Marketing 3100 Test 1

When Kimberly-Clark introduced rolls of toilet paper without the cardboard core, what social trend did this product respond to?

Green marketing

What are the components of a situation analysis?

Internal strengths and weaknesses external opportunities and threats

What is supply chain management?

Is the set of approaches and technigues that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in transaction into a seamless value chain.

Is Walmart a conscious marketer or is it a practitioner of CSR?

It is both.

Gender

Male/female roles have been shifting. Marketing has changed to reflect these shifts

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which ere is being described?

Market-oriented

How are marketers connecting with customers using social and mobile media?

Marketers are steadily embracing new technology, such as social and mobile media, to allow them to connect better with their customers and thereby serve their needs more effectively

What is diversification?

New product or service, new market segment

If a firm's sales force pressures potential customers to purchase services they cannot afford or need, but they require that sales force to work one week a year for Habitat for Humanity, that firm is_____.

Unethical yet socially responsible.

Does providing a good value mean selling at a low price?

Value-based marketing isn't just about low price, it is also about creating strong products and services for the customer.

Explain foreign currency fluctuation.

When the euro is more expensive than the US $, merchandise made in Europe is more costly for Americans, but European shoppers enjoy bargains on US products. and vis versa.

Who is accountable for performance?

At each level of an organization, the business unit and its manager should be held accountable only for the revenues, expenses, and profits that they can control.

Viewers of the World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast are likely to see ads for clothing and hair care products, due to A. cultural expectations. B. male domination in corporate boardrooms. C. differing demographic data for potential and past viewers. D. marketers' general perceptions. E. multiyear advertising contracts that cannot be broken.

C. differing demographic data for potential and past viewers.

Which marketing activity is mostly directly served by the promotion element of the marketing mix?

Communicating value

What is promotion?

Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

What are the components of the immediate environment?

Company capabilities Competitors Corporate Partners Physical Environment (CCCP)

In what way does corporate social responsibility differ from conscious marketing?

Corporate social responsibility is one part of conscious marketing

What value is product?

Creating value

What are the four macro strategies that focus on aspects of the marketing mix to create and deliver customer value?

Customer excellence Operational excellence Product excellence Locational excellence (COPL)

Marketing is about satisfying ____ and ____.

Customer needs and wants

What is a mission statement?

a broad description of a firm's objectives and the scope of activities it plans to undertake

What is value cocreation?

a creative way to provide value to customers

What is Generation Y (Millennials)?

born between 1977-2000, biggest cohort since baby boomers

What is Generation X?

born in 1965-1976, first generation of latchkey children

What is Generation Z? (Digital natives)

born into a world that was already full of electronic gadgets such as the internet and social networks

When marketers monitor the economic situation affecting their target markets, they are most likely to monitor changes in all of the following except_____. a. purchasing power b. interest rates c. inflation d. age

d. age

To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates reguarding students educational needs and desires. By doing so, the university is becoming more value driven through_____. a. sharing info across organizations b. balancing its customers benefits and costs c. evaluating strategic competitive partnerships d. building relationships with customers

d. building relationships with customers

Which of the following is not a function of marketing mix? a. Capturing b. Delivering c. Communicating d. Exchanging e. All of these are apart of the mix

e. All of these are apart of the mix

How does identifying trends in the marketplace help marketer's strategic planning efforts? a. it informs about trends that may impact sales b. it shows how the market is changing c. it provides insight on how to best reach the consumer d. it reveals what consumers desire from the marketplace e. all of the above

e. all of the above

Select the statement that best describes the key traits of Generation Y. a. varies the most in age, ranging from teenagers to adults who have their own families b. the largest population of 50-plus consumers c. the group that was born right after WW2

a. varies the most in age, ranging from teenagers to adults who have their own families

What is operational excellence?

achieved through efficient operations and excellent supply chain and human resource management

Who can perform marketing?

individuals and organizations

What are services?

intangible products

What is a marketing metric?

is a measuring system that quantifies a trend, dynamic, or characteristic. they are used to explain why things happened and also project the future.

What type of strategy is growing the business from existing customers?

market penetration

What are the growth strategies?

market penetration market development product development diversification

What is product development?

new product or service, current target market

What are goods?

physical products

Southwest Airlines?

provides good service at a good value

What are the four principles of conscious marketing?

recognition of marketing's greater purpose consideration of stakeholders and their interdependence presence of conscious leadership, creating corporate culture understanding that decisions are ethically based

What is glocalization?

refers to the processes by which goods, services, capital, people, info, and ideas flow across national boarders.

What is value?

reflects the relationship of benefits to costs

What is place?

represents all the marketing proccesses necessary to get the right product to the right customer when that customer wants it. *supply chain management*

What is the bottom of the pyramid?

settings in which consumers earn very low wages

What is culture?

shared meanings, beliefs, morals, values, and customs of a group of people

What is the purchasing power parity? (PPP)

states that if the exchange rates of two countries are equal, a product purchased in one will cost the same in another

What is a single strategy?

such as low prices or excellent service, it is not sufficient enough to build a sustainable competitive advantage

What is a tarriff?

tax on imports, also called duty

What is infrastructure?

the basic support systems needed to keep an economy going, including power, communications, transportation, water, sanitation, and education systems

What are stakeholders?

the broad set of people who might be affected by the firm's actions

What is in the center of all marketing efforts?

the customer

Provide an example of a conscious marketing firm that considers the needs of each of its stakeholders.

the environment

What is regional culture?

the influence of the area within a country in which people live

What is GDP?

the market value of all final goods and services produced within a country in a given period of time

What is market targeting?

the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

What is exchange?

the trade of things of value between buyer and seller so that each is better off after the trade

What are ideas?

thoughts, opinions, and philosophies

What are the criteria for being a conscious marketer?

triple bottom: economic, social, and environmental performance

What is a trade surplus?

when a country exports more than it imports

What is a trade deficit?

when a country imports more than it exports

What are the five steps to a marketing plan in order?

1. Define business's mission and objectives 2. Conduct a situation analysis (SWOT) 3. Identify and evaluate opportunities (STP) 4. Implement marketing mix (four P's) 5. Evaluate performance using marketing metrics

What are the 6 key microenvironmental factors?

1. Demographic forces 2. Economic forces 3. Cultural forces 4. Technological forces 5. Social forces 6. Politcal forces (CDSTEP)

What are the steps in the ethical decision-making framework?

1. Identify issues 2. Gather info/ identify stakeholders 3. Brainstorm and evaluate alternatives 4. Choose a course of action

What does the marketing strategy identify?

1. a firms target market 2. a related marketing mix (4 P's) 3. the bases on which the firm plans to build a sustainable competitive advantage

What is Baby boomers?

1946-1964, largest population of 50-plus consumers the U.S has ever seen, post WW2.

What is customer relationship management?

A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with a retailer's most valuable customers.

What is generational cohort?

A group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.

What value is price?

Capturing value

What value is promotion?

Communicating value

What is the fundamental purpose of marketing?

To create value by developing a variety of offerings including goods, services, and ideas.

What value is place?

Delivering value

What is market segmentation?

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Education

Education is related to income, which determines spending power.

What are the components of implementing marketing mix and allocate resources?

Product and value creation products Price and value capture Place and value delivery Promotion and value communication (four P's)

What are the four P's of the marketing mix?

Product, Price, Place, Promotion

What are the various eras of marketing?

Production-oriented-- 20th century sales-oriented-- 1920-1950, GD and ww2 market-oriented-- after ww2 value-based-- today (PSMV)

Income

Purchasing power is tied to income. Marketing opportunities exist across the broad range of income distribution.

What does STP stand for when you identify and evaluate opportunities in the marketing plan?

Segmentation Targeting Positioning

What do the four quadrants of the portfolio analysis represent?

Stars- upper left Cash cows- lower left Question marks- upper right Dogs- lower right

What are the social trends?

Sustainability Health and Wellness Efficient Utilization and Distribution of Food

What is marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (cccdv)

What is an interest rate?

The cost of borrowing money

What is market positioning?

The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

Why is understanding the microenvironmental forces that create the marketing environment critical for a firm?

They influence consumer behavior

What is inflation?

a general increase in prices and fall in the purchasing value of money.

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? a. place b. product c. price d. promotion

a. Place

Markets must be segmented for any marketing strategy to be effective. This is because from the identified segments, the firm will choose one or more target markets. The choice of target market will then determine how which of these concepts are designed? a. Four P's b. SWOT c. STP d. GM e. SBU

a. The Four P's

What is a sustainable competitive advantage?

an advantage over the competition that is not easily copied and can be maintained over a long period of time

What is Gross National Product (GNP)?

consists of GDP plus net income earned from investments abroad minus any payments made to nonresidents who contribute to the domestic economy

What is market development?

current product/services, new market

What are demographics?

describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. Provides an easily understood snapshot of the typical consumer in a specific target market

Which growth strategy is the riskiest?

diversification

What are the components of a country market assessment?

economic analysis using metrics infrastructure and tech sociocultural analysis governmental actions

What is conscious marketing?

entails a sense of purpose for the firm that is higher than simply making a profit by selling a product or service.

What is country culture?

entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and subtler aspects, which are trickier to identify

What is price?

everything a buyer gives up (money, time, energy) in exchange for the product

What is the market penetration?

existing market mix, existing customers

What is customer excellence?

focuses on retaining loyal customers and excellent customer service

What is locational excellence?

having a good physical location and internet presence

What is product excellence?

having products with high perceived value and effective branding and positioning