Marketing

ACME was not the first to bring a selfie stick to market, but it is now introducing a selfie stick that can also be used as a cane, an umbrella, and a knife for self-defense. Which of the following is ACME benefiting from as a late mover?

Being able to improve on the product design and marketing strategy

____ is (are) most likely to improve ethical behavior in a marketing organization.

Eliminating unethical individuals and improving the organization's ethical standards

After determining that consumers had concerns about certain ingredients that may cause health issues, Patrizzi's Pizza began offering a gluten-free pizza product. The creation of this new product was the result of

a market opportunity.

Alex has a good-paying job. However, even though he has not received any official confirmation, Alex suspects that his job might be cut in the near future. Rumors in the grapevine hint that the company is going to go through massive lay-offs due to declining revenues. As a result, Alex has decided to forgo buying a house until he has a better idea of his job status. He has a lot of savings, but Alex knows he might need them if he becomes unemployed. In this case, Alex lacks

a willingness to buy

An ethical issue is

an identifiable problem, situation, or opportunity requiring an individual to choose from among several actions that must be evaluated as right or wrong.

A group that has the willingness, ability, and authority to buy a product is a

consumer

At times, large retailers such as Tesco may be accused of coercion in dealing with intermediaries because of the amount of power and control these large companies have over many of their suppliers. This is most potentially a ____ -related ethical issue.

distribution

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

diversification

Brand name, product characteristics, packaging, and labeling are some of the ______________ marketing mix variables to standardize for international markets.

easiest

A positive balance of trade is considered good because it means that U.S. dollars are supporting foreign economies at the expense of U.S. companies and workers.

false

A quota is the suspension, by a government, of trade in a particular product.

false

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources.

false

​An organization's business goals should be derived from its

mission statement

A trading company acts like a ______, taking on much of the responsibility of finding markets while facilitating all marketing aspects of a transaction.

wholesaler

A target market

​is a specific group of customers on whom an organization focuses its marketing efforts.

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

A market opportunity results from

​the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

A recession is characterized by extremely high unemployment, very low wages, minimal total disposable income, and lack of consumer confidence in the economy

false

A strong code of conduct that is carefully thought out and detailed will not require many revisions in the history of the firm.

false

An undifferentiated targeting strategy does not target a single market with one marketing mix.

false

Brand name, product characteristics, packaging, and media allocation are among the easiest marketing mix variables to standardize around the world.

false

Limited exporting may not occur if a firm makes little or no effort to obtain foreign sales.

false

Media allocation, retail outlets, and price are among the easiest marketing mix variables to standardize.

false

Political forces and legal and regulatory forces are the same thing.​

false

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

​A firm's organizational mission should be derived from its goals.

false

​Cash cows are market leaders that are growing fast, with substantial reported profits.

false

A major disadvantage of this type of international organizational structure is that employees tend to belong to two divisions and report to two managers in different hierarchies of the firm. This structure is known as a(n) _____________.

global matrix

Both Adidas and Brooks standardize many of their shoe models and colors worldwide, which is an example of

globalization

Anika knows that her company has a formal code of conduct, but she does not see this code being equally and consistently applied to all employees. Anika believes that this sporadic enforcement of the formal code only enhances the ____ for committing unethical acts.

opportunity

A firm wants to build a subsidiary in the Middle East. However, it is apprehensive because of protests in some Middle Eastern countries and the violence in Syria. It does not know if it should take the risk of expanding. ​Which type of barrier does this situation represent?

political

Boeing is one of the world's largest aerospace and defense companies, and it spent $17 million lobbying to pass legislation to protect its interest or to retaliate against its competitors. This best represents which of the following environmental forces?

political

Caterpillar, maker of large construction equipment in the United States, would like to better understand factors that would affect its ability to export its products to various countries. Which of the following forces determine how trade barriers affect Caterpillar's marketing efforts?

political and legal

According to the Boston Consulting Group, which of the following has a small share of a growing market and usually requires a large amount of cash to build market share?

question marks

Although numerous regulatory forces arise from governmental sources, nongovernmental regulatory forces may also affect marketing decisions.

true

An ethical issue is an identifiable problem, situation, or opportunity requiring an individual to choose from among several actions that must be evaluated as right or wrong.

true

Any time an activity causes managers or consumers to feel manipulated or cheated, a marketing ethics issue exists, regardless of the legality of that activity.

true

Basic and extended warranties can reduce risk, a major customer cost.

true

Codes of conduct (ethics) are formalized rules and standards that describe what the company expects of its employees in terms of ethical behavior.

true

Domestic marketing involves marketing strategies aimed at markets within the home country.

true

For a given level of buying power, the larger the family, the greater the willingness to spend.

true

If political officials have positive feelings toward particular firms or industries, they are less likely to create or enforce laws and regulations that are unfavorable for business organizations.

true

One problem with using personality traits for segmentation purposes is that they are difficult to measure accurately.

true

​An organization's goals focus on the ends or results that the firm seeks.

true

​Credit increases current buying power at the expense of future buying power.

true

​Customers are interested in a product's price because they are concerned about the value obtained in an exchange.

true

​Marketers can influence the political process through political action committees that solicit donations from individuals and then contributes those funds to candidates running for political office.

true

A trading company provides a link between buyers and sellers in different countries.

true

____ are formalized rules and standards that describe what a company expects of its employees in terms of ethical behavior.

codes of conduct

​________________ promote ethical behavior by reducing opportunities for unethical behavior; employees know what is expected of them and what kind of punishment follows if rules are violated.

codes of conduct

Before marketers can develop an appropriate marketing mix, they must

collect in-depth, up-to-date information about customer needs.

Bentley targets a very exclusive high-income market. Toyota, on the other hand, targets economy markets (Yaris), the environmentally-conscious market (Prius), and the higher-income market (Lexus). Bentley has adopted a ___________ targeting strategy. Toyota has adopted a ______________ targeting strategy.

concentrated; differentiated

A multinational enterprise is a firm that has operations or subsidiaries located in many countries.

true

Acer is very interested in taking advantage of business opportunities in India but does not have access to India's market. Acer has the patent on a low-cost, quality computer system that could assist small businesses in India. IBM, Acer's competitor, is experienced in India but does not have a computer comparable to Acer's for the small business market. If Acer and IBM work together to utilize these strengths to seize this opportunity in India, what type of business structure would they likely use?

strategic alliance

C.J. Foods, a pet food maker, purchased Lortscher Animal Nutrition, Inc. (LANI), a miller and ingredient supplier, and now operates this division as a separate profit center within the firm. In this example, LANI is a(n) ____ unit of C.J. Foods.

strategic business

A first-mover advantage is

the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

A disadvantage of the concentrated targeting strategy is that

the firm's financial condition is tied to a single and specialized marketing mix.

A company not involved in manufacturing that links buyers and sellers in different countries is usually referred to as a

trading company

A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market.

true

A core competency is something a firm does extremely well-sometimes so well that it gives the company an advantage over its competition.

true