Marketing Concepts Final Exam Review

The poorest 10 percent of the U.S. population earned less than ________ per week in 2014

$412

What is Google+?

A social networking site

To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must

Be aligned with the long-term goals of the firm

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 idea of value-based marketing requires firms to charge a price that

Captures the value customers perceive that they are receiving

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices, but was also

Demonstrating corporate social responsibility

________ attributes are product or service features that are important to buyers and that are used to differentiate among choices.

Determinant

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

Its Value

Among the factors affecting the consumer decision-making process is the way consumers spend their time and money to live, otherwise known as

Lifestyle

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

Which of the following is a core aspect of marketing?

Making product, place, promotion, and price decisions

Many marketing students initially overlook the importance of marketing channel management because

Many of these activities take place behind the scenes

Of the seven primary motivations for mobile app usage, which one do people spend the most amount of time on each month?

Need for "me time"

In which buying situation is the buyer most likely to proceed through all six steps in the buying process?

New Buy

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 form, provide ________ value creation since they can be downloaded via the Internet immediately when and where they are needed.

Place

If Melissa decides to sell the best ice cream on earth, and intends to establish a strong ethical climate in her organization, during which phase of the strategic marketing planning process should she introduce ethical considerations?

Planning

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

Planning

Marketers that include ethical policies and standards in the firm's mission or vision statements are introducing these concepts at which stage of the strategic marketing planning process?

Planning Phase

In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by

Sharing information across the organization

In a process called ________, a customer visits a store to touch, feel, and even discuss a product's features with a sales associate, and then instantly compares the prices online to see whether a better deal is available.

Showrooming

The traditional marketing strategy of selling umbrellas when it is raining is an example of how ________ factors influence consumers' decisions.

Situational

The creation of CVS Health's mobile apps in connection with its onsite MinuteClinics is a response to a ________ trend that surrounds health and wellness concerns.

Social

________ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers.

The American Marketing Association

A consumer's external social environment includes

The customer's family, reference groups, and culture

In the consumer decision process, we decide how much time and effort to expend searching for information based partly on

The degree of perceived risk associated with the product or service being considered

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

The results of the 2010 census suggest what about the 42 million African American U.S. households?

They are more affluent and suburban

Marketing enriches society by

sponsoring charitable events

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including

strengths and weaknesses

________ are free to download, but appear as ads on the screen; they generate revenue while users interact with the app.

Ad-supported apps

In the ethical decision-making metric, the question that asks "Would I want the person I admire most to see me doing this?" applies to the

Admired observer test

Apple computer users tend to like the company and love its products. Apple has nurtured this ________ component of its customers' attitudes.

Affective

Which ethnic group tends to be not only more affluent and suburban than previously thought, but also younger, with 47 percent between the ages of 18 and 49 years?

African American

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered ________ marketing.

B2C

________ is distinguished from the other generational cohorts in that the group's oldest members are now collecting Social Security.

Baby Boomers

Coca-Cola relies on ________ technology to offer their customers a free Coke at the moment they walk through a movie theater.

Beacon

Alex decides to make a donation to the Autism Research Institute. Which component of Alex's attitude toward autism research does this represent?

Behavioral component

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

When a business customer engages in a straight rebuy, the member of the buying center most likely to be involved in the purchase is the

Buyer

Sometimes consumers have second thoughts after buying goods that are expensive, infrequently purchased, or associated with a high level of risk. This is an especially critical time for marketers, as their customers are dealing with

Buyer's remorse

In most large organizations, several people are responsible for making a purchase decision. This group is called the

Buying center

When Goodwish Marketing decided to upgrade its computer network, many people were involved in the decision. In B2B buying systems, decisions are often made

By a committee after considerable deliberation

How does your text describe how social media firms help marketers connect with their customers?

By helping build connections between customers and firms

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.

C2C

The United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture

Can be used as a relevant identifier for a particular target group

The three components of an attitude are

Cognitive, affective, and behavioral

Individuals achieve the ________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook.

Connected

When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders.

Conscious marketing

Denny is considering the question, "Did our actions have a negative impact on any stakeholder group?" Denny is addressing marketing ethical issues in the ________ phase of the strategic marketing planning process.

Control

During the ________ phase of the strategic marketing planning process, marketers utilize systems to check whether each conscious marketing issue raised in earlier phases was addressed.

Control

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets

Controllable

An online retailer needs to be able to measure how well its website converts purchase intentions into actual purchases. This is known as the

Conversion rate

To attract and maintain habitual purchasers, marketers spend considerable effort

Creating strong brands and store loyalty.

Using the BCG portfolio analysis, a "dog" should be phased out unless

It complements or boosts the sales of another product

During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors?

Ethical

Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?

Evaluation of alternatives

Marketers particularly want their brands and products to be in consumers' ________ sets.

Evoked

Unlike a firm's mission statement or employee handbook, a firm's organizational culture often

Exists as a set of unspoken guidelines

A competitive advantage based on location is often sustainable because

It is not easily duplicated

How is the cost to companies and entrepreneurs using Google Analytics calculated?

Free for everyone

Ryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Ryan's firm must look at everything it does

From a consumer's point of view

Many health insurance policies require patients to call and get preapproval for tests or procedures. The health insurance company acts as a(n) ________ for the purchase of these medical services.

Gatekeeper

Which generation's members are also known as Millennials?

Gen Y

Strategic efforts to supply consumers with environmentally friendly merchandise are called

Green marketing

Marketers love consumers who engage in ________, buying their company's product with little thought or consideration of alternatives.

Habitual decision making

Which of the following is a social trend listed in the text?

Health and wellness

One measure of traffic from visitors on sites, the total requests for a page, is measured in units called

Hits

Which of the following social media tools is a type of all-in-one marketing software that can be used to educate customers?

HubSpot

When considering income as a demographic variable affecting marketing efforts, marketers need to recognize that

Income in the United States has become more unevenly distributed.

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to

Increase the perceived value of its products

At many universities, education faculty members were among the first to ask for personal computers. These faculty members were ________ in the buying center.

Initiators

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

Integrated marketing communications

During the RFP stage, B2B buyers

Invite suppliers to bid on supplying what is requested

How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?

It can protect the privacy of personal information collected on its website

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.

Which of the following is true of marketing?

Marketing affects various stakeholders

The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of

Marketing ethical issues

What is the disadvantage for companies in using a "daily budget" such as that offered by Facebook to its advertisers?

May limit exposure if ad is very successful

After defining the business mission, what should a firm do next to develop a marketing plan?

Perform a situation analysis

Firms achieve ________ through efficient procedures and excellent supply chain management.

Operational Excellence

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

Opportunity

Marketers who design and offer new products and services to their existing customers are pursuing a ________ growth strategy.

Product Development

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

Production-oriented

The ethical decision-making framework includes all of the following steps except

Promote the firm's corporate social responsibility efforts

_______ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

Promotion

In terms of the 4E framework, in order for a firm's offer to excite its targeted customers, the offer must be

Relevant

A wholesaler is an example of a

Reseller

The first objective in the evaluate performance phase of the marketing planning process is to

Review implementation programs and results using metrics.

From a marketing perspective, what role is played by professional bloggers?

Reviewing and giving product and service recommendations

Maslow's hierarchy of needs includes physiological needs at the lowest level and self-actualization at the top. The three levels in between are

Safety, love, and esteem

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ________, including the ranchers that supply the food, its customers, and animal welfare groups.

Stakeholders

One of the goals of value-based marketing is

To offer greater value than competitors offer

Apps like calendars, trip planners, and flight trackers help consumers fulfill which primary motivation?

To prepare

In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media.

Value proposition

Which of the following statements accurately describes the current income distribution in the United States?

Wealthy households are outpacing both poor and middle-class households

An internet site whose purpose is to be a major starting point for users when they connect to the web and is often used by smaller companies in the RFP process is referred to as a(n)

Web portal

Which of the following best represents how marketing expands firms' global presence?

When companies manufacture and sell their products all over the world

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide

Which kinds of stores to open

Companies that specialize in sentiment analysis are least likely to look at ________ for data.

YouTube