MKT3050

executive summary

A marketing plan document usually begins with a(n)

corporate culture

A set of values, beliefs, goals, norms, and rituals shared by members of an organization is called

disposable income

Alex has a good-paying job. However, even though he has not received any official confirmation, Alex suspects that his job might be cut in the near future. Rumors in the grapevine hint that the company is going to go through massive lay-offs due to declining revenues. As a result, Alex has decided to forgo buying a house until he has a better idea of his job status. He has a lot of savings, but Alex knows he might need them if he becomes unemployed. In this case, Alex lacks

cash cow

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

most culturally sensitive

Brand name, product characteristics, packaging, and labeling are some of the ______________ marketing mix variables to standardize for international markets.

attitudes

Cognitive, affective, and behavioral are the three major components of

product competitors

____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.

the purchasers of an organizations' product, the focal point in all marketing activities

customers

the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relations with stakeholders in a dynamic environment

marketing

Product, price, place, and promotion—the controllable set of activities that a firm uses to respond to the wants of its target markets.

marketing mix

a good service or idea

product

A specific group of customers on whom an organization focuses its marketing efforts

target market

customer profitability value

Amazon Prime has one of the highest customer loyalty ratings in the entertainment industry with a significant percentage of current video streaming subscribers continuing to renew their subscription with Amazon on a yearly or month-to-month basis. In addition, many customers have cancelled their cable or satellite subscriptions and rely almost exclusively on streaming services such as Amazon Prime and Netflix for their entertainment. Amazon Prime video streaming is available as part of Amazon's $99/year Amazon Prime suite of offerings that includes free 2-day shipping on many Amazon.com orders. Customers can also choose to pay by the month for $12.99/month. If a significant percentage of subscribers continue their service on an annual basis, Amazon is able to build a stable revenue stream based on repeat purchasers. A quick snapshot of one customer revealed that the customer had subscribed to Prime for five years and generated over $700 in revenue to Amazon. Which of the following marketing terms best captures the importance of customer loyalty and its impact on Amazon?

advertising

Digital influences have largely replaced

education

Discretionary income is used for all of the following except

direct ownership, joint ventures

Honda is a multinational company. In most countries in which it operates, Honda opens facilities that give it total control over manufacturing and other processes. However, in China Honda must partner with domestic companies due to legal and regulatory constraints. In these cases, Honda owns part of the company, while the domestic firm owns the other part. In most countries, Honda engages in ____________, but in China it engages in _______________.

cultural values

In addition to the proliferation of new organic brands, many conventional marketers have introduced organic versions of their products, including Gatorade, Kraft Heinz, and even Kroger. These firms are responding to changes in

false

Information inputs that reach perceptual awareness are received in an organized form.

* Aim to create and maintain the right mix of elements to satisfy customers in the target market * Collect detailed and up-to-date information on: -Their target market - Consumer preferences -Competitors in order to develop the marketing mix

Marketers must

state what is to be accomplished through marketing activities

Marketing objective

false incentives, plan of action

Once trust is lost in marketing relationships, it can take a lifetime to rebuild.

marketing plan

Pantene's new shampoo, AO1, is faltering badly in the market. Pantene's marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Suave Marketing Director Mei Lee said that the problem is that AO1 has the most poorly written ____ she has ever seen.

false

Political forces are beyond the control of marketers, and so they can only react to them.

differentiated

Procter & Gamble markets Cheer detergent to young singles and couples and Dreft detergent to new parents. Procter & Gamble is using a(n) ____ targeting strategy for laundry detergents.

Sherman Antitrust Act of 1890

Which one of the following federal laws was passed to prevent creation of monopolies in the economy?

involved in monopolistic competition

The Electrolux Corporation produces light bulbs that are used in refrigerators. Currently, only three other companies produce bulbs used in the production of refrigerators, with Electrolux as the leader in market share. In this case, Electrolux Corporation participates in

NAFTA

The agreement between the United States, Canada, and Mexico that merges these three countries into one marketplace is called

true

The distribution variable in a marketing mix is directed toward making products available in the quantities desired to as many target market customers as possible and keeping the total inventory, transportation, and storage costs as low as possible.

false

The long-term health of the firm depends solely on having products that generate cash and provide acceptable reported profits.

market share

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

true

To resolve a social responsibility issue, it is helpful to check with concerned consumer groups and industry or specific company policy regarding the activity.

true

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

proactive response

To meet federal gas mileage regulations, Ford has developed aluminum vehicle bodies that are light enough to help conserve fuel. What kind of response is this to environmental forces?

false

Using surveys to conduct marketing research is an example of environmental analysis.

counterfeiting and channel surfing (shipping surplus inventory to wholesalers and retailers at an excessive rate)

What are two common distribution-related ethical issues?

. Social responsibility deals with the total effect of marketing decisions on society, whereas marketing ethics relates to individual and group evaluations in marketing situations.

What is the major difference between social responsibility and marketing ethics?

evaluation of alternatives

When Liv goes to the first class of her Operations Management course, she finds out that in addition to the textbook she already purchased, she also needs a specific type of calculator. With regards to the calculator, at which stage of the consumer buying decision process is Liv?

limiting imports

Which of the following is used to help maintain a more favorable balance of trade by a country?

research and development

Which of the following relates to activities used to inform and persuade or create a desired response?

geographic location

Which of the following variables would most likely be used to segment a business market?