data

question

the 4 Ps or marketing mix, are the __ set of activities that a firm uses to respond to the wants of its target market

answer

• controllable

question

promotion can __ a product's or service's value

answer

• enhance

question

during the sales-oriented era

answer

• manufacturers had the capacity to produce more than consumers were able to buy

question

firms become value driven by focusing on which of the following activities

answer

• building relationships • sharing information • balancing customer benefits and costs

question

which of the following adds to marketing global presence

answer

• cheap foreign travels • entertainment venues • internet

question

B2B marketing can impact several aspects of business and society, which of the following factors are affected

answer

• partners • employees • customers

question

a ___ orientation in the supply chain means that the participating parties do not care much about their trading partners as the merchandise passes among them

answer

• transactional

question

firms must instill good service over the long term to its consumers so that it becomes part of the:

answer

• customer excellence

question

which of the following are examples of strengths that might be identified in a SWOT analysis

answer

• a strong network of retailers • constantly innovating products • licensing of a brand

question

__ is the element of the 4 ps responsible for communicating value to customers

answer

• promotion

question

a metric is a ___ that quantifies a trend, dynamic, or characteristic

answer

• measuring system

question

which of the following are strategies for achieving operational excellence?

answer

• Supply chain management • Efficient operations

question

Sustainable competitive advantage

answer

• Is an advantage over the competition that is not easily copied and can be maintained over a long period of time

question

A marketing strategy

answer

• Outlines what a firm plans to do to appeal to potential customers

question

In step 1 of planning phase, a firm

answer

• Define the mission/vision of the business

question

Product excellence:

answer

• Is when a firm focuses on having high perceived value and effective branding and positioning

question

Place is the component of the 4 Ps responsible for _____ value

answer

• delivering

question

SWOT

answer

• Strengths and Weaknesses • Opportunities and Threats

question

Which of the following is NOT one of the 3 major phases of the marketing plan

answer

• Organization

question

A firm can build a sustainable competitive advantage

answer

• Through some business activities over a long period of time • When it outperforms competition

question

Firms achieve operational excellence through....

answer

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

question

____ is the only marketing activity that actually brings in money

answer

• pricing

question

step 5 in the marketing plan process is when a firm ___ the results of the stratefy and implementation process

answer

• evaluates

question

a diversification strategy introduces a ___ product or service to a new market segment

answer

• it defines a product's strength in a particular market • it is the percentage of a market accounted for by a specific entity

question

STP:

answer

• Segmentation • Positioning

question

In portfolio analysis

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 greatest potential to be profitable

question

___ is the element of the 4 Ps responsible for communicating value to customers

answer

• promotion

question

with ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue and finally decides how it should best position its product or service

answer

• STP

question

Marketing 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

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

answer

• A competitor is hard pressed to develop a comparable reputation

question

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

answer

• Portfolio

question

Why do firms use metrics

answer

• To explain why things happen • To project the future • To make it possible to compare results across regions, product

question

Examples of how firms use information from loyalty programs

answer

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

question

firms consider pursuing various ____ as part of their overall growth strategies

answer

• market segments

question

whats true regarding price

answer

• 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 will not generate much volume if it is too high

question

brand ___ means that customers are reluctant to patronize competing firms

answer

• loyalty

question

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

answer

• segmentation

question

product line

answer

• is a group of products that consumers may use together or perceive as similar in some way and that the firm regards as group

question

a market development strategy employs the existing product offering to:

answer

• reach new market segments

question

what do "opportunities" represent in SWOT

answer

• the positive aspects of the external environment

question

why a firms needs a marketing plan

answer

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

question

locational excellence is particularly important for...

answer

• retailers

question

small business unit (SBU)

answer

• is a division of the firm itself that can be managed and operated independently from other divisions

question

market penetration strategy:

answer

• employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers

question

customer excellence

answer

• as a competitive advantage, focuses on retaining loyal buyers and offering excellent service

question

targeting

answer

• the process of deciding which specific segments to pursue

question

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

answer

• relative strength

question

in portfolio analysis, ___ measures how attractive a particular market is

answer

• market growth rate

question

sustainable competitive advantage

answer

• one key to long term financial performance

question

step 3 in marketing planning process

answer

• involves segmentation, targeting, and positioning

question

a firm can begin to implement the marketing mix IMMEDIATELT after which of the following steps?

answer

• It has finished segmentation, targeting, and positioning

question

A competitive advantage based on location

answer

• Is sustainable when real estate is difficult or expensive to obtain

question

3 major phases of the marketing plan are.....

answer

• planning • implementation • control

question

value - based marketing

answer

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

question

an example of corporate social responsibility is when firm

answer

• lessens the impact it has on the environment

question

when a company decides to take voluntary action and address ethical, social, and environmental impacts of its business, it is choosing to engage in corporate

answer

• social responsibility

question

in the early days of corporate social responsibility, It was primarily ___ that were under consideration by government agencies

answer

• products

question

when Kellogg's sells nutritional products and advocates healthier lifestyles, they are actively engaging in ___ social responsibility

answer

• corporate

question

in brainstorming alternatives, a firm

answer

• considers alternative courses of action

question

the balancing act firms have to maintain is essentially ....

answer

• How to put the company on the firmest footing possible • How to protect consumers and make a profit

question

T/F - the short-term goals of each employee must be aligned with the long-term goals of the firm

answer

• True

question

A firm's attempt to apply sound, ethical principles must be a __ process

answer

• Dynamic & continuous

question

When a company engages in CSR they must appeal to a variety of ___ who are affected by the firm. This group can include customers, employees, as well as the community

answer

• Key stakeholders

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

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

answer

• Include the relevant ethical issues • Choose a course of action that will help them to avoid serious ethical lapses • Evaluate the alternatives

question

T/F - firms should implement programs that are socially responsible and its employees shouldn't act in an ethically responsible way

answer

• False

question

Firms with strong ethical clients tend to be ___ socially responsible than the less-than ethical firm

answer

• More

question

Stakeholders can include which of the following

answer

• The government • Employees • Members of the community

question

The 4th step in ethical decision making is:

answer

• Choosing a course of action

question

T/F: an ethical decision framework is not useful because it cant be relied on to give the manager any guidance to ethical questions

answer

• False

question

Firms need to have which of the following in order to align personal and corporate goals

answer

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

question

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

answer

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

question

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

answer

• Control

question

Firms should introduce ethics:

answer

• At the beginning of the planning process

question

A code of ethics:

answer

• Is a guide that those in a certain profession agree to abide by • Addresses universal norms of conduct and specific values for a profession or firm • Typically deals with specific issues that arise for specific subareas

question

Which of the following is an example of unethical marketing practices

answer

• Deceptive advertising • Promoting shoddy products

question

What is the best way for a firm to establish a strong ethical climate

answer

• By having a set of values that guides decision making and behavior

question

The first step in ethical decision making is to :

answer

• Identify the issue

question

The ethical dilemma companies face is finding a way to balance

answer

• Shareholder interests with the needs of society

question

Why is doing business ethically a continuous process

answer

• Firms should always be on the lookout for ethical implications of their business decisions

question

In the early days of corporate social responsibility, it was primarily ___ that were under consideration by government agencies

answer

• Products

question

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

answer

• Ensuring healthiness of products • Respecting and protecting privacy

question

Today, companies are undertaking a wide range of corporate social responsibility initiatives such as:

answer

• Supporting nonprofit groups • Establishing charitable foundations • Supporting minority activities

question

Ethical issues arise continually as __ emerge

answer

• New markets • New technologies

question

T/F - creating an ethical climate that establishes the health and well-being of consumers as the firm's number one priority makes good business sense

answer

• True

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

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

answer

• Establishing; values

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

In the event a production manager realizes there are some major safety issues with the products being manufactured which of the following is the most ethical action the production manager should follow

answer

• Stop production and fix the issue

question

Inappropriate groups that are not intended to be targeted could be responsive to the firms efforts. However, firms __ target these groups

answer

• Should not

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

During the planning phase, a firm can typically address ethical issues at the outset through all of the following

answer

• Vision statement • Credo • Mission

question

During the planning phase, a firm can typically address ethical issues at the outset through all of the following EXCEPT

answer

• Financial results

question

Consumers and investors increasingly want to purchase from and invest in companies that

answer

• Act in socially responsible ways

question

Marketers face the difficult decision between ___ benefits for themselves and possibly the firm, and doing what is right in the ____ for the firm and society

answer

• Short term ; long-term

question

If one firm in an industry decides to develop a corporate social responsibility program, its competitors are often forced to

answer

• Develop their own CSR programs

question

A firm whose employees engage in honest transactions, but which does not contribute to the larger community, is:

answer

• Ethical but not socially responsible

question

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

answer

• That society expects companies to engage in CSR programs

question

Firms that are socially responsible but unethical

answer

• Contribute to charities but have questionably ethical sales employees

question

The most basic form of corporate social responsibility to employees is

answer

• Provide a safe working environment

question

Advertising fall between __ and ___ in terms of general attitudes about the ethical standards of various professions

answer

• Congress people; lawyers

question

A code of ethics:

answer

• Addresses universal norms of conduct and specific values for a profession or firm • Is a guide that those in a certain profession agree to abide by • Typically deals with specific issues that arise for specific subareas

question

The ethical dilemma companies face is finding a way to balance

answer

• Shareholder interests with the needs of society

question

The first step in ethical decision making is to

answer

• Identify the issue

question

A firms attempt to apply sound, ethical principles must be a __ process

answer

• Dynamic • Continuous

question

When a company engages in CSR, they must appeal to a variety of __ who are affected by the firm. This group can include customers, employees, as well as the community

answer

• Key stakeholders

question

Which represent an ethical problem in the marketing domain

answer

• Promoting a shoddy product • Advertising cigarettes to minors

question

Business ethics refers to:

answer

• Moral and ethical dilemmas that might arise in a business setting

question

An example of corporate social responsibility is when a firm

answer

• Lessens the negative impact it has on the environment

question

When Kellogg's sells nutritional products and advocates healthier lifestyles, they are actively engaging in ___ social responsibility

answer

• Corporate

question

originally, corporate social responsibility was predominantly just applied to ___ but now it has expanded in definition and application

answer

• how the firm made its products

question

customers stop supporting a company when they feel

answer

• they can no longer trust the company • the company isn't acting responsibly

question

in the implementation phase of the marketing plan, ethical issues can happen in which of the following actions

answer

• positioning • targeting • segmentation

question

by using the ethical decision-making framework, decision makers are likely to

answer

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

question

ethics problems are likely to arise if a firm's ___ goals do not line up with the employees _____ goals

answer

• long-term; short term

question

which of the following is an example of unethical marketing practices

answer

• deceptive advertising • promoting shoddy products

question

in choosing a course of action, firms should

answer

• investigate any potential legal issues with each option • choose an option that uses ethical business practices • rank options in order of preference

question

in brainstorming alternatives, a firm

answer

• considers alternative courses of action

question

corporate social responsibility starts with

answer

• the firm understanding its impact on its employees' actions

question

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

answer

• including ethical statements in the firm's vision statement

question

ethical issues related to evaluating performance can arise during the ___ phase of the marketing plan

answer

• control

question

stakeholders can include which of the following

answer

• the government • employees • members of the community

question

firms need to have which of the following n order to align personal and corporate goals

answer

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

question

a firm creates a strong ethical climate within a marketing division by having a set of ___ that guides ___

answer

• values; decision making

question

T/F - firms should implement programs that are socially responsible and its employees shouldn't act in an ethically responsible way

answer

• False

question

In the early days of corporate social responsibility, it was primarily ____ that were under consideration by government agencies

answer

• Products

question

Ethical issues arise continually as ___ emerge

answer

• New technologies • New markets

question

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

answer

• Respecting and protecting privacy • Ensuring healthiness of products

question

The third step in ethical decision making is

answer

• Brainstorming alternatives

question

T/F - an ethical decision framework is not useful because it cant be relived on to give the manager any guidance to ethical questions

answer

• False

question

Today, companies are undertaking a wide range of corporate social responsibility initiatives such as:

answer

• Establishing charitable foundations • Supporting nonprofit groups • Supporting minority activities

question

T/F - in business decisions, people never have to choose between conflicting outcomes

answer

• False

question

Adverting practitioners fall between __ and ___ in terms of general attitudes about the ethical standards of various professions

answer

• Congress people; lawyers

question

T/F - creating an ethical climate that establishes health and well-being of consumers as the firm's number 1 priority makes good business sense

answer

• True

question

If one firm in an industry decides to develop a corporate social responsibility program, its competitors are often forced to

answer

• Develop their own CSR programs

question

Which of the following is an example of a decision that would not be made by an ethical marketer who is sensitive to social issues

answer

• Hiring child labor

question

Consumers and investors increasingly want to purchase from and invest in companies that

answer

• Act in socially responsible ways

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

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

During the planning phase, a firm can typically address ethical issues at the outset through all of the following EXCEPT:

answer

• Financial results

question

Top management must commit to __ an ethical climate; employees must be dedicated to those ethical ___

answer

• Establishing; values

question

The most basic form of corporate social responsibility to employees is:

answer

• To provide a safe working environment

question

Firms that are socially responsible but unethical

answer

• Contribute to charities but have questionably ethical sales employees

question

Marketers face the difficult decision between __ benefits for themselves and possibly the firm, and doing what is right in the ___ for the firm and society

answer

• Short-term; long-term

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

Stages of the marketing planning process

answer

a. Planning phase b. Implementation phase c. Control phase

question

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

answer

• That society expects companies to engage in CSR programs

question

1. At the center of all analysis of the marketing environment is the ___ and his specific behavior and attitudes

answer

• Consumer

question

2. Corporate Partners

answer

• Parties that work with the focal firm

question

3. When developing marketing plans, a firm should consider which of the following things about it competitors

answer

• Likely reactions to the firms plans

question

4. Match the social trend with the illustrative examples provided

answer

• Green marketing = investing in phosphate-free laundry powder • Health and wellness concerns popularity of hand sanitizer gel • Privacy concerns = the do not call registry for cell phones

question

5. Consumers in a _ _ are a group of people of the same generation having similar purchase behaviors because they have shared experiences and are in the same stage of life

answer

• Generational cohorts

question

6. When interest rates are high, customers have a greater incentive to ____ more, but when interest rates are low, consumers have a greater incentive to ____

answer

• Save ; borrow

question

7. Components of culture

answer

• Meanings • Beliefs • Morals • Values • Customs of a group of people

question

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

answer

• immediate

question

9. the political / regulatory environment consists of

answer

• political parties • government organizations • legislation • laws

question

10. macro-environmental factors include all of the following elements

answer

• culture • demographics • social trends • technological advances • economic situation • political/regulatory environment

question

11. macro-environmental factors include all of the following elements EXCEPT

answer

• the CEO and his behavior

question

12. when the ways people within a particular nation refer to product categories differently from people in other parts of the nation, it is called a ___ culture

answer

• regional

question

13. the most important immediate environmental factors that impact consumers are the ___ ____ and ___

answer

• company, competition, corporate suppliers

question

14. which of the following are among the goals of value-based marketing

answer

• provide greater value to consumers • recognize consumers' needs and wants

question

15. ____ are characteristics of human populations such as geneder, race, age, and income

answer

• demographics

question

16. which cohort includes more than 60 million members in the US alone. It also varies in ages ranging from teenagers to young adults who ahave their own families

answer

• gen Y

question

17. what are some characteristics that describe Gen X

answer

• born between 1965-1976 • latchkey children • represent 41 million americans

question

30. which of the following generational cohorts consists of people born between 1965-1976

answer

• generation X

question

21. particularly in larger countries, marketers may have to respond to diverse consumer groups that refer to product categories differently, while some areas say they "go to a movie" others say they are "going to a show". This illustrates ___ culture

answer

• regional

question

22. one of the goals of ___ marketing is to provide a greater benefit relative the cost to consumers than competitors offer

answer

• valued-based

question

23. a company must be able to focus on its ___ competencies as an opportunity to deliver new products to its customers

answer

• existing

question

24. which of the following demographic factors can help to predict consumer buying patterns

answer

• education attained • income earned

question

25. which are the traits that best describe Baby Boomers

answer

• born between 1946-1964 • largest population of 50+ consumers

question

26. _____ is when a company uses more resources advertising grenn projects versus actually spending these resources on environmentally sound practices

answer

• greenwashing

question

27. which of the following industries is most likely to suffer a downturn when interest rates rise

answer

• housing market

question

31. T/F - currently firms have the technology to track an item from the moment it was manufactured until it is in the hands of the consumer

answer

• True

question

32. Having a broad range in incomes creates marketing opportunities at the

answer

• BOTH: high and low end of the market

question

33. What are some components of a country's culture

answer

• Artifacts • Behavior • Dress • Symbols • Physical settings • Ceremonies • Languages differences • Colors • Tastes • Food preferences • What is most valued

question

34. Which of the following are examples of government legislation designed to protect the consumer

answer

• Nutrition labeling and education act • Children's television act • Consumer product safety act

question

which is the largest generational cohort since the Baby Boomers

answer

Gen Y

question

35. How do demographics affect the launching of a new product

answer

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

question

36. In response to the social trend of _____ the Federal Trade Commissin established the Do Not Call Registry

answer

• Privacy concerns

question

37. Which of the following groups are NOT expected to experience population growth in the United States in the next 20 years

answer

• Caucasian

question

38. Which of the following groups are expected to experience population growth in the United States in the next 20 years

answer

• African American • Hispanic • Asian

question

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

answer

• Maturing of the general population • increase in dual-income households • higher overall level of education

question

40. which of the following firms would be the most likely to see food sales suffer as a result of inflation

answer

• red lobster

question

41. marketers can use an analysis of the external and internal environments such as

answer

• SWOT

question

43. A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages just in different language. Advertisers might try to bridge the cultural gap by appealing to

answer

• The same target market

question

______ culture is exemplified by the ways people within a particular geographic area refer to product categories differently from people in other areas of the country

answer

Regional

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