Chap 1, 2, 4

The basic difference between a good and a service is that a good

can be physically touched

When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders.

conscious marketing

________ entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services.

conscious marketing

The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

controllable

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

integrated marketing communications

Which of the following is least likely to provide a sustainable competitive advantage?

lowering prices

H&R is a small, local heating and air conditioning business. The local military base is a potential source of growth, and H&R already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. H&R is considering a ________ growth strategy.

market development

Marketing ethics is concerned with all of the following except

distinguishing between right and wrong actions in a business setting.

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of not creating a(n)

marketing plan

When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm

must align the short-term goals of each employee with the long-term, overriding goals of the firm.

Effective promotion enhances a product or service's

perceived value

Marketing involves all of the following except

production scheduling

The ethical decision-making framework includes all of the following steps except

promote the firm's corporate social responsibility efforts

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to

evaluate performance and make adjustments

Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on

how different customers perceive the value of her services

Near the end of the model year, the Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the ________ era.

sales-oriented

Which of the following statements regarding corporate social responsibility is true?

It sees limited overlap between the business and society, and between business and the planet.

The global athletic footwear market is expected to experience only very slow growth over the next several years. Nike is the market leader. According to Boston Consulting Group portfolio analysis, how should Nike treat its athletic shoe business?

Nike's athletic shoe business still requires some investment, but it is likely to produce excess resources that can be invested in other divisions of the company.

Julie is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julie is relieved to see that in marketing

all parties to the transaction should be satisfied

Firms achieve ________ through efficient procedures and excellent supply chain management.

operational excellence

For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates

opportunities

Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages. The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices. There is no need even to navigate to Delta's website—users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook. Which element of the marketing mix does this represent?

place and value delivery

Marketers that include ethical policies and standards in the firm's mission or vision statements are introducing these concepts at which stage of the strategic marketing planning process?

planning phase

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems with the property. Previously, they were expected only to answer buyers' questions. The new regulation addressed the marketing ethics problem of

withholding information