Marketing Exam 1
retrenchment
Organization will only service its core market
________ represents all the activities necessary to get the product to the right customer when that customer wants it.
Place
A former advertising campaign for GEICO Insurance used the slogan "So easy, even a caveman could do it" to emphasize the ease of buying insurance on GEICO's website. This campaign was part of GEICO's
Positioning strategy
Marketing Mix (4 P's)
Product, Price, Place, Promotion
Harvesting
Use less resource to support a particular product
Socio-cultural environment
the relationship between the marketer, society, and culture
3 key aspects of a strategic marketing plan
-target customers -marketing mix -market position
Manufacturers, retailers, and service providers have created and maintain websites, blogs, and _________to enable customers to interact with them over the Internet.
A social media presence
Competitive Strategies
Action plans to enable organizations to reach their objectives
Which of the following would be considered informational content on a website?
Audio
Which of the following descriptions embodies conscious marketing principles?
Both ethically and socially responsible
In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called
Cash cows
Price
Competitive plus Profit: break-even point (walmart)
Individuals achieve the _____________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook.
Connected
The centerpiece of the marketing environment analysis framework is
Consumers
David is considering the question, "Did our actions have a negative impact on any stakeholder group?" David is addressing marketing ethical issues in the ________ phase of the strategic marketing planning process.
Control
Implementation
Decisions and actives related to internal and external matters
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
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 environment
4E Framework
Excite, Educate, Experience, Engage
It is not unusual to see firms offering free product samples in grocery stores to let customers try the product before buying it. Similarly, in today's world of digital marketing, one can read a chapter of a book before buying it, or watch YouTube videos on different ways to use a product. All of these scenarios are aimed at which aspect of the 4E framework?
Experience
Strategic efforts to supply consumers with environmentally friendly merchandise are called
Green marketing
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
Divestment
No longer offering product
Pruning
Organization decides to put greater emphasis on only certain markets (kids meals)
The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold.
Sales-oriented
Which of the following specifically prohibits monopolies?
Sherman antitrust act
Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)
Star
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
Marketing Environment
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
Market Planning
Understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience
nonprice competition
a way to attract customers through style, service, or location, but not a lower price (lulu)
typical business cycle
peak, recession, trough, expansion
Evolution of Marketing
product orientation, sales orientation, marketing orientation-era, and societal marketing orientation-era
marketing strategy
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
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 at fair Price
The political/regulatory environment comprises political parties, governmental organizations, and
Legislation and laws
Companies can find out a lot about customers using sentiment analysis on sites like Facebook and Twitter, or put another way, by
Listening
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
Culture
When a T-shirt manufacturer states, "We sell it only in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?
Production- oriented
All of the following terms are generally associated with the definition of corporate social responsibility except
Profit
________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.
Promotion
marketing strategy
a company's plan that identifies how it will use marketing to achieve its goals
monopolistic competition
a market structure in which many firms sell products that are similar but not identical