Marketing Test 1 (Smart Book)
Which of the following characterizes the relationship between marketing and exchange?
A buyer and seller trade things of value, leaving each better off than before.
Lordis wants to improve the element of connection on her firm's social media feed. What would be most helpful to her?
A call-to-action button
Which of the following are considered ideas?
A philosophy An opinion
What is the best definition of dynamic in the term dynamic effect?
Active and constantly changing
Rahim is looking for ways to increase communication with customers through his company's website. Which of the following would be most helpful?
Adding an instant messaging function
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning
What are fundamental components of the dynamic effect in social media engagement?
An active back-and-forth exchange that promotes further interaction The way in which people's interests and participation in online groups change over time
What is the best definition of a blog?
An online journal enabling people to share their thoughts
When should firms introduce conscious marketing?
At the beginning of the planning process
The process by which businesses sell to consumers is known as ______ marketing.
B2C
Which of the following are critical elements of the 7C framework for online marketing? (Select all that apply.)
Commerce Content Communication
What are the immediate environmental factors that impact consumers?
Competitors Company Corporate partners
time, energy, money
Components of Price
Which practice gives a company a sense of purpose beyond making a profit?
Conscious marketing
Which statements about the way consumers make online purchases are true?
Consumers use desktop computers more often than mobile apps, Purchases made via desktop computers have higher conversion rates than those made via mobile apps.
In which stages of the strategic marketing planning process do firms address conscious marketing?
Control Implementation Planning
Which of the following refers to voluntary actions a company takes to address the expectations of stakeholders?
Corporate social responsibility
Which are components of culture?
Customs Beliefs Morals
When was the consumer "king"?
During the market-oriented era
Which are components of the Wheel of Social Media Engagement?
Dynamic Network Information
A market penetration strategy, as one of the possible growth options, may be achieved by which of the following?
Encouraging current customers to patronize the firm and the brand more often
The concept of connection is most closely related to which of the 4Es?
Engagement
What is a fundamental component of the timeliness effect in social media engagement?
Engaging the customer at the right time and place
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
What is the name for a group of individuals who are of the same generation?
Generational cohort
During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?
Implement marketing mix
The International Fairtrade Certification Mark is granted to products that do which of the following?
Improve environmental standards for producers Promote sustainable farming
Decision makers are more likely to do what when they use the ethical decision-making framework?
Include the relevant ethical issues Evaluate the alternatives
What is a possible outcome for a company when they practice social responsibility to customers?
Increased awareness of the firm
______ refers to an increase in the prices of goods and services and a decline in purchasing power.
Inflation
What are examples of social media content that businesses can effectively leverage to excite customers?
Information on Facebook used to communicate deals Mobile apps used to communicate personalized offers Games based on a product or brand
Technologies that allow communication with customers include which of the following?
Instant messaging Live chat E-mail
What were the primary characteristics of the market-oriented era that followed World War II?
It was a buyer's market. Products were designed to focus on consumers' needs.
The political/legal environment consists of which of the following?
Laws and legislation Political parties
What is the first stage of the social media engagement process?
Listen
What are the three stages of the social media engagement process?
Listen Do Analyze
Which word best describes the social, political, economic, and technological factors with which marketers interact?
Macroenvironment
When a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast, it is using which growth strategy?
Market development
Which of the following are included in the four major growth strategies?
Market development Market penetration Product development diversification
Processes used to create value for clients, Activities that communicate offerings that have value for society at large, Institutions that facilitate the exchange of offerings that have value for customers
Marketing defined by the American Marketing Association
GE's ecomagination program, which doubles investments in clean research and development, is an example of using social responsibility to transform which category of stakeholders?
Marketplace
Which statements about mobile marketing are true?
Most downloaded apps are free. A majority of people in the United States who have smartphones use them to make purchases. Global mobile downloads and in-app revenues are in the billions of dollars.
What is an effective way for digital marketers to use content?
Narrow the content to suit the target market specifically.
Troubling issues arise continually as which of the following emerge?
New markets New technologies
What practices are increasingly common among companies that want their employees to have happy family lives?
Offering daycare Offering flextime
What is NOT an example of customer loyalty?
Only purchasing organic products
Which of the following are app pricing models for generating revenue?
Paid apps Ad-supported Freemium
Step 2 of a marketing plan involves which of the following?
Performing a situation analysis using SWOT
Which outlets allow marketers opportunities to listen to their customers?
Personal blogs Social networks Review sites
Delivering Value
Place
Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the 4 Ps is most at play here?
Place
Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
Place
What type of analysis involves the following: Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable.
Portfolio
Capturing Value
Price
Of the four Ps, _______, is whatever the buyer gives up in exchange for the product, including money, time, or energy.
Price
Creating Value
Product
______ is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs
Product
Which of the following are elements of the marketing mix?
Product Price Place Promotion
A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?
Product development
Retail stores were considered places to hold inventory until it was sold. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. What era is this?
Production era
Communicating Value
Promotion
______ is the part of the marketing mix that communicates the value of the product to the consumer.
Promotion
Social media marketing is used by marketers to accomplish which of the following?
Remind buyers about the brand and its benefits Communicate the value proposition of the brand
Corporate social responsibility programs must be designed around the changing values of customers. Which of the following are trends that are currently receiving a lot of attention?
Respecting and protecting consumer privacy Ensuring the healthiness of products
To determine if an opportunity is attractive or unattractive for a firm, marketers can use an analysis of the external and internal environments such as ______.
SWOT
Organizing potential customers into groups based on their age, Dividing consumers into groups based on their incomes, Identifying customer needs for different types of cars (such as sports cars, SUVs, and family sedans). What are these examples of?
Segmentation
STP includes which of the following?
Segmentation Targeting Positioning
When a company undertakes conscious marketing, what does it focus on?
Shareholders Stakeholders
Which statements about social media are true?
Social media are used by marketers and customers to share many kinds of information. Social media can be important components of an integrated marketing communications strategy. Social media facilitate interpersonal interactions.
What are components of the information effect in social media engagement?
Spreading relevant information through various channels Identifying the context and receiver of content
Which of the following are components of a SWOT analysis?
Strengths Threats Opportunities Weaknesses
Firms achieve operational excellence through which of the following?
Strong relationships with suppliers Good supply chain management Efficient operations
Retailers, Wholesalers, Transporters are examples of
Supply chain partners
Which type of marketing takes into account all stakeholders?
Sustainable marketing
Customers commonly stop supporting a company for which of the following reasons?
The company is acting irresponsibly. They can no longer trust the company.
What are fundamental ideas behind the connected effect in social media engagement?
The connection in social media is bidirectional. Social media serve as a mechanism for people to share information with others. People have an innate need to connect with others.
What are components of the network effect in social media engagement?
The exponential impact of having people share information with their social media contacts The speed at which information spreads through social media
Which are reasons why mobile marketing is increasingly important for marketers?
The majority of people who own smartphones make purchases on these devices. Consumers spend billions of dollars using apps. Mobile app downloads are growing.
Which statement about strategic planning is true?
The process can move back and forth between steps, depending on the situation.
What must marketers understand about their competition?
Their likely response to marketing activities Their strengths Their weaknesses
What best characterizes the buying habits of the most loyal customers?
They generally use multiple channels to make purchases.
What is the basic goal of any website?
To convince users to engage with content
What are the main purposes of metrics during Step 5?
To explain why things happened To predict what will happen
What are principles of conscious marketing?
To recognize the greater purpose of marketing To understand that decisions are ethically based To consider stakeholders
What tasks are firms increasingly using artificial intelligence (AI) to complete?
Translations Decision making Speech recognition
True or false: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.
True
Unethical marketing behavior includes which actions?
Using false advertising Destroying information harmful to company image Misrepresenting company earnings
Which of the following is LEAST effective when building a sustainable competitive advantage?
Using only a single strategy
Which of the following are considered aspects of the physical environment?
Water Land Living organisms
Which of the following is the primary question a mission statement should answer?
What type of business are we?
Chief marketing officers replied in a survey that they have seen their employees engage in which types of unethical behavior?
Withholding damaging information High-pressure sales False advertising
Which events helped create a situation in which manufacturers produced more than customers could buy?
World War II The Great Depression
Sal wants to create a vivid experience of his company's product, a floor-sweeping robot, for online consumers. Which medium would be most useful to him?
YouTube videos
When deciding on contextual elements, it is useful to identify which of the following?
Your target market(s)
A marketing plan includes all of the following EXCEPT ______.
a plan on how to pitch investors
"Freemium" and "paid" are examples of ______.
app pricing models
The social-media equivalent of a personal journal or diary is called a(n) ______
blog
Consumers in a generational _______ are a group of people in the same generation who tend to have similar buying behaviors.
cohorts
The most important immediate environmental factors that impact consumers are the ______.
company, competitors, and corporate partners
The outcome of social media that satisfies humans' innate need to connect with other people is known as the _____ effect.
connected
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing.
consumer
In all marketing efforts, the ______ is at the center.
consumer
It is important for modern firms to build and maintain ______ trust by conducting ethical and transparent transactions
consumer
When launching a new clothing line a company must focus primarily on the needs and wants of ______.
consumers
The impact of the information effect depends on its ______.
context
During the ______ phase, managers must react to changes, such as the emergence of new technologies.
control
What is the first step in the 7C framework?
core goals
A smartphone manufacturer may collaborate with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's ______ partner.
corporate
If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______.
corporate partner
______ is defined as the shared meanings, beliefs, morals, values, and customs of a group of people.
culture
What is this an example of: Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
customer loyalty
Which entity does NOT market to the other entity?
customers to businesses
An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______.
decline
A mission statement ______.
defines the scope of activities a firm plans to undertake
If one firm in an industry decides to develop a corporate social responsibility program, its competitors are often forced to ______.
develop their own CSR programs
Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______.
developing goods and services
A ______ strategy introduces a new product or service to a new market segment, one that the firm has not yet targeted.
diversification
The final step in the social media engagement process is known as the ______ stage.
do
In the 4E framework for social media, when attempting to ______ the customer, a firm encourages the customer to interact with the company's products or brand.
engage
What is at the center of the Wheel of Social Media Engagement?
engagement
A firm whose employees engage in honest transactions but that does not contribute to the larger community is ______.
ethical but not socially responsible
Step 5 of the marketing plan involves ______.
evaluating the results of the strategy and implementation program
A core aspect of marketing involves a _____ , which is a transaction in which things of value are traded by buyers and sellers.
exchange
A travel company launches a new app that makes the process of booking your next vacation into a game. This is best categorized as using social media to ______ the customer.
excite
A company must be able to evaluate an attractive opportunity in relation to its ______ competencies.
existing
What adjective best describes the network effect?
exponential
True or false: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.
false
True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.
false
True or false: If firms implement programs that are socially responsible, their employees are NOT required to act in an ethically responsible way.
false
True or false: The only way to experience a product or service for sale is to actually purchase it.
false
True or false: The purpose of a marketing strategy is to maximize short-term profits.
false
Engagement with the customer is designed to ______.
foster loyalty
______ are the total requests for a web page and are used as a measure of Internet traffic.
hits
Products include goods and services, as well as _______, which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can
ideas
After firms analyze the data they have accumulated, they must ______.
implement what they have learned
During the ______ phase of the marketing plan, marketers are identifying potential markets and must consider several pertinent issues related to the product or service being delivered.
implementation
When a company uses an online poll to determine what type of consumer is most likely to buy its latest product offering, the company is in which phase of its conscious marketing strategy?
implementation
Firms can introduce conscious marketing at the beginning of the planning process by ______.
including ethical statements in the firm's vision statement
A competitive advantage based on location ______.
is sustainable when real estate is difficult or expensive to obtain
An example of corporate social responsibility is when a firm ______.
lessens the negative impact it has on the environment
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______.
market oriented
Firms consider pursuing various ______ as part of their overall growth strategies
market segments
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
marketing plan
A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.
marketing strategy
A metric is a ______ that quantifies a trend, dynamic, or characteristic.
measuring system
______ measure the number of times a website page is seen by any site visitor.
page views
A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.
penetration
______ is one of the elements of the four Ps that embodies all activities needed to get the product to the right customer when and where he or she wants it.
place
The ______ environment is comprised of political parties, government organizations, and legislation and laws
political/legal
In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook
porfolio
Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence.
product
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.
production
The most basic form of corporate social responsibility to employees is to ______.
provide a safe working environment
Locational excellence is particularly important for which type of firm?
retailers
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
segmentation
Online and mobile technologies that distribute content to facilitate interpersonal interactions are known as _____ media.
social
Social responsibility deals with the firm's impact on _______.
society
Which key stakeholder demands that firms behave responsibly?
society
When a company engages in conscious marketing, it must appeal to a variety of ______ who are affected by the firm.
stakeholders
According to the U.S. Environmental Protection Agency, _______ is based on the idea that "everything we need for our survival and well-being depends, either directly or indirectly, on our natural environment."
sustainability
Consumers who hesitate to purchase goods because they worry about the potentially low wages paid to workers in the fast-fashion industry are expressing ______ concerns.
sustainability
The "T" in STP stands for _______
targeting
What would happen to the global economy if all marketing ceased?
the global economy would plummet
There is increasing concern that ______ will be depleted through actions like deforestation.
the physical environment
When developing marketing plans, what should a firm consider about their competition?
their reaction
The ability to engage with the customer at the right place and time is known as the ______ effect.
timliness
True or false: An ethical decision framework is useful because it can be relied on to give the manager guidance when considering ethical questions.
true
True or false: Educating consumers includes reminding people what they already know.
true
True or false: Goals form the basis of any marketing strategy.
true
In which type of diversification does a firm enter into an entirely new business?
unrelated
Marketing is the activity, set of institutions, and processes that create, capture, communicate and deliver ______.
value
In order to compete successfully, most firms today have to provide their customers with better ______ than their competitors.
values
What is an example of a contextual element?
website design