Marketing Exam 1
Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of an opportunity?
Recent consumer studies have indicated that Chinese consumers prefer American cars.
Which of the following specifically prohibits monopolies?
Sherman Antitrust Act
________ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers.
The American Marketing Association
Which of the following is true with regard to mobile advertising?
Within just a couple of years, mobile advertising will be a bigger market than digital advertising.
Andy decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Andy is pursuing a ________ growth strategy.
market penetration
When you register your telephone number with the National Do Not Call Registry, you are responding to a need for
privacy
Tandy's Styles involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. Tandy's is pursuing a ________ growth strategy.
product development
A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.
product line
Mario works for a small computer software company. His boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Mario's boss is probably stuck in the ________ era of marketing.
production-oriented
The Child Protection Act
prohibits the sale of harmful toys and components to children.
Sales
pushing products on customers wants
STP refers to
segmentation, targeting, and positioning
Marketing ethics is concerned with
the sale of products or services that may damage the environment.
Marketing
-finding a value that works for almost every customer -only function that makes money for the firm
Which statement about the changing ethnicity in the United States is true?
A majority of black Americans now live in the suburbs.
By allowing consumers to sell their unwanted goods to the other consumers, auction sites like eBay, Poshmark, and Mercari cater to __________ marketing.
C2C
Customer retention programs are based on what concept?
Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis.
How might a technology company like Apple ensure that it behaves in a socially responsible way toward its employees?
It can ensure that pay practices are fair at all levels of the company.
Which of the following statements about marketing metrics is true?
They assist in comparing results among SBUs.
Which of the following is true of changing gender roles?
Women graduate from high school and college at greater rates than men.
Town Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Town Bank's superior service, the bank creates and delivers value through
customer excellent
Promotion
communication by marketer informs, persuades, and reminds buyers about product
When clients work with their investment advisers, they ________ their investment portfolios.
concrete
Which of the following is a social trend listed in the text?
health and wellness
The ethical decision-making framework includes
identify issues
Effective promotion enhances a product or services
perceived value.
When Kimberly-Clark introduced rolls of toilet paper without the cardboard core, what social trend did this product respond to?
green marketing
Stockholder
has stocks in a company
Jacob was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)
star
Imagine the use (or misuse) of data collected from consumers by a marketing research firm. One of the issues that might arise is the way the data are collected. At what step in the framework for ethical decision making would this issue be identified by the marketing research firm?
Step 1 - identifying issues
In the ethical decision-making metric, the question that asks, "Would I want the person I admire most to see me doing this?" applies to the
admired observer test
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, ________ should engage in brainstorming and evaluating alternatives.
all parties relevant to the decision
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must
be aligned with the long-term goals of the firm.
Compared to the average company, firms with strong ethical climates tend to
be more socially responsible
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, all parties relevant to the decision should
brainstorm for alternatives
Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the ________ stage.
brainstorming
In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called
cash cows
The principle that decisions be ethically based is part of the concept of
conscious marketing
Elena is the CEO of a small manufacturing firm. She is concerned with meeting the investment objectives of the firm's shareholders and sees no value in corporate social responsibility. Elena's attitude is
consistent with the views of other critics of corporate social responsibility.
What is most likely to happen when inflation increases?
consumers buy lower-priced foods
Every year, General Mills issues a report discussing how the firm has performed against its own standards of conscious marketing. This report is part of General Mills' ________ phase of its strategic marketing planning process.
control
Laurine is considering the question, "Did our actions have a negative impact on any stakeholder group?" She is addressing marketing ethical issues in the ________ phase of the strategic marketing planning process.
control
When integrating conscious marketing into a marketing strategy, a key task is to ensure that all managers are evaluated on their actions from a conscious marketing perspective. This action would take place during which stage of the strategic marketing planning process?
control phase
Sandstone Trucking provides transportation services for Betty's Best Bagels so that Betty's stores always have fresh stock. Sandstone Trucking is an example of a
corporate partner
For every consumer who purchases a pair of TOMS shoes, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in
corporate social responsibility
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
Marketing enriches society by
creating charitable campaigns
Sharon has gone to the same hair salon for the past ten years. She believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. Other salons have opened closer to Sharon's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. Sharon's attitude toward the salon is an example of
customer loyalty
When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using ________ to see if the media "fit" with their advertising agenda.
demographics
A firm's macroenvironment includes
economics
Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the
employees
After the previous sales representative in his territory infuriated an important customer, Sonja visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Sonja an order. Sonya was providing the important marketing function of
engaging customers and developing long-term relationships
Value Cocreation
getting clothes embroidered, adding design, getting clothes sized to you (customer changing product to satisfy customer)
Relational Orientation
getting same customers to come back and continue to buy from them
Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products as environmentally friendly when this may not actually be the case. This practice is called
greenwashing
Stakeholder
has a stake in the company; affected by company (ex:professors at a university)
Charges that firms are using "sweatshop" labor to produce their products are likely to occur during the ________ phase of the strategic marketing planning process.
implementation
Rashid has been directed by his regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Rashid is engaged in
implementing marketing mix and resources
The persistent increase in the prices of goods and services is known as
inflation
Using the BCG portfolio analysis, a "dog" should be phased out unless
it complements or boosts the sales of another product
Simons & Co. prides itself on a strong ethical climate. Compared to many companies, Simons
it likely more socially responsible
The political/regulatory environment comprises political parties, governmental organizations, and
legislation and laws
To build relationships, firms focus on the ________ of the relationship, not how much money is made during each transaction.
lifetime profitability
Value creation through place decisions for a consumer product involves
making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to.
The marketing goal of getting the "right quantities to the right locations, at the right time" relates to
managing the supply chain
Woods, Inc. is a small, local heating and air conditioning business. The local military base is a potential source of growth, and Woods already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. Woods is considering a ________ growth strategy.
market development
At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?
market-oriented
The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time.
marketing
Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the
marketing mix
Place
marketing process to get product to right customer at the right place
Price
money, time, energy
When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm
must align the short-term goals of each employee with the long-term, overriding goals of the firm.
Elena knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.
needs, wants, and ability to purchase
For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that
no single strategy is likely to be sufficient to build a sustainable competitive advantage.
Value-orientated marketers constantly measure
perceived customer benefits against the costs of their offerings.
Marketing channel management is related to which of the four Ps?
place
Which element of marketing mix is most relevant to the activity "delivering value"?
place
If Martine decides to sell the best ice cream on earth, and intends to establish a strong ethical climate in her organization, during which phase of the strategic marketing planning process should she introduce ethical considerations?
planning
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
planning
Coca-Cola sells two different zero-calorie versions of Coke: Diet Coke and Coke Zero. It has chosen to attempt to appeal to men with Coke Zero. In addition to launching an ad campaign featuring men enjoying Coke Zero, Coca-Cola also designed a masculine-looking can for Coke Zero, with bold red lettering on a black background. This specially designed can is an example of
positioning
Political candidates are notorious for appealing to the different beliefs and values of groups of potential voters in different areas of the country. These politicians are appealing to differences in
regional culture
If a firm adopts a CRM business philosophy, it most likely has a _________ orientation with its customers.
relational
Which of the following are commonly found in distribution and fulfillment centers to fill orders for stores or individual customers?
robots
When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ________, including the ranchers that supply the food, its customers, and animal welfare groups.
stakeholders
When Walmart pressured its vendors to supply it with environmentally friendly merchandise with labels to prove it, this effort most relates to the concept of
sustainability
Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)
threat
What is the most basic corporate social responsibility to employees?
to ensure a safe working environment
Generally, to build a sustainable competitive advantage, companies should
use multiple approaches to solidify their position
Tenisha sells consumer electronics. She knows her customers weigh the costs versus the benefits associated with the different options available. Tenisha decides which products to offer and what prices to charge based on the way her customers think. Tenisha operates as if she was in the ________ era.
value-based marketing
Which test asks the question, "Would I like to be on the receiving end of this action and all its potential consequences?"
The Golden Rule Test
How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of
a marketing plan.
Product
Fundamental purpose of marketing is to create value by developing goods, services, and ideas (ex:commercial "only you can prevent forest fires)
Which of the following groups has never lived without easy access to the Internet and other digital technologies?
Generation Z
Population estimates show that by the year 2030, nearly 72 million of the population in the United States will come from which group?
Hispanics
In 2016, in response to the threats of climate change, the United Nations rectified the
Paris Accord
4 P's of Marketing Mix
Promotion (communicating value) Product (creating value) Price (capturing value) Place (delivering value) -*Main focus of marketing mix is target market (who specifically are they trying to sell to)
The ethical decision-making metric poses which of the following questions?
Would I want to see this action described on the front page of the local paper?