question

People giving up something in order to receive something else they would rather have

answer

exchange

question

5 conditions that must take place in order for an exchange to occur:

answer

at least 2 parties, both parties have something of value, both party is able to communicate and deliver, both parties are free to accept or reject, both party desires to deal with other party

question

What are the four competing philosophies that influence marketing process:

answer

production orientation, sales orientation, market orientation, societal marketing orientation

question

philosophy that focuses on internal capabilities of the firm rather than desires and needs of the marketplace.

answer

production orientation

question

philosophy that people will buy more goods and services if aggressive sales techniques are used and high sales result in high profits

answer

sales orientation

question

philosophy that focuses on satisfaction of customers wants and needs while meeting organization objectives

answer

market orientation

question

philosophy that some products that customers want may not really be in their best interests or the best interests of society as a whole

answer

societal marketing orientation

question

Relationship between benefits and the sacrifice necessary to obtain those benefits

answer

customer value

question

Customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations

answer

customer satisfaction

question

Managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities (long run profitability and growth)

answer

strategic planning

question

Different businesses that large companies manage

answer

strategic business units

question

What are the three strategic alternatives?

answer

Ansoff's strategic opportunity, Bonston consulting group model, general electric model

question

Which strategic alternative matches products with markets?

answer

Ansoffs Strategic Opportunity Matrix

question

What are the four options a firm can explore using ansoffs strategic opportunity matrix?

answer

market penetration, market development, product development, diversification

question

What ansoff's strategic opportunity matrix approach would someone use if they tried to increase market share among existing customers?

answer

market penetration

question

What ansoff's strategic opportunity matrix approach would someone use if they attracted new customers to existing products?

answer

market development

question

What ansoff's strategic opportunity matrix approach would someone use if they created new products for present markets?

answer

product development

question

What ansoff's strategic opportunity matrix approach would someone use if they increased sales by introducing new products in new markets?

answer

diversification

question

Which strategic alternative classifies SBU's by their present or forecast growth and market share?

answer

Boston Consulting Group Model

question

What are the four categories of the consulting matrix?

answer

Stars, cash cows, problem children, dogs

question

What consulting matrix is a fast-growing market leader?

answer

star

question

What consulting matrix is an SBU that generates more cash than it needs to maintain it's market share?

answer

cash cow

question

What consulting matrix shows rapid growth but poor profit margins?

answer

problem children (question mark)

question

What consulting matrix has low growth potential and a small market share?

answer

dog

question

What should an organization do if it's probably at a problem child stage, but think they could be a star?

answer

build

question

What is it called to get rid of an SBU with low shares and low growth markets?

answer

divest

question

Which strategic alternative has a written document that acts as a guidebook of marketing activities for the marketing manager?

answer

The Marketing Plan

question

Anticipating future events and determining strategies to achieve organizational objectives:

answer

planning

question

designing activities relating to marketing objectives and the changing marketing environment:

answer

marketing planning

question

What are the elements of a marketing plan?

answer

mission statement, SWOT analysis, objectives, marketing strategy, implementation evaluation control

question

statement of a firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions (what business are we in?)

answer

mission statement

question

Defining a business in terms of goods and services rather than in terms of the benefits customers seek (narrow short-term thinking)

answer

marketing myopia

question

What does SWOT stand for?

answer

strengths, weaknesses, opportunities, threats

question

Situation analysis is also known as

answer

SWOT analysis

question

When a company examines strengths and weaknesses, they should focus on:

answer

organizational resources, production costs, marketing skills, financial resources, brand image, employee capabilities, and available technology.

question

When a company examines opportunities and threats, they should focus on:

answer

analyzing aspects of marketing environment

question

Process of collecting and interpreting information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan

answer

environmental scanning

question

Set of unique features of a company and it's products that are perceived by the target market as significant and superior to those of the competition.

answer

competitive advantage

question

What are the 3 types of competitive advantage?

answer

cost, product/service differentiation, niche

question

Which competitive advantage means being a low-cost competitor in an industry while maintaining satisfactory profit margins?

answer

cost competitive advantage

question

Which competitive advantage exists when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition?

answer

product/service differentiation competitive advantage

question

Which competitive advantage seeks to target and effectively serve a single segment of the market

answer

Niche competitive advantage

question

this is when you cannot be copied by competition

answer

sustainable competitive advantage

question

unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market

answer

marketing mix

question

What are the four p's of the marketing mix?

answer

product, place, promotion, and pricing

question

What is the heart of the marketing mix, usually the starting point?

answer

product

question

What is concerned with making products when and where customers want them?

answer

place (distribution)

question

What includes advertising, public relations, sales promotion, and personal selling?

answer

promotion

question

This is what the buyer must give up in order to obtain a product:

answer

price

question

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges

answer

target market

question

A company engages in this when they implement strategies that attempt to shape the external environment within which is operates

answer

environmental management

question

What is perhaps the most difficult external variable for marketing manager to forecast, influence, or integrate into marketing plans

answer

social change

question

What do social factors include?

answer

attitudes, values, and lifestyles

question

Practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single traditional lifestyle

answer

component lifestyles

question

The study of people's vital statistics such as age, race and ethnicity, and location:

answer

demography

question

What age group is really attractive to markets because of how much they buy and people buy for them

answer

millenials (tweens)

question

People born between 1979-1994

answer

Generation Y

question

People born between 1965-1978

answer

Generation X

question

People born between 1946-1964

answer

Baby Boomers

question

What consumer market is now larger than all but 13 world economies?

answer

US hispanics

question

Why is it difficult to market to hispanics?

answer

diversity in population and language differences, they prefer things from their native country

question

What ethnicity is smaller but takes up more homes than hispanics?

answer

african americans

question

what is the fastest growing population among minority groups and make up 6% of the US population?

answer

asian americans

question

income minus cost of living

answer

purchasing power

question

measure of the decrease in the value of money

answer

inflation

question

period of economic activity characterized by negative growth

answer

recession

question

Marketing that targets markets throughout the world

answer

global marketing

question

sending US jobs abroad:

answer

job outsourcing

question

What is a disadvantage to globalization

answer

job outsourcing

question

What are benefits to globalization

answer

expands economic freedom, spurs competition, raises productivity and living standards

question

A company that is heavily engaged in international trade beyond exporting and importing:

answer

multinational corporation

question

Presumes that the markets throughout the world are becoming more alike:

answer

global marketing standardization

question

closely related to and often intertwined with the political environment:

answer

legal considerations

question

tax on goods entering country

answer

tariff

question

limit on amount of a specific product that can enter a country

answer

quota

question

exclusion of all products from countries or companies

answer

embargo (boycott)

question

law compelling earning foreign exchange from its exports to sell it to a control exchange from its exports to sell it to a control agency

answer

exchange control

question

Selling domestically produced products to buyers in other countries

answer

exporting

question

legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

answer

licensing

question

private label manufacturing by a foreign company

answer

contract manufacturing

question

active ownership of a foreign company or of overseas manufacturing or marketing facilities

answer

direct foreign investment

question

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction

answer

marketing

question

Which of the following occurs when people give up something in order to receive something they would rather have?

answer

exchange

question

A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has been legally harvested. In places like Indonesia, as much as 80 percent of timber available for sale is illegally cut. Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests. Which of the following conditions required for an exchange to occur is missing when a company tries to sell illegally acquired logs to The Home Depot?

answer

Each party believes it is appropriate to deal with the other party

question

At The Container Store, every employee is trained to serve customers. Full-time salespeople receive 240 hours of training. The Container Store works to hire people who are self-motivated and have a passion for customer service. The Container Store has a _____ orientation.

answer

Market

question

The American Marketing Association's definition of marketing:

answer

includes creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

question

StoryBlox creates and markets handmade wooden toys, which it sells to retailers in the Midwest. The company's management believes its retail customers will stock more toys if its salespeople use aggressive marketing techniques, so the company provides strong incentives for salespeople and promotional allowances to resellers to get distribution for its toys. In other words, the company has a _____ orientation.

answer

sales

question

The concept of exchange is important to marketing because:

answer

marketing activities help to create exchange.

question

_____ is the collaborative efforts of people to achieve common objectives

answer

Teamwork

question

Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products. The typical Indonesian logging company has a(n) _____ orientation.

answer

production

question

The marketing concept involves:

answer

Focusing on customers' wants and needs so that the organization can distinguish its product (or products) from competitors' products.

question

_____ refers to the moral principles or values that generally govern the conduct of an individual or a group.

answer

Ethics

question

_____ are the rules people develop as a result of cultural values and norms.

answer

Morals

question

Technol Medical Products makes specialty face masks to shield healthcare workers from infection. Because it focuses on this narrow market, it is able to outsell its primary competitors--3M and Johnson & Johnson. Technol has a(n):

answer

Niche competitive advantage

question

In the _____ stage of ethical development, loyalty and obedience to the organization or to society become paramount.

answer

Conventional morality

question

The pyramid of corporate social responsibilities contains all of the following components EXCEPT:

answer

Cultural responsibilities

question

What is the most critical element in successful strategic planning?

answer

Top management support and participation

question

Japanese law prohibits the storage of more than 50 pounds of explosive at any single site in the nation. Every night, Universal Studios Japan hosts a fireworks display. The theme park recently came under government investigation when allegations were made that the park was detonating more than 50 pounds of explosives in its nightly fireworks displays. If the allegations are true, in terms of the pyramid of corporate social responsibility, then Universal Studios Japan is not operating at a(n) _____ responsibility level.

answer

Legal

question

Kraft introduced Philadelphia Ready-To-Eat Cheesecake Filling for those who do not have time to make cheesecake in the traditional manner. This is an example of a _____ strategy.

answer

Product development

question

Which of the following represents a business unit that shows rapid growth but poor profit margins?

answer

problem child

question

The fact that many people believe that businesses should focus on making a profit and leave social and environmental issues to nonprofit organizations is:

answer

One of the arguments against social responsibility

question

The _____ is an intermediary in the global market who assumes all risks and sells globally internationally for its own account. The domestic manufacturer usually treats it like a domestic customer.

answer

Buyer for export

question

Muslim countries are receptive to most Disney products, but they have asked Disney not to include Piglet when it sells its Winnie the Pooh characters because Muslims (as a part of their religious beliefs) contend that pork in any form is unclean. This is an example of a _____ factor that directly affects Disney's global operation.

answer

Cultural

question

International trade does not always involve cash. Sometimes companies accept all or part of the payment for goods or services in the form of other goods or services. This is known as:

answer

Countertrade

question

Sawyer Components manufactures high-cost, customized roller parts for paper mills and is expanding into China because of the opportunity for significant growth in this developing country. The owner uses effective global strategies and is aware of threats from foreign competitors. This illustrates that the owner has a global:

answer

vision

question

H. J. Heinz, the ketchup company, gets over half of its revenue from international sales. This shows that:

answer

adopting a global vision can pay off

question

Which of the following statements about the impact of international business on the U.S. economy is NOT true?

answer

The United States depends more on international commerce than do any other countries.

question

The total market value of all final goods and services produced in a country for a given time period is called:

answer

Gross domestic product (GDP)

question

Many people fear world trade because it:

answer

causes some people to lose their jobs as production shifts abroad.

question

A(n) _____ is a company that is heavily engaged in global trade and moves its resources, goods, services, and skills across national boundaries.

answer

Multinational corporation

question

Apple, Inc. has partnerships with wireless carriers in Japan, Spain, and a handful of other European countries. Apple works with suppliers and retailers worldwide. This means that Apple is a:

answer

multinational corporation

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