marketing exam t/f

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Many companies have dropped formal strategic planning models like the BCG because they can be difficult, time consuming, and costly to implement.

true

Marketers must practice constant marketing control to ensure that objectives are attained.

true

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

true

A company can assess marketing ROI in terms of standard marketing performance measures, such as brand awareness, sales, or market share

true

A market is a segment of potential consumers who share a common need or want

true

Advertising agencies that help a company target a certain section of customers are marketing intermediaries

true

An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create

true

Companies like Coca-Cola and Facebook deliver customer satisfaction by spreading happiness and connecting individuals through shared experiences.

true

Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.

true

Product, price, place, and promotion make up the elements of a firm's marketing mix.

trur

"At CL Online, we create customer connectivity, anytime, anywhere" is a product-oriented mission statement.

false

"At Dodson, we sell shoes" is a market-oriented business definition.

false

A company's customer value delivery network does not include members external to the organization.

false

A customer buys a can of Pepsi from a Walmart store. In this scenario, Walmart is a supplier in Pepsi's value delivery network.

false

A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.

false

An SBU can be a company division or a product line within a division, but not a single product or brand.

false

Barnacles are customers who are potentially profitable but not loyal

false

Club marketing programs reward customers who buy frequently or in large amounts

false

Customer equity is a measure of the past value of a company's customer base.

false

Customer relationship management focuses on retaining existing customers but not on acquiring new customers

false

Holiday Inn divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called diversification

false

In a SWOT analysis, strengths and weaknesses refer to a firm's external environment, while opportunities and threats refer to the internal environment.

false

In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.

false

In the 4Ps of the marketing mix, promotion refers solely to advertising.

false

In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it.

false

Many SBUs start out as stars and move into the question mark category if they succeed

false

Market offerings are limited to physical products

false

Market offerings include entities such as people, places, information, and ideas.

false

Marketing intermediaries supply resources needed by a company to produce its goods and services

false

Marketing is primarily concerned with engaging customers and secondarily with managing profitable customer relationships.

false

Most firms begin the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan.

false

Since less than ten percent of smartphone owners use their phones for shopping-related activities, mobile marketing is a slow growing digital marketing platform.

false

The Office Depot Foundation serves its financial publics through a variety of programs.

false

The growth rate of a strategic business unit that is classified as a star remains constant over time

false

The more loyal a firm's profitable customers, the lower its customer equity

false

The most common form of marketing organization is the product management organization.

false

The most important actors in a company's microenvironment are its competitors

false

The position of a strategic business unit in the growth-share matrix typically remains constant over time.

false

When backed by buying power, wants become needs.

false

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.

false

Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept.

false

The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features.

true

The product-market expansion grid, like the BCG matrix, is used to identify growth opportunities.

true

In the marketing mix, product includes the goods and services the company offers to the target market, while promotion includes advertising.

true`

A bank that helps a company finance transactions is both a financial intermediary and a financial public

true

The 4As framework takes into consideration the buyer's view of the market.

true

The marketing concept is a customer-centered, sense-and-respond philosophy

true

A company can offer greater customer value by either charging lower prices than competitors or offering more benefits to justify higher prices.

true

A firm's marketing department must partner with other company departments to produce superior value for customers.

true

Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers

true

In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers.

true

Marketing dashboards are used to monitor strategic marketing performance.

true

Organizations that follow the societal marketing concept most likely practice socially and environmentally responsible marketing.

true

SBUs identified as cash cows need less investment than stars.

true

Success at delivering customer value rests on how well a company's entire supply chain performs against competitors' supply chains

true


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