Marketing for Entrepreneurs Exam 1

What is IMC?

-a cross-functional process for planning, executing, and monitoring brand communications -the goal is to profitably acquire, retain, and grow customers -strategy requires thorough understanding of target markets, the brand, its competition, and other factors

What are the seven steps of an e-marketing plan (in order)

1. SWOT 2. e-marketing strategic planning 3. objectives 4. marketing strategies 5. implementation plan 6. budget 7. evaluate plan

What are the 7 underlying dimensions of entrepreneurial marketing?

1. proactive orientation 2. opportunity obsessed 3. customer intimacy 4. relentless innovation 5. calculated risk taking 6. resource leveraging 7. exceptional value creation

The underlying dimensions of entrepreneurial marketing include ALL BUT which of the following: a. proactiveness and innovativeness b. societal immersion in cause marketing c. obsession with opportunity d. customer intimacy including exceptional value creation e. calculated risk taking and resource leveraging

B

Which of the following management philosphies would be employed by an entrepreneur? a. production b. market c. societal d. profit e. poligny

B - market

In today's marketplace, Customer Satisfaction is expressed as the feeling that a product has met the customer's expectations.

FALSE - Customer Satisfaction is expressed as the feeling that a product has met OR EXCEEDED the customer's expectations

Advertising is personal, usually persuasive, communication about products or ideas paid for by an identified sponsor.

FALSE - advertising is nonpersonal

By 2020, the world population is expected to reach 9 billion.

FALSE - by 2050 the world population is expected to reach 9 billion

Over the past decade, freight and communication costs have increased sharply.

FALSE - freight and communication costs have declined sharply

When it comes to entrepreneurial marketing, the Four Ps are dead and have not yet been replaced.

FALSE - it is true that the Four Ps are dead, however they HAVE BEEN replaced by the FOUR Cs

With the arrival of the 4Cs the customer is no longer the center of marketing activities.

FALSE - with the creation of the 4Cs, the customer is now the center of marketing activities

Guerilla marketing is getting your brand viewed without paying for the privilege.

FASE - Guerilla marketing is any nontraditional approach to marketing (flyers, personal letters, broadcast emails and faxes)

Viral marketing is the rapid spread of your marketing message.

TRUE

Worldwide, the cost of education increases 10% per year

TRUE

lack of adequate laws protecting intellectual property rights is a significant challenge for MNCs.

TRUE

personal selling

involves real time conversation between a salesperson and customer, face to face, by telephone, or by computer

What are sales promotions?

short-term incentives that facilitate the movement of products to the end user

When referring to the market and Generation C, which of the following is not included in their description? a. connected b. creative c. concentric d. collaborative e. contextual

C

Which of the following statements about an e-marketing plan is FALSE? a. the e-marketing plan is a blueprint for e-marketing strategy formulation and implementation b. the plan serve as a road map to guide the firm, allocate resources, and make decisions c. the plan is a static view of the first year of an entrepreneur's marketing efforts d. is a seven step process e. is used to secure outside funding

C

which of the following is NOT one of the 4Cs? a. co-created b. communities c. customer d. customizable e. choice

C

Which of the following is NOT a definition of entrepreneurial marketing? a. the unplanned, non-linear visionary marketing actions of the entrepreneur b. guerrilla, grass-roots approaches that are creative and non-formulaic c. the marketing activities in firms that are small and resource constrained and therefore must rely on creative and unsophisticated marketing tactics that make heavy use of personal networks d. brand development for internet social media marketing e. the act of market creation by high-growth, high-technology firms

D

Which of the following is NOT a task of market research? a. designing methods for collecting data b. managing the information collection process c. analyzing and interpreting results d. implementing a color scheme for the website e. communicating findings to decision makers

D

diminished customer service in the marketplace is represented by ALL BUT ONE of the following: a. demise of operated assisted calls in favor or direct dial b. ATMs in place of bank tellers c. online statemen retrieval in place of paper notifications d. customers want warm delightful service rather than solutions e. customers want speed, efficiency, and control

D

Of 100 largest economies, 31 are corporations (MNCs), 69 are nation states

FALSE - 51 are corporations, 49 are nation states

Entrepreneurial marketing includes all BUT one of the following: a. proactive identification, evaluation, and exploitation of opportunities b. acquiring and retaining profitable customers c. innovative approaches to risk management, resource leveraging, and d. value creation e. economic evaluation of lost opportunities

E

which of the following is NOT a benefit of social media to marketers? a. cost efficiency b. broader visibility c. increased consumer trust d. increased revenue e. ease of gathering news and other content

E

Which is a major source of funding for entrepreneurs? a. bank loans b. private funds c. angel investors d. VC e. all of the above

E - all of the above are sources of funding

Social media tools provide the same benefits to users and marketers.

FALSE

a napkin plan is never used by entrepreneurs

FALSE

As described in the marketplace today, the GENERATION C stands for content.

TRUE

E-mail advertising is the least expensive type of online advertising.

TRUE

Entrepreneurs must treat creative consumers strategically because they are here to stay and are a rich source of innovation.

TRUE

In today's marketplace, firms interact as competitors, customers, and collaborators in a global knowledge economy.

TRUE

Opportunity recognition is part of converting an idea to a means of crating social value.

TRUE

Pure competition exists when many independent sellers offer products in the same basic way.

TRUE

The new (2004) AMA definition of marketing reflects a shift to value creation and value communications.

TRUE AMA definition: "an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in a way that benefit the organization and its stakeholders" shift from: processes, planning, transactions shift to: value creation, value communication

Janus was the Roman God of beginnings and endings.

TRUE Also the God of: -gates and doors -represented with double-faced head -"Janus trends" are paradoxical

Five countries account for approximately half of the world's population.

TRUE (China, India, Indonesia, U.S., Brazil)

The goal of IMC is to profitably acquire, retain, and grow customers.

TRUE - IMC stands for integrated marketing communications

Ambush marketing is wearing logo brand apparel to a competitor's sponsored event.

TRUE - ambush marketing is getting your brand viewed without paying for the privilege (which includes wearing logo brand apparel to a competitor's sponsored event)

The name of a strategy that entails forgoing long-term partnerships with customers, both individuals and firms, is relationship marketing.

TRUE - relationship marketing focuses on keeping and improving relationships with current customers.

The first blog was started in 1997.

TRUE - the first online diary was in 1997 by Jorn Barger, originally called a Weblog

an e-marketing plan is NOT

a plan that will NOT change