Intro to marketing test 1

Without successful marketing, there is no need for a firm to expand its business or invest in capital expenditures. Which key functional area would be most affected by this lack of growth and investment?

Finance

One key goal of marketing is to

Focus on satisfying the needs of customers

Factors such as competition, societal change, economic uncertainty, and evolving customer demand are all part of a firm's

Marketing environment

A clothing manufacturer has decided to buy its cotton only from those growers that grow it organically. This is an example of

Tactical greening

All of the following are major criticisms of marketing expect

Tactical greening

Unlike _______ greening, which involves limited change within a single area of the organization, ________ greening involves more substantive changes in marketing actions

Tactical; quasi-strategic

A firm that explains how it's product packaging is manufactured using less material and water is employing a sustainable marketing strategy known as quasi-strategic greening

True

A marketing strategy is a set of actions taken to achieve organizational objectives

True

If marketing is succeeding, all functional areas are able to operate effectively

True

Marketers create value for customers when they develop products that allow consumers to satisfy their needs and wants through exchange relationships.

True

Marketers should adhere to the AMA code of ethics for every marketing approach

True

Professionally speaking, the same marketing principles used in business settings can help you market yourself and help you to reach your professional goals.

True

The label on a bag of chips states that it had half the calories of its competitor; however, the bag itself contains half the number of chips as the competitor. This an example of deceptive packaging

True

Which of the following is the role of promotion element in the marketing mix?

Communicating the value of a product to customers

"Seeing through a problem to the other side" refers to which step in the ethical decision-making framework?

Consider how the decision will affect the stakeholders

Have you ever been to a new restaurant and found that it's food, service, and prices were excellent? Is that restaurant still in business? If not, the restaurant likely failed to create value for its target market.

False

Millions of people throughout the world buy and enjoy Diet Coke every day. Coca-Cola's ability to deliver the physical product countless customers globally demonstrates its ability to capture value through effective exchange of the product.

False

7 Big Problems

1.)Effectively Targeting High Value Sources of Growth 2.)The Role of Marketing in the Firm and the C-Suite 3.)The Digital Transformation of the Modern Corporation 4.)Generating and Using Insight to Shape Marketing Practice 5.)Dealing with an Omni-Channel World 6.)Competing in Dynamic, Global Markets 7.)Balancing Incremental and Radical Innovation

Which of the following is an example of a marketer exhibiting the ethical value of citizenship?

A firm that makes prepackaged meals and sandwiches for offices donates meals and sandwiches to homeless shelters in its community

A firm implementing an environmental cost leadership strategy is most likely seeking to

Command a price premium for its products

An online retailer of handmade bags is considering a change to its return policy because customers are waiting too long to return items, which affects the retailer's ability to resell the returned items. In meetings, several associates cite research indicating that their young clientele can not afford the shipping expenses. At which point in the ethical decision-making framework is the retailer?

Considering how the decision will affect the stakeholders

Every year the local community center hosts a street fair to raise money for Habitat for Humanity. Along with a cash donation, the local hardware supply stores donate construction supplies. The action illustrates

Corporate philanthropy

An organization's obligation to maximize its positive impact and minimize its negative impact on society is known as

Corporate social responsibility

If customers perceive that a product is meeting their needs and wants, they will buy the product, allowing the product to succeed. This success testifies to the firm's ability to

Create value for the customer

Which of the following statements defines customer value?

Customer value refers to the perceived benefits, both monetary and non-monetary, that customers receive from a product

Cora is facing an ethical dilemma. When she signed up for the newsletter of her company's primary competitor, rather than receive a link to the newsletter, she received instead a link to the company's complete client list. What step in the ethical decision-making framework does this scenario illustrate?

Determine the facts in an unbiased manner

Which of the following questions would a firm ask if it were using the ethical decision-making framework regarding its promotion?

Does the advertising message represent the product's benefits honestly?

The moral standards expected by society are known as

Ethics

The advertising element of the promotional mix differs from the other elements in advertising uses which of the following persuasive tools?

Internet, TV, radio, print, social media

A consumer need is something one has to have for survival, whereas a consumer want

Is something one would like to have but does not require it for survival

Why should marketers distinguish between needs and wants?

It helps them provide products that fulfill customers' wants and satisfy their underlying needs.

When making decisions regarding the marketing mix element of place, what key considerations must a firm keep in mind?

Location, distribution, and inventory management

According to the ethical decision-making framework, after Mia and her marketing team make a decision regarding its promotional material for their new meditation app, they must then monitor and assess the quality of their decision. This step differs from considering how the decision will affect stakeholders in that

Monitoring and assessing the quality of the decision occurs after feedback from stakeholders is gathered

Daphne used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. For Daphne, these things represent a

Need

When a firm is deciding the ethics of outsourcing jobs to other members of the supply chain, what element of the marketing mix is being affected?

Place

Which marketing mix element involves decisions regarding distribution and inventory management?

Place

The marketing mix, often known as the four Ps of marketing, represent areas that a firm can adjust to influence demand for its goods, services, or ideas. If a firm wanted to adjust the cost of a service by 2% to stay competitive, on which of the four Ps would it be focusing?

Price

Which of the following strategies is the primary way that firms capture value from customers?

Price

Which of the four Ps of the marketing mix is typically the easiest to change and therefore makes it a powerful tool for firms that are looking to quickly adjust their market share or revenues?

Price

Amazon is an online retailer that sells a combination of goods, services, or ideas; for example, it sells Kindle e-reader's, which are a kind of good, as well as Amazon prime video, which is a kind of service. The Kindle e-reader and Amazon prime are which P of the marketing mix for Amazon?

Product

Which of the following accurately represents the 4 Ps of marketing mix?

Product, Price, Place, Promotion

The four Ps are product, price, place, and

Promotion

During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels manufacturer, caters to this need. Which of the following actions would represent the conversion of this need into a want?

Raindrop introduces a line of see-through umbrellas that glow in the dark.

The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is known as

Strategic planning

Patagonia, a California-based clothing company, uses solar panels to generate most of the electricity at its headquarters. In its advertising, it asks its customers to think twice before buying anything that might increase their carbon footprint. This is an example of how Patagonia is engaged in

Sustainable marketing

Which statement about the marketing mix is true?

The primary way that marketers generate value is through decisions on product, price, place, and promotion. These elements are known as the four Ps of the marketing mix.

When a firm accepts contrastive criticism from customers and other stakeholders, which AMA ethical value is the firm demonstrating?

Transparency

A company that decides to use recycled cardboard for its packaging needs is demonstrating sustainability

True

When marketers successfully match products to consumers' needs and wants, consumers are more likely to purchase and use those products - and that is where value is created.

True

Which of the following is true of customer value?

Value is what customers receive from a product less of what they give to obtain it

Marketing is defined as

the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.