MAR 3023 - Exam #1
Which of the following are associated with marketing, as defined by the American Marketing Association?
-Activities that communicate offerings that have value for society at large -Institutions that facilitate the exchange of offerings that have value for customers -Processes used to create value for clients
What are components of culture?
-Beliefs -Customs of a group of people -Morals
Firms achieve operational excellence through which of the following? (Select all that apply.)
-Efficient operations -Strong relationships with suppliers -Good supply chain management
Which events helped create a situation in which manufacturers produced more than customers could buy?
-Great Depression -World War II
What are the various components of a marketing strategy?
-Identifies a firm's target market -Related marketing mix (four Ps) -The bases upon which the firm plans to build a sustainable competitive advantage.
If a car manufacturer wanted to segment its marketplace it would ____
-Identify customer needs for different type of cares -Divide consumers into groups based on their incomes
What were the primary characteristics of the market-oriented era that followed World War II? (Check all that apply.)
-Products were designed to focus on consumers' needs. -It was a buyer's market.
What are current trends in food marketing? (Select all that apply.)
-Reducing food waste -Opening grocery stores in food deserts
Which of the following are related to marketing in the production-oriented era?
-Retailers were considered places to hold inventory until it was sold -Manufacturers were concerned with product innovation, not with satisfying the needs of the individual
What are the immediate environmental factors that impact consumers? (Select all that apply.)
-The company -The competitors -Corporate partners
What must marketers understand about their competition? (Select all that apply.)
-Their strengths -Their likely response to marketing activities -Their weaknesses
What tasks are firms increasingly using artificial intelligence (AI) to complete? (Select all that apply.)
-Translations -Decision making -Speech recognition
What are reasons why strategic planning may NOT occur sequentially? (Select all that apply.)
-When a situation analysis necessitates that the mission statement be revised -When new strategic opportunities arise -When the implementation plan cannot move forward because there are too few resources
What are supply chain partners?
-Wholesalers -Retailers -Transporters
In portfolio analysis, ______. (Check all that apply.)
-management allocates its resources to products with the greatest potential to be profitable -management evaluates the firm's various products and businesses
Four components of Marketing Mix
1) Promotion 2) Product 3) Price 4) Place
Which of the following characterizes the relationship between marketing and exchange?
A buyer and seller trade things of value, leaving each better off than before
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning
In marketing, "targeting" happens
After the marketplace is segmented
The process by which businesses sell to consumers is known as ____ marketing
B2C
Which of these factors is NOT a macro-environmental factor that directly influences a firm?
Competition (bc its a factor in the immediate environment)
Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-____ marketing
Consumer
Which of the following is an example of loyalty to a company in a consumer's daily life?
Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
A school may collaborate with a publishing company such as McGraw-Hill to ensure that the school receives enough books for each enrolled student. The publishing company is considered the school's ______ partner.
Corporate
Which entity does NOT market to the other entity?
Customers to businesses
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and _____ value
Deliver
A food ______ refers to an area or neighborhood where there is limited to no access to healthy, affordable, fresh food options.
Desert
When was the consumer "king"?
During the market-oriented era
A core aspect of marketing, borrowed from economics, includes a(n) ____ which is a transaction in which things of value are traded by buyers and sellers
Exchange
Which company would likely NOT lose too much money if marketing was discontinued?
True or false: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.
False
True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.
False
True or false: The purpose of a marketing strategy is to maximize short-term profits.
False
During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?
Implement marketing mix
______ refers to an increase in the prices of goods and services and a decline in purchasing power.
Inflation
Which word best describes the social, political, economic, and technological factors with which marketers interact?
Macro-environment
When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ____
Market Oriented
Which of the following is NOT one of the four major growth strategies? Product development Market development Market penetration Market analysis
Market analysis
Firms consider pursuing various ______ as part of their overall growth strategies.
Market segments
What is NOT an example of customer loyalty?
Only purchasing organic products
______ is achieved through efficient operations, excellent supply chain, and human resource management. (Select all that apply.)
Operational excellence
Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and effective branding and positioning, are doing so using ______ excellence.
Product
Match the marketing mix component with its corresponding value function
Product -> Creating value Price -> Capturing value Place -> Delivering value Promotion -> Communicating value
In a ____ diversification, the current target market and/or marketing mix shares something in common with the new opportunity.
Related
Locational excellence is particularly important for which type of firm?
Retailers
When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ____
Segmentation
STP stands for segmentation, _______, and positioning.
Targeting
What would happen to the global economy if all marketing ceased?
The global economy would plummet
Which of the following statements about strategic planning is true?
The process can move back and forth between steps, depending on the situation.
When developing marketing plans, what should a firm consider about their competition?
Their reaction
Which of the following is LEAST effective when building a sustainable competitive advantage?
Using only a single strategy
In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better orientation, ______ -based marketing than their competitors.
Value
Which of the following is the primary question a mission statement should answer?
What type of business are we?
A marketing plan includes all of the following EXCEPT ______.
a plan on how to pitch investors
A mission statement ______.
defines the scope of activities a firm plans to undertake
A company must be able to focus on its ______ competencies as an opportunity to deliver new products to its customers.
existing
A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on ______.
increasing sales to current customers
A competitive advantage based on location ______.
is sustainable when real estate is difficult or expensive to obtain
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
A strategy that employs existing products or services to reach new market segments is called ______.
market development
A strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called ______.
market penetration
Firms consider pursuing various ______ as part of their overall growth strategies.
market segments
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
marketing plan
The product development strategy incorporates a ______ product or service to a firm's ______ target market.
new; current
Product excellence ______.
occurs by having products with high perceived value and effective branding and positioning
A marketing strategy ______.
outlines what a firm plans to do to appeal to potential customers
The ______ strategy offers a new product or service to a firm's current target market.
product development
A market development strategy uses an existing product offering to ______.
reach new market segments
There is increasing concern that ______ will be depleted through actions like deforestation.
the physical environment
In which type of diversification does a firm enter into an entirely new business?
unrelated
