basic principles of marketing in every organization

being able to “sell” ideas (resume, selling soap) More test answers on https://studyhippo.com/bus-360-ch-1/

For which of the following products is the purchaser most likely to rely on an external information source? a. a package of light bulbs b. a copy of TV Guide c. a principles of marketing text d. a memo pad

ANS: C More test answers on https://studyhippo.com/mid-term-4/

Robert could not afford to buy his principles of marketing textbook this semester if the bookstore did not accept credit cards. With his credit card, he was able to have the book for his marketing class. The credit card created _____ utility for Robert. a. Possession b. Place c. Form d. Time e. Price

a. Possession More test answers on https://studyhippo.com/mc-marketing-test-1-chapters-1-4-and-6/

The most basic principles of marketing ethics are a) philanthropic responsibilities. b) economic responsibilities. c) universally accepted behaviors. d) written as laws and regulations. e) included in the marketing code of ethics.

D More test answers on https://studyhippo.com/exam-1-mktg-practice-qs/

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Industrial Organization Marketing Principles Of Marketing

MAR 3023: Ch. 2 – Flashcards 54 terms

Kael Dunlap

54 terms

Preview

MAR 3023: Ch. 2 – Flashcards

question

Organization

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Legal entity that consists of people who share a common mission.

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Offerings

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Products, services, or ideas.

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3 Types of Organizations:

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1. For-profit 2. Nonprofit 3. Government Agencies

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For-Profit Organization (Business Firm)

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Privately owned organization such as Target that serves its customers to earn a profit so that it can survive. (profit is the reward for the risk it undertakes in marketing and its offerings).

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Nonprofit Organization

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A nongovernmental organization that serves its customers but does not have profit as an organizational goal. Instead, its goals may be operational efficiency or client satisfaction.

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Industry

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Organizations that develop similar offerings.

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Strategy

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An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.

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(Structure of Organizations) Corporate Level

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Where top management directs overall strategy for the entire organization; (board of directors and senior management).

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(Structure of Organizations) Strategic Business Unit Level (SBU)

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A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers; (multimarket or multiproduct firms manage a group of businesses); In this level, managers set a more specific strategic direction for their businesses to exploit value-creating opportunities. -Example: Prada manages a portfolio or group of businesses - including perfume, leather goods, and luggage - each of which may be viewed as a strategic business unit (SBU)

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(Structure of Orgaizations) Functional Level

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Where groups of specialists actually create value for the organization (most specific strategy) -Department refers to these specialized functions such as marketing and finance. -Key Role in marketing department is to keep the organization focused on creating value both for it and the customers.

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Cross-Functional Teams

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Consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals. (brought together by senior management in order to develop/improve marketing programs).

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Core Values

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The fundamental, passionate, and enduring principles that guide its conduct over time.

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Mission

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A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision.

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Organizational Culture

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The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

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Organizational Direction: What will it do?

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The organization's foundation enables it to set a direction in terms of (1) the business it is in and (2) its specific goals.

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Business

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Describes the clear, broad, underlying industry or market sector of an organization's offering. ("What do we do?" or "What business are we in?"; Ice cream business).

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Business model

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The strategies an organization develops to provide value to the customers it serves. -Technological innovation is often the biggest trigger for change.

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Goals or Objectives

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Statements of an accomplishment of a task to be achieved, often by a specific time. (profit, sales, market share, quality, customer satisfaction, employee welfare, social responsibility).

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Market share

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The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

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Organizational Strategies: How will it do it?

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By level (corporate, Strategic Business Units SBU, Functional) or by offering (product, service, idea)

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Marketing Plan

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A road map for the marketing activities of an organization for a specified future time period, such as one year or five years. The planning phase or the strategic marketing process usually results in a marketing plan that sets the direction for the marketing activities of an organization.

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Marketing Dashboard

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The visual computer display of the essential information related to achieving a marketing objective. -Often active hyperlinks provide further detail. -Example: A CMO wants to see daily what the effect of a new TV advertising campaign has on a product's sales.

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Marketing Metric

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A measure of the quantitative value or trend of a marketing activity or result (the choice of which ones to display is critical for a busy marketing manager)

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Data visualization

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Presents information about an organization's marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions. -Examples: Pie, line, and bar charts

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Competencies

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The organization's special capabilities- the skills, technologies, and resources - that distinguish it from other organizations and provide customer value. Example: Medtronic's competencies include world-class technology, training, and service that respond to life-threatening medical needs.

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Competitive Advantage

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A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. -Competencies should be distinctive enough to provide this.

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Asking an organization where it is at the present time involves identifying its:

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Competencies, customers, and competitors.

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Two techniques to aid managers in knowing the growth strategies direction for the firm:

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Business portfolio analysis and diversification analysis.

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Business Portfolio Analysis

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A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) as though they were a collection of separate investments. -The purpose is to determine the appeal of each SBU or offering and then determine the amount of cash each should receive. -Vertical Axis is the Market Growth Rate which is the annual rate of growth of the SBU's industry. -Horizontal Axis is the Relative Market Share, defined as the sales of the SBU divided by the sales of the largest firm in the industry.

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Cash Cow

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SBUs that generate large amounts of cash, far more than they can invest profitably in themselves. They have dominant shares of slow-growth markets and provide cash to cover the organization's overhead and to invest in other SBUs.

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Stars

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The SBUs with a high share of high-growth markets that may need extra cash to finance their own rapid future growth. When their growth slows, they are likely to become cash cows.

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Question Marks

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SBUs with a low share of high-growth markets. They require large injections of cash just to maintain their market share, much les increase it. The name implies management's dilemma for these SBUs: choosing the right ones to invest in and phasing out the rest.

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Dogs

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SBUs with low shares of slow-growth markets. Although they may generate enough cash to sustain themselves, they do not hold the promise of ever becoming real winners for the organization. Dropping SBUs that are dogs may be required, except when relationships with other SBUs, competitive considerations, or potential strategic alliances exist.

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Organization should do this with an SBU:

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Try to change its relative market share (cannot influence the market growth rate); to do this, management decides what future role each SBU should have and either injects or removes cash from it.

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Disadvantages in the Business Portfolio Analysis:

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(1) getting the needed information and (2) incorporating competitive data into business portfolio analysis.

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Diversification Analysis

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A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. -For any market, there is both a current product and a new product and for any product there is both a current market and a new potential market. -4 market strategies: Market Penetration, Market Development, Product Development, Diversification

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Market Penetration

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A marketing strategy to increase sales of current products in current markets. There is no change in either the basic product line or the markets served. (could involve either selling more of the product, or instead, raising the prices of the product).

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Market Development

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Marketing strategy to sell current products to new markets.

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Product Development

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Marketing strategy of selling new products to current markets.

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Diversification

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Marketing strategy of developing new products and selling them in new markets.

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Strategic Marketing Process

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An organization allocates its marketing mix (4 Ps) resources to reach its target markets. 3 Phases: Planning, Implementation, and Evaluation.

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3 steps of Planning (SMP):

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1. Situation analysis (SWOT) 2. Market-product focus and goal setting 3. The marketing program.

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Situation Analysis

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Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.

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SWOT Analysis

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Summary of a situational analysis; an acronym describing and organization's appraisal of its internal Strengths, Weaknesses, and its external Opportunities, and Threats. (want to: build on a strength, correct a weakness, exploit an opportunity, avoid a disaster-laden threat)

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Four Areas on which the firm builds its marketing program (SWOT is based on the study of these)

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1. Identify trends in the organization's industry 2. Analyze the organization's competitors 3. Assess the organization itself 4. Research the organization's present and prospective customers.

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Market Segmentation

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Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. (search for the target market segments)

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Strategic Marketing Process: Market Product Focus and Goal Setting

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1. Set marketing and product goals 2. Select target markets 3. Find points of difference 4. Position the product.

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Points of Difference

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Those characteristics of a product that make it superior to competitive substitutes. (similar to the organization's overall competitive advantage but in terms of an individual product compared to the competitive products)

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Strategic Marketing Process: Marketing Program

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The "how" phase; involves developing the program's marketing mix and its budget. (4 P's)

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The Implementation Phase of the Strategic Marketing Process

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Four components: (1) obtaining resources (2) designing the marketing organization (marketing program needs and organization to implement it) (3) developing planning schedules, and (4) actually executing the marketing program designed in the planning phase.

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Marketing strategy

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The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. -This term implies both the end sought (target market) and the means to achieve it (marketing program)

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Marketing Tactics

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Detailed day-to-day operational decisions essential to the overall success of marketing strategies. Example: Writing ads and setting prices for new product lines.

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Evaluation Phase of the Strategic Marketing Process

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Requires the marketing manager to (1) compare the results of the marketing program with the goals in the written plans to identify deviations and (2) act on these deviations (correcting negative deviations and exploiting positive ones)

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Planning gap

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The difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place.

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Combo with "Public Relations Writing Midterm" and 3 others – Flashcards 81 terms

Aiden Boyd

81 terms

Preview

Combo with "Public Relations Writing Midterm" and 3 others – Flashcards

question

Public Relations is the business of

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generating goodwill toward and individual, cause, company or product.

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Public Relations is the act of

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communicating what you are to the public.

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Public Relations is activity, communication, press coverage

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that is designed to enhance the prestige or goodwill of a company.

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PR is any activities or events

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that help promote a favorable relationship between a company and it's customers and prospects.

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PR should influence the press to

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print stories that promote a favorable image of the company and it's products and services.

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PR should communicate with various sectors

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of the public to influence their behavior, attitudes, opinions.

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PR should plan

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an activity that thats meant to improve the projects organization's environment in order to improve project performance and reception.

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Public Relations is Professional Services

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in promoting products by arranging opportunities for exposure in media.

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Public Realtions is

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an effort to maintain mutual understanding between an organization and it's publics.

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PR Is a promotion intended

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intended to create goodwill for a person or institution.

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Press agentery

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provides the role of media exposure.

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Promotion

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combines media exposure with persuasion.

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Public Affairs

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government public relations.

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Public Information

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federal governments replacement term for PR.

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4 PR Models

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press agentry/publicity, public information, two way asymmetric and two way symmetric.

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Press Agentry Model

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one sided propaganda

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Public Information Model

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practitioner is a journalist and produces well balanced information to the public.

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Two-way asymmetric model

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scientific persuaders

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Two-way summetric

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mediators

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The role of a public relations writer

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technician

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4 Core Components of PR

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Research, Planning, Communication and Evaluation

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PR writing is similar to Journ. in that

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both strive for accuracy/credibility

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PR is different to Journ in that

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diff. objectives, audience selection, and variety of media channels

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What tools are essential for PR work?

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Computer (desktop/laptop), reference library, search engines

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All PR writing starts with what?

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a purpose and content of message

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What is important in PR writing?

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Purpose, stratgey, medium, style and format

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4 Basics of Communication

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Sender, Message, Channel, Receiver

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Framing

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how journalists/editors focus on certain facts/themes to "frame" a story.

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Diffusion and Adoption

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Awareness*, interest*, trial, evaluation, adoption

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Factors in Persuasive Writing

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Audience Analysis, Source Credibility, Appeal to Self-Interest, Clarity of the Message Timing and Context, Symbols/Slogans/Acronyms, Semantics, Suggestions for Action, Content and Structure

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Passive/Active Audience

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Passive-Inactive public-unaware of product/idea Active- Aware of product/idea/service

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4 types of Endorsement

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1) proclamation by mayor, gov or pres 2) Media generated through reviews/blogs/news 3) Statements made by experts/credible sources 4)Statements made by celebs

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Persuasion Propaganda Techniques

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Plain Folk, Testimonial, Bandwagon, Card stacking, transfer, cause and effect, personal attack, inference by association, testimonials

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Other prop techniques

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plain folk, testimonials, transfer

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Unethical in prop techniques

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emotive language (from fact to opinion), amphipoly, equivocation(ambiguous words)

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Logical fallacies in prop techniques

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cause and effect, personal attack, bandwagon, inference by association

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Ethics of Persuasion

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Don't lie/be false/be fake Don't deceive/ mis represent yourself as an "expert" Don't oversimplify complex issues Don't pretend certainty DO NOT advocate something you DO NOT believe in yourself

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The Inverted Pyramid

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-Begins with the summary lead -Adds facts in a descending order of importance -Done so that the story may be edited to fit the available space by cutting off the end of the story; nothing of significance lost (depends on advertising)

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The Summary Lead

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In the Inverted Pyramid Answers: -Who -What: usually most important -When -Where -Why -How OR known as the Summary Lead *Sometimes there is no how, or why Ex: "Columbia pictures announced today that it has signed Britney Spears to a three-film deal for $60 million each.

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Hard Lead

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(Print) -Simple sentences -Active voice (paints picture with fewer words) -22 25 words maximum -most important is the who, what, where and start with that

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Soft Lead

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(Electronic) -Simple sentences -active voice -18 to 20 words maximum -the first 2 to 3 words are thrown out -sometimes will have a second sentence

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Why is writing for features different?

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You may not know what is going on until the end where as in public relations the point is to know what is going on at the beginning

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Format for the News Release

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-Spacing: typed, double, standard 8 1/2 by 11 size paper -Paper: white, light gray or brown -Identification: yourself, contact, organization -Release date: "embargo date" don't broadcast before ___ (out of respect) -Margins: standard -Length: 1 page if you can, 2 pages is fine, 3 is a problem *Need to know who covers what/ have a interpersonal relationship *If they think anything is "cute" it will get thrown out! *Fax or email, figure out what particular person wants -Paragraphs: short, 3 sentences at maximum -Slug line: (more or ### or 30) -Suggested headlines: may be changed by copy header based on space but you should write one to get the reporters attention -Timing -Using Internet -Proofreading: Use programs such as writeright and spell check

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What determines whether something is news worthy?

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-Impact: major announcement that affects an organization, its community, or society -Oddity: an unusual occurrence or milestone, such as the one-millionth costumer being signed on -Conflict: a significant controversy -Known principal: the greater the title of the individual making the announcement—prez---the greater the chance of the release being used -Proximity: how localized the release is or how timely it is, relative to the news of the day *Beyond these, human interest stories, which touch on an emotional experience, are regularly considered news worthy.

question

Fool Proof Formula for Writers

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1. The idea must precede the expression -Writing requires ideas and ideas require thoughts; think first 2. Don't be afraid of the draft 3. Simplify, Clarify -In writing, the simpler the better -They key to clarity is tightness; each word/passage/paragraph must belong 4. Must be aimed at particular audience

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Difference between Journalist and Public Relations

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Journalists: objective point of view, have a formula PR: Different point of view, best light possible, use the formula of Journalists because it's a better chance that they will run the story just how we wrote it

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Think

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A good writer must be able to ________.

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Controlled and Uncontrolled

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2 Categories of PR Writing

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Uncontrolled

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at the mercy of the media, example is a press realse

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Controlled

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PSAs, Brochures, Ads

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2 reasons for sendinguncontrolled

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gains credibility and is cheaper

question

Paid advertisement and Press Release

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Examples of controlled and uncontrolled

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brochure, press release, fliers, advertorials, fact sheets

answer

Tools of PR writer

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Well-written

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All forms of PR materials must all be ____________.

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Persuade and Inform

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Two reasons for writing in PR

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Medium is

answer

the message

question

Planning

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1st and most important stage in writing

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Audience, message, content

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When researching, you must identify the ____, _____ and ____.

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End users of your information People most effected

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Target Audience

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Unbiased and trained in area

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Benefits of using a Moderator

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Get info before starting

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Focus groups

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Goal

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Broad

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Objectives

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Concrete steps to reach goals

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Audience and perceived needs

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How do you determine positioning of message?

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Unaware, importance, can they do anything about it

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When/Why target audience might change mind

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Lack of understanding

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PR v Journalism problems

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AP style, deadlines, contact info, press releases

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How you can help PR and Journalism

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Consequence, Interests, timeliness, proximity, prominence

answer

Characteristics to base news values on:

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Hard news

answer

News of immediate importance

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Soft News

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Passive news

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Honesty, answering calls and on-record

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Guidelines dealing with media

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Go to reporter, don't go over their heads

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Dealing with mistakes in news

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Once per month

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How often do you update a media list?

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Label, table of contents, news release, fact sheet, photos

answer

What all is in a press kit?

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Publicity, Angle, Story

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What is a news release and what should it contain?

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grab attention first 30 seconds, create lead, expand on lead, info decreasing in importance

answer

Leads:

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Point of origin of release

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Dateline

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Dateline

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Point of origin of release

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1- introduce story 2- include why they should use your story 3- how you can be reached

answer

Pitch letters

question

Knowing audience

answer

What dictates content?

question

elaborate on read, think what reader wants to know, give facts

answer

Feature writing

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Gdp Per Capita International Marketing Marketing Principles Of Marketing Self Reference Criterion

Intenational Marketing-Essay – Flashcards 27 terms

Patrick Thompson

27 terms

Preview

Intenational Marketing-Essay – Flashcards

question

". . . the marketer's task is the same whether applied in Dime Box, Texas, or DAR es Salaam, Tanzania."

answer

The only difference between domestic marketing and international marketing is that the activities take place in more than one country. Therefore, the marketing task is the same throughout the world.

question

Discuss the four phases of international marketing involvement

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The first phase includes those domestic firms which have no foreign business activity except those sales made to foreign customers who come directly to the firm. The second phase includes domestic firms which have temporary surpluses which are sold abroad. Therefore, sales are made on an availability basis with little or no intention for continuing market representation. The third phase includes the domestic firms that have permanent productive capacity which is utilized to produce goods which are sold on a continuing basis in foreign markets. The fourth phase includes the international company that produces a product for the world market.

question

Differentiate between a global company and a multinational company.

answer

The main distinction between a global and a multinational company is that a global company assumes there are segments across countries which have the same needs and wants and designs a standardized, high quality, reasonably priced product for those segments and markets it as if there are no differences among the country markets. On the other hand, a multinational company operates in a number of countries and adjusts its products and marketing practices for each market. The multinational company has a specific marketing plan and adapts products for each country market. The philosophy for the multinational company is that there are cultural differences among countries that require specific adaptations for those markets. This is contrasted with the global company which sees the entire world, or major regions of it, as a single entity requiring no specialized adjustments. This distinction may be more myth than fact and reflects Professor Levitt's opinion.

question

http://wenku.baidu.com/view/1e3261bf1a37f111f1855b61.html###

answer

question

Prepare your lifelong plan to be globally aware.

answer

Student exercise. A minimum would be a reading list plus some commitment to study different countries.

question

Define and Explain the idea of Glabal Orientation

answer

A global orientation means operating as if all the country markets in a company's scope of operations (including domestic market) are approachable as a single global market and to standardize the marketing mix where culturally feasible and cost effective or to adapt the marketing mix where culturally required and cost effective. A global orientation does not mean to follow a single strategy of standardization without regard for cultural differences nor does it imply that the marketing effort must be adapted to every cultural difference. Instead, it means looking for market segments with similar demands that can be satisfied with the same product, standardizing the components of the marketing mix that can be standardized, and, where there are significant cultural differences that require parts of the marketing mix to be culturally adapted, adapting.

question

start here-chpt-2

answer

question

Globalization and the U.S. Economy

answer

The U.S. economy has played a major role in globalization due to the petro-dollar (U.S. dollar) being the world's reserve currency for well over 70 years. This has resulted in great dominance and power for the U.S. economy. And it has shown to be very advantageous in the U.S. financial market compared to other economies, which have to buy, sell, and transact business with the U.S. dollar. The U.S. dollar as the world's currency has allowed for substantial negotiation power for U.S. corporations, which birthed multinational corporations. The dominance of the petro-dollar into other countries birthed what is known as globalization. Trade, negotiations, and relationships were established based on the use of the U.S. dollar through collaborations by force and/or threat. This created more buying power and value for the dollar and lessened the value of other countries' currencies, which resulted in poverty-stricken economies. For example, if X country grew bananas in abundance and wanted to sell their bananas to Z country, they would purchase and sell with U.S. dollars. A currency's value is increased based on its use. Therefore, over decades or longer, other countries were persuaded in one way or the other to use the U.S. dollar created by the privately-owned Federal Reserve Bank.

question

Discuss the globalization of the U.S. economy

answer

America's involvement in the global economy has passed through two distinct periods: a development era during which the United States sought industrial self-sufficiency in the eighteenth and nineteenth centuries, and a free-trade in the early and middle twentieth century during which open trade was linked with prosperity. Now America has entered a third, more dangerous era—an age of global economic interdependence. With surprising swiftness, the United States has shifted from relative economic self-sufficiency to global interdependence. In 1960, trade accounted for only 10 percent of the country's GNP; by the mid-1980s, that figure had more than doubled. American farmers now sell 30 percent of their grain 164 production overseas; 40 percent of U.S. farmland is devoted to crops for export. In fact, more U.S. farmland is used to feed the Japanese than there is Japanese farmland. American industry exports more than 20 percent of its manufacturing output, and one out of every six manufacturing jobs in the U.S. depends on foreign sales. More than 70 percent of American industry now faces stiff foreign

question

explain the role of price as a free market regulator

answer

In a free market economy the price of different products gives information about the demand and supply of the products. The price of products increases when the demand rises as there are more buyers willing to pay a larger amount for the same product. Price also goes up when the number of producers supply a smaller amount of the product as they are in a position to demand a larger amount for the same product. The demand and supply in a free market is also a function of the price. As the price increases the demand goes down and the supply increases. On the other hand when the price goes down the demand rises and the supply decreases. The result of this feedback loop is the determination of an equilibrium price at which the buyers are willing to buy a particular quantity of the product and sellers are willing to sell the same quantity of the product. Adam Smith is widely believed to be a proponent of the free market economy where competition drives prices up or down and the government has no role to play either in controlling prices or in helping producers. A more detailed study of his writing reveals that this is not the case and he in fact believed that governments should intervene when required to protect producers, buyers and keep prices within reasonable limits.

question

Why does balance of payments always balance even though the balance of trade does not

answer

Since the balance of payment is based upon system of double-entry book-keeping, the total debits must equal to total credits. This is because two aspects of each transaction recorded are equal in amount but appear on opposite sides of the balance of payments account. In this accounting sense, balances of payments for a country must always balance The debit side shows the use of total foreign exchange acquired in a particular period. The credit side shows the sources from which the foreign exchange is acquired during a particular period. Against every credit entry, there is an offsetting debit entry & vise-versa, so the receipts and payments on these two sides must be equal. Hence the two sides must necessary balance. If X imports from Y, Y would also import from X. Hence there would be a debit and credit entries in the balance of payments of both the countries X & Y. The individual items in the balance of payments may not balance. But the total credits of the country must be equals to its total debits. If there is any deficit in any individual account, it would be covered by a surplus in other accounts, if there is any difference between total debits and total credits, it would be settled under 'errors & omissions'. Hence in the accounting sense, the balance of payments of a country always balances.

question

Protection of an infant industry is a valid reason to keep tariffs active. For industries to grow there needs to be a demand for their product and if consumers within in their trade area have cheap and easy access to imported products of a more developed industry these infant industries will be left to crumble before even getting on their feet. Protection of the home market is valid for many of the same reason that protecting an infant industry is valid. In order for the home market to flourish there needs to be an upside for the purchasing of home market products. Putting tariffs on imported goods makes them less appealing due to price alone. Need to keep money at home is one that I agree with less. In the short run it is important to get home industries started but by keeping all your money at home you begin to hurt the world economy. Instead of creating a market that competes

answer

"Support or refute each of the various arguments commonly used in support of tariffs"

question

Does widespread unemployment change the economic logic of protectionism?

answer

Increased validity is being granted to the argument that it is better to have workers employed even if the consumer must pay more. Many economic trade models assume full employment but the "real world" does not necessarily reflect the theory.Protectionism is based on world trade; countries go forth reliever its markets from unlike companies diluting the home countries markets with unwanted goods by inducing tariffs, quotas, and nontariff barriers. These barriers rotter contain legal, exchange and psychological barriers. There argon however a few logic and sensible arguments for countries to establish more(prenominal) barriers change magnitude protectionism and unemployment is not one of them. There are many another(prenominal) alternatives to keep up employment and reduce unemployment in home countries. Countries experiencing periods of frugal suppuration need to capitalize on the opportunity for as yearn as that eon lasts so new jobs poop be created. These times generally arise when the demand for an roam of products is high, businesses consequently can expand their workforce. Increased awareness by population about incentives in paid work much(prenominal) as realise programs can increase employm ent and the go for to work. Training policies back up the unemployed to attain skills and expand their capabilities to provoke knowledge in multiple fields of work. By apply unemployment for a designer to lean on protectionism, it still convey that there will be an overall inadequate summate of resources in the region that will be implementing barriers. Being qualified to expand the measure of international trade countries should be satisfactory generate redundant revenue in the country to give the sack interior(prenominal) markets and unemployment situations. Arguments for preservative measures against infant industry can be recognized by underdeveloped countries when countries are afraid that domestic competition would not be able with withstand foreign competition. But when measures are taken to ensure protection to markets, it is frequently difficult to stumble protection barriers. In this case, when there is no ideal time of competition, domestic efficiency in these markets is neer improved. Other v! alid and logical arguments to use protectionism are for industrialisation and most tardily resource conservation in...If you want to micturate a bounteous essay,

question

Discuss the main provisions of the Omnibus Trade and competitiveness act of 1988

answer

Omnibus Trade And Competitiveness Act Of 1988 Legislation passed by the U.S. Congress in August 1988 and signed into law on August 23, 1988, to enhance the competitiveness of American industry. Its major purposes were to: authorize the negotiation of reciprocal trade agreements; strengthen U.S. trade laws; improve development and management of U.S. trade strategy; and through these actions, improve standards of living in the world. The act made many changes in U.S. trade law, inter alia, significant changes to Section 301 and the adoption of Section 301 variants: "Super" 301 (§ 1302 of the act) provisions required, in 1989 and 1990, the U.S. trade representative (USTR) to identify priority practices (trade distorting practices whose elimination might substantially increase U.S. exports) and priority countries (countries with the highest trade barriers and best markets for U.S. Exports) and to initiate Section 301 investigations of such practices; "Special 301" (§ 1303 of the act), requires USTR to identify and self-initiate expedited Section 301 investigations of countries which deny adequate protection of intellectual property rights; "Telecommunications 301" (§ 1377 of the act) requires USTR to review, on an annual basis, trade agreements which involve telecommunications products or services to determine whether the foreign country is failing to comply with the agreement or is otherwise denying opportunities to U.S. Telecommunication products and services. In March 1994, President Clinton signed an executive order reinstituting the Super 301 provision; under this order USTR will identify in 1994 and 1995 priority foreign practices which may be actionable under Section 301.

question

Discuss the impact of GATS,TRIMS, AND TRIPS on global trade

answer

GATT: General Agreement on Tariffs and Trade- Trade shall be conducted on a nondiscriminatory basis, protection shall be afforded domestic industries through tariffs(not through such commercial measures as import quotas), and consultation will be the modus to solve trade problems TRIMs: Trade related investment measures, established the basic principle that investment restrictions can be major trade barriers and therefore are included under GATT procedures. An initial set of specific practices were prohibited. As a result of TRIMs, restrictions in Indonesia which prohibit foreign firms from opening their own wholesale or retail distribution channels can be challenged. And so investment restrictions in Brazil TRIPs:Trade Related aspects of Intellectual Property Rights- Another objective of the U.S from the Uruguay Round was achieved by agreement on trade related aspects of intellectual property rights. The TRIPs agreement establishes substantially higher standards of protection for a full range of intellectual property rights (patents, copyrights, trademarks, etc.) than are embodied in current international agreements and it provides for the effective enforcement of those standards both internally and at the border.

question

chpt 4

answer

question

What role does a marketer play as a change agent

answer

Whether or not the marketer is aware of it, he assumes the role of a change agent when he introduces into another culture new ideas or new products requiring some form of change in behavior for acceptance and use of the new idea or product. The international marketer must concern himself with the impact of his actions upon the new culture.

question

Culture is pervasive in all marketing activities discuss

answer

Marketers are constantly in the process of adjusting their efforts to the demands of the culture of their markets. Although in the long run they may affect their market's culture as a result of their efforts, most current activity involves reconciling marketing activity to the immediate culture.

question

Why should a foreign marketer be concerned with the study of culture

answer

A foreign marketer should study culture in order to avoid making blunders which would not be made if he or she had cultural knowledge. Culture should be studied because it affects the consumer's desire and ability to buy.

question

It is stated that members of a society borrow from other cultures to solve problems that they face in common. What does this mean? What is the significance to marketing? Cultural borrowing entails using the best solutions to a problem that different cultures face. This best solution, borrowed by one culture from another, is incorporated into the borrowing culture's system, and becomes part of their cultural heritage. This fact is significant to the marketer because although the solutions to the problems are similar they are put together in a unique manner which is strictly American, Chinese, French, etc. In realizing the "similar but different" aspect of culture, the marketer is aided in gaining cultural empathy.

answer

question

Outline the elements of culture as seen by an anthropologist. How can a marketer use this "cultural scheme?" a. Material Culture 1. Technology 2. Economics b. Social Institutions 1. Social organizations 2. Education 3. Political structures c. Man and the Universe 1. Belief systems d. Aesthetics 1. Graphic and plastic arts 2. Folklore 3. Music, drama, and the dance e. Language The foreign marketer may use the above outline of cultural elements (1) to provide a meaningful framework to use in evaluating a marketing plan or in studying the potential of a foreign market, (2) to point out those things which must be learned about the culture of the people since most of these elements are reacted to automatically in a cultural system, (3) as factors with which the market interacts and which are basic in the understanding of the character of the marketing system of any society.

answer

question

MARKETS ARE A RESULT OF A THREE WAY INTERACTION OF A MARKETERS EFFORTS, ECONOMIC CONDITIONS, AND ALL OTHER ELEMENTS OF THE CULTURE. COMMENT

answer

cultural congruence-124 planned change-124 cultural borrowing-121 cultural sensitivity

question

Suppose you were asked to prepare a cultural analysis for a potential market. What would you do?outline the steps and comment briefly on each step

answer

A.MATERIAL CULTURE 1.technology-tech and know how to produce goods and services 2.Economics-Emplyment capabilities and resource B SOCIAL INSTITUTIONS 1.social organizations-family life, status, age. 2.Education-literacy and intelligence and how informed the public is 3.Political structures C. MAN AND UNIVERSE belief systems D. AESTHETICS 1.graphic and plastic arts folklore music and drama and dance

question

How can resistance to cultural change influence product introduction. Are there any similarities in domestic marketing? Explain, giving examples

answer

Resistance to cultural change will affect new product introduction in the respect that the greatest resistance will confront products which are farthest from the status quo, but this resistance can be lowered by gaining public interest. Lowering resistance in this situation means shortening the duration of the resistance. Domestic marketing is subject to the same resistance to change. Examples of this resistance in the domestic market are the introduction of contact lenses and using motorcycles as an acceptable means of recreation

question

Why should a country domesticate and not expropriate

answer

Firstly, expropriate can create conflicts with other governments and could potentially take investors away from them. Moreover, if a country domesticates could achieve almost all of the benefits of expropriate and avoid issues with some other countries. More benefits are supposed to come and many problems could be avoid thanks to domestication. Expropriate-gvt seizes an investment but makes some compensation/reimbursement Domesticate-gradual transfer and mandating of foreign investment by host nation to national control through government decrees .

question

what are the main factors to consider in assessing the dominant political climate within a country 1. current form of govt 2.current political party systems 3.stability and permanency of govt policy 4. Risks or encouragements of foreign business from political party activity

answer

Radical shifts in government philosophy, pressure from nationalist and self-interest groups, weakened economic conditions, bias against foreign investment or conflicts between governments are all issues that can affect the stability of a government. Foreign business sometimes fear when governments change political party because they are concerned about the continuity of the set of rules or code of behavior and the continuation of the rule of law, regardless of which government is in power. When there are dominant political party/parties, it may become a foreign corporation concern because the party can alter prevailing attitudes. When there is nationalism, which means there is a sense of pride in one's own country. This pride can take an anti-foreign business bias, and minor harassment and controls of foreign investment

question

rest read from chegg.

answer

STUDY

Advertising Business Communications Integrated Marketing Communication Linguistics Marketing Principles Of Marketing Search Engine Marketing

Marketing EXAM 5 – Flashcards 144 terms

Niamh Mitchell

144 terms

Preview

Marketing EXAM 5 – Flashcards

question

Home Depot hired an advertising agency to develop television ads for its grand opening in Southern Maine. The advertising agency represents which of the following components of the communication process?

answer

Transmitter

question

The AIDA model is also known as the _____ model.

answer

think, feel, do

question

Traditionally, advertising has been _____ and _____.

answer

passive; offline

question

To support the other promotional efforts, firms use _____ to generate "free" media attent

answer

public relations

question

Sales promotions such as free samples and point-of-purchase displays, are designed to build

answer

short-term sales.

question

Personalized e-mail marketing is an example of an online, passive form of persuasive communication, which would be classified as an example of

answer

direct marketing.

question

Omaha Steaks sending e-mail coupons for items that customers have purchased previously and mailing slick pictures of gourmet steaks and meal packages to addresses that have received orders in the past is an example of

answer

direct marketing.

question

Jacob determined one of the metrics he would use to gauge the level of exposure his marketing message had with his target market was the number of times the target was exposed to his message throughout the 6 weeks of the campaign, representing its

answer

frequency.

question

Nathan gauged the level of exposure to his marketing campaign using the percentage of the target population exposed at least once to his advertisement, representing its

answer

reach.

question

Google's AdWords system provides a Quality Score as a measure of _____, which indicates the usefulness of an ad message to consumers doing a Google search.

answer

frequency.

question

If a sponsored link was delivered 100 times and 10 people clicked on it, then the number of impressions is 100, the number of clicks is 10, and the click-through-rate (CTR) would be

answer

10%

question

In the AIDA model, the "think" stage is the ________________ stage.

answer

Awareness

question

To estimate reach in terms of electronic media, marketers can use the click-through rate (CTR). To do so, they need to know the number of clicks and

answer

the number of impressions.

question

In recent years, the component of IMC that has received the greatest increase in spending is

answer

direct marketing.

question

Which of the following is the first step in planning and executing an advertising campaign?

answer

Identify the target market.

question

It is in the _____ step of the process of developing an advertising campaign that the metrics are articulated against which advertising success or failure of the campaign is measured.

answer

Set the advertising objectives

question

When introducing new products, Quaker Oats uses a _____ strategy by offering retailers discounts on the products along with point-of-purchase displays to motivate them to highlight the product.

answer

push

question

Firms often use _____ advertising to convince consumers to take action such as switching brands, trying a new product, or even continuing to buy the advertised product.

answer

persuasive

question

The "Indoor Tanning is Out" campaign is designed to raise awareness of the increased risk of melanoma, the deadliest form of skin cancer, and decrease usage of tanning salons. This is an example of _____ advertising.

answer

public service

question

Exxon Mobil uses a(n) _____ appeal when it explains technical aspects of its products, such as lithium ion batteries, hydrogen technology, biofuels, and CO2 capture technologies.

answer

informational

question

Bowflex and Jenny Craig develop advertisements featuring celebrities to address its target market's need for feeling good about themselves. This is an example of which of the following?

answer

emotional appeal

question

As a means to reach large numbers of anonymous audience members, USA Today newspapers are considered to be which of the following types of media?

answer

mass media

question

HGTV and Home and Gardens magazine fall into which of the following categories of media?

answer

Niche media

question

Coppertone uses a(n) _____ advertising schedule, where it advertises heavily in the months leading up to and during the summer, with no advertising after the season ends.

answer

flighting

question

IKEA advertises throughout the year, but significantly increases its advertising during the back-to-school time frame, thus implementing a(n) _____ advertising schedule.

answer

pulsing

question

An example of _____ is when American Idol judges are seen drinking Coca-Cola.

answer

product placement

question

An advertising campaign's objectives should be specific and measurable.

answer

TRUE

question

Which of the following is NOT true about public relations?

answer

With the growth of the Internet, PR is quickly losing its impact.

question

Sarah goes through the newspaper looking for coupons to help reduce her living expenses. Her roommate Paige doesn't read newspapers, let alone look through them for coupons. But Paige filled out a form from inside a cereal box entering her in a drawing for free exercise equipment. What kind of sales promotion reached Paige?

answer

sweepstakes

question

Content that is distributed through social interactions is referred to as

answer

social media.

question

Which of the following is a professional site that is designed to allow users to share information about their professional lives with others, post résumés, network with other professionals, and search for jobs?

answer

question

What is the job function of a community manager?

answer

to handle corporate forums and blogs as well as increase traffic to the company's website

question

Personal selling adds value in each of the following ways EXCEPT by

answer

consistently lowering prices below competitors.

question

When the National Association of Realtors' national awareness campaign emphasizes that realtors know how to more efficiently market a client's property than an owner can by himself, it is highlighting which value of personal selling?

answer

Saving time and simplify buying

question

The annual International Consumer Electronics Show (CES) in Las Vegas is an example of a(n) _____ show, which is an event attended by buyers who choose to be exposed to products and services offered by potential suppliers in an industry.

answer

trade

question

_____ is a method of prospecting where sales people telephone or go to see potential customers without appointments.

answer

Cold calling

question

The planning, direction, and control of personal selling activities, including recruiting, selecting, training, motivating, compensating, and evaluating, as they apply to the sales force is part and parcel of

answer

sales management.

question

A salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale are called

answer

order getters.

question

A desirable personal trait of good salespeople is _____, where they care about their customers, their issues, and their problems.

answer

empathy

question

Which of the following is a form of salesperson compensation whereby payment is based on sales volume or profitability?

answer

Commission

question

Which of the following is an effective form of nonfinancial compensation provided to salespeople?

answer

Awards

question

To maintain trustworthy customer relationships, companies must take care that they respect the _____ comfort zone, that is, the amount of information a customer feels comfortable providing.

answer

information

question

Equal employment opportunity laws make it unlawful to discriminate against a person in hiring, promotion, or firing because of race, religion, nationality, sex, or

answer

age.

question

If an insurance company encourages its salespeople to intentionally mislead potential customers about damage from flooding due to hurricane damage, who could be susceptible to legal action for the deceptive practice?

answer

The company and the salesperson.

question

Sales is among the highest-paying careers for college graduates.

answer

TRUE

question

When Motorola first entered the Mexican marketplace, the company wanted direct control of salespeople in major urban markets but was not as concerned about control in smaller areas of the country. Motorola probably used _________________ in major urban areas and _______________________ in smaller areas of Mexico.

answer

a company sales force; manufacturer's reps

question

Often the best way to handle customers' reservations is to relax, listen, and

answer

ask questions to clarify the issues.

question

When designing in-store signage, retailers often develop yellow signs and shelf tags with bold lettering to catch consumers' attention. The use of visuals in this manner represents the _____ component of the communication process.

answer

Encoding

question

Macy's is conducting marketing research to determine whether or not its advertising message could be clearly understood by its customers. This relates to which component of the communication process?

answer

feedback loop

question

The highest level of awareness is

answer

Top-of-mind awareness.

question

The fact that a particular advertisement might not cause a consumer to make an immediate purchase is referred to as

answer

a lagged effect.

question

The U.S. Government promoted public participation in the 2010 Census during the televised Super Bowl game in its efforts is to raise awareness of the when and how the Census works. This is an example of which of the following promotional elements?

answer

Advertising

question

Which of the following formulas is accurate for calculating gross rating points (GRP)?

answer

reach multiplied by frequency

question

When Yolanda asked her firm's advertising agency to estimate how often consumers saw her firm's IMC message and what percentage of the target audience was exposed to the message, she was told the reach was 40, the frequency was 4, and the competitive parity was 10. The gross rating points for her firm's campaign were

answer

160.

question

Julie is developing a budget for her firm's IMC program. First she sets objectives. Then she chooses media, and finally she determines the cost for each product to be promoted. Julie is using the ___________________ method of establishing an IMC budget.

answer

objective-and-task

question

Even the best marketing communication can be wasted if the sender does not first

answer

gain the attention of the consumer.

question

A(n) _____ is a subsection of the firm's overall marketing plan that explicitly analyzes the marketing and advertising situation, identifies the objectives of the advertising campaign, clarifies a specific strategy for accomplishing those objectives, and indicates how the firm can determine whether the campaign was successful.

answer

advertising plan

question

As a product in the maturity stage of its life cycle, chewing gum brands would most likely require the use of _____ advertising to prompt purchases.

answer

reminder

question

The "Beef, It's What's for Dinner" campaign to encourage beef consumption is an example of _____ advertising.

answer

institutional

question

The ___ enforces truth in advertising laws and defines deceptive and unfair advertising practices.

answer

The Federal Trade Commission

question

As a type of sales promotion, _____ encourage trial and reduce consumer risk, although they may negatively impact perceptions of brand value.

answer

deals

question

The Holiday Inn Priority Club is an example of a_____, which is specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time.

answer

a loyalty program

question

J. Crew teaming up with several famous brands, including Belstaff, and Timex, to offer exclusive products in the J. Crew stores and on its website is an example of

answer

cross-promoting.

question

A ____________ advertising schedule uses a base level of advertising during some periods followed by periods of increased advertising.

answer

pulsing

question

The effectiveness of an advertising campaign is assessed during the campaign by

answer

tracking.

question

Informative advertising is used to

answer

create and build brand awareness.

question

_____ is the two-way flow of communication between a buyer or buyers and a seller that is designed to influence the buyer's purchase decision.

answer

Personal selling

question

Although reservations can arise during each stage of the selling process, they are very likely to occur during the

answer

sales presentation.

question

Salespeople who sell a manufacturer's products on an extended contract basis but are not employees of the manufacturer are known as

answer

manufacturer's reps.

question

A(n) _____ is a salesperson whose primary responsibility is to process routine orders or reorders or rebuys for products.

answer

order taker

question

When Best Buy customers experience computer problems, the company offers a Geek Squad for door-to-door service as well as in-store assistance. The Geek Squad fulfills the role of

answer

sales support personnel.

question

Most important in dealing with ethical and legal issues between the customer and the salesperson is for sales managers to

answer

lead by example.

question

If it is a company's policy to intentionally mislead potential customers about some aspect of a product, a sales rep that carries out this policy by misleading the customer can be held legally accountable.

answer

TRUE

question

The attitudes that Ryan's customers develop after they have purchased his yearly lawn care service will become the basis for determining whether they renew each year. He needs to demonstrate the ____________ dimension of service quality by showing consistently well-maintained yards with neat, professional personnel.

answer

tangibles

question

Sally has been having a difficult time working with a particular buyer while using the personal selling process, and she has asked her manager, Chris, for some ideas about how to close the sale effectively. Chris asks her a number of questions to help sort out the difficulties. Which of the following questions would Chris be LEAST likely to ask?

answer

"Have you completed the follow-up to ease the buyer's mind?"

question

Harley Davidson has _____ if a consumer responds "Harley" when asked about American-made motorcycles.

answer

top-of-mind awareness.

question

The _____ method determines the budget required to undertake specific tasks to accomplish communication objectives.

answer

Objective-and-task

question

Since her firm's share of the market has increased from 2.5% to 3%, Allyson had determined she would set her share of communication expenses at 3% of sales, which is an example of the use of the _____ method.

answer

competitive parity

question

_____ is/are the number of times an ad appears in front of the user.

answer

Impressions

question

Though a picture may be worth a thousand words, the most important facet of encoding is not what is received but what is sent.

answer

False, The most important facet of encoding is not what gets sent but rather what is received.

question

In the IMC process, noise can occur as a result of lack of message clarity, a poor choice of medium, or

answer

competing messages.

question

Once the marketing communication has captured the interest of its target market, the goal of subsequent IMC messages should be to move the consumer from

answer

"I like it" to "I want it."

question

The slogans "Coolest Video Game," and "World's Best Hamburgers" are examples of _____, which is the legal exaggeration of praise, stopping just short of deception, lavished on a product.

answer

puffery

question

The California Raisin Advisory Board used to run ads featuring "The California Raisins," a fictitious R&B musical group composed of dancing raisins who boogied to the song, "I Heard It Through the Grapevine." The ads, which were hugely popular and which gave rise to a line of raisin-themed merchandise, were designed to encourage raisin consumption. This campaign was an example of

answer

institutional advertising.

question

Marketers __________ an advertising campaign in order to ensure that various elements of the campaign will work in an integrated fashion and do what they are intended to do.

answer

pretest

question

Generally speaking, all advertising messages are designed to

answer

inform, persuade, or remind customers.

question

What is the first step involved in developing and implementing a marketing campaign?

answer

Identify a strategy and goals.

question

Evaluating a list of prospective customers, assessing their potential to purchase a product is called

answer

qualifying leads.

question

After the salesperson has learned about the customer during the qualification stage, in the _____ step additional research is conducted and plans are made for meeting with the customer.

answer

Preapproach

question

Managers and sales experts have identified each of the following personal traits as most important when recruiting salespeople. Which of the following is NOT one of those traits?

answer

speaking skills

question

Geraldine is in NEC's sales training program. She will probably be taught that all a salesperson needs to do is ask questions.

answer

False

question

Personal selling can take place in all of the following situations EXCEPT

answer

through the newspaper.

question

Based on the recommendation of its advertising agency, Home Depot chose to advertise on HGTV. In this situation, HGTV represents which component of the communication process?

answer

Communication channel

question

The goal of any marketing communication is to

answer

get the right message to the right audience through the right media.

question

An ad for Bud Light ran six times during a recently televised football game. When measuring IMC results for this ad, six would be the _____ for this telecast.

answer

frequency

question

Firms can use _____________ to bring customers together to share experiences around the products.

answer

social media

question

A _____ offers an item for free or at a bargain price to reward some type of behavior, such as buying, sampling, or testing.

answer

premium

question

Jamara knows that his spring-break travel packages are the best deal on campus. He also knows his competitor is sloppy, often waiting until the last minute to provide the needed tickets and documents to students buying his island packages. Jamara wants to develop an advertising message that emphasizes the key benefits he provides. He will develop a(n) __________ appeal.

answer

informational

question

The advertising message admonition, "People are not looking for quarter-inch drill bits; they are looking for quarter-inch holes," suggests that advertising messages need to

answer

focus on solving problems.

question

When UPS is adding to its fleet of planes, Boeing's sales team adds value most directly by _____, addressing technical aspects of new aircraft, as well as the economic justification for the purchase.

answer

providing information and advice

question

The _____ step in the selling process is often stressful for salespeople, since one of the possible outcomes is that the salesperson goes away empty-handed.

answer

closing the sale

question

The _____ offers a prime opportunity for a salesperson to solidify the customer relationship through great service quality.

answer

follow-up

question

Brandon is in the process of qualifying leads he received from corporate headquarters. Brandon will assess

answer

whether or not it is worthwhile to pursue these potential customers.

question

Often, inexperienced salespeople mistakenly believe that during the sales call, they should

answer

do all the talking.

question

The IMC communication process begins with ________, who must be clearly identified.

answer

the sender

question

Personal selling can only be successful through the use of print, newspapers, and radio.

answer

False

question

When a company wants to create and build brand awareness, it would use _____ advertising.

answer

informative

question

Which of the following is NOT an aspect of advertising?

answer

It is used to only sell products.

question

Walmart's "Everyday low prices" selling proposition is effective primarily because it is

answer

meaningful to the consumer.

question

The key to a successful emotional appeal is to create a bond between the consumer and the brand.

answer

TRUE

question

Which of the following is NOT one of the federal agencies that regulate advertising activities?

answer

FRS

question

Research indicates that positively engaged consumers tend to be

answer

more profitable consumers.

question

Salespeople who already have an established relationship with a customer will skip this step; it is not used extensively in retail settings, but it is in B2B situations.

answer

Generate and qualify leads

question

When Pat was talking with his customer about the new accounting system, his customer mentioned that she thought the new system was not going to fit into their budget. Pat explained that once her people were trained on it, it would required less time to process orders, and therefore save her money in payroll. Which part of the sales presentation is demonstrated in this example?

answer

overcoming reservations

question

Manufacturers' representatives are a firm's senior sales employees.

answer

False

question

In the communication process, _____ refers to the process by which the receiver interprets the sender's message.

answer

decoding

question

If you send an email and include a link, you can track how many people took the desired action of clicking on the link. This is known as

answer

the click-through rate.

question

Though advertising experts wish it were true, there is not always a direct link between a particular marketing communication and

answer

a consumer's purchase.

question

Because PSAs are a special class of advertising, FCC rules require

answer

broadcasters to devote a specific amount of free time to them.

question

Social media first began to get more professional and offer more to users

answer

at the turn of the twentieth century, during its industrialization phase.

question

It is the company's responsibility, not the salesperson's, to ensure that all dealings with the customer are ethical and legal.

answer

FALSE

question

If you had a small business and needed a sales force but did not wish to hire anyone, you could use the services of an independent agent.

answer

TRUE

question

Advertising agencies often provide the IMC function of comparing their customer's target audience with the viewer, listener, or reader profile of the communication channel being considered. The agency is most likely trying to avoid noise problems associated with

answer

a poor choice of medium.

question

In the AIDA model,

answer

awareness leads to interest, which hopefully leads to desire and then, action.

question

Beverage companies often pay movie producers to have their products used and shown in movies. This is an example of product placement.

answer

TRUE

question

In the "create advertisements" step when planning and executing an ad campaign, often the execution style for the ad will

answer

dictate the type of medium used to deliver the message.

question

All of the following are service quality dimensions related to follow-up EXCEPT

answer

ethics.

question

Like any effective salesperson, Frazer walks into a customer's office, shakes hands, looks the customer in the eye, and smiles. After exchanging pleasantries, Frazer will try to create interest in his company's product and establish

answer

where the customer is in the buying process.

question

Limitations of the _____ budgeting method include not allowing firms to exploit the unique opportunities or problems they confront in a market. If all competitors use this method to set communication budgets, their market shares will stay approximately the same over time.

answer

competitive parity

question

Jim was asked to determine the ROI for a particular advertising effort. To do so, he needs to know

answer

sales revenue and advertising cost.

question

Tostito's relationship with the Fiesta Bowl college football game is an example of which PR tool?

answer

Event sponsorship

question

A ____________ advertising schedule uses heavy advertising during some periods followed by periods of no advertising.

answer

flighting

question

Public Service Announcements (PSAs) represent a form of sales promotion.

answer

False

question

An advertising plan is crucial to an ad campaign because it

answer

will later be used to measure the success or failure of the campaign.

question

About half of smartphone users in the U.S. have used them to make purchases.

answer

TRUE

question

During the preapproach stage, a salesperson usually conducts additional research about prospects and

answer

develops plans for meeting with the customer.

question

Trade shows are a particularly good source of B2B sales leads because

answer

people who attend are interested in the products and services being offered.

question

It may take several exposures to marketing communications before consumers are moved to buy.

answer

TRUE

question

In the IMC communication process, the ________________ is the medium that carries the message.

answer

communication channel

question

Ashley was nervous about making the ___________. She knew it was likely to be the largest expense in the advertising budget.

answer

media buy

question

A _________ is an advertisement that focuses on public welfare issues.

answer

public service announcement

question

Suppose that Nike wanted to use Facebook to increase awareness of a new line of tennis shoes. Which of the following methods would allow Nike to specifically target Facebook users who have mentioned tennis in their profiles?

answer

Placing a Facebook ad.

question

Experts estimate that the average cost of a single B2B sales call is about

answer

$400.

question

The first step in the personal selling process is the preapproach.

answer

FALSE

STUDY

Baby Boomer Generation Marketing Principles Of Marketing

marketing ch.5 – Flashcards 96 terms

Jazzlyn Sampson

96 terms

Preview

marketing ch.5 – Flashcards

question

When analyzing the immediate environment and the macroenvironment, marketers must be careful to keep the firm at the center of all analyses. ␣ ␣

answer

false

question

In the immediate environment, the competition has no effect on consumers. ␣

answer

false

question

Demographics are transmitted by words, literature, and institutions from generation to generation. ␣

answer

false

question

As the euro becomes more expensive relative to the dollar, Americans are likely to purchase more European wines. ␣ ␣

answer

false

question

Macroenvironmental factors include the company, competition, and corporate partners. ␣

answer

false

question

The global spread of technology has eliminated all differences between cultures. ␣ ␣

answer

false

question

Tweens rarely use any type of technology.

answer

false

question

he members of Generation X are also referred to as Digital Natives. ␣ ␣

answer

false

question

One of the social trends discussed in the text that is shaping consumer values in the U.S. and around the world is a concern about the vast disparity in income. ␣ ␣

answer

false

question

Burger King no longer uses SpongeBob SquarePants to promote burgers and fries because the character is no longer popular with young children. ␣

answer

false

question

Socially responsible marketing is defined as a strategic effort by firms to supply customers with environmentally friendly merchandise. ␣ ␣

answer

false

question

Inflation refers to the cost of borrowing money. ␣

answer

false

question

By paying close attention to customer needs and continuously monitoring the environment in which it operates, a good marketer can ␣ ␣

answer

identify potential opportunities

question

As a retail clothing store manager, Randy frequently asks his staff what customers are saying and what they are asking for. He also attends the quarterly clothing show at the regional merchandise mart. Randy's efforts will likely help him to ␣ ␣

answer

identify potential opportunties

question

The factors in the immediate marketing environment include the actions of the ␣ ␣

answer

all of these

question

The centerpiece of the Marketing Environment Analysis Framework is ␣

answer

consumers

question

A firm's macroenvironment includes all of the following EXCEPT ␣ ␣

answer

competition

question

the center of all marketing efforts is ␣ ␣

answer

the consumer

question

As director of a small art gallery, one of Frederica's major concerns is the preferences of the people who buy her artists' work. Frederica recognizes that the center of her marketing efforts is ␣ ␣

answer

her target customers

question

One of the goals of value-based marketing is ␣ ␣

answer

to offer greater value than competitors offer.

question

Ryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Ryan's firm must look at everything it does ␣ ␣

answer

from a customer's point of view.

question

Yvonne knows her firm must look at everything they do from a consumer's point of view. One major difficulty is that a consumer's __________ change(s) over time. ␣ ␣

answer

needs, wants, and ability to purchase

question

Select the statement that best describes the key traits of Generation Y. ␣

answer

This generation puts a strong emphasis on work/life balance and are experts at using various media forms.

question

When an office supply store offers self-check-out, extended hours at its stores, and online shopping with next day delivery, it is trying to address what type of concern? ␣

answer

Time-poor society

question

When you register your telephone number with the Do Not Call Registry, you are responding to a need for␣ ␣

answer

privacy.

question

In the immediate marketing environment, one key factor that affects the consumer is ␣

answer

the firm itself

question

Successful firms focus their efforts on satisfying customer needs that ␣

answer

match their core competencies.

question

The Mayo Clinic in Minnesota is known for top-quality medical care. For decades, even presidents and dictators from around the world flew to the Mayo Clinic to utilize its services. The Mayo Clinic used its reputation to create additional medical facilities in Jacksonville, Florida, and elsewhere. This is an example of a firm focusing its efforts on satisfying customer needs that ␣

answer

match its core compenetencies

question

When evaluating competitors, marketers need to assess competitors' ␣

answer

all of these

question

Yuri is considering a new promotional campaign in which he will compare his products to those of his competitors. Before initiating the promotional campaign, Yuri will likely assess his competitors' strengths, weaknesses, and ␣ ␣

answer

likely reaction to Yuri's promotional activities.

question

The firms that work along with the focal firm to provide goods and services to consumers are viewed as␣ ␣

answer

corporate partners

question

Firms that provide materials, transportation, advertising, accounting, and other goods and services, helping a firm create value for its customers, are called ␣ ␣

answer

corporate partners

question

The difference between a firm's immediate marketing environment and its macroenvironment is that the macroenvironment is ␣ ␣

answer

external

question

The shared meanings, beliefs, morals, values, and customs of a group of people constitute their ␣

answer

culture

question

Political candidates are notorious for appealing to the different beliefs and values of groups of potential voters in different areas of the country. These politicians are appealing to differences in ␣ ␣

answer

regional culture

question

Insight Guides, a line of travel books, provides travelers with background information about the people's beliefs, values, and customs. Insight's books educate travelers about a country's ␣ ␣

answer

culture

question

When studying culture, the challenge for marketers is to determine whether culture

answer

can help to identify a particular group that might be interested in the marketer's products.

question

Marketers have learned that culture influences __________ consumers buy. ␣ ␣

answer

all of these

question

Late in the day on September 11, 2001, the day of the World Trade Center attacks, Americans purchased all the American flags Walmart stores had available, nationwide. These purchases were indicative of

answer

country culture

question

he United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture ␣ ␣

answer

can be used as a relevant identifier for a particular target group.

question

identifiable elements of a country's culture include ␣ ␣

answer

all of these

question

When considering the use of a radio commercial in England that was designed for U.S. markets, a marketer would likely need to consider which of the following aspects of culture that might be different between the two countries? ␣

answer

language

question

In New England foot-long sandwiches are called "grinders" while in many other parts of the country they are called "subs." This is an example of the impact of ␣ ␣

answer

regional culture

question

the shift of population from the "Rust Belt" in the North to the "Sun Belt" in the South and Southwest will likely ␣ ␣

answer

reduce regional cultural differences.

question

Typical demographic data include ␣ ␣

answer

all of these

question

When marketers look at advertising media they often begin with viewer or listener profiles such as age, income, gender, and race. They then compare the media profile with their target audience. These marketers are using __________ to see if the media "fit" with their advertising agenda. ␣ ␣

answer

demographics

question

Generational cohorts are groups of people of the same generation who have similar __________ because they have shared experiences and are in the same stage of life. ␣ ␣

answer

purchase behavior

question

Viewers of the baseball World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast (the "Oscars") are likely to see ads for clothing and hair care products, due to ␣

answer

demographic data indicating that Monday Night Football attracts male viewers and the Academy Awards attracts female viewers.

question

From a marketing perspective, what separates __________ from the generation before them is that they are individualistic, value leisure time as a high priority, and are trying to maintain their youth. ␣

answer

baby boomers

question

Marketers selling to the __________ generational cohort need to recognize that these consumers are not too interested in shopping, are cynical, and are less likely to believe advertising claims than the generation(s) before them. ␣ ␣

answer

generation x

question

Julie is an experienced shopper. She has been doing the family's weekly shopping since she was twelve. She is not very interested in status items, and questions advertising claims. Julie is most likely to be in the __________ generational cohort. ␣ ␣

answer

generation x

question

The __________ generational cohort is characterized by the question, "Why shop at Neiman Marcus when Kohl's and Target are just as good, cheaper, and more convenient?" ␣ ␣

answer

generation x

question

Tweens" are part of which generational cohort? ␣

answer

generation y

question

ABC Company knew that its customers were interested in environmentally friendly business practices, so it began marking all of their products as environmentally friendly because they were made with all natural ingredients, even though ABC's plant was one of the worst polluters in town. The new term for this practice is ␣

answer

greenwashing

question

When considering income as a demographic variable affecting marketing efforts, marketers need to recognize that ␣ ␣

answer

income in the United States has become more unevenly distributed.

question

Astute marketers recognize that the increasing disparity of income between upper- and lower-income groups

answer

creates opportunities to provide value to each group.

question

ince the late 1970s, most American families have seen their income growth stagnate, with income rising only slightly more than inflation. This has changed many Americans consumers' concept of ␣ ␣

answer

value

question

for some products, marketers can combine education level with other data like occupation and income to obtain ␣ ␣

answer

useful predictions of purchase behavior.

question

Marketers know that, compared to high school graduates who are working full time, college students ␣

answer

spend their disposable income differently.

question

gender roles

answer

have been blurred in the past several years.

question

Marketers should not assume that they can target all Asian consumers in the United States with one strategy because

answer

they speak different languages and come from different cultures.

question

Marketers in the United States are paying increasing attention to ethnic groups because ␣

answer

approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.

question

Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in␣

answer

New York, Los Angeles, and Chicago.

question

Though Asian Americans comprise only 3 percent of the U.S. population, they represent ␣

answer

the fastest growing minority population.

question

strategic efforts to supply consumers with environmentally friendly merchandise are called ␣

answer

green marketing

question

Compared to consumers in the United States, Europeans are ␣ ␣

answer

more green-consumer conscious.

question

By offering environmentally responsible products, green marketers ␣ ␣

answer

add value that other products do not have.

question

Many American consumers are purchasing hybrid automobiles even though they are more expensive and sometimes less fuel efficient when compared to compact conventional autos. These consumers ␣

answer

value contributing to a greener environment.

question

he U.S. Federal Trade Commission created the Do Not Call Registry to curb problems with unwanted telephone solicitations. Which of the following was NOT one of the results? ␣

answer

Honest telemarketers found it easier to reach customers.

question

Recently, Jason, one of the few Americans who has not registered with the Do Not Call Registry, received a call from a marketer suggesting Jason needed additional insurance since he had just become a father and changed jobs. Jason was shocked and very concerned about ␣

answer

his lack of privacy.

question

The many demands on consumers today have made it more difficult for marketers to ␣ ␣

answer

grab consumers' attention.

question

The reality that marketers face consumers who are "time poor" is illustrated by the fact that ␣ ␣

answer

all of these

question

Because Americans are working longer hours without increases in real, disposable income, and are utilizing an army of communication devices to keep up with the demands in their personal and work lives, retailers are ␣ ␣

answer

making their products available whenever and wherever consumers want them.

question

David travels a great deal in the course of his business. He has noticed ads in many new places, including fortune cookies, baggage claim conveyor belts, on the sides of buses, etc. Marketers would like to reach David, and are responding to concerns about ␣ ␣

answer

the time-poor society.

question

Gretchen has a job that requires working late several nights a week. This puts a lot of strain on her to find time to shop and prepare meals for her family. Grocery stores recognize the importance of consumers like Gretchen and have responded in all of the following ways except ␣

answer

advertising their products heavily on daytime television.

question

A recent advance in technology called RFID makes it easier for manufacturers, distributors, and retailers to track items through production, distribution, and sales. This advance helps the firm to ␣ ␣

answer

meet inventory needs.

question

When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following EXCEPT ␣

answer

age

question

In the early 1990s, the inflation rate in Mexico was twice the rate in the United States, but the Mexican monetary authorities kept the peso/dollar exchange rate almost constant. For Mexican consumers ␣ ␣

answer

Mexican products became more expensive while U.S.-made products became comparatively less expensive.

question

Every winter, resort managers in Myrtle Beach, South Carolina, check the exchange rate between the U.S. dollar and the Canadian dollar. In recent years, the exchange has changed from approximately $0.65 Canadian dollars per U.S. dollar, to approximately equal value of both currencies (i.e., $1 Canadian is worth about the same as $1 U.S.). These resort managers should expect ␣ ␣

answer

more Canadian visitors.

question

Laws that prohibit the formation of monopolies or alliances that would damage a competitive marketplace benefit consumers through ␣ ␣

answer

increased choices.

question

Which of the following groups has never lived without easy access to the Internet and other digital technologies? ␣ ␣

answer

generation z

question

Which of these is a macroenvironmental factor? ␣ ␣

answer

culture

question

Kimberly-Clark recently introduced rolls of toilet paper without the cardboard core. What social trend does this product respond to? ␣ ␣

answer

green marketing

question

The members of the __________ generational cohort tend to share preferences for TV shows and video games with their parents. ␣

answer

generation z

question

the members of the __________ generational cohort were born into a world where the Internet and extensive digital technologies already existed. ␣

answer

generation z

question

If McDonald's wanted to change its marketing strategy in response to the social trends outlined in the text, it might consider all of the following ideas EXCEPT ␣

answer

creating an advertising campaign to target elementary school children.

question

Suppose that you are the vice president of marketing for Target, the large retail store chain. You want to keep your website and in-store services current with technological advances. You would be experimenting with the next expected development in mobile technology, which is ␣ ␣

answer

wireless payments from mobile devices.

question

Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products as environmentally friendly when this may not actually be the case. This is called ␣ ␣

answer

greenwashing

question

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. In addition, trend-watchers are noting the increasing popularity of ␣

answer

yoga

question

The political/regulatory environment comprises political parties, governmental organizations and ␣ ␣

answer

legislation and laws

question

baby boomer

answer

baby boomer

question

Which generation is also known as "Millennials"? ␣

answer

gen y

question

Generation X is is known for which of the following characteristics? ␣

answer

The first generation of latchkey children.

question

the poorest 10 percent of the U.S. population earned an average of _______ in 2010. ␣

answer

$5,800

question

Which statement about the changing diversity in the United States is TRUE? ␣

answer

African American U.S. households are more affluent than previous studies suggested.

question

Which social trend would lead you to purchase a protection plan against identity theft? ␣ ␣

answer

privacy concerns

STUDY

Customer Relationship Management Long Term Relationship Marketing Needs And Wants Principles Of Marketing Sports Marketing Supply Chain Partners

Marketing Chapters One, Two and Four. – Flashcards 103 terms

Ben Stevenson

103 terms

Preview

Marketing Chapters One, Two and Four. – Flashcards

question

Marketers might wish to sell their products to everyone, but it is not practical to do so.

answer

True.

question

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing?

answer

Satisfying customers needs and wants.

question

answer

Information.

question

The fundamental goal of marketers when creating goods, services, or combinations of both, is to:

answer

Create value.

question

Brian is struggling with the choice of publishing his new book, "How to cook Polish Barbeque" as an e-book or a paperback. Brian is addressing which core marketing aspect?

answer

Making product decisions.

question

The basic difference between a good and a service is that a good:

answer

Can be physically touched.

question

__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product.

answer

Promotion.

question

The goal of promotion is to __________ potential buyers about a product or service.

answer

All of these.

question

Local television advertising often includes ads for automobile dealerships using actors trying to create a sense of excitement and urgency among consumers. These ads are attempting to achieve the promotional goal of __________ potential buyers.

answer

Persuading.

question

Effective promotion enhances a product or service's:

answer

Perceived value.

question

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to:

answer

Increase the perceived value of their products.

question

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing.

answer

B2B;B2C.

question

Joseph is about to graduate near the top of his class and has been looking at some forward-thinking firms. He had expected the job market to be tight, but found that some firms were using employment marketing to attract the candidates they want and need. He noticed these firms used all of the following approaches EXCEPT:

answer

Assuming that the right candidates will learn about the firm and apply for jobs without any encouragement.

question

During the __________ era manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

answer

Value-based marketing.

question

Which of the following is a core aspect of marketing?

answer

All of these are core aspects of marketing.

question

Value-based marketing helps to build long-term customer loyalty.

answer

True.

question

UPS, FedEx, DHL, and other shipping companies support other firms' __________ marketing goals.

answer

Supply chain management.

question

Ann Marie has been working on pricing for the hotel where she works. She knows that business travelers stay at the hotel because it has easy access to the airport, and leisure travelers stay there because it is convenient to the shopping and entertainment districts. She is unsure whether she should raise rates for the business travelers, the leisure travelers, both, or neither. As she works to find the best pricing mix, she'll have to look at the ways these travelers will evaluate the benefits of staying at the hotel. In doing so, Ann Marie will be using:

answer

Value-based marketing.

question

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in:

answer

Long-term loyalties.

question

Melinda, a marketing executive, is trying to explain customer relationship management (CRM) to her parents. She explains that CRM is a way of thinking that translates into __________ to identify and build long-term relationships with her customers.

answer

All of these.

question

One of the most important challenges in marketing globally is to:

answer

Adapt to the local situation but maintain strategy and identity.

question

Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in:

answer

Effective supply chain management.

question

answer

Marketing isn't essential now, but it will be in a year or two when the product takes off.

question

People who initiate, organize, operate and assume the risk of a business venture are called:

answer

Entrepreneurs.

question

When an accounting firm provides an online training module showcasing real-life decision lapses and their negative effect on the company, they are trying to encourage what type of behavior from their employees?

answer

Ethical.

question

Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.

answer

False.

question

The marketing planning process always proceeds sequentially through the five steps.

answer

False.

question

The "Implement Marketing Mix" step of the strategic marketing planning process is part of the control phase.

answer

False.

question

Which of the following is NOT one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantage?

answer

Planning excellence.

question

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that:

answer

No single strategy is likely to be sufficient to build a sustainable competitive advantage.

question

Manufacturers who use just-in-time manufacturing systems coordinate closely with suppliers in order to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent a __________ in a SWOT analysis.

answer

Weakness.

question

The strategic marketing planning process:

answer

Is not always sequential.

question

Zara is a women's clothing retailer headquartered in Spain, with stores located in many countries. Zara has developed a "quick response" system that allows store merchandise to be adjusted rapidly to fit changing customer preferences. Every aspect of Zara's operation is optimized for this system, making it difficult for competitors like The Gap to duplicate. Zara has established:

answer

A sustainable competitive advantage.

question

Fourteenth National Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Fourteenth National's superior service, the bank creates and delivers value through:

answer

Customer excellence.

question

Customer retention programs are based on what concept?

answer

Customer relationships should be viewed from a lifetime value perspective.

question

One example of a customer loyalty program is:

answer

A "frequent diner" card at a restaurant, offering a free appetizer for every $100 in food purchases.

question

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

answer

Positioning the product using a clear, distinctive brand image.

question

A competitive advantage based on location is often sustainable because:

answer

It is not easily duplicated.

question

Greta is the marketing director for the Pump-N-Slurp convenience store chain. She recently developed a marketing plan for the firm and presented it to company executives. Which of the following did Greta probably include in Pump-N-Slurp's marketing plan?

answer

All of these.

question

It is not always necessary to go through all the steps in the marketing planning process.

answer

True.

question

A mission statement describes the specific actions a firm will take to achieve its goals.

answer

False.

question

The components of a SWOT analysis are Strengths, Weaknesses, Opportunities and Tactics.

answer

False.

question

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's:

answer

Opportunities and threats.

question

In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n):

answer

Threat.

question

Which of the following is the third step in the strategic marketing planning process?

answer

Identify and evaluate opportunities.

question

STP refers to segmentation, testing, and promotion.

answer

False.

question

Firms are typically more successful when they focus on opportunities that build on their competitors' strengths.

answer

False.

question

Price should be based on the value that the customer perceives.

answer

True.

question

If Starbucks decided to start selling organic meals to corporate eating facilities, it would be pursuing a diversification strategy.

answer

True.

question

When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities:

answer

That build on their strengths relative to those of their competitors.

question

When discussing the marketing planning process, STP stands for:

answer

Segmentation, targeting, and positioning.

question

In value-based marketing, promotion communicates the:

answer

Value proposition.

question

Understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm's goals:

answer

Enables firms to make appropriate adjustments.

question

In most companies, marketing resource allocation decisions are made at the SBU or ___________ level of the firm.

answer

Product line.

question

A ______ growth strategy employs the existing marketing offering to reach new market segments.

answer

Market development.

question

Most banks now have customer relationship software which, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. Service representatives use this information to sell some of the other services the bank currently offers to these customers. This is a ___________________ growth strategy.

answer

Market penetration.

question

The Apple iPad is the market leader in the new--and fast-growing--tablet computer market. Based on BCG portfolio analysis, how should Apple handle allocating resources to the iPad?

answer

Apple should be prepared to invest heavily to help the iPad to achieve its maximum potential in the market.

question

Brad is reviewing the performance of his franchise sandwich store. As a franchisee, he has access to comparative data from other stores. Brad will likely look at ____________ data for other stores to help him to evaluate his performance.

answer

All of the above.

question

For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25-50 year old, educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented Celestial's primary:

answer

Target market segment.

question

In order to effectively communicate value to target markets, marketers must first:

answer

Understand their customers.

question

The first objective in the Evaluate Performance phase of the marketing planning process is to:

answer

Review implementation programs and results using metrics.

question

Kathy reviews her division's quarterly results and sees that some units exceeded goals while others did not. Next, she will attempt to determine why performance of the different units varied, and whether the variation:

answer

Was due to factors within or outside the firm's control.

question

To determine how attractive a particular market is in using the BCG portfolio analysis, __________________ is established as one axis.

answer

Market growth rate.

question

Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n):

answer

Star.

question

H&R is a small, local heating and air conditioning business. The area military base is a potential source of growth, and H&R already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. H&R is considering a ____________ growth strategy.

answer

Market development.

question

Introducing newly developed products or services to a market segment the company is not currently serving is called:

answer

Diversification.

question

Abercrombie & Fitch, a hip clothing retailer, includes a "Share it!" button on its website. This button encourages an Abercrombie customer to post a link to a product page (perhaps showing a new style of jeans) on Facebook or Twitter. Abercrombie & Fitch hopes that the customer's friends (who are probably very much like current customers) will click the link, visit the page, and make purchases. This is an example of a ______ growth strategy.

answer

Market penetration.

question

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to:

answer

Evaluate performance and make adjustments.

question

After performing an STP analysis, marketers implement ____________ for each target market.

answer

All of these.

question

The centerpiece of the Marketing Environment Analysis Framework is:

answer

Consumers.

question

Yvonne knows her firm must look at everything they do from a consumer's point of view. One major difficulty is that a consumer's __________ change(s) over time.

answer

Needs, wants, and abilities to purchase.

question

When you register your telephone number with the Do Not Call Registry you are responding to a need for:

answer

Privacy.

question

Firms that provide materials, transportation, advertising, accounting and other goods and services, helping a firm create value for its customers, are called:

answer

Corporate partners.

question

In New England foot-long sandwiches are called "grinders" while in many other parts of the country they are called "subs." This is an example of the impact of:

answer

Regional culture.

question

Generational cohorts are groups of people of the same generation who have similar purchase behavior because they have:

answer

Shared experiences, and are in the same stage of life.

question

Roddy walks away from salespeople who give him the "hard sell." He rarely watches television and spends more time on the Internet. Roddy is most likely to be a member of the __________ generational cohort.

answer

Generation Y.

question

Marketers know that, compared to high school graduates who are working full-time, college students:

answer

Spend their disposable income differently.

question

Marketers should not assume that they can target all Asian consumers in the United States with one strategy because:

answer

They speak different languages and come from different cultures.

question

Marketers in the United States are paying increasing attention to ethnic groups because:

answer

Approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.

question

Though Asian Americans comprise only 3 percent of the U.S. population, they represent:

answer

The fastest growing minority population.

question

The many demands on consumers today have made it more difficult for marketers to:

answer

Grab consumers' attention.

question

When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following EXCEPT:

answer

Age.

question

The __________ Act created the FDA.

answer

Federal Food and Drug.

question

The CAN-SPAM Act of 2003:

answer

Created penalties for sending misleading commercial email.

question

Marcus does not make any impulse purchases and tends to purchase high-quality items from brands known for providing quality products. Marcus has plenty of time to research and identify the best product to buy. Which generational cohort does Marcus belong to?

answer

Seniors.

question

The factors in the immediate marketing environment include the actions of the:

answer

All of these.

question

The center of all marketing efforts is:

answer

The consumer.

question

One of the goals of value-based marketing is:

answer

To offer greater value than competitors offer.

question

Ryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Ryan's firm must look at everything it does:

answer

From a customer's point of view.

question

In the immediate marketing environment, one key factor that affects the consumer is:

answer

The firm itself.

question

Successful firms focus their efforts on satisfying customer needs that:

answer

Match their core competencies.

question

answer

Likely reaction to Yuri's promotional activities.

question

answer

Regional culture.

question

The United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture:

answer

Can be used as a relevant identifier for a particular target group.

question

answer

Language.

question

The shift of population from the "Rust Belt" in the North to the "Sun Belt" in the South and Southwest will likely:

answer

Reduce regional cultural differences.

question

Compared to other groups, the __________ generational cohort is more likely to complain, need special attention, and take time browsing before making a purchase decision.

answer

Seniors.

question

Astute marketers recognize that the increasing disparity of income between upper- and lower-income groups:

answer

Create opportunities to provide value to each group.

question

Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in:

answer

New York, Los Angeles, and Chicago.

question

By offering environmentally responsible products, green marketers:

answer

Add value that other products do not have.

question

Karen is a typical time-poor American consumer. She works 40+ hours per week, tries to keep up with her children's educational and recreational schedules, and often finds herself up late at night doing laundry while responding to e-mail messages and watching her few favorite shows recorded on Tivo. In response to the many American consumers whose lives are like Karen's, marketers are shifting advertising expenditures to:

answer

All of these.

question

answer

More Canadian visitors.

question

Kimberly-Clark recently introduced rolls of toilet paper without the cardboard core. What social trend does this product respond to?

answer

Green marketing.

STUDY

Contribution Per Unit Marketing Principles Of Marketing Variable Cost Per Unit

Bus Of Nonfinancial Compensation Free Media Attention – Flashcards 166 terms

Adrien Vincent

166 terms

Preview

Bus Of Nonfinancial Compensation Free Media Attention – Flashcards

question

_____ is a form of deceptive price advertising where sellers advertise items for a very low price without intending to sell any of them because they plan to pressure sales of higher-priced items.

answer

bait and switch

question

Jana's firm is entering a new market and she plans to set prices to take sales away from the established market leader even though it will mean profits might suffer. This corresponds to which of the following company objectives?

answer

sales-orientation

question

In the classic downward-sloping demand curve, as price increases, the demand for the product or service

answer

decreases

question

The most common form of competition is _____ where many firms compete for customers in a given market but with differentiated products.

answer

monopolistic competition

question

Which of the following explains why the demand for Blu-ray discs increases when the demand for Blu-ray players increases?

answer

being complementary products

question

_____ means the firm deliberately prices a product above the prices set for competing products to capture those customers who always shop for the best, or for whom price does not matter.

answer

Premium pricing

question

____ indicates that the demand for related products can either be positively or negatively related.

answer

Cross-price elasticity

question

A _____ pricing strategy is attractive because it attracts two distinct market segments: those who are not price sensitive along with more price-sensitive customers.

answer

high/low

question

In addition to offering the potential to build sales, market share, and profits, _____ discourages competitors from entering the market because the profit margin is relatively low.

answer

penetration pricing

question

Best Buy will match competitor prices for customers who bring in proof that a particular product is being sold at a lower price by a competitor, thus using

answer

status quo pricing.

question

In terms of a pricing strategy, _____ pricing adds value by reducing consumers' search costs; consumers can spend less of their valuable time comparing prices, including sale prices, at different stores.

answer

everyday low

question

____ involves determining the point at which the number of units sold generates just enough revenue to equal the total costs.

answer

Break-even analysis

question

Standardized products such as grains and chemical products, where consumers perceive them as substitutable, are characteristic of

answer

pure competition

question

In the soft drink industry only a few firms dominate, which is characterized as

answer

an oligopoly

question

In the trucking industry, demand for fuel remains relatively stable even in times when the price of fuel increases, indicating that demand for fuel in this segment is

answer

inelastic

question

In _____, one firm provides the product or service in a particular industry, which results in less price competition.

answer

a monopoly

question

Retailers using a high/low pricing strategy often communicate this through the creative use of _____, which is the price against which buyers compare the actual selling price of the product and that facilitates their evaluation process.

answer

a reference price

question

____ is used to market products to innovators who are willing to pay the very highest prices to obtain brand-new examples of technology advances, with exciting product enhancements.

answer

price skimming

question

With _____ products and services, a higher price might lead to a greater quantity sold, but only up to a certain point.

answer

prestige

question

When a firm sets a very low price for one or more of its products with the intent to drive its competition out of business, it is using the illegal practice of

answer

predatory pricing.

question

__ employs irregular but not necessarily illegal methods; generally, it legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer.

answer

a gray market

question

A _____ orientation explicitly invokes the concept of value such as when a firm uses a no-haggle pricing structure to make the purchase process simpler and easier.

answer

customer

question

A _____ pricing strategy relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases.

answer

high/low

question

The objective of _____ is to build sales, market share, and profits quickly by providing an incentive to purchase the product immediately.

answer

market penetration pricing

question

_____measures how changes in price affect the quantity of the product demanded.

answer

Price elasticity of demand

question

As the marketing vice president of her firm, Jana is considering implementing a company-wide pricing policy that all products must achieve a target profit margin of 15% so the firm can achieve its overall growth objectives.

answer

profit-orientation

question

When a firm sets a very low price for one or more of its products with the intent to drive its competition out of business, it is engaged in

answer

predatory pricing

question

Jack works for a firm in the Northwestern region that is clearly the market leader, and has determined he must implement a region-wide price reduction of all product lines to discourage new firms from entering the lucrative market. Which of the following company objectives is involved?

answer

competitor-orientation

question

When Clarissa sells the jewelry she makes at craft fairs or on her personal website, she is utilizing a _____ marketing channel.

answer

direct

question

As the dominant member of the channel of distribution, Coca Cola holds a lot of power in the relationship with independent grocery stores, and as such, it performs the functions of restocking merchandise, setting up special displays, and rotating merchandise. This is an example of

answer

an administered vertical marketing system

question

Supply chain management refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their manufacturers, warehouses, transportation intermediaries, stores, and

answer

suppliers

question

When the members of a marketing channel operate to satisfy their own objectives and maximize their own profits, often at the expense of the other members, the channel operates as

answer

an independent marketing channel

question

In _____ marketing channels, one or more intermediaries work with manufacturers to provide goods and services to customers.

answer

indirect

question

Purchase data collected at the point of sale is stored in

answer

data warehouses

question

A(n) _____ involves the computer-to-computer transmission of sales data, purchase orders, invoices, and data about returned merchandise between a retailer and its vendors.

answer

electronic data interchange

question

The international fashion retailer Zara's parent company, Inditex, owns the manufacturing plants, warehouse facilities, retail outlets, and design studios, which is an example of

answer

a corporate vertical marketing system.

question

A _____, which may be operated by retailers, manufacturers, or distribution specialists, is a facility for the receipt, storage, and redistribution of goods to company stores or customers.

answer

distribution center

question

When companies enter into agreements that allow them to obtain economies of scale and coordination to reduce conflict, it is an example of

answer

a contractual vertical marketing system.

question

Firms that use a(n) _____ supply chain allocate merchandise to stores based on previous sales forecasts.

answer

push

question

As noted in your text, each participant in a successful marketing channel adds

answer

value

question

_____ is a practice in which merchandise cartons are prepackaged by the vendor for a specific store.

answer

cross-docking

question

When there is disagreement among members at the same level of marketing channels such as when Best Buy and Sears engage in a price war on Maytag appliances, _____ channel conflict can occur.

answer

horizontal

question

To create strong partnering relationships, supply chain members must develop mutual trust, openly communicate, have common goals, recognize the benefits of interdependence, and

answer

be willing to invest in each other's success.

question

_____ is an electronic document sent by a supplier to a retailer prior to the shipment of a merchandise order.

answer

An advanced shipping notice

question

The most common type of contractual vertical marketing system is

answer

franchising

question

The _____ is the person who coordinates deliveries to the distribution center.

answer

dispatcher

question

Frito Lay is an example of a company that partners with retailers by implementing _____ system, involving taking on the responsibility of managing inventory levels at the retailers where its products are sold.

answer

a vendor-managed inventory

question

Which type of strategy is most efficient for merchandise that has steady, predictable demand, such as milk and eggs?

answer

push

question

_____ power is when one channel member threatens to punish or punishes another channel member for not undertaking certain tasks, such as delaying payment for a late delivery.

answer

Coercive

question

With a _____ marketing strategy, there is less likelihood of merchandise being overstocked or out of stock because the store orders merchandise as needed on the basis of consumer demand.

answer

pull

question

_____ power is exhibited when one channel member wants to be associated with another channel member; the channel member with whom the others want to be associated has the power to get them to do what it wants.

answer

referent

question

All of the following are examples of the value provided by a supply chain in the production of kitchen stoves EXCEPT

answer

the product design team develops initial drawings for a new product offering.

question

JIT inventory systems are associated with all of the following EXCEPT

answer

more inventory to warehouse.

question

In a distribution center which person would be responsible for the financial planning and analysis of merchandise and its allocation to stores?

answer

planner

question

Radio frequency identification tags are

answer

tiny computer chips that transmit information about the contents of containers.

question

Both Walmart and JCPenney initially had separate organizations for their Internet channel but subsequently integrated them with stores and catalogs to address the _____ challenge of multichannel retailing.

answer

supply chain

question

_____ are large retailers (100,000-150,000 square feet) that offer a limited and irregular assortment of food and general merchandise, little service, and low prices to the general public and small businesses.

answer

warehouse clubs

question

The old cliché claiming the three most important things in retailing are "location, location, location" corresponds to which of the following components of the retail strategy?

answer

place

question

Offering a one-stop shopping convenience to customers, _______ combine a supermarket with a full-line discount store.

answer

supercenters

question

When developing strategies for working with retailers, manufacturers must consider whether they should sell in more than one outlet (e.g., store, catalog, and Internet). Which of the following factors for establishing a relationship with retailers deals with this?

answer

Determining whether to use a multichannel strategy

question

Salespeople can be particularly helpful when purchasing a(n) _____ product.

answer

complicated

question

A brand that is developed by a national brand vendor, often in conjunction with a retailer, and is sold exclusively by the retailer is referred to as

answer

an exclusive co-brand.

question

Offering live, online chat options to shoppers is a way of increasing the value of online shopping because it provides

answer

personalized customer service

question

Distribution intensity is commonly divided into three levels. What are they?

answer

Intensive, exclusive, and selective

question

If Kleenex produced a new, eco-friendly personal-sized package of tissues, which it intended to get into as many retail outlets as possible, it should choose _____ distribution intensity.

answer

an intensive

question

Walmart, Target, and Kmart offer a broad variety of merchandise, limited service, and low prices, which would classify them as

answer

full-line discount stores

question

Which of the following firms operates more than 3,000 supercenters in the United States, accounting for the vast majority of total supercenter sales—far outpacing its competitors?

answer

Walmart

question

_____ distribution helps a seller maintain a particular image and control the flow of merchandise into an area, which makes this approach attractive to many shopping goods manufacturers, such as most apparel items, home items like branded pots and pans or sheets and towels, branded hardware and tools, and consumer electronics.

answer

selective

question

Luxury goods firms such as Coach use _____ distribution strategy to limit sales to a few select, higher-end retailers in each region, because selling its product in full-line discount stores or off-price retailers would weaken its image.

answer

an exclusive

question

Generally, the _____ and _____ sophisticated the channel member, the less likely that it will use supply chain intermediaries.

answer

larger; more

question

Retailers may modify product, price, and/or promotion to attempt to increase their _____, which is the percentage of the customer's purchases made from that particular retailer.

answer

share of wallet

question

_____ tailor their retail strategy toward very specific market segments by offering deep but narrow assortments and sales associate expertise.

answer

specialty stores

question

The set of business activities that add value to products and services sold to consumers for their personal or family use is referred to as

answer

retailing

question

Which of the following food retailers is a self-service retail food store offering groceries, meat, and produce with limited sales of nonfood items?

answer

Conventional supermarket

question

When choosing retail partners, a high-end cosmetics manufacturer like Estée Lauder would most likely NOT choose to sell to CVS or Dollar General due to

answer

customer expectations.

question

When customers purchase merchandise in stores, the physical presence of the store _____ their perceived risk of buying and _____ their confidence that any problems with the merchandise will be corrected.

answer

reduces; increases

question

Which of the following falls into the category of being a general merchandise retailer?

answer

category specialist

question

In thinking about the channel structure, the level of difficulty a manufacturer experiences in getting retailers to purchase its products is determined by all of the following EXCEPT

answer

the degree to which the channel is horizontally integrated.

question

Which of the following is considered the greatest advantage offered to consumers by brick-and-mortar stores compared to online shopping?

answer

Being able to use all five of their senses

question

Which of the following would qualify as being a service retailer?

answer

a health spa

question

Stores are limited by their _____, which is generally not an issue when shopping on the Internet.

answer

size

question

_______ offer an inconsistent assortment of brand name merchandise at a significant discount from the manufacturer's suggested retail price.

answer

off-price retailers

question

Dollar General and Family Dollar Stores are small, full-line discount stores that offer a limited merchandise assortment at very low prices, so they would be classified as

answer

extreme value retailers

question

Although the number of their physical stores is limited, L.L. Bean is widely known for offering unique, high-quality merchandise. Adding an Internet channel was particularly attractive because it allowed the company to _____ without having to build new stores.

answer

expand its market presence

question

answer

encoding

question

Nathan gauged the level of exposure to his marketing campaign, using the percentage of the target population exposed at least once to his advertisement, representing its

answer

reach

question

The fact that a particular advertisement might not cause a consumer to make an immediate purchase is referred to as

answer

a lagged effect.

question

answer

Transmitter

question

Customers can use the Internet to share their opinions about products and services via YouTube, Facebook, and Twitter. In doing so, they can help facilitate the consumer decision process through use of

answer

social media

question

answer

competitive parity

question

answer

direct marketing

question

In the communication process, _____ refers to the process by which the receiver interprets the sender's message.

answer

decoding

question

The U.S. government promoted public participation in the 2010 census during the televised Super Bowl game in its efforts to raise awareness of when and how the census works. This is an example of which of the following promotional elements?

answer

Advertising

question

There are three elements in any integrated marketing communication strategy: the _______, the channels through which the message is communicated, and evaluation of the results of the communication.

answer

consumer being targeted

question

If a sponsored link was delivered 100 times and 10 people clicked it, then the number of impressions is 100, the number of clicks is 10, and the click-through-rate (CTR) would be

answer

10%

question

Macy's is conducting marketing research to determine whether its advertising message could be clearly understood by its customers. This relates to which component of the communication process?

answer

feedback loop

question

To support the other promotional efforts, firms use _____ to generate free media attention.

answer

public relations

question

The AIDA model represents a series of mental stages a consumer goes through and includes awareness, action, interest, and

answer

desire

question

After the firm has piqued the interest of its target market, the goal of subsequent IMC messages should move the consumer from "I like it" to

answer

"I want it."

question

The _____ method determines the budget required to undertake specific tasks to accomplish communication objectives.

answer

objective-and-task

question

Personalized e-mail marketing is an online, passive form of persuasive communication and would be classified as an example of

answer

direct marketing

question

answer

frequency.

question

Harley Davidson has _____ if a consumer responds "Harley" when asked about American-made motorcycles.

answer

top-of-mind awareness.

question

The AIDA model is also known as the _____ model.

answer

think, feel, do

question

Google's AdWords system provides a Quality Score as a measure of _____, which indicates the usefulness of an ad message to consumers doing a Google search.

answer

relevance

question

the highest level of awareness is

answer

top-of-mind awareness.

question

What factors are used in the rule-of-thumb methods to determine the communication budget?

answer

Prior sales and communication activities

question

Which of the following formulas is accurate for calculating gross rating points (GRP)?

answer

reach multiplied by frequency

question

Traditionally, advertising has been _____ and _____.

answer

passive; online

question

____ is/are the number of times an ad appears in front of the user.

answer

impressions

question

answer

competitive parity

question

A _____ offers an item for free or at a bargain price to reward some type of behavior, such as buying, sampling, or testing.

answer

premium

question

The Indoor Tanning Is Out campaign is designed to raise awareness of the increased risk of melanoma, the deadliest form of skin cancer, and decrease usage of tanning salons. This is an example of a(n) _____ advertisement.

answer

public service

question

Which of the following is NOT an aspect of Advertising?

answer

It is used to only sell products.

question

When a company wants to create and build brand awareness, it would use _____ advertising.

answer

informative

question

The _____ enforces truth in advertising laws and defines deceptive and unfair advertising practices.

answer

the federal trade commission

question

Bowflex and Jenny Craig develop advertisements featuring celebrities to address their target markets' need for feeling good about themselves. This is an example of which of the following?

answer

emotional appeal

question

answer

advertising plan

question

______ advertising generally occurs in the growth and early maturity stages of the product life cycle, when competition is most intense, and attempts to accelerate the market's acceptance of the product.

answer

persuasive

question

Exxon Mobil uses a(n) _____ appeal when it explains technical aspects of its products, such as lithium ion batteries, hydrogen technology, biofuels, and CO2 capture technologies.

answer

informational

question

Tostito's relationship with the Fiesta Bowl college football game is an example of which PR tool?

answer

event sponsorship

question

The slogans "Coolest Video Game" and "World's Best Hamburgers" are examples of _____, which is the legal exaggeration of praise, stopping just short of deception, lavished on a product.

answer

puffery

question

When introducing new products, Quaker Oats uses a _____ strategy by offering retailers discounts on the products along with point-of-purchase displays to motivate them to highlight the product.

answer

push

question

As a means to reach large numbers of anonymous audience members, USA Today newspapers are considered to be which of the following types of media?

answer

mass media

question

It is in the _____ step of the process of developing an advertising campaign that the metrics are articulated against which advertising success or failure of the campaign is measured.

answer

set the advertising objectives

question

A form of sales promotion that offers prizes based on a chance drawing of entrants' names is referred to as a

answer

sweepstake

question

As a product in the maturity stage of its life cycle, chewing gum brands would most likely require the use of _____ advertising to prompt purchases.

answer

reminder

question

HGTV and Home and Gardens magazine fall into which of the following categories of media?

answer

niche media

question

In a print advertisement, items used to identify the sponsor of the ad, such as the company logo or USP, are referred to as

answer

brand elements

question

An example of _____ is when Tom Hanks is shown stranded on an island with a FedEx box in the movie Cast Away.

answer

product placement

question

In many cases, _____ activities support other promotional efforts by generating free media attention and general goodwill.

answer

public relations

question

IKEA advertises throughout the year, but significantly increases its advertising during the back-to-school time frame, thus implementing a(n) _____ advertising schedule.

answer

pulsing

question

Firms often use _____ advertising to convince consumers to take action such as switching brands, trying a new product, or even continuing to buy the advertised product.

answer

persuasive

question

Assessing the effectiveness of an advertising campaign while it is running by monitoring key indicators is referred to as

answer

tracking

question

Which of the following is the first step in planning and executing an advertising campaign?

answer

Identify the target market.

question

The "Beef, It's What's for Dinner" campaign to encourage beef consumption is an example of _____ advertising.

answer

institutional

question

J. Crew teaming up with several famous brands, including Belstaff and Timex, to offer exclusive products in the J. Crew stores and on its website is an example of

answer

cross-promoting

question

The Holiday Inn Priority Club is an example of _____, which is specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time.

answer

a loyalty program

question

As a type of sales promotion, _____ encourage trial and reduce consumer risk, although they may negatively affect perceptions of brand value.

answer

deals

question

Coppertone uses a _____ advertising schedule, where it advertises heavily in the months leading up to and during the summer, with no advertising after the season ends.

answer

fighting

question

answer

The insurance company and the salesperson

question

The sales philosophy and process that emphasizes a commitment to maintaining customer relationships over the long term and investing in opportunities that are mutually beneficial to all parties is known as _______ selling.

answer

relationship

question

Evaluating a list of prospective customers and assessing their potential to purchase a product is called

answer

qualifying leads

question

A desirable personal trait of good salespeople is _____, where they care about their customers, their issues, and their problems.

answer

empathy

question

Which of the following is an effective form of nonfinancial compensation provided to salespeople?

answer

awards

question

To maintain trustworthy customer relationships, companies must take care that they respect the _____ comfort zone, that is, the amount of information a customer feels comfortable providing.

answer

information

question

When Best Buy customers experience computer problems, the company offers its Geek Squad for door-to-door service as well as in-store assistance. The Geek Squad fulfills the role of

answer

sales support personnel

question

Equal employment opportunity laws make it unlawful to discriminate against a person in hiring, promotion, or firing because of race, religion, nationality, sex, or

answer

age

question

A(n) _____ is a salesperson whose primary responsibility is to process routine orders, reorders, or rebuys for products.

answer

order taker

question

Managers and sales experts have identified each of the following personal traits as most important when recruiting salespeople. Which of the following is NOT one of those traits?

answer

speaking skills

question

_____ is the two-way flow of communication between a buyer or buyers and a seller that is designed to influence the buyer's purchase decision.

answer

personal selling

question

Salespeople who sell a manufacturer's products on an extended contract basis but are not employees of the manufacturer are known as

answer

manufacturer's reps.

question

Although reservations on the part of the buyer can arise during each stage of the selling process, they are very likely to occur during the

answer

sales presentation.

question

answer

sales management

question

Most important in dealing with ethical and legal issues between the customer and the salesperson is for sales managers to

answer

lead by example

question

answer

Saving time and simplify buying

question

A salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale are called

answer

order getters.

question

Which of the following is a form of salesperson compensation whereby payment is based on sales volume or profitability?

answer

commission

question

Jack attempted to close a sale with a new customer. Unfortunately, the customer did not purchase anything from Jack, however, he learned some valuable information about this customer and is determined to continue calling on him until he finally does get a sale. Which personality trait is Jack most likely exhibiting?

answer

resilience

question

The _____ step in the selling process is often stressful for salespeople, since one of the possible outcomes is that the salesperson goes away empty-handed.

answer

closing the sale

question

_____ is a method of prospecting where sales people telephone or go to see potential customers without appointments.

answer

cold calling

question

During the follow-up stage, what service quality dimension is being addressed when customers are given adequate guarantees that their purchases will perform as expected?

answer

assurance

question

Salespeople who already have an established relationship with a customer will skip this step; it is not used extensively in retail settings, but it is in B2B situations.

answer

generate and qualify leads

question

According to your text, which of the following may be the most important part of the entire selling process because it allows the salesperson to establish exactly where the customer is in his or her buying process?

answer

at the beginning of the sales presentation

question

answer

trade

question

The _____ offers a prime opportunity for a salesperson to solidify the customer relationship through great service quality.

answer

follow-up

STUDY

Marketing Principles Of Marketing Sports Marketing

College Bowl Game Payouts Per Team – Flashcards 20 terms

Ashlynn Thompson

20 terms

Preview

College Bowl Game Payouts Per Team – Flashcards

question

BCS National Championship Game

answer

$18 million

question

Fiesta Bowl

answer

$17 million

question

Sugar Bowl

answer

$17 million

question

Orange Bowl

answer

$17 million

question

Rose Bowl

answer

$17 million

question

Capital One Bowl

answer

$4.5 million

question

Chick-fil-A Bowl

answer

$3.9 million (SEC) $2.9 million (ACC)

question

Cotton Bowl

answer

$3.6 million

question

Gator Bowl

answer

$3.5 million

question

Outback Bowl

answer

$3.5 million

question

Buffalo Wild Wings Bowl

answer

$3 million

question

Alamo Bowl

answer

$3 million

question

Russell Athletic Bowl

answer

$2.2 million

question

Sun Bowl

answer

$2 million

question

Holiday Bowl

answer

$2 million

question

Pinstripe Bowl

answer

$1.8 million

question

Music City Bowl

answer

$1.8 million

question

Belk Bowl

answer

$1.7 million

question

Meineke Car Care Bowl of Texas

answer

$1.7 million

question

Liberty Bowl

answer

$1.4 million

STUDY

American Bar Association AP Government Economic Interest Groups Principles Of Marketing Public Interest Groups Public Policy Special Interest Groups United States Government-Comprehensive

Creating Public Policy – Flashcards 10 terms

Sean Hill

10 terms

Preview

Creating Public Policy – Flashcards

question

An interest group hires lobbyists to

answer

influence legislators.

question

Which would most likely hold a fundraising campaign to elect a pro-gun senator?

answer

a special interest group

question

A temporary committee created to study an issue and make a policy recommendation is called a

answer

task force

question

Individual citizens can best influence public policy by

answer

participating in public demonstrations, signing a petition, and voting.

question

Who decides what problems should be addressed through fiscal policy?

answer

government leaders

question

Who builds strong relations with foreign powers to ensure the nation's safety?

answer

diplomats and ambassadors

question

The media primarily influences the making of public policy by

answer

providing information about a policy.

question

Governments create public policy to address issues in what three main areas?

answer

social, economic, and foreign

question

The primary way officials identify problems that public policy can address is by

answer

listening to public interest groups.

question

Who might write a letter to their representatives about a policy issue?

answer

interest groups and individual citizens

STUDY

Business Law Business Management Principles Of Marketing

finance chapter 1 Answers – Flashcards 24 terms

Sabrina Peterson

24 terms

Preview

finance chapter 1 Answers – Flashcards

question

inflation is assumed to be a temporary problem that does not affect financial decisions

answer

false

question

the internet impacts e-commerce by creating a mechanism for improved communications between a business, its customers, and its suppliers

answer

true

question

the sole proprietorship represents single-person ownership and offers the advantages of simplicity of decision making and low organizational and operating costs

answer

true

question

in terms of revenues and profits, the corporation is by far the most important form of business organization in the US

answer

true

question

The partnership form of an organization

answer

avoids the double taxation of earnings and dividends found in the corporate form of organization

question

a corporation is

answer

owned by stockholders who enjoy the privilege of limited liability, easily divisible between owners, and a separate legal entity with perpetual life

question

when a corporation uses the financial markets to raise new funds, the sale of securities is made in the

answer

primary market

question

one of the major advantages of a sole proprietorship is

answer

low operating costs

question

what is the primary goal of financial management

answer

maximizing shareholder wealth

question

Proper risk-return management means that

answer

the firm must determine an appropriate trade-off between risk and return

question

agency theory examines the relationship between the

answer

owners of the firm and the managers of the firm

question

agency problems are least likely to arise in which organizational form?

answer

sole proprietorship

question

the sarbanes-oxley act was passed in an effort to

answer

control corrupt corporate behavior

question

money markets would include which of the following securities?

answer

treasury bills and commercial paper

question

one of the major disadvantages of a sole proprietorship is

answer

that there is unlimited liability to the owner

question

in the past, the study of finance has included

answer

mergers and acquisitions, raising capital, and bankruptcy

question

With a Subchapter S corporation

answer

income is taxed as direct income to stockholders

question

agency theory would imply that conflicts are more likely to occur between management and shareholders when

answer

the chairman of the board is also the Chief executive officer (CEO)

question

The Sarbanes-oxley act set up the public company accounting oversight board with the responsibility for all of the following except

answer

certifying the competence of financial executives

question

financial capital

answer

money

question

real capital

answer

long-term plant and equipment

question

financial markets

answer

meeting place for people, corporations, and institutions that either need money or have money to lend or invest

question

money markets

answer

refer to those markets dealing with short-term securities that have a life of one year or less

question

capital markets

answer

markets where securities have a life of more than one year

STUDY

Advertising Cost Per Thousand Marketing Principles Of Marketing

FBLA Hospitality Management – Flashcards 114 terms

Amber Moore

114 terms

Preview

FBLA Hospitality Management – Flashcards

question

advertising

answer

any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

question

aesthetic pollution

answer

the spoiling or contamination of the natural beauty and features of an enviorment, due to poor planning and design of tourism projects

question

AIDA model

answer

a framework for creating an advertising message that that gets Attention, holds Interest, stimulates Desire, and acheives Action

question

amateur sports

answer

athletic activities and competitions for athletes who do not get paid.

question

Amtrak

answer

a company that operates a railroad system with combined passenger and rail service throughout the continental United States

question

apprenticeship

answer

an educational, hands-on exspirience working in an established buisness under the guidance of a skilled worker.

question

average daily rate (ADR)

answer

a rate based on total sales for the day divided by the total number of sold rooms.

question

back of the house

answer

the area in a hospitality establishment that guests usually do not view, including all areas responsible for food quality and production, such as the kitchen and recieving, office, and storage areas

question

back of the house (lodging)

answer

the area in a lodging facility where support services take place which guests usually do not view

question

bed-and-breakfasts (B&Bs)

answer

small unique inns that offer a full breakfast with a night's stay

question

behavioristics

answer

Statistics about consumers based on their knowledge, attitudes, use, or response to a product

question

benefit

answer

a feature advantage of a product

question

buisness travel

answer

travel for the sole purpose of conducting and individuals or companys buisness

question

buisness-to-buisness selling

answer

the type of selling whereby one buisness sells goods or services to another buisness

question

buying signals

answer

verbal or nonverbal signs of a customer's readiness to buy

question

career plan

answer

a written statement of career goals and the necessary steps to acheive them

question

certification

answer

an authorization stating that one has fulfilled the requirements for practicing in a feild or career

question

chain

answer

a type of buisness that has more thatn one location with the same name under the same ownership

question

channel of distribution

answer

the path a travel product takes from producer to the consumer, or traveler

question

changeability

answer

a condition of being subject to change or alteration

question

charter tour

answer

a tour in which a tour operator buys all the seats on an airplane, train, or bus and resells them to travelers

question

commercial recreation

answer

any recreational activity for which a guest pays a fee

question

commercial site

answer

an establishment, such as a restaurant, where a food-and-beverage business competes for customers

question

commission

answer

a fee or payment based on a percentage of products sold

question

compensation

answer

a form of payment that may include wages, benefits, and/ or incentives in return work.

question

competitive advantage

answer

an advantage over competitors due to greater value to consumers through lower prices or more benefits.

question

concierge

answer

a hotel staff member who helps guest make arrangements for transportation, resturaunt reservations, event reservations, and entertainment tickets, and advises guest about activities in the area.

question

consolidator

answer

an agent who buys unsold products in bulk from suppliers and resells the products at a discount to intermediaries or to consumers.

question

consumer show

answer

a single- or multi-day exhibition held at a convention or civic center arena.

question

convention and visitors bureau (CVB)

answer

an organization that works with meeting planners to provide tourist information services to business and leisure travelers

question

core product

answer

the main product that the customer is buying

question

cost-plus pricing

answer

pricing products by calculating all costs and expenses and adding desired profit

question

cross-selling

answer

the method of selling the customer additional related products tied to one name

question

customer loyalty

answer

the customer's faithfulness to a business and its product, demonstrated by the customer purchasing the product again

question

customer satisfaction

answer

a positive feeling or reaction customers have when a buisness or product meets their needs

question

customized tour

answer

a tour that is more expensive than a package tour and is designed specifically for an individual tourist.

question

demand

answer

the amount or quanity of goods and services that consumers are willing to buy at various prices

question

demographics

answer

Statistics that describe a population in terms of personal characteristics, such as age, gender, income, ethinicity, or education

question

dependables

answer

travelers who prefer familiarity and creature comforts and seldom try anything new or different

question

destination marketing

answer

the process of developing, promoting, and distributing specefic locations to satisfy travelers and maintain appeal as long as possible

question

destination resort

answer

a resort property in a specefic location with a concentration of recources or facilities

question

destination

answer

the final stop of a journey, or the goal for travelers

question

direct channel

answer

the path a product takes without the help of any intermediaries between the producer and consumer

question

direct mail

answer

any advertising message sent directly to prospective customers via the mail

question

disposable income

answer

the money left from a person's gross income after taking out taxes

question

distribution

answer

the process of getting the product to the consumer

question

diversity

answer

ethnic variety as well as socioeconomic and gender variety in a group or society

question

economic multiplier

answer

The process of how money filters through a local economy and is spent and re-spent, creating income for other businesses.

question

ecotourism

answer

a branch of tourism encompassing adventure tourism and sustainable development of regions for future generations

question

elasticity of demand

answer

the variation of consumer demand due to a change in price

question

empowerment

answer

The granting of authority or power to front-line personnel for handling and solving guests' problems

question

entrepreneur

answer

a person who organizes, manages, and takes the risk of owning and operating a buisness

question

entry-level

answer

the position of an employee at the beggening level of a particular career

question

e-tail

answer

the sale of goods or services to the customer by means of the Internet.

question

ethics

answer

an expression of the standards of right and wrong based on conduct and morals in a particular society or a system or theory of moral values and principles

question

exemplary guest service

answer

consistent hospitality service that exceeds guest expectations.

question

experimental method

answer

A research method whereby a researcher observes the results of changing one or more marketing variables

question

facilitating products

answer

goods or services that aid the use of the core product

question

feature

answer

a basic, physical, or extended attribute of a product or purchase

question

follow-up

answer

a phone call or thank-you note from the interveiwee to the interveiwer after the interveiw takes place

question

franchise

answer

a type of buisness that is set up through a franchise agreement, which is a contract between a franchisor and franchisee to sell a companys goods or services at a designated location

question

frequent-flyer program

answer

a program in which an airline offers free travel, upgrades, and discounts to program members

question

front of the house

answer

the area in a hospitality establisment that guests view, such as the entrance and dining room

question

front of the house (lodging)

answer

the area in a lodging facility that guests view, such as the lobby

question

full-service restaurant

answer

a restaurant where a customer sits at a table, gives an order to a server, and is served food at the table

question

geographics

answer

statistics about where people live.

question

globalization

answer

the increasing integration of the world economy

question

goal

answer

the eventual desired outcome

question

guest or uniformed services

answer

staff member in uniforms, including the bell staff, valets, security offers, concierge, and door or garage attendants

question

guest satisfaction

answer

the fulfillment of guests' needs and wants regarding recieving quality hospitality products

question

guest service agent (GSA)

answer

a hotel staff member who performs all of the functions of a desk clerk/agent, concierge, and valet

question

hallmark event

answer

a local or regional event with national or possible international appeal that occurs once or annually

question

hospitality-specific traits

answer

professional characteristics needed in the hospitality industry, including a positive personal attitude, good work ethics, maturity, and good personal appearance as well as leadership and time-management skills

question

hub-and-spoke system

answer

an effective network for an airline formed by a hub, or a large airport, connected to other smaller airports called spokes

question

incentive

answer

a reward that is usually in the form of money but may also be stock options, profit-sharing privileges, a company vehicle, and/or a bonus program

question

indirect channel

answer

the path a product takes using intermediaries between the producer and consumer

question

informational interveiw

answer

a formal or informal interveiw with a proffesional to help the job seeker learn more about a specific career feild or company

question

infrastructure

answer

the physical components of a destination, such as hotels, resturants, roadways, and transportation, that support tourism

question

institutional advertising

answer

advertising with a goal of developing goodwill or a positive image

question

intangibility

answer

a state of being abstract, as are things that cannot be touched

question

intermediary

answer

an agent who does not work directly for a travel provider but sells his or her products for a fee

question

job application

answer

Document that job seekers fill out to help employers screen applicants.

question

Hospitality

answer

"the reception and entertainment of guests, visitors or strangers with liberality and good will." Derived from "hospice": medieval house of rest/nursing home

question

ARAMARK

answer

provides food service operations to businesses, recreation centers, sports stadiums, college and university campuses, health care facilities, convention centers, and gourmet restaurants

question

Manager's role (objectives)

answer

1. Make guests feel welcome. 2. Wants to make things work for guest. 3. Makes sure operation continues to provide service while making profit.

question

Profit

answer

financial gain; difference between money earned and spent

question

Knowledge worker

answer

Man or woman who applies to productive work ideas, concepts, and information (knowledge crucial to success)

question

Hospitality industry

answer

service industry; lodging, restaurants, event planning, theme parks, transportation, cruise lines, other parts of tourism

question

Job benefit mix

answer

money gained from job vs. knowledge/experience gained from job

question

Managerial Organization

answer

Bosses and workers (organization chart)

question

Informal Organization

answer

Social organization; influential workers/leaders

question

Physical Organization

answer

Layout of workplace

question

Back of the House

answer

how quality measured in food preparation, menu planning, recipes, cooking methods, supervision, and food holding; not seen by consumer

question

Front of the House

answer

Busing dishes, waiter/waitress, server of cafeteria line; seen by consumer

question

Strategy of Job Placement

answer

1. Income 2. Professional Status 3. Evaluating the Employer 4. Determining potential job satisfaction 4. Accepting skilled jobs

question

Demand

answer

=customers; The desire and ability to purchase a good or service at a particular price during a specified period

question

Demographics

answer

study of objectively measurable characteristics of our population such as age and income

question

Baby boomers

answer

people born from 1946-1964

question

Generation X

answer

people born from 1965-1975

question

Echo boomers/Generation Y

answer

people born in late 1970s

question

Diversity

answer

variety, such as ethnic diversity

question

Two-income families

answer

Families where both parents work, resulting in two people getting income

question

Family composition

answer

childbirth, marriage, divorce, adoption, foster care (the make up of a family)

question

Empty nesters

answer

Middle-aged or older parents who do not have children living with them

question

Psychographics

answer

People's different patterns of activities, interests, opinions

question

Part-time workers

answer

Employee that usually works about 30-35 hours per week

question

Off-premise sales

answer

Food take-out, drive-through, and delivery

question

Distribution

answer

marketing problem of gaining a presence in many markets

question

Points of Distributions (PODs)

answer

located in any place where there is consumer traffic; venue

question

Host

answer

large unit where PODs are located

question

Specialty restaurants

answer

restaurant featuring specific kind of food to constitute a significant component of casual restaurant segment

question

Ethnic restaurant

answer

restaurant offering cuisine and theme that combines to provide a "getaway" experience

question

"Eatertainment"

answer

theme restaurants where diner's experience is centered in entertainment provided by restaurants' stage-set decor

question

Guest satisfaction

answer

desired outcome of hospitality services (key responsibility of front of the house)

STUDY

Elastic Demand Curve Industrial Organization Principles Of Economics: Microeconomics Principles Of Marketing

Combined micro chapter 8 – Flashcards 63 terms

Paulina Ratliff

63 terms

Preview

Combined micro chapter 8 – Flashcards

question

Many firms, with differentiated products, some control over price, relatively easy to enter.

answer

Monopolistic competition

question

Large number of firms, standardized product, no control over price, very easy to enter

answer

Pure competition

question

MR=MC rule is known as what?

answer

Profit maximizing rule and loss minimizing rule

question

Confronted with market price of its product, the competitive producer will ask what three questions?

answer

Should we produce? In what amount? What's the economic profit?

question

How do you find the total revenue for each output level?

answer

Multiply output (total product) by price.

question

What are the methods of ways to determine the level of output at which a competitive firm will realize max profit or mini loss?

answer

Comparing TR and TC AND comparing MR and MC

question

Curve MR is horizontal because:

answer

the firm is a price taker.

question

In a competitive industry, no single firm can influence market price. This means that the firm's demand curve is BLANK BLANK and price equals BLANK BLANK.

answer

perfectly elastic; marginal revenue

question

If price is less than minimum average variable cost, a competitive firm minimizes its loss by BLANK BLANK.

answer

shutting down

question

If price is greater than average total cost, a competitive firm minimizes its loss by producing the BLANK amount of outcome.

answer

P=MC

question

If price also exceeds average total cost, the firm maximizes its economic profit at the BLANK amount of output.

answer

P=MC

question

We can analyze short run profit maximization by a competitive firm by comparing BLANK BLANK and BLANK BLANK or by applying BLANK BLANK.

answer

total revenue; total cost; marginal analysis

question

Provided price exceeds minimum average variable cost, a competitive firm maximizes profit or minimizes loss in the short-run by producing the BLANK at which price or marginal revenue equals marginal cost.

answer

Output

question

Applying the MR(=P)=MC rule at various possible market prices leads to the conclusion that the segment of the firm's short run marginal-cost curve that lies above the firm's average-variable-cost curve is its BLANK BLANK BLANK BLANK.

answer

Short-run supply curve

question

A competitive firm shuts down production at least temporary if price is BLANK than minimum average variable cost.

answer

less

question

A competitive firm shuts down production at least temporary if price is less than BLANK BLANK BLANK BLANK

answer

minimum average variable cost

question

"Involves only a few sellers of a standardized of differentiated product, so each firm is affected by the decisions of its rival"

answer

Oligopoly

question

In pure competition, to calculate economic profit, we first calculate the difference between product BLANK or BLANK (average) revenue and average total cost and then multiply it by output.

answer

price; marginal

question

"One firm selling a single unique product, where entry of additional firms is blocked and product differentiation is not an issue"

answer

Monopoly

question

From an economic standpoint, the break-even point is the level of output at which a firm makes BLANK or a BLANK profit.

answer

zero; a normal

question

A purely competitive firm's average-revenue schedule is also known as its BLANK BLANK.

answer

Demand Schedule

question

In a purely competitive market, price per unit to the purchaser is synonymous with BLANK per unit or BLANK revenue to a seller.

answer

revenue; average

question

This rule is an accurate guide to profit maximization for all firms regardless of their market structure.

answer

MR=MC rule

question

This rule applies only if producing is preferable to shutting down.

answer

MR=MC rule

question

This rule can be re-stated as P=MC when applied to a purely competitive firm because product price and MR are equal.

answer

MR=MC rule

question

We study pure competition because it:

answer

produces ideal results in terms of low-cost production and allocative efficiency, and can be used as a basis of comparison.

question

pure competition

answer

very large number of firms, no control over price, no nonprice competition

question

pure monopoly

answer

one firm, unique product, much control over price

question

monopolistic competition

answer

differentiated products, many firms, some price control

question

oligopoly

answer

few firms, standardized products, many obstacles to entry, no control over price

question

Why do the demand curve and marginal revenue curve have the same shape?

answer

Demand is perfectly elastic; MR is constant and equal to P.

question

Consider the statement: "Even if a firm is losing money, it may be better to stay I business in the short run." This statement is

answer

true if the loss is less than the variable cost.

question

The firm should produce in the short run so long as the price

answer

is less than the average variable cost.

question

Consider a firm that has no fixed costs and which is currently losing money. Are there any situations in which it would want to stay open for business in the short run?

answer

Yes, the firm will operate if revenue is greater than the variable cost.

question

A firm with no fixed cost

answer

.....

question

The equality of marginal revenue and marginal revenue is essential for profit maximization in al market structures because when this is true the

answer

question

When an industry is purely competitive, price can be substituted for marginal revenue in the MR = MC rule because

answer

the demand curve is perfectly elastic and the price is constant regardless of the quantity demanded, so the MR is constant and equal to the price.

question

four market models

answer

pure competition pure monopoly monopolistic competition oligopoly

question

pure competition

answer

very large number of sellers, standardized product, easy entry and exit, price takers (sellers that have no pricing power)

question

purely competitive demand

answer

perfectly elastic demand, the firm has no power to influence price so the firm merely chooses to product a certain level of output at the price that is given

question

pure monopoly

answer

one firm, unique product, much control over the price

question

average revenue

answer

total revenue/quantity

question

total revenue

answer

price x quantity

question

marginal revenue

answer

change in total revenue/change in quantity

question

profit maximization

answer

should the firm produce(in the short run)? if so, in what amount? what economic profit (loss) will be realized?

question

loss minimization

answer

in the short run the firm only have two choices, to produce or shut down

question

monopolistic competition

answer

differentiated products, many firms, some price control

question

oligopoly

answer

few firms, standardized products, many obstacles to entry

question

We study pure competition because it

answer

produces ideal results in terms of low-cost production and allocative efficiency, and can be used as a basis of comparison

question

Consider the statement: "Even if a firm is losing money, it may be better to stay in business in the short run." This statement is

answer

true if the loss is less than the fixed cost

question

The firm should produce in the short run so long as the price

answer

is less than the average variable cost

question

Consider a firm that has no fixed costs and which is currently losing money. Are there any situations in which it would want to stay open for business in the short run?

answer

No, the firm will want to shut down

question

A firm with no fixed cost

answer

is really in the long run

question

The equality of marginal revenue and marginal cost is essential for profit maximization in all market structures because when this is true the

answer

last unit produced adds more to revenue than to costs, and its production must necessarily increase profits or reduce losses

question

When an industry is purely competitive, price can be substituted for marginal revenue in the MR = MC rule because

answer

the demand curve is perfectly elastic and the price is constant regardless of the quantity demanded, so the MR is constant and equal to the price

question

If a firm's current revenues are less than its current variable costs, it should shut down

answer

immediately

question

If a firm's current revenues are less than its current variable costs and it decides to shut down, this decision

answer

may be temporary until the price of the product increases

question

Suppose that the paper clip industry is perfectly competitive. Also assume that the market price for paper clips is 2 cents per paper clip. The demand curve faced by each firm in the industry is:

answer

A horizontal line at 2 cents per paper clip

question

A purely competitive firm whose goal is to maximize profit will choose to produce the amount of output at which

answer

TR exceeds TC by as much as possible. correct

question

If it is possible for a perfectly competitive firm to do better financially by producing rather than shutting down, then it should produce the amount of output at which:

answer

MR = MC

question

A perfectly competitive firm that makes car batteries has a fixed cost of $10,000 per month. The market price at which it can sell its output is $100 per battery. The firm's minimum AVC is $105 per battery. The firm is currently producing 500 batteries a month (the output level at which MR = MC). This firm is making a _____________ and should _______________ production.

answer

loss; shut down

question

Consider a profit-maximizing firm in a competitive industry. Under which of the following situations would the firm choose to produce where MR = MC?

answer

Minimum AVC < P minimum ATC.

question

T or F: Marginal revenue is the change in total revenue associated with additional units of output.

answer

TRUE

STUDY

Customer Needs And Wants Goods And Services Marketing Principles Of Marketing

MRKT 303- Chapter 1 – Flashcards 16 terms

Jacob Patel

16 terms

Preview

MRKT 303- Chapter 1 – Flashcards

question

One facet of marketing is that it is

answer

A philosophy that stresses customer satisfaction

question

A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of

answer

Marketing

question

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

answer

Exchange

question

The concept of exchange is important to marketing because

answer

Marking activities help to create exchange

question

All of the following are marketing management philosophies EXCEPT

answer

Profitability orientation

question

A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation.

answer

Production

question

The _____ orientation assumes people will buy more if aggressive selling techniques are used.

answer

Sales

question

Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance, retirement plans, and pre-planned funeral services?

answer

Sales Orientation

question

Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?

answer

Sales

question

Which marketing management philosophy assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product?

answer

Market orientation

question

A company that wants to implement a market orientation would need to

answer

Do all of the activities listed

question

An organization with a(n) _____ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests.

answer

Societal market orientation

question

When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, _____ is created.

answer

Customer satisfaction

question

_____ is a strategy that focuses on keeping and improving relationships with current customers.

answer

Relationship marketing

question

Most successful relationship marketing strategies depend on:

answer

All of these

question

All of the following are good reasons to study marketing EXCEPT

answer

Marketing creating consumer needs

STUDY

Economics Increasing Opportunity Cost Principles Of Marketing Skills And Knowledge

Economics Chapter 1 Vocab Flashcard 25 terms

Robert May

25 terms

Preview

Economics Chapter 1 Vocab Flashcard

question

is the study of choice under the under conditions of scarcity

answer

Economics

question

exists if we desire something more than we can have.

answer

Scarcity

question

when you give up one thing to get something else.

answer

Tradeoff

question

is the value of the next best alternative given up when that choice was made.

answer

Opportunity Cost

question

are physical items produced in an economy, such as jeans, tennis rackets,popcorn, cars, and homes.

answer

Goods

question

are activities produced in an economy, such as education, entertainment, and health care.

answer

Services

question

is a system for coordinating the production and distribution of goods and services. Form when our societies seek to satisfy their needs and wants.

answer

Economy

question

is a simplified representation of reality. These help you focus on a few aspects of the real world by stripping away nonessential details.

answer

Model

question

is a curve that shows the maximum quantity of one good that can be produced for each possible quantity of another good produced.

answer

Production possibilities frontier, or PPF

question

if there is no opportunity to make someone better off without making anyone else worse off.

answer

Efficient

question

is the study of the economy as a whole.

answer

Macroeconomics

question

is the study of what the world is like and why it works the way it does.

answer

Positive economics

question

is the study of the way things should be rather than the way things are.

answer

Normative economics

question

is not a place but a collection of buyers and sellers, wherever they may be.

answer

Market

question

These people study choices of how we choose to spend our time and our money.

answer

Economists

question

are the basic elements from which all goods and services are produced. Land, labor, capital, entrepreneurship

answer

Resources

question

anything drawn from nature for use in the production of goods and services. Ex. sunlight

answer

Land

question

is the time and effort people contribute to the production process Ex. farmer planting seeds, construction worker pouring cement.

answer

Labor

question

anything long lasting that is created by humans for use in production.

answer

Capital

question

any long lasting good that is used to make other goods. Ex. Mixer...it is a good that makes other goods like cookies.

answer

Physical Capital

question

refers to the skills and knowledge of workers. Ex. The baker's knowledge of how to make the best chocolate chip cookies (use coarse salt)

answer

Human Capital

question

willingness of people to organize operate and assume the risks involved with business ventures.

answer

Entrepreneurship

question

boundary or border

answer

Frontier

question

is the study of how people make decisions and how those decisions affect others in the economy.

answer

Microeconomics

question

to use more resources than necessary to produce a good.

answer

inefficient

STUDY

Marketing Principles Of Marketing Supply Chain Management

Marketing Midterm Test Questions – Flashcards 25 terms

Malcolm Bright

25 terms

Preview

Marketing Midterm Test Questions – Flashcards

question

The fundamental goal of marketers when creating goods, services, or combinations of both, is to Select one: a. serve all consumers. b. defeat the competition. c. stimulate short-term sales. d. operate according to government regulations. e. create value.

answer

create value

question

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing. Select one: a. B2C b. C2C c. C2B d. B2B e. BBC

answer

C2C

question

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings. Select one: a. information b. rebates c. merchandise d. relationships e. benefits

answer

benefits

question

Marketing provides the critical function of __________ when companies expand globally. Select one: a. managing personnel b. evaluating government stability c. understanding customers d. forecasting economic growth e. managing production efficiency

answer

understanding customers

question

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm's customers. Select one: a. based marketing b. delivery c. positioning d. co-creation e. chain management

answer

co-creation

question

Many firms with complex products have missionary salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers' needs and wants. These salespeople focus on a __________ orientation with their customers. Select one: a. internal b. external c. transactional d. divisional e. relational

answer

relational

question

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did. Select one: a. value-based marketing b. retailing-oriented c. market-oriented d. sales-oriented e. production-oriented

answer

value-based marketing

question

answer

effective supply chain management

question

The Got Milk advertising campaign, designed to increase consumption of milk, was intended to help market a... Select one: a. individual. b. industry. c. firm. d. organization. e. specific product.

answer

industry

question

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? Select one: a. place b. price c. product d. promotion e. proximity

answer

place

question

If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and email to participate, the radio station is Select one: a. offering an exchange. b. behaving unethically. c. hoping to receive feedback. d. overstepping its role. e. implementing a CRM program

answer

offering an exchange

question

Which of the following is a core aspect of marketing? Select one: a. setting prices lower than all competitors b. satisfying as many needs as possible c. increasing the company's profit d. creating a product that everyone will want to buy e. making product, place, promotion, and price decisions

answer

making product, place, promotion, and price decisions

question

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? Select one: a. product b. planning c. price d. promotion e. place

answer

place

question

A friend of yours comments, "I'm starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That's just for the mega-corporations." Which of the following arguments would you NOT use in talking about marketing? Select one: a. Marketing helps new ventures organize, operate, and assess risk. b. Marketers help address unmet customer needs, regardless of the size of the firm. c. Marketers are skilled at communicating the value of the product to potential customers. d. Marketing focuses on the product, but only as one element. Three other areas are Promotion, Price, and Place. e. Marketing isn't essential now, but it will be in a year or two when the product takes off.

answer

Marketing isn't essential now, but it will be in a year or two when the product takes off.

question

Supply chain management is also referred to as Select one: a. marketing channel management. b. delivery management. c. production management. d. retail management. e. value proposition management.

answer

marketing channel management

question

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about Select one: a. the environment. b. its value. c. the economic outlook. d. the cost to manufacture the product. e. the product's new advertising campaign.

answer

it's value

question

Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena operates in the __________ era of marketing. Select one: a. retailing-oriented b. value-based c. production-oriented d. sales-oriented e. market-oriented

answer

value-based

question

After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that Select one: a. if they raised prices they would be in violation of Commerce Department regulations. b. a transactional orientation is the key to long-term profitability. c. lifetime profitability of relationships matters more than profits from a particular transaction. d. they can make more money from government contracts than from sales to customers. e. none of their competitors would be raising prices.

answer

lifetime profitability of relationships matters more than profits from a particular transaction.

question

Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? Select one: a. product b. promotion c. prototype d. place e. price

answer

price

question

The marketing goal of getting the right quantities to the right locations at the right time relates to Select one: a. service marketing. b. communicating the value proposition. c. capturing value. d. price and performance management. e. supply chain management

answer

supply chain management

question

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering Select one: a. promotional capital. b. information. c. pricing data. d. value cocreation. e. feedback

answer

information

question

The basic difference between a good and a service is that a good Select one: a. is always less expensive than a corresponding service. b. provides intangible benefits. c. is more quickly forgotten by consumers. d. can be physically touched. e. generates greater interest among consumers

answer

can be physically touched.

question

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who only care about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing Select one: a. promotion is the most important consideration, followed by pricing decisions. b. all parties to an exchange should be satisfied. c. customers are not considered until the product is ready for sale. d. decisions are made regarding how a product is designed. e. distribution is controlled by customers.

answer

all parties to an exchange should be satisfied.

question

The importance of supply chain management is often overlooked in the study of marketing because Select one: a. marketing has no responsibility for supply chain management. b. supply chain management is already transparent. c. companies do not want customers to know anything about the supply chain. d. many of the activities take place behind the scenes. e. supply chain management doesn't add much value for customers

answer

many of the activities take place behind the scenes.

question

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to Select one: a. demonstrate social responsibility. b. stimulate supply chain management cooperation. c. increase the perceived value of its products. d. influence social norms regarding sexuality. e. encourage consumers to participate in product redesign

answer

increase the perceived value of its products

STUDY

Free Trade Zone International Marketing Marketing Principles Of Marketing

Management 300 – Flashcards 61 terms

Tilly Wilkinson

61 terms

Preview

Management 300 – Flashcards

question

What is Ford Motors not doing right?

answer

Lagging behind because of brand image-- all about perceptions.

question

Ford Motors competitiors

answer

Volkswagon and General Motors

question

Why is Ford selling fewer cars in China?

answer

Didn't make cars big enough to accommodate to their extended families and cultures

question

"Why are you in school?"

answer

"School is about getting a job, only to the degree that life is all about work. So if there is more to life than work, therefore your work should be very broad."

question

Christine Poon asks about the 5 benefits of reading the news daily. What are they?

answer

1. World opens up to you 2. Understand the complexities (messiness, paradox, and ambiguous) of the world 3. Understand where you stand-- your place in the world, your vision, mission, and passion 4. Understand your own belief system better 5. You become a more well-rounded human being and that is exactly what the world needs

question

What are 5 things employers are looking for?

answer

1. Interpersonal communication 2. Team skills/teamwork 3. Ethics 4. Knowledge of the real world 5. Analytical skills (facts)

question

Four Fundamental Truths About Leadership:

answer

1. The Iron Clad Law of Leadership 2. The Maxwell Premise 3. The Founding Principle of Leadership Development 4. The Fundamental Question of Leadership

question

The Iron Clad Law of Leadership

answer

"Before I can ever even expect myself to lead others, I miss first learn to manage myself."

question

The Maxwell Premise

answer

Leadership ability grows within

question

The Founding Principle of Leadership Development

answer

"When I become the kind of human being that I ought to be on the inside, then I may become the kind of leader I want to be on the outside."

question

The Fundamental Question of Leadership

answer

"Am I becoming the kind of person who others WANT to follow."

question

Soft Skills (7)

answer

1. Making small talk 2. No personality quarks 3. Punctuality 4. Critical thinking 5. Adaptability 6. Good manners 7. Work ethic

question

The definition of Management:

answer

The science of planning, organizing, and controlling.

question

Leadership's 6 part definition:

answer

1. Intentionally --> don't be Forrest Gump--happened all by chance (ping-pong, shrimp business, ran, bama football) 2. Influencing --> hearding cats--kind of like managing a business 3. Followers -->Volunteers--have to win their hearts 4. Toward change-->"I Have A Dream" Speech--leader is meant to have a vision and inspire 5. Through shared purpose-->Diversity of else narrow-minded--all are after the big purpose 6. And personal responsibility-->always both parties who should have personal responsibility--managers and employees/ coaches and players

question

Efficiency

answer

maximize output/ minimize input

question

Effectiveness

answer

Obtaining appropriate goals

question

Resource

answer

Anything you can use that will produce a better outcome/future return. NOT AN ASSET-->financial Tangible-->textbooks, money, coal, machinery Intangible-->patents, relationships, knowledge, ideas

question

Paradox

answer

Co-existence (existing together) of seeming opposites

question

Three Levels of Bosses:

answer

SUPERVISOR: payroll and hiring--short term tasks EXECUTIVE: CEO and everyone reports to them --long term strategies MANAGER/MID LEVEL MANAGER: Pass info up and down the chain--translate long term tasks into actions

question

Roles that Managers Fulfill CATEGORIES:

answer

1. Decision making 2. Information processing roles 3. Interpersonal

question

Decision making=

answer

1. entraprenor-intraprenor 2. disturbance handler 3. resource allocator 4. negotiator

question

Information processing roles=

answer

1. monitor 2. spread info 3. spokesperson

question

Interpersonal=

answer

1. figure head 2. liaison 3. Leaders

question

Life before management?

answer

The Agrarian Era (Pre industrial 1700s)

question

The Agrarian Era

answer

-local -hands on -inefficient work

question

Nepotism=

answer

Children and family members get higher positions in the company than others.

question

Adam Smith (1776)

answer

Book titles "The Wealth of Nations" 4 principles of managing ORGANIZATIONS efficiently 1. Division of Labor 2. Specialization 3. Expertise 4. Efficiency

question

Frederick Taylor (1900s)

answer

Known as "Father of Scientific Management" "One best way" = motto Time and motion studies Four principles of LABOR efficiency ex: UPS planning workers every minute of the day

question

Four Principles of Labor Efficiency

answer

1. Managers must study every task in its smallest components 2. They must create rules/ standard operating procedures to codify the one best way to do tasks 3. Workers are seen as machinery-- best one is picked for the job and managers fit workers to the task not vise versa 4. Workers should be paid based on performance, known as piece-rate pay

question

Max Weber (1900s)

answer

Known as the "Father of Bureaucracy" How to make an entire company efficient: 1. A managers authority is not based on kinship, but based on position of hierarchy (no nepotism) 2. Position should come from expertise, knowledge, skill 3. Everybody must have a job description 4. Job descriptions must be organized into charts 5. There must be clear policies and procedures

question

Mary Parker Follett (1930s)

answer

Believed all work is built on people, and humans are not machines. 1. Who knows the most? The workers! 2. Whats is a managers job? -be a coach and be the facilitator 3. Create cross-functional teams, collaborate with people from many parts of the organization. 4. Authority is based on knowledge and skill, not position.

question

Hawthorne Studies (1930s)

answer

A study done by professors at Harvard at the HAWTHORNE WORKS factory of the WESTERN ELECTRIC COMPANY, the manufacturing arm of AT&T. Manipulated different variables to find what motivates people best. "Paying attention to people produces positive productivity" AKA the "Hawthorne Effect."

question

Douglas McGregor

answer

Theory X and Y Theory X=more rules and strict Theory Y= easier on employees LESSON: AS A MANAGER YOU MUST BE AWARE OF YOUR OWN PERSONAL ASSUMPTIONS.

question

6 Major Challengers Facing Managers Today:

answer

1. increasing efficiency -- due to globalization 2. increasing effectiveness by improving quality of work 3. becoming more flexible and innovative in serving customers needs 4. properly utilizing IT (data) 5. Maintaining high ethical standards 6. Leveraging the power of diversity

question

5 Personality Traits and the Correlation to Success:

answer

1. Extraversion -- high correlation 2. Negative Affect (mood) -- high correlation 3. Agreeableness -- curvilinear correlation 4. Consciousness -- VERY high correlation 5. Openness to experience -- VERY high correlation

question

Locus of Control

answer

Fancy word for location (of control)

question

Internal Locus

answer

YOU did poorly because of YOU YOU did well because of YOU

question

External Locus

answer

YOU did poorly because of SOMEONE ELSE YOU did well because of SOMEONE ELSE

question

Emotional Intelligence

answer

1. Understand where your own feelings come from 2. Understand where others' feelings come from 3. You can manage your own feelings and emotions

question

Emotional Maturity and Strength

answer

CP-->C&A-->M/E/F = Successful work & life M/E/F/-->C&A = immaturity and weakness

question

Advice from Gatton Alumni

answer

1. Know yourself 2. Know the company 3. Prepare interesting questions BEFORE 4. DO NOT go straight from undergrad to MBA

question

What employers think of students who earn an MBA right after undergrad:

answer

"They are just like 5th year graduates" "We compare them with undergraduates during the interview process" "I cannot give them meaningful assignments without more professional experience on their part" "They are only qualified for entry-level jobs" "They won't get anywhere near the salary that they may be expecting"

question

Which liberal arts major makes the most money over time?

answer

Philosophy

question

Steve Jobs favorite class was...?

answer

Calligraphy

question

If you were to add a second major and or minor...

answer

Add something completely different -- ranges your variety of skills On cover letters: HOW do you ADD value to their company? (More important than the actual resume)

question

How many people do not end up working in the field that correlates with their major?

answer

72%

question

Informational Interviews:

answer

1. Could you tell me about your career path? 2. What kind of activities and skills do you use in your field of work 3. What lessons have you learned throughout your career? DO NOT ASK: 4. What do you think I should do? 5. What do you think I am good at?

question

Three questions to ask before you act on a decision:

answer

1. Does my decision fall within the usual and customary standards of my profession? 2.Am I willing to personally and openly communicate my decision to all affected stakeholders? 3. Will only my party benefit?

question

Stakeholders: "People who have a direct financial interest in our company"

answer

1. Shareholders 2. Lenders 3. Managerial Employees 4. Non-managerial employees 5. Customers 6. Partners 7. Community

question

What is limiting companies productivity?

answer

The lack of soft skills among job canidates

question

How does daily news reading benefit us at work?

answer

Helps us with small talk

question

How do some people demonstrate the lack of adaptability?

answer

Don't like change or are not good with change

question

What mattered to Henry Ford?

answer

Work ethic, work smarter not harder

question

What is Mr. Hainer's key task?

answer

To find the right people (entrepreneurial spirits)

question

What is his approach to Locus of Control?

answer

External Locus of Control

question

What is his approach to fairness?

answer

"I was surprised and I was angry. I thought it was unfair." LIFE AN BUSINESS ARE NEVER FAIR. We tend to use "fair" to mean "good for me," which is not what "fair" means.

question

Liberal-Arts majors are seen to have more of the traits that add value for employers and clients.

answer

1. think more broadly 2. communicate more effectively 3. aren't stuck in a rut 4. can challenge ideas better

question

What do people remember you for?

answer

What they think you did, not what you actually did

question

Why must executives comment when troubles come up?

answer

So people don't assume the worst

question

What religion caused so much trouble for Wells Fargo?

answer

Cross-selling

question

Why is it important to deal in reality?

answer

Denial of reality does not work. Perceptions are reality.

STUDY

Marketing Marketing Management Process Overall Cost Leadership Principles Of Marketing Strategic Business Unit

MKC1 Study Guide Flashcards 226 terms

Alice Rees

226 terms

Preview

MKC1 Study Guide Flashcards

question

Defines the purpose of the organization and answers the question of how a company defines its business.

answer

Mission Statement

question

When companies hire manufacturers to produce their products in another country.

answer

Contract Manufacturing

question

A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.

answer

strategic planning process

question

A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employees may want to work for an organization.

answer

value proposition

question

Granting an independent operator the right to use your company's business model, techniques, and trademarks for a fee.

answer

franchising

question

Sell products to buyers in foreign markets.

answer

export

question

A group of business units owned by a single firm.

answer

portfolio

question

An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.

answer

joint venture

question

Creating new products or services for existing markets.

answer

product development strategy

question

A portfolio planning approach that examines a business' strengths and the attractiveness of industries.

answer

General Electric (GE) approach

question

Plans developed for the corporation as a whole take place at the corporate level.

answer

corporate level plans

question

Corporate level strategy theorizing that being the first organization to offer a product in the marketplace will be the long-term market leader.

answer

first mover strategy

question

An approach to analyzing various businesses relative to one another.

answer

portfolio planning approach

question

An assessment of an organization's internal and external environments.

answer

situation analysis

question

When a firm lowers investment in a product or business.

answer

harvest

question

What organizations want to accomplish (the end results) in a given time frame.

answer

objectives

question

Owning a company or facility overseas.

answer

direct investment

question

Marketing environmentally safe products and services in a way that is good for the environment.

answer

green marketing

question

The group of customers toward which an organization directs its marketing efforts.

answer

target market

question

A person who is paid to shop at a firm's establishment or one of its competitors' to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.

answer

mystery shopper

question

A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.

answer

marketing plan

question

Plans developed for each strategic business unit typically have their own mission statement.

answer

business level plans

question

Business or offering with high growth and a high market share.

answer

star

question

Selling more of existing products and services to existing customers.

answer

market penetration strategy

question

Corporate level strategy theorizing that closely observing the innovations of the first movers, and then improving on them can help an organization gain advantage in the marketplace.

answer

second mover strategy

question

Business or offering with a large share of a shrinking market.

answer

cash cow

question

When a firm drops or sells a product or business.

answer

divest

question

Offering products that are unrelated to other existing products produced by the organization.

answer

diversification strategy

question

Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets.

answer

license

question

An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.

answer

SWOT analysis

question

A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs.

answer

Boston Consulting Group (BCG) matrix

question

Business or offering with low growth and a low market share.

answer

dog

question

Businesses or offerings with a low share of a high-growth market.

answer

question marks or problem children

question

Selling existing products or services to new customers. Foreign markets often present opportunities for organizations to expand. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.

answer

market development strategy

question

Actions (means) taken to accomplish objectives.

answer

strategies

question

Businesses or product lines within an organization that have their own competitors, customers, and profit centers.

answer

strategic business unit (SBU)

question

a value proposition

answer

A thirty-second "elevator speech" stating specific benefits of a product or service offering that it provides to a buyer is ________.

question

hat customers want

answer

The focus of a value proposition is ________.

question

The best value proposition is dependent on what benefits the student is seeking.

answer

Which of the following is the best statement of a value proposition for a prospective college student?

question

the value proposition

answer

What serves as an effective guide for developing a company's strategies for a particular target market?

question

strategic business units

answer

Large firms may have different divisions, each focusing on a business or product line within the organization. These are called ________.

question

consistent

answer

Strategies and actions implemented at the corporate, business, and functional levels must be ________ to help an organization achieve its objectives.

question

PepsiCo

answer

Which corporate example was provided in this section to illustrate the different levels of strategic planning?

question

opportunities—external

answer

In beginning a situation analysis, a SWOT analysis is often conducted. Which of the following is correct in naming an element within SWOT and its environmental focus?

question

the packaging of Tropicana

answer

Despite its strong brand awareness, which change did PepsiCo implement in 2008, but customers' mixed reviews forced PepsiCo to return to its previous strategy?

question

the competitive environment

answer

Porter's five forces model is most useful in assessing which external environment?

question

market penetration

answer

When the Campbell Soup Company offers coupons and recipes to customers who have purchased their products, what product/market entry strategy are they pursuing?

question

product development

answer

What strategy is marketing implementing when they attempt to get existing customers to buy new product offerings?

question

market development

answer

Offerings from a U.S. firm to new, rapidly emerging markets such as Russia, China, and India would represent which type of growth strategy?

question

franchising

answer

Which form of market development entry strategies, which is popular with service industries, allows a local partner to benefit from advertising and brand recognition without having to commit to actually producing products?

question

direct investment

answer

: Which form of market entry offers the challenge of providing the most control, but incurring the most risk?

question

the BCG matrix and the GE approach

answer

Although they are only tools to be used by marketers, what are two of the most widely used portfolio planning approaches?

question

star

answer

Cameron Industries are fortunate in that they have identified a profitable select target market with high market growth potential for their Domine Dominoes game in which they have a dominant share with little or no competitive challengers. Under the BCG matrix, their Domine Dominoes offering would most likely be a ________.

question

problem child

answer

Under the BCG matrix, what is the term used to refer to SBUs who have a high market growth rate but a low relative market share?

question

business strength and industry attractiveness

answer

What dimensions does the GE approach use in portfolio analysis?

question

proceed with caution depending on industry and company strengths

answer

What would be a recommended strategy if the GE approach of portfolio resulted in a yellow light?

question

Old brands or products companies "bring back" for a period of time.

answer

retro brands

question

The stages families go through over time and how it affects people's buying behavior.

answer

family life cycle

question

Targeting a very select group of customers.

answer

concentrated marketing

question

Targeting an extremely select group of consumers

answer

niche marketing

question

Segmenting buyers by tangible, personal characteristics such as their ages, incomes, ethnicity, family sizes, and so forth

answer

demographic segmentation

question

Criteria used to classify buyers.

answer

segmentation bases

question

Targeting multiple groups of consumers.

answer

multisegment marketing

question

Segmenting buyers by where they are located.

answer

geographic segmentation

question

A catchphrase designed to sum up the essence of a product.

answer

tagline

question

The process of "moving" a product to a different place in the minds of consumers.

answer

repositioning

question

Forming close, personal relationships with customers and giving them exactly what they want.

answer

one-to-one marketing

question

The description of a type of customer based on market segmentation criteria.

answer

customer profile

question

The process of segmenting buyers geographically and target them within a few hundred feet of a business businesses using wireless technology.

answer

proximity marketing

question

Choosing select groups of people to sell to.

answer

targeted marketing

question

The process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them.

answer

microtargeting

question

The process of plotting geographic marketing information takes on a map.

answer

geocoding

question

Combining both demographic and geographic information for marketing purposes.

answer

geodemographics

question

An understanding of consumers that results when both quantitative and qualitative information are gathered about them.

answer

consumer insight

question

A two-dimensional graph that visually shows where a product stands, or should stand, relative to its competitors.

answer

perceptual map

question

Dividing people and organization into groups according to how they behave with or act toward products.

answer

behavioral segmentation

question

The process of breaking down all consumers into groups of potential buyers with similar characteristics.

answer

market segmentation

question

Selling the same product to all consumers.

answer

mass marketing

question

Electronic games sellers create to promote a product or service.

answer

advergames

question

Tailoring a product or its marketing so that it stands out from the competition and people want to buy it.

answer

positioning

question

The number of people per square mile.

answer

population density

question

Segmenting people by their activities, interests, opinion, attitudes, values, and lifestyles.

answer

psychographic segmentation

question

differentiated marketing

answer

What is another term for targeted marketing?

question

segmentation and targeted marketing

answer

American Express offers its cardholders different benefits, depending on which color card is issued to the customer. The different cards vary according to the annual fee paid and the benefits and credit lines associated with each card level. American Express engaged in ________.

question

undifferentiated marketing

answer

Henry Ford's success at developing and marketing the Model T was an example of ________.

question

It allows you to develop new offerings and expand profitable brands and product lines.

answer

What is a benefit of segmenting and targeting markets?

question

one-to-one marketing

answer

Which trend, proposed in a book by Peppers and Rogers, is seen as a vision of what life will be like after mass marketing, where collaborative relationships would enable customers to get exactly what they want from marketers?

question

psychographic segmentation

answer

Segmentation of a market according to the customers' thoughts and values as well as how they live their lives describes ________.

question

behavioral segmentation

answer

Clairol designs its shampoo products to correspond to offset whether a customer has dry, normal, or oily hair. In this case, Clairol's segmentation base is ________.

question

behavioral segmentation

answer

Ocean Spray plans it production and marketing of its canned cranberry sauce in response to the higher demand for this product during the November and December holiday season. They are using ______________.

question

family life cycle

answer

John and Sylvia Hammond have seen their travel destination choices change throughout their marriage. On their honeymoon, they went on a romantic trip to Las Vegas. When their children were young, it was always Disney World. Now that they are retired and the children have their own lives, John and Sylvia like going to National Parks. This best describes the impact of which demographic characteristic?

question

demographics and geography

answer

PRIZM combines which two bases of marketing segmentation to generate its categories of customers?

question

thinkers

answer

: One of the VALS types has members who are motivated by ideals. They are mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility. These are categorized by VALS as ________.

question

quantitative and qualitative

answer

Consumer insight results when you use what type of information

question

accessibility to market

answer

Many companies have used the Internet to expand their selection of target markets into new geographic markets. What characteristic of an attractive market is best reflected by companies pursuing this strategy?

question

resources necessary to compete

answer

There are only a handful of jet aircraft manufacturers globally. What reason does not make this an attractive market for those considering this industry?

question

microtargeting

answer

Which of the following has the greatest ethical implications?

question

positioning

answer

Tailoring your product or its marketing so that it stands out from the competition and people want to buy it defines ________.

question

It will vary but should be based on criteria important to the marketer's buyers.

answer

What are the best criteria to use when developing a perceptual map?

question

positioning; tagline

answer

For years, Hallmark has used "When you care enough to send the very best" in its marketing of its greeting cards. This is a ________________ strategy using a(n) ___________.

question

repositioning

answer

Mountain Dew, a carbonated beverage brand of PepsiCo, was originally marketed as "zero proof moonshine" with depictions of hillbillies on the bottle until 197Since then, the product is now marketed as a high-energy beverage targeted to lovers of extreme sports. This strategy can be described best as ________.

question

An outline that specifies the research data to be gathered, from whom, how, and when the data will be analyzed once it has been obtained.

answer

rearch design

question

Measurements that record people's involuntary physical responses to marketing stimuli, such as an advertisement.

answer

physiological measurements

question

A system, either paper or electronic, used to manage information a firm's marketing professionals and managers need to make good decisions.

answer

marketing information system (MIS)

question

A study that, when repeated, produces the same or nearly the same result.

answer

reliable (study)

question

Questions that limit a respondent's answers. Multiple-choice and yes-and-no questions are examples of closed-ended questions.

answer

closed-ended questions

question

A small amount of a product given to consumers to try for free.

answer

sample

question

A survey question that is potentially confusing because it asks two questions in the same question.

answer

double-barreled question

question

A group of potential buyers brought together to discuss a marketing research topic with one another.

answer

focus group

question

A less-structured type of research design used to initially investigate a marketing research project that hasn't yet been defined well enough for an in-depth study to be conducted.

answer

exploratory research design

question

The process of extracting information from large databases so as to uncover patterns and trends.

answer

data mining

question

Information gathered on a regular, ongoing basis to enable a firm's decision makers to stay in touch with what's happening in the marketplace.

answer

market intelligence

question

Data collected from Web sites showing the Web pages visitors clicked on and the order of their clicks.

answer

clickstream data

question

A process whereby a native speaker translates a research instrument such as a survey into a foreign language and then back again to the original language to determine if there are gaps in meaning.

answer

back translation

question

A research sample that's not drawn in a systematic way.

answer

nonprobability sample

question

A measure of the possible inaccuracy of the data reported in a survey.

answer

margin of error

question

Type of nonprobability sample that's drawn because it's readily available and convenient to do so.

answer

convenience sample

question

Data already collected by your firm or another organization for purposes other than the marketing research project at hand.

answer

secondary data

question

A research sample in which each would-be participant has a known and equal chance of being selected.

answer

probability sample

question

The process of researching a specific market to determine its size and trends.

answer

market research

question

A study that looks at how another company, or companies, solved a problem being researched.

answer

case study

question

answer

mystery shopper

question

Software that utilizes a firm's data, regression models, linear programming, and other statistical methods to help managers who are not computer experts make decisions.

answer

analytics software

question

A marketing research company that doesn't conduct its own research but instead buys it from other marketing research companies and then sells the reports in their entirety or in pieces to other firms.

answer

marketing research aggregator

question

The process of gathering corporate information illegally or unethically.

answer

industrial espionage

question

A marketing research experiment conducted in a natural setting such as a store versus a simulated setting in a laboratory or on a computer.

answer

field experiment

question

The place an experiment is conducted or the demographic group of people an experiment is administered to.

answer

test market

question

A type of research design that examines cause-and-effect relationships to allow researchers to answer "what if" types of questions.

answer

causal research design

question

A type of study whereby marketing researchers interview, observe, and often videotape people while they work, live, shop, and play.

answer

ethnography

question

A private, internal Web site accessible only to a firm's employees.

answer

intranet

question

The goal(s) marketing research is supposed to accomplish.

answer

research objective

question

The entire target market being studied.

answer

population

question

Data collected using hands-on tools such as interviews or surveys to answer a question for a specific research project.

answer

primary data

question

A study that actually tests what it was designed to test and not something else.

answer

valid (study)

question

Questions that ask respondents to elaborate upon, or explain, their answers.

answer

open-ended questions

question

The process of removing research data that have accidentally been duplicated (entered twice into the computer) or correcting data that have obviously been recorded wrong.

answer

data cleaning

question

An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.

answer

depth interview

question

Any type of marketing research mistake that results because a sample was utilized.

answer

sampling error

question

A study that involves gathering hard numbers, often via surveys, to describe or measure a phenomenon so as to answer the questions of who, what, where, when, and how.

answer

descriptive research design

question

An exploratory research technique used to reveal information research respondents might not reveal by being asked directly.

answer

projective technique

question

Information collected by scanners at checkout stands in stores.

answer

scanner-based research

question

Primary data marketing research firms collect on a regular basis and sell to other companies.

answer

syndicated research

question

The list from which a research sample is drawn. The sampling frame won't perfectly match the population.

answer

sampling frame

question

The process of collecting, analyzing, and reporting marketing information that can be used to improve a company's bottom line.

answer

marketing research

question

Marketing research focuses on a specific problem at a specific time whereas marketing intelligence is gathered on an ongoing basis.

answer

How does marketing research differ from marketing intelligence?

question

clickstream data

answer

A company who tracks how many visitors its Web site gets daily is analyzing

question

Intranet

answer

Making internal data accessible to employees and managers for information needed for decision-making can be accomplished through use of a(n)

question

data mining

answer

The process of accessing different databases to get the right data to the right places for decision-making in marketing is called

question

industry publications

answer

What source of marketing intelligence would be best for finding specific industry activities and marketplace trends?

question

Procter & Gamble and British Airways

answer

Which two companies mentioned in the text drew criticism in recent years for using extreme means to gather marketing intelligence about their competition?

question

industrial espionoge

answer

What term refers to gathering corporate information unethically or illegally?

question

defining the problem

answer

What is the first step in the marketing research process?

question

the research objective

answer

At the beginning of the marketing research process, what should be put into writing by the researcher?

question

One should always look at the availability of secondary data before gathering primary data.

answer

: Which of the following statements is true concerning primary data versus secondary data in the marketing research process?

question

exploratory, descriptive, and causal

answer

What are the three categories of research designs given in this section?

question

projective techniques

answer

Which type of qualitative data is used to get respondents to reveal insights that might not be gathered through direct questioning?

question

descriptive

answer

The answers to who, what, where, when, and how can often be found in what type of research design?

question

Yes. This is a double-barreled item.

answer

Take a look at the following survey item: Rate your satisfaction regarding the quality of Wendy's hamburgers and fries: _____ I am highly satisfied with their quality. _____ I am somewhat satisfied with their quality. _____ I am neither satisfied nor dissatisfied with their quality. _____ I am somewhat dissatisfied with their quality. _____ I am highly dissatisfied with their quality. Is there a problem with the wording?

question

the list from which the sample is drawn

answer

What is a sampling frame?

question

It allows more inclusion of longer, more complex questions.

answer

What is the key advantage of administering a survey face-to-face?

question

back translation

answer

When dealing with translation issues while conducting international marketing research, some firms use native speakers to translate the survey into the foreign language and then translate it again to the original language to reveal gaps in meaning. This process is called

question

reliability

answer

A marketing firm is concerned that a recent research study had flaws and that the findings would not be the same if the study was conducted again. Their concern is with the study's

question

methodology

answer

: Which section of the research report contains the margin of error of the study's findings?

question

A company that assembles and manufactures a product into its final form.

answer

original equipment manufacturer (OEM)

question

The core technology that is the basis for an offering or product.

answer

technology platform

question

The number of variations in a single product line.

answer

line depth

question

An offering that is highly differentiated from other offerings and is designed to satisfy a similar need or want.

answer

specialty offering

question

Offerings used to maintain, repair, and operate the physical assets of an organization.

answer

maintenance, repair, and operations (MRO)

question

Tangible equipment business purchases that are depreciated.

answer

capital equipment offering

question

A material that has been processed into a finished good but is not a stand-alone product; it still has to be incorporated into something else to be usable.

answer

manufactured material

question

A new idea or offering that occurs when a company comes out with another model (related product or service) based on the same platform and brand as one of its other products.

answer

line extension

question

An approach to business that centers on capturing business by focusing on creating and manufacturing better products at lower prices.

answer

product-oriented

question

An offering that is purchased on impulse, without prior planning.

answer

impulse offering

question

Someone with business responsibility for a particular product or product line. Like brand managers, product managers must make decisions, such as which offerings to include, advertising selection, and others.

answer

product manager

question

An intangible component of an offering.

answer

service

question

The entire assortment of products that a firm offers

answer

product mix

question

Marketing managers who oversee B2B products sold to a particular industry

answer

vertical market managers

question

A person responsible for all business decisions regarding offerings within one brand. A brand manager is often charged with running his or her brand as if it is its own separate business.

answer

brand manager

question

A characteristic of an offering

answer

feature

question

Packaging designed to hold a single wholesale unit of a product.

answer

secondary packaging

question

An offering for which the consumer will make an effort to compare various firms' offerings and select a brand

answer

shopping offering

question

A set of activities designed to create a brand and position it in the minds of consumers.

answer

branding

question

A name, picture, design, or symbol, or combination of those elements, used by a seller to differentiate its offerings from competitors'.

answer

brand

question

A tangible good that can be bought, sold, and owned

answer

product

question

Someone responsible for managing efforts within a particular market, such as a geographic market or another grouping of customers into a market (e.g., a single industry or size).

answer

market manager

question

The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.

answer

offering

question

a framework for classifying consumer products as either a convenience good, a shopping good, or a specialty good. Applying the categories helps to guide marketers in developing successful strategies.

answer

three-way product classification system

question

Packaging designed for the shipping and efficiently handling of large quantities of a product.

answer

tertiary packaging

question

The amount exchanged by the buyer to receive the value offered by the product or service.

answer

price

question

A symbol or logo used to identify a brand

answer

brand mark

question

Someone responsible for managing a broad group of products that may belong to multiple manufacturers.

answer

category manager

question

The process of utilizing an existing brand name or brand mark for a new product category.

answer

brand extension

question

The number of different, or distinct, product lines offered by a company.

answer

line breadth

question

The total amount of time and money spent to acquire, use, and dispose of an offering.

answer

total cost of ownership (TCO)

question

Raw material products firms offer other firms so they can make a product or provide a service. These offerings are processed only to the point required for economic handling and distribution.

answer

raw materials offering

question

Low-priced, frequently purchased products and services that require little shopping effort

answer

convenience offering

question

Products, or parts, sold by one manufacturer to another that get built into a final product without further modification.

answer

OEM offerings or components

question

B2B customers that compose a particular industry, such as the health care industry.

answer

vertical market

question

The spoken part of an identity used to describe of a brand.

answer

brand name

question

When a new product takes sales away from the same company's existing products.

answer

cannibalization

question

Offerings that support an organization's ability to do business but do not go into the final product.

answer

facilitating offerings

question

The degree to which a feature satisfies a buyer's need or desire.

answer

benefit

question

Packaging designed to hold a single retail unit of a product.

answer

primary packaging

question

A group of offerings that serve similar needs and are sold under the same name.

answer

product line

question

An offering consumers don't typically shop for until it is needed. Examples include funeral and towing services

answer

unsought offering

question

to satisfy or solve needs

answer

Why do people buy things?

question

total cost of ownership

answer

What term refers to the total amount someone pays to own, use, and eventually dispose of a product?

question

service

answer

What is an action that provides a buyer with an intangible benefit?

question

It integrates the product, price, and service dimensions of an offering.

answer

What is a key advantage of the service-dominant approach to marketing as opposed to the product-dominant approach?

question

product line.

answer

A group of related offerings is called a

question

breadth (or width)

answer

Honda's addition of snow blowers to its categories of offerings to buyers would be adding another product line or increasing the ______________ of its offerings.

question

Marketers of convenience offerings try to get these products in many locations.

answer

Which of the following is true about convenience offerings?

question

impulse offerings.

answer

Publishers who place their magazines near checkout counters in supermarkets recognize that for many customers these are

question

specialty offerings

answer

For which type of offering do customers generally spend time comparing features, prices, and other characteristics of various brands?

question

specialty offerings

answer

For which type of offerings is building brand recognition and educating buyers about key product differences critical?

question

unsought offerings

answer

MediQuick is a 24-hour emergency health care office. They still must advertise so customers will be knowledgeable if the need for their services arises. For these customers, MediQuick offering is in the category of

question

original equipment manufacturing (OEM) offerings

answer

Which category of B2B offerings would include component parts?

question

maintenance, repair, and operations (MRO) offerings

answer

Which type of B2B offerings are usually sold through distributors who often carry thousands of items through salespeople and online purchasing Web sites?

question

a facilitating offering

answer

14: Parkington Industries decides to launch its new product offering with a new advertising campaign. They contract with a well-respected advertising to develop the campaign. What have they purchased from the advertising agency?

question

the brand

answer

What is a name, picture, design, symbol, or combination of those items used by a seller to identify its offerings and to differentiate them from competitors' offerings?

question

cannibalization

answer

One risk of offering a line extension or a brand extension is that sales of these items may take away sales from your existing offerings. This is called

question

to communicate the brand and its benefits, to protect the product during shipment, to prevent leakage of the contents, and to present government-required warnings and information labels

answer

What is an important function of packaging?

question

a brand manager

answer

: Which marketing position is more likely to be found in consumer marketing companies than in the B2B environment?

question

a category manager

answer

What is the position found at the retail level at each store who is responsible for more than one manufacturer's offering of a product?

question

a market manager

answer

Who is responsible for business decisions for a geographic region, a particular segment, or a channel of distribution?

question

Introducing a new offering across markets one by one in order to work out any challenges or problems related to marketing and supporting the offering.

answer

rolling launch

STUDY

Consumer Psychology Marketing Principles Of Marketing

PSY 290 (C13: Replicability, Generalization, and the "Real World" ) – Book Notes – Flashcards 68 terms

Jacob Patel

68 terms

Preview

PSY 290 (C13: Replicability, Generalization, and the "Real World" ) – Book Notes – Flashcards

question

To judge whether or not a study is important

answer

What is one of the most important goals of consumer research?

question

A study that helps advance scientific progress by supporting or shaping scientific theories.

answer

What is an important study to a psychologist?

question

(Glossary) pertaining to a study whose results are obtained again when the study is repeated.

answer

Define: Replicable

question

Are the results of the study a fluke or will researchers get the same result if they do the study again?

answer

Construct a question that questions whether a study is replicable or not

question

It gives a study credibility

answer

Why is replicability crucial?

question

1. Use inferential stats 2. Conduct the same study again

answer

Name the two strategies that psychological scientists use to determine whether a research result is replicable

question

Use of the theories of probability to decide whether or not a study's result is "statistically significant"

answer

Define: Inferential statistics

question

When the result found in a sample is so extreme that it is unlikely to have happened by chance

answer

When is a finding is evaluated as being stat sig?

question

It predicts the likelihood that the result was sampled from a population in which there is no difference, no correlation, or no relationship

answer

What does p (probability estimate) compute for?

question

If they were to repeat the study exactly (with the same sample size and a similar set of participants), they would get similar results a high percentage of the time.

answer

What would a stat sig result lead researchers to infer?

question

reliable

answer

Stat sig results are sometimes referred to as being ___________

question

According to the analysis, there is a strong chance that the result would be stat sig again if the study were to be repeated

answer

What does "reliable" mean in terms of stat sig?

question

a replication study

answer

When a researcher actually performs the study again, it is called _______________

question

In order to have findings published, researchers want to make sure their results are significant and look presentable.

answer

Why do researchers replication their own studies?

question

Three

answer

How many types of replication exist?

question

1. Direct Replication 2. Conceptual Replication 3. Replication-Plus-Extension

answer

Name all three types of replication

question

researchers repeat an original study as closely as they can to see whether or not the original effect shows up in the newly collected data

answer

Define: Direct Replication

question

Exact Replication

answer

What is another term for direct replication?

question

True

answer

T/F: a direction replication can never replicate the first study exactly

question

The two studies may have been conducted at different times in the year. The experimenters may have been different people. Some other minor circumstances may have changed.

answer

What are some restrictions to doing a "perfect" direct replication study?

question

False

answer

T/F: If there were any threats to internal validity or flaws in construct validity in the original study, such threats would not be repeated in the direction replication too.

question

If there were any existing internal threats or flaws, they will be replicated with the same methodology

answer

Why do researchers value different types of replication over direct replication?

question

Researchers study the same research question but use different procedures. At the abstract level, the variables in the study are the same, but the procedures for operationalizing the variables are different

answer

Define: Conceptual Replication

question

Red vs. Achievement with different color booklets instead of just red lettering

answer

Provide an example of a conceptual replication

question

Researchers replicate their original study but add variables to test additional questions

answer

Define: Replication-Plus Extension

question

It could extend a finding to a new population

answer

How might adding a participant variable be useful in a replication plus extension study?

question

Introduce a situational variable

answer

What is another type of variable that might be introduced to create a replication plus extension experimental design?

question

In the driving and competency design, researchers wasted to see if the participants' ability to drive with cellphones would improve with practice. The degree of practice became the new situational variable.

answer

Describe an experimental design that used a situational variable to create a replication plus extension experimental design

question

False

answer

T/F: Stat sig studies don't need to be replicated

question

True

answer

T/F: the most important conclusions in psychology are those based on a body of evidence

question

Scientific literature

answer

What is the body of evidence that the most important conclusions are based on

question

Scientific literature consists of a series of related studies, conducted by various researchers, that have tested similar variables. They are composed of several studies on a particular topic, often conducted by many different researchers.

answer

Define: scientific literature

question

A way of mathematically averaging the results of all the studies that have tested the same variables, to see what conclusion that whole body of evidence supports. The process of collecting all possible studies on a particular research question and combining them mathematically to study the overall trend in the data.

answer

Define: Meta-analysis

question

True

answer

T/F: meta-analysis can help look for moderators between studies

question

1. Collect all possible examples of a particular kind of study 2. Average all the effect sizes to find an overall effect size

answer

Describe the steps of meta-analysis

question

True

answer

T/F: Because meta-analyses usually contain data that have been published in empirical journals, you can be more certain that the data included in them have been peer-reviewed, providing on check on their quality

question

Publication bias; Sig relationships are more likely to be published than null effects

answer

Describe a problem with meta-analyses involving the publication process of scientific literature

question

Instead of being published, studies sit forgotten in the researchers' filing cabinets, and this allows meta-analysis to (possibly) overestimate the true size of an effect because the null effects have not been included

answer

Define: File Drawer Problem

question

Contact colleagues requesting both published and unpublished data for their project

answer

How might researchers combat the file drawer problem?

question

True

answer

T/F: Meta-analyses combine the findings of a variety of studies--direct replications and conceptual replications--into a single average

question

True

answer

T/F: Meta-analysis can be a valuable way to assess the weight of the evidence in a research literature?

question

True

answer

T/F: Meta-analysis tells researchers, across a number of studies, there is a relationship between two variables--and if so, how strong it is

question

They report on the latest studies as well as the provide a sense of what the entire literature says on a particular topic

answer

How do responsible journalists report on studies in the popular press?

question

External

answer

Replication helps researchers interrogate which validity?

question

False

answer

T/F: direct replication studies support external validity

question

Conceptual replications and replication-plus-extension studies

answer

Which two replication studies help support external validity?

question

True

answer

T/F: When researchers test their questions using slightly different methods, different kinds of participants, or different situations, or when they extend their research to study new variables, they are demonstrating how their results generalize to other populations and settings

question

True

answer

T/F: The more settings and populations in which a study is conducted, the better researchers can assess the generalizability of the findings

question

How the participants were obtained for the study

answer

To assess a study's generalizability to other people, you would have to ask ___________

question

A study's similarity to real-world contexts

answer

Define: Ecological Validity

question

Mundane realism

answer

What is another word for ecological validity?

question

When the sample for a study has been selected from a population at random (using probability sample), the results from that sample may be generalized to the population it was drawn from. It also makes sense that if a study's sample includes only men, researchers may not generalize its results to women, etc. However, the statements are only sometimes correct because the importance of external validity depends on a researcher's priorities. Whether a researcher strives for external validity in a study depends on what research mode he/she is operating in: theory-testing mode or generalization mode.

answer

Why are these two statements only "sometimes" right? 1. The best research uses random samples from the population 2. The best research studies people of both sexes and from all ethnicities, socioeconomic classes, ages, regions, countries, and so forth

question

1. Theory testing mode 2. Generalization mode

answer

When a researcher strives for external validity in a study depends on what two research modes

question

Testing association or causal claim to investigate support for a theory

answer

Define Theory testing mode:

question

Internal

answer

Which validity is more important when it comes to theory testing mode? (External/Internal validity)

question

Researchers want to generalize the findings from the sample in their study to a larger population

answer

Define: Generalization mode

question

True

answer

T/F: representative samples are essential for supporting frequency claims

question

True Examples on page 390

answer

T/F: Association and causal claims are usually conducted in theory testing mode but they can be conducted in generalization mode as well

question

A sub discipline of psychology that makes generalization mode its primary business. Cultural psychologists are interested in how cultural background and environment shapes the way a person thinks, feels, and behaves.

answer

Define: cultural psychology

question

Western Educated Industrialized Rich Democratic

answer

What does the acronym WEIRD stand for?

question

False

answer

T/F: Studies conducted in a real world setting are more important to people's daily lives than studies that take place in an artificial, laboratory setting.

question

When a study takes place in the real world

answer

Define: Field Setting

question

Settings in which people experience authentic emotions, motivations, and behaviors

answer

Define: experimental realism

question

True

answer

T/F: Theory testing mode often demands that experimenters create artificial situations that allow them to minimize distractions, eliminate alternative explanations, and isolate individual features of some situation.

question

True

answer

T/F: Theory testing mode prioritizes internal validity at the expense of all other considerations including ecological validity

question

"Is that result stat sig?" "Was the result replicated?" "That was a single study. How does the study fit in with the entire literature?" "How well do the methods of this study get at the theory they were testing?" "Was the study conducted in generalization mode? If so, were the participants sampled randomly?" "Would the results also apply to the other settings?" "Would that result hold up in another cultural context?"

answer

What questions should be asked when reading popular press reports of new studies?

question

"This single study is definitive" "This study has nothing to do with the real world." "That's only a theory" "This is a bad study because they didn't use a random sample." "This is a bad study because they used only North Americans as participants." "They used thousands of participants. It must have great external validity." "That psychological principle seems so basic, I'm sure it's universal."

answer

What statements shouldn't be made when reading popular press reports of new studies?

question

The first step to establishing a study's importance is to use inferential statistics or replication studies to determine whether the findings are replicable. If inferential stats show that a study result is sig, researchers can conclude that if they ran the study in exactly the same way, we would probably obtain the same result. Replication studies are a concrete way of establishing a study's replicability. There are three main types of replication studies. -Direction replications: attempt to repeat the original study exactly -Conceptual replication: same conceptual variables as the original study, but they operationalize the variables differently -Replication Plus extension studies: repeat the original study but introduce new participant variables, situations, or levels of the IV. Meta-analyses collect the effect sizes from all published (when possible, unpublished) studies that have tested the relationship between a set of variables, using stat tools to compute the average effect size for a particular research question. Meta analyses are powerful tools that help quantify whether an effect exists in the literature, and if so, how large the effect is and what moderates it. When researchers are in generalization mode, they care whether the samples they are studying are representative. Whether the data from sample A are applicable to population A and if it could be applicable to population B. When researchers are in theory-testing mode, researchers design studies that test a theory to find out whether the study turns out the way the theory predicts it would. -If the study doesn't turn out the same way, the theory must be modified and the new theory must be tested in a new study. -Generalization is left for later studies which will test whether the theory holds in a sample that is representative of another population. Question two assumptions about generalization: 1. Important research should use random samples from populations 2. Important research should apply to people from both sexes and all ethnicities, social classes, states, etc. --In some studies, it is important to use random samples and a variety of people, but diverse, rep samples are primarily important when researchers are in generalization mode. --In theory testing mode, researchers do not (yet) consider whether their samples are rep of some population, so external validity is much less important than internal validity. Researchers who make frequency claims are always in generalization mode, but they are also in generalization mode when they ask whether an association or causal claim can be generalized to a different group of people. Cultural psychologists have documented how psychological discoveries are not always applicable cross-culturally. Even seemingly basic cognitive or visual processes may not operate the same way in different cultural contexts. The work of cultural psychologists serves as a reminder that when researchers collect data only from WEIRD samples, they cannot assume that the theories they have developed in theory-testing mode will apply to all human beings. Question the assumption that to be important, research must be conducted in settings that resemble the real world. -Some research has high ecological validity, other research takes place in labs. -While some experiments might be high in experimental realism, they may not resemble other real world settings outside of the lab. -Research from "artificial settings" help researchers test theories in the most internally valid way possible, and their lessons usually apply to other real-world situations.

answer

Summary:

STUDY

Customer Lifetime Value Marketing Marketing Management Process Principles Of Marketing

Marketing 303 – Test One – Flashcards 111 terms

Jonathan Walsh

111 terms

Preview

Marketing 303 – Test One – Flashcards

question

Activities and processes that implement the Marketing Mix

answer

marketing

question

what are the four P's of the marketing mix?

answer

price, place (distribution), promotion

question

People giving up something to receive something they would rather have..

answer

Exchange

question

Conditions for Exchange to take place

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At Least Two Parties Something of Value(Money, Barter, Trade) Communication and Delivery Freedom to Accept or Reject Desire to Deal with Other Party

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focus is on internal capabilities of the firm.

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production orientation

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focus is on aggressive sales techniques and belief that high sales result in high profits.

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sales orientation

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focus is on satisfying customer needs and wants while meeting objectives.

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market orientation

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focus is on satisfying customer needs and wants while enhancing individual and societal well-being

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societal orientation

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An organization exists not only to satisfy customer wants but also to preserve or enhance individuals' and society's long-term best interests.

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Societal Marketing Orientation

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To increase customer value, marketers:

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Offer products that perform Earn trust Avoid unrealistic pricing Give the buyer facts Offer organization-wide commitment in service and after-sales support Co-Creation

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High Customer Satisfaction occurs in firms where:

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Top management focuses on Customer Satisfaction Employees know their jobs affect customer satisfaction Organizational culture focuses on delighting customers

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The strongest relationship marketing strategies depend on:

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Customer-oriented personnel Employee training programs Empowered employees Teamwork

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Why Study Marketing?

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Plays an important role in society Vital to business survival, profits and growth Offers career opportunities Affects your life every day

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Vital Marketing Activities for Organizations

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Assess the wants and satisfaction of customers Design and manage product offerings Determine prices and pricing policies Develop distribution strategies Communicate with present and potential customers

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One facet of marketing is that it is:

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a philosophy that stresses customer satisfaction

question

answer

marketing

question

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

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exchange

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The concept of exchange is important to marketing because:

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marketing activities help to create exchange

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A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation

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production

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The _____ orientation assumes people will buy more if aggressive selling techniques are used

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sales

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Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance, retirement plans, and pre-planned funeral services?

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sales orientation

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Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?

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sales

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Which marketing management philosophy assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product?

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market orientation

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a company that wants to implement a market orientation would need to:

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do research on its customers, competitors, and markets determine how to deliver superior customer value establish and maintain mutually satisfying relationships with customers implement actions that provide value to customers

question

answer

societal marketing orientation

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When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, _____ is created.

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customer satisfaction

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_____ is a strategy that focuses on keeping and improving relationships with current customers.

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marketing

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Most successful relationship marketing strategies depend on:

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customer oriented personnel effective training programs employees with authority to make decisions and solve problems teamwork

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the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities

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strategic planning

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increases market share among existing customers

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market penetration

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attract new customers to existing products

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market development

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create new products for present markets

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product development

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introduce new products into new markets

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diversification

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a written document that acts as a guidebook for the marketing manager

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marketing plan

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identifying internal strength and weaknesses and also examining external opportunities and threats

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SWOT Analysis

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internal parts of a situation analysis

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strengths weaknesses

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external parts of a situation analysis

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opportunities threats

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things the company does well

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internal strengths

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things the company does not do well

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internal weaknesses

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conditions in the external environment that favor strengths

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external opportunities

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conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses

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external threats

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the collection and interpretation of 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

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environmental scanning

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the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition

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competitive advantage

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three types of competitive advantages

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cost product/service differentiation niche strategies

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obtain inexpensive raw materials create efficient plant operations design products for ease of manufacture control overhead costs avoid marginal costs

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cost competitive advantage

question

walmart has a _____competitive advantage

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cost

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brand names strong dealer network product reliability image service

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product/service differentiation

question

LEXUS has a ______competitive advantage

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product/service differentiation

question

used by small companies with limited resources may be used in limited geographic areas product line may be focused on a specific product category

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niche competitive advantage

question

dress shops on magazine street have a______competitive advantage

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niche

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the activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges with target markets

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marketing strategy

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three target strategies

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entire market multiple markets single market

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appeal to entire market with one marketing mix

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entire market

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concentrate on one marketing segment

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single market

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appeal to multiple markets with multiple marketing mixes

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multiple markets

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starting point of the 4 Ps

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product

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product availability where and when customers want them

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place

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role is to bring about exchanges with target markets by: informing, educating, persuading, reminding

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promotion

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what a buyer must give up to obtain a product. most flexible of the 4 Ps - quickest to change

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price

question

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

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strategic planning

question

Which of the following is a type of strategic alternative that tries to increase market share among existing customers?

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market penetration

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_____ is a strategy of increasing market share for present products in existing markets.

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market penetration

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_____ is a strategy that attempts to attract new customers to existing products.

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market development

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_____ is a marketing strategy that creates new products for present markets.

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...

question

_____ is the strategy of increasing sales by introducing new products into new markets.

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diversification

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A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.

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marketing plan

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A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.

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situation analysis

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The SWOT acronym refers to a firm's analysis of its:

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strengths, weaknesses, opportunities and threats

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_____ is defined as the collection and interpretation of 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

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environmental scanning

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The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n):

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competitive advantage

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Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.

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cost competitive advantage

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The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

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marketing mix

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The typical starting point of any firm's marketing mix is the:

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development of the good or service to be sold

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Making sure products are available when and where customers want them is the job of which element of the marketing mix?

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place strategies

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which of the marketing mix elements is often the most flexible?

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pricing

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managers can affect things internally

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product, place, promotion, price

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things managers cannot affect

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external factors such as demographics social change, economic conditions, competition, technology, political and legal factors

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attitudes, values and lifestyles

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social factors

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the way people decide to live their lives rather than to conform to stereotypical

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component lifestyles

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the study of peoples vital statistics, such as age , race, ethnicity and location

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demography

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pre and early adolescents age 8 to 12 want to have control over experiences

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tweens

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13-17 year age bracket love to shop

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teens

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two keys to successfully reach teens:

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make product modern and convenient engage teens

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born between 1979 and 1994 18-33 year age bracket largest cohort impatient, family oriented, inquisitive, opinionated, diverse, time managers, street smart, quick shoppers, want fulfillment, multitaskers

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generation Y

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born between 1965and 1978 34-47 year age bracket trust, straight talk, great deals and communication important to this group

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generation X

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born between 1946 and 1964 48-66 age bracket postponing retirement socially conscious group that believes old age starts at 80

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baby boomers

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age and amount of tweens

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8-12 years 20 million

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years and amount of Generation Y

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1979-1994 75 million

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years and amount of Generation X

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1965-1978 40 million

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years and amount of Baby boomers

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1946-1964 75 million

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pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

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basic research

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an attempt to develop new or improved products

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applied research

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new technology internally creates_______

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a long-term competitive advantage

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_________is becoming a global process

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innovation

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protects consumer safety in and around their houses

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consumer product safety commission

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prevents unfair methods of competition in commerce

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federal trade commission

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enforces safety regulations for food and drug products

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food and drug administration

question

two competitive factors

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competition for market share and profits global competition

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A(n) _____ is a defined group that managers feel is most likely to buy a firm's product.

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target market

question

The external environment _____.

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must be continually monitored by marketing managers

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Marketing managers cannot control _____, but they can sometimes influence it

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the external environment

question

Which of the following is the most difficult for marketing managers to forecast, influence, or integrate into marketing plans?

answer

social factors

question

research indicates that ____is the most important thing to tweens

answer

being happy

question

_____ are strongly attached to technology, family-oriented, and impatient, and are quick shoppers

answer

Generation Yers

question

The group of people in the United States who were born between 1946 and 1964 are known as:

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baby boomers

question

Recession, inflation, and consumers' incomes that influence the marketing environment are called _____ factors.

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economic

question

_____ is the primary determinant of a person's earning potential.

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education

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The _____ is a governmental body that has the power to prescribe mandatory safety standards for almost all products consumers use.

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consumer product safety commission

question

The _____ is an agency that prevents the use of unfair methods of competition in commerce.

answer

federal trade commission

question

Which of the following represents the largest group of consumers in the United States?

answer

Generation Yers

question

Consumers born between 1965 and 1978 form a group called

answer

Generation X

STUDY

Business Goods And Services Increasing The Value Marketing Principles Of Marketing

FBLA Intro to Business – Flashcards 193 terms

Rosa Sloan

193 terms

Preview

FBLA Intro to Business – Flashcards

question

An entrepreneur is a person who organizes, operates and assumes the risk for a business venture.

answer

True

question

Recovery in the business cycle occurs after a period of recession.

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True

question

Risk management is the process of evaluating the risks faced by a firm and then minimizing the costs involved with those risks.

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True

question

Medicaid is the form of medical aid for the physically handicapped.

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False

question

In term insurance, premiums are paid throughout the employee's lifetime, with the whole amount of the policy paid upon the insurer's death.

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False

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A venture business has no employees other than the owner.

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True

question

Retailers generally run 4 types of sales: promotional, clearance, special purchase and holiday.

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False

question

One of the main activities of the Office of Consumer Affairs is to prevent one firm from using unfair practices to force competing firms out of business.

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False

question

A mutual savings bank is an example of a deposit-type financial institution.

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True

question

The main purpose of the Federal Reserve System is to supervise and regulate member banks in order to help service the public.

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True

question

When preparing a bank reconciliation, an outstanding check must be added to the bank statement balance.

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False

question

Simple interest is an expression of interest based on a one year period of time.

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True

question

To compute the cost of credit, you need to know only the principal and interest rate.

answer

False

question

Yield is also referred to as the rate of return.

answer

True

question

The assessed value is the amount used to calculate a person's property taxes.

answer

True

question

Fixed assets are resources whose use will benefit the entrepreneur for more than one year.

answer

True

question

HMO' s emphasize preventive health care.

answer

True

question

Discretionary income is income you spend on things you want for pleasure, satisfaction, and comfort.

answer

True

question

A cash How statement reports what a person or family owns as well as owes.

answer

False

question

Term life insurance involves the accumulation and management of property during one's lifetime and the distribution of one's property at death.

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False

question

Intellectual property is a term that describes the rights of entrepreneurs or others in intangible property created through ingenuity or mental effort.

answer

True

question

The Securities and Exchange Commission is a watchdog agency that enforces federal laws pertaining to the stock market.

answer

True

question

A person in the business of buying and selling OTC stocks is a floorbroker.

answer

False

question

Technical analysis concentrates on charting stock prices, trends in the market, and patterns in the indices with the averages.

answer

True

question

A market that is going down is referred to as a bull market.

answer

False

question

Which of the following is not part of the typical research process? a. Calculating cost b. Defining the need c. Finding the facts d. Analyzing the facts e. Taking action

answer

question

The person who pumps your gas is part of the a. natural resources. b. human resources. c. capital resources. d. business cycle. e. None of the above

answer

question

GDP is a. the total value of all goods produced in a year. b. the total value of all final goods and services produced in a year. c. the total value of all services produced in a year. d. the total value of all goods and services produced by citizens of a specific nation in a year. e. the total of all goods and services produced within the boundaries of the country in a year.

answer

question

When the effect of price changes is taken out of GDP, we have a. inflated GDP. b. undervalued GDP. c. real GDP. d. per capita GDP. e. underinflated GDP.

answer

question

The business function that bridges the gap between the producer and the consumer is a. marketing. b. producing. c. farming. d. extracting. e. financing.

answer

question

Which of the following is not an advantage of a checking account? a. Convenience b. Safety c. Service charges d. Proof of payment e. Record of finances

answer

question

A two-dollar broker a. handles trading in particular stocks. b. owns his/her own seats on the exchange and makes his/her income from tees. c. is an alternative to paying full-service brokers. d. actually executes an order. e. is licensed by the SEC.

answer

question

The Consumer Price Index is a. used to monitor the rate of inflation. b. used to measure the total goods and services produced in a year. c. a scientific look at the DJIA. d. used to forecast economic activity 6-9 months down the road. e. a private corporation.

answer

question

The form of business that requires written permission from the state in which it is organized and can have owners is a. cooperative. b. partnership. c. sole proprietorship. d. corporation. e. municipality.

answer

question

The person or group receiving permission from a parent company to sell a product in a certain area in a certain manner is the a. franchisee. b. franchisor. c. operator. d. owner. e. developer.

answer

question

Which of the following is not a type of decision-making style? a. Analytic b. Conceptual c. Directive d. Reflective e. Behavioral

answer

question

Which of the following is inappropriate during a job interview? a. Asking questions about the position b. Dressing appropriately c. Taking notes d. Being early e. Talking too much

answer

question

Which of the following does not apply to small businesses? a. Usually has the owner as manager b. Is not dominant in its field of operation c. Employs fewer than 500 people d. Usually is local, serving the nearby community e. Is government owned

answer

question

Stores that offer a wide variety of goods are called a. full-service stores. b. specialty stores. c. convenience stores. d. warehouse markets. e. supermarkets.

answer

question

Small stores that carry a wide variety of products and a narrow line a. full-service store. b. specialty store. c. convenience store d. warehouse market. e. supermarket.

answer

question

Which of the following is not a consumer right? a. The right to be informed b. The right to confidentiality c. The right to choose d. The right to be heard e. The right to a remedy

answer

question

Which of the following is not a consumer responsibility? a. Be honest b. Complain reasonably c. Be involved d. Report unethical practices e. Be uninformed

answer

question

43. Which of the following is not a federal law or regulation related to human resources management? a. Retirement Act b. Americans with Disabilities Act c. Family and Medical Leave Act d. Privacy Act e. Equal Pay Act

answer

question

44. A bank that offers a full range of services, sometimes called a "financial department store," is a. a savings and loan. b. a consumer finance company. c. a commercial bank. d. the Federal Reserve System. e. a credit union.

answer

question

45. One of the Cs of credit, which refers to your honesty and history of paying debts, is known as a. capacity. b. character. c. capital. d. curiosity. e. culpability.

answer

question

46. A record of your transactions during a billing period is called a a. statement of account. b. receipt. c. credit memorandum. d. credit check. e. bank reconciliation.

answer

question

47. The law that requires the prompt correction of billing errors after they have been reported to a creditor is a. the Fair Credit Reporting Act. b. the Fair Credit Billing Act. c. the Lemon Law. d. the Truth-in-Lending Law. e. the Fair Credit Act.

answer

question

48. The rate of return on an investment is also called a. safety. b. liquidity. c. yield. d. equity. e. compound interest.

answer

question

A speculative investment usually involves a. an unusually high risk. b. a guaranteed rate of return. c. low risk. d. securities issued by the federal government. e. stocks and bonds.

answer

question

Laws that require you to carry certain types of automobile insurance before your car can be licensed are called a. compulsory insurance laws. b. financial responsibility laws. c. insurance laws. d. assigned-risk plans. e. collision insurance.

answer

question

Managers use a number of selection devices to choose candidates for a job. Which of these is not one of them? a. The application form b. Written tests c. Age d. Physical examination e. Interview

answer

question

Costs that occur regularly and are for the same amount each time are a. fixed expenses. b. variable expenses. c. allowances. d. budgets. e. liabilities.

answer

question

An IRA that is used for educational purposes without penalty is called a. stock. b. bond. c. Roth Traditional. d. 401K. e. 403B

answer

question

During an interview, it is illegal to ask about a. prior experience. b. current salary. c. marital status. d. why you are leaving your current job. e. work attendance

answer

question

Illegal acts performed by office or professional workers while at work are called a. blue collar crimes. b. white collar crimes. c. hacking. d. piracy. e. a virus.

answer

question

Which of the following is not a key economic question? a. What to produce? b. How to produce it? c. For whom to produce? d. When to to produce? e. None of the above

answer

question

A goal in life that is fulfilled through a job or a series of jobs is called a. career planning. b. career. c. job. d. tentative career decision. e. mobility.

answer

question

The conflict between unlimited wants and limited resources is known as a. scarcity. b. resources. c. drought. d. needs. e. human resources.

answer

question

The desire to work for profit is a. competition. b. freedom of choice. c. profit motive. d. business. e. private enterprise system.

answer

question

This person takes the extractor's products or raw materials and changes them into a form consumers can use. a. Manufacturer b. Wholesaler c. Extractee d. Marketer e. Producer

answer

question

Which of the following is not a function of management? a. Planning b. Organizing c. Controlling d. Leading e. Incorporating

answer

question

Stopping the importing or exporting of a certain product or service is called a. embargo. b. tariff. c. trade. d. quotas. e. export violations.

answer

question

The negotiations that take place between an organized body of workers and an employer, dealing with wages and working conditions are called a. grievance procedures. b. collective bargaining. c. strikes. d. pickets. e. arbitrations.

answer

question

A refusal to work until demands are met is called a a. boycott. b. strike. c. lockout. d. picket. e. injunction.

answer

question

The exclusive right to make, use, sell, or license others to make or sell a newly invented product or process is a a. logo. b. copyright. c. patent. d. slogan. e. trademark.

answer

question

A situation that exists when the government spends more than it collects is called a. national debt. b. deficit. c. deflation. d. revenue e. depression

answer

question

A sales letter written for the purpose of getting a personal interview is a a. personal data sheet. b. letter of application. c. letter of recommendation. d. application form. e. reference sheet.

answer

question

Inspecting one wrench of every 50 to make sure it operates correctly is a form of a. cost control. b. inventory control. c. quality control. d. asset control. e. management control.

answer

question

SCORE represents a. Service Corps of Retired Executives. b. Service Corps of Retired Employees. c. Service Corporation of Rescued Employees. d. Security Corps of Retired Entertainers. e. Security Company of Rigalto Entertainment.

answer

question

Buying too rapidly without much thought is know as a. comparison shopping. b. bargain shopping. c. impulse buying. d. smart shopping. e. None of the above

answer

question

A guarantee made orally or in writing that promises a specific quality of performance is a/an a. guarantee. b. implied warranty. c. express warranty. d. certificate of warranty. e. manufacturer's warranty.

answer

question

A large computer system that can handle more instructions and process data faster than smaller computers is a a. mainframe. b. microcomputer. c. minicomputer. d. super computer. e. central processing unit.

answer

question

Money put into a checking account is a/an a. check. b. investment. c. time deposit. d. NOW account. e. demand deposit.

answer

question

A form attached to a check that keeps a record of the checks written and any current deposit is a a. deposit slip. b. check register. c. checkbook. d. check stub. e. sharedraft.

answer

question

The owner of the checking account and the person who signs the checks is the a. drawer. b. drawee. c. payee. d. endorser. e. joint owner.

answer

question

This type of endorsement consists of only the endorser's name. a. Special b. Full c. Restrictive d. Multiple e. Blank

answer

question

A form sold by a bank stating that money is to be paid to the person or business named on the form is a a. bank money order. b. postal money order. c. express money order. d. telegraphic money order. e. traveler's check.

answer

question

Anyone who buys on credit or receives a loan is a a. creditor. b. debtor. c. character. d. loan officer. e. trustee.

answer

question

Which of the following is the formula for computing simple interest? a. P=I*R'"T b. I=P*R*T c. I*P=R*T d. T=P*I/R e. R-P-'T-T

answer

question

Calculate the simple interest of $1000 borrowed at 9 for 12 months. a. $9,000 b. $900 c. $90 d. $9 e. .90

answer

question

Calculate the interest on a loan for $ 100 at 12 for 60 days. a. $7.20 b. $2 c. $20 d. $72.00 e. $6

answer

question

How many months have 31 days? a. 4 b. 5 c. 6 d. 7 e. 8

answer

...

question

This type of account pays a variable interest rate based on rates paid to holders of short-term government debt, namely US Treasury bills. a. Certificate of deposit b. Super NOW account c. IRA d. Mutual fund e. Money market account

answer

...

question

Which of the following is not true about an EE series savings bond? a. It pays interest when the bond is cashed b. It comes in denominations from $50 to $10,000 c. It is bought at half its face value d. It has no annual purchase limit e. It matures in 10 years

answer

...

question

Which of the following is not used to determine the cost of automobile insurance? a. Your age b. The purpose for which you use your car c. The value and type of car d. The community in which you live e. Your ability to pay the premium

answer

...

question

This term refers to the obligation of a business to contribute to the well-being of its community: a. Social responsibility b. Ethics c. Business ethics d. Social ethics e. Morals

answer

...

question

Take home pay, or the amount of money remaining after taxes are deducted from a paycheck, is called a. gross income. b. net income. c. profit. d. deductibles. e. investments.

answer

...

question

Which of the following is not income? a. Money earned from babysitting. b. Interest earned on a savings account. c. Interest paid on a bank loan. d. A paycheck e. Change received from a store clerk.

answer

...

question

The primary reason for the formation of unions was to a. help generate profit for business owners. b. meet the demands of the Fair Labor Law. c. restrict competition. d. give workers greater control over working conditions. e. meet the demands of OSHA.

answer

...

question

Which of the following is not a feature of the US market economy? a. Private enterprise b. Private property c. Profit d. Property e. Personnel

answer

...

question

The planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient is called a. unemployment. b. downsizing. c. layoffs. d. human resources reduction. e. promoting.

answer

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Before you leave a position, an interview in which your employer asks how you liked your work and what improvements might be made is called a/an a. initial interview. b. formal interview. c. exit interview. d. promotional interview. e. None of the above

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Which of the following does not belong to the goods-producing industry? a. Transportation b. Construction c. Manufacturing d. Mining e. Agriculture

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Which of the following occupations has the greatest growth potential from 1992-2005 according to the Bureau of Labor Statistics? a. Service b. Technicians and related support c. Marketing and sales d. Production e. Professional specialty

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This magazine publishes information about a variety of careers, including job duties, working conditions, education, and training requirements; earnings; and employment outlook; a The Occupational Outlook Handbook b. The Encyclopedia of Careers and Vocational Guidance c. Career World d. Occupational Quarterly e. Guidance Counselor

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The concept that the boss does the thinking and the employee does the work is outdated.

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The need for effective management decreases as the business expands.

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Consumerism is built of the philosophy of "Let the Buyer Beware."

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4)An informal group can help or hinder the proper functioning of a business.

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5)Consumerism is an organized movement of citizens and government agencies to improve the rights and power of sellers in relation to buyers.

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A sole proprietorship is a business owned and operated by a board of directors.

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As a rule, for certificates of deposit the rate of interest your money earns is higher if you agree to keep your money on deposit for a longer period of time.

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The free enterprise system is a command economic system.

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The Fair Labor Standards Act does not require businesses to give its employees sick leave or paid vacations.

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There are restrictions on the owner's personal liability in a sole proprietorship.

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The death of a majority stockholder of a corporation results in the dissolution of the corporation.

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Liability law has had an impact on business by requiring them to place warning labels on products.

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One of the disadvantages of the corporate form of ownership is the limited liability of its owners.

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A sole proprietorship must be registered with the state to obtain its legal charter.

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Ownership in a corporation is shown by stock certificates.

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Risk management and insurance management is the same thing.

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Employee bonding is a commonly used protection against employee dishonesty.

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Insurance is most often used to protect against loses that are unexpected.

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Compounded interest means that interest is added to your balance (usually quarterly), and then the next quarter the interest is computed on your money deposited plus the last quarter interest.

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Money market deposit accounts usually pay a lower rate of interest than checking accounts and require a lower minimum balance.

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Today's coins and paper money (currency) are backed by the promise of the U.S. government.

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Each individual customer's account is insured by the FDIC up to $1,000,000 per account ownership.

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Despite labor laws, students of any age can deliver newspapers or work in movies, theatre, TV, radio; or can work in parent-owned business.

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States can establish minimum wages laws, as long as the minimum wage is higher than that of the federal government.

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During an interview, an employer A) can judge an applicant without any further research. B) should do most of the talking. C) should find out whether a young woman plans to stay home with her children when they are born. D) can evaluate the appearance, job knowledge, and personality of the applicant.

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Job orientation applies most specifically to training given A) during the employment review. B) during the first few days on the job. C) during the first two years on the job. D) after selection, but prior to reporting for work.

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All of the following are reasons companies conduct interviews, except A) to determine the applicant's race. B) to determine the applicant's career goals. C) to determine the applicant's personality. D) to determine the applicant's educational background.

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Which of the following types of interviewing has the applicant perform a small sample of his or her potential duties? A) Traditional interviewing B) Differential interviewing C) Reactive interviewing D) Behavioral interviewing

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All of the following are characteristics that companies look for in applicants except A) religious preference. B) problem-solving ability. C) ability to work in teams. D) communication ability.

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_________ is the body of information applied directly to job performance. A) Competency B) Skill C) Knowledge D) Ability

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Which of the following is not a feasible way to evaluate applicants for a position? A) Conduct an interview. B) Have them fill out an application form. C) Hire a private investigator to follow the applicant. D) Check references.

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_________is the continuing process by which an employee begins to understand and accept the values, norms, and beliefs held by others in the organization. A) Socialization B) Evolution C) Motorization D) Randomization

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Which of the following U.S. federal regulatory agencies handles consumer complaints? A) Office of Consumer Protection B) Environmental Protection Agency C) Office of Consumer Affairs D) Consumer Product Safety Commission

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Companies usually explain their procedures and policies during A) orientation. B) job instruction training. C) supervisory training. D) initial training.

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Consumerism is one aspect of the _____________ environment. A) technological B) political/legal C) economic D) social

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_____________, as President of the United States, in 1962 addressed Congress and defined the basic rights of consumers. A) Lyndon Johnson B) Richard Nixon C) John F. Kennedy D) Gerald Ford

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All of the following are stages of consumer decision making except A) problem recognition. B) perceptual categorization. C) post-purchase evaluation. D) purchase decision.

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All of the following are part of the consumer's protective shield except A) federal regulatory agencies. B) international regulatory agencies. C) the U.S. legal system. D) state regulatory agencies.

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According to the consumer information processing theory, _______ is the final stage through which consumers progress. A) post-purchase dissonance B) purchase decision C) cognitive decision D) evaluative categorization

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Many customer service problems are identified by A) outside consultants. B) customer complaints. C) personal evaluation. D) entries in a suggestion box.

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The tension that occurs immediately following a purchase is referred to as A) post-purchase satisfaction. B) post-decision distress. C) cognitive assessment. D) cognitive dissonance.

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______________ are a division in society with different levels of social prestige. A) Social classes B) Cultures C) Reference groups D) Cognitive categories

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Eric Keay, a typical consumer, often purchases goods and services because he feels his coworkers will approve of these items. Eric's coworkers could be considered a(n) A) referral group. B) reference group. C) associate group. D) perceptual group.

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A heavily promoted brand of aspirin sells for much more than a virtually identical nonbranded or store-branded product because promotion adds ________ value to the product. A) inspirational B) functional C) political D) psychological

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A computer company developed a printer that would wear itself out within two years of purchase, forcing consumers to buy a replacement. One might criticize this computer company because A) of the poor service they offered to customers. B) of the high price they charged for the printer. C) they planned to make their printer obsolete. D) their product was unsafe.

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High prices are often caused by A) excessive markups. B) lowering the promotion costs. C) inexpensive labor. D) free publicity.

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A company that makes roofing shingles claims that their shingles "will last longer than you or your money back." Because this is a clear overstatement of their product's performance, they are engaging in A) deceptive pricing. B) deceptive packaging. C) bad promotions. D) deceptive promotion.

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Which of the following can reduce competition? A) An increased number of competitors B) Balanced marketing practices C) Acquisition of competitors D) Marketing prices eliminate barriers to entry

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The practice of businesses refusing to serve specific geographic areas is known as A) boycotting. B) pipelining. C) restrictive marketing. D) redlining.

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Which of the following is an aspect of the free enterprise system? A) The government decides what to produce. B) Decisions are made by individuals rather than the government. C) The government establishes fair prices. D) The government owns the means of production.

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Competition is thought to encourage businesses to A) sell products of low quality. B) produce new products. C) keep prices extremely high. D) offer services of low quality.

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In a mixed economic system most decisions are left to _______________, but some decisions are left to___________________. A) government; individuals B) government; business C) individuals; government D) monopolies; government

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Socialism is most closely associated with A) capitalistic economic systems. B) command economic systems. C) free enterprise economic systems. D) mixed economic systems.

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Which of the following would assume all losses of a business? A) The owner of a sole proprietorship B) A limited partner C) A stockholder D) The CEO of a corporation

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Most businesses are A) limited partnerships. B) corporations. C) general partnerships. D) sole proprietorships.

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A key characteristic of a partnership is that each partner A) is capable of legally contracting. B) must manage the business. C) shares in company assets when the business dissolves. D) must contribute capital to the business.

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A corporate charter should A) follow state guidelines. B) include an organizational chart. C) be over 100 pages in length. D) be very similar to a prospectus.

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A corporation is chartered under A) international law. B) state law. C) local law. D) federal law.

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A disadvantage of a sole proprietorship is A) the cost of starting the business. B) the lack of limits on personal liability. C) the complexity of the organizational hierarchy. D) the difficulty of dissolution.

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Which of the following legal forms of organization allows owners to contribute no capital but still play a part in managing the business and sharing the profits? A) Partnership B) Corporation C) S corporation D) Sole proprietorship

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Which of the following statements is true? A) Partners always split profits in half. B) Partners are always equally liable. C) Partners always divide workload in half D) Partners are never equally liable.

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Gil has decided he wants to start a business, but he does not want to be required to file paperwork with numerous government agencies or sell stock in his business to the public. He also wants to maintain all decision-making power. Gil should probably start A) a general partnership. B) a sole proprietorship. C) a partnership.

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The legal agreement that partners agree to before the business is established is known as A) the business initiative. B) the business charter. C) the partnership agreement. D) the partnership charter.

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Carla is a common stockholder in Corporation Y. Because of this, Carla would A) be required to declare dividends at stockholders' meetings. B) be a member of the board of directors. C) not be able to vote at stockholders' meetings. D) be able to cast one vote per share at stockholders' meetings.

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An advantage of a sole proprietorship is A) unlimited life of business. B) profits are spread evenly amongst employees. C) ease of filing taxes and reporting earned income. D) unlimited liability.

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Rebecca recently decided to start a business. She is most concerned about limiting her financial liability. Rebecca would most likely start A) a corporation. B) a sole proprietorship. C) a general partnership. D) a limited partnership.

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You could insure against all of the following except A) fire. B) an accident in the company vehicle. C) your partner becoming ill. D) your product losing its market share.

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Saving money to cover possible losses in the future is also known as A) a customer-oriented liability. B) legal insurance. C) self-insurance. D) Premiums.

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One of the most important means of sharing business risks is A) a system of checks and balances. B) good marketing. C) preventative maintenance. D) Insurance.

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Tara Cannon is the CEO of a large corporation. Last week the company decided to take out a life insurance policy in case of her death. This is also known as A) risky health assurance. B) vital member policy. C) a key-person policy. D) life or death annuity.

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Insurance is a legal contract that transfers _______ from a policyholder to an insurance company in exchange for ___________ A) premiums; liability B) premiums; risk C) risk; premiums D) risk; liability

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In regards to insurance, risk is also known as A) likelihood of emotional loss. B) the possibility of financial loss. C) the chance of financial gain. D) the chance of psychological damage.

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The greater your ___________, the more your insurance policy will cost. A) plausibility B) risk C) reluctance D) liability

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Business interruption insurance covers A) debts to suppliers. B) lost income. C) shoplifting. D) defective products.

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____________ were started by people who shared a common bond such as working at the same factory, belonging to the same house of worship, or farming in the same community. A) Commercial banks B) Savings and loan banks C) Cooperative banks D) Credit unions

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What is the central banking system of the United States? A) The Unionized Central Banking System B) The Federal Reserve C) The Federal Union D) The Bank of the U.S.

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Where is the headquarters for the Federal Reserve Bank? A) Washington D.C. B) New York City C) Los Angeles D) Chicago

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Rita Verracruse is saving money for a new truck. She worked 16 weeks during the summer for a dog-walking company. Her take-home pay was $275 a week. How much money did Rita earn during the summer? A) $4,250 B) $4,400 C) $3,750 D) $4,750

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Rita Verracruse is saving money for a new truck. She worked 16 weeks during the summer for a dog-walking company. Her take-home pay was $275 a week. If Rita put half of the money she earned in a savings account and the simple interest rate was 3.5%, how much money would she have in one year? A) $2,250 B) $2,284 C) $2,456 D) $2,277

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Rita Verracruse is saving money for a new truck. She worked 16 weeks during the summer for a dog-walking company. Her take-home pay was $275 a week. How much money would Rita have at the end of three years, assuming she did not take any money out of the account (rounded to the nearest cent)? A) $2,645.71 B) $2,634.54 C) $2,439.18 D) $2,517.84

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Rita Verracruse is saving money for a new truck. She worked 16 weeks during the summer for a dog-walking company. Her take-home pay was $275 a week. Rita placed the other half of her money in a certificate of deposit. It is most likely that her money earned _________ interest rate as the savings account. A) a higher B) the same C) a more volatile D) a lower

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When compared to a traditional savings account, a certificate of deposit is A) more dynamic. B) more liquid. C) equally liquid. D) less liquid.

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When someone enters into a mortgage agreement, the house serves as which one of the five "C's" of credit? A) Critique B) Capacity C) Character D) Collateral

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A mortgage company requires a credit check and pay stubs before running a loan application. It does this because it wants to determine the potential borrower's A) capacity. B) collateral. C) critique. D) character.

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The current hourly minimum wage set by the U.S. Department of Labor is A) $5.15. B) $5.00. C) $4.75. D) $5.25.

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The owner of a small motorcycle garage uses an application form in evaluating applicants. This is useful in discovering A) general background information. B) arrest records. C) physical disabilities. D) religious orientation.

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Grace is developing a business plan and wants to show the cost of fringe benefits as a percentage of payroll costs. She should use the following percentage A) 40% B) 50% C) 25% D) 30%

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Mac is worried about the increase in the number of subordinates he supervises; therefore, he is concerned about his A) chain of command. B) organizational structure. C) informal organization. D) span of control.

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An example of an informal organization is A) an engineering team. B) an accounting office. C) a car pool. D) a marketing department.

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Jose wanted to make sure that his new business is a line organization; therefore, he would develop policies so each employee has A) two supervisors. B) three supervisors. C) four or more supervisors. D) one supervisor.

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Tracy, who runs a carpet cleaning business, has a group of employees who work in production and in installation. If she decides to use work teams as part of her leadership approach, she must increase A) quality. B) supervision. C) independence. D) compensation.

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Some companies attempt to determine a customer's worth before doing business with that person. This practice is known as A) weblining. B) price gouging. C) webbing. D) exception.

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How do individuals in a partnership pay taxes? A) They pay taxes as a partnership. B) They do not pay taxes; the business does. C) They only pay taxes if they are shareholders. D) The individuals each pay taxes on the total income.

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Subchapter "S" corporations are taxed as A) partnerships. B) subchapter "C" corporations. C) proprietorships. D) multinational corporations.

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Corporation "X" has gone into debt. Which of the following would be liable for that debt? A) Jack, the corporation's CEO B) Jose, a common stockholder C) All of the answers are correct D) Lily, a member of the board of directors

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Permission to incorporate a business comes from the A) Department of Labor. B) Secretary of Commerce. C) each state's Secretary of State. D) IRS.

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Toyota recently sent a letter to everyone who purchased a 1999 Tacoma. The letter states that there is a problem with the suspension and provides information about getting it fixed at local dealerships for free. This is an example of A) a product recall. B) a product recoil. C) an automatic reliability. D) a product reinforcement.

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There are _______ Federal Reserve Banks and ________ branches to those banks. A) 2; 25 B) 50; 250 C) 12; 25 D) 100; 500

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STUDY

English 2 English/Language Arts 2 (10Th Grade) English/Language Arts 3 (11Th Grade) Human Being Judge Taylor Limited Decision Making Marketing People And Institutions Principles Of Marketing

Realist Novel Study, Part 6 (Pre-Test) – Flashcards 10 terms

Cara Robinson

10 terms

Preview

Realist Novel Study, Part 6 (Pre-Test) – Flashcards

question

Read the excerpt from chapter 32 of The Awakening. It was with a wrench and a pang that Edna left her children. She carried away with her the sound of their voices and the touch of their cheeks. All along the journey homeward their presence lingered with her like the memory of a delicious song. But by the time she had regained the city the song no longer echoed in her soul. She was again alone. What does this excerpt reveal about Edna's feelings toward motherhood?

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She loves her children, but this is not enough to fulfill her as a human being.

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Read the excerpt from chapter 30 of The Awakening. "There are so many inquisitive people and institutions abounding," said Arobin, "that one is really forced as a matter of convenience these days to assume the virtue of an occupation if he has it not." Monsieur Ratignolle stared a little, and turned to ask Mademoiselle Reisz if she considered the symphony concerts up to the standard which had been set the previous winter. What does Monsieur Ratignolle's reaction to Arobin's remark reveal about the difference in the men's characters?

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Monsieur Ratignolle is a traditional family man, unable to understand Arobin's unconventional choices.

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Read the excerpt from chapter 34 of The Awakening. "Fine fellow, that Lebrun," said Arobin when Robert had gone. "I never heard you speak of him." "I knew him last summer at Grand Isle," she replied. What becomes apparent during this conversation?

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Arobin is unaware of Robert's role in Edna's life, but Robert is aware of Arobin's role.

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In chapter 34 of The Awakening, how does the author reveal the contrast between Arobin's and Robert's characters?

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through the dialogue the two men have in the parlor

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Read the excerpt from chapter 31 of The Awakening. "Will you have a spray of jessamine?" he asked, breaking off a few blossoms as he passed. "No; I don't want anything." She seemed disheartened, and had nothing to say. She took his arm, which he offered her, holding up the weight of her satin train with the other hand. She looked down, noticing the black line of his leg moving in and out so close to her against the yellow shimmer of her gown. There was the whistle of a railway train somewhere in the distance, and the midnight bells were ringing. They met no one in their short walk. What does Edna's rejection of the jessamine reveal to the reader?

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that she is losing interest in her relationship with Arobin

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In chapter 31 of The Awakening, which incident best indicates that Arobin's feelings for Edna are much deeper than her feelings for him?

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Rather than thanking Arobin for his gift, she appears uncomfortable when faced with the room filled with flowers.

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Read the excerpt from chapter 34 of The Awakening. "What was she like—the one who gave you the pouch? You must have known her very well." "She was very ordinary. She wasn't of the slightest importance. I knew her well enough." "Did you visit at her house? Was it interesting? I should like to know and hear about the people you met, and the impressions they made on you." What do Edna's questions to Robert reveal about her emotional state?

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She is jealous that Robert treasures a gift a from another woman.

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Which excerpt from The Awakening best reveals that Mr. Pontellier has no awareness of his wife's true thoughts or activities?

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He was not dreaming of scandal when he uttered this warning; that was a thing which would never have entered into his mind to consider in connection with his wife's name or his own.

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Read the excerpt from chapter 29 of The Awakening. Whatever was her own in the house, everything which she had acquired aside from her husband's bounty, she caused to be transported to the other house, supplying simple and meager deficiencies from her own resources. By moving only the belongings she acquired without her husband, Edna is

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asserting her independence and rejecting the traditional role of a wife.

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Which excerpt best reveals Edna's doubts about Robert's feelings for her in chapter 33 of The Awakening?

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So he had come back because the Mexicans were not congenial . . . because of any reason, and not because he cared to be near her.

STUDY

Environmental Scanning Process Marketing Principles Of Marketing

MRKT 303- Chapter 2 – Flashcards 18 terms

Kenneth Wheeler

18 terms

Preview

MRKT 303- Chapter 2 – Flashcards

question

_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

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Strategic planning

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Which of the following is a type of strategic alternative that tries to increase market share among existing customers?

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Market penetration

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_____ is a strategy of increasing market share for present products in existing markets.

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Market penetration

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_____ is a strategy that attempts to attract new customers to existing products.

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Market development

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_____ is a marketing strategy that creates new products for present markets.

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Product development

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_____ is the strategy of increasing sales by introducing new products into new markets.

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Diversification

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A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____.

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marketing plan

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A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.

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situation analysis

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The SWOT acronym refers to a firm's analysis of its:

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strengths, weaknesses, opportunities, and threats

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Environmental scanning

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The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n):

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competitive advantage

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Which of the following is NOT a type of competitive advantage?

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Management structure

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Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.

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cost competitive advantage

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The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

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marketing mix

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The typical starting point of any firm's marketing mix is the:

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development of the good or service to be sold

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Making sure products are available when and where customers want them is the job of which element of the marketing mix?

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Place strategies

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Which of the marketing mix elements is often the most flexible?

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Pricing

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All of the following are strategic alternatives that match products with markets EXCEPT:

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Product Penetration

STUDY

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