MK 303: Chapters 1-9 Connect Exercises

Assume that Hope Springs was guided by the American Marketing Association Statement of Ethics as described in your textbook. If Hope Springs website were to post a sustainability report that indicate how its marketing practices help and harm the environment. What ethical value does this report represent:

transparency

The marketing concept means that an organization aims all its efforts at satisfying its customers—at a profit. The marketing concept is a simple but very important idea. The marketing concept is not a new idea—it's been around for a long time. But some managers show little interest in customers' needs. These managers still have a production orientation—making whatever products are easy to produce and then trying to sell them. They think of customers existing to buy the firm's output rather than of firms existing to serve customers and—more broadly—the needs of society. Well-managed firms have replaced this production orientation with a marketing orientation. A marketing orientation means trying to carry out the marketing concept. Instead of just trying to get customers to buy that the firm has produced, a marketing-oriented firm tries to offer customers what they need.

Ad of a watch - production orientation Ad of Aveeno - marketing orientation

The universal functions of marketing can be observed in everyday marketing practices and consumer behavior. Read the example activities. Then drag each to match the universal function of marketing the activity represents. Warehouse - Storage facility used by wholesalers, retailers, and others to facilitate optimum inventory levels Insurance company - issues policies to businesses to underwrite potential damage or loss of products while in production or transport Bank - institution providing both short term and long term lending to businesses at all levels Advertising agency - company specializing in planning and handling mass selling details for advertisers Corn processing mill - processes raw material and divides it into grades, for example, one to be used as livestock feed and another, finer grade, for meal to be used in other food products Container ship - large intercontinental vessels carrying shipping containers, usually moving Checkout bar code scanner - collects data about what customers buy Merchandise mart - where merchants (i.e. retail buyers) gather to purchase items from wholesalers and distributors, usually for a season or for a year

Buying - merchandise mart Selling - advertising agency Transporting - container ship Storing - warehouse Standardization & grading - corn processing mill Financing - bank Risk taking - insurance company Market information gathering - checkout bar code scanner

The Coffee Collective's goal is to provide customers with a unique coffee drinking experience and a loyalty rewards program. In doing so, the Coffee Collective is differentiating their experience in hopes of providing _____________ for their customers.

Perceived superior value

If Mom places the highest value on convenience when looking for a cup of coffee, which of the marketing mix components is she most concerned with?

Place

Joe to Go offers donuts with its simple cup of black coffee that customers serve themselves. In doing so, the company is attempting to create value for Dad and other customers through which element of the four Ps?

Product

Most universities publish a set of rules about handling academic problems such as cheating and plagiarism. Students who violate these rules are often referred to the university's Honor Committee that evaluates the charges and decides what, if any, punishment is appropriate. This set of written rules is an example of a(n)

code of ethics

When Martha needs to compare the results of the marketing program for the Coffee Collective and then implement changes based upon what she finds, she is in the _____________ phase of the strategic marketing process.

control

Which of the following is NOT one of the three phases of the strategic marketing process?

determination phase

Suppose that Justin interviewed for a job with a company that had an excellent reputation for honesty and fairness with customers and employees, but that didn't believe in the need to get involved in the community or with social causes of any type. This company would be considered:

high ethical values but not socially responsible

The Coffee Collective will need to detail the day-to-day operational decisions that are needed to execute the marketing planning phase. These actions are often organized into the "Four Ps," also called the _________.

marketing mix

When conducting a SWOT analysis, Martha would need to identify strategies that take advantage of the Coffee Collective's ________while avoiding __________.

strengths and opportunities; weaknesses and threats

Martha categorizes prospective buyers into groups that have common needs and will respond similarly to a marketing action, she then determines the group she will focus on. This group represents Martha's ______________.

target market