marketing 1 exam

Gene's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers—both satisfied and unsatisfied—talk about products they have purchased and the service received at Gene's. The user blog best describes which of the 4E frameworks for the store's customers?

Engage

The members of the __________ generational cohort were born into a world where the Internet and extensive digital technologies already existed.

Generation Z

Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online courses. These online programs are pursuing which macro strategy?

Locational excellence

Christy, who was born in 1955, advocated for casual Friday at her workplace. Christy is a member of which generational cohort?

Baby Boomer

From a marketing perspective, what separates __________ from the generation before them is that they are individualistic, value leisure time as a high priority, and are trying to maintain their youth.

Baby Boomers

strategic business unit

a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives

Trina is developing a marketing campaign for an organic stain-removal product. As "stain removal" is rather dull, she is trying to educate consumers about the value and uniqueness of the product, and appeal to the environmentally conscious. Which of the following is the BEST social media application for this task?

blog

socially responsible/ethical

both ethical and socially resposnibile

Despite its vivid design, the website for Lolly's Bookstore did not seem to attract customers who lingered. In fact, most website visitors left the site before they made a purchase. Which measure does the owner need to address?

bounce rates

Marketers involved in value-oriented marketing are constantly balancing

customer benefits with costs of their offerings.

When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her ten-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of

customer excellence.

A recent poll conducted by Time magazine found that 38 percent of U.S. consumers

actively tried to purchase from companies they considered responsible.

By offering environmentally responsible products, green marketers

add value that other products do not have.

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

benefits

ethical climate

includes having a set of values that guides decision making and behavior

Typical demographic data include all of the following EXCEPT

language differences.

cash cow

lower left quadrant- are in low growth markets but are high market share products

dogs

lower right quadrant - low growth market and have relatively low market shares

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect?

making product decisions

A __________ growth strategy employs the existing marketing offering to reach new market segments.

market development

To determine how attractive a particular market is, using the BCG portfolio analysis, __________________ is established as one axis.

market growth rate

Most banks now have customer relationship software which, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. Service representatives use this information to sell some of the other services the bank currently offers to these customers. This is a ___________________ growth strategy.

market penetration

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.

marketing mix

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 use 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.

metric

measuring system that quantifies a trend dynamic or characteristic. why things happened and what will happen in the future

YouTube is an example of what type of social media site?

media sharing

Lauren decides to use Twitter to market her hand-painted scarves to other women on her campus. She sets up a Twitter account with the name @uniquedesignsbylauren, and posts this on her Facebook page, making sure to tweet every few days. Soon Lauren is selling a lot of scarves. Lauren's Twitter account is an example of

microblogging.

When making decisions, managers often have to decide between doing what is beneficial for them (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm

must ensure that long-term goals of the firm are aligned with the short-term goals of each individual within the firm.

unethical/socially irresponsbile

neither ethical nor socially responsiblwe

product development strategy

offers a new product or service to a firm's current target market

Firms achieve ___________ through efficient procedures and excellent supply chain management.

operational excellence

For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates

opportunities

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's

opportunities and threats.

In a SWOT analysis, increasing gasoline prices would represent a potential __________ for manufacturers of electric cars

opportunity

market share

percentage of a market accounted for by a specific entity.. used to establish the product's strength in a particular market

Jordan loves to read and write. She started a blog about books, including writing hints and book reviews. The readership of her blog gradually increased, and eventually publishers started sending her new books, hoping she would review them. Over time, Jordan's blog has changed from a __________ blog to a __________ blog. professional; network

personal; professional

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on?

place

Marketing channel management is related to which of the four Ps?

place

Which element of the marketing mix is most relevant to the activity "delivering value"?

place

For many years, because of the size of the U.S. economy, domestic companies ignored international markets, preferring instead to develop new product offerings for existing customers. These companies were pursuing a ________________ strategy

product development

__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product.

promotion

In delivering value, marketing firms attempt to find the most desirable balance between

providing benefits to customers and keeping costs down.

unethical/socially responsible

questionable firm practices, yet donates a lot to the community

In New England, foot-long sandwiches are called grinders, while in many other parts of the country they are called subs. This is an example of the impact of

regional culture.

manager should be responsible for

revenues, expenses and profits that they can control

When Johnson and Johnson removed all Tylenol from the shelves after some containers were tampered with, poisoning and killing seven people, the company

sacrificed short-term profits for long-term credibility.

Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era.

sales oriented

When discussing the marketing planning process, STP stands for

segmentation, targeting, and positioning.

Suppose that Burger King wanted to evaluate social media content to find out how well its most recent advertising campaign was being received by consumers. This could be done using

sentiment analysis.

Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)

star

Marketing channel management is also known as

supply chain management

The automobile manufacturing industry closely watches annual consumer satisfaction surveys. For years, Japanese car companies consistently had the highest levels of customer satisfaction, creating a(n) __________ for these companies

sustainable competitive advantage

For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25-50-year-old, educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented Celestial's primary

target market segment.

After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in

target marketing.

market growth erarte

the annual rate of growth of the specific market in which the product competes

The center of all marketing efforts is

the consumer.

David travels a great deal in the course of his business. He has noticed ads in many new places, including fortune cookies, baggage claim conveyor belts, on the sides of buses, etc. Marketers would like to reach David, and are responding to concerns about

the time-poor society.

When an office supply store offers self-checkout, extended hours at its stores, and online shopping with next-day delivery, it is trying to address what social trend?

time-poor society

star

upper left quadrant- high growth markets and are high market share products

question marks

upper right quadrant- high growth markets but have a relatively low market share.. most managerially intensive products in that they require many resources to maintain and potentially increase their market share

The Johnson and Johnson Credo acknowledges the company's responsibility to

users of its products, its employees, the community, and its stockholders.

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

value based marketing

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. Related to this, the text notes the increasing popularity of

yoga.

baby boomers

1946-1964. individualistic, leisure time, always believe they will be able to take care of themselves, obsession with maintaining their youth

generation x

1965-1976 ,, both parents worked, 50% have divorced parents. have considerable spending power bc get married later

generation y / milennials

1977-2000 teens to adults. entering the workplace. strong emphasis on balancing work and life

Auction sites like eBay have increased opportunities for __________ marketing.

C2C

While waiting in line to make a purchase at Best Buy, Joanie sees signs reminding her to visit its website for online specials and to sign up right now on her smartphone for the Best Buy Loyalty Rewards Program. Other signs remind her that Best Buy will match competitors' prices on any item it sells. This is an example of which 4E framework?

Educate

The 4E framework for social media guides marketers in using social media effectively to build and deepen customer relationships. Which of the following is NOT one of the four E's in this framework?

Energy

The 1936 ________ specifically outlawed price discrimination toward wholesalers, retailers, or other producers and required sellers to make ancillary services or allowances available to all buyers on proportionately equal terms.

Robison-Patman Act

what are the marketing mix activities?

The marketing mix activities are promotion (communicating value), product (creating value), price (capturing value), and place (delivering value).

related diversification

current target market/marketing mix shares something in com on with the new opportunity

generation cohort

a group of people of the same generation

relative market share

a measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry

unrelated diversification

a new business lacks any common elements with present business

Marketers in the United States are paying increasing attention to ethnic groups because

approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.

The United States has often been called the melting pot society, integrating people from many cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture

can be used as a relevant identifier for a particular target group.

In a recent Gallup survey, which of the following professions was rated lowest in ethical standards?

car salespeople

Which marketing activity is most directly served by the promotion element of the marketing mix?

communicating value

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's

conversion rate.

For every consumer who purchases a pair of TOMS shoes for $55.00, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in

corporate social responsibility.

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices, but was also

demonstrating corporate social responsibility.

generation z

digital natives

Lionel 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.

market development strategy

employs the existing marketing offering to reach new market segments, domestic or international

ethical/socially irresponsible

ethical firm not involved with larger community

Location-based software and applications can help bring a special offer to customers right on their smartphones when they are in the process of making a purchase decision. This best represents the __________ framework of social media marketing.

excite

diversification strategy

firm introduces a new product or service to a market segment that it does not currently serve

The many demands on consumers today have made it more difficult for marketers to

grab consumers' attention.

Kimberly-Clark recently introduced rolls of toilet paper without the cardboard core. What social trend does this product respond to?

green marketing

product lines

groups of associated items, such as those that consumers use together or think of as a part of group of similar products