MKT 230 CH1-CH4

Implementing Formal Policies

A written policy that outlines ethical practices should be set in place to avoid ethical misunderstandings.

Too Much Political Power: Businesses wield too much political power over mass media, limiting its ability to report independently and objectively.

American industries do promote their own interests, but government regulators are empowered to strike a balance between the interests of big business and the public good.

A number of major hospitals give new parents samples of Gerber baby foods.

Competitive

Select the correct marketing plan component for each description. Includes an assessment of target markets. A one- to two-page synopsis. Covers the financial controls and monitoring procedures. The threats in the industry are identified. Includes quantitative measures of what is to be accomplished. Discusses the marketing organizational structure. Describes how the marketing mix will be used.

Environment Analysis Executive Summary Performance Evaluation SWOT Analysis Marketing Objectives Marketing Implementation Marketing Strategies

"The essence of marketing is to develop satisfying from which both customers and marketers benefit."

Exchange

Examining Candidates' Values

Firm should hire employees who place a premium on an ethical work environment.

The Food and Drug Administration is changing the rules for product labels

Legal and Regulatory

Setting the Tone at the Top

Management must act with integrity at all times in order to maintain an ethical workplace.

Number of competitors and how much pet food each sells per year.

Market Share

Chad is the top trader in a large Wall Street firm and he makes tens of millions of dollars each year in salary and bonuses. Because of his status, Chad has been given a lot of latitude to conduct his trading activity as he thinks is appropriate. A few times in the past, he has technically violated some firm rules. However, his compensation has never been negatively impacted by these infractions.

Opportunity Factor

Mary is a junior trader for a large Wall Street firm. She is being mentored by a more senior trader, Elizabeth, who is teaching her how to be a successful trader in a very competitive market. Mary tells her college friend that she is delighted to have a mentor, but is concerned that Elizabeth doesn't always follow the rules. Nevertheless, Mary goes along with whatever Elizabeth tells her to do.

Organizational Relationships Factor

The pyramid of corporate social responsibility states that there are four dimensions of social responsibility: economic, legal, ethical, and philanthropic. The socially responsible marketer accepts different responsibilities for each of these dimensions in terms of how she or he carries out her or his marketing activities. Choose the appropriate social responsibility dimension that corresponds to the responsibilities listed below. It is important to provide assistance to private and public educational institutions. It is important that good corporate citizenship be defined as doing what is expected morally or ethically. It is important to maintain a high level of operating efficiency. It is important to recognize that corporate integrity and behavior go beyond mere compliance with laws and regulations. It is important to perform in a manner consistent with expectations of government and law. It is important to perform in a manner consistent with maximizing earnings per share.

Philanthropic Responsibilities Ethical Responsibilities Economic Responsibilities Ethical Responsibilities Legal Responsibilities Economic Responsibilities

Too Few Social Goods: Businesses oversell private goods at the expense of public goods and require more public goods to support them.

Producers should bear full social costs of their operations. Consumers should pay the social costs of their purchases

Customer relationship management is a vital aspect of a company's marketing strategy and related activities. A clear understanding of what it does and does not entail is critical to an organization's marketing success. Select the statements that are true as it relates to customer relationship management.

Relationship marketing builds customer trust. Internet-based marketing strategies are called e-marketing.

With a ______ ,you would be emphasizing different ways to make sales, through personal selling or advertising or store sales.

Sales Orientation

Parents are using cell phones to comparison shop for baby foods before they make a purchasing decision.

Technological

Poor Service to Disadvantaged Consumers: American marketers serve disadvantaged customers poorly.

The FTC has taken action against marketers who advertise falsely to disadvantaged consumers, wrongfully deny them service, or charge them too much

Sustaining an Ethical Workplace

The sum total of written ethics policies, a commitment to hiring employees who take ethics seriously, and a system of strong internal controls.

Your investment banker has presented you with the following list of business characteristics of a small company your company is considering acquiring: Market leadership Large inventories Lack of management depth Cost advantages Management turnover Excess manufacturing capacity relative to market Based on this list of characteristics, which of the following statements is true?

This list contains more weaknesses than strengths.

A major marketing newsletter has asked you to write a guest article dealing with how marketing is used to build relationships with customers and other stakeholders through the effective creation of exchanges. You are delighted to have the chance to be published in such a well-known publication. It should be a significant boost for your professional career. Which of the following statements are true about marketing and the creation of exchanges?

To build trust, the parties to the exchange must meet expectations. Marketing activities should attempt to create and maintain satisfying exchange relationships. Marketers and their firms engage in marketing activities to facilitate exchanges.

The strength of the customer's ability to purchase a company's goods and services is directly related to the customer's buying power. In turn, the customer's buying power is heavily influenced by the economic forces in the marketing environment. A customer's buying power can be measured in a variety of different ways. Select the measure of a customer's buying power that matches the appropriate definition of the measure. This measure enables consumers to gain buying power. When taxes rise, this income declines. The level of interest rates has a significant influence on the availability of this measure of buying power. Consumers purchase entertainment, appliances, and vacations with this measure of buying power. Because of differences in educational levels, professions, and wealth, this measure is not equally distributed in the United States.

Wealth Disposable Income Credit Discretionary Income Income

Marketers must continually acquire information about trends, events, and societal dynamics occurring in the marketing environment outside of the firm in order to identify and interpret potential positive and negative forces that may impact the firm's marketing strategies. Select the environmental force that corresponds to the trends listed that can be uncovered by an environmental scan. China's emergence as a world leader in manufacturing. The development of corporate competitive intelligence departments and their alliances with federal security agencies. Increased focus on empowering workers to improve performance. New legislation related to digital copyright and intellectual property protection. Greater concern for privacy and personal information collection. New legislation on Internet taxation, e-mail spam, and domain names. Declining differences in gender roles and buying patterns. Growing diversity of the U.S. population. Decline in smoking and tobacco use throughout the world. Increasing military and humanitarian expenditures related to the war on terrorism. The shifting of white collar jobs to offshore locations. Increase in savings and investment as workers approach retirement. Increasing use of wireless broadband technology. The dramatic growth of the open source software movement. Advances in biotechnology, cosmetic surgery, and cancer drugs.

competitive legal and regulatory social economic technological

Fill in the blanks with the words that would best complete the passage. impacts of technology include concerns over privacy and intellectual property protection. and consumers' increasing use of the Internet have changed how people communicate and how marketers reach consumers. The expanding opportunities for are changing the relationship between marketers and consumers. Through ,managers try to foresee the effects of new products and processes on the organization's operations, on other business organizations, and on society in general. Technology determines how members of society satisfy their needs and it has vastly improved communications.

negative mobile device E-commerce technology assessment physiological

Fill in the blanks with the correct words that best complete each passage. People learn values and principles through by family members, social groups, religion, and formal education. An organization's has more influence on marketing decisions than an individual's own values. Ethical choices in marketing are most often made , in work groups and committees. Organizational culture and structure operate through relationships to influence ethical decisions. Professional codes of conduct influence by prescribing what behaviors are acceptable.

socialization culture jointly organization opportunity

One way Procter & Gamble uses its marketing mix is to build positive, long-term connections with Iams customers. Read the descriptions of marketing actions (in the table below) that Procter & Gamble might take for this purpose. Each of the marketing actions listed in the table below relates to one of the three aspects of customer relationship management. Select the correct aspect of customer relationship management next to each of the marketing actions listed. Launching a points program to reward repeat purchasing of Iams products. Issuing cents-off coupons to get buyers of other brands to switch to Iams. Giving away free Iams pet food to first-time pet owners. Customizing pet food formulations to individual owners' preferences, at a premium price. Introducing new products based on customer responses to marketing research. Creating a "share with a friend" promotion where customers forward a Iams-branded dog wellness video to their pet-owning friends.

- Keep Customers for Longer Periods - Acquire New Customers - Acquire New Customers - Enhance Profitability of Existing Customers - Keep Customers for Longer Periods - Acquire New Customers.

Marketing is a multifaceted discipline that encompasses many different concepts and elements that the marketer must effectively combine and consider when crafting a marketing strategy. Select the marketing element or concept for each description. Relates to activities used to inform individuals or groups about the organization and its products. Affects a marketer's ability to facilitate value-driven marketing exchanges. Involves creating or modifying brand names and packaging and may include decisions regarding warranty and repair services. ." Includes those constituents who have a claim in some aspect of a company's products, operations, markets, industry, and outcomes. It is the major focus of the marketing concept. .

- promotion variable - marketing environment - product variable - stakeholders - satisfaction of the Company's Customers

Marketing has always been an important element of the typical company's business strategy and execution. However, in an increasingly global economy and society, marketing is taking on an even more important role in the success of multinational companies worldwide. Select the statements below that are correct in relation to marketing.

-The Internet is a vital tool for marketing to other businesses. -Nonprofit organizations used marketing activities in their organizations

our daughter is excited that you will be coming to her school for Career Day to talk about what you do professionally. However, she wants to know a little more about what you do before you speak to her class. You tell her that you manage project plans for implementing marketing strategy initiatives for your company. She says that sounds pretty simple and she believes she could do the job without much effort. In an attempt to impress your daughter, you list the details of the steps that are involved in the management of a marketing strategy implementation initiative. Select the correct number for each step. Organize activities in the proper order. Assign responsibility for completing each activity. Identify activities to be performed. Separate sequenced activities from simultaneous activities. Determine time to complete each activity.

4 5 1 3 2

You are the head of the corporate acquisitions team at a major biotech company in Atlanta, Georgia. Your team has identified a couple of attractive acquisition targets that you would like to recommend to the Board of Directors for consideration. However, before you make a recommendation, you want to make sure that none of the acquisitions will raise any regulatory issues. In order to evaluate all potential regulatory issues, which one of the following analytical actions should you have your team complete prior to making any recommendations?

A thorough analysis of the provisions of the Celler-Kefauver Act, the Clayton Act, and the Sherman Antitrust Act

You have decided to launch a new snack food business. You will face many questions as you move towards opening day. The questions will focus on a production orientation, a sales orientation, or a market orientation. Select the appropriate orientation next to each question about your business below. A. How many tins of popcorn balls should I try to sell through each store? B. What are the most popular snacks in my area, and how are tastes changing? C. What kind of advertising would lead to the highest level of customer purchases? D. What is the highest output of popcorn balls I can cook up in a day? E. When and where do people most often buy food gifts in my area? F. Where can I buy cooking supplies at a cost that will allow me to make and sell my snacks profitably? G. Are popcorn balls viewed as an "affordable treat" or "unhealthy junk food" by customers? H. What commercial kitchen space is available locally, and how much is the hourly rent? I. Should I demonstrate the making of popcorn balls at home parties where I can sell the finished products?

A. Sales orientation B. Market orientation C. Sales orientation D. Production orientation E. Market orientation F. Production orientation G. Market orientation H. Production orientation I. Sales orientation

You are contemplating adding a professional to your marketing analysis team to enhance your ability to evaluate and respond to changes in your company's marketing environment. In your most recent evaluation of your marketing environment you found the following forces were having the greatest impact on your marketing strategies: Federal Reserve Bank monetary policy Aging population dynamics Consumption expenditure trends in GDP Antitrust legislation changes in Congress Interest rates Currency fluctuations Which of the following professionals should you add to your marketing analysis team in order to enhance your team's ability the most in evaluating and responding to changes in your marketing environment if the forces listed above are having the most significant impact.

An Economist

Your business needs a mission statement that clearly defines the many aspects of what you want your company to represent and what you want it to achieve over the course of its existence. Below are three criteria that outline what you want your mission statement to represent. You are trying to decide which of the four mission statements below conveys your company's mission best. Select the criteria met by the following mission statement: Peppery Chips pledges to protect the planet with every batch of tasty potato chips.

Describes your core competency. Will serve as a long-term vision for what your company will become.

There are a number of federal government agencies that have various responsibilities for ensuring that the U.S. economy operates in a fair and competitive fashion, and that consumers are protected from unethical practices by businesses. Depending on what business you are in, your company will be under greater scrutiny by some federal agencies more so than others. Select the correct federal agency for each type of business activity it would be responsible for regulating and monitoring. A financial institution wishing to introduce a new agriculture commodity trading contract into the market. A hot, new technology company would like to go public. A new radio station would like to introduce a controversial, new program on its daily schedule. Importing of dog food manufactured in Spain.

Commodity Future Trading Commission Securities and Exchange Commission Federal Communications Commission Food and Drug Administration

You are a venture capitalist and you are contemplating making an investment in one of two companies in the medical products industry. The BCG market growth/market share matrix for each company is shown below. Company A: Stars 15, Question Marks 10, Cash Cows 12, Dogs 8 Company B: Stars 13, Question Marks 10, Cash Cows 12, Dogs 10 Assume all other aspects of the two companies are essentially the same. Based solely on the market growth/market share matrix for the two companies, which one represents the best investment for your firm?

Company A

You are an angel investor and you are evaluating the profit potential of an investment in a number of technology startup companies in Austin, Texas. To increase your odds of success you like to invest in companies that have little or no competition. Given your investment philosophy, which of the following situations should you invest in?

Company C sells a product that has no substitutes in an industry that has many barriers to entry.

The U.S. economy constantly cycles through periods of expansion and contraction based on financial, political, and geopolitical dynamics. During expansionary periods, economic performance is robust and consumer spending increases. During contractionary periods, economic performance is lackluster or negative and consumer spending decreases. Select the correct type of economic period for each description. Unemployment rates are above normal levels and rising. Quarter-to-quarter Gross Domestic Product (GDP) growth is positive. Consumer prices are rising. Claims for unemployment are rising. New housing starts are declining.

Contraction Expansion Expansion Contraction

It is important for a company to be able to measure the efficiency and effectiveness of its marketing mix strategy. Therefore, the company must identify an appropriate set of metrics for measuring how well it is doing with each of its marketing mix variables. Select the metrics listed that would be appropriate for measuring the success of a company's activities related to the promotion variable

Cost per Customer Contact New Accounts per Time Period Selling Expense-to-Sales Ratio

Procter & Gamble makes and markets Iams pet foods for dogs and cats. Which of the following activities would be considered part of the Iams marketing mix? Choose all that apply.

Creating a new Iams pet food for overweight cats. Printing more detail about nutritional value on Iams labels. Determining how to ship Iams products to independent pet stores. Linking from the Iams website to online pet-food retail sites where customers can place orders. Posting photos of new products on the Iams Facebook page. Offering $1-off coupons for a new Iams cat food. Selling standard 29-pound packages of Iams dog food for $30. Testing reaction to discounts for buying multiple products at one time.

Change in the number of Iams products each customer buys each year

Customer Lifetime Value

Number of years customers remain loyal to Iams.

Customer Lifetime Value

Percentage of customers who return products frequently or require intensive customer service interactions.

Customer Lifetime Value

Marriott International markets more than 3,800 hotels and resorts in 74 countries, ringing up more than $12 billion in annual revenue around the world. Each of its 19 hotel/resort brands has its own marketing plan, objectives, strategies, and marketing mix. All are guided by the corporation's five core values, which are to put people first, pursue excellence, embrace change, act with integrity, and serve the world. Because children, teens, and consumers in their twenties have grown up with the Internet, Marriott knows that parents often rely on children of all ages to search online and make suggestions about where to stay and what to do on vacation. Travelers in their twenties and thirties also do their homework via smartphones or computers before making reservations. As a result, Marriott is ensuring that its hotel marketing plans take technology into consideration for everything from targeting and research to the marketing mix. For example, it has created the Moxy Hotel brand to target travelers in their twenties and thirties who want to stay in stylish, affordably-priced, web-connected accommodations. How should Marriott organize the marketing function for Moxy? If Marriott decides to hire a marketing director to plan and implement marketing activities only for Moxy Hotels, this would be an example of a organizational structure. If Marriott should decide to have the marketing department in its headquarters group manage all marketing activities for Moxy Hotels, this would be an example of a organizational structure. If Moxy needs to make decisions that are informed and responsive to local needs, it would be most effective if Marriott implemented a organizational structure to manage the marketing activities for Moxy Hotel. If Marriott decides to maintain tight top-level control over budgets, personnel, activities and the timing of tasks this would be an example of a organizational structure. "If Moxy Hotels requires speedy responses to changes in customer needs in its local area, then a organizational structure should be implemented to manage their marketing activities. " If Marriott wants to have a clear and direct understanding of complex market conditions, market by market, it should implement a organizational structure.

Decentralized centralized decentralized centralized decentralized decentralized

Your business needs a mission statement that clearly defines the many aspects of what you want your company to represent and what you want it to achieve over the course of its existence. Below are three criteria that outline what you want your mission statement to represent. You are trying to decide which of the four mission statements below conveys your company's mission best. Select the criteria met by the following mission statement: Peppery Chips provides snack convenience for families on the go, without harming the planet.

Defines your customers and the needs or wants you'll meet. Will serve as a long-term vision for what your company will become.

There are a host of ways that a company can define a target market for its products and services. Its goal is to go after the market that offers the best current or long-term profit potential. Target markets are organized and specified according to a number of different factors. Examples of target markets a company might attempt to focus on with their marketing strategy are listed below. Indicate which type of factor is being used to define the target group. Single women aged 25-to-35 years old ------ Skiers ------ People with MBA degrees. ----- Men who have purchased a hair replacement product in the last 60 days ------ Residents of Yuma, Arizona --- Unemployed men------

Demographics Lifestyle Demographics Usage Rate Geography Socioeconomics

Stores in areas with high unemployment are seeking to stock affordably-priced baby foods.

Economic

The legal and regulatory forces in the marketing environment consist primarily of legislation that is enforced by a variety of agencies operating at the federal, state, and local levels of government. Select the appropriate agency from the list below to its corresponding regulatory responsibility. Environmental issues Interstate transportation industry Interstate Communications Food, drug, and cosmetic industries Business Practices Consumer Products

Environment Protection Agency Interstate Commence Commission Federal Communications Commission Food and Drug Administration Federal Trade Commission Consumer Product Safety Commission

This week, you are the designated expert for the "Ask the Expert" lifeline on a popular game show. One of the contestants has chosen to use her "Ask the Expert" lifeline to assist her with the following question: What marketing term corresponds to the below descriptions?

Exchange

You are responsible for coordinating the development of the individual functional business unit strategies component of your company's strategic plan. Finance, human resources, production and marketing are the specific functional units that you are responsible for. The heads of those business units have asked you to give them suggestions for goals and objectives they should include in their respective business unit plans. For each of the suggested goals and objectives listed below, indicate which of the functional business units it most appropriately applies to. Reduce outstanding accounts receivable by 20%. Increase new customer acquisitions by 500 by the end of the second quarter. Implement 4 employee training classes in the first quarter of the fiscal year. Reduce direct materials cost by 25%. Increase interest revenue earned on excess cash balances by 15% over previous year. Hold one customer appreciation event each quarter in the next fiscal year. Reduce assembly line equipment downtime by 10% versus last year. Reduce the average time to fill open positions by 30 days.

Finance Marketing Human Resources Production Finance Marketing Production Human Resource

Put yourself in the role of advertising manager for JetBlue Airways. Your boss has asked you and your team to plan for advertising Mint, a new premium seating section for JetBlue's transcontinental flights. You ask your team to study target market possibilities by looking at the kinds of customers who fly coast to coast. They show you research data about the following customer groups. You have concluded that all but one of these groups represent attractive target markets for advertising the Mint package of special seating and meals, priced higher than other seating on the same flight. Which of the following groups is not an attractive target market in this situation?

Government agency personnel seeking frequent, direct, low-fare flights from East to West coast cities.

Harnessing Strong Internal Controls

Implementing processes that ensure that actions and outcomes are credible, accurate, and ethical.

John recently started work as a trader for a large Wall Street firm. He is excited about the prospect of making millions of dollars each year in his new job. John told his buddy that he is going to get rich no matter what it takes. In his first month on the job, he immediately begins falsifying trades in order to make his performance look better than it is.

Individual Factor

Customer relationship management focuses on using ___ about customers to create marketing strategies that develop and _____ desirable customer relationships.

Information Sustain

Your son is working on his marketing homework assignment which is structured like a quiz game show. He thinks he has matched the following terms and definitions correctly, but is not sure. So, he asks for your help. Select the correct term for each definition. It requires market intelligence about current and future customer needs. It is the major focus of the marketing concept. They are the focal point of all marketing activities. It is the management philosophy that guides an organization's overall activities.

Market Orientation Customer Satisfaction Customers Marketing Concept

The Marketing Strategies section of a company's marketing plan outlines how it will achieve its marketing goals and objectives. The company will utilize a combination of strategies involving target markets and its marketing mix. Select the correct market product strategy for each situation. Current products in current markets New products in new markets New products in current markets Current products in new markets

Market Penetration Diversification Product Development Market Development

Percentage of industrywide annual sales represented by Iams products.

Market Share

The marketer must constantly monitor the legislative and judicial processes in the United States to stay abreast of new legislation and court decisions that might impact the marketing environment. The marketer cannot expect to control these forces, but she can position her company to adjust to these changing conditions as efficiently as possible. Select the legislation that matches the appropriate description and purpose of the legislation. The Act prohibits a number of activities, including trademark infringement, trademark dilution, and false advertising. An Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. Passed to close a loophole regarding asset acquisitions and acquisitions involving firms that were not direct competitors. Made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. Prohibits unfair and deceptive acts and practices regardless of whether competition is injured; places advertising of foods and drugs under the jurisdiction of the FTC. The Act sought to prevent anticompetitive practices. It specified particular prohibited conduct, enforcement schemes, exemptions and remedial measures. .

Lanham Act Sarbanes-Oxley Act Celler-Kefauver Act Dodd-Frank Act Wheeler-Lea Act Clayton Act

When starting a business, the ______ should be your top priority because you can't succeed unless you understand what customers want, where and when they buy, and how to satisfy their needs.

Market Orientation

Planned Obsolescence: Producers follow a program of planned obsolescence, causing their products to become obsolete before they actually need replacement.

Marketers know that customers like style changes and want the latest innovations even if older models still work.

The American Marketing Association defines _____ as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have ___ for customers, clients, partners, and ___ ."

Marketing Value Society at large

Strategic performance evaluation includes a variety of ways a company can analyze the effectiveness and efficiency of its marketing strategies. A broad list of analytical approaches that a company can use to analyze the performance of its marketing strategy initiatives is below. For each analytical approach, indicate whether it represents a sales analysis or marketing cost analysis performance measurement approach. Calculate the fully loaded cost of acquiring a new customer. Complete actuals versus budget revenue variance reports for each product. Compute change in market share quarter-over-quarter. Track customer responses to marketing mailers. Calculate breakeven point in units.

Marketing Cost Analysis Sales Analysis Sales Analysis Marketing Cost Analysis Sales Analysis

You are playing Scrabble with a group of friends, and one of your friends makes two words out of a collection of letters. You challenge your friend because you don't think the words are legitimate. In response, your friend says the words represent a marketing term that has the following meaning: It describes something that surrounds customers and affects the marketing mix in a dynamic and constantly changing manner. The word describes the collection of competitive, economic, legal, regulatory, technological, and socio-cultural forces that surrounds the customer and affects the marketing mix. What marketing term is your friend describing?

Marketing Environment

Select the appropriate marketing plan development element for each of the marketing questions listed below. How will I measure my success in achieving my sales objectives? What are the most popular chip snacks in my area, and how are tastes changing? What kind of advertising can I use to reach my target market? What other products will my chips be competing with in the marketplace? Will I need a sales person on my staff to work with retailers or should I contract with a wholesaler to do this? Who will be responsible for fielding questions from retailers and consumers? What level of awareness will help me go from marketing an unknown brand to marketing a brand that customers know about and want to try?

Marketing Implementation & Evaluation Environmental & SWOT Analysis Marketing Objectives & Strategies Environmental & SWOT Analysis Marketing Implementation & Evaluation Marketing Implementation & Evaluation Marketing Objectives & Strategies

You just missed your stop on the New York City subway because you were preoccupied with completing the crossword puzzle in the New York Times newspaper. If you can find the correct words to match the following phrases, you can complete the puzzle, and still get to work on time. 3 P's and a D marketing activities _____ Can be a good; can be a service ____ I increase public awareness of what my firm offers _____

Marketing Mix Product Promotion

Marketers are increasingly turning to ____ and information technology to build long-term relationships with the firm's customers.

Marketing Research

Cultural Pollution: Marketing and advertising creates cultural pollution.

Marketing and advertising are planned to reach only a target audience, and advertising makes radio and television free to users. Today's consumers have technology that enables them to avoid marketing and advertising.

Marketers generally focus their marketing efforts on a specific group of customers, called a . Marketing creates value through the .

Marketing mix

Shutterfly enjoys a market share of more than 50 percent. Much of its success can be traced to its effective strategic planning process. Read the following descriptions of elements that are part of the company's strategic planning process. Then select the appropriate part of the strategic planning process for each element. Shutterfly aims to help customers share life's joy and strengthen personal connections. The target market for photo books consists of "chief memory officers," women between the ages of 25 and 50 years old. Shutterfly constantly improves its technology for helping customers create all kinds of personalized products through online design. Wedding Paper Divas, a division of Shutterfly, markets stylish wedding invitations for consumers who want unique and exclusive custom-designed, custom-printed products.

Mission Statement Marketing Strategy Corporate Strategy Business Unit Strategy

You are developing a set of success metrics to be used to evaluate the effectiveness of your customer relationship management (CRM) activities. Select the metrics that should be used to evaluate the effectiveness of your CRM activities.

Number of open leads Customer retention rate Average time to resolution Revenue per marketing campaign Number of new customers

Prudencio Unanue Ortiz, a Spanish immigrant, founded Goya Foods in 1936 in New York City. At the time, the demand for Hispanic food was not high, but his keen market sense led him to a successful strategy. As immigrants from Puerto Rico, the Dominican Republic, Cuba, and other Hispanic cultures began entering the city, Ortiz started selling foods that appealed to their native tastes. The market grew year after year as non-Hispanic consumers developed a taste for new flavors and began cooking with ingredients traditionally used in Hispanic foods. It wasn't until 2005, however, that the company began targeting non-Hispanics by offering tortillas, taco kits, and desired Mexican sides such as jalapeno peppers and ranchero refried pinto beans. It also incorporated new media into its marketing campaign, working with Foodnetwork.com and blogging site Foodbuzz.com to create buzz about its products and increase awareness of the brand. Through these media, the company was able to show non-Latinos how to incorporate Goya foods into their everyday cooking. As a result, the firm has increased its market share to 25 percent and now rings up more than $1.3 billion in annual sales, making it the largest and fastest growing Hispanic-owned food company in the United States. The company continues to innovate and expand. Its most recent endeavor is a partnership with Beech-Nut Nutrition. Together, the firms are marketing Beech-Nut Goya, baby foods featuring flavors familiar to Hispanic families, furthering their presence in the lives of American households and adding to the success of their suppliers and distribution partners. You've been hired as the marketing manager for Beech-Nut Goya. Before you create a marketing mix, you need to define the target market of consumers for your new baby food products. You should consider all of the following characteristics when defining your target market except:

Occupation

Walmart has become an enthusiastic participant in social media, planning marketing communication efforts that include Facebook, Twitter, Pinterest, and other sites. Walmart's marketers know that a growing number of consumers check out products, prices, and promotions on social media and then click to a retail site to make a purchase. Its Facebook page, which has more than 34 million "likes", facilitates an ongoing dialogue between the retailer and its customers. This page hosts an amazing 42 consumer posts per minute on Black Friday (the day after Thanksgiving, one of the busiest shopping days of the year). Just as important, Walmart has high-tech tools to see what those visits mean to the company, in terms of interactions, sales, and loyalty. Now step into the shoes of the head of social media marketing for Walmart. Next week, you will be showing your plan for the coming year to the chief marketing officer. Walmart may be the world's largest retailer, but you don't have an unlimited budget. This means you have to keep an eye on costs as you prepare your plan. You've sketched out four possibilities to pursue. Which of the following marketing initiatives should you pursue, based on what you know about Walmart's situation?

Offer a personalized gift to the first 25 customers who answer a brief survey you post on Facebook, asking about their attitude toward Walmart.

In order to ensure the achievement of its marketing objectives, a firm must have a robust system in place for evaluating the performance of its marketing strategies. This performance evaluation mechanism must be comprehensive in evaluating costs and benefits of the firm's marketing initiatives. Select the correct type of analysis for each description. Uses revenue figures to evaluate a firm's marketing strategy performance. Lets a firm evaluate marketing strategy performance by comparing revenue achieved and expenses incurred. Describes the benchmark against which the actual performance of a marketing strategy is compared.

Sales Analysis Marketing Cost Analysis Performance Standard

You have just taken over as Chief Ethics Officer for a large financial institution based in London, England. Your first priority in your new job is to develop and implement an effective ethics education and monitoring program for your company. Which elements should be included as part of your ethics program? Select all that apply.

Organize a seminar which educates employees on what actions constitute fraud. Develop a written Code of Conduct for all employees of the firm. Perform a background check on all new hires. Setup an anonymous hotline that employees can call to report unethical behavior.

You run a marketing consulting firm in New York City. Your services are always in high demand, so you can pick and choose the projects you work on. You are currently considering taking on one or more projects dealing with the marketing mix for the marketing strategies of different companies. Select the four marketing mix variables the description of each project most closely relates to. Develop recommendations for packaging modifications for company's flagship products to position them as more eco-friendly. Assist the company in determining if Facebook or Twitter would be the most effective social marketing partner. Evaluate supply chain intermediaries' customer service and logistics performance and make recommendations for improvements. Develop and implement a mystery shopper program that will enable company to regularly evaluate competitor pricing strategies. Evaluate product mix sales performance for past year and recommend appropriate adjustments necessary to maximize profitability. Review and revise product user documentation for full line of electronic products.

Product Promotion Distribution Price Price Product

Businesses that have a_________are most concerned with determining the best way to make a product at a profit.

Production Orentation

Profits can be obtained through relationships by enhancing the _____ of existing customers. Buyers and marketers are able to enter into relationships wherein both can participate in the ______

Profitability Creation of Value

Most successful firms have a clearly-defined, well-written marketing plan that specifies the marketing activities to be performed to implement, manage, and evaluate its marketing strategies. The typical marketing plan has multiple components that include information about the company's marketing game plan. Indicate which component of the typical marketing plan would include the information elements listed. Threats in the environment and industry Quantitative measures of what is to be achieved Assessment of target markets Summary of key points Financial controls Marketing mix

SWOT Analysis Marketing Objectives Environmental Analysis Executive Summary Performance Evaluation Marketing Strategies

The essence of marketing lies in building relationships. The major focus of the marketer's efforts is to build and maintain positive relationships with the firm's customers. Relationship marketing is the means through which the marketer is able to build long-term, mutually beneficial arrangements with the firm's customers. Which of the following statements is correct in regards to relationship marketing?

Relationship marketing continually deepens the buyer's trust in the company.

Fill in the blanks with the words that would best complete the passage. The prohibits price discrimination that lessens competition, and it prohibits producers from giving preferential treatment to large buyers. This act of Congress was created to provide protection for and regulation of brand names and trademarks. It was the . Any company that uses unfair or deceptive acts and practices, even if competition is not negatively impacted, would be in violation of the . Advertising of foods and drugs falls in the jurisdiction of the Federal Trade Commission as a result of the passage of the .

Robinson-Patman Act of 1936 Lanham Act of 1946 Wheeler-Lea Act of 1938 Wheeler-Lea Act of 1938

Fill in the blanks with the correct words that would best complete each passage. is an organization's obligation to maximize its positive impact and minimize its negative impact on society. The code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong is called . A(n) is a situation that arises when all alternative choices have been deemed undesirable because of potential negative consequences, making it difficult to distinguish right from wrong. includes exaggerating packaging contents through subtle design, using misleading labeling or describing size in misleading terms. Marketing citizenship is the adoption of a(n) focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by .

Social Responsibility Ethics Ethical Dilemma Deceptive Packaging Strategic Stakeholders

Consumers are paying closer attention to the environmental impact of products, including whether food ingredients come from sustainable sources

Sociocultural

You are writing a Request for Proposal (RFP) that you intend to send to a number of marketing strategy consulting firms around the country. You recognize that your company needs help in understanding and developing marketing strategy responses to the constantly changing dynamics in your marketing environment. Most importantly, you want to understand how to alter your marketing strategy to respond effectively to the following specific dynamics in your marketing environment: Increasing multiculturalism More women in the workforce Women delaying marriage and having fewer children 'Aging' of the population More single-person households More convenience-oriented consumers More health-conscious consumers More concern about the environment Based on these dynamics, which area of the marketing environment will you require the chosen firm to specialize in?

Sociocultural Forces

You are browsing through job listings for marketing-related jobs on Monster.com. One job catches your attention because it lists the following major responsibilities that closely match your experience: Candidate will be involved in planning, implementing and evaluating the performance of marketing activities and strategies. Candidate's major focus will be on evaluating the performance of marketing activities and strategies for effectiveness and efficiency. Candidate should have a customer value orientation, and strive to facilitate highly desirable customer relationships at minimal costs to the firm. Which of the following terms best describes the focus of this job?

Strategic Marketing Management

You own and operate an internet business called Study4Marketing.com. You are launching a new electronic flashcards study tool on the site to help your college student customers prep for their marketing exams. Before you launch, you need to verify the accuracy of the flashcards. Select the appropriate term for each definition. Vast number of people or small group that is the focus of an organization's marketing efforts Seeks to develop satisfying exchanges from which both customers and marketers benefit The focal point of all marketing activities

Target Market Marketing Customers

Fill in the blanks with the words that would best complete the passage. _____ helps marketers understand and satisfy more customers than ever before. ___ is a strategic process involving stakeholder assessment to create long-term relationships with customers while maintaining, supporting, and enhancing the natural environment. Marketing improves ______ for customers. Marketing is necessary to _____ a global economy. Businesses must engage in marketing to survive and grow, and _____ are needed to reach customers and provide products.

Technology Green Marketing Quality of Life Advance Marketing Activities

You are scheduled to give a speech on strategies for enhancing customer value at your firm's next strategic planning conference. Your firm's management is keenly interested in this area because recent customer reviews indicate the company needs improvement in this area. The CEO specifically wants you to focus on discussing how the firm can develop a better understanding of customers' perceptions and assessments of the value a product or service provides to them. You have done your research on this very important subject and you have decided to emphasize a number of key points in your discussion.

The marketer must recognize that customers receive benefits based on their experiences. Customer Value = Customer benefits - Customer costs Customer benefits include anything a buyer receives in an exchange.

Over the last few years, companies have come to recognize e-commerce sales are increasing at a much faster rate than brick-and-mortar sales. Accordingly, companies are focusing more on measuring the success of their websites in terms of sales generation and customer engagement. The list below represents some common metrics that companies use to measure the effectiveness of their websites in generating sales and engaging with their customers: Abandoned registrations - number of visitors who start the process of completing a registration page and then abandon the activity. Click-through - count of the number of people who visit a site, click on an ad, and are taken to the site of the advertiser. Page exposures - Average number of page exposures to an individual visitor. Cost-per-thousand (CPM) - sales dollars generated per dollar of advertising. Abandoned shopping carts - number of visitors who create a shopping cart and start shopping and then abandon the activity before paying for the merchandise. With respect to these metrics, which one of the following statements is true?

The marketer would like to see items #1 and #5 as low as possible.

Your business needs a mission statement that clearly defines the many aspects of what you want your company to represent and what you want it to achieve over the course of its existence. Below are three criteria that outline what you want your mission statement to represent. You are trying to decide which of the four mission statements below conveys your company's mission best. Select the criteria met by the following mission statement: Peppery Chips serves up innovative, all-natural treats for health-conscious families, putting taste and Earth first.

Will serve as a long-term vision for what your company will become. Defines your customers and the needs or wants you'll meet. Describes your core competency.

You are the executive director of a non-profit organization that assists women in starting and growing their own businesses. Periodically, your organization will host workshops on various aspects of small business management. You are preparing to launch a new series of workshops to teach attendees about the different elements of the marketing mix. In order to effectively address this topic, you should include in your workshop _______________. Select all the concepts listed below that you should include in your workshop.

a discussion on how to research customer's needs and wants, and how to satisfy them. a discussion on how to establish pricing objectives and policies. a discussion on how to make products available in the quantities desired to as many target market customers as possible.

Fill in the blanks with the words that would best complete the passage: The environment consists of factors that affect consumers' purchasing and spending power. The organization has no control over the environment. It can only respond to the changes taking place. help the company in promoting, selling, and distributing the goods to customers. data helps in preparing geographical marketing plans, household marketing plans, age, and gender oriented plans. The marketing environment includes that actors and forces outside marketing that affect management's ability to build and maintain successful relationships with customers.

economic macro marketing intermediaries demographic marketing target

ill in the blanks with the words that would best complete the passage. Marketers will assess and interpret information obtained in an environmental scan by performing a(n) . The marketing environment includes different types of competitors. compete for the limited financial resources of the same customers. Automobile manufacturers compete in a(n) market structure where there are some barriers to entry. A is usually characterized by rising unemployment levels and declining consumer spending. When a consumer purchases a new wide screen television set, she is making a(n) purchase with what is left of her income.

environment analysis total budget competitions oligopoly recession discretionary disposable

Fill in the blanks with the most appropriate words that best fits in the passage. Increasing evidence indicates that being socially responsible and ethical results in profits. is often the most visible interaction that consumers have with a firm. Marketers must evaluate the extent to which members of are willing to pay for what they want. Being socially responsible relates to doing what is economically sound, legal, ethical, and . The evidence is strong that a broad view of the firm can help improve marketing practices that contribute to improved financial, social, and ethical performance.

increased marketing society socially conscious stakeholder

Fill in the blanks with the most appropriate words that best fits in the passage. Ethical and socially responsible activities result in profits. Evidence suggests that a broad view of the firm can financial, social, and ethical performance. A stakeholder orientation helps to marketing perspectives by giving consideration to all the organizations' stakeholders.

increased stakeholder improve broaden

As Beech-Nut Goya's marketing manager, it's your job to ensure customers perceive sufficient value from your new baby foods that they'll be motivated to buy. Apart from price, how can you use your marketing mix to affect perceptions of value? Fill in the blanks to identify the type of marketing variable in each of these possible marketing actions. Using the ___ variable, formulate the new baby foods from all-natural ingredients and without artificial flavors or other additives. Using the _____ variable, create a TV commercial to link the new baby foods with two well-known brands, Beech-Nut and Goya. Using the ____ variable, arrange an exclusive deal with one supermarket chain to carry a flavor not available in any other store.

product promotion distribution

Before you develop a complete marketing strategy, you must be sure you can evaluate it by establishing performance standards and analyzing actual performance. Suppose you work for Walmart, and your SWOT Analysis indicates that one of your company's key strengths is its extensive experience in physical distribution. Additionally, your marketing research indicates that your customers want the option of receiving online purchases on the same day they order. In response, you implement a strategy whereby online buyers can pick up their purchases at (or return purchases to) nearby stores. Measuring the cost of staffing an area in each store for pickup of online purchases during the first three months of implementation an appropriate performance measurement standard for this strategy. Measuring the change in Walmart.com's profitability during the first three months of implementation an appropriate performance measurement standard for this strategy. Measuring incremental in-store sales to customers who pick up online purchases in local stores during the first three months of implementation an appropriate performance measurement standard for this strategy. Measuring the change in awareness of in-store pick up of online purchases during the first three months of implementation an appropriate performance measurement standard for this strategy.

would be would not be would be would be