MKT Test 1 TTU Harper

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.

Which of the following is an example of loyalty to a company in a consumer's daily life? A. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices. B. Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus. C. Ordering from Pizza Hut because there was a coupon in the mail offering a significant discount. D. Getting a haircut from the one barber in town who had an opening in his schedule this afternoon.

A. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.

A firm can begin to implement the marketing mix immediately after which step?

After it has finished segmentation, targeting, and positioning

When was the production-oriented era?

At the turn of the 20th century

What is NOT an example of customer loyalty? A. Only purchasing dresses at Anthropolgie B. Only purchasing organic products C. Only purchasing light fixtures at Home Depot D. Only purchasing holiday decorations from World Market

B. Only purchasing organic products

Firms become value driven by focusing on which of the following activities?

Building relationships Balancing customer benefits and costs Sharing information

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

Which of the following are examples of strengths that could be identified in a SWOT analysis?

Community involvement A reliable network of spokespeople

What are the three major phases of the marketing plan?

Control Implementation Planning

Energy bars would provide which type of value?

Convenience

Which of the following is NOT one of the four major growth strategies? A. Product development B. Market penetration C. Market development D. Market analysis

D. Market Analysis

When was the consumer "king"?

During the market-oriented era

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

A product can be broken down into services, ideas, and goods. What are goods?

Items you can touch

Which company is most likely to be a value-driven firm?

One that has active and engaging social media channels

_____ is achieved through efficient operations, excellent supply chain, and human resource management.

Operational excellence

Nike shoes would provide which type of value?

Performance

Step 2 of a marketing plan involves which of the following?

Performing a situation analysis using SWOT

______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

Product

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?

Product excellence

What were the primary characteristics of the market-oriented era that followed World War II?

Products were designed to focus on consumers' needs. It was a buyer's market.

Locational excellence is particularly important for which type of firm?

Retailers

Personal selling was a hallmark of which marketing era?

Sales-oriented era

STP stands for

Segmentation, Targeting, Positioning

Firms become value driven by focusing on which of the following activities?

Sharing information Building relationships Balancing customer benefits and costs

A rolex watch would provide what type of value?

Status

What are the four components of a SWOT analysis?

Strengths, weaknesses, opportunities, threats

Firms achieve operational excellence through which of the following?

Strong relationships with suppliers Efficient operations Good supply chain management

What factors that affect a sales manager's performance are outside the manager's control?

Successful competition An economic downturn

What does "strengths" refer to in SWOT analysis?

The positive internal attributes of a firm

Which of the following statements about strategic planning is true?

The process can move back and forth between steps, depending on the situation.

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs.

What are the main purposes of metrics during Step 5?

To explain why things happened To predict what will happen

What is the purpose of evaluating performance during Step 5?

To identify and explain performance above and below expectations

Why do firms use metrics in Step 5 of the marketing plan?

To make appropriate adjustments to performance To make it possible to compare results across regions, product lines, and time periods

Why do firms use metrics in Step 5 of the marketing plan?

To make it possible to compare results across regions, product lines, and time periods To make appropriate adjustments to performance

Which of the following is LEAST effective when building a sustainable competitive advantage?

Using only a single strategy

In what marketing era are we functioning today

Value-based marketing era

Which of the following is the primary question a mission statement should answer?

What type of business are we?

What are reasons why strategic planning may NOT occur sequentially?

When the implementation plan cannot move forward because there are too few resources When new strategic opportunities arise When a situation analysis necessitates that the mission statement be revised

A marketing plan includes all of the following EXCEPT ______.

a plan on how to pitch investors

A marketing strategy identifies each of the following EXCEPT ______. a. staffing requirements for the marketing department b. a related marketing mix c. a firm's target market d. the bases upon which the firm plans to build a sustainable competitive advantage

a. staffing requirements for the marketing department

During the sales-oriented era between 1920 and 1950, firms found an answer to overproduction primarily through ______.

aggressive selling and advertising

A price's value function

capturing value

A promotion's value function

communicating value

Value-oriented marketers measure the benefits that customers perceive against the _______ of their offerings.

cost

A product's value function

creating value

Value-based marketing firms implement their strategies according to what _____ believe is a good value.

customers

A mission statement ______.

defines the scope of activities a firm plans to undertake

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.

deliver

A place's value function

delivering value

Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______.

developing goods and services

Which of the following are components of price?

energy, time, money

Step 5 in the marketing plan process is when a firm ______ the results of the strategy and implementation process.

evaluates

True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.

false

If a car manufacturer wanted to segment its marketplace it would ______

identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans). divide consumers into groups based on their incomes.

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

A sustainable competitive advantage ______.

is when a firm does consistently better than its competitors and it is not easily copied

In portfolio analysis, ______

management evaluates the firm's various products and businesses management allocates its resources to products with the greatest potential to be profitable

A strategy that employs existing products or services to reach new market segments is called ______.

market development

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

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

The macro strategies for developing customer value include each of the following EXCEPT ______ A. marketing excellence B. operational excellence C. locational excellence D. product excellence

marketing excellence

The macro strategies for developing customer value include each of the following EXCEPT ______. marketing excellence product excellence operational excellence locational excellence

marketing excellence

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

marketing plan

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

marketing strategy

A metric is a ______ that quantifies a trend, dynamic, or characteristic.

measuring system

Revenues, sales, and profits are commonly used ______ to assess performance.

metrics

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

During the sales-oriented era between 1920 and 1950, firms found an answer to their ______ by focusing on selling.

overproduction

In Stage 5, the purpose of a(n) ______ evaluation is to figure out problem areas

performance

______ is one of the elements of the four Ps that embodies all activities needed to get the product to the right customer when and where he or she wants it.

place

The three major phases of the marketing plan are ______.

planning, implementation, and control

In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.

portfolio

Which of the following are associated with marketing, as defined by the AMA?

processes used to create value for clients institutions that facilitate the exchange of offerings that have value for customers activities that communicate offerings that have value for society at large

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and effective branding and positioning, are doing so using ______ excellence.

product

The ______ strategy offers a new product or service to a firm's current target market.

product development

The 4 Ps include:

product, price, place, and promotion.

Some commonly used financial performance metrics include ______

profits sales revenue

A market development strategy uses an existing product offering to ______.

reach new market segments

In a(n) ______ diversification, the current target market and/or marketing mix shares something in common with the new opportunity.

related

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.

segmentation

Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential ______. These refer to a firm's internal attributes as identified during a SWOT analysis.

strengths

Value-oriented marketers engage in an ongoing process of balancing

the perceived benefit to customers and the price.

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.

value

In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better _______ based marketing than their competitors.

value

A firm can build sustainable competitive advantage ______

when it outperforms competition through unique business activities over a long period of time