MKT Exam 1
Makenna, the outside sales rep for a brick and stone company, reads a report stating that the building permits are down dramatically in her sales territory.She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, Makenna will help her company become more value-driven if she
Advises the production and purchasing departments to produce or order smaller quantities of products
When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following except
Age
For corporate leaders, their firm's ability to ________ must be of paramount importance.
Balance shareholder interests with the needs of society
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
To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through
Building relationships with customers
The basic difference between a good and a service is that a good
Can be physically touched
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 process of value ________, in which customers collaborate in product design, often provides additional value to the firm's customers
Cocreation
The principle that decisions can be ethically based is part of the concept of
Conscious marketing
________ entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services
Conscious marketing
The centerpiece of the marketing environment analysis framework is
Consumers
During the ______ phase of the strategic marketing planning process, marketers utilize systems to check whether each conscious marketing issue raised in earlier phases were addresses.
Control
See the World, a line of travel books, provides travelers with background information about people's beliefs, values, and customs in various parts of the world. See the World's books educate travelers about a country's
Culture
The shared meanings, beliefs, morals, values, and customers of a group of people constitute their
Culture
A local hair salon keeps information on its customers regarding their preferences for certain products, companies, and services. The salon uses this information to inform the customers when new products arrive from their favorite companies and targets them with special promotions. In this way, the salon is using ______ to build loyalty among its customers.
Customer Relationship Management
When marketers look at advertising media, they often begin with the viewer or listener profits 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
Cheng is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to
Divide the marketplace into subgroups
A competitive advantage based on location is often sustainable because
It is not easily duplicated
When considering the use of a radio commercial in England that was designed for US markets, a marketer would likely need to consider which of the following aspects of culture that might be different between the two countries?
Language
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 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" refers to
Managing the supply chain
Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ____________ growth strategies.
Market development
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
Marvel has increased its market penetration by expanding the distribution of its films. Marvel movies can be seen in theaters, accessed on Xfinity, and viewed on DVDs available in discount stores, grocery stores, and a host of other stores, including book and comic stores. This is an example of a ________ growth strategy.
Market penetration
Which of the following growth strategies employs the existing marketing mix and focuses the firm's efforts on existing customers?
Market penetration
The sales of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of
Marketing ethical issues
The Mayo Clinic in Minnesota is known for top-quality medical care. For decades, even presidents and dictators from around the world flew to the Mayo Clinic to utilize its services. The Mayo Clinic used its reputation to create additional medical facilities in Jacksonville, Florida, and elsewhere. This is an example of a firm focusing its efforts on satisfying customer needs that
Match its core competencies
The ______ for natural skin care company Burt's Bees is to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you"
Mission statement
If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and e-mail in order to participate, the radio station is...
Offering an exchange
Firms achieve ___________ through efficient procedures and excellent supply chain management.
Operational excellence
In SWOT analysis, increasing gasoline prices would represent a potential _______ for manufacturing of electric cars.
Opportunity
E-books, in addition to being an alternative product form, provide __________ value creation since they can be downloaded via the Internet immediately when and where they are needed.
Place
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
Place
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
Planning
What type of analysis does management use to evaluate the firm's various products and businesses and allocate resources according to which products are expected to be the most profitable for the firm in the future?
Portfolio analysis
Marvel was among the first content providers to launch dedicated series on Netflix, such as Jessica Jones, The Defenders, Iron Fist, and Luke Cage. It then decided to create a new channel for getting new offerings to consumers. The company was pursuing a(n) ________ strategy.
Product Development
Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's
Product excellence
The Child Protection Act
Prohibits the sale of harmful toys and components to children
One of the UN Sustainable Development Goals is to
Reduce hunger
The shift of population from the Rust Belt in the North to the Sun Belt in the South and Southwest will likely
Reduce regional cultural differnces
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(n) _______ orientation with its customers.
Relational
The first objective in the evaluate performance phase of the marketing planning process it to
Review implementation programs and results using metrics
Which of the following are commonly found in distribution and fulfillment centers to fill orders for stores or individual customers?
Robots
The prevailing marketing strategy of the ______ era was to find customers for inventories that went unsolder.
Sales-oriented
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
Marketing channel management is also known as
Supply Chain Management
Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) ________ that allows them to survive.
Sustainable competitive advantage
________ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation of marketers.
The American Marketing Association
Even though they operate on a limited schedule and offer few extra services, discount, no-fill airlines like Allegiant have been successful. Consumers obviously consider
The benefit of lower prices to be greater than the cost of reduced services and less convenience
In the immediate marketing environment, the first factor that affects the consumer is
The company's capabilities
Raoul is giving his wife Hermès wallet for her birthday. It cost $2,000, but Raoul thinks this is a very fair value. Value here means that
The product meets his needs and is offered at a price that is fair value
Marketing ethics is concerned with
The sale of products or services that may damage the environment
Tander Inc. is in Step 4 of its ethical decision-making process. Executives were asked to take the Publicity Test using an ethical decision-making metric. All scores were in the "No" column. What does this mean?
The situation is ethically troubling to the executives
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes
The value of their time and energy
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
Dana has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Scott, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Scott's approach is based on
Value cocreation
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 of the following statements accurately describe the current income distribution in the United States?
Wealthy households are outpacing both poor and middle-class households
The ethical decision-making metric poses which of the following equations?
Would I want to see this action described on the front page of the local paper?
Value-oriented marketers constantly measure
perceived customer benefits against the costs of their offerings.
The poorest 25 percent of the US population earned ________ or less per year in 2016
$24,002
Social media is of increasing importance. About ______ of the world's population uses Facebook.
60 percent
Which of the following is an example of greenwashing?
A company donates money to a school reading project so it can advertise itself as environmentally friendly
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
According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The triple bottom line includes _________________________ performance.
Economic, social, and environmental
Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the
Employees
The Bedford County School Board is concerned about deteriorating school facilities, combined with a shrinking budget. The board began by studying the issue, and then identified parents, children, teachers, staff, and taxpayers as groups who have vested interest in the problem. In the ethical decision-making framework, its next action should be to
Engage in brainstorming alternatives
Nice 'n Easy sells handcrafted furniture. They have also recently begun offering appraisals of customers' antiques. Nice 'n Easy is
Expanding from offering just goods to also offering services
Whereas it took 38 years for the radio to be adopted by 50 million people and 13 years for television, it only took 2 years for the same number of consumers to sign up for
In what country was a law passed requiring grocery stores to donate food to charity that would otherwise be tossed?
France
What focus of a firm that develops a relational orientation with its customers?
Gaining lifetime probability from customer relationships
The first "latchkey" children belong to which generational cohort?
Generation X
Which of the following social trend listed in the text?
Healthy and wellness
The ethical decision-making framework includes
Identifying issues
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
Vikram's company manufactures industrial ladders. He is concerned that consumers who do not understand ladder safety will purchase these extra-tall ladders and injure themselves. During which phase of the strategic marketing planning process should this issue be addressed?
Implementation
Hunter Corporation's mission statement
Is a broad description of a firm's objectives and the scope of activities it plans to undertake
How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?
It can ensure that pay practices are fair at all levels of the company