MKT/421T: Marketing - Week 1

4 Ps of Marketing This activity is important because marketing managers use the controllable marketing mix factors known as the 4Ps to create value. The marketing mix factors which include product, price, promotion, and place (distribution) are the tools the marketing manager uses to develop a marketing program to reach consumers. The goal of this exercise is to demonstrate your understanding of the controllable marketing mix factors: product, price, promotion and place (distribution). Identify which marketing mix factor is described in each example. 1. A friend recommends a new restaurant that you need to check out (Click to select) Product Price Place (Distribution) Promotion 2. You pay your college tuition for this semester (Click to select) Product Price Place (Distribution) Promotion 3. A new personal assistant app for the iPhone (Click to select) Product Price Place (Distribution) Promotion 4. Walmart's website offers thousands of products that you can purchase (Click to select) Product Price Place (Distribution) Promotion 5. You pay $10 to park your car at the arena to see the big game (Click to select) Product Price Place (Distribution) Promotion 6. Flyer for a lawn care company stuck in your mailbox (Click to select) Product Price Place (Distribution) Promotion 7. Your aunt hosts a Thirty-One party at her house where she sells colorful bags and totes (Click to select) Product Price Place (Distribution) Promotion 8. A couple of years after graduation, you buy your first home (Click to select) Product Price Place (Distribution) Promotion 9. You grab a Coke from the vending machine on the way to class (Click to select) Product Price Place (Distribution) Promotion 10. Making dinner for a friend in exchange for him fixing your computer (Click to select) Product Price Place (Distribution) Promotion 11. While scrolling through Instagram, you notice a photo advertisement for Wayfair.com (Click to select) Product Price Place (Distribution) Promotion 12. Your professor's lecture on the 4 Ps (Click to select) Product Price Place (Distribution) Promotion 13. You and your roommate pay $950 a month to rent an apartment close to campus (Click to select) Product Price Place (Distribution) Promotion 14. You visit your local Target store to purchase a new calculator for your calculus class (Click to select) Product Price Place (Distribution) Promotion 15. While reading People you notice an ad for Marriott's newest hotel in Mexico (Click to select) Product Price Place (Distribution) Promotion 16. Your state's Republican candidate running for office (Click to select) Product Price Place (Distribution) Promotion

1. A friend recommends a new restaurant that you need to check out Promotion Correct 2. You pay your college tuition for this semester Price Correct 3. A new personal assistant app for the iPhone Product Correct 4. Walmart's website offers thousands of products that you can purchase Place (Distribution) Correct 5. You pay $10 to park your car at the arena to see the big game Price Correct 6. Flyer for a lawn care company stuck in your mailbox Promotion Correct 7. Your aunt hosts a Thirty-One party at her house where she sells colorful bags and totes Place (Distribution) Correct 8. A couple of years after graduation, you buy your first home Product Correct 9. You grab a Coke from the vending machine on the way to class Place (Distribution) Correct 10. Making dinner for a friend in exchange for him fixing your computer Price Correct 11. While scrolling through Instagram, you notice a photo advertisement for Wayfair.com Promotion Correct 12. Your professor's lecture on the 4 Ps Product Correct 13. You and your roommate pay $950 a month to rent an apartment close to campus Price Correct 14. You visit your local Target store to purchase a new calculator for your calculus class Place (Distribution) Correct 15. While reading People you notice an ad for Marriott's newest hotel in Mexico Promotion Correct 16. Your state's Republican candidate running for office Product Correct

By 2030, the U.S. population is expected to exceed

355 million.

What is precycling?

An effort by manufacturers to avoid creating waste in the production process

Match the components of competition to the correct example. Instructions Barriers to Entry Power of buyers Power of suppliers Existing rivalries Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services. It is easy and inexpensive for customers to switch to a different grocery store. There is only a single producer for a vital component in a cell phone. Airlines offer discounts for making reservations early or charge penalties for canceling reservations.

Barriers to Entry Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services. Power of buyers It is easy and inexpensive for customers to switch to a different grocery store Power of suppliers There is only a single producer for a vital component in a cell phone. Existing rivalries Airlines offer discounts for making reservations early or charge penalties for canceling reservations.

The best known self-regulatory group is the

Better Business Bureau

______ is a movement to increase the influence, power, and rights of consumers in dealing with institutions.

Consumerism

The ______ might issue a cease and desist order or require corrective advertising as a response to deceptive business practices.

FTC

Which statement about regulation as an environmental force is true?

Regulation often places restrictions on the activities of businesses.

Though the ______ did not explicitly make the practice of price fixing illegal, courts have subsequently relied on it to find it to be so.

Sherman Act Reason: Courts now find price fixing to be per se illegal based on interpretation of Sherman.

Advertising and promotion are regulated by which governmental body?

The Federal Trade Commission

Which environmental force is most likely to result in replacement of existing products or companies?

Which environmental force is most likely to result in replacement of existing products or companies?

Which of the following would be identified as a social force in an environmental scan?

a delay in young couples marrying and having children

Consumerism can be described as ______.

a movement to increase the power and rights of consumers in dealing with institutions

The U.S. government has threatened to increase tariffs on European luxury automobiles because of a trade imbalance between the United States and the European Union. For American automakers like GM and Ford, this action would reflect

a positive result from regulatory environmental forces.

Self-regulation can be described as

an alternative to government control in which industry attempts to police itself

Critics of this form of competition suggest that because there are few sellers, price competition among firms is not desirable because it leads to reduced profits for all producers.

an oligopoly

What are the newest forms of technological changes that are occurring now?

artificial intelligence wearable technology blockchain

An example of ______, is the elimination of passwords based on facial or fingerprint recognition.

authentication technology

The generation of children born between 1946 and 1964 is referred to as

baby boomers.

The Sherman Antitrust Act and the Clayton Act were passed to encourage _____.

competition

Which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs?

competition

Gross, disposable, and discretionary are three components related to

consumer income

Members of Generation Z are most likely to influence which of these?

e-textbooks

When Julie, the marketing executive for Hope Springs, determined that market segments existed with sufficient disposable income to pay a premium for bottled water, she determined this by examining _____ forces.

economic Explanation Economic forces focus on the conditions relating to consumer income, macroeconomic conditions, and resources that affect the cost of running a business.

Match the distribution issue with its correct description. exclusive dealing requirements contracts exclusive territorial distributorship tying arrangement a seller requires the purchaser of one product to also buy another item in the product line. an arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors a buyer must purchase all or part of its needs for a product from one seller for a time period a manufacturer grants a distributor the sole rights to sell a product in a specific geographical area

exclusive dealing an arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors ================================================= requirements contracts a buyer must purchase all or part of its needs for a product from one seller for a time period ================================================= exclusive territorial distributorship a manufacturer grants a distributor the sole rights to sell a product in a specific geographical area ================================================= tying arrangement a seller requires the purchaser of one product to also buy another item in the product line.

Select the four issues related to distribution that are monitored by the government.

exclusive dealings exclusive territorial distributorships tying arrangements requirement contracts

Select three components of the competitive environment.

existing rivalries bargaining power of buyers and suppliers substitution possibilities

Generation X consumers are

generally supportive of racial and ethnic diversity

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 determining its

market segment.

Universal Music Group, Sony Music Entertainment, and Warner Music Group together control the majority of the market share in the music industry. What form of competition does this represent?

oligopoly

The Sherman Act focuses on which component of the marketing mix?

price

Chobani can be found on Facebook, Instagram, Pinterest, and other social media networks. Marketers use social media to communicate with the Chobani consumers, making social media a part of Chobani's _____ strategy.

promotion Explanation Promotion is a means of communication between the seller and buyer. As a startup with limited funds, Chobani used social media exchange messages with its consumers.

To get a comprehensive look at your competition, you should consider firms that

provide a product that satisfies the same specific need as yours does

An environmental scan will include _____ forces impacting a business by way of state and federal laws that may restrict its activities. (one word)

regulatory or regulation

In the United States, the majority of new jobs are generated by Blank______ businesses.

small

The majority of the competitive landscape in this country is made up of ______.

small businesses

Members of Generation Y are likely to have the greatest amount of influence on which of the following product categories?

sports

Using smartphones, one can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved features are added with each smartphone introduced by Apple, Samsung, Google, and others. As a result, customers often want to replace their smartphones with new models or brands every couple of years, even if their current phones still work. This increase in demand is due mostly to changes in ________, an environmental force.

technology

Companies that use computer chips in their products that allow the product to be connected to a network are using

the Internet of Things

The network of products embedded with connectivity-enabled electronics is known as

the Internet of Things

The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called

the Robinson-Patman Act

An important social trend is the continued concern for health and well-being in the United States. This is most likely evidenced by

the introduction of fitness trackers such as the Fitbit.

Starbucks entered a partnership with Keurig Green Mountain to sell K-Cup single-serving coffee packs. Because Starbucks ________, it was prepared for this shift in its marketing environment.

tracked, as part of its ongoing environmental scanning activities, the percentage of households with single cup brewers