Maketing 1st quiz
Which of the following terms is defined by the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large?
Marketing
Which of the following is used by firms to outline marketing objectives and strategies, and identify who is responsible for carrying out each part of the strategy?
Marketing plan This is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
If you own a small retail shop and you put ads in the local paper, put flyers on doors in every neighborhood, and buy billboards in the area so that you can reach as many potential consumers as possible, you are engaging in _____ marketing
mass
A ________ includes all possible customers in a market
mass market A mass market consists of all possible customers in a market regardless of the differences in their specific needs and wants.
Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in _____ marketing
mobile
Which of the following is considered to be the key to successful marketing?
Satisfying consumer needs
_____ is the industry term for inventory and cash losses from shoplifting damage to merchandise, and employee theft.
Shrinkage
Which of the following is NOT one of the four distinct eras in the evolution of marketing?
Social Media Era
Which of the following is the formula for calculating the lifetime value of a customer?
The amount a person will spend MINUS the cost to maintain the relationship
.A process of determining just how much value an organization's marketing activities create and their impact on the bottom line is known as___
accountability In addition to building long-term relationships and focusing on social responsibility, triple-bottom-line firms place a much greater focus on accountability—measuring just how much value an organization's marketing activities create. This means that marketers at these organizations ask hard questions about the true value of their efforts and their impact on the bottom line.
When the Lego Movie was released to movie theaters, the intent was not necessarily to sell more Legos, but the firm did have a say in decisions about details of the movie. This is an example of _____ content.
branded
Place—one of the four Ps—most closely relates to________
channel of distribution Place, or having a given product or service available to the customer at the desired time and location is a critical element of the four Ps of marketing. The channel of distribution, or the set of firms that work together to get a product from a producer to a consumer, provides for success in relation to place.
An edge that a firm has over its competitors that allow it to have higher sales, higher profits, and more customers is known as _____
competitive advantage
Suppose a restaurant in a small community offers breakfast options 24-hours a day, however, none of the competition even offers breakfast options. This would be an example of a(n) _____ benefit.
differential
Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of _____ competency.
distinctive
If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the world, that company is engaging in _____ marketing.
green
A distinctive group of customers within a larger market who have some similarity but whose needs differ from other customers is known as a _____
market segment
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as a(n) _____ plan.
marketing
Promotion is also referred to as ________.
marketing communication
Which of the following is NOT an example of consumer-generated content?
A Nike shoe commercial that uses marathon runners as spokespeople Todos los demas si son A YouTube video recommending the purchase of a telescope, posted by an expert in the field of astrophysics with more than 500,000 followers C. Doritos' "Crash the Super Bowl" contest, where fans submitted their best 30-second commercials for voting by fans Your answer is not correct. D. One million posts by individuals on Twitter and Facebook, using the hashtag #Adidaslove to show support for a new Adidas line of shoes with a social purpose E. Data stored in the cloud
Which of the following BEST describes a distinctive competency of a firm?
A capability that is superior to the competition A distinctive competency is a firm's capability that is superior to that of its competition.
Which of the following BEST describes a marketing plan?
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy marketing plan is an integrated planning document that lays out the marketing plan and steps forward.
What is a value proposition?
A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product Communicating how and why a product or service provides value to the consumer is critical to any marketing effort.
A product can be many things. Which of the following would NOT be considered a product?
A promotion These are considered a product: A good A service. An idea A place
What is competitive advantage?
An edge over a firm's competitors that allows it to have higher sales, higher profits, more customers
Which of the following is described as an event that a company hosts to thank its loyal customers?
Brandfest A brandfest is an event that companies host to thank customers for their loyalty.
Which of the following is NOT considered a primary activity of a value chain?
Competitive advantage Competitive advantage is not a specific element of the value chain. Specific competitive advantages may add value along firm-specific value chains, but the answer here does not specify what such an example would be.
Which of the following describes the ultimate user of a good or service?
Consumer
In the triple-bottom-line era, businesses emphasize the need to maximize which three components as "bottom lines"?
Financial, social, environmental A triple-bottom-line approach to business and marketing maximizes benefits to all stakeholders, while also generating a profit
_____ refers to the availability of the product to the customer at the desired time and location.
Place
Which of the following is NOT one of the "Four Ps" of the marketing mix?
Profit
_____ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
Promotion
Which of the following is also referred to as marketing communication?
Promotion Promotion includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
Which of the following is the general progression of the four eras of marketing?
The production era, the sales era, the relationship era, the triple-bottom-line era We think about the history of marketing as moving through four distinct eras, summarized as the production era, the sales era, the relationship era, and now the triple-bottom-line era.
Which of the following is NOT an example of a marketing planning question?
What were consumer preferences like in the mid-1960s? Todas las demas si son Though this information could be relevant in relation to trends occurring today that may mirror or have root in the 1960s, it would not be particularly relevant to modern-day marketing plans.B. b How will present-day corporate social responsibility efforts impact firms and product offerings in my industry? C. How will changes in technology affect our production process, our communication strategy, and our distribution strategy? D. What product benefits will our customers look for in three to five years? E. What changes in social and cultural values are occurring now that will impact our market in the next few years?
A ___________ is when marketers work to create a perception of a product in their consumers' minds in comparison to competitors' brands.
positioning strategy Positioning strategies create a desired perception of the product in consumers' minds in comparison to competitors' brands.
A product can be all of the following, except a(n) _____.
price
ROMI is an acronym that stands for _____, and indicates how much value an organization's marketing activities create.
return on marketing investment
In the selling orientation, management viewed marketing as a(n)___________.
sales function In the sales era, marketing was considered to be a way to move products out of warehouses so that inventories didn't pile up.
Intangible products that are paid for and used, but not owned are known as _____.
services
Corporate citizenship is also referred to as _____________.
social responsibility Corporate social responsibility (CSR) refers to a firm's responsibility to the community in which they operate and to society in general. In the future, good corporate citizenship will become a major marketing function.
The _____ marketing concept states that marketers must satisfy customers' needs in ways that also benefit society while they still deliver a profit to the firm.
societal
Many firms use a _________ strategy in which they divide the overall market into segments and then target the most attractive one.
target market Target market can take many forms, but they are a specifically selected market segment, one usually chosen after significant market research.
The activities involved in designing, producing, marketing, delivering, and supporting any product is its __
value chain
A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as a(n) ___
value proposition
The concept that under the right circumstance, groups are smarter than the individuals in them is referred to as ____
wisdom of the crowds
he marketing mix is the marketer's strategic toolbox, and is comprised of which of the following core elements?
Product, Place, Promotion, Price
With the increased use of blogs and social media, _____ is expected to become more important than branded content marketing strategies of the past.
user-generated content Customers' demand for good content will continue to dominate online marketing. User-generated content will grow and overtake the importance of branded content.
