MKT HW 1
Which of the following is NOT one of the core principles of marketing? - marketing entails an exchange - marketing is exclusive to businesses - marketing about satisfying customer needs and wants - marketing requires decisions based on the 4Ps
- marketing is exclusive to businesses
Internal Stakeholders
-Employees -Managers -Owners
Promotion
-Encouraging fans to enter a contest on Facebook with two luck winners getting to attend the movies grand opening -Tweeting out a youtube link to watch a commercial preview of the movie
Brand has the closest association to _ in a firm's marketing mix.
Product
Which of the following is true of customer value?
To create value, the new good, service, or idea must satisfy a perceived marketplace demand.
Fleet Manager
-Excellent vehicle knowledge - Patience
Place
-Letting fans vote for the first three countries that the movie should be released - Tweeting out which theaters will be offering special advanced screening movie the day before its official release
Pricing Analyst
-Strong quantitative skills, comfortable with numbers -Good researcher, comfortable scanning the environment
Salesperson
-Superior Listening skills -Terrific persuasion skills
External Stakeholders
-Suppliers -Society -Governments -Creditors -Shareholders -Customers
Event Coordinator
-Time management skills -Excellent organizational skills
Price
-Tweeting out a discount to purchase tickets to all of the followers of a movies twitter account -Offering fans who like the movie on facebook a 2$ discount off a 3-D printed ticket
Product
-letting fans vote through different social media platforms on alternative endings they would like to see as part of the DVD release of the movie -Responding to social media posts and deciding to offer the movie in 3-D
Ethical decision making framework
1. Prices and Nutritional Information 2. High in calories and saturated fat 3. Students, Parents, and the school system 4. Offering healthy menu items 5. Benefit students 6. school board meeting 7. Healthier menu items 8. Following up on decision
Ethical decision making framework
1.Determine the facts in an unbiased manner 2. Identify the ethical issue at hand 3. Identify the stakeholders impacted by the decision 4. Consider all available alternatives 5. Consider how the decision will affect the stakeholders 6. Discuss the pending decision with the stakeholders 7. Make the decision 8. Monitor and assess the quality of the decision
Marketers for frozen pasta meals can provide value to consumers in each of the following ways EXCEPT? A. Improving the taste of the pasta B. Changing the colors on the packaging C. Making the product healthier D. increasing the convenience of where the pasta can be purchased. E. Selling at a lower price
B. Changing the colors on the packaging
Zipcar traditionally focused on marketing toward individuals without cars as a convenient form of alternative transportation. Zipcar has now begun to also focus its marketing toward businesses and organizations to use Zipcar for their employees. This is an example of _______________. - A2B marketing - C2C marketing - B2C marketing - A2C marketing - B2B marketing
B2B marketing
The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is termed as:
Brand
Red Mango rewards loyal customers with coupons that can be redeemed for free and discounted products, and they offer loyal customers special promotions. These activities are part of a(n) ______________ program. - C2C - B2B - CRM - supply chain management - exchange
CRM
In the DDPerks loyalty program, customers earn points for each purchase and are awarded free coffee each time they earn 200 points. Loyalty programs are part of a(n) - transactional orientation - value co-creation effort - supply chain - CRM program - marketing channel
CRM program
The role of the promotion element in the marketing mix?
Communicating the value of a product to customers
Joe to Go offers donuts with its simple cup of black coffee that customers serve themselves. In doing so, the company has determined its ________, which satisfies the needs that dad has as a customer.
Customer value proposition
All of the following are parts of the marketing function EXCEPT? A. Logistics Management B. Advertising C. Research and development D. Human Resource Management E. Sales
D. Human Resource management
Which of the following can be considered a product decision?
Determining the features of a product
Governments
External stakeholders who are concerned that the marketing strategy shift will lead to lower revenues and ultimately lower tax revenue.
Suppliers
External stakeholders who are negatively impacted by SEH's decision to make all products internally
Customers
External stakeholders who benefit by the increase in product quality
Creditors
External stakeholders who could be impacted if short-term losses prohibit SEH from making its loan payments
Owners
Internal Stakeholders who are negatively impacted by the short-term reduction of profits, but potentially benefit from the long-term improvement in product quality
Employees
Internal Stakeholders who benefit from the increased workload
Why should marketers distinguish between needs and wants?
It helps them provide products that fulfill customers' wants and satisfy their underlying needs.
Freez is an ice-cream manufacturer in Ceda, a predominantly agrarian nation. Freez does not spend not spend too much on marketing its products. Instead, it focuses on improving the processes through which it manufactures ice-cream. Freez believes that the quality of the ice cream alone is enough to differentiate itself from other manufacturers and generate sales. In this scenario, Freez's marketing strategy is:
Production oriented
During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels manufacturer, caters to this need. Which of the following actions would represent the conversion of this need into a want?
Raindrops introduces a line of see-through umbrellas that glow in the dark
Customer value
Refers to the perceived benefits, both monetary and non-monetary, that customers receive from a product.
Marketers at Twin Oaks and other organizations create value by understanding customer needs, solving problems, and building
Relationship
________ is changing the game for marketers by allowing consumers to better connect with brands and other consumers.
Social Media
Which of the following led to the development of the marketing concept strategy?
The surplus of products in the market beginning in the early 1950s
Ethics
_are moral standards expected by a society
P7J, a chain of discount stores across the United States
a reduction in pricing does not necessarily increase overall revenue earned from a product
Needs are states of felt deprivation that?
are created when customers lack something useful or desirable
Many consumers believe bottled water is ________ tap water. - less available than - not as safe as - identical to - better than - cheaper than
better than
Lara and her friends visit a new restaurant in town called Betelgeuse. They just happen to notice it while on a long drive. Lara and her friends like the ambience, decor, as well as the food. Lara is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Betelgeuse failed?
communicating value to potential customers
Zipcar's commitment to educating customers about alternative transportation is an example of what? - work-of-mouth advertising - providing employment opportunities - production orientation - enriching society - competition
enriching society
The expansion of bottled water sources to include filtered municipal water was a consequence of Pepsi and Coke __________. - leaving the market - cooperating - entering the market - using technology - restricting access to other sources
entering the market
Zipcar was developed to adapt to customers' changing transportation needs. Zipcar was successful because it was able to create a venture that satisfied these unfulfilled needs. This is an example of what? - entitlement - managerial prowess - supply chain pervasiveness - entrepreneurship - self-promotion
entrepreneurship
The primary function of marketing is to _______. - improve the supply chain - advertise effectively - establish value - develop a well-designed sales force
establish value
Both Red Mango and Pinkberry must communicate information about their products and services and then deliver them to their customers. In turn, their customers provide these companies with money and information. This represents the core marketing concept of _______. - globalization - exchange - supply chain management - CRM - value
exchange
Marketing entails a(n) _______ between the buyer and the seller. - exchange - need - plan - value
exchange
A service is different from a good in that the benefit is _______. - less expensive - intangible - tangible - easy to market
intangible
Marketing concept
is characterized by customer orientation
Which of the following is a useful guideline to make ethical decisions?
it is possible to avoid ethical problems if the ethical issue is clearly identified
Both Pinkberry and Red Mango know that to be truly value driven, they must do all of the following except - share information - carefully balance benefits and costs - make profitability the number one goal - take advantage of new technologies - build relationships with customers
make profitability the number one goal
The Coffee Collective is seeking to identify customers who want a unique coffee-drinking experience and are open to a loyalty rewards program. In doing so, the Coffee Collective is identifying its target _____________. - market program - marketing concept - marketing mix - market segment - market orientation
market segment
Although blue jeans are made of the same basic fabric, how a brand of jeans is _____ determines how the brand will be positioned in the marketplace, and ultimately who will buy it. - sold - manufactured - warranted - developed - marketed
marketed
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers is referred to as _______. - promotion - advertising - marketing - planning
marketing
Firms compete on price point, store design, and the product itself. These are all elements of a firm's _______. - supply chain - relational orientation - marketing plan - marketing mix - entrepreneurship
marketing mix
Corporate social responsibility (CSR) can be defined as an organization's obligation to:
maximize its positive impact and minimize its negative impact on society
The bottled water industry has experienced ________ than the carbonated beverage industry. - much less growth - slightly less growth - slightly greater growth - much greater growth - about the same growth
much greater growth
communicate that value
once a company has created value, the next thing that the company must do is to
Dunkin' Donuts makes sure that its locations are convenient for its customers—close to where they live and work. Which of the four Ps does this represent? - place - people - promotion - product - price
place
If Mom places the highest value on convenience when looking for a cup of coffee, which of the marketing-mix components is she most concerned with? - promotion - program - place - price - product
place
Marketing requires product, price, promotion, and ______ decisions. - profit - production - prototype - place
place
Zipcar's goal is to have an available zipcar located within 10-15 minutes of its members. This is an example of what component of the marketing mix? - promotion - product - price - place - position
place
Clearly, customers enjoy the frozen yogurt offered at both Pinkberry and Red Mango. They also seem to enjoy the service in the stores as well as the idea that frozen yogurt is healthy. These elements all represent delivering value through which of the four Ps? - price - product - none of these - promotion - place
product
Dunkin' Donuts offers coffee and donuts that are "familiar with a twist"—popular items that are available all the time, and seasonal specials like pumpkin spice coffee and heart-shaped donuts. This "familiar with a twist" approach is an example of which of the four Ps? - price - people - place - promotion - product
product
Joe to Go offers donuts with its simple cup of black coffee that customers serve themselves. In doing so, the company is attempting to create value for Dad and other customers through which element of the four Ps? - program - price - product - promotion - place
product
Companies that get celebrities to be seen in their designer jean brands relate to which of the marketing mix variables? - price - distribution - promotion - product - place
promotion
Dunkin' Donuts offers some localized programs; for example, offering free coffee to all customers if a local sports team wins an important game. This is an example of which of the four Ps? - price - people - place - promotion - product
promotion
To communicate to consumers that its products are both healthy and delicious, Red Mango would use which of the 4 Ps? - product - promotion - price - place - people
promotion
Having employees make smoothies for customers represents which aspect of a product offering? - idea - good - place - service - price
service
Intangible customer benefits, such as a car wash or a haircut, are examples of _______. - products - services - goods - ideas
services
Based on the information in the case, only Pinkberry seems to be using _______ through its interactive website, Twitter, and Facebook. - social media - the 4 P's - value co-creation - CRM - supply chain management
social media
At the beginning of the bottled water movement in the United States, it was primarily purchased by ___________. - large families - the elderly - status-conscious consumers - bargain hunters - hospitals
status-conscious consumers
Which of the following makes it absolutely essential that nonprofit organizations engage in marketing efforts?
successful marketing helps attract membership and much-needed funds
Dunkin' Donuts uses 100% Arabica beans in its coffee and tests the quality of the coffee beans before using them. The companies who provide coffee beans to Dunkin' Donuts are part of its - CRM program - supply chain - transactional orientation - B2C marketing - value co-creation
supply chain
The exponential growth of the bottled water industry can be attributed largely to _________. - environmentalists - water shortages - rising prices - the power of marketing - high-end restaurants
the power of marketing
What did firms such as Ford do during the Great Depression when product sales decreased?
they resorted to personal selling and advertising
By creating cool, comfortable stores that invite customers to socialize, Red Mango increased the ______ of its market offerings. - supply - price - value - exchange - cost
value
Consumers pay more for a pair of premium jeans because these jeans provide more ____________. - features - colors - sizes - use - value
value
Lexus offers a back-up camera on its luxury automobiles. By eliminating blind spots and improving the safety of its vehicles, Lexus creates _______ for its customers. - a need - value - an exchange - a promotion
value
When consumers weigh the benefit gained from a product in comparison to the money spent, the end result is _______. - a want - a need - value - an exchange
value
Both Pinkberry and Red Mango allow customers to "do-it-yourself." In other words, customers can create and customize their own unique combinations of flavors and toppings. In marketing, this is known as ______. - the marketing mix - value co-creation - value - CRM - exchange
value co-creation
Customers can use the self-service area to customize their own dish of frozen yogurt. In marketing terms, Red Mango is engaging these customers in ________. - promotion - value escalation - C2C escalation - value co-creation - entrepreneurship
value co-creation
Zipcar is an example of what type of market orientation? - exchange marketing - value-based marketing - providence marketing - sales marketing - production marketing
value-based marketing
Depending on whether consumers want bargains, selection, service, or style will determine _____ consumers will buy their jeans. - how often - how - when - why - where
where
