Marketing Exam 1
Which of the following is the third step in the marketing planning process?
identify and evaluate opportunities
Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in
New York, Los Angeles, San Fransisco, and Chicago
A relational orientation is based on the philosophy that buyers and sellers develop
a long-term relationship
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
Curtis is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Curtis will likely attempt to either provide the same quality at a lower cost or
improve products and services at the same cost
Which of the following descriptions embodies conscious marketing principles?
both ethically and socially responsible
After many 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 a particular transaction
Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online courses. These online programs are most likely pursuing which macro strategy?
locational excellence
One of the benefits of value-driven marketing is that attention to customers needs and wants will likely result in
long-term relationships
Ivana is struggling with the choice of publishing her new book, Slovak Cuisine, as an e-book or a paperback. Ivana is addressing which core marketing aspect?
making product decisions
The basic differences between a good and a service is that a good
can be physically touched
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
culture
Disney's My Magic system, which enables visitors to swipe their Magic Band wristbands to get on rides, make purchases, and open their hotel room door, is an example of ________ excellence.
customer
Many catalog companies create special run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly oder kitchen tools. These special issues are an example of
customer relationship management
Golden Gate Hair Company keeps track of the gender and age of its customers so it can target emails to them and be sure to have the right hair products in stock when they visit. This is an example of the use of ____________ in marketing.
demographics
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
Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the
employees
Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix?
place
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
The four overarching strategies to create and deliver value and to develop sustainable competitive advantages include locational, customer, operational and _______ excellence.
product
The principle that decisions be ethically based is part of the concept of
conscious marketing
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
If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers.
relational
STP refers to
segmentation, targeting, and positioning
What type of firms recognize that including a strong social orientation in business is a sound strategy that is in both its own and its customers' best interest?
socially responsible firms
Which generations members are also known as millennials?
Gen Y
Jeffrey is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeffrey has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeffrey still need to work on?
place
Marketing channel management is related to which of the following four Ps?
place
Sanders Inc claims that it only uses organic cleaning products in its janitorial services. In reality, the company buys whatever is cheapest in bulk. This is an example of
greenwashing
Tennorn Company knew that its customers were interested in environmentally friendly business practices, so it began marketing all of its products as environmentally friendly because they were made with all natural ingredients, even though Tennorn's plant was one of the worst polluters in the town. The term for this practice is
greenwashing
Which of the following is a social trend listed in the text?
health and wellness
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
implementation marketing mix and resources
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
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
To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through
building relationships with customers
Approximately 80% of all population growth in the United States the next 20 years is expected to come from African American, Hispanic, and Asian communities. The challenge for marketers is to determine whether a groups culture
can be used as a relevant identifier for a particular target group
When clients work with their investment advisers, they _______________ their investment portfolios.
cocreate
After a firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluating alternatives. ________ then review and refine these alternatives and choose a course of action.
company leaders and managers
When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming
conscious marketing
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
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
Cookie Cutter, a firm that manufactures high-end mixers, donates $10 per mixer sold to a local food bank. This is a form of
corporate social responsibility
Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can
create a sustainable competitive advantage
Astute marketers recognize that the increasing disparity of income between upper and lower income groups
creates opportunity to add value to each group
Marketing involves conducting exchanges, satisfying customer needs and wants, and
creating value
Audi's mission statement addresses urbanization, the need to work on traffic flows and safety in urban areas.To that end, Audi is working with Airbus to develop the Pop.Up Next driving and flying transport system that will enable vertical individual mobility. The strategic planners are engaged in
defining the business mission
Sodexo is a corporation that manages school cafeterias, university dining halls, mess halls at military bases, concession stands at sports arenas, and other large-scale food service facilities. If Sodexo were to begin to sell individual frozen meals in supermarkets, it would be pursuing a ________ growth strategy.
diversification
Subway is a large chain of franchise shops. Elgin owns three Subway stores in a large city. At the end of the year, he notes that sales rose from 2 to 5 percent over lasts year's sales at stores 1 and 2 but fell 2 percent at store 3. Based on this information, which of the following is the best course of action as to how Elgin should reward (or punish) his store managers?
he should seek more information about why the stores had different results before making a decision
Anders picks up the local newspaper and reads a stinging letter to the editor criticizing his beverage company for supporting a sporting event for children with disabilities. The letter writer is critical of a banner displayed at the event with the logos of alcoholic beverages and Anders' company name. Anders never considered that this problem might arise. His company failed to
identify issues
Anders picks up the local newspaper and reads a stinging letter to the editor criticizing his beverage company for supporting a sporting event for children with disabilities. the letter writer is critical of a banner displayed at the event with the logos of alcoholic beverages and Anders' company name. Anders never considered that this problem might arise. His company failed to
identify issues
Charges that's firms are using "sweatshop" labor to produce their products are likely to occur during the __________________ phase of the strategic marketing planning process.
implementation
Using the BCG portfolio analysis, a "dog" should be phased out unless
it complements or boosts the sales of another product
When considering the use of a radio commercial in England that was deigned for US markets, a marketer would likely need to consider which of the following aspect of culture that might be different between the two countries?
language
The marketing goal of getting the "right quantities to the right locations, at the right time" relates to
managing the supply chain
Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ________ growth strategies.
market development
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.
market development
________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
market positioning
Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups would be called a
market segment
the sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of
marketing ethical standards
Many investors struggle with the question, "I made it, now how do I get rid of it?" They have made the error of not creating a(n)
marketing plan
The ________ for natural skin care company Burt's Bees is to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you."
mission statement
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
Marketers that include ethical policies and standards in the firm's mission or vision statements are introducing these concepts at which stage of the strategic marketing planning process?
planning phase
The government has enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances that would damage a competitive marketplace, fostering fair pricing practices for all suppliers and consumers. These actions are part of the ________________ environment of business.
political/ regulatory
Which element of the marketing mix is most relevant to the activity "creating value"?
product
Marvel was among the first content providers to launch dedicated series on Netflix, such as Jessica Jones, The Defenders, Iron Fist, and Luke Cage. It then decided to create a new channel for getting new offerings to consumers. The company was pursuing a(n) ________ strategy.
product development
When Marvel launched several successful series on Netflix, including Jessica Jones, The Defenders, Iron Fist, and Luke Cage, it employed a ________ strategy.
product development
In most companies, portfolios management is typically done at the SBU or ______________ level of the firm.
product line
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the _________________ era of marketing.
production-oriented
The idea that a good product will sell itself is associated with the ________ era of marketing.
production-oriented
Google and other search engines allow marketers to bid to have their ads shown when consumers search keywords related to the firm's products. These marketers are attempting to create value through
promotion
When the publisher of the well-known Berenstain Bears books wanted to celebrate the 50th anniversary of the series, it initiated a $150,000 campaign. Which of the four Ps does this campaign represent?
promotion
Binder & Sons is considering buying out a competing firm and closing most of the competitor's factories. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluating alternatives. Management reviewed and refined the alternatives, and then chose a course of action. If the managers are not confident about the decision, they should
reexamine their alternatives
After conducting STP analysis for her health food store and developing strategies for each of the four Ps, Nicki now has to make_________________ decisions.
resource allocation
The first objective in the evaluate performance phase of the marketing planning process is to
review implementation programs and results using metrics
Which of the following actions would be the most likely to support and enhance an operational excellence macro strategy?
3M Corporation implementing new software to improve communication with its suppliers
Which of the following factors, listed in a situation analysis for a major US auto manufacturer, is the best example of a threat?
A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded
By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay, Poshmark, and Mercari cater to ________ marketing.
C2C
Red Robin suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product.
social media
The components of a SWOT analysis are
strengths, weaknesses, opportunities, and threats
Marketing channel management is also known as
supply chain management
Even when large discount retailers enter a market, a few small local retailers survive and prosper. These small retailers have probably developed a(n)__________________ that allows them to survive.
sustainable competitive advantage
Alan is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and
the ability to buy them
Even though they operate on a limited schedule and offer few extra services, discount, no-frill airlines like Allegiant have been successful. Consumers obviously consider
the benefit of lower prices to be greater than the costs of reduced services and less convenience
Conscious marketing encompasses which of the following overriding principles?
the presence of corporate leadership, creating a corporate culture
Marketing ethics is concerned with
the sale of products or services that may damage the environment
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers play includes
the value of their time and energy
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
Juanita studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Juanita most likely operates in the ________ era of marketing.
value-based marketing
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 newspaper
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. When they sell to consumers, it is considered ________ marketing.
B2C
In 2016, in response to the threats of climate change, the United Nations rectified the
Paris Accord
During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors?
ethical
Nice 'n Easy sells handcrafted furniture. They have also recently begun offering appraisals of customers' antiques . Nice 'n Easy is
expanding from offering just goods to also offering services
In the summer of 2002 the Euro was valued at slightly less than US$1. By 2008, it had risen to an all time high of $1.60, but in late 2017, the euro was once again slightly less than $1. This change in value is called
foreign currency fluctuations
Roderick is charged with assessing his company's external environment as part of a SWOT analysis. Roderick will study her company's
opportunities and threats
Effective promotion enhances a product or service's
perceived value
