mkt test 1
Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can
Create a sustainable competitive advantage
Amazon's latest attempt to shore up and enhance its competitive barriers by introducing a home service marketplace that may help it achieve a lasting, powerful advantage is an example of _______________ excellence.
Customer
When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her ten-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of A. customer excellence B. operational excellence C. product excellence D. promotional excellence E. global excellence
Customer excellence
While waiting in line to make a purchase at Best Buy, Joanie sees signs reminding her to visit its website for online specials and to sign up right now on her smartphone for the Best Buy Loyalty Rewards Program. Other signs remind her that Best Buy will match competitors' prices on any item it sells. This is an example of which 4E framework?
Educate
Gene's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers—both satisfied and unsatisfied—talk about products they have purchased and the service received at Gene's. The user blog best describes which of the 4E frameworks for the store's customers?
Engage
Derek just posted an entry in his blog talking about how happy he is with his new GoPro camera. In the blog he also posted videos that he took with the camera. As a customer of the product, which facet of the 4E framework for social media is Derek most exhibiting?
Engagement
Craig sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Craig is ignoring the __________ step of the marketing planning process.
Evaluate performance
Darren has developed a better type of medication vial for travelers. He is not sure how to develop a marketing program for his product, as there are a few similar ones on the market. What technique can Darren use to analyze data from his competitor's websites, particularly to learn how people search for similar products online?
Keyword analysis
As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from __________ to __________ marketing.
B2B ; B2C
When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered _______ marketing.
B2C
Compared to the average company, firms with strong ethical climates tend to
Be more socially responsible
Trina is developing a marketing campaign for an organic stain-removal product. As "stain removal" is rather dull, she is trying to educate consumers about the value and uniqueness of the product, and appeal to the environmentally conscious. Which of the following is the BEST social media application for this task?
Blog
Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the __________ stage.
Brainstorming
How does your text describe how social media firms help marketers connect with their customers?
By helping build connections between customers and firms
What is the disadvantage for companies in using a "daily budget" such as that offered by Facebook to its advertisers?
May limit exposure if ad is very successful
Instagram is an example of what type of social media site?
Media sharing
The final step in the process of creating a social media campaign is to
Monitor the program
Firms achieve ___________ through efficient procedures and excellent supply chain management.
Operational excellence
By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay cater to __________ marketing.
C2C
In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called
Cash cows
A firm's macroenvironment includes all of the following EXCEPT
Competition
Individuals achieve the _____________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook.
Connected
The centerpiece of the marketing environment analysis framework is
Consumers
One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's
Conversion rate
E-books, in addition to being an alternative product form, provide __________ value creation since they can be downloaded via the Internet immediately when and where they are needed.
Place
_______ represents all the activities necessary to get the product to the right customer when that customer wants it
Place
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
Planning excellence
______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products
Positioning
Marketers who design and offer new products and services to their existing customers are pursuing a ____________________ growth strategy.
Product development
Suppose your university made a sizable investment in its career services--additional counselors, increased efforts to bring in recruiters, and other services aimed at helping students to find jobs. This investment would enhance the university's _____________ in an attempt to create value for students and recent graduates.
Product value
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.
Production-oriented
The idea that a good product will sell itself is associated with the __________ era of marketing.
Production-oriented
When a T-shirt manufacturer states, "We sell it only in black because that way we can buy plenty of black fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?
Production-oriented
Google and other search engines allow marketers to bid to have their ads shown when consumers search on keywords related to the firm's products. These marketers are attempting to create value through
Promotion
__________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response
Promotion
Conscious marketing encompasses all of the following overriding principles except
Recognition of the company's bottom line
In terms of the 4E framework, in order for a firm's offer to excite its targeted customers, the offer must be
Relevant
During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers.
Sales-oriented
Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing?
Satisfying customer needs and wants
The first step in the process of creating a social media campaign is to
Set goals
Which of the following statements reflects the philosophy of the market-oriented era?
The customer is king
During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
Value-based marketing
The creation of CVS Health's mobile apps in connection with its onsite MinuteClinics is a response to a ______ trend that surrounds health and wellness concerns
Social
Business ethics is concerned with all of the following except
Societal issues such as the sale of products or services that may damage the environment
_____ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers
The American Marketing Association
Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in
a sustainable competitive advantage
Many investors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as
an afterthought
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must
be aligned with the long-terms goals of the firm
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
The 4E framework for social media guides marketers in using social media effectively to build and deepen customer relationships. All of the following are included in the 4E framework except
energy
If a firm wants to develop a sustainable competitive advantage, it should
examine its operations and customer relations to identify significant things competitors cannot easily copy
The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)
industry
Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
its value
The elements of the social media engagement process are
listening, analyzing, and doing
The marketing goal of getting the right quantities to the right locations at the right time relates to
managing the supply chain
Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups would be called a
market segment
Data about how, when, why, where, and what people buy refers to
marketing analytics
The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of
marketing ethical issues
Of the seven primary motivations for mobile app usage, which one do people spend the most amount of time on each month
need for "me time"
Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' __________ change(s) over time.
needs, wants, and ability to purchase
For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that
no single strategy is likely to be sufficient to build a sustainable competitive advantage
For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates
opportunities
Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's
opportunities and threats
Value-oriented marketers constantly measure
perceived customer benefits against the costs of their offerings
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT
performance
Which element of the marketing mix deals with supply chain management?
place
In the _________ stage, a firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly and how the firm plans to balance the needs of its various stakeholders
planning
When conducting a SWOT analysis in what phase of the strategic marketing process is an organization presently engaged?
planning
Many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been her since 1951". This is part of these firms'
positioning strategy
Marketing involves all of the following EXCEPT
production scheduling
Which of the following is not one of the four major growth strategies marketers typically utilize?
segment development
Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)
star
As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including
strengths and weaknesses
Marketing channel management is also known as
supply chain management
UPS, FedEx, and other shipping companies support other firms' ____________ marketing goals
supply chain management
After identifying various market segments that her company could pursue. Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in
target marketing
When referring to "exchange" marketers are focused on
the trading of things of value
In 2006, Ford Motor Company announced it would severely cut back its automobile production. For parts companies supplying Ford its parts, this represented a(n)
threat
One of the goals of value-based marketing is
to offer greater value than competitors offer.
Many U.S. companies first discovered marketing during the __________ era.
Market-oriented
Introducing newly developed products or services to a market segment the company is not currently serving is called
Diversification
Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to
Divide the marketplace into subgroups
A Groupon offer for discounted theater tickets was sent to targeted customers who had previously purchased movie or theater tickets. This best describes which of the 4E frameworks?
Excite
The 4E framework of social media includes
Excite, Educate, Experience, Engage
Alan wants to upgrade his look before a job interview. A friend tells him about a men's clothing line that allows potential customers to virtually try on suits and see what looks best. It even offers an interactive "custom fit" feature. After checking out his options, Alan takes his measurements and orders a suit without ever leaving his office. Virtually trying on a suit best describes where provides was which of the 4E frameworks?
Experience
One measure of traffic from visitors on sites, the total page requests, is measured in units called
Hits
Adrienne decides to add new sales representatives and increase advertising in her existing market for her current line of security systems. Adrienne is pursuing a __________ growth strategy.
Market penetration
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
Long-term relationships
Which of the following is least likely to provide a sustainable competitive advantage?
Lowing prices
Which of the following is a core aspect of marketing?
Making product, place, promotion, and price decisions
Quitman Enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the owner, wants to start selling the book to international students abroad. Quitman wants to pursue a __________________ growth strategy.
Market development
To determine how attractive a particular market is, using the BCG portfolio analysis, __________________ is established as one axis.
Market growth rate
the automobile manufacturing industry closely watches annual consumer satisfaction surveys. For years, Japanese care companies consistently had the highest levels of customer satisfaction, creating a(n) ____ for these companies
Sustainable competitive advantage
Some banks offer special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth; however bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize
The lifetime value of customers
All of the following are included in the decision-making metric except
The likability test
The XYZ firm is in Step 4 of its ethical decision-making process. Executives were asked to take the publicity test using an ethical-decision making metric. All scores were in the "No" column. What does this mean?
The situation is ethically troubling to the executives
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes
The value of their time and energy
The basic difference between a good and a service is that a good
can be physically touched
Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's
careful targeting and marketing mix implementation
Manufacturers that use just-in-time manufacturing systems coordinate closely with supplies to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent a(n) _________ in a SWOT analysis
weakness
