MRKT Exam 1 Study

Which ethnic group tends to be not only more affluent and suburban than previously thought, but also younger, with 57 percent between the ages of 15 and 49 years?

African American

is/are transmitted by words, literature, and institutions from generation to generation

Culture

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.

The goal of customer relationship management is to

identify and build loyalty among a firm's most valued customers.

Nau works with its ________ to develop socially responsible outdoor and urban apparel.

Nau works with its ________ to develop socially responsible outdoor and urban apparel.

involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.

Positioning

provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers.

The American Marketing Association

Which test asks the question, "Would I like to be on the receiving end of this action and all its potential consequences?"

The Golden Rule Test

Which of the following statements reflects the philosophy of the market-oriented era?

The customer is king.

Conscious marketing encompasses which of the following overriding principles?

The presence of corporate leadership, creating a corporate culture.

Which of the following statements about marketing metrics is true

They assist in comparing results among SBUs

Select the statement that best describes the key traits of Generation Y.

This generation varies the most in age, ranging from teenagers to adults who have their own families.

The ethical decision-making framework includes

identify issues.

Laws that prohibit the formation of monopolies or alliances that would damage a competitive marketplace benefit consumers through

increased choices.

Most banks implement customer retention programs aimed at their best customers. They do this because they know that retaining customers usually results in

increased long-term profits.

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.

After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though they could charge much more due to the huge increase in demand. These firms probably recognize that

lifetime profitability of relationships matters more than profits from a particular transaction.

Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online courses. These online programs are most likely pursuing which macro strategy?

locational excellence

Many U.S. companies first discovered marketing during the ________ era.

market-oriented

When clients work with their investment advisers, they ________ their investment portfolios.

cocreate

Which of these is a macroenvironmental factor?

culture

The shared meanings, beliefs, morals, values, and customs of a group of people constitute their

culture.

Disney's My Magic system, which enables visitors to swipe their Magic Band wristbands to get on rides, make purchases, and open their hotel room door, is an example of ________ excellence.

customer

When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using ________ to see if the media "fit" with their advertising agenda

demographics

Elena knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.

needs, wants, and ability to purchase

When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders.

conscious marketing

For years, when considering new products, marketers at Bennett's Coffee and Tea asked themselves, "What would Kelsey think?" Kelsey was a fictional character representing 25- to 50-year-old educated, upper-income women who rarely watched television but did a lot of reading. "Kelsey" represented Bennett's primary

target market segment.

A generational cohort is a group of people

who are of the same generation.

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices but was also

demonstrating corporate social responsibility.

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to

evaluate performance and make adjustments.

How might a technology company like Apple ensure that it behaves in a socially responsible way toward its employees?

It can ensure that pay practices are fair at all levels of the company.

Which of the following is true of changing gender roles?

Women graduate from high school and college at greater rates than men.

The ethical decision-making metric poses which of the following questions?

Would I want to see this action described on the front page of the local paper?

Marketers in the United States are paying increasing attention to ethnic groups because

approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.

To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College 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.

The principle that decisions be ethically based is part of the concept of

conscious marketing.

The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

controllable

Walmart donates more than $1 billion in cash and in-kind items to charitable causes every year. This form of social responsibility most directly impacts

customers.

Which of the following is the third step in the marketing planning process?

identify and evaluate opportunities

All of the following are included in the ethical decision-making framework except

maximize profits.

The four overarching strategies to create and deliver value and to develop sustainable competitive advantages include locational, customer, operational and _______ excellence.

product

The publisher of the well-known Winnie-the-Pooh series wants to celebrate the 100th anniversary of the series, initiating a $200,000 campaign. This initiative represents the ________ component in the four Ps.

promotion

Near the end of the model year, the Like New automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Like New operates as if it were in the ________ era.

sales-oriented

Which of the following actions would be the most likely to support and enhance an operational excellence macro strategy?

3M Corporation implementing new software to improve communication with its suppliers

According to your text, the wealthiest 10 percent of the population control approximately what percentage of Americans' total net worth?

76 percent

Elaine was tired of her leather pocketbook, so she sold it to her friend, Jeannie. This is an example of ________ marketing

C2C

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 Walmart pressured its vendors to supply it with environmentally friendly merchandise with labels to prove it, this effort most relates to the concept of

sustainability.

Though Asian Americans comprise only about 5.6 percent of the U.S. population, they represent

the fastest-growing minority population.

One of the goals of value-based marketing is

to offer greater value than competitors offer.

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems with the property. Previously, they were expected only to answer buyers' questions. The new regulation addressed the marketing ethics problem of

withholding information.

Which of the following is likely to provide a sustainable competitive advantage?

creating an efficient supply chain that lowers your costs

Marketing involves conducting exchanges, satisfying customer needs and wants, and

creating value.

What is the focus of a firm that develops a relational orientation with its customers?

gaining lifetime profitability from customer relationships

Charges that firms are using "sweatshop" labor to produce their products are likely to occur during the ________ phase of the strategic marketing planning process.

implementation

Vikram's company manufactures industrial ladders. He is concerned that consumers who do not understand ladder safety will purchase these extra-tall ladders and injure themselves. During which phase of the strategic marketing planning process should this issue be addressed?

implementation

Typical demographic data include all of the following except

language differences.

The political/regulatory environment comprises political parties, governmental organizations, and

legislation and laws.

Andy decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Andy is pursuing a ________ growth strategy.

market penetration

The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of

marketing ethical issues.

When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm

must align the short-term goals of each employee with the long-term, overriding goals of the firm.

E-books, in addition to being an alternative product form, provide ________ value creation since they can be downloaded via the Internet immediately when and where they are needed.

place

Jeffrey is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeffrey has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeffrey still need to work on?

place

Which element of the marketing mix deals with supply chain management?

place

Which element of the marketing mix is most relevant to the activity "delivering value"?

place

In the ________ stage, a firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly and how the firm plans to balance the needs of its various stakeholders.

planning

Marketers that include ethical policies and standards in the firm's mission or vision statements are introducing these concepts at which stage of the strategic marketing planning process?

planning phase

Red Robin suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product.

social media

What type of firms recognize that including a strong social orientation in business is a sound strategy that is in both its own and its customers' best interest?

socially responsible firms

The components of a SWOT analysis are

strengths, weaknesses, opportunities, and threats.

Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) ________ that allows them to survive.

sustainable competitive advantage

The decision-making metric includes

the publicity test.

Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)

threat.

In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media.

value proposition

Tenisha sells consumer electronics. She knows her customers weigh the costs versus the benefits associated with the different options available. Tenisha decides which products to offer and what prices to charge based on the way her customers think. Tenisha operates as if she was in the ________ era.

value-based marketing

Manufacturers that use just-in-time manufacturing systems coordinate closely with suppliers to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this system mismanagement would represent a(n) ________ in a SWOT analysis.

weakness

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. Related to this concern, the text notes the increasing popularity of

yoga.

Which statement about the changing ethnicity in the United States is true?

A majority of black Americans now live in the suburbs.

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. When they sell to consumers, it is considered ________ marketing.

B2C

For some products, marketers can combine education level with other data like occupation and income to obtain

accurate predictions of purchase behavior.

In the ethical decision-making metric, the question that asks, "Would I want the person I admire most to see me doing this?" applies to the

admired observer test.

Giorgio sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Giorgio is ignoring the ________ step of the marketing planning process.

evaluate performance

For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates

opportunities.

Value-oriented marketers constantly measure

perceived customer benefits against the costs of their offerings.

After a firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluating alternatives. ________ then review and refine these alternatives and choose a course of action.

Company leaders and managers

Which of the following questions relates to the transparency test of an ethical decision-making metric?

Would I be able to give a clear explanation of my actions?