Exam 1
Marketers making product decisions during a recession should _______.
lower prices and offer special deals to get consumers to buy
Given the popularity of Netflix's Stranger Things television show, Polaroid created a OneStep 2 Stranger Things Edition camera. Marketers for Polaroid likely viewed this partnership as a(n) _______ on a SWOT analysis.
opportunity
A company chooses to use the same product in every foreign market that it serves and does not alter any promotional messaging. The company is using a _______ strategy.
straight extension
Deon Frederickson recently sold his law practice and is looking forward to traveling the country in his new motor home. He is joining many people like him who were born between 1946 and 1964 who own mobile homes and enjoy visiting national parks and other areas around the United States. Deon is part of the _____ cohort group.
Baby Boomers
Which generational cohort accounts for the majority of prescription drug sales?
Baby Boomers
_______ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
Inflation
_______ says that a person's individual environment shapes their moral obligations and beliefs.
Moral relativism
After a successful run in New York, the Nederlander would like to take Evita to a theater in Argentina as Eva Perón was a much-loved historical figure there. This decision was likely based on the Nederlander Group's examination of Argentina's _______.
cultural factors
Capital Finance provides investment consulting services to businesses. It has contracts with several companies around the globe, including companies in Thailand, Australia, and India. The Internet has enabled Capital Finance to serve customers around the globe. It is estimated that _____ percent of global trade is facilitated by digital technology.
50
Setting goals, planning, and measuring results are keys to getting things done. This describes which American value?
Achievement orientation
The University of Phoenix was an early adopter of internet-based classes while their competitors-such as state universities like the University of Illinois-continued to offer traditional classroom instruction. Recently, the University of Illinois announced plans to discontinue campus-based courses for its master of business administration degree and will provide only web-based or online courses for the degree. In addition, the university is offering a wide range of blended courses and web-based courses for other degree options and general education courses. According to McKinsey and Company's four-stage model of innovation disruption, which stage does the University of Illinois action represent?
Adapting to the New Normal
Travis Scott, an African American rap musician, has partnered with Nike's Jordan line to produce the musician's newly designed shoe. He wore them onstage during the Grammy Awards. The shoe features a backward Nike Swoosh and branding details from his record label, Cactus Jack. Nike believes that partnerships with celebrities like Travis Scott will positively influence shoe and apparel sales among African American consumers since _______.
African American consumers have a strong influence on the latest trends
Do you ever purchase brands because of their corporate social responsibility initiatives?
Always
Many customers appreciate the benefits of joining Amazon's Prime membership program that provides free shipping on many products. However, some products on Amazon's site are sold by companies outside the United States and are not eligible for Prime shipping since they are shipped directly by the exporter. Which of the following statements is true regarding Amazon and the suppliers who export their items?
Amazon's marketplace has enabled many small firms to participate in global business.
Several factors differentiate between those companies that use a sales orientation and those that use a market orientation. One factor relates to how a company defines its business. Which of the following business definitions or mission statements best characterizes an organization pursuing a sales orientation?
American Express: We work hard every day to make American Express the world's most utilized credit card.
The three general strategies for selecting target markets include which of the following? (Select three)
Appeal to multiple market segments using multiple marketing mixes. Concentrate on one segment with one marketing mix. Appeal to the entire market with one marketing mix.
Grocery store chains such as Hyvee are making considerable investments to offer an increased selection of organic produce, fresh fish, and specialty foods desired by Asian American consumers. Hyvee's interest in marketing to Asian Americans reflects insights about this segment such as _______.
Asian American eating habits are healthier than white or other ethnic segments
_______ represent 7 percent of the U.S. population and often live in multigenerational households, which can impact purchases based on age, dietary habits, and health.
Asian Americans
A market development strategy _____ customers _____ products.
Attracts new To existing
Small companies that are actively involved in sustainability and social responsibility may seek a _______ certification.
B Corp
Nick Morgan is a scientist with the National Oceanic and Atmospheric Administration (NOAA). He is stationed at the South Pole Observing Station in Antarctica. Nick and his colleagues collect various measurements such as carbon dioxide and solar radiation levels to enable scientists to track changes and determine trends. Nick says, "The data we collect is also used to improve climate models so we can try to see changes in the future." Nick's research would be classified as _______.
Basic
_______ aims to expand knowledge, not to develop new or improved products.
Basic research
Carmen recently did a Google search for recommendations on a fuel efficient, electric, or hybrid sedan, and she noticed that when she checked her Instagram and Pinterest updates, there were now pop-up advertisements for various brands of vehicles like those the Google search revealed. The information about Carmen that Google, Instagram, Pinterest, or her other social media accounts are utilizing to show her these advertisements is known as _______.
Big Data
For a market-oriented firm, the advantages of considering the benefits customers seek include which of the following? (Select three)
Bolsters creativity and innovation by encouraging employees to come up with new ways to satisfy customers The company remains focused on the customer rather than the products it produces Allows the company to create new products and to modify products due to changing customer needs
A lighting company has developed a line of security lights that consumers can place at the entrances to their homes. Key features include motion sensing to automatically turn on the light, and notification via smartphone with video. The product is in a high-growth market as people are interested in safety, security, and monitoring their home from wherever they might be. However, the company has a low market share. What strategy would you recommend the company implement for the smart security light line?
Build
Carlos is an account executive for a paint company. He typically meets with home builders and contractors to discuss wall finishes in their new or remodeled homes. One builder, Robbie, confidentially mentions that he has just received a contract from a developer to build five homes in a new subdivision. Carlos is surprised to hear this since another client of his, Alba, had expected to receive the contract. After meeting with Robbie, Carlos sends Alba a text message with the news about Robbie receiving the contract. Which of the following best explains this interchange between Carlos, Robbie, and Alba?
Carlos has committed an ethical violation.
A stop at the grocery store cereal aisle can be overwhelming, with seemingly hundreds of varieties of cereal available. Post has more than 20 brands of cereal in its consumer products division, such as Pebbles cereal, which has a high market share but is in a low-growth market, as consumers now favor more natural cereal products with less added sugar. How would Pebbles cereal be classified according to the Boston Consulting Group model?
Cash Cow
Suppose that managers at the Courtyard by Marriott near JFK Airport had considered a previous case from several years earlier in which a Hilton hotel had been fined for illegally hiking room rates during an ice storm. Which ethical theory would the managers from Courtyard by Marriott be employing?
Casuist ethical theory
_______ uses previous examples of ethical dilemmas and applies those rules to a current ethical dilemma.
Casuist ethical theory
_______ is the cooperative marketing efforts between a for-profit firm and a nonprofit organization.
Cause-related marketing
Which of the following are reasons for failing to achieve a marketing objective? (Select four)
Changes in the environment after the objective was specified. Inappropriate marketing strategies in the plan. Unrealistic marketing objectives. Poor implementation.
Marketing is the activity, set of institutions, and processes for creating, _____, _____, , and exchanging offerings that have _____ for customers, clients, partners, and society at large.
Communicating Delivering Value
Cabi is a women's fashion clothing brand based in Los Angeles, California. Cabi's design team in Los Angeles creates its fashion line sixteen months to two years in advance. The design team selects fabrics and other details to create the clothes. Cabi then hires manufacturers in China to produce the items according to the specifications. Once completed, the garments are shipped to California on container ships that take up to two months in transit. It's a complex process but one that enables Cabi to control costs. Which method is Cabi using to engage in global marketing?
Contract manufacturing
_______ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.
Control
Which ethical theory says that when people are faced with an ethical dilemma, they should focus on their duties or responsibilities?
Deontological theory
Aisha is an account representative with Southern Spirits, a distributor of wine, beer, and other alcoholic beverages. She has thousands of brands and varieties of products to offer retailers, restaurants, convenience stores, and other business buyers in her territory. However, some of her wines are in very limited supply. For example, the warehouse that serves her geographic territory may only get one or two cases of some wines. Thus, Aisha must decide how to best allocate these limited varieties. Aisha provides the most time and attention to her high-volume customers since their purchases contribute the most to her salary. As part of her service to the largest accounts, she has decided to give them first choice in purchasing the limited wines. Which ethical theory best characterizes Aisha's decision?
Deontology
A _______ strategy increases sales by introducing new products into new markets.
Diversification
Gillette is best known for its line of products for men's shaving, such as razors, blades, and shaving foam. Gillette also has deodorant and body wash, but the company has noticed that Gillette body wash for men is in a low-growth market. Its market share is low as well. The company is considering how best to allocate resources across the company. Which strategy would you recommend Gillette implement for the body wash line?
Divest
In 2013, Polaroid announced they were opening brick-and-mortar stores called Fotobar. The stores offered printing services that allowed customers to print pictures from their phones or photo sharing apps as standard prints, or to canvas or metal. By the end of 2013, Fotobar hoped to have ten retail stores and continue to expand in 2014. But market growth for these services never materialized. Today, there are just three Fotobar locations. On the BCG portfolio matrix, Fotobar would likely be considered a _______.
Dog
Identify the name of the product or SBU by matching the descriptions in the left column to the names of the product or SBUs in the right column.
Dog - Low market share in a market with low growth. Star - High market share in a market with high growth. Cash Cow - High market share in a market with low growth. Problem Child (question marks) - Low market share in a market with high growth.
Harvesting is an appropriate strategy for these three products: _______, _______, and _______. (Select three)
Dogs Problem children Cash cows
Which of the following is NOT true about strategic business units (SBUs)?
Each SBU shares its mission statement with the parent company.
Deon is VP of marketing with a major beverage company and is reviewing the contracts of several film, media, and television personalities who work with the company. Recently, two of them were involved in controversial activities concerning their political beliefs and have been quite vocal regarding several social justice issues. Deon is considering canceling their contracts because it is difficult to establish that their personal views are not the views of his company. Which exchange criteria most directly relates to Deon's cancellation of these sponsorships?
Each party believes it is appropriate or desirable to deal with the other party.
Christy has a dresser and desk that she'd like to sell for $50 each, so she posts a photo and description of both items on her Facebook page. She is contacted by Samad, who is willing to pay $40 each for the dresser and desk if Christy can deliver them. Christy cannot accept Samad's offer because she does not own a truck and therefore is unable to deliver the items. Which condition of exchange most directly relates to Christy's inability to deliver the items?
Each party is capable of communication and delivery.
Companies producing solar panels for roof installations in residential or commercial application have benefited from government assistance in the form of grants to encourage owners to invest in solar technology. Unfortunately, one of the early entrants to solar roof panels went bankrupt and was unable to emerge from bankruptcy proceedings. According to the pyramid of corporate social responsibility, the company failed to meet its _______ responsibilities.
Economic
Adidas manufactures sports apparel and shoes in various countries around the world. When Adidas is selecting manufacturers, the company has an extensive contract agreement stipulating a variety of policies regarding workers, such as pay, hours worked per day or week, working conditions, and worker safety. Adidas believes that it is important to ensure fair labor practices even if there are no regulations or laws governing these practices. Based on the pyramid of corporate social responsibility, Adidas is fulfilling its _______ responsibilities.
Ethical
______ are moral principles or values that generally govern the conduct of an individual group.
Ethics
Misty is an account manager for a marketing firm that provides creative services to business clients. Projects are typically billed on an hourly basis. Misty coordinates with creative team members, media schedulers, and researchers to address her clients' needs. At a previous firm, Misty believed that many employees over-billed their services and did not accurately bill for their time. However, she can now trust all employees to submit accurate time statements and has not heard of anyone violating this practice. Which factor influencing ethical decision making is demonstrated in this example?
Extent of ethical problems within the organization
Market-oriented companies are _____ focused while sales-oriented companies are _____ focused.
Externally Internally
Unity Point Hospitals, which is based in Iowa, recently announced plans to seek approval and merge with Sanford Health, which is based in South Dakota. If approved by the ______, an organization empowered to prevent corporations from using unfair methods of competition in commerce, the combined entity would rank among the top 15 not-for-profit health systems by revenue. It would have 76 hospitals across 26 states and nine countries and employ more than 83,000 staff and 2,600 physicians.
Federal Trade Commission (FTC)
Captiva designs and manufactures a line of swimsuits for active women pursuing surfing, sailing, and other water sports. The brand is becoming popular since it is designed by women and is perfect for active lifestyles. Captiva uses its website to fulfill orders from women around the world but has its offices in the United States. Which stage of global business best describes Captiva's operations?
First stage
Lihua is learning about global market standardization. She was explaining to a friend the types of products that could easily be standardized for sale around the world except for language differences. Which of the following products could most likely be standardized?
Flash drive
Over the last 30 or so years, Toyota, a Japanese firm has made a considerable investment in the United States and has several manufacturing plants where it produces vehicles for the U.S. market. Its two plants in Kentucky make the Camry, Lexus ES 350, and Avalon. A plant in Texas produces its truck line— the Tundra and Tacoma. In total, Toyota annually produces more than 1.2 million vehicles in the United States. Which method of global marketing best describes Toyota's manufacturing operations in the United States?
Foreign direct investment
_______ is the riskiest way to enter a foreign market but provides the highest return.
Foreign direct investment
The American Medical Association and the American Bar Association discourage their members from using advertising to promote their businesses. Listings of services on a web page are acceptable. However, television, radio, or the use of other media to advertise services is frowned upon. What mode of social control does this represent?
Formal groups
In March 2019, the European Union fined Google 1.5 billion euros for antitrust violations in the online advertising market, continuing the EU's efforts to rein in the world's biggest technology companies. The _______ law, passed by the European Union, regulates data collected by firms and requires firms to have a "data protection officer" and provide clear and available policies regarding their data collection practices.
General Data Protection Regulation (GDPR)
Franklin is a financial consultant who specializes in retirement planning. He most enjoys working with clients who are close to his age-those born between 1965 and 1980. He believes this is a great target market because this group typically earns a high income and tend to be more frugal—thus, they are more likely to be interested in saving for retirement. This group is known as _______.
Generation X
Brock is a baseball player at a Division III university. He uses Instagram to follow his favorite professional and Division I college teams. He recently noticed that one of his favorite players was promoting Under Armour. Brock was able to click the link to view the item and make a purchase. Like a lot of people in his cohort (those born between 1995 and 2010), Brock is comfortable using social media sites and his smartphone to make purchases online. Brock is a member of the _______cohort group.
Generation Z
If Kroger were to feature multicultural products and recipes through the OptUP app, it would likely be targeting _______.
Generation Z
Which generational cohort has never known a world without smartphones?
Generation Z
Identify the generational cohort by matching the corresponding years of birth in the left column to the generational cohorts in the right column.
Generation Z - Born between 1995 and 2010. Baby Boomers - Born between 1946 and 1964. Generation X - Born between 1965 and 1980. Millennials (Generation Y) - Born between 1981 and 1996.
Heritage Glass in rural Tennessee expects 60 to 70 percent of its sales to come from regions outside of the United States including the Philippines, Europe, and South America. Heritage Glass has a _____ vision.
Global
Restaurant Equipment Corporation imports coolers and freezers from China that are used in the restaurant and hospitality industry. The company typically orders container loads and must consider travel time since the product arrives by ship, which typically takes several weeks. The company benefits from using imported Chinese products since its profit margin is higher than it would be if it had to purchase products made in the United States. This example demonstrates the impact of _____ competition on firms supplying the restaurant and hospitality markets.
Global
_______ means recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets.
Global vision
Which of the following is true of customer value?
Good value is signified by the quality a customer expects at the price they are willing to pay.
Starbucks serves thousands of customers daily and continues to experience growth in customer spending, with revenues up by 3 percent annually. Starbucks has committed to phasing out plastic straws from its 29,000 stores worldwide by 2020. This will eliminate more than one billion straws per year. Plastic straws will be replaced with a lightweight, recyclable, straw-less lid with paper or alternative material straws available for blended beverages, and plastic straws upon request for Starbucks customers who need one. The company's effort to reduce single-use plastic is known as _______ marketing.
Green
Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society?
Helping others
_______ are the largest U.S. minority.
Hispanic Americans
An organization that chooses a _______ strategy attempts to maintain the product's market share in order to take advantage of the positive cash flow.
Hold
Strategic marketing management addresses which of the following questions? (Select two)
How will the company reach its goals? What is the organization's main activity at a specific time?
What is the first step that your team should take to start your student organization?
I agree with Casey. My team should start by determining where our organization will meet.
What action do you take next?
I am definitely buying the laptop!
What menu items do you order?
I am going to order something that I could not get in the United States.
What do you think is the next step that your team should take?
I disagree with Tenisha, Jarrod, and Casey. My team needs to discuss the strengths and weaknesses of our student organization and consider external factors such as competition and student interest.
A target market is a group of people or organizations for which an organization designs, _____, and maintains a _____ intended to meet the needs of that group, resulting in mutually satisfying exchanges.
Implements Marketing mix
Latosha is a pricing analyst with Staples who enjoys participating in company-sponsored events that contribute to the community. Recently she participated in a one-day event with other employees from the corporate headquarters to pack food for the Meals on Wheels organization. Which of the following is a benefit to companies that participate in socially responsible programs?
Increase in employee satisfaction
Miguel lives in Mexico and is studying at a university in Monterrey. He's interested in studying abroad and chooses a program in Angers, France that is approved by his university. He's interested in learning more about the city of Angers and locates a website sponsored by the local tourism board. Miguel doesn't read or speak French. Which of the following could most easily help Miguel use the tourism website?
Language translation software
______ are ethical rules and guidelines that can be enforced by governmental authority.
Laws
What action are you most likely to take next?
Leave the store without buying the laptop
Marketers have _____ control over the competitive environment, but keeping up with competitors' actions can help marketers _____.
Little Prepare for potential threats
Paul owns a company specializing in fertilizer and pesticide application in agricultural production, and he typically uses his fleet of airplanes to spray the fields. Recently, his sprayer malfunctioned, and pesticide was dumped in a local reservoir that provides drinking water to residents. Paul notified the water company, which posted a boil order for residents. In addition, Paul was fined for polluting the water. What stakeholders were most affected by the malfunctioning equipment incident?
Local community
Although _______ provides the least amount of return, many companies choose this method as a first step in international marketing because it is also low risk.
exporting
Companies must consider a country's economic factors because nations with _____ may be poor markets for expensive industrial machinery but good ones for _____.
Low per-capita incomes Agricultural hand tools
Which of the following statements is an argument AGAINST corporate social responsibility?
Management that focus on being socially responsible are spending shareholders' money to further their own agendas.
BedJet manufactures and sells a heating and cooling system that can be attached to any bed, allowing those sleeping on the mattress to maintain a comfortable temperature, avoiding being too hot or too cold. The company developed its products based on insights from customers who were tired of night sweats or being too cold. BedJet products have been designed based on customer needs, such as its Dual Zone product that accommodates couples who may desire different sleeping temperatures. Which marketing management philosophy best describes BedJet?
Market
By understanding its customers' needs, which marketing management philosophy is Vineyard Vines utilizing?
Market orientation
Simon is a sales representative with McKesson who works with independent and chain drug stores to provide branded and private label over-the-counter medications, as well as a host of other supplies. Simon can match his customers' requirements to his broad product mix, and he also provides insights about what's selling in the marketplace so that store managers can make decisions about the allocation of shelf space. The approach is working, and Simon has been able to achieve his sales goals while also earning high customer satisfaction scores from his customer accounts. Which marketing management philosophy best applies to McKesson?
Market orientation
Which is true of the competitive market? (Select three)
Marketers must consider the size of the competitors in their industry. Marketers must consider the degree of interdependence within the industry. Marketers must consider the number of competitors within their industry.
Fernanda is a marketing professional who majored in marketing in college. She often feels like she's a demanding customer when she visits a restaurant, retail outlet, or other business, because she critiques the service she receives and hopes to be treated in such a way as to be satisfied and feel valued as a customer. Which of the following reasons to study marketing captures Fernanda's customer expectations?
Marketing can be used in everyday life.
Which of the following is true of an exchange?
Marketing can occur even if an exchange does not take place.
Which of the following is true of marketing?
Marketing efforts are performed by many departments in an organization.
Which reason to study marketing supports the idea that, as a consumer, you will better understand the buying process?
Marketing impacts your everyday life.
There are many reasons why someone could benefit from studying marketing. Which one of the following statements relates to the activities of marketing and how marketing enables businesses to contribute to the objectives of growth, profitability, and survival?
Marketing is important to business.
_______ occurs when a company defines its business in terms of goods and services rather than in terms of the benefits customers seek.
Marketing myopia
Pablo is considering a business major and asks his friend, Rachel (who is in advertising) about marketing careers. Which of the following represents something Rachel might say about why Pablo should study marketing?
Marketing offers outstanding career opportunities.
Delivering products to customers at the right time, in the right place, and at the right price is illustrated by which of the following reasons to study marketing?
Marketing plays an important role in society.
Marketing activities enable consumers to become aware of products or services, and they hopefully provide the information necessary for each buyer to identify the one brand or model that will be most appropriate for them to purchase. Such marketing activities include promotion, advertising, and public relations, as well as supply chain activities to ensure products are available at retail outlets convenient to customers. Which of the following reasons to study marketing captures the various marketing activities described?
Marketing plays an important role in society.
The General Electric model is _____ than the Boston Consulting Group model and is _____ to qualify.
More complex Harder
Rajan, who is the VP of Marketing for a technology firm, is working with the senior leadership team to revise the company's mission statement. He believes the current statement is too narrow since it emphasizes goods and services instead of the benefits customers might receive. In other words, the mission statement is _______.
Myopic
Is creativity the only skill needed for a career in marketing?
No, a career in marketing requires more than just creativity.
The _______ is an international trade agreement among Canada, Mexico, and the United States designed to facilitate trade by removing tariffs and other trade barriers among the three nations.
North American Free Trade Agreement (NAFTA)
Pedro, owner of the BoxFitness club, is conducting a situation analysis. He recently read an article about how research has shown that individuals who have Parkinson's disease can benefit from an exercise regimen that involves boxing. The benefits of boxing for Parkinson's patients would be classified as a(n) _______.
Opportunity
Which of the following are ways that a company choosing a cost competitive advantage can reduce costs? (Select three)
Outsourcing low-skill, labor-intensive tasks. Utilizing technology to reduce production costs. Reverse engineering competitors' products.
Which group of stakeholders in an organization have a financial stake in the company and expect a reasonable return based on the inherent risk of their investment?
Owners/stockholder
In 2012, the ______ was signed by Colombia, Chile, Peru, and Mexico to create a single region for the free movement of goods, services, investment, capital, and people.
Pacific Alliance
Caterpillar is a manufacturer of heavy equipment. The company imports steel parts such as buckets for end loaders from China. Once the products arrive from China, Caterpillar must remove rust from the items that developed during ocean transport. What area of the marketing mix best characterizes this issue related to the imported steel parts?
Place
The Nederlander Producing Company has expanded to China through a strategic partnership with the China Arts and Entertainment Group (CAEG). They are hoping to open a production of Ghost, based on the movie by the same name. Nederlander has been forced to cut one song from the show due to censorship imposed by the nation's government. Which external factor does this reflect?
Political factors
Malik understands that his decision to pull the defective syringes may impact Medical Depot's bottom line, but he feels the company will benefit in the long run. If Malik explains to the hospital why he is not able to ship their full order, they will trust that Medical Depot has the patients' and hospital's best interests in mind. Malik is operating at which level of morality?
Post-conventional morality
In making the decision to raise the room rates by 75 percent, the manager of the Courtyard by Marriott thought that his boss would be pleased with the profits resulting from the higher rates. The manager was hoping the increased profits would result in a promotion for himself. He was demonstrating which stage of morality?
Pre-conventional morality
Identify the level of morality by matching the descriptions in the left column to the levels of morality in the right column. Descriptions The most basic level, asks "What is in it for me?" This level considers the actions of others. The most mature level, considers "What is good in the long run?" Levels of Morality Pre-conventional morality Post-conventional morality Conventional morality
Pre-conventional morality - The most basic level, asks "What is in it for me?" Post-conventional - The most mature level, considers "What is good in the long run?" Conventional morality - This level considers the actions of others.
_______ is the most flexible of the four Ps because it is the easiest and quickest component to change.
Price
State Farm Insurance Company noticed a suspicious increase in claims due to flooding as a result of one Whirlpool washing machine model made. Apparently, the high-velocity spinning mode on this particular machine would begin too soon, resulting in a malfunction and an overflow of water. State Farm reported this information to Whirlpool, which immediately acted to notify its retailers and consumers by issuing a recall on the model to correct the problem. The voluntary recall served to prevent future accidents and damage to consumers' homes that State Farm estimated could be up to $6,000 per customer. Which factor influencing ethical decision making is demonstrated in this example?
Probability of a harmful outcome
Wahl Clipper Company has an innovation center where its engineers create and test new products. Wahl recently reviewed several options for packaging of its curling wand. Which aspect of the marketing mix is Wahl focusing on with its review of packaging options?
Product
Boxfit for Everyone is a locally owned fitness facility featuring cross training classes incorporating boxing drills. They offer group classes twice daily at 7 a.m. and 6 p.m. since those are the preferred times for their instructors, who also work full-time in professional jobs. Based on this information, which marketing management philosophy best describes Boxfit for Everyone?
Production orientation
Many companies have been fined for violating regulations or laws such as those against insider trading. A company can encourage ethical behavior by offering a code of ethics as a guideline to help employees make better decisions. Which statement is true regarding the advantages of a company code of ethics?
Provides an effective internal control of behavior
Market-oriented companies create long-term relationships with customers by doing which of the following?
Providing value to customers
Which of the following are factors that influence the economic environment? (Select three)
Purchasing power Inflation Recession
Which of the following is NOT a requirement of effective strategic planning?
Resource allocation
The _______ prohibits price discrimination in sales to wholesalers, retailers, or other producers.
Robinson-Patman Act
The World Trade Organization (WTO) aims to do which of the following? (Select three)
Serve as a forum for trade negotiations Mediate trade disputes Monitor national trade policies
Jeasen Senior Living provides assisted living communities across the United States. The company focuses on the importance of its residents' desires to maintain their independence and ability to care for themselves in a supportive environment. By recognizing individuals' desires to be independent, Jeasen Senior Living is responding to an important element of the external environment, known as _______factors.
Social
Khalid is a professional photographer who is considering purchasing one of the new mirrorless cameras from FujiFilm. He frequently purchases equipment online from a New York firm, BH Photo. BH Photo's website allows customers to post product reviews. Khalid notices that many of the reviews for the FujiFilm model are negative. However, those who purchased the Sony models gave very positive reviews. Based on his research and owner feedback, Khalid decides to purchase a Sony camera. This example demonstrates the importance of _____ factors as part of the external marketing environment.
Social
Outside magazine features articles and product reviews related to outdoor activities such as hiking, bicycling, running, and water sports. Those who subscribe to the print or online versions of the magazine are likely to be outdoor enthusiasts who view these activities as a core part of their lives. Companies offering products such as bicycles, camping supplies, or hiking equipment that advertise in Outside magazine are attempting to respond to ______ factors in their marketing strategies.
Social
Raymond Plumbing is a small, independently owned business providing plumbing services to residential and commercial customers. The company recently received B Corp certification. It also funds a scholarship at the local trade union for students to complete their educational requirements to become plumbers. Raymond Plumbing's commitment to education in its local community is an example of _______ sustainability.
Social
Beverage companies such as Pepsi and Coca-Cola have recently come under scrutiny for the amount of sugar in their products and how this contributes to the high numbers of people in the United States who are obese. As a response to this negative attention, and because of Coca-Cola's desire to promote good nutrition and well-being, the company has changed its packaging and now offers smaller bottles and cans. In addition, Coca-Cola is committed to zero-waste initiatives and is using plant-based products and recyclable materials in its packaging. Which marketing management philosophy best applies to Coca-Cola?
Societal marketing
Patagonia emphasizes its commitment to the environment and sustainability in its products by offering high levels of transparency, so consumers know where every product is made and how materials are sourced. In addition, Patagonia encourages its consumers to return or donate unwanted products, hoping to inspire consumers to be concerned with conservation efforts. Which marketing management philosophy best applies to Patagonia?
Societal marketing orientation
Which marketing management philosophy is Coca-Cola utilizing?
Societal marketing orientation
A market-oriented company targets its products to _____ while a sales-oriented company targets its products to _____.
Specific groups of consumers everyone
Identify the stage of global business development by matching the descriptions in the left column to the stages of global business development in the right column.
Stage 1 - Companies operate in one country and sell products in others. Stage 2 - Companies set up foreign subsidiaries to handle sales in one country. Stage 3 - Companies operate an entire line of business in another country. Stage 4 - Companies operate virtually, with executives and core corporate functions likely in different countries
Coca-Cola has a variety of strategic business units (SBUs) in its beverage business. Zico is a line of coconut water that is available in several flavor options and package sizes. Due to its healthfulness and the advantage of having no added sugar, Zico products have a dominant share of the market and are expected to continue to grow. How would Zico be classified according to the Boston Consulting Group model?
Star
The three fitness apps that Under Armour acquired are industry leading apps, with large user bases, in the fast-growing market of fitness tracking software and services. These apps would be classified as _______ in the BCG portfolio matrix.
Stars
According to Business Insider, Automatic Data Processing, Inc. (ADP) engages in the provision of business outsourcing solutions and specializes in cloud-based human capital management. ADP is a preferred vendor for payroll systems, and since it processes millions of checks for its customers, it is a respected source of information about unemployment rates through its monthly National Employment Report. ADP's development and study of employment trends was a(n) _______ decision affecting its long-run profitability and growth.
Strategic
Marco is the owner of Salon Concepts, which offers nail, hair, and massage services. Marco wants to increase revenues and decides to offer new services to men, focusing on shaving, beard or mustache care, and barber services. Marco believes these new services will enable the salon to grow and maintain profitability over time. In launching grooming services for men, Marco has made a(n) _______ decision.
Strategic
Which of the following statements is true regarding effective strategic planning?
Strategic planning requires top management's support and participation.
Because of its app acquisitions, UA has direct access to registered users of MapMyFitness, MyFitnessPal, and Endomondo. This means UA can recommend products to these user bases and utilize these apps as new sales channels. When UA conducts a SWOT analysis, this would be categorized as a(n) _______.
Strength
Pedro is the owner of BoxFitness, a cardio-fitness club specializing in boxing. He has a certificate as a sports trainer, provides excellent guidance as a trainer, and his business is conveniently located. If a situation analysis were performed, these would be examples of the company's _______.
Strengths
_______ is the idea that socially responsible companies will outperform their peers by focusing on the world's social, economic, and environmental problems.
Sustainability
A _____ is a tax levied on goods entering a country, while a _____ is the exclusion of all products from certain countries or companies.
Tariff Boycott
Which legislation created the Consumer Financial Protection Bureau (CFPB) to oversee checking accounts, private student loans, mortgages, and other financial products?
The Dodd-Frank Wall Street Reform and Consumer Protection Act
Jorge recently interviewed with a business machine company for a sales position marketing copiers and printers to businesses. He was surprised to find that the company's emphasis was purely on sales and using aggressive sales tactics to convince buyers to purchase its line of photocopiers and printers. Which of the following is true about this company related to its marketing management philosophy?
The company has an inward-looking focus on selling what the organization makes.
Which group of stakeholders in an organization expects good citizenship from the firm and benefits from the taxes paid by corporations and workers?
The local community
Danika is working on a marketing plan for her hair salon, which she has operated for 10 years. She is experienced and knows her market and her customers well. Danika has written down the following statement: "Increase revenue from nail services to $25,000 in the next year." Which statement about marketing objectives is true of Danika's statement?
The objective statement is realistic, measurable, and time specific, but does not include any benchmark comparison.
Which of the following are influenced by social factors? (Select three)
The products people buy The prices people are willing to pay If specific promotions are effective
Prisha works in the marketing department at Gillette. She has been conducting research on how men with facial hair use Gillette products. She's been focusing on the Hispanic market since it's a growing segment of the U.S. population. Which of the following statements is true about this segment of the market?
The use of mobile devices for making transactions such as banking, shopping, and streaming content is higher among Hispanics than other demographic segments
Cristóbal recently purchased a new Ford F150 pickup truck and is now trying to sell his used truck with 180,000 miles on the odometer on eBay. He has created a listing including photos, and he decides to use eBay's "Buy It Now" feature rather than an auction. The truck has been listed for several weeks, but so far no one has contacted him about it. Which condition of exchange most directly relates to Cristóbal's eBay listing for his truck?
There must be at least two parties.
The Environmental Protection Agency (EPA) has recently repealed some of the regulations that govern the oil industry, such as those regulating the proper disposal of wastewater. The president of Oklahoma-based Williams Oil is mandating even stricter guidelines than the EPA imposes. She believes that protecting the groundwater and ensuring clean drinking water for everyone is critically important. Which factor influencing ethical decision making is this company's president using?
Top management's actions
Global marketing must take into consideration the value of its country's currency in relation to the countries' currency where its products will be sold. Over the last several years, the U.S. dollar has been strong, meaning that it has a higher value than the currency in other countries. If the U.S. dollar is strong, which of the following is true?
Trade deficits may grow.
Which of the following strategies would be most appropriate for a market-oriented firm?
Understanding what products and services customers want and need and offering those in order to meet organizational objectives
Malik determines that he must pull the impacted syringes from the shipment. He simply cannot risk having even one patient be harmed by a faulty product, because that would not only hurt the patients, but would ultimately come back to hurt the company as well. Malik is employing which ethical theory?
Utilitarian ethical theory
Volkswagen is concerned about the effects of climate change and how the use of fossil fuels is contributing to these changes. As a result, VW has made a commitment to focus on electric vehicles and to produce 22 million such vehicles in the next 10 years. Which ethical theory best describes Volkswagen's decision to focus on electric vehicles?
Utilitarianism
Pedro Rodriguez is the CEO of a major hospital. He believes in the importance of transparency, honesty, cultivating trust through collaboration, and that all members of the hospital must act in ways that demonstrate caring and compassion to patients. It is well known that medical errors occur in the hospital setting, but no laws require that patients be informed if an error has occurred. However, Pedro has established a hospital policy that all medical errors must be disclosed as soon as possible to patients and/or their families. Which ethical theory best describes the CEO's decision to disclose medical errors?
Virtue ethics
Which ethical theory considers a person's character, not just their actions?
Virtue ethics
A _____ is _____ to the company and is a limitation that puts the company at a disadvantage.
Weakness Internal
Which of the following statements is true in regards to ethical decision-making?
When the length of time between a decision and the onset of consequences is shorter, marketers will perceive the problem as unethical.
The _______ offers low-interest loans, advice, and information to developing nations.
World Bank
Do you order a McFizz?
Yes
A disadvantage of a sales orientation is _______.
a lack of understanding customers' wants and needs
UA offers a technology-equipped shoe that "tracks and stores data such as time and date, duration, distance, and splits during workouts, runs, or walks," Wearable shoe technology is still a relatively new product, and UA's Gemini shoe competes with Nike's Nike+ and Adidas's Speedcell foot pod sensor. Nike+ currently has the largest market share in this fast-growing category. Marketers at Under Armour will likely choose a _______ strategy for its Gemini shoe.
build
Direct foreign investment can occur through _______.
acquisition of a foreign company or building an international division
The innovation matrix identifies three levels of change and innovation. They include _______, _______, and _______. (Select three)
adjacent innovation transformational innovation core innovation
Free trade means _______.
allowing people to buy and sell in other countries without restrictions
When a country can produce and sell a product at a lower cost than any other country or when it is the only country that can provide a product, it is said to have ______.
an absolute advantage
When conducting a SWOT analysis, managers can identify opportunities and threats by _______.
analyzing the external marketing environment
A firm that conducts research attempting to develop new or improved products is conducting _______.
applied research
A company considering culture when marketing a product in a foreign country would want to be sure that promotional messages _______, _______, and _______. (Select three)
are translated correctly reflect the country's social values convey the intended meaning
A country's _______ is the difference between the value of a country's exports and the value of its imports over a given period.
balance of trade
In a global economy, products and services are exchanged around the world. Ford Motor Company has production plants in Mexico and purchases component parts from various suppliers around the world which are imported to Mexico to be used in production. Once the automobiles are completed, the finished cars are exported primarily to the United States and Canada. The difference between the value of exports of a country and the value of its imports over a given period is called _______.
balance of trade
The most basic level of social responsibility requires that a company _______.
be profitable
Khalid was recently hired as an intern in a marketing company. He was given a copy of the company's employee handbook, which identified the expectations for employees and the standards of proper or acceptable behavior, including the standard of dress, the amount of time given for breaks and lunch, guidelines for using company materials such as the copy machine, and the importance of being courteous and civil to all. The employee handbook provides guidance about the _______ of the company.
behavioral norms
Standards of proper or acceptable behavior are known as _______.
behavioral norms
Chili's, the popular restaurant chain, supports St. Jude Children's Hospital annually by inviting its guests to color a pepper and make a $1 contribution to St. Jude. Chili's has partnered with St. Jude for almost two decades and recently committed to a multi-year pledge to raise $30 million to fund St. Jude's School Program, which ensures that children receiving medical care in the hospital can stay up-to-date with their school assignments. This is an example of _______ marketing.
cause-related
During the month of November, many men participate in "Movember," a promotion to increase awareness and detection of prostate cancer. The Art of Shaving, which has boutiques scattered across the United States, matches contributions that customers make to the Movember Foundation. The company's Barber Spas also offer free shaves to registered Movember participants at the conclusion of the campaign. The brand has a Movember web page to market a specially launched comb and grooming book, as well a "Keep It Neat!" section of grooming essentials to help customers look their best. The Art of Shaving company is using _______ marketing to support the Movember Foundation and their efforts to improve men's health.
cause-related
San Diego Zoo Global works with more than 300 conservation partners in 70 countries to save wildlife from extinction. The zoo generates revenue for the Global Fund through a variety of initiatives such as on-site movie filming, featured animals in commercials, and ticket sales. The zoo's efforts to save wildlife around the globe through its Global program are an example of _______ marketing.
cause-related
Vector Marketing, manufacturers of Cutco knives, has supported the American Heart Association with its Go Red campaign to highlight heart disease in women and to raise awareness about symptoms and risk factors. Cutco offers a red-handled knife in conjunction with the campaign. Purple-handled knives support the Alzheimer Association, and pink-handled knives support the Komen Foundation. A portion of every customer's purchase of these special, color-handled knives supports the linked organization. Cutco's partnership with these nonprofit organizations is an example of _______ marketing.
cause-related
A(n) _______ can help employees understand what their company considers acceptable behavior.
code of ethics
Broadly speaking, customer relationship management (CRM) allows marketers to _______.
collect information about customers and create marketing promotions and communications specific to groups of consumers
Buckle is a casual clothing company typically located in indoor malls across the United States. Buckle's typical shopper is someone aged 15 to 35 who enjoys wearing the latest styles and appreciates the customer service and advice provided by store staff. Buckle hires mystery shoppers to visit similar stores such as American Eagle Outfitters, Aeropostale, and Hollister to check styles and pricing on similar items. This information is part of Buckle's efforts to understand the impact of _______, an external environmental factor.
competition
Frigidaire is well known for its household appliances. The company is offering more technological features in its products such as "smart" refrigerators that allow consumers to view their refrigerator contents remotely via an application on their smartphones. At a recent appliance industry trade show, representatives from Frigidaire visited the displays of other brands such as Samsung, GE, and LG to see their rivals' new products and how they were incorporating technology. This activity allows Frigidaire to stay abreast of the _______ factor of the external environment.
competition
Ally Bank has more than $95 billion in customer deposits but has no brick-and-mortar locations. The bank provides high levels of customer service through its investments in emerging technology enabling Ally to capture a high share of customer banking needs. In contrast, Fifth Third Bank has announced that it is closing 30 percent of its bank branches due to loss of market share. These examples demonstrate the impact of _____ factors as part of the external environment.
competitive
Gabriel is interested in purchasing a new car and is considering some type of sport utility vehicle (SUV). He enjoys outdoor activities such as bicycling, hiking, camping, and kayaking. Gabriel wants a vehicle that can accommodate his outdoor activity equipment. After conducting some online research and visiting dealerships, he's narrowed his decision to three brands: Subaru, Nissan, and Kia. Each company offers distinct product features, but Gabriel is especially interested in Kia since it warrants its vehicles for 100,000 miles. This example demonstrates the impact of _____ factors as part of the external environment.
competitive
Hoover manufactures vacuums and wanted to expand its manufacturing capabilities. Hoover contracted with an India-based firm and invested funds to provide technology and equipment in a new manufacturing plant in Mumbai. In exchange, Hoover received vacuums that were produced in India and could be sold worldwide. This practice is called _______.
countertrade
The Wegmans grocery store chain operates 90 stores across six states in the Northeast U.S. and continues to grow. Like many grocery stores, it is trying to respond to changes in the external environment and now offers Instacart, a service allowing customers to shop online and receive delivery within an hour depending on their location. Wegmans believes the added convenience and time-saving aspects of grocery delivery will lead to greater customer satisfaction, increased revenues, and profitability. Wegmans is responding to the _______factor of the external environment.
consumer
A production orientation is successful when _______.
consumer wants and needs match what the company can best produce
Employees working long hours and enduring sweatshop conditions are a concern in ______.
contract manufacturing
Redesigning packaging would be considered a(n) _______ on the innovation matrix.
core innovation
A form of trade in which all or part of the payment for goods or services is in the form of other goods and services is called _______.
countertrade
Pranav works for a German company that provides components for automobiles. He is preparing for a trip to China to meet with car manufacturers and had a short session on business etiquette. One recommendation regarded the presentation of business cards. The recommendation stated that it's a much more formal process in China and that it was important to use two hands when presenting a card to another person. Pranav is learning about the importance of _____ in global business.
culture
Many businesses today offer loyalty programs to customers, because gaining customers for life is a goal that enables firms to be more profitable. The Marriott hotel chain's loyalty programs are popular since customers can accumulate points that can be redeemed for upgrades or free room stays. Marriott also encourages members to complete their profiles by indicating the size of bed they prefer (double or king), type of pillow (foam or feather), handicap accessible needs, or other preferences. The profile information enables each hotel to utilize this information and provide the right type of room amenities for each guest. The loyalty program is an example of _______.
customer relationship management
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 _______.
customer relationship management (CRM)
Serge is a landscape architect who manages a team of 12 employees who work primarily on commercial landscaping projects. Serge is also responsible for purchasing equipment and landscaping materials, and he recently bought a new Bobcat skid steer machine. He prefers Bobcats even though they are more expensive, because the company provides a variety of add-on products that extend the usefulness of the skid steer, a great warranty, and a competitive price. Thus, Serge purchases the Bobcat due to its _______.
customer value
Davis Mortuary provides funeral and burial services for several rural communities. The trends indicate Baby Boomers may prefer cremation, although some are using pre-planning services and purchasing statuary or other memorials for their gravesites. As part of its marketing strategy, this example demonstrates how Davis Mortuary must consider _______ factors as an important aspect of the external marketing environment.
demographic
Unilever was able to identify an expanding middle class within certain emerging markets and capitalized on this opportunity with several initiatives. In India, Hindustan Unilever Limited (HUL) trained local women to be rural sales agents, selling Unilever products within their communities. This initiative was a result of _______ in the external environment.
demographic factors
Nederlander's first expansion globally was to purchase three theaters in London, England. This strategy of entering global markets is called _______.
direct investment
Companies across the globe can now realize opportunities to grow by exporting their products or services to different countries. For example, the popular clothing chain H&M, known as a fast fashion retailer, is based in Sweden, but now has locations in many cities across the United States. These stores offer the same selection of items found in other H&M store locations across the globe. H&M is utilizing Ansoff's strategic alternative of _______.
diversification
Post is a manufacturer of many popular consumer cereal brands, from healthy and hearty varieties such as Bran Flakes to brands catering to those with a sweet tooth, like Oreo O's. Post's Shredded Wheat cereal has been a staple in many homes for decades but now has a low market share, and its prospects for market growth are also low. According to the Boston Consulting Group Model, Shredded Wheat would be classified as a _______.
dog
Following natural disasters such as hurricanes and tornadoes, the demand for building products such as drywall or gypsum panels and lumber increases. Sometimes, these events lead to higher prices for building products as demand exceeds supply. However, due to global exporting, the prices might decline. U.S. gypsum manufacturing companies complained that China-based Knauf Tianjin was _____ products and selling panels for lower prices than they charged in China.
dumping
Luxury goods such as designer handbags and watches are highly favored in developed countries such as France, Italy, Germany, the United States, and other countries around the globe where consumers have high discretionary income and enough purchasing power to afford these items. Thus, _____ factors are important considerations when selecting global markets for export opportunities.
economic
Novo Nordisk, a pharmaceutical company, has been the subject of negative media reports due to the high cost of insulin and frequent price increases. Novo Nordisk typically raises prices twice annually and prescription prices have tripled over the last three years. Some patients report making decisions between purchasing groceries or buying their prescription medicines. Consumer concern over the affordability of prescription drugs reflects the _____ factor of the external environment.
economic
Recently, Toyota increased the prices of its new automobiles to reflect an increase in raw material costs such as steel due to tariffs imposed on imported steel from China. Toyota is concerned that the increased prices of its vehicles will negatively impact consumer demand since income growth has not grown in proportion to the rising costs of production. Toyota is seeing how the _____ factor of the external environment impacts its business.
economic
Companies that are ethically responsible have already met ______ responsibilities.
economic and legal
To make its insurance more affordable, Progressive was the first auto insurance company to allow its customers to pay their premiums in installments. Due to changes in _______, Progressive recognized a need and presented a solution to those customers.
economic factors
Considering the pyramid of corporate social responsibility, the highest level that the Courtyard by Marriott has achieved is _______.
economic responsibilities
Buckle retail outlet stores are typically located in major and regional indoor shopping centers. Buckle's products appeal to customers who enjoy dressing in the latest denim and casual fashion. The sales associates are trained to deliver a high level of customer service, offering suggestions on sizing, selection, and putting outfits together. In addition, associates assist with after-sale service and are able to handle returns and provide money back or store credit if a customer does not have their sales receipt. Thus, sales associates are _______ to do what's necessary to assure customer satisfaction and loyalty, since they have authority to solve customer problems on the spot.
empowered
France is widely known for producing great wines. One of the leading French wineries, Château du Beaune, has invested in a winery in India through a joint venture. The winemaker and various specialists in horticulture are working with the local team in India to ensure proper use of pesticides and conservation of natural resources such as rainwater. In addition, the joint venture has installed solar panels on the roofs of the company's buildings so it can produce its own electricity. As a B Corp, the India-based winery is demonstrating its commitment to _______ sustainability.
environmental
Through a process called _______, marketers collect and evaluate information about the marketing environment.
environmental scanning
Rosario is a sales trainer with Canon Business Solutions, and she is working with new account executives to discuss the company's standards for creating mutually beneficial, win-win relationships with customers. She emphasizes that the goal is to identify consumers' needs and to match the right product or service to each customer. Thus, sales will occur when customers receive benefits from products or services that meet their individual needs. Further, Rosario tells the new sales associates that they should walk away from a sale if the product or service is not in the customer's best interests. Rosario is emphasizing the company's _______.
ethical principles
Energy bars are a popular snack or meal replacement for many consumers. The Clif Bar & Company has a variety of bars and emphasizes their natural ingredients and healthy snack options. The bars are available at most grocery stores, and they are sold individually or in a variety of packs of six bars to a box. The company has identified specific sales objectives for each variety of snack bar, and it is currently reviewing the sales data to gauge which varieties are meeting the sales targets. Thus, the Clif Bar & Company is engaged in the _______ process.
evaluation
Many individuals and businesses use social media platforms such as Facebook, Instagram, and Pinterest to facilitate _______, which is the opportunity to satisfy a person's desire for a good or service through bartering, trade, or financial compensation.
exchange
The _______ is the price of one country's currency in terms of another country's currency.
exchange rate
Considering stakeholder theory, the hospital _______.
expects quality goods and services from Medical Depot in a timely manner
Matcha green tea has become a very popular beverage in recent years. Soar Organic produces some of the finest matcha green tea and works with sales agents and distributors in the United States, Canada, and Australia to aid with international financing, shipping, and supporting Soar Organic's export needs. The sales agents who reside in the countries to which Soar Organic is exporting are called _______.
export agents
Canon is a Japanese firm specializing in imaging and optical products such as cameras, photocopiers, and printers. The company recognizes that consumers around the world have similar needs regarding the functions of cameras, photocopiers, and printers. Therefore, Canon can create and manufacture models that are sold around the world with few to no modifications. This is an example of _______.
global marketing standardization
Solumbra designs and manufacturers protective clothing which helps people reduce the risk of skin cancer from exposure to ultraviolet rays. Its hats, shirts, shorts, and pants are sold globally through its website as well as through retail accounts in specialty stores. Solumbra's product line is consistent across its global markets which provides efficiency in manufacturing. Minimal modifications are made to the information and language on the product tag. Solumbra is utilizing a(n) _____ strategy for product decisions.
global marketing standardization
Key performance indicators _______.
help managers compare outcomes to stated objectives
Knowing how customers research products and reach decisions is part of understanding _______.
how consumers make decisions
Methodist Hospital recently completed a five-year strategic plan. It has recently appointed ten managers from various departments to serve on a task force. These managers will oversee the _______ of the marketing plan by delegating assignments, identifying the timing of tasks, and allocating resources to various departments.
implementation
Apple recently announced that it was investing billions to build a new manufacturing facility near its headquarters in California to produce screens for computers, tablets, and smartphone devices. This investment is part of Apple's strategy to control all component parts of its products and to return production to the United States, a process called _______.
inshoring
In the GE model, the appropriate action for areas of the matrix with high attractiveness is _______.
invest/grow
Caterpillar is a manufacturer of heavy machinery that is sold around the world. A growing business for this U.S.-based company are products that feature the company's name or logo. Branded merchandise is available in over 150 countries through agreements known as _____, in which, for a fee, Caterpillar allows other firms to use its name or logo on products such as hats, boots, apparel, and scale model replicas of its equipment.
licensing
Samantha and Bethany are purchasing their first home and reviewing the terms of a 15-year mortgage with their lender, Jim, at First Union Bank. Jim reviews the amount of the loan, the interest rate, the total amount of interest they will pay over the course of their loan, and the total amount of money that will be paid over time. Jim is required to provide this information, as it is federally mandated as part of the Truth in Lending Act that was passed in 1968 to protect consumers. Jim is doing what is _______ right by providing this information to Samantha and Bethany.
legally
Consumer packaged goods companies thrive in the marketplace in part by creating new products that meet the needs of its target markets. Hormel Foods has introduced several new ready-to-eat, quick meal, or snack options designed to be eaten on-the-go. In addition, these products satisfy hunger cravings, taste good, and help meet daily requirements for protein servings. Hormel Foods is most likely pursuing a _______ orientation as a marketing management philosophy.
market
Polaroid's 3D pen allows users to create 3D models. You can free draw or use the Polaroid Trace App to trace over stencils and build 3D models. The product is currently sold in the United Kingdom and parts of Europe. For Polaroid, the addition of the 3D pen to the U.S. market would be viewed as a _______ strategy on Ansoff's opportunity matrix.
market development
A _______ is the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.
market opportunity analysis (MOA)
Volkswagen has announced that it will develop a new line of energy-efficient vehicles that are powered by electricity. VW may offer a van that resembles its iconic Vanagon model from the 1970s and 1980s. The company is currently estimating the size and sales potential of key market segments, as well as identifying competitors who currently serve those segments. Volkswagen is performing a(n) _______.
market opportunity analysis (MOA)
A control device that marketing managers use is a _______.
marketing audit
A _______ is a written document that acts as a guidebook of marketing activities for the marketing manager.
marketing plan
Stefan was recently hired by a small business to provide strategic planning consulting. In the initial meeting, Stefan emphasized the importance of the _______, which is the foundation of any company's marketing plan.
mission statement
China recently announced interest in developing its domestic sports industry, which is estimated to be a $1 billion opportunity for sports apparel, shoes, and fitness devices. When UA conducts a SWOT analysis, this would be categorized as a(n) _______.
opportunity
Marketers in healthier ethical environments are _______ to take a strong stand against unethical practices.
more likely
A company that allows its individual subsidiaries to compete independently in domestic markets with unique or slightly varied products is using a _______.
multidomestic strategy
Yeti is based in Austin, Texas. The company produces a variety of high-quality products such as coolers, beverage containers, chairs, bags, and branded apparel. It is a publicly traded company operating in the United States, Europe, Canada, Asia, and Australia and manufactures products in the United States, China, and Thailand. A brief look at Yeti's current job openings reveals professional positions in the United Kingdom, the Philippines, and Thailand. Assuming Yeti has office locations in these countries, it would be classified as a ______ firm.
multinational
In India, water can be scarce. As a result, Unilever sells the RIN detergent bar. The bar utilizes an anti-foam molecule developed by Unilever to halve the water and time needed for rinsing laundry. This product development was impacted by _______ in the external environment.
natural resources
Successful relationship marketing strategies depend on all the following EXCEPT _______.
offering high-quality products
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 to 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 _______.
on-demand marketing
In a SWOT analysis, the prospect of entering new markets and launching new products would be listed under _______.
opportunities
ExxonMobil has many different divisions and departments in its global operations, including public relations, publicity, pricing, supply chain, sales, and research and development. These groups work to ensure that all stakeholders are receiving the desired value and benefits from their relationship with the company. This example demonstrates that ExxonMobil has embraced the facet of marketing concerned with _______.
organizational functions and processes
Recent advertisements by McDonald's feature a young employee who graduates high school and is accepted to college. It also shows her receiving an educational grant from the company to support her education. Based on the pyramid of corporate social responsibility, McDonald's is fulfilling its _______ responsibilities.
philanthropic
Officials in San Francisco have recently issued a ban on e-cigarette sales. Once the ban goes into effect in early 2020, the new San Francisco ordinance will forbid tobacco shops in the city from selling e-cigarettes that have not been approved by the Food & Drug Administration (FDA). Companies such as Juul could be negatively impacted by this city regulation which demonstrates the importance of staying abreast of the changing _______ factors in the external environment.
political and legal
Remote geographic locations such as the Bahamas must rely on imported goods since the country cannot produce everything it needs. However, the Bahamas is well known for its cigars and rum, which are exported around the world. The principle that captures this example of goods imported to the Bahamas and exported from the Bahamas is called the _______.
principle of comparative advantage
Coca-Cola has a variety of strategic business units (SBUs) in its beverage business. Glaceau Vitamin Water is in a high-growth market due to customer trends away from carbonated beverages. However, Coca-Cola has a low market share of the bottled water segment. Thus, Glaceau Vitamin Water would be classified as a _______ according to the Boston Consulting Group model.
problem child
The Polaroid Cube is an HD action video camera. It can record up to 90 minutes of video and magnetically mount to helmets, bike handlebars, and other surfaces. Currently GoPro dominates this fast-growing market, while the Cube's market share is relatively low. Given this information, the Polaroid Cube would be classified as a _______.
problem child
A company that alters a basic product to fit in a local market is using a _______ strategy.
product adaptation
If the Nederlander Producing Company wanted to take the production of Newsies to a theater in Paris but realized that some of the song lyrics would need to be changed in order for French audiences to understand the jokes, it would be using a _______ strategy.
product adaptation
McDonald's operates restaurants around the world. The company seeks to make modifications in its menu selections and promotions to appeal to each local market. McDonald's recognizes how individual customer differences in culture and local ingredients impact its business opportunities. Thus, McDonald's is a global company that is acting locally to ensure its success. This strategy is known as _______.
product adaptation
Unilever also recognized that lower-income consumers in emerging markets may not be able to afford Unilever products. As a result, Unilever offers single-use packets of their existing soap and shampoo products at a lower price than traditional sizes. This is an example of a _______ strategy.
product adaptation
A company employing a _______ strategy would create a new product targeted to its current customers.
product development
Dollar General operates midsized retail stores in rural towns. It has been expanding the variety of products available in its stores. Some locations now offer fresh produce and an increased assortment of fresh or frozen food items. Dollar General hopes the addition of new products will lead existing customers to purchase more items when they shop, which will in turn increase revenues for the chain. This is an example of the _______ strategic alternative according to Ansoff's matrix.
product development
Intel is known for its high-quality computer chips and ability to innovate. Most major computer and tablet manufacturers prefer to include Intel chips and often add the brand's logo and statement "Intel inside" on the product packaging. It is likely that Intel benefits from a _______ competitive advantage.
product/service differentiation
A company that focuses on a unique aspect of its product is likely using a _______.
product/service differentiation competitive advantage
The four marketing management philosophies are _______.
production, sales, market, and societal marketing orientations
Four Roses produces bourbon in Kentucky. It has a growing export business due to the global popularity of the beverage. Some countries, such as China, impose tariffs on bourbon produced in the United States to strengthen their own domestic brands. This strategy is known as _______.
protectionism
Farmers who grow wheat and corn in Australia can export their grains to Japan. However, Japan has limits on the quantity of grain that can be imported into the country. Japan is using _____ to limit trade.
quotas
A marketing objective should be
realistic, measurable, time specific, compared to a benchmark
Wells Fargo Bank received $25 billion in federal aid due to high default rates among its customers who borrowed money to finance their homes. In many areas of the United States, the value of homes declined, and homeowners were not able to repay their loans. This led to a _____, a period of negative growth.
recession
Zion Pharma is the manufacturer of a prescription antibiotic and has been accused of using aggressive marketing tactics to increase sales. Zion Pharma has employed sales representatives who meet individually with a variety of physicians and pharmacists to encourage the prescribing of the brand, which is priced higher than similar medications. Based on this information, it is clear that Zion Pharma has embraced a _______ orientation as a marketing management philosophy.
sales
Many restaurants such as Chili's encourage diners to complete a quick evaluation of their dining experience and identify how well the restaurant met their needs. Chili's is concerned with the facet of marketing that seeks to _______.
satisfy customers
A market-oriented company _______.
sees marketing as a company-wide activity
The OptUP app aims to change users' purchasing decisions by encouraging consumers to purchase healthier items, which appeals to consumers seeking healthier lifestyles. Changes in _______ can influence the products people buy.
social factors
ConAgra Foods is a global manufacturer of processed and packaged foods with revenues of $11 billion annually. It recently acquired Pinnacle Foods, which added iconic brands to its portfolio such as Birds Eye, Duncan Hines, Earth Balance, and Vlasic. Pinnacle Foods will continue to have control over its resources and distinct mission, and it will operate independently of ConAgra Foods. Pinnacle Foods is known as a(n) _______.
strategic business unit
Darden Restaurants is well known for its famous restaurant brands, including Olive Garden, Seasons 52, Bahama Breeze, and LongHorn Steakhouse. Each of these restaurant operations maintains a distinct mission and target market, and they are run as independent businesses. Thus, they are considered _______.
strategic business units
Walgreens is based in Chicago, Illinois, and has developed a large customer base, especially in larger cities. It has strong relationships with its suppliers and an innovative supply chain, enabling it to reduce out-of-stock inventory, especially with fast-moving items that are purchased frequently. These capabilities have enabled Walgreens to maintain its market position and have a strong competitive position since they are not easily copied or duplicated by other firms. Walgreens enjoys a _______ competitive advantage.
sustainable
A _______ is an advantage that cannot be copied by the competition in the near future.
sustainable competitive advantage
A firm using a niche competitive advantage _______.
targets and serves a single segment of the market
Progressive customers can use a Snapshot device (which plugs into a car's on-board diagnostics port) that monitors how the customer drives. Customers then send the Snapshot device back to Progressive and, depending on their driving habits, they receive a discount on their rates. This is an example of a change in the _______.
technological environment
State Farm insurance products are marketed through its 19,000 independent contractor agents who maintain local offices across the United States. At one time, those agents were responsible for servicing accounts and were the primary contacts when customers had questions about their policies or claims to report. However, State Farm, which has been in business since 1922, now offers its policyholders a range of technology-enhanced options such as a smartphone app and a web-based portal to report claims, make payments, or make changes to their policies. State Farm's transition away from face-to-face servicing of clients reflects how _______ is a major factor of the external environment.
technology
The trade agreement formally known as the North American Free Trade Agreement (NAFTA) is an agreement between _______.
the United States, Canada, and Mexico
Obesity in the United States has been described as an epidemic since a high proportion of citizens are 15 or more pounds overweight. A convenience store chain has decided to respond to this issue by reducing the size of the soda fountain drinks it sells in its stores. The company now only offers fountain drinks in 16- and 32-ounce sizes, eliminating its "super-sized" 50-ounce beverage option. This decision reflects _______.
the convenience store chain's morals
Over the last six months, Progressive has noticed a decline in applications for new policies. The latest industry reports indicate similar declines among other home and auto insurers. The Bureau of Labor Statistics reports that the unemployment rate has steadily increased over the last three quarters. In response to these changing conditions, Progressive is now offering a Progressive Value coverage option. This full coverage auto insurance excludes items like rental car reimbursement and roadside assistance. Progressive is likely offering this type of coverage due to changes in _______.
the economic environment
Considering stakeholder theory, the manager of the Courtyard by Marriott risked the company's relationships with _______ who expect good citizenship, and with _______ who have a financial stake in the company in the form of stock.
the local community; owners
Huggies is a popular brand of diapers that offers a variety of sizes and styles to fit babies based on weight, gender, and activity, such as swim diapers. Huggies devotes significant resources to conduct market research to understand customer needs and to ensure that its diaper products meet the needs of the customer. Rather than make just one diaper formulation, the products are highly customized and appeal to each customer's unique situation. This highlights one of the key differences between sales-oriented firms and marketing-oriented firms, which is _______.
the organization's approach to marketing its products to specific customer segments rather than "everyone" or the average customer
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%." This statement best reflects _______.
the organization's focus
Alliance Life Insurance promotes its term life insurance products through commissioned sales representatives, who use aggressive sales tactics to acquire new customers who make monthly premium payments. Alliance is driven to earn profits and instructs its sales representatives to sell, sell, sell, and it trains them that "Everyone needs life insurance." This highlights one of the key differences between sales-oriented firms and marketing-oriented firms, which is _______.
the organization's primary goal to achieve profitability through sales volume
Kroger's ability to utilize customer data to personalize healthier suggestions through a mobile app is a result of changes in _______.
the technological environment
Progressive's addition of a mobile app, which allows customers to start photo estimates for insurance claims, was likely created because Progressive marketers noticed a change in _______.
the technological environment
Macy's, a large department store chain and one of Under Armour's (UA) key retail partners, is closing a number of stores across the United States and will now operate roughly 730 locations, versus 850 in 2009. When UA conducts a SWOT analysis, this would be categorized as a(n) _______.
threat
Carefully specified objectives should have all of the following characteristics EXCEPT _______.
to have unspecified end dates
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 _______.
tools the organization uses to achieve its goals
Strategic planning is usually conducted by _______.
top managers
Companies that develop new products for new markets would fall in the _______ range on the innovation matrix.
transformational innovation
Elements of product strategy can include all of the following EXCEPT _______.
where the product is sold