RCSC 400 exam 1 multiple choice – Flashcards
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Chapter 1 quizzes
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Changing value propositions in today's economy—such as changes caused by the growth in e-commerce—have forced marketers to learn a tough lesson about customers. What is that lesson?
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Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
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One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:
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international markets.
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__________ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.
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commoditization
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In the airline industry, companies like American, Delta, and US Air have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?
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There is very little differentiation among product offerings in the industry.
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Although mass media audiences are becoming increasingly fragmented, media fragmentation does have a major advantage. What is this advantage?
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It is now easier to reach small, highly targeted audiences.
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In the traditional transactional marketing approach, the ultimate goal of marketing is to:
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acquire new customers and complete a large number of exchanges.
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All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:
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Product quality is much lower now than at any time in the past.
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A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:
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metamarket
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__________ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.
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Environmental scanning
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Which of the following statements about pricing decisions in the marketing program is TRUE?
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Price has a direct connection with customer demand.
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Check the best answer: According to the attendance policy described in the class syllabus, students can...
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Miss up to 4 class sessions unexcused; additional unexcused absences lead to a 5 point deduction per absence
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Check the best answer: According to the attendance policy described in the class syllabus, ...
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Students need to sign in an attendance sheet each class session
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Check the best answer: According to the class syllabus, ...
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15 online quizzes must be completed individually but only the ten best are counted toward the final grade.
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According to the class syllabus, there are the following graded assignments in this class:
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Online chapter quizzes, two exams, workshop summary papers, a team proposal paper, a team paper and a presentation
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What type of planning deals with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?
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tactical planning
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Edmunds.com provides a collection of online services and information pertaining to the automotive market. Edmunds offers reviews, free pricing reports, discussion boards, and links to a variety of car manufacturers, dealers, insurance companies, and finance companies. What role does Edmunds.com play in today's economy?
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metamediary
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Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?
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customers
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Which of the following IS NOT one of the five conditions of exchange in marketing?
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Each party must be capable of immediate delivery.
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According to the class syllabus, there are the following graded assignments in this class:
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Online chapter quizzes, two exams, workshop summary papers, a team proposal paper, a team paper and a presentation
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A product that provides the utmost in convenience is said to offer exceptional
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time and place utility
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Which of the following changes occurring in today's economy has NOT been caused by the growth of the Internet?
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rising prices for most products
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Chapter 2 quizzes
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The fact that more and more consumers gravitate toward omni-channel shopping would present a(n) ________ in the SWOT analysis of Amazon, and as a(n) _______ in the SWOT analysis of the Tucson Gift Boutique, a retailer operating a chain of five local stores.
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opportunity; threat
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In a marketing plan, the executive summary should be a complete but concise overview of the entire marketing plan because:
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most readers of a marketing plan are busy and value condensed information.
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Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth:
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a situation analysis.
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When creating a corporate vision statement, organizations are attempting to answer which of the following questions:
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What do we want to become
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In a truly market-oriented organization, what is the role of the CEO?
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To ensure that his or her employees have everything they need to perform their jobs well.
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In the context of marketing planning, why is it vital that the marketing plan be capable of selling itself to top management?
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Because top managers must decide whether the marketing plan is the best use for the organization's scarce resources.
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Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards, Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the __________ section of Motorola's marketing plan.
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Evaluation and control
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In developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. In this respect, the goals and objectives section is tied closely to the __________ section of the marketing plan.
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Evaluation and control
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All organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization's mission and achieve desired goals and objectives.
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Corporate Strategy
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Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early 20th century, firms tended to focus strictly on __________ rather than on developing relationships with customers.
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Efficiency and quality
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Many firms have shifted to balanced strategic planning because traditional planning and measurement approaches are not able to capture:
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The value created by an organization's intangible assets
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__________ firms are those that successfully generate, disseminate, and respond to market information.
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Market oriented
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In today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. When this occurs, the firm shifts its focus from transactions to __________, and from __________ to collaboration.
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relationships; competition
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When a firm possesses capabilities that allow it to serve customers' needs better than the competition, the firm is said to have a:
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competitive advantage
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The Balanced Performance Scorecard cautions business leaders to look at strategy and performance through four interrelated perspectives. Which of the following IS NOT one of these perspectives?
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vision and strategy perspective
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Which of the following is one of the five basic questions that a good mission statement should answer?
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What is our operating philosophy?
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Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate:
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width
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While all marketing plans face a number of obstacles in development and implementation, __________ is by far the most commonly occurring obstacle across most firms.
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inadequate communication
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Which of the following statements best describes the nature of a marketing plan?
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It clearly outlines the organization's marketing activities.
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Which of the following IS NOT a purpose of a marketing plan?
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It explains how marketing activities mesh with other functional areas
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Chapter 3 quizzes
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Which of the following cultural values is not typically associated with American consumers?
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greater focus on long-term goals
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Issues such as marketing's position and authority in a firm's hierarchy, the overall market orientation of the firm, and the emphasis on short- or long-term planning are examples of which component of the internal environment?
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organizational structure
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The collection of strategic activities aimed at marketing an organization, its issues, and its ideals to potential stakeholders is referred to as __________. It typically involves marketing activities that are not directed to the end users of a firm's products.
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corporate affairs
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With respect to conducting a situation analysis, which of the following IS NOT one of the four important issues to keep in mind?
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All bits of data are relevant no matter how minor they may seem.
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When a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its:
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internal environment.
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Although internal data sources have a number of advantages, one of their biggest problems is:
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internal data are often in a form that is not readily accessible.
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Compared to primary data, secondary data have the main advantage of:
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Being dramatically lower in cost
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What is the main purpose of the Sarbanes-Oxley Act of 2002?
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To increase the accuracy and reliability of corporate disclosures of financial information.
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In the 5W model of customer analysis, what is the primary emphasis of the "Why" question?
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Identifying the basic need-satisfying benefits provided by the firm's products.
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Between now and 2050, __________ will account for a full 90 percent of the growth in the total U.S. population.
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minority population growth
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What is perhaps the most important economic reality in the United States over the last 50 years?
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Our economy has shifted to become dominated by intangibles such as services and information.
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Which of the following statements does not describe a reason why noncustomers do not purchase a firm's products
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Noncustomers have low switching costs.
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The growth of the Internet has changed the way that situation analysis is conducted in today's business environment. In terms on situation analysis, which of the following is the most drastic change caused by the Internet?
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The analyst is more likely to suffer from severe information overload.
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Which of the following examples best describes an advance in backstage technology?
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the use of radio frequency identification (RFID) to control inventory and logistics
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In the competitive sports drink market, Gatorade pays very close attention to the activities of Powerade, a major __________ competitor that markets drinks that are similar in features and benefits.
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BRAND
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The sheer volume of available information on the economy, population, and business activities is the major strength of most __________ data sources.
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government
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As a form of __________ competition, bicycles can solve the same basic need as automobiles, albeit with a very different product.
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generic
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In many buying situations, customers will buy one product because it complements another product. In these cases of __________ demand, the demand of one product depends on the demand of another product.
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derived
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Microsoft is interested in customers' perceptions of Windows 8, its new PC operating system. Since the research goal is rather specific, Microsoft should conduct its own __________ research by asking customers to complete an online questionnaire.
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primary
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Chapter 4 quizzes
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Strengths are typically based on the existence and nature of the __________ possessed by the firm. Weaknesses stem from a lack of these important factors.
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resources and relationships
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Which of the following is NOT one of the major directions for strategic efforts?
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differentiation
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In the beginning of the materials, I asked you to think about possible strengths and weaknesses of which company?
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Petsmart
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By focusing on efficiency of operations and processes, lower costs, and delivering good value, Southwest Airlines attempts to build a competitive advantage based on:
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Operational excellence
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Which of the following strategies can enable a retailer to develop a sustainable competitive advantage?
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Building a store at the best location
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Marketing goals should be defined as:
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broad, qualitative statements of desired accomplishments.
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The company used in the example on Strategy Canvas was...
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Southwest Airlines
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Expansion and growth, with new products and new markets, are the keys to Google's __________ approach to marketing strategy. Google uses this approach because it possesses many different strengths that coincide with key market opportunities.
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aggressive
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The video showing an example of customer intimacy as a strategy was on which company?
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Zappos
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In the marketing strategy for Amazon, the following statement appears: Our strategy is designed to increase the percentage of repeat customers from 80 percent to 85 percent in the next 12 months. This statement is an example of a:
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Continuous objective
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Regarding the website presenting a SWOT for Amazon, what was the main mistake made when developing that SWOT?
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Some of the opportunities presented strategic options, not external trends the company faces.
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In terms of SWOT analysis, when does a strength become a capability of the firm?
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when the strength can be tied to satisfying a customer need
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Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers.
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product positioning
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Why is it important that marketing goals involve some degree of intangibility?
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It makes the goal more motivational and promotes continuous improvement
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Is it possible for an organization to be successful by selling a me-too product?
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yes, as long as the company has an internal cost advantage (produces at less cost)
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Many firms, like the Altria Group, focus on diversification in their marketing strategies because they possess:
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many internal strengths and many external threats.
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In the SWOT matrix, companies can consider to convert their ....
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weaknesses into strengths
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Which of the following is NOT one of the basic strategies to attain competitive advantage?
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cost leadership
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All of the following are benefits of SWOT analysis EXCEPT:
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Its structured nature ensures that data and information are correctly categorized.
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The failure to understand the difference between internal and external issues is one of the major reasons for a poorly conducted SWOT analysis. This happens because managers:
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list their marketing options or strategies as opportunities.
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With regard to Blue Ocean Strategy, the Four-Actions Framework is designed to challenge traditional assumptions about marketing strategy by asking four key questions. Which of the following IS NOT one of these questions?
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Which factors used throughout the industry should be copied?
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Regarding the website presenting a SWOT for Amazon, which of the following was NOT a strength presented for Amazon?
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Amazon streamlines its vendor base and continually strives to lower product prices for consumers, offering an EDLP strategy.
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Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's __________ must recognize that its competencies give it an advantage over the competition.
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Target market
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To successfully utilize SWOT analysis as a catalyst for strategic planning, the marketing manager must focus on several important issues. Which of the following IS NOT one of these issues?
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The manager must find ways to transform key threats into strengths.
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In terms of setting goals and objectives, what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award?
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It promotes the development of discontinuous objectives.
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__________ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm.
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opportunities and threats
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Your supervisor repeatedly informs you that "Goals without objectives are essentially meaningless." What is the rationale for such a philosophy?
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Progress is impossible to track without measurable performance targets.
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As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the __________, or the graphic representation of the firm's relative performance across its industry's factors.
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value curve
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Chapter 8 quizzes
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Ben & Jerry's is well known for its use of __________ in that it ties its products and marketing strategy to social causes such as environmental stewardship.
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Cause related marketing
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With respect to regulating marketing ethics, a key advantage of self-regulatory programs like the Better Business Bureau is the fact that they are:
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Less practical, more costly to implement
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__________, which occurs when a firm charges different prices to different customers, occurs in both consumer and business markets. However, it is very common among different members of the supply chain.
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Price discrimination
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The principles and standards that define acceptable marketing conduct as determined by the public, government regulators, private-interest groups, competitors, and the firm itself are termed:
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Marketing ethics
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Being economically responsible is the most basic social responsibility of any business. This responsibility has the most immediate effect on:
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Shareholders
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Research has found that corporate codes of ethics should contain six highly desirable core values or principles. Which of the following IS NOT one of these core values?
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Legality
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The text "The Triple Bottom Line: What Is It and How Does It Work?" says that...
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...businesses as well as nonprofit organizations have adopted the TBL concept to evaluate their performance
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According to the Economist article, what led to the development of the Triple Bottom Line concept?
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The environmental and social costs of transferring production and services to low-cost countries became increasingly apparent to western consumers
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The text "The Triple Bottom Line: What Is It and How Does It Work?" points out that there is no universally accepted standard for the measures that comprise each of the three TBL categories. This can be viewed as...
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.. a strength because it allows for the adaptation of the general framework to the needs of different businesses, different projects or different geographic regions
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Essentially, having a climate of ethics and social responsibility is all about creating trust among a firm's stakeholders. To gain trust, the firm and its employees must continuously uphold:
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their standards of integrity
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Some companies choose to engage in a deceptive marketing practice called __________, which involves misleading consumers into thinking that a product is more environmentally friendly than it actually is.
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Greenwashing
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The role of ethics in marketing strategy can be distilled into one word. Without __________, marketers run the risk of alienating stakeholders and inviting financial ruin.
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Trust
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To ensure that ethics and social responsibility are thoroughly incorporated into the firm's strategic planning process, the firm's __________ should never be silent about ethical requirements and social responsibility.
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marketing plan
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Each of the following is a potential product-related ethical issue EXCEPT:
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Invasion of privacy
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Most firms that experience ethical or legal problems actually have a code of conduct or an ethical compliance program in place. Why is it that these firms can still have ethical problems despite having a code of ethics or compliance program?
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Their codes are typically not integrated into daily decision making.
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Which of the following IS NOT a challenge associated with being ethical and socially responsible?
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Most employees perceive that the values of honesty, respect, and trust are infrequently applied in the workplace.
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In the Economist article, it is argued that the original idea behind the Triple Bottom line is that companies should be preparing three different (and quite separate) bottom lines. Which of the following in NOT part of the original Triple Bottom Line concept?
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the bottom line of the company's "purpose" account—a measure of how ethically responsible it has been
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Most firms that experience ethical or legal problems actually have a code of conduct or an ethical compliance program in place. Why is it that these firms can still have ethical problems despite having a code of ethics or compliance program?
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their codes are typically not integrated into daily decision making
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Why is the connection between marketing ethics and leadership so important in nurturing a strong ethical culture?
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employees look to the reader as a model of acceptable behaviors
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The link between marketing ethics/social responsibility and firm performance has been documented repeatedly over time. This link is most evident in firms that have a strong __________.
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ethical climate
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According to the Economist article, which of the following is the best definition of the Triple Bottom Line concept?
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The environmental and social costs of transferring production and services to low-cost countries became increasingly apparent to western consumers.
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The text "The Triple Bottom Line: What Is It and How Does It Work?" lists economic variables which can form part of the TBL and deal with the bottom line and the flow of money. Which of the following is NOT such an economic variable?
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education level
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Colgate promotes its toothpaste using a claim that states "helps fight plaque and gingivitis." What potential ethical issue does Colgate have with respect to its promotional strategy?
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ambiguous statements
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The text "The Triple Bottom Line: What Is It and How Does It Work?" says that...
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businesses as well as nonprofit organizations have adopted the TBL concept to evaluate their performance.
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Socially responsible firms tend to enjoy higher __________ because customers perceive that the firm is dedicated to doing the right thing and treating customers fairly.
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customer loyalty
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Many large firms, such as Walmart, Home Depot, Lowe's, and Barnes & Noble, have been accused of predatory pricing because their business practices have put many local, mom-and-pop firms out of business. In reality, these large firms are not necessarily guilty of predatory pricing. Why?
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customer loyalty
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__________ is a broad concept that relates to an organization's obligation to maximize its positive impact on society while minimizing its negative impact.
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Social responsibility
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Extra reading quizzes
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The document provided by Retail Horizons points out that .....
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... retail is everywhere. No longer confined to traditional stores, retail is increasingly ubiquitous AND there are global economic shifts with global economic inequality rising (a & b)
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As the website points out, as the economy improves, consumers are holding onto their desires for discounts and sales, which forces many retailers to.....
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... compete on factors other than price, including merchandising and product quality
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According to the document on the project we will work on in class, the following is CORRECT
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Teams will choose a brick-and-mortar retailer for which they will develop a new service concept
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The document on the project we will work on in class states that the final group presentation consists of ......
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a video and a brief ppt show to be presented by one or two team members
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On the website on "10 Trends Shaping the Future of Retail", all the following trends are described EXCEPT ______.
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Price is no longer the focus of customers - Quality is
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The document on the project we will work on in class states that all of the following tasks need to be worked on by groups EXCEPT ......
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online discussions
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On the website on "10 Trends Shaping the Future of Retail", all the following trends are described EXCEPT ______.
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Globalization is overtaken by localization - at least in certain fringe markets
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The document provided by Retail Horizons notes that water insecurity will affect consumers and retailers because
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freshwater is becoming scarcer and increasingly expensive, which will necessitate changes in usage and conservation in both industrial and household contexts
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The document on the project we will work on in class states that one current challenge for retailers is ......
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... the commoditization in consumer goods that makes it difficult for retailers to develop a distinct competitive advantage based on merchandise selection alone.
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The document provided by Retail Horizons lists all of the following trends EXCEPT .....
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Globalization
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The document on the project we will work on in class includes ......
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formal guidelines and a rubric for each deliverable except the final presentation.
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As the website points out, 75 percent of store shoppers.....
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are using their mobile device in stores.
