Exam 1 ch 1-4

STRATEGIC WINDOW

A temporary period of optimum fit between the key requirements of a market and particular capabilities of a firm competing in that market

All Marketing mix decisions must have the following two characteristics:

CONSISTENCY AND FLEXIBILITY

Total buyer power _______ during periods of economic _________

DECLINES, RECESSION

Marketers primarily focus their __________ ON ___________

ENVIRONMENTAL ANALYSIS, BRAND COMPETITORS

T/F: the food and drug admin influences marketing activities the most

False

The forces of the marketing environment include

Political, legal, regulatory, social cultural, technological, economic and competitive

A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. The essential variables that the marketing manager combines are:

Product, Price, Distribution (Place), and Promotion Variables

In reporting marketing ***research findings,*** the researcher should?

Provide ***explanations in language that those who use the report to make decisions can understand***

________ sampling is the most commonly used in exploratory studies

Quota

DISPOSABLE INCOME IS A ?

READY SOURCE OF BUYING POWER

EXPERIMENTAL RESEARCH

RESEARCH THAT ALLOW MARKETERS TO MAKE CASUAL INFERENCES ABOUT RELATIONSHIPS

Generic competitors provide very different products that satisfy the

SAME BASIC CUSTOMER NEED

Marketing facilitates exchange relationships between buyers and sellers. Marketing's intended outcome for this relationship is the

SATISFACTION FOR BOTH THE BUYER AND SELLER

THE INTERNATIONAL COMPANY NEEDS INFORMATION ABOUT TRENDS IN HOUSING STARTS AND REMODELING AROUND THE COUNTRY. SINCE IT WILL BE DIFFICULT TO COLLECT PRIMARY DATA*** FROM THE NUMEROUS LOCATIONS, IT DECIDES TO USE

SECONDARY DATA FROM THE US DEPARTMENT OF COMMERCE REPORTS TO GET THIS INFORMATION

A _______ _______ MEASURES WHAT IT IS SUPPOSED TO

VALID STUDY

An abuse counselor is most likely an

idea marketer

Fluctuations in the economy follow a general pattern known as the business cycle. It includes

prosperity, recession, depression, and recovery.

The percentage of a market which actually buys a specific product from a specific company is referred to as what?

that product's market share

THE FOUR BASIC RIGHTS OUTLINE IN THE CONSUMER BILL OF RIGHTS INCLUDE:

* RIGHT TO SAFETY * THE RIGHT TO BE HEARD * RIGHT TO CHOOSE * RIGHT TO BE INFORMED

WEALTH IS THE ACCUMULATION OF

* PAST INCOME * NATURAL RESOURCES * FINANCIAL RESOURCES

The reputation and well-known brand name of Rolex watches represents a

CORE COMPETENCY

_________ __________ DETERMINES THE MEANS FOR UTILIZING RESOURCES IN THE FUNCTIONAL AREAS OF MARKETING, PRODUCTION, FINANCE, RESEARCH AND DEVELOPMENT, AND HUMAN RESOURCES TO ACHIEVE THE ORGANIZATIONS GOALS.

CORPORATE STRATEGY

When managers are developing their Strategic Plan, they use a market orientation as a guide to ensure that

CUSTOMER SATISFACTION IS AN INTEGRAL PART OF THE PROCESS

The marketing concept stresses that a business organization can best achieve its goal by providing customer satisfaction through what?

Coordinated activités

According to the Boston Consulting Group, marketers may classify their products as

Dogs, question markets, stars, or cash cows... But not cash contributors

The first step in the STRATEGIC PERFORMANCE EVALUATION IS TO

ESTABLISH PERFORMANCE STANDARDS

*PRIMARY DATA ***ARE BEST DESCIBED AS DATA THAT ARE

OBSERVED, RECORDED, OR COLLECTED ***DIRECTLY*** FROM SUBJECTS***

SOCIAL RESPONSIBILITY REFERS TO A COMPANY'S OBLIGATION TO MAXIMIZE ITS ______ IMPACT AND MINIMIZE ITS _______ IMPACT ON SOCIETY

POSITIVE, NEGATIVE

Marketing Research is a ______ designed to gather ________

PROCESS, INFORMAITION

wealth is an accumulation of past income, natural resources and financial resources

True

LOCATING AND DEFINING THE PROBLEM FOCUSES ON:

UNCOVERING THE NATURE AND BOUNDARIES OF THE MARKETING SITUATION TO BE STUDIED.

IN periods of PROSPERITY OF THE BUSINESS CYCLE:

UNEMPLOYMENT is low and INCOME is relatively high

A competitive advantage is created when -

a company matches its core competency to opportunities it has discovered in the marketplace.

IN marketing research a SAMPLE is best described as?

a limited number of units chosen to represent the characteristics of a total population

hypothesis-

an informed guess or assumption about a certain problem or set of circumstances

Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

The marketing environment is best described as being

dynamic and changing

this best reflects the marketing concept -

we have organized our business to make certain that customers get what they want

Codes of conduct (ethics) are formalized rules and standards that describe

what the company expects of its employees in terms of ethical behavior.

QUANTITIVE DATA:

yields Information that can be communicated through numbers or metrics

*****MARKETING CITIZENSHIP***** IS THE ADOPTIION OF A STRATEGIC FOCUS FULFILLING THE?

-ECONOMIC -LEGAL -ETHICAL AND -PHILANTHROPIC SOCIAL RESPONSIBILITIES EXPECTED BY STAKEHOLDER

The components of a marketing plan are:

-Environmental analysis -Marketing Strategies -Executive summary -Marketing implementation

ALL COMPANIES HAVE A RESPONSIBILITY TO BE PROFITABLE SO THEY CAN PROVIDE A RETURN ON..

-INVESTMENT TO THEIR OWNERS AND INVESTORS. -CREATE JOBS FOR THE COMMUNITY - Contribute goods and services to the economy

Your quarterly strategic planning meeting will be held next month. You will schedule all the brainstorming and discussion activities for the meeting in a sequence and structure consistent with the hierarchy of the traditional strategic planning process. YOU should schedule in order to be most consistent with the hierarchy of the traditional strategic planning process?

1: Develop functional area goals and objectives; 2: Complete a SWOT analysis for the company; 3: Develop business unit strategies; 4: Develop the company's mission and goals.

ONE OVERLOOKED INTERNAL SOURCE OF SECONDARY MARKETING INFORMATION DISCUSSED IN THE TEXT IS

ACCOUNTING RECORDS

RESEARCH DESIGN IS AN OVERALL PLAN FOR OBTAINING THE INFORMATION NEEDED TO -

ADDRESS A RESEARCH PROBLEM OR ISSUE

The forces of the marketing environment primarily affect marketers in three ways. They influence customers by affecting their lifestyles and preferences for products, they determine whether or how a marketing manager can perform certain marketing activities, and they:

AFFECT A MARKETING MANAGERS DECISIONS AND ACTIONS BY INFLUENCING BUYERS REACTIONS TO THE FIRM'S MARKETING MIX

CORE COMPETENCY IS:

AN EXAMPLE OF SOMETHING AN ORGANIZATION DOES EXTREMELY WELL AND MAY GIVE A COMPANY AN ADVANTAGE OVER ITS COMPETITORS.

SUP ATX is the largest stand-up paddle board maker based in Austin, Texas, that markets their products directly to consumers via their website. SUP ATX mission is to spread the sport of stand up paddle surfing from oceans to lakes and rivers around the world. Stand up paddle surfing or boarding is a relatively new sport but is growing due to the relatively low price of the boards, ease in transportation and storage of the boards as well as the sport providing a fun way to exercise and allow users to enjoy the outdoors.

Active adults aged 24 to 40 who enjoy outdoor recreational activities would be the "best" target market for SUP ATX paddle board products?

Making a decision about purchasing or leasing a fleet of vehicles to deliver equipment instead of relying on a shipper most closely represents a decision about the

BEST WAY TO DISTRIBUTE PRODUCTS

SECONDARY DATA **_________** BE OBTAINED FROM SURVEYS

CANNOT

***IN THE PERFORMANCE STANDARDS EVALUATION PROCESS, MARKETING MANAGERS

CANNOT COORDINATE A NEW STEP IN THE PERFORMANCE ANALYSIS...

Responding to ______________ is demonstrated by the proliferation of new organic versions of their products by companies such as Orville Redenbacher, Heinz and even Walmart

CHANGES IN CULTURAL VALUES

Amazon's pricing, service, and continuing investment in improving its website with additional product offerings give it a

COMPETITIVE ADVANTAGE OVER MANY OTHER RETAILERS.

A BUSINESS OWNER KNOWS SHE HAS A PROBLEM BECAUSE OF AN INCREASING NUMBER OF What?

CONSUMER COMPLAINTS RECEIVED RECENTLY

PROPENSITY TO BUY IS THE

CONSUMERS WILLINGNESS TO SPEND

The Marketing Mix is built around the customer The product variable of the marketing mix includes:

Creation of brand names, development of product packaging, warranty issues, repair services

BRAND COMPETITORS ARE THE MOST SIGNIFICANT TO MARKETERS BECAUSE BUYERS SEE THE DIFFERENT PRODUCTS OF THESE FIRMS AS ?

DIRECT SUBSTITUTES FOR EACH OTHER

Consumers buying products online have dramatically affected _____ variable of the marketing mix.

DISTRIBUTION

DECIDING WHETHER OR NOT TO HAVE RETAIL OUTLETS IN ADDITION TO A WEBSITE INVOLVES THE ________ ________ OF THE MARKETING MIX.

DISTRIBUTION ELEMENT

Issues of inventory levels and storage costs are both concerns relating to the _________ ________ of the marketing mix

DISTRIBUTION VARIABLE

Johnson Floors sells all types of floor coverings to contractors and other businesses. It keeps a collection of information about all of its clients that can be easily accessed on the company's computer system. This collection of information is called a

Database

. In 2009 the Coca-Cola Company introduced the "Freestyler," a new freestanding soda dispenser where consumers can choose from over 120 different types of soda and customize their drinks. Freestylers would take the place of typical dispensers where there are only a few different types of soda brands available. In order to develop the new dispenser, Coca-Cola collected information on the soda-drinking habits of individuals in several different age groups, as well as information about new technologies for dispensing liquids from vending machines and the sales of its "fountain" syrup for national restaurant chains to use in their soda machines. Coca-Cola's collection of this information is an example of ENVIRONMENTAL SCANNING while the assessment of its impact on the potential for the new "Freestyler" is an example of

ENVIRONMENTAL ANALYSIS

A marketing plan usually begins with an:

EXECUTIVE SUMMARY

what helps managers identify potential threats and opportunities linked to environmental changes?

Environmental analysis

The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the market is a definition of

FIRST MOVER ADVANTAGE

A ________ INTERVIEW IS A RESEARCH METHOD IN WHICH A NUMBER OF PEOPLE ARE EXPOSED TO AN IDEA OR CONCEPT AND INTERACTION OF THE PEOPLE IS OBSERVED

FOCUS GROUP

T/F: Marketing cost consume about 1 quarter of a buyer's dollar

False

T/F: Marketing primarily consists of advertising and selling

False

T/F: There are four conditions that must be met before a condition can be met and not all of them have to be met

False

T/F: an individuals' after-tax income is called his or her discretionary income which is used for spending and or saving

False

T/F: changes in cultural values have little effect of people's needs for products

False

T/F: disposable income is used to pay taxes, spend and save

False

T/F: political forces are beyond the control of marketers, so they can only react to them

False

what is the primary factor contributing to the difficulty associated with gathering primary dat through surveys?

Fewer people are willing to participate

According to the text a market is defined as a

GROUP OF INDIVIDUALS AND/OR ORGANIZATIONS THAT HAVE NEEDS FOR PRODUCTS IN A PRODUCT CLASS AND HAVE THE ABILITY, WILLINGNESS, AND AUTHORITY TO PURCHASE THOSE PRODUCTS.

_______ _______ is essentially an uncontrollable factor in developing a marketing mix.

Government Regulations

WAITERS RECORDING ORDERS ON HANDHELD COMPUTERS IS ONE OF THE BEST EXAMPLES OF

HOW TECHNOLOGY IS UTILIZED TO IMPROVE CUSTOMER RELATIONSHIPS

Sam's Club believes that most of its sales are to small businesses rather than consumers, and that women are more likely to be making the purchasing decisions. This is an example of An _____ that Sam's Club could test through marketing research.

HYPOTHESIS

**A PERSONS BUYING POWER IS A FUNCTION OF:

INCOME, WEALTH AND CREDIT

EXPLORATORY RESEARCH:

IS USUALLY CONDUCTED WHEN MORE INFORMATION IS NEEDED ABOUT A PROBLEM AND A TENTATIVE HYPOTHESIS NEEDS TO BE MADE MORE SPECIFIC

PERFORMANCE STANDARDS ARE DERIVED FROM

MARKETING OBJECTIVES

When a company is involved in identifying and anaylyzing a target market, the firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages...Based on this example, the Company is creating a

MARKETING STRATEGY

The Better Business Bureau is probably the best known

NONGOVERNMENTAL REGULATORY GROUP

in regards to the business owner - DESIGNING THE RESEARCH PROJECT IS THE DECISION SHE HAS DECIDED TO UNDERTAKE AS IT WILL MAKE THIS PROBLEM A:

PRECISE, RESEARCHABLE STATEMENT

ACCORDING TO THE TEXT, MARKETING ETHICS REFERS TO THE

PRINCIPLES AND STANDARDS THAT DEFINE ACCEPTABLE CONDUCT IN MARKETING

When a producer of software delayed the introduction of a new spreadsheet app to modify the package, its scheduled TV advertisements announcing the new product needed to be revised. In this case a change in the

PRODUCT VARIABLE CAUSED CHANGES IN THE PROMOTION VARIABLE OF THE MARKETING MIX

is the element of the marketing mix used to increase awareness of a product, service, idea, ... the activities of a company.

PROMOTION

IN GENERAL... _______ ________ is an organization least likely to operate.

PURE COMPETITION

The Childrens Online Privacy Protection Act prohibits websites and Internet providers from?

SEEKING PERSONAL INFORMATION FROM CHILDREN UNDER THE AGE OF 13

The three basic forms that a product can take are

SERVICES, IDEAS, AND GOODS

****The strength of a persons BUYING POWER depends on ECONOMIC CONDITIONS AND

SIZE OF RESOURCES THAT CAN TRADED IN AN EXCHANGE

A ___________ IS a profit center that is self-supporting in terms of sales, markets, production, and other resources is known

STRATEGIC BUSINESS UNIT

When managers of a corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and eventually a marketing plan, This process is called:

STRATEGIC PLANNING

MARKET DEVELOPMENT IS A

STRATEGY OF INCREASING SALES OF CURENT PRODUCTS IN NEW MARKETS

An analysis of _____ and ______ examines internal factors give the organization certain advantages and disadvantages in meeting the needs of its target markets.

STRENGHTS AND WEAKNESSES

Successful business organizations should take actions to convert internal weaknesses into _________ and external threats into __________.

STRENGTHS, OPPORTUNITIES

_________ IS THE APPLICATION OF KNOWLEDGE AND TOOLS TO SOLVE PROBLEMS AND PERFORM TASKS MORE EFFICIENTLY

TECHNOLOGY

PROMOTION INVOLVES -

THE EDUCATION OF CUSTOMERS such as when a new product is introduced, or a product is changed and has new features and benefits...Educating your customers base is a Promotional activity.

Marketing Research is best DEFINED AS:

THE SYSTEMATIC DESIGN, COLLECTION, INTERPRETATION, AND REPORTING OF INFORMATION TO HELP MARKETERS SOLVE SPECIFIC MARKETING PROBLEMS OR TAKE ADVANTAGE OF MARKETING OPPORTUNITIES

(Consumer perception is not a product variable)

True

Marketing activities can occur even when an exchange doesn't take place.

True

Services are provided by applying human and mechanical efforts to people or objects to provide intangible benefits to customer.

True

T/F: A target market is a specific group of customers on whom an organization focuses its marketing efforts.

True

T/F: Customers are interested in a products's price because they are concerned about the value obtained in an exchange.

True

T/F: Customers are interested in the products price because they are concerned about the value obtained in an exchange

True

T/F: Customers are the focal point of all marketing activity

True

T/F: Harley Davidson has a SUSTAINABLE COMPETITIVE ADVANTAGE OVER OTHER MOTORCYCLE MANUFACTURERS as a result of the Harley Davidson Harley Owner's Group (HOG).

True

T/F: Marketing activities can occur even when an exchange does take place

True

T/F: Marketing cost consume about 1 half of a buyer's dollar

True

T/F: Marketing environment is dynamic never static

True

T/F: Marketing mix is important

True

T/F: Political forces and legal and regulatory forces are NOT the same thing

True

T/F: Price is frequently used as a competitive tool.

True

T/F: Promotion can help sustain interest in established products that have long been available

True

T/F: The distribution variable in a marketing mix Is directed towards making products desired to as many customers available

True

T/F: The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing environment

True

T/F: Under President Kennedy's consumer bill of rights, consumers must have access and opportunity to review all relevant information about a product before buying it.

True

T/F: a factor that effects willingness to spend is general economic conditions

True

T/F: credit increases current buying power at the expense of future buying power

True

T/F: if political officials have positive feelings towards companies it benefits the company

True

T/F: marketing efforts involve design and development of products

True

T/F: wealth enables consumers to gain buying power

True

The Boston Consulting Group's Matrix is based on the philosophy that product's market growth rate and its market share are important determinants of its market strategy

True

The definition of marketing implies that both customers and businesses should receive benefits from exchange relationships

True

The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization.

True

The marketing plan provides a framework to stimulate thinking and provide strategic direction.

True

To implement the marketing concept, an organization must first establish an information system to discover customers' real needs and then use the information to create products to satisfy those needs.

True

technology is the application that enables you to perform tasks more efficiently

True

The marketing concept is a management philosophy that affects

all efforts of the organization

When a company bundles its products, enabling customers to purchase a group of products or services, such as an entire Living Room Set, or Bed Room Set, or Communication Services company bundling Wireless, Internet and Cable- _______ is a _____ aspect of the marketing mix.

bundling, price

in a traditional organization marketing decision are likely to be-

centralized at the top levels of the organization

According to the textbook, a manager's duties in an environmental analysis include

checking information for accuracy, resolving inconsistencies, and assigning significance to the findings.

corporate executives often prefer marketing research finding to be put into a report that is?

clear, short and simply expressed

It is important to consistently enforce standards and impose penalties or punishment on those who violate

codes of conduct

A market orientation requires the organization-wide generation of market intelligence pertaining to -

current and future customer needs, dissemination of the intelligence across departments, and organization-wide responsiveness to it.

The marketing concept stresses that an organization can best achieve its objectives by being what?

customer-oriented

Issues of inventory levels and storage cost are both concerns related to the ___ of the marketing mix

distribution issue

PepsiCO has recognized the significant increase in population ________ with the US soft-drink market...ADS FEATURING HISPANIC ACTORS AND TEJANO MUSIC IS A GREAT ILLUSTRATION OF THE COMPANY'S ______?

diversity , INTEGRATION OF THIS KNOWLEDGE INTO ITS MARKETING STRATEGY

A MARKET ORIENTATION IS AN ORGANIZATION-WIDE EFFORT THAT AFFECTS ALL AREAS OF THE COMPANY AND

does not focus only on the marketing department

Four dimensions of social responsibility are

economic, legal, ethical, and philanthropic.

To monitor changes in the marketing environment effectively, marketers must

engage in environmental scanning and analysis

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

environmental scanning

marketing environment consists of -

external forces that directly or indirectly influence an organization's acquisition of inputs and generation of outputs

SUBSCRIPTION SERVICES FROM FIRMS SUCH AS NIELSEN PROVIDE MARKETING RESEARCHERS WITH A GOOD SOURCE OF

external secondary data

Brand competitors market products with similar

features, benefits, and prices to the same customers

Organizations must define themselves not according to the products they produce but according to

how they satisfy customers

An example of a Cash Cow would be

if the director of marketing for 3M tapes tells the rest of the management team. "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market."

A Marketing Plan provides a framework for

implementing and controlling marketing activities

Customer relationship management is the use of

information about customers to create marketing strategies that develop and sustain desirable customer relationships.

marketing analytics use tools and methods including software to track, store and analyze data to measure and?

interpret the effectiveness of a firms marketing activities

The MARKETING PLAN

is a a written document detailing activities to be performed to implement and control marketing actions.

A MARKETING OBJECTIVE

is consistent with both business-unit and corporate strategy.

Marketing environment forces influence customers by affecting their

lifestyles, standards of living and preferences and needs for products.

The Marketing concept is a

management philosophy

An increasingly diverse cultural base in the United States means that

marketers face increasingly diverse consumer markets

Achievement of the firm's overall goals is part of the

marketing concept

the process of putting marketing strategies into action is called-

marketing implantation

A framework for gathering and managing information from sources both inside and outside an organization is referred to as a?

marketing information system

At the most basic level, profits can be obtained through relationships by acquiring

new customers, enhancing the profitability of existing customers, and extending the duration of customer relationships.

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called what?

opportunities

Designing research procedures that produce reliable marketing data means that:

others using the same procedure will get almost identical data.

Marketers who view ________ forces as being beyond their control are taking a ______ _______ toward these forces.

political, Reactive response

Marketers who attempt to influence and change the various environmental forces have a

proactive response to these forces

The two basic types of SAMPLING that marketing researchers use are:

probability and non-probability

which of the following is not a purpose of the marketing plan -

product

Adding gel insoles to running shoes would be a change in the ____ _____ of the marketing mix for Adidas

product element

______ sampling gives every member of the population an equal chance of appearing in the sample.

random

While Almond Breeze engages in environmental scanning and analysis, the company is more likely to change its products and marketing strategies to adapt to environmental forces rather than trying to influence these forces. Almond Breeze has a _______ approach to ___________

reactive, marketing environmental forces.

Marketers are interested in consumers levels of *disposable income* because it is a -

ready source of buying power

Marketing facilitates exchange relationships between buyers and sellers, what is marketing intended outcome of this relationship

satisfaction for both buyer and seller

The dynamics of technology involve the constant change that often challenges the structures of social institutions, including

social relationships, the legal system, religion, education, business, and leisure.

what is a probability sampling technique used to reduce error with random sampling?

stratified

The number of firms that control the supply of a product may affect the

strength of competition.

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's _____?

strengths

*WHEN CONDUCTING MARKET RESEARCH INTERNATIONALLY, PRIMARY DATA GATHERING WILL HAVE A GREATER CHANCE OF SUCCESS IF?

the firm employs local researchers who understand how to approach potential respondents and can do so in their own languages

Distribution, price, promotion and product are all elements of -

the marketing mix

A market opportunity results from-

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

the strength of ones buying power depends partially on

the state of the economy

The least flexible survey method is the

the telephone survey

The purpose of marketing research is:

to inform an organization about customers' needs and desires, marketing opportunities for particular goods and services, and changing attitudes and purchase patterns of customers.

when does a market opportunity occur?

when the right combination of circumstances occurs at the right time to allow an organizations to take action toward a target market