Management Marketing Mid-term

If a low-risk marketing program has a return on marketing investment (ROMI) of 4.0, this means that any marketing program must generate at a minimum $4.00 in revenue for every ________ in marketing expenditure.

$1

A SWOT analysis identifies problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena under

external threats

_______encompasses a societal and professional standard of right and fair practices that are expected of marketing managers in their oversight of strategy formulation, implementation, and control.

Marketing ethics

Redefining the selling role within the firm to focus on customer business consultation and solutions is one way that CRM

facilitates a customer-centric culture.

USMCA is a market zone that eliminates tariffs between the United States and

Canada and Mexico.

________represent an exporting firm in a foreign market. They become the face of a company through servicing customers, selling products, and receiving payment. They often take title to the goods and resell them

Distributors

________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing

________ is one of the most widely used measures of economic growth.

Gross domestic product

Two friends are partners in a manufacturing firm that employs over 1,500 people. Recently, employees have been complaining that they were not told of changes in health insurance coverage and premiums. To which of the following support activities of the value chain can this problem be attributed?

HR management

is defined as the identification, collection, analysis, and distribution of data to discover and solve marketing problems or enhance good decision making.

Market research

The concept of the value chain was created by

Michael Porter

Shanda, a new marketing manager, was excited to use the new marketing dashboard. She included marketing objectives, multiple metrics measuring financial impact and forecasting results, and the competencies of the marketing team. She showed the whole marketing department her work and they praised her efforts. What did Shanda fail to do?

Share the dashboard with other key stakeholders.

A company has delayed making a decision on acquiring a new product line because the marketing team members took more than three months to analyze the numbers. Which tip for successful marketing planning experience did the firm fail to use?

Utilize input, but don't become paralyzed by information and analysis.

________is the net benefits (or costs) associated with a product or service, and it is affected by the buyer's trust that the company will keep its promises.

Value

When Lark joined her company as CEO, she instituted an organization-wide focus on understanding the requirements of customers, making sure that everyone in the organization understood the customer marketplace. Lark was practicing

a customer orientation

The marketing management team of a toy company is looking at the possibility of opening a new plant in one of several developing countries. Before they decide in which country they want to build, they want to conduct some preliminary research including local population demographics and lifestyle characteristics. However, they have discovered that the governments in several of these countries do not have a department that collects these data, and no independent research firm has measured any of these areas. Which issue with secondary data in global markets does this illustrate?

accessibility

When the text states that marketers need to create tools for ongoing, meaningful measurement of marketing productivity, it is referring to the need for

accountability.

In a marketing plan, every strategy must include an implementation element. These are sometimes called

action plans

A misconception about marketing is that it is

all about selling.

Making a change in any one of the marketing mix elements will

also change the other elements.

Bridgit loved her old car, but she decided it was time for a new one. She went to the dealership and picked one out, and paid for it with her trade-in and cash. This is an example of

an exchange.

Outdated cell phones used in Europe or Asia have been introduced into the Latin American markets that don't have more updated models. This is an example of

backward invention.

An auto supply company has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and has been extremely profitable for 18 years. The SBU acts as a key source of income for the firm. In the context of the BCG matrix, the component is most likely considered a

cash cow

A marketing manager is interested in the relationship between the location of their stores and the level of sales. To test whether moving a store will lead to a change in sales and, if so, how much of a change, the marketing manager should use ________research.

causal

A restaurant's marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct ________research.

causal

The marketing managers of a shoe company have clearly defined their research problem as "If we increase our promotions expenditures, by what percentage will it increase sales?" They have also decided that they need primary data to answer this question. To collect these data, it is best for them to use _______ research.

causal

In the context of sampling plan, a comprehensive record of each individual in the population of interest is known as a

census

The use of ________at an early stage in a customer's exploration of an e-commerce website can provide insight into the state of their intentions.

clickstream data

While writing a customer satisfaction survey, the marketing director for a bank created a set of questions that customers would answer by circling a number between 1 and 7. The number 1 meant that the customers were very dissatisfied by that aspect of the experience, whereas 7 meant that they were very satisfied. The director is using ________questions to collect this information.

closed-end

_______ is an analytic method that predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar.

collaborative filtering

When examining some secondary data from Uzbekistan, the marketing manager of RS Chemicals notices that the income figures seem high even after conversion to U.S. dollars. He later learns that the government agency that collects this information records total household income rather than per capita income as in most other countries. This demonstrates which issue with secondary data in global markets?

comparability

Marketing often doesn't get the "respect" it deserves as a professional field of study, primarily because

compared to other business functions, it has had few useful metrics to measure its performance impact.

One part of a marketing plan should identify what to do if things go wrong. This section is called ________planning.

contingency

Which element helps avoid scrambling to decide how to adjust marketing strategies when performance against a forecast is higher or lower than expected?

contingency plans

Well-established distributors in a marketing channel often have relationships with competitors. In the context of market channels, which channel strategy corresponds to this issue?

continuity

Most global marketers rely on local distribution networks in foreign markets. This is because it is very expensive to build a company's own distribution network in a foreign market. This issue can be identified in the channel strategy of

control.

The AMA's definition of marketing reflects the view toward marketing activities as focused on

creating and delivering offerings that have value.

In an Eastern European country, most people eat dinner after 10:00 p.m. This would be identified in the ________section of a global market research report.

cultural, societal

What is one of the three major objectives of customer relationship management?

customer acquisition

Which phase of the process cycle for customer relationship management represents the actual implementation of the customer strategies and programs?

customer interaction

What is an internal source of collecting information for making marketing decisions?

customer orders

Which action element is required for successful Marketing (Big M)?

ensuring that everyone in an organization understands the concept of customer orientation

A manufacturer of sports apparel and sports equipment experienced a sharp drop in sales during the COVID-19 pandemic. The marketing manager asks the marketing research department to investigate this alarming development. The first step taken by the researchers in their process should be to

define a specific research problem

The recent controversy over the age of Chinese Olympic divers because of differing ages on their passports and in government files exemplifies the difficulty with the ________of secondary data in global markets.

dependability

A consumer products company makes a cleanser for the hospital and nursing home market that is guaranteed to kill 99 percent of staphylococcus germs, a major concern for medical facilities. Unlike the competition, this company is not interested in pursuing the consumer market. In this case, the company has adopted a ________ orientation.

differentiation

Navigone, a personal navigation system company, contracted its manufacturing to a firm in Malaysia for five years. Navigone had high financial growth so it decided to purchase the manufacturing facility. This market entry method is called

direct foreign investment.

A technology or high-end industrial product company is most likely to use a(n) ________ in foreign markets because customers expect the expertise of highly-trained, accessible personnel.

direct sales force

Call Solutions has 12 call centers worldwide handling customer service issues for a variety of companies. The firm is considering the purchase of a software firm that serves the oil and gas industry. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________strategy.

diversification

Data on consumer spending per capita or industrial purchasing trends would be identified in the _______ section of a global market research report.

economic

For successful Marketing (Big M), customer orientation must be understood by

everyone in the organization.

In the context of situation analysis, what is a category for analysis in the internal environment?

firm resources

Coca-Cola introduced a new product called Diet Coke in Japan. Sales of this product were low in the initial stages because Japanese women associated the word diet with weakness; however, changing the name of the product from Diet Coke to Coke Light proved effective. Which product issue affected the sales of Diet Coke in this scenario?

fitting the product to the culture

Taking a dashboard approach to marketing metrics goes a long way toward enabling successful marketing planning. However, several potential pitfalls exist in its execution, such as

forgetting to market the dashboard internally

A marketing manager has noticed that in many European countries, more of the population is moving into urban centers. This has resulted in an increased demand for subcompact cars that can maneuver through these congested streets rather than full-size automobiles. In the context of external information sources, this is an example of how ________can influence marketing management decisions.

geographic changes

A multinational electronics company manufactures its products in its domestic market, but treats the world as a single market with many segments in it. More than half of its total revenue was derived from foreign countries. In the context of stages of global experience learning curve, the company is engaged in

global marketing.

Which element is least likely to be included in the business position factors of the GE Business Screen?

government regulations

Three brothers manufacture trailers that are used by lawn service companies. The company was started in Arkansas by their father with one production site and four sales and service locations. Since the sons took over, they have expanded in the last 12 years to include 26 sales and service centers throughout the Southwest. In this case, the company is most likely using a generic business strategy based on

growth

When your boss, Fernando, says that you need a ROMI of 5.0, he is describing the _______ for the marketing investment.

hurdle rate

Which action is least likely to be part of the market research process?

implementing the results

When was the marketing concept introduced?

in the 1950s

A dashboard creates transparency in marketing's goals, operations, and performance. This, in turn,

increases marketing's perceived credibility and trust by others.

Researchers for Research Group, Inc. are working on crafting a survey for a client. They are concentrating on framing the questions, selecting response choices, refining the wording, and determining how many questions to ask. In the context of establishing the research design, the researchers are focusing on the

information content

What is one of the three factors a company needs to consider when creating a market information system?

information needs

A company is conducting an online focus group to learn more about the nutritional habits of senior citizens and the underlying causes of these behaviors. They are having problems because many of the members of their target market do not own computers. Which disadvantage of online focus groups does this scenario illustrate?

limited access

Concerned by recent negative trends in the consumer price index, gross domestic product, and inflation, the marketing manager of a vacation rentals company recommends that the company reduce its advertising spending. His recommendation is based on ________data.

macroeconomic

In the context of identifying specific consumer trends, ________is not a product issue for international consumer marketers.

manufacturing

Companies that conduct a great deal of research to learn how they can successfully put the marketing concept into practice most likely have a ________ orientation.

market

In order for Marketing (Big M) to succeed, firms should create ________ strategies.

market-driving

A small business spent a large amount of time determining its brand image and how it would deliver its message to its customers. These are elements of

marketing (little m).

Norma works for a large global corporation. Her job is to conduct methods to explore individual- and market-level marketing information and manage the computational costs associated with them. Norma is most likely a(n)

marketing analyst

A marketing manager has created a promotional program in which all potential customers receive the same message. Which level of granularity in personalization is being used?

mass

A market research company is testing how people react to a proposed advertising campaign for Super Sports Cars. The researchers use a device that tracks eye movement while the subjects view a series of advertisements to determine what the person sees first, what they are focusing on in the ad, and how their eyes move around the ad. In this case, the company is using ________for its market research

mechanical observation

A _______ articulates an organization's reason for existence, defines the unique purpose that sets it apart from competitors, and identifies the scope of the company's operations, products, and markets.

mission statement

Supply chain management is considered to be part of the ________of the marketing mix.

place

Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which macro-level external environmental factor does this exemplify?

political, legal, and ethical

The marketing manager for Infinity Fabrics reads in a trade magazine that the Federal Trade Commission is in the process of revising content labeling requirements for textiles that claim to be natural. In the context of external forces affecting marketing decisions, this represents the

political/legal environment

In the context of the marketing mix, ________Blank today is largely regarded in relationship to the concept of value.

price

Tinga, marketing manager at a company owning numerous preschool centers, thinks the firm should start an after-school program for its current clients. This makes sense as she wants to extend the trusting relationship already established with parents and children. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________strategy.

product development

The text discusses the triple bottom line metric, and outlines an approach to consider the impact of TBL in marketing management. This includes people, planet, and

profit

What area in marketing presents the most ethical challenges?

promotion

The task of handling crises and giving the company's perspective to news organizations belongs in the ________Blank element of marketing communications.

public relations

A struggling start-up firm needs a huge cash injection. It has an environmentally-friendly pesticide that is approved for use by commercial organic farmers. The pesticide is made from all-natural ingredients and has great potential. A small investment firm has injected cash in the start-up. In the context of the BCG matrix, Green Scene is most likely considered a

question mark

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation.

sales

Which element is least likely to be included in action plans?

separate plans for worst-case performance against the forecast

In the context of change drivers impacting the future of marketing, marketing (little m)

serves the firm and its stakeholders at a functional level.

Chow Maine restaurants are primarily located in the Northeast. The restaurants had rapid growth in their first seven years. The owner realizes that adding more restaurants would make it impossible to monitor operations. Therefore, he decides to continue current activities without making major changes. In this case, the owner is most likely pursuing a generic strategy of

stability

Howie recently read that Crane Airways of Japan, Kestrel Airlines of Germany, Heron Air of Australia, and Egret Airways of India have a code-sharing partnership, which allows passengers to fly on any of the airlines, share frequent flyer miles, and give each other logistical support. Howie had just learned in his Global Marketing class that this arrangement is known as a(n)

strategic alliance.

Jonathon was tasked with several marketing research problems, so he decided to access relevant information in relational databases and in company spreadsheets. Jonathon was using ________data to aid in decision making.

structured

A SWOT analysis of a firm is least likely to

suggest solutions to problems

Customer loyalty is defined as

the degree to which an individual will resist switching from one offering to another

Appropriate and effective marketing metrics must be designed to identify, track, evaluate, and provide key benchmarks for improvement. In the context of change drivers affecting the future of marketing, this reflects the shift

to justify the relevance and payback of the marketing investment.

In order for Marketing (Big M) to succeed, it must be championed by

top management.

Companies sometimes charge internally to move products between subsidiaries or divisions, causing the local subsidiary to add a markup to the final price. This is called

transfer pricing.

A CFO wasn't sure about the benefit of using Big Data, and she couldn't justify the expense for collecting and storing it. In this case, she was concerned about the ________of Big Data.

value

Judith bought a new Coach purse for herself as a birthday present. She had never spent that much on a purse, but decided it was worth it because she would look so chic when she used it. This demonstrates how a customer's perception of ________can influence buying behavior.

value

Bill felt that the focus groups did not give him enough quantitative information to make a decision, so he directed his managers to conduct surveys online and look for secondary research. Which characteristic of Big Data is Bill trying to achieve?

variety

Fernando has a sales meeting coming up and he needs to know sales figures by product and by region as quickly as possible so he can direct his managers on their presentations. Fernando needs the ________characteristic of Big Data.

velocity

Everett is a fan of using Big Data because of its ability to generate a large amount of data that can be organized and quantified. Everett likes the ________characteristic of Big Data.

volume

_______is a major source of data generation that will continue to grow in importance as more people rely on the interne

web-related activity

The account manager of a market research firm is conducting secondary research on consumer preferences in energy drinks for his clients. His client's drink is 100 percent organic, but all of the secondary data he has found contains only beverages that contain a majority of artificial ingredients. This scenario illustrates the fact that secondary data

will not fit the research problem exactly