MARKETING FUNDAMENTALS WGU-712

A new morning drive radio show is looking for a way to get attention in its market with a series of outrageous stunts. Which two social media platforms should the radio station use to generate viral content?

A video sharing website to spread the station's content to users outside of its local listening area An online social networking website to enable users to send and read messages about the radio station's stunts

A local chocolate company manager wants to attract new customers and decides to use social media instead of broadcast media. Which factor is this manager emphasizing?

Availability of budget

A group of small, independent grocery store owners have come together to negotiate better prices for meat products from suppliers. Which of Porter's five forces do the store owners represent to the meat suppliers?

Bargaining power of buyers

What are the top levels of management

Board of Directors, Chief executive officer, Chief operating officer, and Chief financial officer.

Ensuring that the product offerings are available in sufficient quantities to meet customer demands?

Buying

Which of the eight universal functions of marketing are under the title "Exchange"

Buying and Selling

What are the eight universal functions of marketing

Buying, Selling, Transporting, Storing, Standardizing and grading, Financing, Risk taking, and securing marketing information

A car rental company has a website allowing customers to make advance reservations, verify car availability, and check pricing. How does the website help the rental company influence consumers?

By using right-time marketing

What is an advantage of using first-mover strategy?

Companies capture the greatest market share.

A pharmaceutical firm has developed a new weight loss drug. The product is very different from other options offered by competitors. How will this environmental factor impact the marketing strategy?

Competitive advantage needs to be exploited

A financial services firm wants to develop marketing materials targeted toward new college graduates. Which segmentation approach will meet the firm's needs?

Concentrated marketing

A customer schedules an in-home appointment with a local flooring company. After walking through the house with the representative, the customer decides to purchase tile flooring for both bathrooms. The material is delivered and installed. After the project is completed, the representative reaches out to ensure the customer is satisfied. Which type of selling style is this an example of? Consultative selling

Consultative selling

A popular soft drink manufacturing company wants to determine if the taste of a soft drink is affected by a new sugar substitute compared to the existing sweetener. A group of participants are asked to assess the taste of the soft drink with the existing sweetener and with the new sugar substitute. The results are compared to determine if a difference exists in the taste between the two types of sweeteners. Which research method is used?

Controlled experiment

In which type of vertical marketing system does a single owner run an organization at each stage of the marketing channel?

Corporate

All organizations must _____ to survive

Create Utility

What is based on designing and marketing -want -satisfying goods, services, and ideas

Creating Utility

Define Marketing

Creating, Communicating, Delivering, and Exchanging

What is one of the four steps in the marketing segmentation process?

Developing a relevant profile for each segment

When a customer orders a dog house online from a large pet supplies retailer, a purchase order is automatically generated and issued to the manufacturer. The manufacturer is able to access the shared system and generate an invoice, as well as input shipping information. Which e-business activity is being demonstrated by the shared system?

Electronic data interchange

An outdoor clothing company is revising its marketing plan and wants to emphasize sales promotion strategies. Which goal of this marketing plan is considered strategic?

Enhance dealer effectiveness

After conducting research, what will the consumer do next as part of the consumer decision process?

Evaluate the alternatives

A consumer has selected a brand of television to purchase. Because this brand is high-priced, the consumer goes online to research the best price. Which step in the consumer decision process does this situation represent?

Evaluation of alternatives

Which pricing strategy is being used when the best prices on budget items are provided without using markdowns or coupons to move merchandise?

Everyday low prices

A vice president of marketing is planning to use one wholesaler and one distributor for the products in China. Which intensity level of distribution does this represent?

Exclusive

Providing credit for channel members (wholesalers and retailers) and consumers

Financing

A software game manufacturer conducted research to improve a new game. This research involved meeting with small numbers of volunteer gamers to gather feedback about the game. The moderator recorded their feedback about how to enhance the game's features. Which data collection method did the manufacturer use?

Focus groups

Conversion of raw materials and components into finished goods and services

Form

What are the four types of utility

Form, Time, Place, Ownership

A hospital's marketing department believes that increasing both television and newspaper advertising will increase the hospital's market share and, in turn, will increase the hospital's revenue. Which market research step has been described?

Formulating a research hypothesis

What are the middle levels of management

General sales manager, Team leader, Director of marketing research

Which two important aspects does a social media marketing plan document in writing?

Goals and Strategies, Budget and Expected Returns

What is marketed

Goods, Services, Events, Experiences, Persons, Ideas

Which type of conflict occurs between channel members at the same marketing level?

Horizontal

A medical device manufacturer is creating strategies to sell its complex product. The product needs to be demonstrated and exhibited for maximum effectiveness. Which aspect of social media will support this company's strategy?

Implementation of QR codes

The owner of a sandwich shop is trying to increase business. There is a grocery store with a deli nearby. The sandwich shop owner decides to advertise by using flyers at area schools and businesses. Which type of competition does this illustrate?

Indirect

An advertising team for an upscale clothing line wants to add web content that will allow customers to watch and comment on an interview with the popular designer. Which advertising strategy is the advertising team considering?

Interactive

Which e-marketing capability enables conversations with customers to increase the value of their online shopping experience?

Interactive marketing

At which stage of the product life cycle is informative advertising critical?

Introduction

During which phase of the product life cycle does a company try to get new consumers to adopt its new products?

Introduction

Consumers' ideal selves provide a personal set of objectives that drive buying behavior. What impact does appealing to the ideal self have on consumers' purchasing behavior?

It aligns with individual aspirations.

What is the purpose of positioning a product or service?

It differentiates products from competitors.

How does the offering of coupons impact a company's strategic marketing plan?

It promotes its products to consumers

A hurricane devastates the Gulf of Mexico where many oil refineries are located. Gas stations are accused of price gouging based on people's fear. Which price determination method is being used by these gas stations?

Limited supply

An automotive company uses the same car chassis in manufacturing both regular and high luxury brands. Which potential strength occurs with this platform manufacturing design?

Lower development costs

Which classification of business products used in marketing includes regular expenses a firm incurs in its daily operations?

MRO supplies

What is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society?

Marketing

How does marketing communications differ from integrated marketing communications?

Marketing communications addresses relationships between buyers and sellers.

What allows marketers to communicate short messages to engage with stakeholders?

Microblogging websites

Which entity is considered a marketing intermediary?

Middleman

What will help a taxi company that wants to improve the process for customers arranging for rides?

Mobile application

Which market structure does a store compete in if it sells well-differentiated products at brick-and-mortar stores?

Monopolistic competition

A gas station owner has decided to add a fresh fruit stand to the convenience store. Because the owner does not want to rely too heavily on a limited number of suppliers, the owner is considering obtaining the fruit from several local farmers. What type of influence is impacting the owner's purchase decision?

Organizational

Cosmetics companies offer products through specialized placement in drug stores. Which sales channel is this an example of?

Over-the-counter selling

Ability to transfer title to goods or services from marketer to buyer

Ownership

Which advertising objective is effective during both the growth stage and early part of the maturity stage of the product life cycle?

Persuade

A home improvement store has a cooler that contains soft drinks and other beverages at its checkout lanes. The company believes this is a way to increase profits, while providing a better shopping experience for its customers. Which type of utility is being provided here?

Place

Availability of goods and services at convenient locations

Place

A farmer selling apples at a farmers' market assesses competing apple sellers and notes that all the apples are approximately the same in color and quality. Which method for determining the price will the farmer use?

Potential demand

Which selling activity describes a product's major features and relates them to customers' problems?

Presenting

A new clothing company is trying to penetrate the department store market by offering its clothing at a cost to customers that is lower than expected. The intent is to build a loyal customer base. Which element of the marketing mix does this represent?

Price

Which marketing channel is used for products with large unit sales where transportation only accounts for a small percentage of the total cost?

Producer to agent to business user

What is the word used for marketed items

Product

What are the 4 main tools of marketing (The 4 P's)

Product, Price, Place (sometime distribution), and Promotion

Company A, a medical supply company, offers low prices and free shipping on any sized order. However, the company has noticed that one of its competitors, Company B, has a larger market share, despite higher prices. Upon investigating further, Company A realizes that Company B has a trained sales team that visits each client to close its sales. What is the marketing mix element that company B emphasizes over company A?

Promotion

A marketing manager is promoting a line of handbags by having a character in a feature film use the handbags and by posting a picture of the celebrity using the handbag on social media websites. Which two promotional mix elements are being used?

Publicity Product placement

A business sells appliances to individual customers. To increase revenue, the owner is revising the business strategy to also sell directly to retailers. How will the purchase decisions of these retailers differ from the purchase decisions of individual consumers?

Purchase decisions of retailers require more complex decisions.

What are the Supervisory levels of management

Regional sales manager, Supervisor

Dealing with uncertainty about future customer purchases

Risk Taking

A computer company sells flat-screen computers of equal quality to Company A on January 1 and to Company B on January 2. The computer company charges both companies $1,000 per computer. Which legal act applies to this situation?

Robinson-Patman Act

Collecting information about consumers, competitors, and channel members for use in making marketing decisions

Securing marketing information

Using types of advertising, sales promotions, and personal selling to match products to customer needs?

Selling

An ad agency proposed a commercial for a home security system using a model in a swimsuit.

Sex

Which type of product do consumers purchase after comparing them to competing products?

Shopping

What gives users a place that provides virtual communities through which people can share information, post opinions, and increase relationships with customers?

Social networking websites

Which interpersonal factor will greatly influence a family's decision to buy a new car?

Social status

Ensuring that product offerings meet quality and quantity controls of size, weight, and other variables

Standardizing and grading

Which actions represent the facilitating functions of marketing?

Standardizing and grading

Which of the eight universal functions of marketing are under the title "Facilitating"

Standardizing and grading, Financing, Risk taking, and Securing marketing information

Warehousing products until needed for sales

Storing

Determining and organizations primary objectives, adopting actions that will achieve objectives, and providing long-term direction for decision making, are all part of what

Strategic Planning

Guiding implementation of activities in strategic plans, and Addressing shorter-term actions, are part of what

Tactical Planning

Which type of market is designed by a company for a specific group of people?

Target

A florist seeks to increase revenue from weddings. The owner has decided that paying an Internet search engine to optimize its placement in search results will bring more traffic to the florist's website. Which content aspect of social media marketing will help this strategy?

Targeted keywords

Together, what are the 4 main tools of marketing called

The Marketing Mix

A sporting goods company is developing a marketing plan. Which two statements represent the strategic level for this plan?

The company leadership wants to inspire people to get outdoors more often. The company leadership seeks to expand distribution to retail specialty shops.

An auto manufacturing company is preparing for the launch of a new car model that will target middle-income buyers with families. The company is concerned about economic factors since consumer interest rates have begun to increase. Which marketing action should the company take to address this situation?

The company should offer 0% financing

Which e-business challenge is alleviated by the use of encryption?

The security of payment

What is the main characteristic of services?

They are intangible

Which interpersonal role do children have in a family's consumer behavior?

They can make the decisions more collaborative.

What is a characteristic of services?

They involve the customer for distribution

A large clothing manufacturer wants to begin offering athletic apparel in a market that is already dominated by two well-known companies. The new manufacturer will impact the other two companies' market share. Which of Porter's five forces will the two well-known companies experience?

Threat of new entrants

Availability of goods and services when consumers want them

Time

What is the purpose of competitive analysis in a social media marketing plan?

To evaluate the platforms and tools other companies select

Strategic planning is emphasized at _____ level management

Top

Moving products from their point of production to locations (i.e., retailers) convenient for purchases?

Transporting

Which of the eight universal functions of marketing are under the title "Physical Distribution

Transporting and Storing

A large retail company competes against other low-cost, big-box retailers. The company pays its employees significantly higher hourly wages than other big-box retailers and manages to be highly profitable. This company receives industry recognition for its wage policy. How can the company capitalize on this strength using a SWOT analysis?

Use the strength as a retention strategy

An airline sets lower fares in new markets. The airline desires to increase market share. What is the airline's initial pricing objective?

Volume

Which element of a distribution system is concerned with the location of stock?

Warehousing

Which aspect of a product mix pertains to the number of product lines that a company sells?

Width