MAR5125 Midterm

in the 5W model of customer analysis, what is the primary emphasis of the "what" question? a. assessing how customers consume and dispose of products b. determining the relevant characteristics that define markets c. assessing how purchases vary across different distribution outlets d. identifying the basic need-satisfying benefits provided by the firm's products e. identifying the situational influences that affect the customer buying process

a. assessing how customers consume and dispose of products

Ben & Jerry's is well known for its use of __________ in that it ties its products and marketing strategy to social causes such as environmental stewardship. a. cause-related marketing b. ethical branding c. sustainability d. environmentalism e. welfare-related marketing

a. cause-related marketing

Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early 20th century, firms tended to focus strictly on __________ rather than on developing relationships with customers. a. efficiency and quality b. selling products to customers c. marketing research d. growth and corporate profits e. new product development

a. efficiency and quality

Motorola continuously establishes performance standards and assesses actual performance by comparing it with these standards. Afterwards, Motorola often takes corrective action to reduce any discrepancies. This process is most likely outlined in the __________ section of Motorola's marketing plan. a. evaluation and control b. marketing strategy c. marketing implementation d. SWOT analysis e. goals and objectives

a. evaluation and control

(a.) Discuss the concept of balanced strategic planning and the approach outlined by the Balanced Performance Scorecard. (b.) What are the five key elements of the approach and discuss their relationships.

a. firms can achieve better performance if they align their strategy with 4 complementary perspectives: financial, customer, internal processes, and learning and growth b. 5 key elements: 1. translate the strategy into operational terms - show how assets are transformed into value 2. align the organization to strategy - link functional areas to create synergy 3. make strategy everyone's everyday job - every level of work hierarchy should be involved in strategic process 4. make strategy a continual process - review performance regularly 5. mobilize change through executive leadership - leaders who champion the strategy and maintain its momentum

When a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its: a. internal environment b. external environment c. mission statement d. competitive strategy e. strategic environment

a. internal environment

When a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its: a. internal environment. b. competitive strategy. c. external environment. d. strategic environment. e. mission statement.

a. internal environment

with respect to regulating marketing ethics, a key advantage of self-regulatory programs like the Better Business Bureau is the fact that they are: a. less costly and more practical to implement b. typically stricter than government regulations c. easier to enforce d. tied to state and local regulatory agencies e. all of the above

a. less costly and more practical to implement

To ensure that ethics and social responsibility are thoroughly incorporated into the firm's strategic planning process, the firm's _________ should never be silent about ethical requirements and social responsibility. a. marketing plan b. culture c. code of conduct d. training materials e. leadership team

a. marketing plan

To ensure that ethics and social responsibility are thoroughly incorporated into the firm's strategic planning process, the firm's __________ should never be silent about ethical requirements and social responsibility. a. marketing plan b. code of conduct c. leadership team d. culture e. training materials

a. marketing plan

which of the following statements does not describe a reason why noncustomers do not purchase a firm's products? a. noncustomers have low switching costs b. noncustomers perceive that they have lower-priced alternatives c. poor distribution makes the firm's product difficult to find d. noncustomers do no know that the firm's product exists e. noncustomers have a basic need that the firm's product does not fulfill

a. noncustomers have low switching costs

_________, which occurs when a firm charges different prices to different customers, occurs in both consumer and business markets. however, it is very common among different members of the supply chain. a. price discrimination b. price fixing c. predatory pricing d. differential pricing e. superficial discounting

a. price discrimination

many firms attempt to distinguish or differentiate their product offerings through the use of ______ strategies. this involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers. a. product positioning b. branding c. perceptual marketing d. image marketing e. comparative

a. product positioning

A product that provides the utmost in convenience is said to offer exceptional: a. time and place utility b. place and possession utility c. time and possession utility d. form and time utility e. form and place utility

a. time and place utility

As a tool of Blue Ocean Strategy, the strategy canvas provides a way to visualize the firm's strategy relative to other firms in the industry. The central portion of the strategy canvas is the _____, or the graphic representation of the firm's relative performance across its industry's factors. a. value curve b. divergence curve c. strategy line d. action diagram e. strategic focus

a. value curve

when creating a corporate vision statement, organizations are attempting to answer which of the following questions: a. what do we want to become? b. what business are we in? c. what are our competitive advantages? d. how can we be the best? e. who are we and what do we stand for?

a. what do we want to become?

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth: a. a statement of goals and objectives b. a situation analysis c. strategy for achieving growth d. statement of the organization's competitive advantages e. assessment of the organization's resources

b. a situation analysis

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth: a. a statement of goals and objectives. b. a situation analysis. c. strategy for achieving growth. d. statement of the organization's competitive advantages. e. assessment of the organization's resources.

b. a situation analysis

Colgate promotes its toothpaste using a claim that states "helps fight plaque and gingivitis." What potential ethical issue does Colgate have with respect to its promotional strategy? a. bribery b. ambiguous statements c. fraud d. superficial claims e. false advertising

b. ambiguous statements

______ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits. a. specialization b commoditization c. maturation d. price devaluation e. market homogeneity

b. commoditization

When a firm possesses capabilities that allow it to serve customers' needs better than the competition, the firm is said to have a: a. resource advantage b. competitive advantage c. value-based advantage d. marketing advantage e. relative advantage

b. competitive advantage

________ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts a. competitive intelligence b. environmental scanning c. tactical planning d. marketing research e. external analysis

b. environmental scanning

in developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. in this respect, the goals and objectives section is tied closely to the _______ section of the marketing plan. a. SWOT analysis b. evaluation and control c. executive summary d. marketing implementation e. situation analysis

b. evaluation and control

A customer's decision to purchase one product or group of products over another is primarily a function of: a. the convenience of acquiring the product or group of products b. how well that choice will fulfill that person's needs and satisfy his or her wants c. the product's features relative to competing products d. the product's price e. the availability of the product or group of products

b. how well that choice will fulfill that person's needs and satisfy his or her wants

issues such as marketing's position and authority in a firm's hierarchy, the overall market orientation of the firm, and the emphasis on short or long term planning are examples of which component of the internal environment? a. resource availability b. organizational structure c. marketing objectives d. marketing infrastructure e. marketing strategy

b. organizational structure

with respect to conducting a situation analysis, which of the following is NOT one of the 4 important issues to keep in mind? a. analysis alone is not a solution b. data are not the same as information c. all bits of data are relevant no matter how minor they may seem d. the benefits of analysis must outweigh the costs e. conducting a situation analysis is a challenging exercise

c. all bits of data are relevant no matter how minor they may seem

Many large firms, such as Walmart, Home Depot, Lowe's, and Barnes & Noble, have been accused of predatory pricing because their business practices have put many local, mom-and-pop firms out of business. In reality, these large firms are not necessarily guilty of predatory pricing. Why? a. because the courts have found little evidence that predatory pricing has occurred b. because the weak marketing activities of the local firms are to blame c. because the large firms have efficient cost structures and lower variable costs d. because the large firms are more guilty of superficial discounting than predatory pricing e. because the large firms simple have stronger brand equity than local firms

c. because the large firms have efficient cost structures and lower variable costs

When a firm possesses capabilities that allow it to serve customers' needs better than the competition, the firm is said to have a: a. resource advantage. b. marketing advantage. c. competitive advantage. d. relative advantage. e. value-based advantage.

c. competitive advantage

socially responsible firms tend to enjoy higher __________ because customers perceive that the firm is dedicated to doing the right thing and treating customers fairly a. profit margins b. sales volume c. customer loyalty d. corporate integrity e. corporate reputations

c. customer loyalty

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy? a. retailers b. wholesalers c. customers d. manufacturers e. market research firms

c. customers

each of the following is a potential product-related ethical issue EXCEPT: a. failures to disclose potential hazards or defects b. misleading warranties c. invasion of privacy d. counterfeit goods e. quality/design issues

c. invasion of privacy

Although mass media audiences are becoming increasingly fragmented, media fragmentation does have a major advantage. What is this advantage? a. it not costs less to reach a mass audience b. it is much easier to measure feedback from mass media audiences c. it is now easier to reach small, highly targeted audiences d. consumers are now much more receptive to television advertising e. consumers are now highly susceptible to online advertising

c. it is now easier to reach small, highly targeted audiences

research has found that corporate codes of ethics should contain 6 highly desirable core values or principles. which of the following is NOT one of these core values? a. trustworthiness b. respect c. legality d. fairness e. citizenship

c. legality

Edmunds.com provides a collection of online services and information pertaining to the automotive market. Edmunds offers reviews, free pricing reports, discussion boards, and links to a variety of car manufacturers, dealers, insurance companies, and finance companies. What role does Edmunds.com play in today's economy? a. distributor b. marketspace c. metamediary d. metamarket e. electronic broker

c. metamediary

the link between marketing ethics/social responsibility and firm performance has been documented repeatedly over time. this link is most evident in firms that have strong ________ a. market orientation b. stakeholder orientation c. sense of customer loyalty d. ethical climate e. employee satisfaction program

d. ethical climate

in the 5W model of customer analysis, what is the primary emphasis of the "why" question? a. identifying the situational influences that affect the customer buying process b. assessing how purchases vary across different distribution outlets c. determining how the purchase and consumption of one product is related to other products d. identifying the basic need-satisfying benefits provided by the firm's products e. assessing how customers consume and dispose of products

d. identifying the basic need-satisfying benefits provided by the firm's products

which of the following statements best describes the nature of a marketing plan? a. it clearly outlines the organization's mission and vision b. it outlines how the organization will raise capital to finance growth c. it focuses solely on the internal resources needed to develop a marketing strategy d. it clearly outlines the organization's marketing activities e. all of these statements describe a marketing plan

d. it clearly outlines the organization's marketing activities

which of the following is NOT a purpose of a marketing plan? a. it explains the present and future situations of the organization b. it specifies the expected outcomes of the plan c. it describes specific actions that are to take place d. it explains how marketing activities mesh with other functional areas e. it identifies resources needed to carry out the plan

d. it explains how marketing activities mesh with other functional areas

May firms, like the Altria Group, focus on diversification in their marketing strategies because they possess: a. many internal strengths and many external opportunities. b. many internal weaknesses and many external opportunities. c. many internal strengths and few external opportunities. d. many internal strengths and many external threats. e. many internal weaknesses and many external threats

d. many internal strengths and many external threats

________ firms are those that successfully generate, disseminate, and response to market information a. customer-oriented b. information-oriented c. satisfaction-oriented d. market-oriented e. competitive-oriented

d. market-oriented

the principles and standards that define acceptable marketing conduct as determined by the public, government regulators, private interest groups, competitors, and the firm itself are termed: a. marketing standards b. societal standards c. codes of conduct d. marketing ethics e. social responsibility

d. marketing ethics

all of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT: a. customers are much less brand loyal than in the past b. today's customers are very price sensitive c. today's customers are exceptionally demanding d. product quality is much lower now than at any time in the past e. customers are more cynical, have more info, and have more attitude than every before

d. product quality is much lower now than at any time in the past

which of the following changes occurring in today's economy has NOT been caused by the growth of the internet? a. increase in product selection b. shifting demand patterns c. privacy and security concerns d. rising prices for most products e. audience and media fragmentation

d. rising prices for most products

___________ is a broad concept that relates to an organization's obligation to maximize its positive impact on society while minimizing its negative impact. a. Legal responsibility b. Marketing ethics c. Sustainability d. Social responsibility e. Green marketing

d. social responsibility

with respect to developing a marketing plan, what does it mean for a marketing plan outline to be consistent? a. the outline should be sufficient to ensure that information is not omitted b. the outline should have the ability to be modified to fit the situation c. the outline should flow in a logical manner d. the outline should have some connection to other functional area plans e. the outline should be consistent across firms in the same industry

d. the outline should have some connection to other functional area plans

defend or contradict this statement: "the most important aspect of strategic market planning is marketing implementation. without good implementation, nothing gets accomplished and customers do not receive desired benefits".

defend: implementation occurs both internally and externally externally - external is vital to the success of the strategy, even if the strategy is flawed internally - good implementation affects employees through repercussions from external factors

In many buying situations, customers will buy one product because it complements another product. In these cases of __________ demand, the demand of one product depends on the demand of another product. a. linked b. conjoined c. dependent d. derived e. quasi-

derived

which of the following statements about pricing decisions in the marketing program is TRUE? a. price is one of two elements of the marketing mix that leads to revenue b. price has a direct connection with customer demand c. pricing is the least manipulated element of the marketing mix d. pricing the most difficult element of the marketing mix to change e. customer will always equate higher prices with higher quality products

b. price has a direct connection with customer demand

Being economically responsible is the most basic social responsibility of any business. This responsibility has the most immediate effect on: a. customers b. shareholders c. the government d. the media e. all of the above

b. shareholders

Essentially, having a climate of ethics and social responsibility is all about creating trust among a firm's stakeholders. To gain trust, the firm and its employees must continuously uphold: a. their promises with respect to advertising and promotion b. their standards of integrity c. the firm's right and responsibility to be profitable d. their standards of fair competition in the marketplace e. their legal responsibilities

b. their standards of integrity

In a truly market-oriented organization, what is the role of the CEO? a. to increase the market value of the organization b. to ensure that his or her employees have everything they need to perform their jobs well c. to protect the organization from competitive actions d. to create a strong reputation among the organization's stakeholders e. to hire customer-oriented executives

b. to ensure that his or her employees have everything they need to perform their jobs well

The role of ethics in marketing strategy can be distilled into one word. Without __________, marketers run the risk of alienating stakeholders and inviting financial ruin. a. reputation b. trust c. responsibility d. sustainability e. verification

b. trust

in 2005, the american marketing association changed the definition of marketing that had stood for 20 years. the major changes in the definition include a shift from delivering the 4 Ps (product, price, place, promotion) to delivering ________ and a shift from creating exchanges to creating ________ a. satisfaction; customer relationships b. value; customer relationships c. quality; transactions d. value; satisfaction e. quality; value

b. value; customer relationships

Sears at one time lost sight of its mission and jumped into markets such as real estate and financial services that did not fit its strengths or core operations. This most likely occurred because Sears lacked a mission statement with the appropriate: a. focus b. strategic fit c. stability d. profitability e. width

E. width

describe the role that a code of conduct plays in ensuring ethical compliance within a firm. how should a code of conduct be developed, what should it contain, and what are the keys to ensuring that the code is successfully implemented?

- COC: statements that describe what a firm expects of its employees - development should include board, president, senior managers, legal staff - should assess key areas of risk, include 5-7 core values - code should be communicated effectively

explain the pyramid of social responsibility. what are the requirements for a firm if it truly wants to be ethical and socially responsible?

- bottom: economic - first must be responsible to their shareholders and making a profit - legal - must obey laws and regulations - marketing ethics - firms must adhere to the standards put in place by the public about what is ethical - top: philanthropy - used to increase overall positive impact on society

what is the relationship among marketing ethics, strategic planning, and organizational performance? how is this related to having a stakeholder orientation?

- ethical climate calls for incorporation of interests of all stakeholders, thereby increasing employee commitment to quality and intrafirm trust - ethical climate is conductive to strong market orientation

why have ethics and social responsibility become so important in recent years? why is it important that marketing ethics be incorporated into the firm's strategic plan?

- many firms have seen their reputations destroyed due to problems in these areas - increased federal laws and higher customer demand for changes in these areas - ethics and social responsibility improve performance and profits - should be incorporated in strategic plan because it is harder to recover a firm's reputation from ethical misconduct, causing a negative chain reaction

identify and discuss the major problems associated with creating marketing plans. what are some potential ways that firms and managers can overcome these problems?

- poor communication - culture and management - solutions: develop a culture that support strategic planning --> breaking down barriers between departments, employee training, open channels of communication

explain how and why the process of developing a marketing plan might be more important than the marketing plan document itself. what are the benefits of the planning process irrespective of the actual outcomes of the process?

-firms that develop plans are more tightly integrated across functional areas, more specialized, and more decentralized in decision making - ensures that there is good communication throughout the firm to come up with a plan

Depending on the conditions of the strengths, weaknesses, opportunities, and threats a firm is faced with according to the SWOT analysis, there could be four major strategic directions depending on the most possible combinations of its internal and external environmental conditions. What are those four strategic directions? And, describe the associated combination of the internal and external environmental conditions (5 points) and offer an EXAMPLE for each and explain why such case is an appropriate example

1. Aggressive (BK head on with taste test against McDonalds) - Many internal strengths - Many external opportunities 2. Diversification (Microsoft starting bing to enter new market) - Many internal strengths - Many external threats 3. Turnaround (Dell, use to sell directly to consumers and revamped their strategy to sell through retailers) - Many internal weaknesses - Many external opportunities 4. Defensive (Tylenol - another brand's campaign was that it was the same as tylenol but cheaper, so tylenol dropped their prices thereby invalidating their statement) - Many internal weaknesses - Many external threats

briefly explain and discuss the 5 types of utility. which type of utility is the most important and why?

1. form utility - products high in form utility will have attributes or features that set them apart from competition 2. time utility - products high in time utility are available when the customer wants them 3. place utility - products high in this are available when customers want them, wherever those customers may be 4. possession utility - deals with the transfer of ownership or title from marketer to customers 5. psychological utility - high in this tend to deliver positive experiential attributes that customers find satisfying none are more important than the other. form utility could be argued to be most important because customers tend to choose products that offer certain features.

the text discusses seven challenges and opportunities associated with marketing in today's economy. identify these issues and discuss how they are related. what is the common thread that ties all seven issues together?

1. power shift to customers 2. massive increase in product selection 3. audience and media fragmentation 4. changing value propositions 5. shifting demand patterns 6. privacy, security, and ethical concerns 7. unclear legal jurisdiction the common thread that ties these together is the increase in info and choices made available by the internet.

identify and discuss the 5 questions that should be answered by a good mission statement. why do you think some firms have mission statements that do not answer these basic questions?

1. who are we? 2. who are our customers? 3. what is our operating philosophy? 4. what are our core competencies or competitive advantages? 5. what are our responsibilities with respect to being a good steward for our human, financial, and environmental resources? weak mission statements out of neglect - firms do not understand the importance of good mission statements

identify and discuss the many challenges of being ethical and socially responsible. focus on challenges at both the individual (employee) level and the managerial level

Individual: - challenges: limited experience in the area, personal values are different than work values managerial: - instigating shared values across their team

in a marketing plan, the executive summary should be a complete but concise overview of the entire marketing plan because: a. the executive summary is the most important part of the plan b. the executive summary is the first part of the marketing plan to be written c. most readers of a marketing plan are busy and value condensed information d. the executive summary is the least read part of the marketing plan e. the executive summary does not provide any quantitative information

c. most readers of a marketing plan are busy and value condensed information

Furniture Mart offers services such as financing and home delivery to its customers. What type of utility is Furniture Mart trying to increase? a. time utility b. place utility c. possession utility d. form utility e. psychological utility

c. possession utility

Microsoft is interested in customers' perceptions of Windows 8, its new PC operating system. Since the research goal is rather specific, Microsoft should conduct its own __________ research by asking customers to complete an online questionnaire. a. secondary b. observation c. primary d. experimental e. qualitative

c. primary

in today's business environment, firms that truly focus on customers instill a corporate culture that places customers and other stakeholders at the top of the organizational hierarchy. when this occurs, the firms shifts its focus from transactions to _______, and from _______ to collaboration a. market share; competition b. information; rivalry c. relationships; competition d. value; cooperation e. long range planning; contracts

c. relationships; competition

______ is a broad concept that relates to an organization's obligation to maximize its positive impact on society while minimizing its negative impact. a. marketing ethics b. corporate social responsibility c. social responsibility d. strategic philanthropy e. social engineering

c. social responsibility

many firms have shifted to balance strategic planning because traditional planning and measurement approaches are not able to capture: a. key competitive information to drive marketing planning b. real-time customer satisfaction metrics c. the value created by an organization's intangible assets d. either internal or external innovation e. real-time financial performance metrics

c. the value created by an organization's intangible assets

Most firms that experience ethical or legal problems actually have a code of conduct or an ethical compliance program in place. Why is it that these firms can still have ethical problems despite having a code of ethics or compliance program? a. their codes typically don't cover high risk issues b. their codes are typically written by consultants outside the firm c. their codes are typically not integrated into daily decision making d. their codes are written with no input from employees or customers e. their codes are mandated by regulation rather than originating from within the firm

c. their codes are typically not integrated into daily decision making

in the airline industry, companies like American, Delta, and US Air have a difficult time competing because their industry has become commoditized. what does this mean for firms in the airline industry? a. airline firms compete in a declining industry b. airline customers have become increasingly demanding c. there is very little differentiation among product offerings in the industry d. the industry experiences very little change over time e. airlines have been forced to develop partnerships to remain competitive

c. there is very little differentiation among product offerings in the industry

the balanced performance scorecard cautions leaders to look at strategy and performance through 4 interrelated perspectives. which of the following is NOT one of these perspectives? a. financial perspective b. customer perspective c. vision and strategy perspective d. learning and growth perspective e. internal process perspective

c. vision and strategy perspective

which of the following is one of the the five basic questions that a good mission statement should answer? a. who are our competitors? b. what is our market position? c. what is our operating philosophy? d. what are our opportunities? e. where have we been?

c. what is our operating philosophy?

__________________ is a formal statement that describes what an organization expects of its employees, and must reflect management's desire for compliance with values, rules, and policies

code of conduct

why is the connection between marketing ethics and leadership so important in nurturing a strong ethical culture? a. employees look to the leader to enforce the ethical code of conduct b. employees expect the leader to punish unethical behaviors c. employees look to the leader to ensure that the firm is in legal compliance d. employees look to the leader as a model of acceptable behavior e. employees expect the leader to clearly specify in writing the high risk activities in the firm's daily operations

d. employees look to the leader as a model of acceptable behavior

in the traditional transactional marketing approach, the ultimate goal of marketing is to: a. serve customers' needs and wants b. develop long term customer relationships c. create value in the buyer seller relationship d. acquire new customers and complete a large number of exchanges e. all of the above are goals of transactional marketing

d. acquire new customers and complete a large number of exchanges

in the context of marketing planning, why is it vital that the marketing plan be capable of selling itself to top management? a. because top managers are responsible for executing the marketing plan b. because top managers must be able to evaluate the performance of the marketing program c. because top managers must be able to clearly communicate the strategy to external stakeholders d. because top managers must decide whether the marketing plan is the best use for the organization's scarce resources e. because top managers are compensates on how well the marketing strategy works

d. because top managers must decide whether the marketing plan is the best use for the organization's scarce resources

all organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization's mission and achieve desired goals and objectives. a. marketing strategy b. cross-functional strategy c. cross-functional goal d. corporate strategy e. corporate mission

d. corporate strategy

changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. what is that lesson? a. customers will always seek the best value regardless of quality b. customers will always turn to the most recognized brand c. customers would rather perform service for themselves to save money d. customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities e. customer will always seek the best quality regardless of price

d. customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities

In many buying situations, customers will buy one product because it complements another product. In these cases of __________ demand, the demand of one product depends on the demand of another product. a. linked b. conjoined c. dependent d. derived e. quasi-

d. derived

Which of the following IS NOT one of the 5 conditions of exchange in marketing? a. there must be at least two parties to the exchange b. each party has something of value to offer the other party c. each party must be free to accept or reject the exchange d. each party must be capable of immediate delivery e. each party believes that it is desirable to exchange with the other party

d. each party must be capable of immediate delivery

In the competitive sports drink market, Gatorade pays very close attention to the activities of Powerade, a major __________ competitor that markets drinks that are similar in features and benefits. a. generic b. product c. direct d. total budget e. brand

e. brand

In many buying situations, customers will buy one product because it complements another product. In these cases of __________ demand, the demand of one product depends on the demand of another product. a. linked b. dependent c. quasi - d. conjoined e. derived

e. derived

some companies choose to engage in a deceptive marketing practice called ________, which involves misleading consumers into thinking that a product is more environmentally friendly than it actually is: a. environmentalism b. green marketing c. LEED d. eco-labeling e. greenwashing

e. greenwashing

While all marketing plans face a number of obstacles in development and implementation, __________ is by far the most commonly occurring obstacle across most firms. a. failure to see the whole picture b. inadequate information c. resistance to change d. lack of time for planning e. inadequate communication

e. inadequate communication

research indicates that being ethical and socially responsible has a number of benefits for the organization. which of the following is NOT one of these benefits? a. increased customer goodwill b. increased stakeholder orientation of the organization c. increased employee commitment and satisfaction d. increased marketing performance e. increased competitive orientation

e. increased competitive orientation

A cluster of closely related goods and services that center around a specific consumption activity is referred to as a: a. marketspace b. market c. metamediary d. marketing channel e. metamarket

e. metamarket

which of the following is NOT a challenge associated with being ethical and socially responsible? a. business decisions involve complex and detailed discussions in which correctness may not be so apparent b. individuals who have limited business experience often find themselves required to make sudden decisions concerning marketing's gray areas c. a person's experiences and decisions at home, in school and in the community may be quite different from the experiences and the decisions he or she has to make at work d. when personal values are inconsistent with the configuration of values held by the work group, ethical misconduct may increase e. most employees perceive that the values of honesty, respect, and trust are infrequently applied in the workplace

e. most employees perceive that the values of honesty, respect, and trust are infrequently applied in the workplace

__________ typically occur within the competitive, customer, economic, political/legal, technological, and/or sociocultural environments of the firm. a. Strengths and weaknesses b. Weaknesses and threats c. Strengths and opportunities d. Opportunities and weaknesses e. Opportunities and threats

e. opportunities and threats

what type of planning deals with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets? a. market planning b. strategic planning c. local planning d. lower level planning e. tactical planning

e. tactical planning

one of the major difficulties of conducting business in today's economy concerns that unclear legal jurisdictions surrounding many business transactions. the issue is especially keen for marketers who do business in: a. international markets b. domestic, interstate markets c. business to business markets d. metamarkets e. peer to peer transactions

international markets

Balanced Performance Scorecard consists of financial indicators, customers, internal processes, and ______________

learning and growth

discuss the different views or interpretations of marketing as a function of business, including the AMA's 2007 changes in the definition of marketing. why do you think the AMA changed the definition?

many people not in marketing view marketing as a function of business, to connect firm to its customers. those in marketing see it as the process of managing the flow of products from the point of conception to point of consumption. they changed the definition to better reflect the realities of competing in today's marketplace, by stressing value and customer relationships.

The four major types of competition include brand competitors, _________ competitors, total budget competitors, and generic competitors

product

(a.) With respect to the strategic planning process, why has social responsibility and marketing ethics become important today? (10 points) (b.) Is it really necessary to consider these issues in strategic planning? (5 points) (c.) How can a firm's marketing activities be ethical?

social responsibility addresses the total effect of a firm's marketing activities on society. a big part of this is marketing ethics, which defines acceptable conduct in marketing activities. ethical marketing can build trust and brand loyalty and is crucial for building long term relationships.

discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. why is marketing strategy both exciting and challenging?

strategies must always change to keep up with changing environment and customers, which is exciting and challenging. Marketing is also people driven by trying to find ways to deliver value by fulfilling the needs and wants of customers. Perfect strategies sometimes ail because there are few rules to marketing and customers are unpredictable.

Diversification is an appropriate strategic effort when a firm has many internal ___________ and many external ___________.

strengths; threats

There are 5 types of product utilities discussed in class. ____ utility refers to products available when customers want them.

time