Principles of Marketing Exam 1,2 &3
Companies such as P&G, Walmart, and Levi Strauss have recognized the growing ________ in the U.S. population by targeting specially designed products, ads, and promotions to appeal to one or more ethnic, racial, or lifestyle-based groups.
Each company department can be thought of as a link in the company’s internal ________.
Nike states that it wants to “bring inspiration and innovation to every athlete in the world.” This is Nike’s _________.
market-oriented mission statement
Following the Great Recession, U.S. consumers have now adopted a back-to-basics sensibility in their lifestyles and spending patterns that will likely persist for years to come. Marketers in all industries, in turn, are looking for ways to offer today’s more financially frugal buyers greater value, an approach known as ________.
In response to a recent online hoax that went viral, McDonald’s quickly issued statements disclaiming a widely distributed “pink goop” photo and noting that McNuggets were made using only boneless white breast meat chicken in a process that never produces anything remotely resembling the weird pink substance. This case is an example of a firm taking a ________ stance toward its marketing environment.
One challenge that marketers face regarding the macroenvironment is that ________.
changes in this environment are often unforeseeable and uncontrollable
Ben & Jerry’s frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben & Jerry’s using?
Damage caused by the recent earthquake and tsunami in Japan had a devastating effect on the ability of Japanese companies such as Sony and Toyota to meet worldwide demand for their products. This is an example of how the ________ can impact marketing decision making.
The most important actors in the company’s microenvironment are ________.
Companies like IBM, Walmart, and Intel now look beyond economic gain and, in their marketing strategies they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?
The societal marketing concept
Mary is hungry and chooses to go to McDonalds for a salad. Mary’s hunger is a _____ and her choice of a salad is a _____.
Demands differ from wants in which way?
It is the actual buying power a consumer has that enables him to fulfill his needs
One important reason that business legislation is enacted is to ________.
protect consumers from unfair business practices
The actual and potential buyers in a market share which of the following characteristics?
They share a particular need and or want
A firm’s strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four Ps?
Product, price, place, promotion
To create value for customers, marketers must improve the performance of the ______, which includes partnering with suppliers, distributors, and customers.
value delivery network
In 2005, Proctor and Gamble purchased Gillette, makers of shaving products, and added these to the existing P&G portfolio. Which growth strategy did P&G use in acquiring Gillette?
According to the BCG matrix, ______ are high-share, high-growth products. When the market growth slows, these products become ________.
stars; cash cows
To capture value from consumers, marketers must ______.
create value for consumers
Once a marketing plan is written, the manager has to convert the plan into actions that actually accomplish the strategic marketing objectives. The process of ______________________ addresses the who, where, when, and how of the marketing plan.
_______ are the form human needs take as they are shaped by culture and individual personality.
The total combined lifetime value of a company’s current and potential customers is called ______.
Ford offers a wide variety of cars that range from around $14,000 to over $54,000. This reflects which economic factor?
A ____________________ is a statement of the organization’s purpose—what it wants to accomplish in the larger environment.
The first step of the marketing process involves companies working to ____________.
gain a better understanding of their customers
If Apple introduced a marketing strategy designed to encourage new groupslong dash—such as seniorslong dash—to visit its stores for the first time, this would be an example of a ________ growth strategy.
The organization needs to turn its mission statement into detailed supporting objectives for each level of management. The next step after setting the mission statement is to ____________________________.
set company objectives and goals
Marketing managers have in their control four variables known as the four Ps. These four variables do not include the __________.
The ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
As part of the microenvironment, ________ form an important link in the company’s overall customer value delivery network. They provide the resources needed by the company to produce its goods and services.
What are the main components of a marketing plan?
An executive summary, situation analysis, objectives, strategy, action programs, budgets, and controls
The process of dividing a broad market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs, is known as ________.
Disney’s MagicBand RFID bracelet enables guests to enter a park or attraction, buy dinner or souvenirs, or even unlock their hotel room with a flick of the wrist. This is an example of how the ________ is impacting customer experiences and marketing decision making
Which of the following steps in the strategic planning process is not done at the corporate level?
Planning marketing strategies
The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of _________.
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