marketing

Which of the following is likely to be source of a sustainable competitive advantage? A.Supply Chain Efficiency B.Brand Name C.Customer Satisfaction D.Patented Technology E.All Of The Above

Answer: E. Explanation: A sustainable competitive advantage is something a firm can persistently do better than its competitors. Supply chain efficiency, brand name, customer satisfaction, and patented technology are all potentially sources of sustainable competitive advantages.

What ethical questions should a marketing manager consider at each stage of the marketing plan?

Answers will vary, may include question concerning: Planning - what are the ethical standards of the company, Implementation - how should the ethical standards be reflected in the marketing strategy, Control - check whether each potentially ethical issue raised in the planning process was actually successfully addressed.

What social media elements work best for each of the 4 Es?

Best social media elements: Excite the Customer- social networks like Facebook Educate the Customer - blogs and blogging tools Experience the Product or Service - YouTube Engage the Customer - blogging and micro-blogging.

What are the five steps in creating a marketing plan?

Business mission and objectives, situation analysis and SWOT, identify opportunities, implement marketing mix, evaluate performance using marketing metrics.

Differentiate between country culture and regional culture.

Country Culture is the entire country but regional culture is based on the region or area within the country.

What are the six key macroeconomic factors?

Culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment.

List the four macro strategies that can help a firm develop a sustainable competitive advantage.

Customer excellence, operational excellence, product excellence, locational excellence.

Provide examples of each of the stakeholders that firms should consider in their corporate social responsibility efforts

Examples include elements of employees, customers, the marketplace, and society.

What are the 4 Es?

Excite the Customer, Educate the Customer, Experience the Product or Service, Engage the Customer.

Vince works as a waiter at many business functions. GRIPO insurance company has just had their annual meeting and left behind copies of their marketing plan. Vince opens a copy of the plan. Which of the following would Vince NOT expect to find in GRIPO's marketing plan?

Explanation: A strategic marketing plan usually begins with a situation audit. It also identifies strategic opportunities and potential threats. It includes an evaluation of alternatives and a set of objectives, but typically would not include sales representatives' résumés.

What are the various components of a marketing strategy?

Identifies a firm's target market, related marketing mix — their four Ps — and the bases upon which the firm plans to build a sustainable competitive advantage.

What are the steps in developing a social media campaign?

Identify strategy goals, Target audience, Campaign: experiment & engage, Budget, Monitor & change.

What are the three steps in developing social media engagement strategies?

Listen, Analyze, and Do.

How do firms examine customer sentiments?

Marketers can analyze the content found on sites like Facebook, Twitter, online blogs and reviews to assess the favorableness or unfavorableness of the sentiments, using a technique known as *sentiment analysis*.

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

Product development and market penetration

What tool helps a marketer conduct a situation analysis?

SWOT analysis (strengths, weaknesses, opportunities, threats)

Brian is reviewing the performance of his franchised clothing store. Being a franchise he has access to comparative data from other stores. Brian will likely look at all of the following types of data EXCEPT:

Sales Gross margin Number of customers Coupon redemption *Regulatory* Explanation: During the evaluation stage, marketers assess how well their strategies worked against predetermined measures. Franchises have the advantage of having access to comparative data to use in evaluation including sales, gross margins, number of customers, and coupon redemption but not regulatory data.

What is STP?

Segmentation, Targeting, Positioning

Why might it be important to develop a personal social media presence?

Social influence can have significant effects on elements of a person's life, such as hiring success.

Identify the stages in the ethical decision-making framework.

Stages in framework: Stages 1: Identify Issues Stages 2: Gather Information and Identify Stakeholders Stages 3: Brainstorm Alternatives Stages 4: Choose a Course of Action

When conducting a SWOT analysis, a company will assess all of the following EXCEPT:

Strengths Threats Weaknesses Opportunities *Strategies* Explanation: SWOT analysis is part of a firm's situation audit. Strategies are defined later in the strategic marketing plan.

What are the components of the immediate environment?

The company's capabilities, competitors, and competitive intelligence, and the company's corporate partners.

What are the four major growth strategies marketers typically pursue?

The four major growth strategies available to marketers include market penetration, market development, diversification, and product development.

What are some important social trends shaping consumer values and shopping behavior?

Thrift, Greener consumers, marketing to children, privacy concerns, and time-poor societies.

How has corporate social responsibility evolved since the turn of the twenty-first century?

Today, companies are undertaking a wide range of corporate social responsibility initiatives, such as establishing corporate charitable foundations, supporting and associating with existing nonprofit groups, supporting minority activities, and following responsible marketing, sales, and production practices. Social responsibility is even one of the eight key measures that Fortune magazine uses to create its list of the most admired companies

Identify the different generational cohorts.

Tweens, Gen Y, Gen X, Baby Boomers, Seniors

What is an example of a social network, a media sharing site, a thought-sharing site, and a mobile application?

social network - Facebook, a media sharing site - Instagram, a thought-sharing site - Corporate blog, and a mobile application - Amazon mobile app.

At which of the 4e dimensions do social networks, media-sharing sites, thought-sharing sites, and mobile applications excel?

social network - excitement, a media-sharing site - experience, a thought-sharing site - educating and engaging mobile application - excitement