Exam 1: Chpts. 1, 3, 4, 6, & 2

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

​strengths and weaknesses

​For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

False For an exchange to take place there must be at least two parties involved

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, a core competency exists.

False When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) "market opportunity".

Cause-related marketing refers to the specific development, pricing, promotion, and distribution of products that do not harm the natural environment.

False

​A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

False

Martin was given the task of conducting a research project for his firm and proceeds with the following steps: He asks questions to determine the research topic, conducts a telephone survey, writes a report describing the survey results, and gives that report to his boss. Which step of the marketing research process has Martin omitted?

Interpreting research

Customer relationship management is the use of information about customers to create marketing strategies that develop and sustain desirable customer relationships.

True

People learn values and principles through socialization by family members, social groups, religion, and formal education.

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

​Each of the marketing mix elements must work together with the others.

True

​The marketing concept is a management philosophy, not a second definition of marketing.

True

A bribe offered to benefit an organization is generally considered acceptable.

True False False?

In marketing research, a sample is best described as

a limited number of units chosen to represent the characteristics of a total population.

Walmart's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

competitive advantage

Tom's of Maine's natural toothpaste is highly popular but is unlikely to experience much more market growth. As a result, Tom's of Maine is examining other forms of toothpaste with high potential for growth. However, because its natural toothpaste remains so profitable, it can use these profits to invest in newer toothpastes. Trident's natural toothpaste is an example of a

cash cow.

EXperience Limited is a company which offers tours and vacations that include participation in an extreme sport, such as hang-gliding, bungee jumping, skydiving, and motocross. Adrian Moss, EXperience Limited's owner, has just finished developing the strategic plan, including marketing objective of growing his customer base by 15% during the coming year. He believes that the best way of reaching that objective is to promote to the college-aged student. In the past, the majority of his sales have been to males under the age of 29, participating in hang-gliding and bungee jumping at various tourist locations. He wants to expand his skydiving and motocross tours, but isn't sure whether or not the expansion will be profitable. He currently has a database containing all the customers who have gone on a hang-gliding or bungee jumping vacation with his company. According to the BCG matrix, the hang-gliding and bungee jumping tours have been a ____ for EXperience Limited, while the skydiving and motocross tours represent a ____.

cash cow; question mark

Primary data are best described as the

data that are observed, recorded, or collected directly from subjects.

Apple introduced the HomePod, a smart speaker/home automation device. For Apple, HomePod represents a strategy of

diversification

​A physical product you can touch is a(n)

good

During the Industrial Revolution, most firms operated using a(n) ____ orientation.

production

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

stakeholders

​Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

strengths; opportunities