Marketing

Generation X is defined as the generation of children born

1960-1980

Approximately one in ________ U.S. residents is African American, American Indian or Alaska Native, Asian American, or Native Hawaiian or Pacific Islander.

3

Dogs

A dog is a business unit that has a small market share in a mature industry

are an excellent target market for Geek Squad because these consumers, born between 1946 and 1964, did not grow up with the new technology contained in today's consumer electronics.

Baby Boomers

Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the

CMO.

forces refer to the continuum of alternate firms that can provide bottled water to satisfy the needs of the current market.

Competitive

The ________ codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard.

Consumer Bill of Rights

Sue was born in 1971. She was born in

Gen x

convert an organization's mission and business into long- and short-term performance targets.

Goals

Which statement best describes a good?

Goods are physical objects.

The Coffee Collective is seeking to identify customers who want a unique coffee-drinking experience and are open to a loyalty rewards program. In doing so, the Coffee Collective is determining its

Market Segment

An organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value is said to have a

Market orientation

Which statement best distinguishes between consumer needs and wants?

Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality.

Bombas socks can be purchased on its website, bombas.com, in addition to being sold through retail stores including Dick's Sporting Goods, Nordstrom, and Athleta. This combination of online and offline outlets comprise Bombas' _______ strategy.

Place

If Mom places the highest value on convenience when looking for a cup of coffee, with which of the marketing mix components is she most concerned?

Place

While its roots were in word-of-mouth, Bombas' current _______ heavily utilizes social media channels such as Facebook, Instagram, Snapchat, Pinterest, and TikTok to gain large-scale and niche market exposure.

Promotion Strategy

Which statement regarding stakeholders is most accurate?

Stakeholders are a varied group; all are in some way affected by how well a company performs.

T or F Some environmental forces can actually enhance a firm's marketing opportunities.

True

The relatively homogenous groups of prospective buyers that have common needs and will respond similarly to a marketing action is referred to as

a market segment.

Marketing refers to 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.

given that Gabby is looking for a budget-priced flight home for holidays, she will need to determine which flight features are most important to her. She will do this during the ________ phase.

alternative evaluation

Competition refers to

alternative firms that could provide a product to satisfy a specific market's needs.

Increases in discretionary income can occur as a result of all of these except which?

an increase in government regulations

Marketspace refers to

an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offerings.

All of these are examples of economic espionage except which?

bribery

Question marks

businesses operating with a low market share in a high-growth market.

Imagine that Toyota launched a marketing program which included Toyota donating $100 to support the U. S. Paralympic team for every Corolla purchased from a Toyota dealer. This marketing program would be an example of

cause marketing.

Mastercard International links usage of its card with fund-raising for institutions that combat cancer, heart disease, child abuse, drug abuse, and muscular dystrophy. This is an example of

cause marketing.

A(n) _____ typically addresses contributions to government officials and political parties, customer and supplier relations, conflicts of interest, and accurate record keeping.

code of ethics

A formal statement of ethical principles and rules of conduct is referred to as a(n)

code of ethics.

During the interview process with both companies, Justin learns something about a new product that Big Box Co. is producing that will directly compete with Hope Springs. Because Justin learned about the ethics of _____ and what is unethical, he will not share this information during his interview with Hope Springs.

competition

value conscious

concerned about price and quality of a product

The initial step in the planning phase of the strategic marketing process involves

conducting a situation (SWOT) analysis.

The grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions is referred to as

consumerism.

The purpose of ________ is to give the author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work.

copyright law

IBM is defined and guided by (1) a dedication to every client's success, (2) innovation that matters for our company and for the world, and (3) trust and personal responsibility in all our relationships. These standards represent IBM's

core values.

The set of values, ideas, and attitudes that is learned and shared among the members of an organization is referred to as

corporate culture.

Research has found that men like to shop for electronics like wireless routers alone, while women like to get assistance on their electronics purchases. These different shopping behaviors show the impact of _____ on buying preferences.

culture

If a bank is known for delivering customer value through its focus on taking great care of customers, it is most likely focusing on providing its customers with the best

customer service

To create the most ________ for someone like Gabby's dad, coffee houses need to minimize their expenses and keep their prices down. Fancy furniture and free WiFi are simply not of interest to consumers who want a quick, inexpensive cup of coffee.

customer value

To ensure that Bombas customers are satisfied with their purchase, its socks come with a 100% Happiness Guarantee which assures customers that the Bombas Customer Happiness Team will be happy to assist them with any issues or questions. This superior after-sale customer service is one way that Bombas creates

customer value

When Best Buy uses age, income, and size of household to segment its market, it is using _____ segmentation techniques.

demographic

Satisfying consumer needs is accomplished by

designing a marketing program

Which of the following is not one of the three phases of the strategic marketing process?

determination phase

To serve both buyers and sellers, marketing seeks to ________ and satisfy the needs and wants of prospective customers.

discover

When Julie, the marketing executive for Hope Springs, determined that market segments existed with sufficient disposable income to pay a premium for bottled water, she determined this by examining _____ forces.

economic

When Martha needs to compare the results of the marketing program for the Coffee Collective and then implement changes based upon what she finds, she is in the _____ phase of the strategic marketing process.

evaluation

The trade of things of value between buyer and seller so that each is better off after the trade is referred to as

exchange

When evaluations show that actual performance differs from expectations, firms typically attempt to

exploit a positive deviation or correct a negative deviation.

The Toyota Mirai is a hydrogen fuel cell vehicle which has zero emissions and a 300 mile driving range. Furthermore, the Mirai creates no greenhouse gas emissions in the break down of the vehicle which makes the Mirai an excellent example of

green marketing.

The purpose of environmental scanning is to

identify and interpret trends in the marketplace.

The goal of a SWOT analysis is to

identify the critical strategy-related factors that can impact the firm.

In an inflationary economy, the cost to produce and buy products and services ________ as prices ________.

increases; increase

To move an SBU from its current position on a BCG business portfolio analysis, a manager should concentrate mostly on

influencing the relative market share.

When examining the strengths of the Coffee Collective within a SWOT analysis, you would need to evaluate the _____ and _____ factors of the organization.

internal; favorable

At the functional level, the marketing department

looks outward, in part by listening to customers.

If Ben & Jerry's sold more units of its Chocolate Chip Cookie Dough super premium ice cream to U.S. consumers as a result of increased promotion while keeping its price per pint the same, it would be using a ________ strategy.

market penetration

In order for Martha to categorize prospective buyers into groups that have common needs and will respond similarly to a marketing action, she will need to effectively complete a

market segmentation.

The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals reflects the

marketing concept.

The marketing mix refers to the

marketing manager's controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem.

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

marketing program

The Coffee Collective will need to detail the day-to-day operational decisions that are required to execute the marketing planning phase. These actions are referred to as

marketing tactics.

A mission statement should be

meaningful

If Justin has a personal ethical philosophy where everyone has the right to know of probable defects in a product that Big Box Co. sells that relates to safety, then he would have a(n) _____ personal philosophy.

moral idealism

two prominent personal moral philosophies that have a direct bearing on marketing practice are

moral idealism and utilitarianism.

FreeWill is an organization created to help make estate planning warm, accessible, and totally free so that users can easily care for the people and causes they love. To date, more than 32,000 people have used the service to create a will, and they have committed more than $373 million to charity. FreeWill is an example of a(n)

nonprofit organization.

Which action takes place during the implementation phase of the strategic marketing process?

obtain resources

A target market refers to

one or more specific groups of potential consumers toward which an organization directs its marketing program.

Blockchain technology is an emerging technology with potential applications in logistics, distributed ledgers, social media, financial services, and digital identification. The market for blockchain technology is estimated to reach 2.3 billion dollars by 2021, 10-times larger than the market was in 2016. In its SWOT analysis, IBM should classify the growth of blockchain market as a(n)

opportunity

All markets ultimately are composed of

people

To accomplish is mission of donating a pair of socks to a homeless shelter for every pair of socks sold and to signal its higher quality, Bombas utilizes a premium

pricing strategy

Bombas socks feature five key elements: the Y-stitched heel, honeycomb arch support, seamless toe, blister tab, and stay-up technology. Together, these features create the consumer benefits that are fundamental to Bombas' _______ strategy.

product

Like most firms, Toyota organizes its markets into very specific segments to better uncover and meet its consumers varied needs in a sustainable way. Toyota's segments include the standard/midsize car segment, SUV segment, truck segment, and compact car segment. Based on these segment definitions, Toyota focuses on the ________ when creating its segments.

product

The duty of a firm to maximize financial returns for its owners or stockholders is referred to as

profit responsibility.

IBM's marketing plan includes a variety of marketing tools including television, radio, and newspaper advertising in addition to digital and social media. Each of these marketing tools is a part of the ________ element of IBM's marketing mix.

promotion

a marketing dashboard

provide graphic displays of a product's performance, such as sales, website traffic, etc.

Two factors that will influence Gabby's decision are the fact that she is not a morning person and that she is interested in having free Wi-Fi during the flight. These factors would be considered ________ influences in the consumer purchase decision process.

psychological

In business, the four basic forms of competition are

pure competition, monopolistic competition, oligopoly, and pure monopoly.

Assume that IBM has a relatively low unit market share for blockchain technology and that the blockchain technology industry's growth rate is extremely high (averaging 30% per year). Using the BCG business portfolio analysis framework, blockchain technology would be classified as a ________ SBU for IBM.

question mark

In its business portfolio analysis, an organization's strategic business units (SBUs) often start as ________ and eventually become ________.

question marks; dogs

One of the important features of the _____ environment is the existence of protections for consumers that emerged during the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

regulatory

The linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit is referred to as

relationship marketing.

Customers' perceptions are often central to an organization's goals, and their ________ can be measured with surveys or by the number of customer complaints an organization receives.

satisfaction

Generational cohorts, racial and ethnic diversity, and culture are all considered part of _____ environmental forces.

social

The idea that individuals and organizations are accountable to a larger society is known as

social responsibility.

focuses on Hope Springs' internally focused obligations to focus on the triple bottom line of people, planet, and profits.

societal responsibility

The Toyota Effect describes Toyota's desire to use its resources and knowledge to benefit society, and people, and the planet. The Toyota Effect demonstrates the company's dedication to

societal responsibility.

IBM Watson for AI, IBM Cloud, IBM Security, IBM Services, and IBM Research each represent a(n) ________ since each brand functions as its own division at IBM and markets its own set of related offerings to a clearly defined target market.

strategic business unit

Toyota's more than 30 hybrid vehicles, investment in zero-emission vehicles, and work on developing hydrogen fuel cell vehicles not only protects the natural environment but also furthers overall economic progress. Customers generally has positive feelings towards companies that focus on _______ efforts such as Toyota's.

sustainable development

A marketing strategy typically addresses both the ________ and the ________.

target market; marketing program

Marketspace, or the information exchange environment provided by digitized offerings as demonstrated by the ability of consumers to find water bottle filling stations for Hope Springs, is considered a trend within the _____ environment.

technological

The Geek Squad customer service model works well in today's marketplace because _____ has outpaced consumer comprehension in many market segments.

technology

Demographics refer to

the description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

Technology is defined as

the inventions or innovations from applied science or engineering research.

The element of the marketing mix that describes what is exchanged for a product is known as

the price.

Regulation refers to

the restrictions that state and federal laws place on business with regard to the conduct of its activities.

The value to consumers that comes from having the offering available when they need it constitutes ________ utility.

time

An organization's core values are most effective when communicated to and supported by

top management and employees.

The people who use the products and services purchased for a household are called

ultimate consumers

Today's Best Buy customer wants to obtain the best quality and features from their electronics purchase at the best price. Best Buy customers can be described as

value conscious.