MARKETING EXAM REVIEW

What are fundamental components of the dynamic effect in social media engagement

-An active back-and-forth exchange that promotes further interaction -The way in which people's interests and participation in online groups change over time

Who are stakeholders?

-Employees -Community members -Customers -Government agencies

What are effective uses of corporate blogs?

-Engaging customers through two-way dialog -Creating excitement when discussing new products and promotions -Educating customers about products and services

What are examples of social media content that businesses can effectively leverage to excite customers?

-Games based on a product or brand -Mobile apps used to communicate personalized offers -Information on Facebook used to communicate deals

In which stages of the strategic marketing planning process do firms address conscious marketing?

-Planning -Implementation -Control

Which of the following are the possible ethical dilemmas encountered when marketing?

-Promoting a faulty product -Advertising cigarettes to minors

Which statements about the way consumers make online purchases are true?

-Searches made via desktop computers have higher conversion rates than those made via mobile apps. -Consumers use desktop computers more often than mobile apps.

Which statements about social media are true?

-Social media facilitate interpersonal interactions. -Social media can be important component of an integrated marketing communications strategy. -Social media are used by marketers and customers to share many kinds of information.

Which of the following are fundamental ideas behind the connected effect in social media engagement?

-The connection in social media is bidirectional. -People have an innate need to connect with others. -Social media serve as a mechanism for people to share information with others.

Brand licensing

A contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee.

family brand

A firm's own corporate name used to brand its product lines and products.

early majority

A group of consumers in the diffusion of innovation model that represents approximately 34 percent of the population; members don't like to take much risk and therefore tend to wait until bugs are worked out of a particular product or service; few new products and services can be profitable until this large group buys them.

R&D consortia (idea generation)

A group of firms and institutions, possibly including government and educational institutions, that explore new ideas or obtain solutions for developing new products.

How much control do companies generally have over the content on corporate blogs that allow customers to respond to posts?

A high degree of control, because companies retain editorial control over the content posted

brand repositioning (rebranding)

A strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences.

What is an effective way for digital marketers to use content?

Align the content to suit the target market specifically

What are the three stages of the social media engagement process?

Analyze Listen Do

When should firms introduce conscious marketing?

At the beginning of the planning process

manufacturer brands (national brands)

Brands owned and managed by the manufacturer.

laggards

Consumers, representing approximately 16 percent of the population, who like to avoid change and rely on traditional products until they are no longer available. Sometimes laggards never adopt a product or service.

cannibalize

From a marketing perspective, it is the negative impact on a firm's sales, profits, or market share when one product competes closely with a similar product offered by the same company.

product line

Group of associated items, such as those that consumers use together or think of as part of a group of similar products.

What are the components of the information effect in social media engagement?

Identifying the context and receiver of content Spreading relevant information through various channels

pioneers (also called breakthroughs)

New product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market.

breadth

Number of product lines offered by a firm; also known as variety.

brand dilution

Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.

first movers

Product pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead.

consumer product

Products and services used by people for their personal use.

retailer/store brands (private-label brands)

Products developed by retailers

unsought products/services

Products or services consumers either do not normally think of buying or do not know about.

shopping products/services

Products or services for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances.

convenience products/services

Products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase.

specialty products/services

Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers.

reverse engineering

Taking apart a competitor's product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist.

product mix

The complete set of all products offered by a firm

late majority

The last group of buyers to enter a new product market, representing approximately 34 percent of the population; when they do, the product has achieved its full market potential.

associated services (augmented product)

The nonphysical attributes of the product, including product warranties, financing, product support, and after-sale service.

depth

The number of categories within a product line.

primary package

The packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumption.

innovation

The process by which ideas are transformed into new products and services that will help firms grow.

perceived value

The relationship between a product's or service's benefits and its cost.

early adopters

The second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation represents about 13.5 percent of the population. They generally don't like to take as much risk as innovators but instead wait and purchase the product after careful review.

brand equity

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

brand extension

The use of the same brand name for new products being introduced to the same or new markets.

line extension

The use of the same brand name within the same product line; represents an increase in a product line's depth.

secondary package

The wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package.

Which of the following is true of the most loyal customers?

They generally use multiple channels to make purchases.

innovators

Those buyers, representing approximately 2.5 percent of the population, who want to be the first to have the new product or service.

What is the basic goal of any website?

To convince users to engage with content

What is the best definition of dynamic in the term dynamic effect?

active and constantly changing

With conscious marketing, the leaders of a company are conscious of which levels of the business?

all

"Freemium" and "paid" are examples of

app pricing models

innovators

are those buyers who want to be the first on the block to have a new product or service.

Products that generate enough revenue to cover the losses from other unsuccessful introductions are known as

blockbusters

What is the third step in ethical decision making?

brainstorming alternatives

Lordis wants to improve the element of connection on her firm's social media feed. What would be most helpful to her?

call to action button

Which practice gives a company a sense of purpose beyond making a profit?

conscious marketing

The impact of the information effect depends on its

context

Which of the following refers to voluntary actions a company takes to address the expectations of stakeholders?

corporate social responsibility

Asking users to submit ideas for a new product or service, and/or comment and vote on the ideas submitted by others, is known as

crowdsourcing

Within the 4E framework for social media, the ultimate goal of a firm is to ______ the customer

engage

Which of the 4Es explains why corporate blogs tolerate negative customer posts?

engagement

A travel company launches a new app that makes the process of booking your next vacation into a game. This is best categorized as using social media to ______ the customer.

excite

What adjective best describes the network effect?

exponential

True or False: New products must be targeted toward end consumers.

false

True or false: The only way to experience a product or service for sale is to actually purchase it.

false

Engagement with the customer is designed to

foster loyalty

The second step in ethical decision making is

gathering information and identifying stakeholders

Firms can introduce conscious marketing at the beginning of the planning process by

including ethical statements in the firm's vision statement

licensing

is an agreement through which one firm buys the rights to use the technology or ideas of another research-intensive firm.

The first stage of the social media engagement process is ____________which helps marketers determine their digital marketing

listen

What would qualify as a conversion?

making a purchase

Whereas conscious marketing takes a holistic view of business as a complex, adaptive system, CSR takes what view of business?

mechanistic

What type of blog has the fewest marketing implications?

personal

New product and service innovation is important because the longer a product or service exists in a given marketplace, the more likely that the market will become

saturated

Online and mobile technologies that distribute content to facilitate interpersonal interactions are known as

social media

Which key stakeholder demands that firms behave responsibly?

society

Which type of marketing takes into account all stakeholders?

sustainable marketing

True or false: Educating consumers includes reminding people about what they already know

true

True or false: Goals form the basis of any marketing strategy.

true

What is an example of a contextual element?

website design