Marketing Quiz 1
Entrepreneurs are people who organize, operate, and assume the risk of a business venture
True
Key Corporate Social Responsibility (CSR) Stakeholders include employees, customers, the marketplace, and society.
True
Marketing advises production about how much of the company's product to make and then tells supply chain mangers when to ship it
True
More than 12 million of LinkedIn's users are small business owners, making it an excellent resource for entrepreneurs to network with like-minded firms, identify the best vendors, or build brand reputation. . .
True
Price should be based on the value that the customer perceives as giving them a good value for the product they receive.
True
Strong supplier relations and efficient supply chains help firms such as Walmart to achieve operational excellence.
True
Companies that specialize in sentiment analysis are least likely to look at _____ for data.
YouTube
How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of
a marketing plan
Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who only care about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing
all parties to the transaction should be satisfied
To avoid having ethical situations become, problematic for a firm, the short-term goals of each employee must. . .
be aligned with the long-term goals of the firm.
Trina is developing a marketing campaign for an organic stain-removal product. As "stain removal" is rather dull, she is trying to educate consumers about the value and uniqueness of the product, and appeal to the environmentally conscious. Which of the following is the BEST social media application for this task?
blog
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, all parties relevant to the decision should. . .
brainstorm for alternatives
To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surverying its graduates regarding students' educational needs and desires. By doing so, Pokrah University is becoming more value driven through
building relationships with customers
When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming. . .
conscious marketers
Elena is the CEO of a small manufacturing firm. She is concerned with meeting the investment objectives of the firm's shareholders, and sees no value in corporate social responsibility. Elena's attitude is . . .
consistent with the views of other critics of corporate social responsibility.
During the ____ phase of the strategic marketing planning process, marketers utilize systems to check whether each conscious marketing issue raised in earlier phases was addressed.
control
The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets.
controllable
Southwest Airlines operates a blog called Nuts About Southwest. A group of employees share the responsibility for posting items of potential interest to customers -- for example, short videos about Southwest's travel destinations, articles (with photos) about special events, and news about airline promotions. Nuts About Southwest is an example of a . . .
corporate blog
Carla has been directed by her regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Which step of the strategic marketing planning process is Carla engaged in?
implement marketing mix and resources
A regional manager at GNC, a chain of retail stores selling nutritional supplements, is reviewing sales data after a recent in -store promotion. The data show success in some stores and limited response in others. To understand the differences between stores, the manager will probably next review the company's . . .
implementation programs, to see if the promotion was handled consistently in the different stores
Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or
improve products and services at the same
To build relationships, firms focus on the ____ of the relationship, not how much money is made during each transaction.
lifetime profitability
What is the disadvantage for companies in using a "daily budget" such as that offered by Facebook to its advertisers?
may limit exposure if ad is very successful
Lauren decides to use Twitter to market her hand-painted scarves to other women on her campus. She sets up a Twitter account with the name @uniquedesignsbylauren, and posts this on her Facebook page, making sure to tweet every few days. Soon Lauren is selling a lot of scarves. Lauren's Twitter account is an example of . . .
microblogging
The final step in the process of creating a social media campaign is to. . .
monitor the program
Of the seven primary motivations for mobile app usage, which one do people spend the most amount of time on each month?
need for "me time"
Firms achieve ___________ through efficient procedures and excellent supply chain management.
operational excellence
If Melissa decides to sell the best ice cream on earth, and intends to establish a strong ethical climate in her organization, during which phase of the strategic marketing planning process should she introduce ethical considerations?
planning
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages
planning excellence
Imagine that you are in a convenience store choosing your favorite "comfort" food instead of being in a classroom taking this test. You might notice the packaging, colors, labels, even the fonts used on labels. All of these efforts are part of the marketer's . . .
positioning strategy
A(n) _____ is a group of products that consumers may use together or perceive as similar in some way.
product line
If a firm adopts a CRM business philosophy, it most likely has a(n) _____ orientation with its customers
relational
When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ______, including the ranchers that supply the food, its customers, and animal welfare groups.
stakeholders
When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities
that build on their strengths relative to those of their competition
Some banks offer special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth; however, bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognizee
the lifetime value of customers
According to your text, in the broadest terms, the "marketplace" refers to
the world of trade
During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
value-based marketing
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
A product that is in a high-growth market but has a low market share would be classified as a ____ on the BCG matrix.
Dog
While waiting to be seated at a restaurant, Joylee receives a customer loyalty coupon through an app on her mobile phone for half off a dessert with the purchase of an entrée. This use of a location-based software application is designed to promote which of the 4E framework objectives?
Excite
A group of firms that make and deliver a given set of goods and services is known as a distribution network.
False
Pepsi has cooperated with America on the Move to improve many of its products and their labels, such as reducing the saturated fat in its Frito-Lay's Ruffles. This form of social responsibility most directly affects shareholders.
False
The components of a SWOT analysis are strengths, weaknesses, opportunities, and tactics.
False
When discussing the pricing models of paid apps and freemium apps, it currently appears that the best pricing model is the paid app.
False
A meat-packing company discovers that six months ago it unknowingly distributed meat from a cloned cow. The firm is unaware of any specific risks to human consuming the meat; however, some scientists have raised questions, and some consumers are afraid of possible future problems. The meat company has to decide whether or not to make this matter public. How should it begin the process of making an ethical decision?
Identify the issues raised by the situation
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 a fair price.
Which of the following statements regarding conscious marketing is correct?
It recognizes that business is a subset of society, and that society is a subset of the planet.
When the luxury auto brand Mercedes-Benz needed to target affluent potential customers with the launch of its new E- and C-class models, it turned to __________ because its users spend more online—more than 2.5 times as much as an average U.S. consumer—which likely signals their relative affluence.
Amazon's latest attempt to shore up and enhance its competitive barriers by introducing a home service marketplace that may help it achieve a lasting, powerful advantage is an example of _____ excellence.
Locational
Which element of the marketing mix is most relevant to the activity "capturing value"?
Price