MGMT 105: Chapters 1-4

In Step 2 of the strategic planning process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment.

SWOT analysis

Which of the following countries make up the economic community known as USMCA?

Canada, Mexico, and the United States

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

the amount a person will spend MINUS the cost of acquire the customer and maintain the relationship

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

competitive advanatage

Which term refers to the process of gathering and analyzing publicly available information about rivals?

competitive intelligence

Which approach to research is based on observing people in their own homes or communities?

ethnography

The price of one country's currency in terms of another country's currency is known as the __________

exchange rate

Which of the following describes a type of primary research involving a technique marketers use to generate insights for future, more rigorous studies?

explanatory research

Which of the following occurs when someone in authority extracts payment under duress?

extortion

Which of the following explanatory market research techniques typically involves a product-oriented discussion among a small group of consumers led by a trained moderator?

focus group

Which of the following is one of the goals of the American Marketing Association?

to promote high standards of ethical norms and values

How do countries benefit by being members of economic communities?

trade policies are coordinated and there are fewer restrictions on imports and exports

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

A firm's _______ is what it aspires to or to be in the future.

vision

The concept that under the right circumstances, groups are smarter than the smartest individuals in them is referred to as __________

wisdom of the crowds

Which of the following is defined as the flow of goods and services among different countries - the total value of all the exports and imports of the world's nations?

world trade

Assume you are the director of marketing for a major consumer product firm. You are directly involved in the planning process. Because of your role (job title) in the organization, when it comes to business planning, which level of planning would MOST describes your activities?

functional planning

Which term refers to items that are imported without the consent of the trademark holder?

gray market goods

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

Which of the following refers to interpreted data?

information

When shopping at the mall, a researcher stops you to solicit your opinion on a new product. What type of research are you participating in?

intercept

Which term refers to a market entry strategy involving two or more firms creating a new entity, allowing the partners to pool their resources for common goals?

joint venture

Which of the following market entry strategies involves an agreement in which firm gives another firm the right to produce and market its product in a specific country or region in return for royalties?

licensing agreement

Which of the following refers to a form of protectionism that stipulates a certain proportion of a product must consist of components supplied by industries in the host country or economic community?

local content rules

Which of the following is a type of descriptive research that involves tracking the responses of the same sample of respondents over time?

longitudinal design

Which of the following strategies are utilized to introduce existing products to new markets?

market development

Which of the following describes a method by which marketers get information about everyday happenings in the marketing environment that is relevant to their business?

market intelligence system

A firm seeking a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing strategies?

market penetration

Which of the following refers to the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness?

market research

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

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 refers to the data analysis software and interactive software that allows managers of conduct analyses and find the information they need?

marketing decision support system (MDSS)

Which of the following refers to a process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users?

marketing information system (MIS)

Which of the following marketing strategies is NOT a strategy in the product-market growth matrix?

marketing investment

Which of the following the document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies how the company will implement and control the strategies embedded in the plan?

marketing plan

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

Which of the following terms refers to a formal statement in an organizational's strategic plan that describes the overall purpose of the organization and what it intends to achieve in term of its customers, products, and resources?

mission statement

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 competitive macroenvironment do many athletic shoe​ manufacturers, including​ Nike, New​ Balance, Adidas, and more​ recently, Under​ Armour, vigorously compete with one another for​ consumers?

monopolistic competition

Individuals employed by retailers and other service providers to experience and report back on the way actual customers are handled are known as _______

mystery shopper

When you share photos on sites like Pinterest and Instagram you may be participating in research that tracks consumption patterns and conversations of online consumers called _________

netography

A(n) _______ is a firm with the culture, leadership, and operational capability to change very rapidly as external conditions demand

nimble organization

Which of the following is a sample in which personal judgement is used to select respondents?

non-probability sample

Which of the following planning processes focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans?

operational planning

The core attributes embrace by a firm that most closely reflect its culture are known as its ________

organizational values

_________ refers to the availability of the product to the customer at the desired time and location

place

As part of the strategic planning process, Step 4 includes conducting a ________, which evaluates a firm's business mix and assesses the potential of an organization's strategic business units.

portfolio analysis

A product can be all of the following except (an) ________

price

Which of the following is a sample in which each member of the population has some known chance of being induced?

probability sample

What part of the sustainable marketing mix involves producing more environmentally friendly products, such as electric automobiles?

product strategies

According to the BCG growth-market share matrix, __________ are SBUs with products that have a dominant market share in high-growth markets.

stars

If a firm offers the same product for domestic and foreign markets, the company is demonstrating which type of product strategy?

straight extension strategy

Which of the following refers to individual units within a firm that operate like separate businesses, within each having its own mission, business objectives, resources, managers, and competitors?

strategic business units (SBU's)

Executing a rapid change in a firm's business model, business direction, product line, or market focus, including the ability to rapidly increase output, in order to satisfy unexpected new and/or different demand is known as a ___________

strategic pivot

Which of the following refers to a managerial decision process marches an organization's resources and capabilities to its market opportunities for long-term growth and survival?

strategic planning

_______ is the execution of the elements of a plan based on goals and objectives to bring about a desired future?

strategy

The collection of information from respondents via their answers to questions is known as _____

survey research

Which of the following is the MOST commonly used measure of a country's economic health?

GDP

Why is it important to begin establishing your personal brand while you are still in college?

a personal brand will help you determine what you want

Within the food industry, a growing trend is locavorism, which means consumers actively look for products that come from farms within _______ miles of where they live.

50-100

The _______ consisted of a series of anti-government protests and uprisings in a number of Arab countries that were largely aided by new social media tools, gave hope to many that dictatorships in countries in the Middle East would become democracies and bring a better life to peoples of the countries

Arab Spring

__________ is a portfolio analysis model that assesses and compares the potential of a firm's SBUs to generate cash that a firm can then use to invest in new products,

The BCCG growth-market share matrix

Which of the following replaced the General Agreement on Tariffs and Trades (GATT) and sets global rules of trade between nations?

World Trade Organization

________ occurs when someone voluntarily offers payments to get an illegal advantage?

bribery

Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long term?

business planning

A ________ refers to the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities

business portfolio

According to the BCG growth-market share matrix, ________ are SBUs with a dominant market share i a low-growth-potential market

cash cows

Marketers use __________ research techniques when they want to know if a change in one thing is responsible for a change in something else. These factors are known as independent and dependent variables.

causal

Companies and their customers working together to develop products that meet customer needs is known as _____________

co-creation of value

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

consumer

What is the term for the buyer belief that products of certain other countries are superior to similar products made in one's own country?

consumer xenocentrism

A customer's overall assessment of his or her interaction throughout the entire process of finding, buying, and using a product is known as _____________.

customer experience (CX)

Which of the following refers to the collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain its customers?

customer insights

What is the process called in which marketers examine raw data to discover trends, answer questions, and gain insights in order to make evidence-based decisions?

data analytics

_______ refers to the ability of organizations and individuals to determine what data collected about them can be shared with third parties

data privacy

________ refers to the responsibility firms have to protect information collected from consumers from unauthorized access, use, disclosure, disruption, modification, or destruction

data security

___________ research is research that probes systemically into the marketing problem and bases its conclusions on a large sample of participants

descriptive

Which of the following involves marketing managers deciding which markets to target and determining how to position products in those markets?

developing marketing strategies

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

The revolutionary effect of digital technologies and business models on an organization's value propositions and market positions is known as _____________

digital disruption

The ________ refers to the inexorable movement of industries toward a "digital center" in which business models, offerings, and value chains are all digitized to the maximum extent possible.

digital vortex

__________ is the process whereby marketers understand an unmet customer need, figure out what is missing in the market, and step "outside the box" to displace well-established offerings - often to the point of turning existing marketing rules upside down

disruptive marketing

Coca-Cola is superior to its competitors in its distribution and marketing products. This is an example of a(n) _________ competency

distinctive

Which of the following refers to the availability of resources that make doing business in another country?

economic infrastructure

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

promotion

Research with results that provide detailed verbal or visual information about consumers' attitudes, feelings, and buying behaviors rather than offering numeric data is known as __________

qualitative research

Research that produces numeric results that can be analyzed using a variety of statistical programs is known as ________

quantitative research

Which of the following terms refers to limitations set by a government on the amount of a product allowed to enter or leave a country?

quota

An economy experiencing falling demand, employment, and income is in which stage of the business cycle?

recession

ROMI stands for ___________ and indicates how much value an organization's marketing activities create.

return on marketing investment

Which of the following processes involves physically deconstructing a competitor's product to determine how it's put together

reverse engineering

The practice of identifying potential negative outcomes in advance, analyzing them, and taking precautionary steps to reduce or curb that potential is known as __________

risk management

The shifting balance from tangible goods to intangible services has marketing leaders adopting _________ as a guiding principle.

service-dominant logic

Intangible products that are paid and used, but not owned are known as ___________

services

Which of the following is the process of assessing the firm's internal and external environments?

situation analysis

Which of these does the chapter identify as the biggest human right problem in the world?

slavery

Which of the following terms indicates ways to dress, how to speak, what to eat, and how to behave?

social norms

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