Maketing 1st quiz

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Which of the following terms is defined by the​ activity, set of​ institutions, and processes for​ creating, communicating,​ delivering, and exchanging offerings that have value for​ customers, clients,​ partners, and society at​ large?

Marketing

Which of the following is used by firms to outline marketing objectives and​ strategies, and identify who is responsible for carrying out each part of the​ strategy?

Marketing plan This is a document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.

If you own a small retail shop and you put ads in the local​ paper, put flyers on doors in every​ neighborhood, and buy billboards in the area so that you can reach as many potential consumers as​ possible, you are engaging in​ _____ marketing

mass

A​ ________ includes all possible customers in a market

mass market A mass market consists of all possible customers in a market regardless of the differences in their specific needs and wants.

Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in​ _____ marketing

mobile

Which of the following is considered to be the key to successful​ marketing?

Satisfying consumer needs

_____ is the industry term for inventory and cash losses from shoplifting damage to​ merchandise, and employee theft.

Shrinkage

Which of the following is NOT one of the four distinct eras in the evolution of​ marketing?

Social Media Era

Which of the following is the formula for calculating the lifetime value of a​ customer?

The amount a person will spend MINUS the cost to maintain the relationship

.A process of determining just how much value an​ organization's marketing activities create and their impact on the bottom line is known as​___

accountability In addition to building​ long-term relationships and focusing on social​ responsibility, triple-bottom-line firms place a much greater focus on accountability—measuring just how much value an​ organization's marketing activities create. This means that marketers at these organizations ask hard questions about the true value of their efforts and their impact on the bottom line.

When the Lego Movie was released to movie​ theaters, the intent was not necessarily to sell more​ Legos, but the firm did have a say in decisions about details of the movie. This is an example of​ _____ content.

branded

Place—one of the four Ps—most closely relates to​________

channel of distribution Place, or having a given product or service available to the customer at the desired time and location is a critical element of the four Ps of marketing. The channel of​ distribution, or the set of firms that work together to get a product from a producer to a​ consumer, provides for success in relation to place.

An edge that a firm has over its competitors that allow it to have higher​ sales, higher​ profits, and more customers is known as​ _____

competitive advantage

Suppose a restaurant in a small community offers breakfast options​ 24-hours a​ day, however, none of the competition even offers breakfast options. This would be an example of​ a(n) _____ benefit.

differential

​Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of​ _____ competency.

distinctive

If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the​ world, that company is engaging in​ _____ marketing.

green

A distinctive group of customers within a larger market who have some similarity but whose needs differ from other customers is known as a​ _____

market segment

A document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as​ a(n) _____ plan.

marketing

Promotion is also referred to as​ ________.

marketing communication

Which of the following is NOT an example of​ consumer-generated content?

A Nike shoe commercial that uses marathon runners as spokespeople Todos los demas si son A YouTube video recommending the purchase of a​ telescope, posted by an expert in the field of astrophysics with more than​ 500,000 followers C. Doritos' "Crash the Super​ Bowl" contest, where fans submitted their best​ 30-second commercials for voting by fans Your answer is not correct. D. One million posts by individuals on Twitter and​ Facebook, using the hashtag ​#Adidaslove to show support for a new Adidas line of shoes with a social purpose E. Data stored in the cloud

Which of the following BEST describes a distinctive competency of a​ firm?

A capability that is superior to the competition A distinctive competency is a​ firm's capability that is superior to that of its competition.

Which of the following BEST describes a marketing​ plan?

A document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy marketing plan is an integrated planning document that lays out the marketing plan and steps forward.

What is a value​ proposition?

A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product Communicating how and why a product or service provides value to the consumer is critical to any marketing effort.

A product can be many things. Which of the following would NOT be considered a​ product?

A promotion These are considered a product: A good A service. An idea A place

What is competitive​ advantage?

An edge over a​ firm's competitors that allows it to have higher​ sales, higher​ profits, more customers

Which of the following is described as an event that a company hosts to thank its loyal​ customers?

Brandfest A brandfest is an event that companies host to thank customers for their loyalty.

Which of the following is NOT considered a primary activity of a value​ chain?

Competitive advantage Competitive advantage is not a specific element of the value chain. Specific competitive advantages may add value along​ firm-specific value​ chains, but the answer here does not specify what such an example would be.

Which of the following describes the ultimate user of a good or​ service?

Consumer

In the​ triple-bottom-line era, businesses emphasize the need to maximize which three components as​ "bottom lines"?

Financial, social, environmental A​ triple-bottom-line approach to business and marketing maximizes benefits to all​ stakeholders, while also generating a profit

​_____ refers to the availability of the product to the customer at the desired time and location.

Place

Which of the following is NOT one of the​ "Four Ps" of the marketing​ mix?

Profit

​_____ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.

Promotion

Which of the following is also referred to as marketing communication​?

Promotion Promotion includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.

Which of the following is the general progression of the four eras of​ marketing?

The production​ era, the sales​ era, the relationship​ era, the​ triple-bottom-line era We think about the history of marketing as moving through four distinct​ eras, summarized as the production​ era, the sales​ era, the relationship​ era, and now the​ triple-bottom-line era.

Which of the following is NOT an example of a marketing planning​ question?

What were consumer preferences like in the​ mid-1960s? Todas las demas si son Though this information could be relevant in relation to trends occurring today that may mirror or have root in the​ 1960s, it would not be particularly relevant to​ modern-day marketing plans.B. b How will​ present-day corporate social responsibility efforts impact firms and product offerings in my​ industry? C. How will changes in technology affect our production​ process, our communication​ strategy, and our distribution​ strategy? D. What product benefits will our customers look for in three to five​ years? E. What changes in social and cultural values are occurring now that will impact our market in the next few​ years?

A​ ___________ is when marketers work to create a perception of a product in their​ consumers' minds in comparison to​ competitors' brands.

positioning strategy Positioning strategies create a desired perception of the product in​ consumers' minds in comparison to​ competitors' brands.

A product can be all of the​ following, except​ a(n) _____.

price

ROMI is an acronym that stands for​ _____, and indicates how much value an​ organization's marketing activities create.

return on marketing investment

In the selling​ orientation, management viewed marketing as​ a(n)___________.

sales function In the sales​ era, marketing was considered to be a way to move products out of warehouses so that inventories​ didn't pile up.

Intangible products that are paid for and​ used, but not owned are known as​ _____.

services

Corporate citizenship is also referred to as​ _____________.

social responsibility Corporate social responsibility​ (CSR) refers to a​ firm's responsibility to the community in which they operate and to society in general. In the​ future, good corporate citizenship will become a major marketing function.

The​ _____ marketing concept states that marketers must satisfy​ customers' needs in ways that also benefit society while they still deliver a profit to the firm.

societal

Many firms use a​ _________ strategy in which they divide the overall market into segments and then target the most attractive one.

target market Target market can take many​ forms, but they are a specifically selected market​ segment, one usually chosen after significant market research.

The activities involved in​ designing, producing,​ marketing, delivering, and supporting any product is its​ __

value chain

A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as​ a(n) ___

value proposition

The concept that under the right​ circumstance, groups are smarter than the individuals in them is referred to as​ ____

wisdom of the crowds

he marketing mix is the​ marketer's strategic​ toolbox, and is comprised of which of the following core​ elements?

​Product, Place,​ Promotion, Price

With the increased use of blogs and social​ media, _____ is expected to become more important than branded content marketing strategies of the past.

​user-generated content Customers' demand for good content will continue to dominate online marketing.​ User-generated content will grow and overtake the importance of branded content.


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