MKT 300 Test 1

the non-monetary cost of time

Carol needs a ride to downtown Denver. She is not very familiar with the area and is running late for an appointment. In the Uber app she sees an UberX ride is $18. Carol is irritated by the price. Although there is likely a less expensive ride available on another ridesharing app, Carol does not check for other rides and pays for the UberX since a driver is already nearby and the ride will arrive at her destination quickly. Different cost considerations impacted Carol's decision, but clearly one stood out above all others. Which cost exerted the most influence over Carol's decision to pay $18 for a ride?

customer satisfaction

Christopher, the CEO of a linguistics company, worked with his chief technology officer to develop an information system to discover customers' real needs. Christopher uses the information to create satisfying products for his target market, increasing his sales revenue and profit. He strives to perfect his marketing mix to keep business booming. Christopher embraces the marketing concept. What is the major focus of the marketing concept?

environmental analysis

Chuck is a marketing strategist at Microsoft. He spent several weeks collecting information about environmental forces that will influence his industry in the near future. Now, he needs to make sense of the data and extract insights which he hopes will improve Microsoft's marketing strategy in relation to competitors. Which type of activity is Chuck about to do?

socially responsible marketing

Coca-Cola's efforts in sustainability and recyclable packaging illustrate the importance of ____.

relationship marketing

Coca-Cola's mobile app allows customers to interact with the brand on the go. When customers purchase Coca-Cola products, they can use their mobile phones to scan Sip & Scan icons on cans and bottles to unlock chances to win movie and concert tickets, or to win more exclusive experiences like meeting members of the U.S. women's national soccer team. Users can also locate nearby Coca-Cola Freestyle machines and create and save their Freestyle drink combinations. Coca-Cola's app is an example of _______.

Stakeholders

Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes

technology assessment

Diya, the senior IT manager for a restaurant chain, knows that many of the restaurant's vegetable suppliers have begun to adopt blockchain technology to better trace their products through the supply chain. Diya tries to foresee the effects of blockchain technology on her restaurant chain's operations, on other business organizations, and on society in general. What is this process known as?

self regulation

Internet privacy is a major issue. In fact, in Europe there are privacy laws to limit how much information websites can collect from users without their permission. The United States does not have comparable laws to protect consumer privacy on the internet. Collecting this information is beneficial for firms because then they can tailor marketing messages that better fit their users' needs. These better marketing campaigns can provide them with a competitive advantage. Acme Corporation uses cookies and other devices to collect information. Its privacy policy explicitly informs users that it collects information. However, most people do not read through the policy. Lately, some consumers have complained because they are worried that their information could be compromised. They question the security of the site. Acme wants to restore confidence and prove that it has controls in place. Refer to Scenario 3.2. Acme wants to hire a third-party verification site with strong privacy criteria that specializes in internet security to view its site. If Acme meets these criteria, it can display a special seal on its website, demonstrating to users that Acme's website meets high standards in internet security and reassuring consumers that their information is safe. What type of activity is Acme engaging in?

technological

Internet privacy is a major issue. In fact, in Europe there are privacy laws to limit how much information websites can collect from users without their permission. The United States does not have comparable laws to protect consumer privacy on the internet. Collecting this information is beneficial for firms because then they can tailor marketing messages that better fit their users' needs. These better marketing campaigns can provide them with a competitive advantage. Acme Corporation uses cookies and other devices to collect information. Its privacy policy explicitly informs users that it collects information. However, most people do not read through the policy. Lately, some consumers have complained because they are worried that their information could be compromised. They question the security of the site. Acme wants to restore confidence and prove that it has controls in place. Refer to Scenario 3.2. What type of environmental force does this issue involve?

establishing a timetable for implementation

It is a year later. Ajei's manager decided that the company would develop a salsa business. Ajei has been in a flurry of activity since then. Not only did the company have to invest in a building and equipment, but she has had to develop marketing strategies for the new salsa business. The marketing strategies are now complete and ready to be put into action. Ajei was placed in charge of marketing implementation. She has spent several months organizing the marketing unit, training employees, coordinating the marketing staff, developing a social media plan, and communicating the goals and objectives of the strategy. Refer to Scenario 2.4. What is the next step Ajei should take to implement the marketing strategy?

promotion

Karen works as a salesperson for Wüsthof, a company that makes cutlery and kitchen knives. She is driven to make as many sales as possible to as many people as possible in order to increase her commission. Although she has many great customer relationships, she also has a reputation for overly aggressive sales tactics. Karen has been able to convince customers to purchase more expensive knives even after they say they are not interested. As a result of Karen's high sales, she is a top sales associate at the company. Recently, however, Karen's sponsor has been informed of complaints that customers have levied against Karen accusing her of "badgering" them into buying products. The sponsor meets with Karen and tells her it is unacceptable to pressure consumers into purchasing items they do not want. Refer to Scenario 1.1. Which variable of the marketing mix does this issue involve?

environmental scanning

Kayla is a digital marketing strategist for a major cosmetics company. She is new to the beauty industry, so she decides to subscribe to the beauty publication Allure Magazine. She also collects new information by monitoring social media. In what process is Kayla engaging?

proactive

Loretta is a product manager at a popular printing company. Though none of her small business clients have requested to print on recycled paper, Loretta decides to stock some recycled paper products anyway because she sees this as an opportunity to increase her company's reputation for sustainability. She attempts to influence her clients to switch to printing on the new materials. This is known as what type of approach?

evaluating marketing strategies

Margie noticed that sales of her company's newest electric bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The electric bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. At what stage of the strategic planning process is Margie?

environmental analysis

Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing actions he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul is at the stage of his marketing plan where he needs to gather information about his firm's situation with respect to the market. A major part of this is his assessment of target markets. Which section is he about to write?

customer's lack of awareness of the store

Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing actions he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul is conducting a SWOT analysis and has identified his opportunities, threats, and strengths. What is his store's primary weakness?

performance standard

Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing actions he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul would like his sales for next month to reach $30,000. This is an example of a _______.

cash cow

Procter & Gamble's Tide laundry detergent has a dominant share of the detergent market in the United States. It makes $4.5 billion in sales of this detergent brand. However, the detergent market has reached market saturation in the United States. With this information, what type of product is Tide based upon the Boston Consulting Group's market growth/market share matrix?

consumerism

Randy writes letters and send emails regularly to companies whose activities he deems irresponsible. Last year he wrote letters to a plastics company that dumped waste into the local waterways. Recently, he joined a group of people that aim to expose scam artists in order to protect consumers' rights. What are these organized efforts called?

the marketing environment

Rebecca works at a biotech firm that develops medicines for rare diseases. The company develops a new medication for a disease that less than 1,000 people have in the entire country. As a result, the drug will be priced high, but the firm will work closely with insurance companies to get the medicine to the right people without sacrificing much revenue. Though the medicine was originally sold in a cost-efficient capsule, the firm decided to switch to a premium vegan capsule due to the high demand from its most loyal customers who now avoid animal byproducts. Refer to Scenario 1.5. This is an example of forces in _______.

target market

Rebecca works at a biotech firm that develops medicines for rare diseases. The company develops a new medication for a disease that less than 100 people have in the entire country. As a result, the drug will be priced high, but the firm will work closely with insurance companies to get the medicine to the right people without sacrificing much revenue. Refer to Scenario 1.5. Her friend Rick, who is taking business classes, tells her that her _______ is very small.

do to satisfy customers

Scenario 1.3. Dylan manages a highly reputable cybersecurity business. This company has been voted as having the best cybersecurity software. Consumers appreciate the fact that they can make secure transactions without worrying about privacy or identity theft. Dylan knows that the company's product far surpasses that of the competition. One thing has been bothering him, though. In order to put so many resources into ensuring the best software, Dylan had to lay off employees at the customer call center. Recently, consumers have begun complaining about long wait times when they call in with a problem or concern. Although its cybersecurity software is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. Dylan does not understand why consumers are getting so upset. He believes the exceptional software more than makes up for long waiting periods and other issues with its customer service. "After all," he says, "they can't have it all. If I invest more in customer service, that means less investment on ensuring the quality of our product offering." Refer to Scenario 1.3. Dylan has asked you, a marketing consultant, to give him advice. He cannot understand how a cybersecurity company with the best product offering in the industry could get such low satisfaction ratings simply because the customer service is not up to par. You suggest that Dylan has a narrowly defined view of the company's product offering. You tell Dylan that successful marketers should define their products as what they _______.

social responsibility improves marketing performance

Social responsibility refers to an organization's obligation to maximize its positive impact and minimize its negative impact on society. Ben & Jerry's built socially responsible principles into its original business model. Which of the following is true about social responsibility?

cultural values

Soda companies are worried because sales have fallen. People today are more concerned about their sugar intake and want to be healthier. This reflects a change in _______.

marketing ethics

TOMS is well known for having strong principles and standards that define acceptable conduct in marketing as determined by various stakeholders. What is this known as?

diversification

The Coca-Cola Company introduced a low-sugar, high-protein, lactose-free dairy milk product called Fairlife. For Coca-Cola, Fairlife milk products represent which of the following growth strategies?

corporate strategy

The United Way, a nationwide nonprofit, recently hired a new top executive. He is currently occupied with refining the scope of the organization and assessing its resource deployment, competitive advantages, and overall coordination of functional areas. The United Way's executive is focusing on _______.

$3500 (take the amount they spend on goods and services and half it)

The Washington family earns $10,000 per month collectively. About $3000 goes towards taxes and savings. They spend about $7000 on goods and services. Based upon the information in the text, about how much of their money goes toward marketing activities?

dynamics

The majority of Americans have cell phones with no other phone services such as a landline. The decrease in landlines has affected many industries. The _______ of technology involves the constant change that challenges every aspect of our society.

Market dhare

The percentage of a market that actually buys a specific product from a particular company

Marketing

The process of creating, pricing, distribution, and promoting goods, services and ideas

Strategic Planning

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy

Strategic Marketing Management

The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently

Customers

The purchasers of organizations' products; the focal point of all marketing activities

Core competencies

Things a company does extremely well, which sometimes give it an advantage over its competition

wealth

Though the cost of living is high where Jared lives in San Francisco, he's been able to stash extra money each month into his savings account. The savings in his savings account would fall under which of the following?

oligopoly; do the same

Tiana is a student at University of Colorado Boulder who recently landed a summer internship working for the marketing department at Frontier Airlines. She is assisting Duke, one of the marketing managers, with a competitive assessment of the U.S. market. In addition, he tells her to think beyond direct competitors to any competitors that might be able to offer similar services as Frontier Airlines. Refer to Scenario 3.1. Because Frontier Airlines operates in a(n) _______, if Spirit Airlines lowers prices, Frontier will likely _______.

spirit airlines

Tiana is a student at University of Colorado Boulder who recently landed a summer internship working for the marketing department at Frontier Airlines. She is assisting Duke, one of the marketing managers, with a competitive assessment of the U.S. market. In addition, he tells her to think beyond direct competitors to any competitors that might be able to offer similar services as Frontier Airlines. Refer to Scenario 3.1. Which of the following represents a brand competitor to Frontier Airlines?

greyhound bus system

Tiana is a student at University of Colorado Boulder who recently landed a summer internship working for the marketing department at Frontier Airlines. She is assisting Duke, one of the marketing managers, with a competitive assessment of the U.S. market. In addition, he tells her to think beyond direct competitors to any competitors that might be able to offer similar services as Frontier Airlines. Refer to Scenario 3.1. Which of the following represents a generic competitor to Frontier Airlines?

code of conduct

To improve ethics, an artificial intelligence company developed formalized rules and standards that describe what the company expects of its employees. The company created this _______ ahead of its IPO because it is required by the New York Stock Exchange.

Customer Relationship Management (CRM)

Vineyard Vines recently partnered with First Insight to utilize online social engagement tools to gather sentiment analysis and real-time data from its customers. Using the information gathered, Vineyard Vines will be able to quickly make product and pricing decisions, which will allow it to improve sales and margins online and in brick-and-mortar locations. This is an example of _______.

price

Walmart has a robust supply chain with sustainable suppliers and more than 100 distribution centers. It sells thousands of products at affordable prices. The retailer has a TV advertisement centered around its slogan, "Save Money. Live Better." Refer to Scenario 1.6. Which of the following marketing-mix variables does Walmart emphasize in its marketing activities?

distribution

Walmart has a robust supply chain with sustainable suppliers and more than 100 distribution centers. It sells thousands of products at affordable prices. The retailer has a TV advertisement centered around its slogan, "Save Money. Live Better." Refer to Scenario 1.6. Which of the following marketing-mix variables does Walmart focus on by attracting sustainable suppliers?

relationship marketing

What deepens the buyer's trust in the company and increases the firm's understanding of the customer's needs as the customer's confidence grows?

the importance of building and maintaining relationships with stakeholders

When asked about lessons they have learned from starting their own business, Shep and Ian shared this: "...it's essential to empower the people around you—your team, customers, partners, vendors—believing in them 100 percent." This statement best reflects _______.

market orientation

Which of the following is needed to guide the process of strategic planning to ensure that a concern for customer satisfaction is an integral part of the entire company, thereby leading to the development of successful marketing strategies and planning process?

marketing mix decisions

While Coca-Cola advertises its products, it recognizes that product, distribution, and pricing decisions are also important in providing customers value. This statement best reflects ___.

market opportunity

a combination of circumstances and timing that permits an organization to take action to reach a particular target market

Strategic Business Unit (SBU)

a division, product line, or other profit center within the parent company

recession

during what period in the business cycle are firms first likely to cut their marketing budgets?

Relationship marketing

establishing long-term, mutually satisfying buyer-seller relationships

a sustainable competitive advantage is one that competitors cannot copy in the immediate future

how does a sustainable competitive advantage differ from a competitive advantage?

Market

A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

be informed

A lawsuit was filed against Naked Juice because of its claims that its products are "natural." The lawsuit claimed that because it contained synthetic ingredients it did not fit the definition of "natural" and was therefore misleading. Naked Juice agreed to drop the "natural" claim. According to critics, Naked Juice was violating consumers' right to _______.

Mission statement

A long-term view, or vision, of what the organization wants to become

Target marekt

A specific group of customers on whom an organization focuses its marketing efforts

it enhances consumer awareness

A startup skincare company, Skintopical, has been operating for six months. The company is a team of one: Linette, the owner. She single-handedly creates the products and sells them to her friends and family. Sales have slowed, so her sister suggests Linette invest more in marketing to help Skintopical grow. Which of the following statements describes a benefit that marketing offers Skintopical?

Green marketing

A strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting and enhancing the natural environment

Corporate Strategy

A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals

political

AT&T spends millions of dollars on lobbying every year. Lobbying involves which type of forces in the marketing environment?

competitive advantage

Ajei continues to work on the marketing strategy for Tres Pimientos. Tres Pimientos was successful in selling 16-ounce jars of salsa in its restaurant. In fact, demand for the jars of salsa is so high that Ajei believes Tres Pimientos should try to expand and start selling in stores and online. She believes Tres Pimientos salsa has the potential for enormous growth, perhaps even more so than the actual restaurant. Refer to Scenario 2.3. Ajei's manager is skeptical. Such an investment would require a manufacturing facility, a larger marketing budget, and salespeople who would be able to get the salsa onto store shelves. However, Ajei maintains that Tres Pimientos's secret salsa recipe provides it with a core competency. The market for salsa is also strong. She believes this provides Tres Pimientos with a chance to match its core competency to market opportunities, otherwise known as a(n) _______.

greater demand for salsa products

Ajei is working on a SWOT analysis of a local Mexican restaurant Tres Pimientos in Flagstaff. She writes down that the organization has high customer loyalty, resources for expansion, a large social media following, and strong management. She also writes that the market for salsa products is high and more people are eating out. On the other hand, one major complaint levied against the restaurant is that it is high priced and other casual-dining restaurants with less expensive menu offerings are locating to the city. Still, Ajei believes the restaurant's talented and well-known chef provides it with an advantage that other restaurants do not have. Refer to Scenario 2.1. Which of the following characteristics of the Mexican restaurant represents an opportunity?

product development

Ajei's manager believes that Tres Pimientos can gain an advantage over competing Mexican restaurants in the area by capitalizing on the growing demand for salsa. He believes the firm's top-secret salsa recipe could be the key to expanding into another market niche. The manager has proposed developing a line of its salsas in 16-ounce jars to sell at its restaurant. This way its loyal customers could buy its salsa outright and serve it at home. Ajei has been tasked with determining the feasibility of this strategy. Refer to Scenario 2.2. What type of competitive growth strategy is Ajei's manager discussing?

share of customer

Alan manages a small factory that produces computer graphics cards. Alan operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Melissa, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. Recently, Melissa has found that they have begun to reach market saturation. She is having trouble finding new customers. One solution would be to increase the company's reach, perhaps by opening up locations in other areas. However, she knows this will be expensive. After noticing that many of their customers are planning on expanding and purchasing bigger facilities, Melissa feels that the best option is to increase the company's _______.

production

Alan manages a small factory that produces computer graphics cards. Alan operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Melissa, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. What type of orientation has Alan adopted?

star

Amazon's Echo product line of smart speakers has 61 percent of a market that has grown from 47 million speakers to 66 million speakers in just one year. With this information, what type of product is the Echo speaker based upon the Boston Consulting Group's market growth/market share matrix?

market orientation

An indie nail polish brand, Holo Taco, conducts in-depth marketing research to determine what customers want. Its long-wearing nail polishes are made with the highest quality holographic glitter. The company creates buzz around its product offerings by discussing the product weeks before it is launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in its website selling out of the newest product. Refer to Scenario 1.2. From the information provided about Holo Taco and its marketing strategies, Holo Taco most likely embraces a _______.

product

An indie nail polish brand, Holo Taco, conducts in-depth marketing research to determine what customers want. Its long-wearing nail polishes are made with the highest quality holographic glitter. The company creates buzz around its product offerings by discussing the product weeks before it is launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in its website selling out of the newest product. Refer to Scenario 1.2. Holo Taco's emphasis on marketing research is used to enhance what variable of the marketing mix?

promotion

An indie nail polish brand, Holo Taco, conducts in-depth marketing research to determine what customers want. Its long-wearing nail polishes are made with the highest quality holographic glitter. The company creates buzz around its product offerings by discussing the product weeks before it is launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in its website selling out of the newest product. Refer to Scenario 1.2. Holo Taco's skills at creating buzz for its newest product offering weeks before its release is an example of what marketing variable?

Customer benefits

Anything a buyer bust give up to obtain the benefits the product provides

an exchange

Barry is a business owner who sells high quality drones with HD cameras for personal use. In an effort to improve his skills in social media, he pays to attend an online webinar about Pinterest strategy. What is Barry engaging in?

assigning responsibility for completing each activity to one or more employees, teams, or managers

Barry is in charge of implementing his unit's marketing strategy, and he is currently engaged in establishing a timetable for implementation activities. Which of the following is Barry's final step in establishing an implementation timetable?

purchase risk

Brandy is a frequent shopper at REI. She reluctantly purchases a pair of climbing shoes that are more expensive than she would like. After a month of frequent use, Brandy regrets her purchase and decides to return the shoes. REI gladly accepted the worn shoes because of its 100% satisfaction guarantee which allows customers to return products up to one year after purchase. This is an attempt by REI to reduce what type of cost?

market orientation

By understanding its customers' needs, which marketing management philosophy is vineyard vines utilizing?

objective; subjective

Dylan manages a highly reputable cybersecurity business. This company has been voted as having the best cybersecurity software. Consumers appreciate the fact that they can make secure transactions without worrying about privacy or identity theft. Dylan knows that the company's product far surpasses that of the competition. One thing has been bothering him, though. In order to put so many resources into ensuring the best software, Dylan had to lay off employees at the customer call center. Recently, consumers have begun complaining about long wait times when they call in with a problem or concern. Although its cybersecurity software is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. Dylan does not understand why consumers are getting so upset. He believes the exceptional software more than makes up for long waiting periods and other issues with its customer service. "After all," he says, "they can't have it all. If I invest more in customer service, that means less investment on ensuring the quality of our product offering." Refer to Scenario 1.3. On your advice, Dylan decides to invest more in customer service training and hiring. Satisfaction increases, but not to the level Dylan thinks it should be. He conducts a marketing research study and finds that while most consumers like the product many would like to see additional software available. However, what type of software customers want tends to vary by customer. Dylan has come to believe that customers just do not know how to assess value correctly. Dylan appears to believe that determining value is a(n) _______ process, while in reality the process of assessing value is highly _______.

cause-related marketing

Every year Jersey Mike's hosts an annual one-day event where 100 percent of its sales is donated to a charity of the store owner's choice. In recent years, 200+ charities were supported nationwide from the sales of the store's 1,500 locations. These events that Jersey Mike's funds every year are best described as which of the following?

mission statement

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

discretionary income

Handel started a new job as a junior marketing research analyst. After the basic necessities of food, clothing, and rent, he has a good amount of income that is available for spending and saving. What is this income known as?

it should be measurable

Hank's small restaurant business is doing extremely well, and it often has hours-long waits at peak dining times. Hank thinks it is time to grow the business by opening new restaurants to take advantage of his success. He has begun the strategic planning process and has set the following objective for his company: grow the business by 10 percent in one year. What's wrong with Hank's marketing objective?

green marketing

IKEA is known for its sustainability initiatives to improve its products and stores. The company uses sustainable sources for its materials and aims to use 100 percent renewable energy. IKEA releases an annual sustainability report to inform stakeholders. IKEA believes in the strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment. This strategic process is called _______.

strategic window

Margie noticed that sales of her company's newest electric bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The electric bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. Margie believes this is the optimal time to seize upon this opportunity. Through the bike's patented design, her company has capabilities that fit the unique demands of this growing market. Margie wants to capitalize on this opportunity before these market trends have a chance to change. This period for Margie's firm is known as a _______.

sustainable competitive advantage

Margie noticed that sales of her company's newest electric bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The electric bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. Margie's company's electric bicycle, which is patented so that rival firms cannot replicate it, has a _______.

sales analysis

Margie noticed that sales of her company's newest electric bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The electric bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. What method of analysis is Margie using?

fertility rates are at their lowest

Marjorie, a Venezuelan business professional, considered the U.S. market for her new baby clothing company. After conducting environmental scanning and analysis, she determined the U.S. is not the best fit for her company because of changes in U.S. demographic data. Which of the following statements is true about how our U.S. demographics are changing?

centralized

Marty works at an organization with a clear chain of command. The major decisions are relegated to top managers. Marty and his co-workers have strict performance standards. Managers at his organization monitor the work of employees to make sure they are staying on track. What type of organization is Marty's company?

relationship marketing

Netflix has a wide selection of original content. Its hit show Stranger Things is widely popular and has a large following on social media. Netflix uses its Stranger Things Twitter account to create awareness and build excitement for upcoming seasons by posting teaser trailers, memes, and user-generated content. The account is also known to reply directly to fan questions and posts mentioning the show. This allows for greater use of user-generated content and connectedness to the show and other fans. This is an example of _______.

Federal Trade Commission (FTC)

NutriTaste receives a cease-and-desist order demanding that the nutrition supplement business stop using deceptive packaging from the federal regulatory agency that has the most influence over marketing activities. Which agency is the order from?

marketing concept; sales orientation; market orientation

objective; subjective Assessment question Scenario 1.1. Karen works as a salesperson for Wüsthof, a company that makes cutlery and kitchen knives. She is driven to make as many sales as possible to as many people as possible in order to increase her commission. Although she has many great customer relationships, she also has a reputation for overly aggressive sales tactics. Karen has been able to convince customers to purchase more expensive knives even after they say they are not interested. As a result of Karen's high sales, she is a top sales associate at the company. Recently, however, Karen's sponsor has been informed of complaints that customers have levied against Karen accusing her of "badgering" them into buying products. The sponsor meets with Karen and tells her it is unacceptable to pressure consumers into purchasing items they do not want. Refer to Scenario 1.1. Karen's sponsor tells her that it is important for her to determine her customer's needs and then find the product that best meets those needs, regardless of price. She recommends that Karen adopt the _______. In other words, Karen should move from a _______, where she is focused on using her aggressive direct selling talents to maximize profits, toward embracing the more customer-centric _______.

Strategic windows

temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market

competitive advantage

the result of a company matching a core competency to opportunities it has discovered in the marketplace

Customer Relationship Management (CRM)

using information about customers to create marketing strategies that develop and sustain desirable customer relationships

It ruled that the government is not authorized to ban corporate spending in candidate elections

what is the significance of the 2010 supreme court decision citizens united v. federal election commission?

marketing environment forces

when petco decided to eliminate pet food with artificial flavors, colors, and preservatives from its stores, it was most likely responding to which of the following?

greenpeace

which of the following institutions would most likely to market an idea as its main product?

large outlays associated with creating a new product

which of the following is a disadvantage of being a first mover in the market?

ability to benefit from first movers' mistakes

which of the following is an advantage of being a late mover in the market?

choosing a target market

which of the following is probably the most important decision a company makes during the strategic planning process?

table salt

which of the following products MOST closely resembles pure competition?

marketing environment forces are uncontrollable, so marketers do not plan for them

which of the following statements about the marketing environment is false?

to allocate the firm's marketing resources better in the future

why might a marketer want to engage in marketing cost analysis?