MARK FINAL

There are four main eras of marketing. What are they, and in what time period did they occur?

Production-Oriented Era (turn of the 20th century); Sales-Oriented Era (1920-1950); MarketOriented Era (after WWII); Value-Based Marketing Era (current era).

Conscious marketing encompasses all of the following overriding principles except recognition of marketing's greater purpose recognition of the company's bottom line consideration of stakeholders and their interdependence the presence of corporate leadership, creating a corporate culture

recognition of the company's bottom line.

The macro strategies for developing customer value include each of the following except locational excellence customer excellence operational excellence planning excellence

planning excellence

Marketers who design and offer new products and services to their existing customers are pursuing a _______ growth strategy.

product development

A ______ is a group of products that consumers may use together or perceive as similar in some way.

product line

The idea that a good product will sell itself is associated with the _______ era of marketing

production-oriented

All of the following terms are generally associated with the definition of corporate social responsibility except voluntary. stakeholders. social impact. profit.

proft

The ethical decision-making framework includes all of the following steps except identify issues. promote the firm's corporate social responsibility efforts. gather information and identify stakeholders. brainstorm alternatives.

promote the firm's corporate social responsibility efforts

What are the three things that a marketing strategy identifies?

1) A firm's target market(s), 2) a related marketing mix (its four Ps), and 3) the bases on which the firm plans to build a sustainable competitive advantage.

A firm can begin to implement the marketing mix immediately after which step?

After it has finished segmentation, targeting, and positioning.

How would you distinguish a firm that practices corporate social

Although CSR is an important element of conscious marketing, it is not the same thing

The idea of value-based marketing requires firms to charge a price that

Captures the value customers perceive that they are receiving.

Globally, what prevents marketers from targeting consumers via social media?

Consumers' lack of high-speed Internet

______ excellence, as a competitive advantage, focuses on retaining loyal buyers and offering excellent service.

Customer

Larry is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to

Divide the marketplace into subgroups

The goal of customer relationship management is to

Identify and build loyalty among a firm's most valued customers

Which of the following steps occurs during the implementation phase of the marketing plans?

Identify and evaluate opportunities

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?

Implement marketing mix

How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?

It can protect the privacy of personal information collected on its website.

How might Starbucks ensure that it behaves in a socially responsible way toward members of its supply chain?

It can purchase coffee beans from suppliers who pay coffee growers a fair price.

Which of the following statements regarding corporate social responsibility is true?

It sees limited overlap between the business and society, and between business and the planet

What is involved in the segmentation, targeting, and positioning (STP) step of the marketing plan?

Segmentation is the process of dividing the market into groups of customers with different needs, wants, or characteristics. Targeting is the evaluation of each segment's attractiveness in order to decide which segment(s) to pursue. Positioning is the process of defining the marketing mix variable so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

What are the five steps of a marketing plan?

Step 1: Define the business mission and objectives. Step 2: Conduct a situation analysis (SWOT). Step 3: Identify and evaluate opportunities. Step 4: Implement the marketing mix. Step 5: Evaluate performance using marketing metrics.

Your firm has just finished a segmentation, targeting, and positioning analysis. What is your next step in the marketing plan?

Step 4: Implement the marketing mix and allocate resources.

After a series of embarrassing and unprofessional actions committed by her marketing team, Ming wants to align personal and corporate ethics goals within her firm. What general and specific actions will she need to take?

To align personal and corporate goals, firms need to have a strong ethical climate exemplified by the actions of corporate leaders and filtered through an ethically based corporate culture. There should be explicit rules for governing transactions; these rules should include a code of ethics and a system for rewarding and punishing inappropriate behavior.

What is the most basic corporate social responsibility to employees?

To ensure a safe working environment

What are the main purposes of metrics during Step 5?

To explain why things happened To predict what will happen.

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, _______ should engage in brainstorming and evaluating alternatives.

all parties relevant to the decision

The process of value ________ , in which customers collaborate in product design, often provides additional value to the frm's customers.

co-creation

The evolution of ________ marketing means that now companies take into consideration not only their shareholders but also their stakeholders.

conscious

Many businesspeople believe that marketing should focus on factors other than financial goals, such as ________

corporate citizenry

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

corporate social responsibility

Which of the following refers to voluntary actions a company takes to address the ethical and social impacts of its operations?

corporate social responsibility.

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

create value

Gary has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. The first thing Gary should do is to

identify issues that need to be addressed

An example of corporate social responsibility is when a firm ________

lessens the negative impact it has on the environment

Data about how, when, why, where, and what people buy refers to

marketing analytics.

What type of analysis does management use to evaluate the firm's various products and businesses and allocate resources according to which products are expected to be the most profitable for the firm in the future?

marketing performance.

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

marketing strategy

When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm

must align the short-term goals of each employee with the long-term, overriding goals of the firm

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

opportunities and threats

Effective promotion enhances a product or service's

perceived valued

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except product place performance promotion

performance

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged.

planning

STP works through each of the following steps EXCEPT dividing the marketplace into subgroups determining which subgroups should be pursued positioning its products and services to meet the needs of the chosen targets planning a marketing strategy

planning a marketing strategy

Top management must commit to ________ an ethical climate; employees must be dedicated to those ethical _______

establishing; values

The strategic marketing planning process

is not always sequential

A sustainable competitive advantage

is when a firm does consistently better than its competitors and it is not easily copied

To build relationships, firms focus on the ______ of the relationship, not how much money is made during each transaction.

lifetime proftability

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

long-term relationships

Which of the following is a core aspect of marketing? satisfying as many needs as possible creating a product that everyone will want to buy setting prices lower than all competitors making product, place, promotion, and term-2price decisions

making product, place, promotion, and price decisions

Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of ________to market a product.

social media

Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)

threat

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

value-based marketing

Describe the ways in which conscious marketing helps various stakeholders

Employees: A frm committed to conscious marketing treats its employees with decency and respect. For many employees, working for an irresponsible frm would be antithetical to their own morals and values. 16 of 85 05/09/21 Customers: When companies exhibit conscious marketing principles, customers know that they can trust the frms to provide healthy, ethically acceptable products and services. Many customers also feel better about buying from a company that engages in responsible practices, which provides them with the additional value of feeling good about buying from that company. Marketplace: An industry improves its practices and avoids scandals when it ensures that the participating firms act responsibly and appropriately in all areas. Society: This stakeholder is local, national, or global communities who benefit when conscious marketers give thought to how their practices might influence values or connections, such as providing aid to underprivileged communities. Environment: The benefits of conscious marketing might include cleaner air and water as well as healthier product options.

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

Integrated marketing communications.

Step 2 of a marketing plan involves which of the following?

Performing a situation analysis using SWOT

_______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products

Positioning

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?

Product excellence

When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders.

conscious marketing

The principle that decisions be ethically based is part of the concept of

conscious marketing.

To determine how attractive a particular market is using the BCG portfolio analysis, blank is(are) established as the vertical axis.

market growth rate

Firms consider pursuing various _______ as part of their overall growth strategies.

market segments

The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of

marketing ethical issues

Which of the following best describes how society at large views CSR?

Essential

Your marketing professor, Dr. Wilson, has been asked to participate in the university's strategic marketing planning process. During the planning phase of the process, what questions will Dr. Wilson likely ask? Be specific to the university's strategic marketing planning process.

Begin with a discussion of creating or revising the university's mission statement, leading to questions such as: What type of university are we? What does the university need to accomplish its goals and objectives? Additionally, discussion of the mission statement will likely lead to questions concerning how the university can build a sustainable competitive advantage. Dr. Wilson will also assist with the situation analysis, which will include internal examination of the current status of the university, asking questions such as: What are the university's strengths and weaknesses? Questions about external forces, threats, and opportunities will also be asked during the SWOT analysis.

Distinguish between business ethics and marketing ethics.

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. Marketing ethics, in contrast, examines ethical situations that are specific to the domain of marketing, including societal, global, or individual consumer issues

In conscious marketing, the short-term goals of each blank must be aligned with the long-term goals of the firm.

Employee

Who are some of the stakeholders in conscious marketing?

Employees, customers, the marketplace, and society.

Which of the following is most likely to lead to unethical decision making?

Focusing on short-term benefits to the firm

According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The triple bottom line includes ________ performance.

economic, social, and environmental

How does your university add value to students through the implementation of the four Ps?

Many schools stress the value students receive in exchange for tuition by listing employment outcomes, graduate admissions, strength of the alumni network, etc. Important "product" features include highly qualifed faculty, access to a diverse selection of majors, renowned research centers, reputation, etc. Institutions also highlight their location as part of the value students receive; whether it is the urban nature of campus and connections to a city or the pastoral nature of campus and its connections to the environment Finally, universities add value through print and digital campaigns that highlight student successes, new programs, athletics, and unique campus traits to current and prospective students.

What are the four growth strategies a firm may consider when attempting to grow their business?

Market penetration, product development, market development, and diversification.

Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups would be called a

Market segment

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called

Market segmentation

Whereas conscious marketing takes a holistic view of business as a complex, adaptive system, CSR takes what view of business?

Mechanistic

The oil industry is largely barred from conscious marketing due to their controversial practices. However, they can engage in CSR. Give an example of how oil companies can use CSR to mitigate the damage their industry causes.

Oil companies are not able to engage in conscious marketing due to their pollution, but some of them engage in environmental practices, such as planting trees, to balance out their carbon footprint.

What are some examples of unethical behavior in marketing?

Participating in high-pressure, misleading, or deceptive sales tactics; misrepresenting company earnings, sales, or revenues; withholding or destroying information that could hurt company sales or image; conducting false or misleading advertising.

As part of her company's SWOT analysis, Cindy is assessing the company's internal environment, including,

Strengths and weaknesses

What exactly do you access during the second step of a marketing plan to conduct a situation analysis?

Strengths, weaknesses, opportunities, and threats (SWOT). You can also access changes in cultural, demographic, social, technological, economic, and political forces (CDSTEP).

Which type of marketing takes into account all stakeholders?

Sustainable marketing

After identifying various market segments that her company could pursue, Linda evaluated each segment's attractiveness based on size, income, and accessibility. Linda was involved in

Target marketing

Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the ______ stage.

brainstorming

Over the four marketing eras, how did the emphasis on the four Ps change? List the four eras and describe which of the four Ps were emphasized during each era.

During the production-oriented era, the focus was on the product. During the sales-oriented era, the emphasis was on promotion, particularly selling and advertising. During the market-oriented era, the emphasis was on producing (product) and providing (place) what customers wanted. In the value-based marketing era, all four Ps are equally important to delivering customer value.

You are employed by a marketing from that needs to become more value driven. How is this accomplished?

Firms become value driven by focusing on four activities. First, to ensure that their offerings are valuable, firms leverage all the various elements of marketing and work to build relationships with partners and customers to introduce their product, service, or idea to the marketplace at just the place and time that customers want it. Second, they gather vast information about customers and competitors, then analyze it and share it across their own organization and with other partner firms, such as those that provide promotion and social media services. Third, they strive to balance the benefits and costs of their offerings for not just themselves and their customers, but also their communities and society as a whole. Fourth, they take advantage of new technologies and connect with their customers using the latest social media channels.

What occurs during a portfolio analysis?

Management evaluates the firm's various products and businesses and allocates resources to the products that are expected to be the most profitable for the firm in the future.

Your friend is writing a "how-to" book and asks you for marketing advice. You start by exploring the four Ps. What questions will you ask?

Product-related questions should relate to format: printed book (bound or paperback, type of binding) or an e-book. Second set of questions will be about pricing: retail and wholesale prices, prices of competing books, costs. Third set of questions will be about place: how to distribute the book, access to major online booksellers, shipping costs. Fourth set of questions will be about promotion: how the book will be promoted, access to publicity outlets, websites, etc.

What are the four overriding principles of conscious marketing?

Recognition of marketing's greater purpose; consideration of stakeholders and their independence; the presence of conscious leadership, creating a corporate culture; and the understanding that decisions are ethically based.

Conscious marketing values suggest that a company's rules should include a code of ethics and a system for defining what?

Rewards and punishments

Chief marketing officers replied in a survey that they have seen their employees engage in all of the following types of unethical behavior except High-pressure sales False advertising Withholding damaging information Short-changing customers

Short-changing customers

You decide to attend a concert of your favorite music performer. While there, you purchase a Tshirt to commemorate your experience at the concert. By going to the concert and purchasing a Tshirt, did you purchase a good, a service, or both? Explain.

You purchased both a good and a service. The concert experience was a service provided by the musician. The T-shirt is a good supplied by the music company sponsoring the concert

Marketing ethics is concerned with all of the following except the sale of products or services that may damage the environment. the use of child labor. misrepresenting a product. distinguishing between right and wrong actions in a business setting.

distinguishing between right and wrong actions in a business setting

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

diversification

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

managing the supply chain

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

market development

Which of the following growth strategies employs the existing marketing mix and focuses the firm's efforts on existing customers?

market development

In portfolio analysis, ________ measures how fast a particular market is expanding, and therefore it reveals how attractive that market is.

market growth rate

Three major phases of the marketing plan are

planning, implementation, and control

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple __________, including the ranchers that supply the food, its customers, and animal welfare groups.

stakeholders

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential _________ . These refer to a firm's internal attributes as identified during a SWOT analysis.

strengths