Marketing Exam 2

In the Bedders Furniture manufacturing company, one person is authorized to make a decision, but input from others is gathered before doing so. This is reflective of which type of buying center?

Consultative

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's.

Conversion rate

Inseperable

-production and consumption are simultaneous -little opportunity to test a service before use -Ex: getting a haircut

4 E Framework

1. Excite: offer must be relevant to its targeted customer 2. Educate: opportunity to educate about the product's value proposition and communicate offered benefits 3. Experience: provide vivid information about a firm's products 4. Engage: action, loyalty, and commitment

Global Product Strategies

1. Sell the same product or service in both the home country market and host country 2. Sell a product or service similar to that sold in home country but include minor adaptations 3. Sell totally new products or services

Making ethical decisions

1. identify the problem 2. gather information and identify stakeholers 3. brainstorm and evaluate alternative 4. choose course of action

service recovery

1. listen to the customer 2. resolve problems quickly 3. provide a fair solution

What type of apps are free to download, but have ads appear on the screen?

Add-supported apps

An example of corporate social responsibility affecting the marketplace?

An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit.

Which metric is similar to walking into a store, taking a quick look around, and leaving?

Bounce rate

Standard Gap

difference between one firm's perceptions of customer expectations and actual service

________ means allowing employees to make decisions about how service gets provided to customers.

Empowerment

If a small business wants to take the least risky strategy to enter its first foreign market, it would choose which of the following global entry strategies?

Exporting

Makers serves as the ________ in the buying center.

Gatekeeper

The processes by which goods, services, capital, people, information, and ideas flow across national borders are referred to as

Globalization

To sell the same product or service in both the home-country market and the host country is referred to as

Glocalization

Bank tellers have been replaced by ATMs, which provide consistent levels of service and are never late, sick, or in a bad mood, thus overcoming the ________ nature of services.

Heterogeneous

When designing a digital marketing campaign, the first step is to

Identify the strategy and goals for the program

The components of global market assessment include

Infrastructure and technological analysis

The business-to-business buying process is initiated by which of the following steps?

Need recognition

________ is a customer's perception of how well a service meets or exceeds his or her expectations.

Service quality

The most fundamental difference between a product and a service

Tangibility

When firms are applying an ethical framework for making decisions in a questionable situation, the first step is to

identify issues

In terms of business markets, organizations like universities that provide services to people in their care are classified as

institutions

The key to distributive fairness is

listening carefully to the customer

The Service Gaps Model is designed as a diagnostic tool to highlight specific areas where ________

marketers are falling short in their service delivery

conversion rate

measures what percentage of visitors act as the marketer hopes, whether by clicking or buying

Global STP

more complicated than domestic STP because 1. cultural nuances of other countries are difficult to understand 2. subcultures within each country must also be considered 3. consumers view products and their roles as consumers differently in different countries-

Most B2B buying situations can be categorized into three types: straight rebuys, modified rebuys, and

new buys

heterogeneous (variability)

one client might not get the same experience as another because of human's opinions

marketplace

one firm can lead the way toward conscious marketing

consultative

one makes the decision, but consults other before making the decision

Government spending

one of the largest purchasers -spends around $4 trillion annually

gatekeeper

person who controls information/access to both decision makers and influencers

user

person who uses/consumes the product

Exporting

producing goods in one country and selling in another

modified rebuys

purchasing a similar product but changing specifications like price, quality level, customer service level, options

new buy

purchasing for the first time use all 6 steps in buying process most complex and difficult

page views

the number of times a person visits a website

decider

the person who determines any part of the buying decision

initator

the person who first suggests making a purchase

influencer

the person who influences others in making the final decision

What is the objective of the last step in the ethical decision-making framework?

to weigh the various alternatives and choose a course of action

RFP process

when organizations invite alternative vendors to bid on supplying their required order

The global product strategy a firm chooses depends on

The needs of the target market

Which of the following viewpoints is most desirable?

To align personal and corporate goals, firms need to have a strong ethical climate exemplified by the actions of corporate leaders and filtered through an ethically based corporate culture.

Joint Venture

a new firm entering the market pools its resources with those of a local firm. Ownership, control, and profits are shared

customers

act quickly to shifts and trends to meet customer needs

consensus

all members must reach a collective agreement

hits

amount of traffic to a website

sentiment analysis

analyzing content from social media sites to collect consumer comments about companies and their products

franchising

A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor.

If firms are more realistic about the services they can provide and, at the same time, manage customer expectations effectively, they generally can close the ________ gap.

Communication

________ involves a binding contractual agreement between a firm and another firm or individual whereby the business name and format have already been developed by the originating firm.

Franchising

Which of the following statements regarding the B2B buying process is true?

In the B2B buying process, the search for information and evaluation of alternatives is more formal and structured.

Ariana Grande and Dwayne "The Rock" Johnson are examples of ________ who promote brand messages to their networks of followers.

Influencers

A ________ is formed when a firm entering a market pools its resources with those of a local firm.

Joint venture

Customers' expectations are based on their experiences. If a customer expects his hotel room to be ready when he arrives, but encounters a wait because it is not prepared, this reflects a(n) ________ gap on the part of the hotel because it did not understand the customer's expectations.

Knowledge

Which of the following accurately depicts the three-stage online, social, and mobile media engagement process?

Listen, analyze, do

According to your text, when a customer undertakes a post-purchase evaluation and decides he or she is satisfied, this often leads to

Loyalty

Resellers

Manufacturers: textbook makers Wholesaler & Distributors Retailers: Target

A firm's ________ reflects the set of values, traditions, and customs that guide its employees' behavior.

Organizational culture

Services are ________ in that they cannot be stored for use in the future.

Perishable

Burt's Bees mission statement to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you," was prepared during which phase of the strategic marketing planning process?

Planning

democratic

multiple participants but majority rules to make decisions

autocratic buying center

multiple participants, but one decision maker

direct investment

requires a firm to maintain 100% ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsidiaries

Communication gap

the difference between the actual service provided to customers and the service that the firm's provides

delivery gap

the difference between the firm's service standards and the actual service it provides to customers

buyer

the person who handles the paperwork of the purchase

Corporate Social Responsibility (CSR)

the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders

Mariska is involved in the buying center of a large organization. She ultimately will determine whether to buy, what to buy, how to buy, or where to buy. What role does Mariska play in this situation?

Decider

As noted in your text, global segmenting, targeting, and positioning are more complicated than domestic segmenting and positioning because of cultural nuances, significant subcultures within countries, and

Differences in the way consumers see themselves and in the way they see products and services

Which of the following are the two components of a global marketing strategy?

a. determining which target markets to pursue and developing a marketing mix to obtain b. competitive advantage

straight rebuys

buy additional units of products that have been recently purchased

Country Market Assessment

economic analysis, infrastructure and technology, sociocultural analysis, government actions

employees

ensure a safe working environment free of threats to their physical safety, health, and well-being

bounce rate

-the percentage of times a visitor leaves the site almost immediately -the higher the rate, the less effective the site is

Engagement

1. listen: helps determine digital marketing objectives and strategies- uses sentimental analysis 2. analyze: hits, page views, click paths, bounce rate, conversion rate, keyword analysis 3. do: develop and implement campaigns using social media

B2B process

1. need recognition 2. product specification 3. RFP process 4. proposal analysis, vendor negotiation, and supplier selection 5. order specification 6. vendor performance assessment using metrics

What is the final stage in the business-to-business buying process?

Vendor performance assessment

strategic alliance

a collaborative relationship between independent firms, though the partnering firms do not create an equity partnership; that is, they do not invest in one another Ex: Barnes & Noble and Starbucks

society

a firm that fails to act responsibility causes damage to all the preceding stakeholders as well as to itself

The acronym RFP, when used by those involved in business-to-business buying, stands for

request for proposals

persihability

-services cant be stockpiled/stored for future use -Ski areas, airlines, restaurants must find ways to deal with this challenge

Triple Bottom Line

-sustainability framework that measures a business's success -people, planet, profit

Knowledge gap

-the difference between customers' expectations and the firm's perception of those expectations -Ex: doctors evaluations and patient surveys

intangible

-requires using cues to aid customers -atmosphere is important to convey value -Ex: doctors office, getting nails done, auto repair

Conscious Marketing

Recognition of marketing's greater purpose -Consideration of stakeholders and their interdependence -The presence of conscious leadership, creating a corporate culture -The understanding that decisions are ethically based

Marketers analyze comments posted by consumers on sites such as Facebook, Twitter, and online blogs to assess the favorability or unfavorability about a company and its products in a process known as

Sentiment analysis

________ allow marketers to analyze data from content sites like Facebook, Twitter, online blogs, and reviews to collect consumer comments about companies and their products.

Sentiment analysis

click paths

Shows how users proceed through the information on a website and clicks through a site

________ refer to collaborative relationships between independent firms, though the partnering firms do not create an equity partnership; that is, they do not invest in one another.

Strategic alliances

Which of the following represents the best approach for a firm to take regarding ethics and social responsibility?

The firm should implement programs that are socially responsible, and employees should act in an ethically responsible manner.

Which of the following statements regarding the development and implementation of a digital marketing campaign is true?

The images and messages used in a digital marketing campaign need to be updated almost constantly.

B2B Marketing

The process of buying and selling goods to be used in the production of other goods for consumption by the buying organization and/or resale by wholesalers and retailers