Marketing Exam 1

Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of an opportunity?

Recent consumer studies have indicated that Chinese consumers prefer American cars.

Which of the following specifically prohibits monopolies?

Sherman Antitrust Act

________ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers.

The American Marketing Association

Which of the following is true with regard to mobile advertising?

Within just a couple of years, mobile advertising will be a bigger market than digital advertising.

Andy decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Andy is pursuing a ________ growth strategy.

market penetration

When you register your telephone number with the National Do Not Call Registry, you are responding to a need for

privacy

Tandy's Styles involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. Tandy's is pursuing a ________ growth strategy.

product development

A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.

product line

Mario works for a small computer software company. His boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Mario's boss is probably stuck in the ________ era of marketing.

production-oriented

The Child Protection Act

prohibits the sale of harmful toys and components to children.

Sales

pushing products on customers wants

STP refers to

segmentation, targeting, and positioning

Marketing ethics is concerned with

the sale of products or services that may damage the environment.

Marketing

-finding a value that works for almost every customer -only function that makes money for the firm

Which statement about the changing ethnicity in the United States is true?

A majority of black Americans now live in the suburbs.

By allowing consumers to sell their unwanted goods to the other consumers, auction sites like eBay, Poshmark, and Mercari cater to __________ marketing.

C2C

Customer retention programs are based on what concept?

Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis.

How might a technology company like Apple ensure that it behaves in a socially responsible way toward its employees?

It can ensure that pay practices are fair at all levels of the company.

Which of the following statements about marketing metrics is true?

They assist in comparing results among SBUs.

Which of the following is true of changing gender roles?

Women graduate from high school and college at greater rates than men.

Town Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Town Bank's superior service, the bank creates and delivers value through

customer excellent

Promotion

communication by marketer informs, persuades, and reminds buyers about product

When clients work with their investment advisers, they ________ their investment portfolios.

concrete

Which of the following is a social trend listed in the text?

health and wellness

The ethical decision-making framework includes

identify issues

Effective promotion enhances a product or services

perceived value.

When Kimberly-Clark introduced rolls of toilet paper without the cardboard core, what social trend did this product respond to?

green marketing

Stockholder

has stocks in a company

Jacob was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)

star

Imagine the use (or misuse) of data collected from consumers by a marketing research firm. One of the issues that might arise is the way the data are collected. At what step in the framework for ethical decision making would this issue be identified by the marketing research firm?

Step 1 - identifying issues

In the ethical decision-making metric, the question that asks, "Would I want the person I admire most to see me doing this?" applies to the

admired observer test

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, ________ should engage in brainstorming and evaluating alternatives.

all parties relevant to the decision

To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must

be aligned with the long-term goals of the firm.

Compared to the average company, firms with strong ethical climates tend to

be more socially responsible

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, all parties relevant to the decision should

brainstorm for alternatives

Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the ________ stage.

brainstorming

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

The principle that decisions be ethically based is part of the concept of

conscious marketing

Elena is the CEO of a small manufacturing firm. She is concerned with meeting the investment objectives of the firm's shareholders and sees no value in corporate social responsibility. Elena's attitude is

consistent with the views of other critics of corporate social responsibility.

What is most likely to happen when inflation increases?

consumers buy lower-priced foods

Every year, General Mills issues a report discussing how the firm has performed against its own standards of conscious marketing. This report is part of General Mills' ________ phase of its strategic marketing planning process.

control

Laurine is considering the question, "Did our actions have a negative impact on any stakeholder group?" She is addressing marketing ethical issues in the ________ phase of the strategic marketing planning process.

control

When integrating conscious marketing into a marketing strategy, a key task is to ensure that all managers are evaluated on their actions from a conscious marketing perspective. This action would take place during which stage of the strategic marketing planning process?

control phase

Sandstone Trucking provides transportation services for Betty's Best Bagels so that Betty's stores always have fresh stock. Sandstone Trucking is an example of a

corporate partner

For every consumer who purchases a pair of TOMS shoes, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in

corporate social responsibility

The fundamental goal of marketers when creating goods, services, or combinations of both is to

create value

Marketing enriches society by

creating charitable campaigns

Sharon has gone to the same hair salon for the past ten years. She believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. Other salons have opened closer to Sharon's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. Sharon's attitude toward the salon is an example of

customer loyalty

When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using ________ to see if the media "fit" with their advertising agenda.

demographics

A firm's macroenvironment includes

economics

Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the

employees

After the previous sales representative in his territory infuriated an important customer, Sonja visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Sonja an order. Sonya was providing the important marketing function of

engaging customers and developing long-term relationships

Value Cocreation

getting clothes embroidered, adding design, getting clothes sized to you (customer changing product to satisfy customer)

Relational Orientation

getting same customers to come back and continue to buy from them

Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products as environmentally friendly when this may not actually be the case. This practice is called

greenwashing

Stakeholder

has a stake in the company; affected by company (ex:professors at a university)

Charges that firms are using "sweatshop" labor to produce their products are likely to occur during the ________ phase of the strategic marketing planning process.

implementation

Rashid has been directed by his regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Rashid is engaged in

implementing marketing mix and resources

The persistent increase in the prices of goods and services is known as

inflation

Using the BCG portfolio analysis, a "dog" should be phased out unless

it complements or boosts the sales of another product

Simons & Co. prides itself on a strong ethical climate. Compared to many companies, Simons

it likely more socially responsible

The political/regulatory environment comprises political parties, governmental organizations, and

legislation and laws

To build relationships, firms focus on the ________ of the relationship, not how much money is made during each transaction.

lifetime profitability

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.

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

managing the supply chain

Woods, Inc. is a small, local heating and air conditioning business. The local military base is a potential source of growth, and Woods already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. Woods is considering a ________ growth strategy.

market development

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

market-oriented

The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time.

marketing

Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the

marketing mix

Place

marketing process to get product to right customer at the right place

Price

money, time, energy

When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm

must align the short-term goals of each employee with the long-term, overriding goals of the firm.

Elena knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.

needs, wants, and ability to purchase

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that

no single strategy is likely to be sufficient to build a sustainable competitive advantage.

Value-orientated marketers constantly measure

perceived customer benefits against the costs of their offerings.

Marketing channel management is related to which of the four Ps?

place

Which element of marketing mix is most relevant to the activity "delivering value"?

place

If Martine decides to sell the best ice cream on earth, and intends to establish a strong ethical climate in her organization, during which phase of the strategic marketing planning process should she introduce ethical considerations?

planning

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

planning

Coca-Cola sells two different zero-calorie versions of Coke: Diet Coke and Coke Zero. It has chosen to attempt to appeal to men with Coke Zero. In addition to launching an ad campaign featuring men enjoying Coke Zero, Coca-Cola also designed a masculine-looking can for Coke Zero, with bold red lettering on a black background. This specially designed can is an example of

positioning

Political candidates are notorious for appealing to the different beliefs and values of groups of potential voters in different areas of the country. These politicians are appealing to differences in

regional culture

If a firm adopts a CRM business philosophy, it most likely has a _________ orientation with its customers.

relational

Which of the following are commonly found in distribution and fulfillment centers to fill orders for stores or individual customers?

robots

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ________, including the ranchers that supply the food, its customers, and animal welfare groups.

stakeholders

When Walmart pressured its vendors to supply it with environmentally friendly merchandise with labels to prove it, this effort most relates to the concept of

sustainability

Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)

threat

What is the most basic corporate social responsibility to employees?

to ensure a safe working environment

Generally, to build a sustainable competitive advantage, companies should

use multiple approaches to solidify their position

Tenisha sells consumer electronics. She knows her customers weigh the costs versus the benefits associated with the different options available. Tenisha decides which products to offer and what prices to charge based on the way her customers think. Tenisha operates as if she was in the ________ era.

value-based marketing

Which test asks the question, "Would I like to be on the receiving end of this action and all its potential consequences?"

The Golden Rule Test

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of

a marketing plan.

Product

Fundamental purpose of marketing is to create value by developing goods, services, and ideas (ex:commercial "only you can prevent forest fires)

Which of the following groups has never lived without easy access to the Internet and other digital technologies?

Generation Z

Population estimates show that by the year 2030, nearly 72 million of the population in the United States will come from which group?

Hispanics

In 2016, in response to the threats of climate change, the United Nations rectified the

Paris Accord

4 P's of Marketing Mix

Promotion (communicating value) Product (creating value) Price (capturing value) Place (delivering value) -*Main focus of marketing mix is target market (who specifically are they trying to sell to)

The ethical decision-making metric poses which of the following questions?

Would I want to see this action described on the front page of the local paper?