Marketing midterm

Assume that you are opening an organic farm-to-table restaurant and decide to perform a SWOT analysis based on the following elements. Classify each of the statements as a strength (S), a weakness (W), an opportunity(O), or a threat (T). 1. Eating fresh, local food seems to be rising in popularity in the United States. 2. You have hired a talented cook who specializes in farm-to-table recipes. 3. A popular farm-to-table restaurant in your town has been open for over a year. 4. You do not have the land available to grow your own fruits and vegetables, so you will have to find a local supplier. 5. More and more people are viewing GMO's as unhealthy. 6. You do not have any money for marketing. 7. During a recession, many people do not eat out at restaurants. 8. Your recipes are unique and are hard to copy.

1. Opportunity 2.Strength 3. Threat 4. Weakness 5. Opportunity 6. Weakness 7. Threat 8. Strength

12. A Pillsbury mill in Utah buys grain from growers in the western region. The purchasing agent for Pillsbury will most likely use which buying method? a. Sampling b. Inspection c. Description d. Negotiation e. Selection

A- Sampling

6. Which of the following agreements provides a forum for tariff negotiations, reducing trade restrictions, resolution of international trade problems, and ground rules for international trade? a. The World Trade Organization b. The North American Free Trade Agreement c. The Latin American Free Trade Agreement d. The European Union Free Trade Agreement e. The General Agreement on Tariffs and Trade

A- The World Trade Organization

2) The marketing concept holds that ________. a. a firm should find the right products for its customers, and not the right customers for its products b. customers who are coaxed into buying a product will most likely buy it again c. a new product will not be successful unless it is priced, distributed, and sold properly d. consumers and businesses, if left alone, won't buy enough of the organization's products e. a better product will by itself lead people to buy it without much effort from the sellers

A- a firm should find the right products for its customers, and not the right customers for its products

3. Cover Girl believes that sales of one of its lipstick lines have fallen due to the introduction of a new color palette. However, in order to best determine the impact of the color palette, Cover Girl should conduct _____ before proceeding with this tentative hypothesis. a. conclusive research. b. hypothesis testing. c. experimental research. d. comparative research. e. descriptive research.

A- conclusive research

7. Many health care companies are making adaptations to meet the needs of an aging populationas the demand for medical services and products such as diabetes supplies increases. This change in marketing strategy is best explained by a change in_____: a. demographics. b. cultural values. c. income levels. d. consumerism. e. subcultures.

A- demographics

3. When Starbucks decided to expand into the international markets of India, Japan, and Argentina, management realized that there would be significant differences in the standards of living, credit, buying power, and income distribution in those countries. Starbucks is currently examining the ____ forces in its environmental analysis. a. economic b. cultural c. ethical d. technological e. legal

A- economic

15. King Auto Supply sells car and truck parts, as well as tire replacement and balancing services. As King places its order for truck tires with Michelin, it must also place an order for valve stems and balancing weights for the tires. Such business products are characterized as having ____ demand. a. joint b. inelastic c. derived d. fluctuating e. higher

A- joint

8. Hobby Lobby encourages customers to visit their website and "like" their Facebook page. It also enlists customers to post feedback on their company, refer to articles of interest to other Hobby Lobby customers, and offer suggestions for future electronic communication. Hobby Lobby is using a positive marketing strategy for its Facebook page and company website because customer-generated content appears________________. a. more authentic than company-generated content. b. more interesting than company-generated content c. more approving than company-generated content d. more current than company-generated content e. more flattering than company-generated content

A- more authentic than company-generated content

1. Marketing research is a process designed to gather information_______. a. not currently available to decision-makers. b. from the company's database. c. exclusively about a company's customers. d. about the needs and desires of employees. e. concerning the interpretation of the company's sales goals.

A- not currently available to decision-makers

4. Stefanie is shopping for groceries at her local supermarket. As she picks up laundry detergent, she sees the display of bathroom cleaners and remembers that she is about to run out of it at home. Stefanie tries to remember the specific brand that she used last time, because she thought that was the best in terms of performance and value. In terms of the consumer buying decision process, Stefanie's remembering that she was almost out of bathroom cleaner is the ____ phase of the buying decision process, where trying to remember what brand she last used was an example of the _____ phase. a. problem recognition; internal information search. b. problem recognition; evaluation of alternatives. c. information search; postpurchase evaluation. d. information search; evaluation of alternatives e. problem recognition; postpurchase evaluation.

A- problem recognition; internal information search

18. What are the four major factors that influence business buying decisions? a. Environmental, organizational, interpersonal, and individual b. Environmental, organizational, psychological, and individual c. Environmental, psychological, individual, and technological d. Technological, organizational, environmental, and interpersonal e. Environmental, organizational, technological, and individual

A-Environmental, organizational, interpersonal, and individual

4. During which stage of the business cycle is unemployment low and total income relatively high? a. Repression b. Prosperity c. Recovery d. Recession e. Depression

B- Prosperity

9. Verizon encourages customers to post reviews on its company website or Facebook page in the hopes of increasing the company's_____________. a. target market. b. credibility. c. market share. d. reach. e. image.

B- credibility

8. In addition to the proliferation of new organic brands many conventional marketers haveintroduced organic versions of their products, including Orville Redenbacher, Heinz, and even Walmart. These firms are responding to changes in___: a. federal law. b. cultural values. c. demographics. d. consumerism. e. technological forces.

B- cultural values

7. Regardless of the type of segmentation scheme used, the key is adjusting the marketing program to recognize ________. a. the level of disposable income earned by the target group b. customer differences c. the cost-benefit relationship of narrowing the target market d. customer complaints e. saturated markets

B- customer differences

15. General Motors, a leading American multinational automaker, sells cars for every purpose, budget, and personality. This is an example of ________ marketing. a. undifferentiated b. differentiated c. concentrated d. niche e. micro

B- differentiated

12. The purpose of market segmentation is to_____. a. differentiate products. b. divide a total market to enable a marketer to develop a more precise marketing mix. c. reduce the overall cost of marketing activities. d. identify a single marketing mix that will be satisfactory for the general market. e. meet the needs of homogeneous markets.

B- divide a total market to enable a marketer to develop a more precise marketing mix

5. The Mont Blanc Company plans to export expensive consumer gift items to Germany. The best overall economic measure of market potential would be Germany's____________ a. gross domestic product. b. gross domestic product per capita. c. gross national product. d. balance of trade. e. unemployment rate.

B- gross domestic product per capita

16. Compared with consumer goods, marketers aiming at business customers__________. a. do not need to select target markets. b. have an enormous amount of information available concerning potential customers. c. have more difficulty in determining where their customers are located. d. are restricted in the types of promotion they can use. e. have more difficulty in estimating customers' purchase potentials.

B- have an enormous amount of information available concerning potential customers

14. Christoff's Lawn & Lot is a small business that provides landscaping and grass cutting services in the spring and summer. Christoff's usually contracts with customers on an annual basis, with the terms set out at the beginning of the season. This year, the area experienced a significant amount of rain, causing the grass to grow more quickly. Christoff's was required to cut the grass every time it grew 2 inches, and no matter how many times it needed cutting, the customer paid the same monthly amount based on the original contract. The price of gas has now grown by 35% causing Christoff's to pay more for their supplies. The demand for gas despite its price represents ________ demand for Christoff's Lawn & Lot .a. elastic b. inelastic c. derived d. joint e. separate

B- inelastic

9. Eighteen-year-old students do not form a market for alcoholic beverages because they___. a. lack sufficient buying power to form a market. b. lack the authority to purchase this type of product. c. do not want to purchase this type of product. d. do not have sufficient experience with this type of product. e. lack the money to purchase this type of product.

B- lack the authority to purchase this type of product

5. Cole's smart phone is two years old and he would like to have a new one. This time, he wants to make sure that it has a longer battery charge and better geographic coverage since he is traveling three days a week for his new job. Cole is most likely to use _____ for this purchase. a. routinized response behavior. b. limited decision making behavior. c. extended response behavior. d. intensive decision making behavior. e. extended decision making behavior.

B- limited decision making behavior

10. An accountant who purchases software for maintaining clients' books is an example of a buyer in a(n) ____ market. a. consumer b. producer c. reseller d. government e. institutional

B- producer

12. Marketing ethics_______: a. refers to laws and regulations that govern marketing. b. refers to principles and standards that define acceptable conduct in marketing. c. maximizes an organization's positive impact and minimizes its negative impact on society. d. is most important for advertising agencies. e. applies well-defined rules for appropriate marketing behavior.

B- refers to principles and standards that define acceptable conduct in marketing

6. Kristen is the new marketing manager for the footwear division of her company and is currently planning next season's product lines. She needs to gain access to data about recent purchasing patterns in the industry but has a limited budget and time. Which type of data would be the best choice for Kristen to use in this situation? a. sampling data b. secondary data c. quota data d. primary data e. survey data

B- secondary data

1. Three primary methods of collecting information for environmental scanning are____: a. marketing research, company records, and advance orders. b. secondary sources, company records, and observation. c. executive knowledge, media, and marketing research. d. observation, secondary sources, and marketing research. e. company database, executive knowledge, and research.

B- secondary sources, company records, and observation

6) Managers at the Longshore Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called____________. a. marketing planning b. strategic planning c. marketing strategy d. corporate strategy e. strategic business planning

B- strategic planning

1. Abercrombie & Fitch is developing a program to get to know its customers. Which of the following is not a reason why A&F needs to understand consumer buying behavior? a. customer's reactions to marketing strategy can impact the firm's success b. all customers are the same when it comes to buying behavior c. a firm should create a marketing mix that satisfies customers d. it helps the marketer predict how consumers will respond to marketing strategies e. the marketing concept stresses that a firm should know its customers

B-all customers are the same when it comes to buying behavior

1. According to Pride and Ferrell (2020), ____ are small technology-based firms operating in international markets almost immediately after their establishment and realizing as much as 70 percent of their sales outside the domestic home market. a. "natural globals" b. "multinational corporations" c. "born globals" d. "born multinationals" e. "multinational enterprises"

C- "born globals"

10) Company Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition. a. benchmark b. sustainable competitive advantage c. core competency d. strategic vision e. marketing opportunity

C- Core competency

11. When buying materials, the purchasing agent for Also Pillow Manufacturing Company considers a variety of factors. Which one of the following is least likely to concern this buyer? a. Does the quality of the goods meet company specifications? b. Does the supplier consistently deliver on time? c. Does the supplier also sell to my competitors? d. Does the supplier offer the services required? e. Does the price meet company budget requirements?

C- Does the supplier also sell to my competitors?

5. The Pharmaceutical Research and Manufacturers of America sets guidelines for its member firms to follow regarding the use of unethical practices. Thus, it is engaging in____: a. legislation. b. lobbying. c. self-regulation. d. environmental scanning. e. trade restraint.

C- Self-regulation

9. Which of the following statements about social responsibility is correct? a. Social responsibility dimensions do not include philanthropic concerns. b. Social responsibility does not deal with the total effect of all marketing decisions on society. c. Social responsibility refers to a company's obligation to maximize its positive impact and minimize its negative impact on society. d. Social responsibility dimensions do not include economic concerns. e. Social responsibility refers to principles and standards that define acceptable conduct in marketing as determined by various stakeholders.

C- Social responsibility refers to a company's obligation to maximize its positive impact and minimize its negative impact on society

9) The marketing plan is____________. a. a plan of all aspects of an organization's business strategy. b. written differently for each SBU. c. a written document detailing activities to be performed to implement and control marketing actions. d. designed to specify not only marketing, but all other functional areas of business activities as well. e. updated only periodically.

C- a written document detailing activities to be performed to implement and control marketing actions

2. When marketers define their target market, they simultaneously establish a set of___: a. technologies. b. monopolies. c. competitors. d. government regulations. e. sociocultural forces.

C- competitors

4. Primary data are best described as the______. a. first batch of data collected for a specific study. b. data that are necessary for a correct decision. c. data that are observed, recorded, or collected directly from subjects. d. data that are compiled for some purpose other than the study in question. e. data that are collected inside and outside the organization for some purpose other than the current investigation.

C- data that are observed, recorded, or collected directly from subjects

2. Justin is purchasing his third car in the past five years. He has been a car enthusiast ever since he was a young boy. Justin likes to spend his free time looking at car magazines, going to car shows, and watching NASCAR. Justin's interest in cars is referred to as________. a. situational involvement. b. dynamic involvement. c. enduring involvement. d. dynamic buying behavior. e. situational buying behavior.

C- enduring involvement

2. When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research. a. descriptive b. experimental c. exploratory d. analytical statistical e. conclusive

C- exploratory

4) Which of the following is essentially an uncontrollable factor in developing a marketing mix? a. product adaptations b. pricing strategies c. government regulations d. advertising campaigns e. retail locations

C- government regulations

9. Business markets are typically divided into four categories. These categories are_______. a. retailers, wholesalers, services, and nonprofit firms. b. producer, manufacturer, reseller, and government. c. producer, reseller, government, and institutional. d. manufacturer, wholesaler, retailer, and services. e. reseller, retailer, government, and institutional.

C- producer, reseller, government, and institutional

4. Assume that Italy currently limits the number of Coach bags that can be imported during a one-year period, since Coach bags are made in New York, USA. This is an example of a(an) ____ a. exchange control limit. b. embargo. c. quota. d. import tariff. e. supply limit.

C- quota

10. Socially responsible business practices have provided all of the following benefits except: a. creating goodwill toward the organization. b. attracting employees. c. reducing marketing costs. d. generating publicity for the firm. e. positively impacting local communities.

C- reducing market cost

17. The three purposes for which individuals or groups can use products in order for it to be considered a business market are___________. a. use in daily operations, end consumption, and resale. b. direct use in producing other products, company travel, and end consumption. c. resale, use in daily operations, and direct use in producing other products. d. governmental, institutional, and reseller purposes. e. making other products, selling to other businesses, making component parts.

C- resale, use in daily operations, and direct use in producing other products

11. Why would a company use the undifferentiated strategy? a. The needs of individual consumers are dissimilar, and distinctive marketing mixes are required to satisfy them. b. The undifferentiated strategy is the one strategy that provides maximum satisfaction to the whole market. c. The needs of individual consumers in the target market for a specific product are similar, so the organization can satisfy most customers with a single marketing mix. d. The undifferentiated strategy is expensive to implement but tends to produce the most sales. e. When a market is made up of individuals or organizations with a diverse need for products in a specific product class.

C- the needs of individual consumers in the target market for a specific product are similar, so the organization can satisfy most customers with a single marketing mix

5) According to Pride & Ferrell (2020), ________ goods constitute the bulk of most countries' production and marketing efforts. a. durable b. impulse c. physical d. luxury e. intangible

C-physical

When companies decide to go for international marketing strategies, they generally do it to take opportunities to grow and innovate. Describe two specific reasons why companies decide for marketing their products abroad.

Companies that decide to market their products abroad are generally looking for opportunities to grow and expand their business. There is typically an orientation to: 1) reduce costs, being close to raw material suppliers; cheaper or more skilled labor; efficiencies in the distribution costs or lower taxes. 2) increase profits, by exploring economies of scale, scope; additional customer base; increasing the number of target markets; finding new target markets.

When companies decide to invest in digital marketing, there are usually strategic changes they have to do in the marketing mix. Name and explain two of them.

Companies that make an investment in digital marketing must be ready for adjusting the marketing mix in one or all its components. Typical PRODUCT changes are related to unique offers available online only. Changes might also happen in the PRICE, as it might be more flexible and easily comparable with competitors. Major changes may take place in the way companies communicate in their PROMOTION, as many creative ways are made available through social media and in not rarely in a much more interactive way with customers, as it would in traditional media (tv, radio, newspaper for example). Finally, companies may also have to change their methods of delivery as DISTRIBUTION channels tend to be more dynamic when digital marketing is involved impacting the processing of orders speed of communications with channel members and customers.

13. Goodyear is a manufacturer and marketer of tires for new passenger cars. In recent years, the company's business has declined because of the overall decrease in consumer demand for new cars. In this case, the demand for Goodyear's tire products is said to be ____ since it depends on the demand for new cars. a. inelastic b. fluctuating c. elastic d. derived e. nonderived

D- derived

7) Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning? a. Establishing marketing objectives b. Coordinating marketing activities c. Organizing marketing functions d. Developing a marketing strategy e. Planning marketing activities

D- developing a marketing strategy

2. The forces that affect foreign markets may differ dramatically from those affecting domestic markets. This makes a careful ________ a critical part of a successful international marketing strategy. a. political analysis b. regulatory analysis c. social audit d. environmental analysis e. marketing audit

D- environmental analysis

14. Product-related ethical issues arise when marketers_____: a. provide consumers with inadequate information about how a product is priced. b. force channel intermediaries to behave in a specific manner. c. bribe salespeople to push one product over another. d. fail to disclose information to consumers about the risks associated with using a product. e. manufacture a product that is very similar to a competing product.

D- fail to disclose information to consumers about the risks associated with using a product

13. Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic. This is an example of ________ segmentation. a. demographic b. behavioral c. psychographic d. geographic e. cultural

D- geographic

3. The four major competitive structures are_____: a. monopolies, oligopolies, oligopolistic monopolies, and pure competition. b. pure competition, heavy competition, moderate competition, and light competition. c. brand, product, total budget, and generic. d. oligopolies, monopolies, monopolistic competition, and pure competition. e. monopolies, limited competition, oligopolistic competition, and pure competition.

D- oligopolies, monopolies, monopolistic competition, and pure competition

6. Maslow's hierarchy of needs refers to the five levels of needs that humans seek to satisfy, from most to least basic to survival. These needs, in order from most to least basic to survival are_____. a. psychological, physiological, safety, social, and esteem. b. physiological, safety, esteem, social, and self-actualization. c. physiological, psychological, safety, social, and esteem. d. physiological, safety, social, and esteem, self-actualization. e. physiological, esteem, safety, self-actualization, and psychological.

D- physiological, safety, social, and esteem, self-actualization

14. If a marketing manager segments the market into culture-, sports-, or outdoor-oriented groups, he or she is segmenting the market based on ________. a. loyalty status b. behavioral occasions c. user status d. psychographic lifestyle e. readiness stage

D- psychographic lifestyle

3.While shopping at a local grocery store, Taylor sees a display of his favorite brand of energy drink. He buys some to take home for the weekend. This purchase process would be described as_______. a. situational perception. b. extended decision making. c. limited decision making. d. routinized response behavior. e. enduring involvement.

D- routinized response behavior

7. Corporate executives often prefer marketing research findings to be put into a report___. a. full of statistical analysis with details on methods employed by the researchers. b. examining the ethical implications of implementing results from the research report. c. that exposes no deficiencies or limitations of the research process. d. that is clear, short, and simply expressed. e. expressing the views and beliefs of top management about the research problem.

D- that is clear, short, and simply expressed

10. One trend that has caused consumer-generated information to gain importance is______. a. the recession. b. the globalization of companies. c. the increase in store brands. d. the increase of consumers using digital media to publicize their own product reviews. e. the increase in consumer buying power.

D- the increase of consumers using digital media to publicize their own product review

18. Which of the following is an example of a behavioristic segmentation variable? a. Family size b. Climate c. Age d. Usage rate e. Personality characteristics

D- usage rate

3) At the heart of any marketing program is the firm's ________, its offering to the market. a. strategy b. product c. brand d. value e. people

D- value

What does it mean when marketers say "we rely heavily on demographic characteristics when segmenting consumer markets"?

Demographers study aggregate population characteristics such as the distribution of age and gender, fertility rates, migration patterns, and mortality rates. Demographic characteristics that marketers commonly use include age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion, and social class. Marketers segment markets by demographic characteristics because they are often closely linked to customers' needs and purchasing behaviors and can be readily measured.

7. ____ uses the Internet, mobile, and interactive channels to develop communication and exchanges with customers. While electronic media that function using digital codes are called______. a. E-marketing; digital electronics b. Digital media; digital marketing. c. Electronic marketing; electronic media d. Digital electronics; e-marketing e. Digital marketing; digital media

E- Digital Marketing; digital media

6. While playing soccer, Bryan suddenly fell and broke his arm. Needing to get to the hospital, he was not only interested in the nearest location, but also the shortest emergency room wait time. He remembered seeing a billboard for The Cleveland Clinic promoting their time-text service where he could call the number GET-TXT-TIME and they would text him the approximate waiting time at the closest three hospital locations. The Cleveland Clinic is providing enhanced service to its patients by capitalizing on which environmental force? a. Economic b. Competitive c. Political d. Legal and regulatory e. Technological

E- Technological

13. A marketing ethics issue likely exists when______: a. company members disagree about a marketing decision. b. an activity does not benefit the organization but benefits the environment. c. an activity results in increased prices for the consumer. d. a consumer is dissatisfied with a marketing decision. e. an individual or organization must choose from among several actions that must be evaluated as right or wrong.

E- an individual or organization must choose from among several actions that must be evaluated as right or wrong

7.The forces that other people exert on one's buying behavior are called social influences. These come from reference groups and opinion leaders, social classes, culture and subcultures, roles, and_______. a. ethnic heritage. b. personality. c. attitudes. d. perception. e. family.

E- family

5. Time Warner Cable uses its sales reports broken down by geographic regions as part of its marketing research to determine which markets are most rapidly adopting high-speed Internet connections. In this example, Time Warner Cable is using_________. a. internal sampling b. internal primary data c. external secondary data d. external primary data e. internal secondary data

E- internal secondary data

8) Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a_____________. a. corporate strategy b. target design c. mix strategy d. marketing tactic e. marketing strategy

E- marketing strategy

8.Which of the following is an example of consumer misbehavior? a. Giving a product a poor rating b. Filing a consumer complaint c. Failing to complete a customer survey form d. Returning purchases e. Shoplifting

E- shoplifting

8. Which of the following statements about conducting marketing research internationally is false? a. The marketing research process may need to be modified to allow for regional differences. b. A detailed search for and analysis of secondary data can help researchers gain a greater understanding of a particular marketing environment and pinpoint issues that must be taken into account in gathering primary research data. c. Primary data gathering may have a greater chance of success if the firm employs local researchers who better understand how to approach potential respondents and can do so in their own language. d. Specific differences among countries can have a profound influence on data gathering. e. Specific differences among countries do not affect data gathering or the marketing research process.

E- specific differences among countries do not affect data gathering or the marketing research process

11. Any constituent who has a claim in some aspect of a company's products, operations, markets, industry, or outcomes is known as a(n)______: a. shareholder. b. customer. c. employee. d. manager. e. stakeholder.

E- stakeholder

16. Coca-Cola's original marketing strategy that offered a single drink Coca-Cola Classic in a single sized bottle with the advertising theme "Coke is it," is an example of ________ marketing. a. concentrated b. niche c. differentiated d. micro e. undifferentiated

E- undifferentiated

10. To find a target market, a firm can use one of these targeting strategies: a. total market strategy and the undifferentiated strategy. b. product differentiation strategy and the customer differentiation strategy. c. demographic strategy and the psychographic strategy. d. socioeconomic strategy and the psychological strategy. e. undifferentiated strategy, the concentrated strategy, and the differentiated strategy.

E- undifferentiated strategy, the concentrated strategy, and the differentiated strategy

A marketer's only concern is how best to create demand for a new product produced by his/her company. Improving product design is not his/her responsibility. Is this True or False? Why?

False, because that's not the only concern of marketers. The basic responsibility is associated with the creating, communicating and delivering the marketing strategies based on the company value proposition.

Why is it important for marketers to recognize the stages that a consumer goes through in making a purchase decision?

It is important for marketers to understand the buying behavior of consumer's for several reasons. First, customers' overall opinions and attitudes toward a firm's products have a great impact on the firm's success. Second, the marketing concept stresses that a firm should create a marketing mix that meets customers' needs. To find out what satisfies consumers, marketers must examine the main influences on what, where, when, and how they buy. Third, by gaining a deeper understanding of the factors that affect buying behavior, marketers are better positioned to predict how consumers will respond to marketing strategies.

Why is it important for marketers to assess competitors before entering a market segment?

Knowing one's competitor within a market could tell whether or not a company will fail. If your product is similar or not different, it will make it harder for a marketer to enter the market segment. Through learning about competitors, one can gain a more profound knowledge of the market they would be serving and how they could provide more to the market than competitors

Describe the 4 (four) components of the marketing mix.

The marketing mix is composed by a set of four elements also known as the 4 P's, which stands for Product, Price, Place and Promotion. Product is the basic good or service that the company offers; Price stands not only for the list price, but all pricing policies including payment methods, refunds & return policies; Place is also known as the distribution and defines how the company is delivering the product or service to the customers, including e-commmerce methods; Promotion is how the company communicates and advertises the product not only to customers, but to society at large.

Compare and contrast corporate strategy and marketing strategy.

These are both a structured set of definitions and directions that organizations have to ensure their actions are taken towards the company's mission. The corporate strategy is broad to the entire organization encompassing all businesses units and areas to maximize profit and sustain the business. As the marketing strategy is a subset of the corporate strategy that combines the elements of the marketing mix to reach one or more target markets. It is a structured and comprehensive plan that supports the corporate strategy.

What are the main differences between business and consumer purchase transactions that impact a firm's marketing strategy ?

Transactions that involve business customers differ from consumer transactions in several ways. Business transactions tend to be larger and negotiations occur less frequently, though they are often lengthy. They may involve more than one person or department in the purchasing organization. They may also involve reciprocity, an arrangement in which two organizations agree to buy from each other. Business customers are usually better informed than ultimate consumers and are more likely to seek information about a product's features and technical specifications. There are also important differences associated with the type of product; the type of demand and the influential factors in the buying process that are distinct if the buyer is an individual or a company.

1) Identify the concept that emerged in the mid-1950s as a customer-centered, sense-and-respond philosophy. a. the product concept b. the production concept c. the selling concept d. the marketing concept e. the holistic marketing concept

d-the marketing concept