MKTG 351 FINAL

CRM begins its fcus on customers with?

Information

a target market is?

Is a specific group of customers on whom a company focuses its marketing efforts.

When Burger King offers 99-cent Whoppers to increase store traffic, it is altering which aspect of the marketing mix?

Price

Marketers who attempt to influence and change the various environmental forces have a(n) _____ response to these forces.

Proactive

Deciding to add gel insoles to its running shoes would be a change in the _____ element of the marketing mix for Nike?

Product

Making modifications to packaging or brand names involves the _____ component of the marketing mix?

Product

___________ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.

Product

When DataComp Corp., a producer of computer software, delayed the introduction of its new spreadsheet program to modify the package, its scheduled magazine advertisements announcing the new product needed to be revised. In this case, a change in the ___________ variable caused changes in the ___________ variable of the marketing mix

Product ; Promotion

A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines?

Product, price, distribution, and promotion variables

The element of the marketing mix used to increase awareness of a product or company is?

Promotion

When DuPont develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?

Promotion

According to the marketing concept, an organization should try to?

Provide products that satisfy customers' needs and allow the organization to achieve its goals.

The concept of "exchange" is fundamental to the definition of marketing. What is the best description of exchange?

Provision or transfer of goods, services, or ideas in return for something of value

If in an industry, none of the many sellers could influence the price of supply of its products, this industry would be characterized as

Pure Competition

In general, which of the following competitive structures is an organization least likely to operate?

Pure Competition

The two least common competitive structures at the opposite ends of the continuum are

Pure Competition and Monopolies

Although Matt's company engages in environmental scanning and analysis, he feels more comfortable changing his policies and strategies to adapt to environmental forces rather than trying to influence these forces. Matt has a(n) _____ approach to marketing environmental forces.

Reactive

Marketers who view political forces as being beyond their control are taking a ___________ response toward these forces.

Reactive

Marketers use the term "___________" to describe establishing long-term, mutually satisfying buyer-seller relationships.

Relationship Marketing

Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as

Relationship Marketing

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

Satisfaction for both the buyer and seller

The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)?

Service.

The three basic forms that a product can take are?

Services, ideas and goods.

Managers at the Littlefield Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

Strategic Planning

Successful business organizations should take actions to convert internal weaknesses into ___________ and external threats into ___________.

Strenghts; Opportunities

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

Strengths

An analysis of ___________ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Strengths and Weaknesses

Coca-Cola is aiming its Diet Coke Plus (with vitamins and minerals) at health-conscious customers. These health-conscious customers represent Coke's

Target Market

SunnyD is aimed at mothers with children under age twelve. These mothers represent SunnyD's

Target Market

The Jackson Hewitt company wants to adopt the marketing concept as a business philosophy. To be consistent with this decision, it should adopt which of the following philosophies?

The customer is always right.

When Opryland Hotel wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the hotel, this is an example of

A marketing objective

Marketing Concept

A philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.

The strategic planning process begins with

Analysis of the marketing environment

Companies that market products with similar features, benefits, and prices to the same customer group are known as _________ competitors.

Brand

Marketers primarily focus their environmental analysis on ____ competitors

Brand

The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?

Cash Cow

The Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as

Cash Cows

Marketers often speak of the "controllable" variables in the practice of marketing. Which of the following is not considered one of the controlled variables?

Competition

A __________ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

Competitive advantage

When marketers define their target market, they establish a set of

Competitors

The product variable of th marketing mix can include all of the following except?

Consumer perception of the product price.

A __________ is something that an organization does extremely well and may give a company an advantage over its competition.

Core Competency

A junior marketing executive at MegaGrain Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because MegaGrain's long-term survival, like most companies, depends on

Creating and maintaing satisfying exchange relationships.

When managers at Logistics Pro are developing their strategic plan, they use a marketing orientation as a guide to ensure that ________ is an integral part of the process.

Customer Satisfaction

Issues of inventory levels and storage costs are both concerns relating to the _____ variable of the marketing mix?

DIstribution

Which of the following scenarios involves the distribution element of the marketing mix?

Deciding whether or not to have retail outlets in addition to a website

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

Developing a marketing Strategy

Consumers buying products online have dramatically affected the ___________ variable of the marketing mix?

Distribution

Products that have a relatively low market share and low prospects for growth are considered by the Boston Consulting Group to be

Dogs

The marketing environment is best decribed as being

Dynamic and Changing

In managing customer relationships, the three primary ways profits can be obtained are by

Enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

Environmental Scanning

Dell Computer collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities. This process is called

Environmental Scanning

To monitor changes in the marketing environment effectively, marketers must engage in?

Environmental Scanning and Analysis.

Mark goes to a vending machine, deposits $1.00, and receives a Sprite. Which one of the following aspects of the definition of marketing is illustrated here?

Exchange

Due to limited resources, a consumer decided to serve Hawaiian Punch to a New Year's Eve party crowd instead of Korbel champagne. As a result of this action, Korbel and Hawaiian Punch can be viewed as ___________ competitors

Generic

__________ competitors provide very different products that satisfy the same basic customer need.

Generic

A physical product you can touch is a(n)?

Good.

Which of the following is essentially an uncontrollable factor in developing a marketing mix?

Government Regulations

Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets

Ideas

To formulate a marketing strategy, one must?

Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.

Environmental scanning means ___________ information about the marketing environment, whereas environmental analysis is concerned with ___________ this information.

collecting; assessing

All marketing mix decisions must have two characteristics: ___________ and ___________.

consistency; flexibility

Marketing is the process of?

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

The marketing mix is built around the?

customer

the focal point of all marketing activities is?

customers

The best approach for a company to take when monitoring its competitors is

developing a system for gathering ongoing information about competitors.

A competitive advantage exists when a

firm matches a core competency to opportunities it has discovered in the marketplace.

Because of its highly efficient and low-cost distribution system, Wal-Mart has a _________ advantage over Kmart.

sustainable competitive

the primary value that a marketer expects to recieve from a customer in an exchange relationship is?

the price charged for the product.

A market opportunity results from?

the right combination of circumstances and timing that permit an organization to take action to reach a particular target market

For an exchange to occur, four conditions must exist: first, two or more individuals, groups, or organizations must participate, and each must possess "something of value" that the other desires; second, the exchange must provide a benefit or satisfaction to both parties; third, each must have confidence in the promise of the "something of value" held by the other; and fourth,

to build trust, parties to the exchange must meet expectations.

Realizing that consumers have begun to seek vehicles that use less gasoline, Toyota heavily promotes its hybrid automobiles to capitalize on this __________ while the strategic window is open.

Market Opportunity

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

Market opportunity

American Express implements a program of calling its current cardholders to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?

Marketing

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?

Marketing Concept

A change in the minimum drinking age in any given state illustrates a change in the ___________ for Miller Brewing.

Marketing Environment

A marketing manager for a small computer manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ___________ that influence(s) the firm's strategy.

Marketing Environment

Distribution, price, promotion and product are all elements of?

Marketing Mix

CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

Marketing Plan

Safeway Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

Marketing Strategy

Marketing managers strive to develop a marketing mix that?

Matches the needs of the target market.

A long-term view, or vision, of what an organization wants to become is called a

Mission Statement

Mixed Concrete cannot be shipped farther than twenty-five miles because the concrete might harden in the truck. Citrus County Concrete Company is the only supplier of mixed concrete to customers within a thirty-mile radius. Citrus County Concrete is an example of which one of the following competitive structures?

Monopoly

The type of competitive structure that exists in the case where there are almost no substitutes for a product is a(n)

Monopoly

Which of the following statements about the marketing mix is incorrect?

Once a marketing mix has been created for a particular target market, it cannot be changed until a new strategic window opens.

StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about?

The marketing Environment

Which of the following best describes the acceptance of the marketing concept by American organizations?

The marketing concept has yet to be fully accepted by all organizaitons.

Which of the following statements about marketing environment forces is not correct?

They fluctuate slowly and thereby create threats to a firm's marketing mix

In today's marketing environment, competitors can take on many forms. For example, Diet Coke can be seen as a competitor to Wrigley's Double Mint chewing gum. In this circumstance, these two products are described as ___________ competitors.

Total Budget

The textbook suggests that the best approach a firm can take in responding to marketing environmental forces is

Variable

Which one of the following statements by a company president best reflects the marketing concept?

We have organized our business to make certain that customers get what they want.

A Strategic Window is

a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.

The marketing plan is

a written document detailing activities to be performed to implement and control marketing actions

The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they

affect a marketing manager's decisions and actions by influencing buyers' reactions to the firm's marketing mix

Marketing concept is a management philosophy that affects

all efforts of the organization.

The marketing control process consists of

establishing performance standards, evaluating performance, and reducing the differences between desired and actual performance.

Three primary methods of collecting information for environmental scanning are

observation, secondary sources, and marketing research

The four major competitive structures are

oligopolies, monopolies, monopolistic competition, and pure competition.

The American automobile industry used to be dominated by "The Big Three," including General Motors, Ford, and Chrysler. However, as many more foreign competitors began influencing this market, the American companies had to modify and differentiate their products. The automobile industry moved from a(n) ______ structure to a(n) _______ structure.

oligopolistic; monopolistic competition