Principles of Marketing Test 1

An organization's obligation to maximize its positive impact and minimize its negative negative impact on society

Corporate Social Responsibility (CSR)

The perceived benefits, both monetary and nonmonetary, that customers receive from a product

Customer Value

A firm could use mathematical modeling to investigate the effect on sales if the firm were to increase or decrease the price of the product.

False

Carly spoke to 50 people about their preferences in hair coloring, but she spoke to them one at a time. Carly was conducting focus groups.

False

Decisions regarding the place or distribution function must be made using sales tracking

False

In a marketing sense, there is really no difference between a need and a want.

False

Marketing refers to advertising and selling a product.

False

Promotion involves the activities a firm undertakes to make its product available to potential customers.

False

Research objectives are set during the plan development step of the marketing research process

False

The marketing concept is a strategy that utilizes all aspects of marketing in order to persuade consumers to buy new products and more of existing products.

False

When Apple began selling the iPhone, Blackberry countered with a number of business apps that Apple didn't offer and emerged as a smaller but stronger company

False

When a company sends survey takers to a mall to determine buying behavior, it is conducting exploratory research

False

Includes the activities a firm undertakes to make its product available to potential consumers

Place

Franchising

A contractual arrangement in which the franchisor provides a franchisee the right to use its name and marketing

Licensing

A legal process in which one firm pays to use or distribute another firm's resources

Joint Venture

An arrangement in which a domestic firm partners with a foreign company to create a new entity, thus allowing the domestic firm to enter the foreign companties markets

SWOT Analysis

An evaluation of the firm's Strengths Weaknesses Opportunities Threats

The increasingly interconnected nature of the world economy, evokes different reactions from different people

Globilization

Controls

Implementation Organizational Structure Continguency Planning

Part of the supply chain that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer

Logistics

A group of customers interested in buying a specific product

Market

Organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its employees, and stakeholders as a whole

Marketing

Idea that a firm's long-term success must include a company-wide effort to satisfy customer needs

Marketing Concept

An action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy

Marketing Plan

A concise affirmation of the firm's long-term statement

Mission Statement

The amount of something that a buyer exchanges with a seller

Price

A specific combination of goods, services, or ideas that a firm offers to consumers

Product

The Marketing Mix, The Four P's

Product Price Place Promotion

All the activities that communicate the value of a product and persuade customers to buy it

Promotion

A marketing strategy that focuses on attracting, maintaining, and enhancing customer relationships

Relationship Marketing

Thoughtfullly defining a firm's objectives and developing a method for achieving those objectives

Strategic Planning

The set of actions taken to accomplish organizational objectives

Strategy

A set of three or more companies directly lined by one or more of the upstream and donstream flows of products, services, finances, and information from a source to a customer

Supply Chain