TTU Marketing 3350 Exam 1 Review

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. Most of these are social responsibility initiatives, but serve stakeholders other than channel partners.

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 Locational excellence refers to having a good physical location and internet presence.

Christie, a marketing executive who was born in 1955, advocated that her company focus on a print campaign for its new line of lipsticks rather than spending money on online ads. This point of view may attribute to the fact that she is a member of which generational cohort?

Baby Boomer Baby Boomers born between 1946 and 1964

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

Co-create A creative way to provide value to customers is to engage in value cocreation.

What is most likely to happen when inflation increases?

Consumers buy lower-priced foods. Inflation refers to the persistent increase in the price of goods and services. Increasing prices cause the purchasing power of the dollar to decline; in other words, the dollar buys less than it used to.

Fourteenth National Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Fourteenth National's superior service, the bank creates and delivers value through

Customer Excellence Superior service is a key facet of a customer excellence strategy.

A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them w/ special promotions. In this way, the gallery is using ________ to build loyalty among its customers.

Customer Relationship Managament

Lisle Hair Company keeps track of the gender and age of its customers so it can target e-mails to them and be sure to have the right hair products in stock when they visit. This is an example of the use of demographics in marketing.

Demographics

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

Demographics.

Hisaoki picks up the local newspaper and reads a stinging letter to the editor criticizing his beverage company for supporting a sporting event for handicapped children. The letter writer is critical of a banner displayed at the event, with the logos of alcoholic beverages and Hisaoki's company name. Hisaoki never considered that this problem might arise. In the Framework for Ethical Decision Making, Hisaoki's company failed to

Identify issues. Hisaoki failed to identify possible ethical issues in advertising alcoholic beverages at an event for children.

Molly 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 Molly engaged in?

Implement marketing mix and resources. Molly is dealing with implementation of the marketing mix-- price cuts (price), advertising (promotion), and distribution changes (place).

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of not creating a(n)

Marketing Plan

Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in

New York, Los Angeles, San Francisco, and Chicago

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

Place

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

Place

__________ represents all the activities necessary to get the product to the right customer when that customer wants it.

Place Place represents all the activities necessary to get the product to the right customer when that customer wants it.

Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages. The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices. There is no need even to navigate to Delta's website--users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook. Which element of the marketing mix does this represent?

Place and Value Delivery

3M involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. 3M is pursuing a ____________ growth strategy.

Product Development While some of the new products may attract new markets (which would represent diversification), the initiative described is aimed primarily at developing new products to serve current customers.

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ____________ era of marketing.

Production-Oriented PO era of marketing dealt primarily with manufacturing processes and the design of a good product, but w/o concern for meeting specific customer needs.

Conscious marketing encompasses all of the following principles except

Recognition of the company's bottom line. Conscious marketing encompasses these 4 overriding principles: recognition of marketing's greater purpose; consideration of stakeholders and their interdependence; the presence of conscious leadership, creating a corporate culture; and the understanding that decisions are ethically based.

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

Sales-Oriented In the sales-oriented era, manufacturers had the capacity to produce more than customers really wanted or were able to buy.

When Walmart issues new standards for livestock products that were raised on food w/o antibiotics or artificial growth hormones, it considered multiple ___________, including the ranchers that supply the food, its customers, and animal welfare groups.

Stakeholders

Imagine the use (or misuse) of data collected from consumers by marketing research firm. One of the issues that might arise is the way the data are collected. At what step in the framework for ethical decision making would this issue be identified by the marketing research firm?

Step 1--identifying issues Step 1--identifying issues Step 2--is gathering info and identifying stakeholders Step 3--is brainstorming alternatives Step 4--is choosing a course of action

Four companies dominate the cereal industry. These firms produce in large volumes, promote heavily, and control access to the supermarket shelves through slotting allowances, which are payments to retailers in return for shelf space. Combined, these four firms have

a sustainable competitive advantage.

Julie is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julie is relieved to see that in marketing

all parties to the transaction should be satisfied. Marketing is about satisfying customer needs and wants.

Which of the following descriptions embodies conscious marketing principles?

both ethically and socially responsible.

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. It is too soon to make a choice--- at this point, the involved parties should brainstorm and then evaluate alternatives.

When studying culture, the challenge for marketers is to determine whether culture

can help identify a particular group that might be interested in the marketer's products. The challenge for marketers is to have products identifiable by and relevant to a particular group of people.

A firm's macro-environment includes all of the following except

competition Competition is part of the immediate environment, not the macro-environment.

Pepsi has cooperated with America on the Move to improve many of its products and their labels, such as reducing the saturated fat in it's Frito-Lay Ruffles. This form of social responsibility most directly impacts

customers.

Larry is asked to conduct an STP analysis for his firm. The first step he should preform in this analysis is to

divide the marketplace into subgroups.

Marketers must determine the price of a product carefully, based on potential buyers' belief about

it's value A product should attempt to satisfy a customer's needs. Pricing based on buyers' perception of value ensures that buyers believe the product is worth its price.

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called

market segmentation The process of dividing the market into groups of customers with different needs, wants, or characteristics.

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 In the planning stage, the 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.

Generational cohorts are groups of people of the same generation who have similar _______ because they have shared experiences and are in the same stage of life.

purchase behaviors

The center of all marketing efforts is

the consumer.

All of the following are included in the decision-making metric except

the likability test.

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes

the value of their time and energy. Price is everything the buyer gives up-- money, time, and/or energy--in exchange for the product.

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

threat. An external negative factor is a threat.

One of the goals of value-based marketing is

to offer greater value than competitors offer.