MKT250 Quiz1

What effect of social media engagement is achieved when individuals post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook?

dynamic effect

Promotion deals specifically with retailing and marketing channel management, also known as supply chain management.

false

The term digital media refers exclusively to social networking sites like Facebook.

false

The components of a SWOT analysis are strengths, weaknesses, opportunities, and tactics.

false (??) should be threats?

Twitter's audience composition is mostly

female

Basic structure which underlies a system or concept (e.g., Porter's Five Force Model of Competition)

framework

The goal of customer relationship management is to

identify and build loyalty among a firm's most valued customers.

Valerie is charged with assessing her company's external environment as part of a SWOT analysis. Valerie will study her company's

opportunities and threats

In a SWOT analysis, the existence of protracted and significant increases in gasoline prices would represent a potential ________ for manufacturers of electric cars.

opportunity

Which marketing mix element is most related to the activity "capturing value"?

price

Apple'S 1984 Super Bowl commercial titled "1984" was one of the most effective Super Bowl commercials of all time

true

Positive engagement through social media often makes customers more profitable for the firm.

true

Price should be based on the value that the customer perceives as giving them a good value for the product they receive.

true

Rich Media includes advertising which includes graphics with audio and visual overlays

true

Approximate number of countries in the world

200

Approximate global population in billions

7.5

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

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a servicnating money, for example. This measure is called the site's

conversion rate

In 2010, Hewlett-Packard Company (HP) acquired Palm Computing Inc., a manufacturer of personal devices and smartphones. Before deciding to acquire the company, strategic planners at HP spent time thinking about how Palm and HP would "fit" together, and how the acquisition might necessitate changes to HP's existing and future core goals and objectives. The strategic planners were engaged in which step of the marketing planning process.

define a business's mission and value statements

Marketers generally prefer to use ______ pricing, in which the organization set price by what customers are willing to pay and the organization can profit at that price point.

demand-based (??)

AMAZON producing sub-surface drones for the U.S. Navy would be an example of employing which growth strategy in the Product/Market Opportunity Matrix

diversification

The final step in the 4E framework for social media

engage (??)

The 4E framework of social media includes

excite, educate, experience, engage

Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that the recession might cut back on tourism in Hawaii would be considered a weakness.

false

In the Hershey example reviewed in class, we learned that Hershey plans to add cannabis compounds its chocolate products in about 3-5 years

false

In the Hershey example reviewed in class, we learned that The Food and Drug Administration (FDA) currently permits adding cannabis compounds to food and beverages

false

Kristin offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on

how different customers perceive her value of service

Lamar owns four dry cleaning stores in the suburbs of Orlando, Florida. He recently updated his STP analysis, and has just finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining

how to allocate resources among his four stores.

After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though they could charge much more due to the huge increase in demand. These firms probably recognize that

lifetime profitability of relationships matters more than profits from each transaction.

Which of the following is least likely to provide a sustainable competitive advantage?

lowering prices

Value creation through place decisions for a consumer product involves

making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to.

Twitter is an example of what type of blog?

microblog

In general, a _____ statement defines what an organization is currently doing, while a _____ statement is basically the ultimate goal of what they'd like to accomplish

mission, vision

As described by one of the 4P's Place, retail ___ (e.g., company-owned stores, franchises, convenience stores) sell product to the end-user / final consumer as opposed to selling product to a channel intermediary

outlets (??)

In recent years, cellular (mobile) service providers have worked hard to eliminate "dead zones," providing customers with service wherever they traveled. By working to make the network available in more locations, cellular service companies were focusing on ________ value creation.

place

An effort to influence consumer perception of a brand/product relative to the perception of competing brands/products.

positioning

Gatorade brand group's mission control tracks the relative importance of social media metrics such as

price and positioning (??)

Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's

product excellence

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

production-orientation

_____ 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

Starbucks is a ___ company whose heavy users are ___

publicly-traded, adults 25-40

The issues surrounding Cambridge Analytica are most associated with which of the 5 trends in social media for 2020

rebuilding trust

Promotion can be measured by Awareness. Aided Awareness is used to assess a consumer's ability to ___ a brand's products when shopping

recall

If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers.

relational

A product must be ___ before it will be counted in a chain's share of industry sales

scanned (??)

When discussing the marketing planning process, STP is an acronym which refers to

segmentation, targeting, positioning

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

BuffaloWildWings.com suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product.

social media

In delivering value, marketing firms attempt to find the most desirable balance between

the need to provide benefits to customers and keep costs down

The strategic planning process must always proceeds sequentially through the five steps.

true

Selena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Selena most likely operates in the ________ era of marketing.

value-based marketing

What type of marketers constantly measure the benefits that customers perceive vs.the cost of their offerings?

value-oriented marketers

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

which kind of stores to open

This organization's blog is "a downright hilarious collection of user-generated content, upbeat notes of encouragement, and silly food humor. It's definitely a marketing "grand slam."

Denny's

Nordstrom, an upscale department store, has long enjoyed a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in

a sustainable competitive advantage

Which industry(ies) is/are among the biggest spenders for Super Bowl ads

autos & airlines (??)

The basic difference between a good and a service is that a good

can be physically touched

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

captures the value customers perceive that they are receiving.

In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called

cash cows

A marketing ____ comprises a set of practices or activities necessary to transfer ownership of goods from producer to the point of consumption. It is the way products and services are distributed get to the end-user.

channel