Marketing

What are the four steps in strategic performance evaluation?

1. Establishing performance standards 2. measuring actual performance 3. comparing actual performance with established standards 4. modifying market strategy (if necessary)

Steps required for an exchange

1. Two or more individuals possess something of value 2. Est that exchange would benefit both parties 3. Confidence in the value of the other 4. Exchange must meet expectations

What is typically the first sign of a problem that could prompt the marketing research process?

A departure from some normal function

Southwest is known for its culture of "luv" and its fun-loving approach. This is an example of what?

Corporate identity

What is the customer value equation?

Customer value= customer cost- customer price

What is the first step for marketers in implementing the market concept?

Established an information system to discover customers' real needs

The essence of marketing is to develop satisfying _____ from which both customers and marketers benefit.

Exchanges

What provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process?

Executive summary

Market orientation

Market concept, focusing on researching customer needs to achieve a mutually beneficial exchange

A marketing concept is based upon the idea that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. During which orientation are marketers most likely to adopt the marketing concept?

Market orientation

Sales orientation

Marketing concept, focusing on mass number of sales- personal selling, advertising, distribution (during 20th century with rising competition)

Production Orientation

Marketing concept, focusing on mass production (occurred during 19th century industrial revolution with new technology)

Google has written down: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's _______.

Mission statement

Strategic planning process begins with ______.

Organizational mission and goals

Marketing concept

Philosophy that a company believes will help them be successful

Customer lifetime value (CLV)

Predicts the net value of future relationships with customers; allowing a company to focus on high-value customers

Through the process of ______, a company establishes an organization mission, a corporate strategy, marketing objectives, and a marketing strategy.

Strategic planning

Kroger decides to introduce a new product that appeals to Hispanic customers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. Hispanic consumers comprise Kroger's _____.

Target marekt

Marketing environment

The current state of all un-controllable external factors that could impact the marketing mix (competition, politics, regulations, laws, technology, socioculture)

Shannon is running late and heads to a nearby paid parking lot and is told it is $20 to park. She is irritated by the price. Although there are likely other parking lots for less, Shannon pays the price to park. What cost exerted the most influence over Shannon's decision to park in the $20 parking lot?

The non-monetary cost of time

Customer relationship management (CRM)

Using customer information to develop a strategy that will create a satisfying life-long relationship

Market opportunity

When the right combination of circumstances and timing permits and organization to take action to reach a particular target market

Relationship Marketing

When the strong relationship between the buyer and seller cause the product to increase in value

Database

a collection of information arranged for easy access and retrieval

Which stakeholders are the focal point of all marketing activities? a. Customers b. Regulators c. Suppliers d. Communities e. Employees

a. Customers

Marketers at Coca-Cola are exploring why sales of soft drinks have been declining in recent years, but sales of product competitors like bottled water and tea are rising. To understand the characteristics of this phenomenon in order to identify potential strategies to reverse the trend, they should conduct ________. a. descriptive research b. non-probability sampling c. experimental research d. stratified sampling e. exploratory research

a. descriptive research

Which of the following competitive growth strategies strive to increase sales of current products in new markets a. market development b. market penetration c. product development d. diversification e. market share

a. market development

The price of a vehicle is a(n) _____ force for Subaru, while an economic downturn is a(n) ____ factor. a. Stable; unstable b. Controllable; uncontrollable c. Predictable; unpredictable d. Unpredictable; predictable e. Uncontrollable; controllable

b. Controllable; uncontrollable

Anthony has two customers he sees regularly. One customer, comes in frequently asking about new deals, but rarely buys anything and when he does it is usually small. The other customer comes in less frequently and purchases expensive products. Anthony realizes the second customer is more valuable and works hard to develop a strong relationship with him. What marketing method is Anthony most likely using to direct his actions? a. Customer feedback b. Customer liftime value c. A sales orientation d. A customer loyalty program e. The marketing concept

b. Customer lifetime value

Which of the following is NOT a component of the marketing plan? a. executive summary b. business analysis c. SWOT analysis d. Marketing strategies e. marketing implementation

b. business analysis

Which of the following is true about a marketing exchange? a. Products in an exchange must be traded for money b. An exchange will always take place if four conditions are met c. It requires four conditions to take place d. An exchange only needs to provide a benefit to one party e. Seeing an advertisement is an example of an exchange

c. It requires four conditions to take place

Charlotte loves her mom's cookie recipe, and she assumes everyone else will too. Charlotte views promotion, such as advertising and personal selling as the most important activities needed to sell her product. What type of orientation does Charlotte seem to embrace? a. Promotion orientation b. Market orientation c. Sales orientation d. Exchange orientation e. Production orientation

c. Sales orientation

Kraft Foods brings together multiple people to discuss a certain topic in a group setting led by a moderator for initial testing of different marketing strategies for new and existing products. This is best described as ______. a. descriptive research b. experimental research c. focus groups d. conclusive research e. customer advisory boards

c. focus groups

ACME Corp. is identifying and using tools to measure and interpret the effectiveness of its marketing activities. This is best described as __________. a. marketing decision support system b. marketing research design c. marketing analytics d. marketing information system e. big data

c. marketing analytics

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications? a. marketing strategy b. target market c. market plan d. mission statement e. performance standards

c. marketing plan

ACME Corp managers are engaged in the process of systematically designing, collecting, interpreting, and reporting of information to help solve specific marketing problems or take advantage of marketing opportunities. This approach is best described as ______. a. exploratory research b. descriptive research c. marketing research d. experimental research e. focus group

c. marketing research

Chipotle is conducting a research study that divided the population of interest into groups according to a common attribute, and then a random sample was chosen within each group. This best describes _______. a. quota sampling b. non-probability sampling c. stratified sampling d. probability sampling e. random sampling

c. stratified sampling

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective? a. weakness b. strengths c. threats d. opportunitites e. marketing opportunity

c. threats

The unique symbols, personality, and philosophies that support all corporate activities including strategic planning and marketing are best described as ______.

corporate identity

Libby is a part of an online group of people who act as sounding boards for new ideas from one of her favorite companies. Libby does not interact much with the other people in her group, but she provides her own insights about proposed products. Libby is part of a(n) _______.

customer advisory board

Marketing environmental forces are often _____. a. Easy to predict b. Controllable c. Non-influential d. Interdependent e. Stable

d. Interdependent

Sheryl works at Southwest Airlines as a digital marketer. She communicates with customers, answering questions and letting them know about how the airlines offers them the best in customer value. She is working to create long-term, mutually beneficial arrangements in which both the buyer and the seller focus on value enhancement through the creation of more satisfying exchanges with customers. This is an example of _____. a. Customer lifetime value b. Customer loyalty programs c. Marketing mix d. Relationship marketing e. Sales orientation

d. Relationship marketing

Which of the following has the main purpose of better understanding a problem or situation and/or helping to identify additional data needs or decision alternatives? a. focus groups b. conclusive research c. descriptive research d. exploratory research e. experimental research

d. exploratory research

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining market strategy? a. sales analysis b. product-market mix c. SWOT analysis d. market growth/market share matrix e. mission-goal matrix

d. market growth/ market share matrix

A Subaru representative has a solid relationship with Phil, a satisfied customer. Phil loves Subaru and won't accept anything else. The representative determines that if Phil continues to do business with Subaru every time he wants to purchase a car, his total value to the company would be $350,000. This includes purchases made by customers who were referred to the firm by Phil. The Subaru representative has calculated Phil's ______. a. Relationship marketing b. Value of referrals c. Monetary and non-monetary benefits d. Commitment e. Customer lifetime value

e. Customer lifetime value

The real value of marketing research is measured by ________.

improved decision-making ability

What kind of survey is used most often when the individuals in the sample are spread out over a wide area and funds for the survey are limited?

mail survey