Final Exam
A firm's macroenvironment includes all of the following except: -competition -culture -political/legal issues -economics -demographics
Competition: Competition is part of the immediate environment, not the macroenvironment.
Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies. -concentrated -geographic -economic -benefit-based -global
Concentrated: The four targeting strategies are micromarketing, undifferentiated, differentiated, and concentrated.
When companies embrace __________, they appeal not only to their shareholders but also to all of their key stakeholders. -conscious advertising -conscious marketing -social media -CSR -profit sharing
Conscious marketing: When companies embrace conscious marketing, they appeal not only to their shareholders but also to all of their key stakeholders.
Business-to-business marketing involves buying and selling goods or services by all of the following except -manufacturers -consumers -wholesalers -producers -retailers
Consumers: Business-to-business (B2B) marketing refers to the process of buying and selling goods or services to be used in the production of other goods and services for consumption by the buying organization and/or resale by wholesalers and retailers. When businesses sell to consumers, it is B2C marketing.
The centerpiece of the marketing environment analysis framework is: -the economy -corporate partners -competitive intelligence -consumers -culture
Consumers: The consumer is the center of all marketing efforts.
Which of the following statements regarding corporate social responsibility is true? -It takes a holistic ecosystem view of business as a complex adaptive system. -It incorporates higher purpose and a caring culture. -It sees limited overlap between the business and society, and the business and the planet. -It understands that decisions are ethically based. -Social responsibility is at the core of the business through the higher purpose and viewing the community and the environment as stakeholders.
Corporate social responsibility sees limited overlap between the business and society, and between business and the planet. All of the other statements describe conscious marketing.
For every consumer who purchases a pair of TOMS shoes for $55, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in: -business ethics -overpricing of its products -environmental marketing -marketing ethics -corporate social responsibility
Corporate social responsibility: TOMS shoes is engaged in corporate social responsibility by making shoes available to children in need.
Kellogg's marketing communications about its Special K cereal appeal almost exclusively to women. This is an example of __________ segmentation. -geographic -demographic -behavioral -benefits -psychographic
Demographic
__________ attributes are product or service features that are important to buyers and that are used to differentiate among choices. -Safety/performance -Determinant -Social -Financial -Retrieval
Determinant: Determinant attributes are product features that are important to buyers, and that the buyer perceives to be different between brands.
Introducing newly developed products or services to a market segment the company is not currently serving is called: -market development -product proliferation -product development -market penetration -diversification
Diversification: A diversification strategy introduces a new product or service to a market segment that currently is not served.
For a brand name to be effective, it needs to be: -associated with a sports or movie superstar -generic, so it can be applied to as many products as possible -a visual image containing human characters -easy for consumers to recognize and remember -a catchy, tongue-twisting phrase
Easy for consumers to recognize and remember: A brand name should be memorable and easy to recognize, in general.
Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process? -Evaluation of alternatives -Situational analysis -Need recognition -Postpurchase evaluation -Information search
Evaluation of alternatives: Different sets of alternatives are a factor during the third stage of the consumer decision process, evaluation of alternatives.
All of the following are stages in the product life cycle except: -growth -maturity -decline -evaluation -introduction
Evaluation: The product life cycle is made up of introduction, growth, maturity, and decline.
The 4E framework of social media includes: -Expand, engage, educate, emphasize -Excite, educate, experience, engage -Expect, emphasize, educate, engage -Excited, educate, entertain, engage -Emphasize, excite, educate, engage
Excite, educate, experience, engage
Learning refers to a change in a person's thought process or behavior that arises from -experience -attitudes -cultural norms -risk analysis -postpurchase dissonance
Experience: Learning refers to a change in a person's thought process or behavior that arises from experience and takes place throughout the consumer decision process.
Global expansion often begins with: -joint ventures -direct investment -strategic alliances -exporting of goods -franchising
Exporting of goods: Global expansion often begins when a firm receives an order for its product or service from another country, in which case it faces little risk because it has no investment in people, capital equipment, buildings, or infrastructure.
(T/F) In a joint venture, the burden of ownership, control, and profits is not shared.
False: A joint venture is formed when a firm entering a market pools its resources with those of a local firm. As a consequence, ownership, control, and profits are shared. In addition to sharing financial burdens, a local partner offers the foreign entrant greater understanding of the market and access to resources such as vendors and real estate.
(T/F) A product label is just a required sticker on a package.
False: A label is much more than that. It can help sell the product; it also provides key information, which is sometimes regulated by the government.
(T/F) A mission statement describes the actions a firm will take to achieve its goals.
False: A mission statement is a broad description of a firm's objectives and the scope of activities it plans to undertake.
(T/F) As the children of the Baby Boomers, Generation X is the biggest cohort since the original postwar WWII boom.
False: As the children of Baby Boomers, Gen Y is the biggest cohort since the original postwar WWII boom.
(T/F) Brainstorming in the ethical decision-making framework occurs immediately following the identification of issues.
False: Brainstorming occurs after the firm has identified the stakeholders and their issues and gathered all available data.
(T/F) Marketing ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
False: Business ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
(T/F) Consumers' needs and wants, as well as their ability to purchase, depend on a host of factors that remain consistent over time.
False: Consumers' needs and wants, as well as their ability to purchase, depend on a host of factors that change and evolve over time.
(T/F) Briena is looking at the results of a syndicated study conducted two years ago. Briena is looking at primary data.
False: Data collected in advance of the current project is secondary data.
(T/F) Of the types of social media identified in the text, Flickr is considered a thought-sharing site.
False: Flickr, the photo-sharing site, is an example of a media-sharing site.
(T/F) Entering into a global franchise agreement exposes a company to higher risk than if the company had entered into direct investment in the country.
False: Franchising is a contractual agreement between the firm and a local firm. In a global franchising agreement, this entails lower risks and requires less investment than if entering into direct investment in a country.
(T/F) Macroenvironmental factors include the company, competition, and corporate partners.
False: Macroenvironmental factors such as culture, demographics, social trends, technological advances, economic situation, and political/regulatory.
(T/F) Private-label brands are imitations often sold by street vendors.
False: Private-label brands are developed and marketed by a retailer and available only from that retailer. They are also referred to as store brands.
(T/F) The STP process is made up of strategy, targeting, and promotion.
False: The STP process is made up of segmentation, targeting, and positioning.
(T/F) The components of a SWOT analysis are strengths, weaknesses, opportunities, and tactics.
False: The components of a SWOT analysis are strengths, weaknesses, opportunities, and threats.
(T/F) The four Ps of the marketing mix include product, promotion, planning, and place.
False: The four Ps of the marketing mix are product, price, place, and promotion
(T/F) Once a vendor receives an order from a firm, it responds by immediately filling the order.
False: The supplier first sends an acknowledgement that it has received the order, and then it fills the order.
(T /F) The term social media refers exclusively to social networking sites like Facebook.
False: The term social media refers to the online and mobile technologies that distribute content or facilitate interpersonal interactions. Social networking sites are just one form of social media.
A(n) __________ is a small group of people brought together for an intensive discussion of a topic. -social media site -data mining session -in-depth interview -focus group -experiment
Focus group: A focus group is a small group that participates in an intensive discussion of a topic, sharing their views with the moderator and with one another.
During the __________ stage of the product life cycle, sales rise, profits rise rapidly, and there are a small but increasing number of competitors. -decline -introduction -maturity -leveling -growth
Growth: The growth stage, the second stage of the product life cycle, is marked by rising sales and profits and an increasing number of competitors.
One measure of traffic from visitors on sites, the total requests for a page, is measured in units called: -impressions -tweets -hits -clickers -paths
Hits: Measures of website traffic include hits (i.e. total requests for a page), visits to a particular site or page, unique visitors to the site, and page views.
Within a perceptual map, a(n) ______ represents where a particular market segment's desired product would lie. -ideal point -strategic target -benefit centroid -point of parity -tapestry cluster
Ideal point: The ideal point is the point representing the target market's "perfect" product offering.
A company is assessing opportunities in the BRIC companies and determines that _________ is one of the youngest populations in the world and is increasingly adopting global attitudes. -Brazil -India -Italy -Russia -China
India: With a median age of 26.7 years, India has one of the youngest populations in the world. Its young inhabitants increasingly are adopting global attitudes while living in growing urban centers and shopping at large malls.
Which of the following is the correct sequence of new product adopters in the diffusion of innovation curve? -Early majority, late majority, early adopters, innovators, laggards -early adopters, early majority, innovators, late majority, laggards -innovators, early adopters, early majority, late majority, laggards -innovators, late majority, early adopters, early majority, laggards -innovators, early majority, early adopters, late majority, laggards
Innovators, early adopters, early majority, late majority, laggards: The diffusion of innovation curve spreads through the population over a period of time and generally follows a bell-shaped curve made up of innovators, early adopters, early majority, late majority, and laggards.
Hospitals, schools, and religious organizations are examples of ______ buyers. -factory agent -manufacturing -retail -institutional -reseller
Institutional
When marketers use a variety of communication disciplines--advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media--in combination to communicate a value proposition to the customer, it is referred to as: -multimedia marketing -managed marketing communications -Diverse marketing communications -Comprehensive promotion -Integrated marketing communications
Integrated marketing communications (IMC) represents the promotion P of the four Ps. It encompasses a variety of communication disciplines in combination to provide clarity, consistency, and maximum communicative impact.
The strategic marketing planning process: -forces marketing managers to think rationally -begins with establishing specific, measurable outcomes -is a five-step process that should always be completed in order -is frequently used in reverse -is not always sequential
Is not always sequential: While the steps of the process are often executed in order, sometimes a firm may jump from a later step back to an earlier one to make adjustments. Metrics are established later in the process. And while the planning process may help managers think more clearly, irrational plans can still be developed.
Among the factors affecting the consumer decision-making process is the way consumers spend their time and money to live, otherwise known as -lifestyle -external validation -conspicuous consumption -the demonstration effect -life standards
Lifestyle
The marketing goal of getting the "right quantities to the right locations, at the right time" relates to: -Performing service marketing -Managing price and performance -Managing the supply chain -Capturing value -Communicating the value proposition
Managing the supply chain: Supply chain management is the set of approaches and techniques tat firms employ to efficient and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing systemwide costs and satisfying the service levels required by the customers.
A _________ growth strategy employs the existing marketing offering to reach new market segments. -product proliferation -product development -market penetration -diversification -market development
Market development
_________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. -Value capture -Target marketing -Market positioning -Market segmentation -Allocation
Market positioning: Market positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Which of the following is true of marketing? -Marketing is about satisfying the company's needs and wants. -Marketing is performed by organizations, not individuals. -Marketing requires place, product, promotion, and perception decisions. -Marketing affects various stakeholders -Marketing plays no role in creating value
Marketing affects various stakeholders: Marketing is fundamentally about an exchange—the trade of things of value between the buyer and the seller—so that each is better off as a result.
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called: -marketing research -market positioning -market share analysis -market segmentation -marketing
Marketing: Official definition of the AMA
The primary purpose of the _________ plan is to specify the marketing activities for a specific period of time. -Resource -Business -Organizational -Marketing -Strategic
Marketing: The marketing plan specifies the marketing activities for a specific period of time.
Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are -identical -decentralized -less focused on customer value creation -based on derived supply analysis -more formal and structured
More formal and structured: Because of the buying center and organizational requirements, the B2B buying process is more formal and tends to have more structure and rules than the B2C buying process.
A(n) __________ is a need or want strong enough to cause a person to seek satisfaction. -attitude -motive -locus of control -learning curve -perception
Motive: A motive is a need or want that is strong enough to cause the person to seek satisfaction
Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's: -product specifications -strengths and weaknesses -sales history -pension plan -opportunities and threats
Opportunities and threats: The external components of a SWOT analysis are opportunities and threats.
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? -place -product -promotion -price -proximity
Place: Place represents all the activities necessary to get the product to the right customer when the customer wants it.
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages? -customer excellence -operational excellence -product excellence -planning excellence -locational excellence
Planning excellence: The four overarching strategies are locational excellence, customer excellence, operational excellence, and product excellence.
The diffusion of innovation theory is useful to marketers in helping them: -adjust to the performance life cycle -determine a target market -avoid the cost of concept testing -predict how long it will take for a new product to gain market acceptance -predict which types of customers will buy their product immediately or later
Predict which types of customers will buy their product immediately or later: The diffusion of innovation theory sheds light on the types of customers who buy products during different stages. It does not predict exactly when these stages in the diffusion process will occur, nor does it help determine a target market.
After reviewing the existing data on seasonal spending by his company's customers, Marvin decided he needed new information collected to address his research questions. Marvin will need __________ data to address the questions in his marketing research study. -syndicated -warehoused -mined -secondary -primary
Primary: Because existing secondary data do not answer his questions, Marvin may need to collect primary data.
When you register your telephone number with the National Do Not Call Registry, you are responding to a need for: -Enhanced information flow -Marketing contact -Lower phone bills -Privacy -Tactical communication skills
Privacy: Privacy is a major concern for consumers, and the Federal Trade Commission is responding by trying to protect consumers against unwanted telephone solicitations.
All of the following are considered part of the "actual product" level of the product offer except: -brand name -quality -design -features -product warranty
Product warranty: The "actual product" is made up of the brand name, quality level, packaging, and features and design. The product warranty is one of the associated services included in the augmented product.
The purpose of _______ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action. -qualitative research -quantitative research -statistical sourcing -primary data collection -data mining
Quantitative research: Quantitative research provides information needed to confirm insights and hypotheses generated via qualitative research or secondary data.
A product that is in a high-growth market but has a low market share would be classified as a ________ on the BCG matrix. -dog -ladder -star -question mark -cash cow
Question mark: This is the definition of a question mark. If the product is infused with resources, it has the potential to become a star.
The process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications is formally refereed to as: -specification review -a bidding initiative -invitation to review -contract development -request for proposals
Requests for proposals: After a firm develops its product specifications, it will invite alternative vendor or suppliers to bid on supplying the required components. This process is formally known as requests for proposals.
Unlike manufacturers, __________ buy products from other businesses but do not significantly alter the form of the products they buy before selling them. -consumers -resellers -producers -gatekeepers -raw materials suppliers
Resellers: Resellers—both wholesalers and distributors—buy products from businesses and sell to other businesses, but do not significantly alter the products involved.
For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's marketing mix. In other words, the market segment must be -substantial -perceptive -reachable -responsive -identifiable
Responsive: A segment is responsive if its members react similarly and positively to the marketing mix.
When evaluating the attractiveness of the segment, if a segment is expected to react positively to the firm's offering, we say that the segment is: -reactive -substantial -responsive -reachable -identifiable
Responsive: For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's offering. This is referred to as a responsive segment.
Brands that are owned by ___________ are called private-label brands. -retailers -manufacturer's reps -wholesalers -manufacturers -supply chain specialists
Retailers: Brands owned by retailers are called store brands, house brands, own brands, or private-label brands.
__________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents. -Selective dissection -Reverse engineering -Reverse innovation -Redistribution -Creative destruction
Reverse engineering: Companies sometimes use reverse engineering—taking apart a product and determining how it works to create a comparable product.
Overriding desires that drive how we live our lives are called -self-control -self-values -self-concept -self-esteem -self-confidence
Self-values: Self-values are goals for life, not just the goals one wants to accomplish in a day. They are the overriding desires that drive how a person lives his or her life.
Your text notes that the networking benefits of LinkedIn are particularly beneficial for which group? -journalists and bloggers -photo enthusiasts -small-business owners -entertainment marketers -athletes
Small-business owners: More than 12 million of LinkedIn's users are small-business owners, making it an excellent resource for entrepreneurs to network with like-minded firms, identify the best vendors, or build brand reputation by participating in LinkedIn's professional association groups.
A(n) __________ occurs when the purchasing agent orders additional units of products that have previously been purchased. -new buy -generic buy -adapted buy -straight rebuy -modified rebuy
Straight rebuy: A straight rebuy occurs when the company is buying more of a product it has bought in the past.
As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including: -demographics -the economy -strengths and weaknesses -competition -opportunities and threats
Strengths and weaknesses: The internal components of a SWOT analysis are strengths and weaknesses
Manufacturers would prefer to produce in a country with a trade __________, because it signals a greater opportunity to export products to more markets. -balance -deficit -bonus -discrepancy -surplus
Surplus: Firms would prefer to manufacture in a country that has a trade surplus, or a higher level of exports than imports, because it signals a greater opportunity to export products to more markets.
Commercial research firms such as IRI, the National Purchase Diary Panel, and Nielsen are sources of -primary data -data mining -internal secondary data -public data -syndicated data
Syndicated data: These are sources of syndicated data—secondary data that can be purchased from firms that collect it.
___________ provides a detailed, multi-pronged "Statement of Ethics that can serve as a foundation for marketers. -Johnson & Johnson -The Advertising Association of America -A group of well-respected marketing executives -The Better Business Bureau -The American Marketing Association
The American Marketing Association: The AMA provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers, emphasizing that "As marketers... we not only serve our organizations but also act as stewards of society in creating, facilitating, and executing the transactions that are part of the greater economy.
The center of all marketing efforts is: -the firm -corporate social responsibility -top management -the consumer -profits
The consumer: The consumer is the centerpiece of the marketing environment.
A consumer's external social environment includes: -impulse, habitual, and limited problem-solving processes. -universal, retrieval, and evoked sets. -cognitive, affective, and behavioral environments. -the customer's family, reference groups, and culture. -functional and psychological needs.
The customer's family, reference groups, and culture: External social factors include the customer's family, reference groups, and culture.
The most important consideration when a firm chooses a global product strategy should be: -the effectiveness of the marketing team -the needs of the target market -opportunities for countertrade -the overall cost of the strategy -WTO regulations
The needs of the target market: Just as with domestic marketing, all global marketing decisions should consider the needs of the target market.
When referring to "exchange," marketers are focusing on: -the price charged, adjusted for currency exchange rates -location-based tactics for creating value -the trading of things of value -the location where products and services are traded -promotional offers designed to stimulate barter
The trading of things of value: In terms of marketing, an exchange refers to each of the parties involved giving something and getting something in return.
How did consumers respond when Chobani reduced the size of its Greek yogurt containers by 12 percent? -They did not notice the change -They used social media to complain about the change -They stopped buying Chobani altogether -They organized a boycott of the product -They were happy the company reduced the product size, rather than increase the price
They used social media to complain about the change: When the costs of producing a product rise significantly, manufacturers are faced with either raising prices—something customers don't usually like—or reducing the amount of product sold in a package. Chobani reduced the size of its Greek yogurt containers by 12 percent. When customers noticed the decrease, they took to Twitter and Facebook to complain about the change.
(T/F) Key corporate social responsibility stakeholders include employees, customers, the marketplace, and society.
True
(T/F) For products like pencils and paper clips, marketers should probably use an undifferentiated targeting strategy.
True: An undifferentiated targeting strategy, also called mass marketing, is appropriate when everyone can be considered a potential user of a product, and when the potential benefits are similar for most consumers.
(T/F) By paying close attention to customer needs and continuously monitoring the business environment in which it operates, a good marketer can identify potential opportunities.
True: Changes in the environment can be a source of opportunities for the firm.
(T/F) Even as growth in its gross domestic product has slowed, China maintains a thriving retail market, likely to reach the $8 trillion mark soon and surpass the US as the worlds largest.
True: China maintains a thriving retail market, likely to reach the $8 trillion mark soon and surpass the United States as the world's largest.
(T/F) The three elements of the consumer's immediate environment are the company, competition, and corporate partners.
True: Consumers may be influenced directly by the immediate actions of the focal company, the company's competitors, or corporate partners that work with the firm to make and supply products and services to consumers.
(T/F) Firms that disingenuously market products of services as environmentally friendly, with the goal of gaining public approval and sales rather than actually improving the environment, are engaging in greenwashing.
True: Consumers need to question whether a firm is spending significantly more money advertising being green and operating with consideration for the environment than actually spending these resources on environmentally sound practices.
(T/F) Effective packaging and labels send consumers the signal "Buy me!"
True: Effective packaging and labeling can grab the consumer's attention and encourage the consumer to buy.
(T/F) Donald is analyzing and interpreting data. In the process, he is converting data into information.
True: Information results from organizing, analyzing, and interpreting data and putting them into a form that is useful for decision makers.
(T/F) Strong supplier relations and efficient supply chains help firms such as Walmart achieve operational excellence.
True: Operational excellence is achieved through efficient operations and excellent supply chain and human resource management.
(T/F) Margo likes her morning coffee, and she always stops at Starbucks because it is on her way to work. Margo is being influenced by the place element of the marketing mix.
True: Place represents all the activities necessary to get the product to the right customer when that customer wants it.
(T/F) A disadvantage to using secondary data is that they might not be precisely relevant to the information needed.
True: Primary data can be tailored to the information needed; secondary data are not always precisely relevant.
(T/F) The focus of social media efforts target at customer interaction is building connections.
True: Social media use various firms that offer services or tools to help consumers and firms build connections. Through these connections, marketers and customers share information of all forms—from their thoughts about products or images, to uploaded pictures, music, and videos.
(T/F) Stakeholders typically include the firm's employees and their families, customer groups, members of the community, the environment and the firm's partners and competitors.
True: Stakeholders typically include the firm's employees and their families, customer groups, members of the community, the environment, and the firm's partners and competitors.
(T/F) Before conducting marketing research, it is important to establish in advance exactly what problem needs to be solved.
True: The first task in marketing research is to clearly understand what problem needs to be solved—what information is required, and what questions need to be answered.
(T/F) The marketing firm must consider the entire business process, all from a consumer's point of view.
True: The marketing firm must consider the entire business process, all from a consumer's point of view.
(T/F) Understanding the marketplace and a customer's needs and wants is fundamental to marketing success.
True: Understanding the marketplace, and especially the needs and wants of the customer, is fundamental to marketing success.
(T/F) Value is what you get for what you give.
True: Value reflects the relationship of benefits to costs, or what you get for what you give.
__________ are the three types of attribute sets. -united, relations, and exploration -unanimity, rule, and express -urban, random, and exchange -university, relatives, and expression -universal, retrieval, and evoked
Universal, retrieval, and evoked: Research has shown that the consumer's mind organizes and categorizes alternatives to aid his or her decision process. Universal sets, retrieval sets, and evoked sets are the three types of sets identified.
Which of the following best represents how marketing expands firms' global presence? -when companies manufacture and sell their products all over the world -When companies see a product manufactured overseas and decide to produce it domestically -when companies hire employees from different backgrounds and cultures -when companies adhere to government restrictions in overseas markets -when companies require their employees to learn a foreign language
When companies manufacture and sell their products all over the world: Long gone are the days when a product was made and sold in one market only. Firms now not only sell their products to markets around the world, they may also have their products produced in other countries as well.
All of the following are questions posed in the ethical decision-making metric except: -Can I give a clear explanation for my action? -Will I be able to look at myself in the mirror and respect what I see? -Will this action help advance my career? -Would the person I admire most engage in this activity? -Would I want to see this action described on the front page of the local paper?
Will this action help advance my career?: The ethical decision-making metric poses a set of questions to help make ethical business decisions. All of the questions listed are part of the metric except for wondering if an action will help further one's career.
In the ethical decision-making metric, the question that asks "Would I want the person I admire most to see me doing this?" applies to the: -transparency test -publicity test -moral mentor test -admired observer test -person in the mirror test
Admired observer test
A product is ________ that can be offered through a voluntary marketing exchange. -the brand associations -a tangible item -anything of value to consumers -the category depth -the combination of a firm's marketing mix
Anything of value to consumers: This is the definition of a product. It does not have to be a tangible item; it can also be a service, or a combination of a good and associated services.
