marketing midterm
While the B2C and B2B buying processes mirror each other, a significant difference between B2B and B2C marketing is:
All of these (the importance of the buying center, the importance of the culture of the purchasing firm, the formal structure of the buying process, and the context of the buying situation)
in _________B2B buying situation, the buying decision is likely to be quite simple.
a straight rebuy
customer relationship management includes all of the following EXCEPT:
a transaction-oriented approach
according to your text, at what point did the concept of social media start to become more serious and professional?
after Y2K and the bursting of the dot-com bubble
which of the following would be used in calculating the profitability of a segment?
all of these (fixed costs, segment size, segment adoption percentage, profit margin percentage)
globalization of productions originally focuses on relocating manufacturing, but with the growth of the knowledge economy it now includes:
all of these (medical services, financial services, consulting, and technological support)
Once a marketer has selected potential market segments for a product or service, he or she can evaluate each segment to determine if it is:
all of these (substantial, responsive, profitable, reachable)
when marketers examine the economic situation, they should consider all of the following EXCEPT:
all of these should be considered when analyzing the economic situation (inflation rates, foreign currency fluctuations, income of target customers, and interest rates)
the B2B equivalents of the Information Search and Alternative Evaluation steps of the B2C buying process:
are formal and structured
The end of the B2B buying process does not end with the receipt of the purchased goods or services. Most companies will
assess performance of the selected vendor
when developing a marketing strategy, ethics should:
be considered throughout the process, using different questions at different stages.
Camille was shopping online for a new pair of dress boots. The first website she clicked on only offered hiking boots and not the dress boots she was looking for, so Camille left that site immediately and continued on her search. Under which metric for analyzing online activity would marketers categorize Camille's activity?
bounce rate
marketing has evolved from early beginning into a business function that creates value. which of the following is NOT one of the recognized eras in its evolution?
communications-oriented era
Fenton graduated with a marketing degree and is working in the marketing department for a major retailer. He has now decided he'd like to work in the firm's social media division. Ideally, he would like to be responsible for handling corporate forums and blogs, increasing traffic to the firm's website and broadening the firm's community. Fenton is most likely hoping to secure a job as a
community manager
the ethical decision-making framework includes all of the following steps, EXCEPT:
consult appropriate regulatory officials
the________ is the center of all marketing efforts
consumer
business-to-business marketing refers to selling goods or services to all of the following EXCEPT:
consumers
__________ refer(s) to the action of a firm to address a wide range of social, environmental and ethical interactions with its community. Though somewhat controversial, these actions are significant in that the company undertakes them voluntarily, and the firm realizes that these actions can be profitable.
corporate social responsibility
__________ is the shared meanings, beliefs, morals, values, and customs of a group of people
culture
the consumer decision process begins when:
customers recognize that they have an unsatisfied need.
_________ uses a variety of statistical analysis tools to uncover perviously unknown patterns in data or relationships among variables
data mining
Of the five steps to the strategic marketing planning process, which step usually comes first?
define the business mission
When a customer goes online to view products on the Eddie Bauer website, a pop-up offers the opportunity to chat with a customer service rep and get questions answered. Which element of the 4E framework is taking place?
educate
just as savvy job seekers use ideas from marketing to improve their change of getting a better job, some employers are using research, brand images and value propositions to find what they consider to be the "best and brightest" new employees. This practice is known as:
employment marketing
the practice of marketing has an impact on customers, the firm, the market, and society in general. All of the following are part of marketing EXCEPT:
ensuring that financial statements correctly reflect the value of the firm's brands
By paying close attention to customer needs and continuously monitoring the ____________, marketers can identify potential opportunities.
environment in which the firm operates
organizational culture reflects the values, traditions and customs that guide employee behavior. in the context of the buying center, there are a number of recognized cultures of critical importance to B2B marketers. Which of the following is NOT one of these buying cultures?
ethical
instead of having to choose between making a profit or doing good for society, companies can combine__________ and ____________ to do both while building a solid corporate reputation
ethics; corporate social responsibility
Steve has been working his way through the five steps in the development of a marketing plan. He has examined the firm's business mission and objectives and developed a SWOT analysis in some detail. Before he can implement the marketing mix, he must begin identifying market segments that his company could pursue. In target marketing, Steve will:
evaluate each potential segments's attractiveness
Firms use economic analysis to help determine the relative attractiveness of various marketing opportunities. These analyses include all the following EXCEPT evaluating
evaluating working capital
Customers give up things they value—for example, money, information or time—to a firm in return for goods, services and ideas. This process is called:
exchange
Maslow's Hierarchy of Needs is a powerful tool for marketers to:
explain different kinds of motives consumers have and use
which of the following sequences correctly lists the least risky to the riskiest global entry strategy?
exporting, strategic alliance, direct investment
A firm's macroenvironment includes _____________ factors, which the marketer cannot _______________.
external; control
there are four overarching or macro strategies that focus in aspects of the marketing mix to create and deliver value. which of the following is NOT one of these overarching strategies?
financial excellence
compared to other groups, members of the ____________ generational cohort are more likely to marry and buy homes later, are more cynical, and are shopping savvy.
generation X
Best Years Travel targeted consumers living in New York City who were over 50 years of age. Best Years Travel was using ________ segmentation.
geodemographic
__________ refers to the process by which, goods and services, capital, people and ideas flow across national borders
globalization
which of the following questions does marketing NOT consider?
how should products be manufactured?
the segmentation, targeting and positioning process is not always linear, but the final stage is to:
identify and develop a positioning strategy
the major challenge in developing a global communication strategy is:
identifying the elements that need to be adapted in the global marketplace.
when marketers execute pricing, promotion, place, and products strategies, they are in the _________ phase of marketing planning.
implementation
the global marketing mix (4ps)
includes all the four ps - product, price, place and promotion
Katrina has a blog on which she writes her opinion about the latest fashions. Her blog is read by almost everyone in her network and she often sways people by her opinions. Which measure of individual social media effectiveness does this refer to?
influence
Sylvia supervises the print shop in a large nonprofit organization. Her machine operators frequently complain to her about a particular piece or equipment that continually malfunctions. After she made a formal request to replace the equipment, she was asked to serve on a committee to advise CFO on the planned purchase. What role does Sylvia play in this buyer center?
initiator
the consumer, the company and causes are considered CSR ______________, while employee and financial well-being and awareness and support of issues re considered CSR ___________
inputs; outputs
Once a consumer recognizes a need, the consumer decision process continues with:
internal and external searches for information
when a major ethical issue arises, which of the following stakeholders are likely to be affected?
investors, customers, senior management, and community (all of these)
it is critical for marketers to provide leadership in applying ethics and ethical principles because:
it guided company executives in a difficult decision-making time with very specific advice
marketers have been identified with many different types of unethical behavior. which of the following types of unethical behavior is LEAST likely to be observed in marketing environments?
kickbacks to corporate buyers from supply chain vendors
consumer purchases may be affected by perceived or actual __________, which refer to the way consumers spend their time and money
lifestyles
which of the following accurately represents the three-stage process of social media engagement?
listen, analyze, do
One reason Forever Green Lawn Service invests in retention by using ______ segmentation is because finding new customers is costly.
loyalty
which of the following is NOT a type of reseller?
manufacturer
which of the following is one of four major growth strategies marketers typically pursue?
market development
which of these is one of the "ethical norms" in the AMAs code of ethics?
marketers must do no harm
the four Ps compromise the _____________, which is the controllable set of activities that the firm uses to respond to the wants of its target market
marketing mix
A document that analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four Ps, action plans, and pro forma financial statements is known as a
marketing plan
when selecting a target market, a marketer should:
match the firm's competency with a market segment's attractiveness
Customers seek benefits and will consider trade-offs among them, while also considering costs. In value-based marketing, the marketer must:
meet as many needs as possible while keeping costs down
Kathy has been assigned the task of assembling information to monitor whether the plans that were implemented are achieving what they are supposed to. She will look at both performance and financial measures. She will use a series of _____________, which are measuring systems that quantify a trend, dynamic, or characteristic.
metrics
Once segmentation and targeting have been completed, the marketer turns to ________, often using a perceptual map to display graphically the customers' perceptions of the product and of its competitors' products.
positioning
Marketers are particularly interested in _________ behavior because it entails actual rather than potential customers
post-purchase
When stores like Target work with vendors to create exclusive in-store items, or advertise a policy to match retail pricing, they are most likely trying to combat any damage that could result from the use of _____ apps.
price-check
Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ______________ if its products have high perceived value and effective branding or positioning.
product excellence
the goal of____________ is to inform, persuade or remind potential buyers about a goos or service
promotion
Eduardo is working on creating a marketing mix for his firm's business-to-business products, and he is looking at government action. He is concerned that some foreign governments may place limits on the quantity of his products that can be imported. What kind of government action is Eduardo worried about?
quotas
which of the following is NOT an important trend marketers must monitor in the macroenvironment?
red/blue marketing in election years
marketers use marketing research to
reduce uncertainty in operations and decision making. build curcial links between the firm and the environment. monitor the competition
Marketers would like to be in the consumer's ________ set for a purchase decision, but even more, they would like to be in the consumer's ________ set.
retrieval; evoked
mareters like Benetton want their ads to appeal to one's _________, suggesting to consumers "I'm like them, so I should buy their product."
self-concept
In addition to marketing goods, marketers also work with ______________, which offer customers intangible benefits, are produced by people or machines, and cannot be separated from the producer
services
A firm may choose from a number of segmentation methods. Which of the following is NOT one of the choices?
sociological segmentation
marketers must consider the political and regulatory environment, which may have a profound impact on completion, promotion, product safety and the operation of the marketplace. Key players include all of the following EXCEPT:
stock exchange
a SWOT analysis is part of a firm's situation audit. SWOT is an acronym for:
strengths, weaknesses, opportunities, and treats
Firms with ________ tend to be more socially responsible.
strong ethical climate
supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a:
sustainable competitive advantage
Consumers' privacy concerns led to enactment of:
the Federal Trade Commission's Do Not Call Registry
_______________ describe the steps that consumers go through before, during, and after marketing purchases
the consumer decision process model
diversification is one of the four major growth strategies. Which of the following is NOT true about this strategy?
the firm introduces a new product to a current market segment.
which of the following is NOT a microenvironmental factor?
the firm's competitors
Paul bought a laptop computer for personal use—mainly gaming—and another one for use in his consulting business. How would you classify his purchases?
the first was a B2C purchase, and the second was B2B
the term "perception" refers to:
the process by which individuals select, organize, and interpret information
Scenarios are an excellent way to develop ethical decision making because:
there are usually no single correct answers, and the scenarios approach offers different kinds of answers
Brain heard his unit described as a cash cow. At first, he wasn't sure he liked that, but felt better about it when he learned it meant that:
they have excess resources that can be spun off to other business units that need it.
which of the following is primarily a thought-sharing website?
marketers often use principles and theories from sociology and psychology to:
understand consumer actions and develop basic strategies for dealing with their behaviors
when expanding globally, marketing provides the critical function of:
understanding customer
Each segmentation method has advantages and disadvantages, giving the marketer a great deal of choice. For even greater flexibility, marketers can:
use multiple segmentation methods
Some firms like Nike and Mars, Inc, the maker of M&M's, involve customers directly in the design of products and services to create additional value and strengthen the relationship between the customer and the firm. This practice is known as:
value co-creation
the idea of ______________ requires firms to charge a price that captures the value customers perceive they are receiving which can be difficult to determine.
value-based pricing
you firm has recently completed your response to an RFP from a larger manufacturer. Your team's next step will be to:
wait for the manufacturer to analyze the proposal
___________ is the most common measure of market potential of an economy.
GDP
which professional site allows users to post to question-and-answer forums as well as post personal intellectual property, such as presentations they have given?
the organization that assists developing countries with trade policy issues, acts as a forum for trade negotiations, settles trade disputes, and reviews national trade policies is the:
WTO
Jared likes to be on the cutting edge of technology and is usually the first of his friends to obtain the newest products available. Social media gives him the opportunity to post and share his creative ideas. In the world of social media, Jared would be considered
a creator
Peter could attend any of several universities. He has high grades and test scores and is a star athlete at his high school. He has been approached by recruiters from several schools, all of whom talk about opportunities in their athletic programs, the quality of their academics, and the potential for scholarships. Despite all this attention, Peter will only consider local universities because his girlfriend is still in high school. For his college choice, Peter is using a ________ rule.
noncompensatory decision rule
direct investment
offers a firm control over the foreign enterprise and the highest potential return
when customers are dissatisfied, they:
often want to complain to many people
A firm can choose from a variety of targeting strategies. Which of the following is NOT a targeting strategy?
peripheral
