Marketing Exam 1

While shopping online for gardening supplies, Louisa visited a website for a company she had heard advertised on HGTV. Although she was not familiar with this particular firm, Louisa was able to learn about the company's value proposition as well as the benefits of their products through their website and decided to purchase a product. Which aspect of the 4E framework does this represent? -excite the customer -engage the customer -experience the product -employ the product -educate the customer

educate the customer (Explanation: By engaging in appropriate education, marketers are expanding the overlap of the benefits that they provide with the benefits that customers require.)

Which of the following facilitates globalization?

elimination of trade barriers

In conscious marketing, the short-term goals of each ______ must be aligned with the long-term goals of the firm.

employee

The 4E framework includes giving customers an opportunity to ______ the firm's digital marketing activities.

engage with

A joint venture is formed when a firm ______ a new market and ______ its resources with those of a local firm to form a new, shared company.

enters; pools

Mattel decided to recall millions of Chinese-made toys due to lead paint and small magnets that could harm children. For Mattel, this was an issue related to -ethics. -the triple bottom line. -sustainability. -segmentation. -marketing analytics.

ethics. (Explanation: Marketing ethics examines ethical situations that are specific to the domain of marketing, including societal, global, or individual consumer issues. They can involve societal issues such as the sale of products or services that may damage the environment, global issues such as the use of child labor, or individual consumer issues such as misrepresenting a product in advertising or marketing dangerous products.)

In Step 5 of the marketing plan, a firm ________.

evaluates its performance using marketing metrics

Having completed an information search, a consumer's next step in decision making is _________.

evaluation of alternatives

Jerome is using ______ when he bases his decision to purchase textbooks on price, condition, and location.

evaluative criteria

The salient or important attributes about a particular product that consumers base their product evaluations on are called -attribute sets. -affective components. -evaluative criteria. -psychological decision rules. -situational factors.

evaluative criteria. (Explanation: When consumers begin to evaluate different alternatives, they often base their evaluations on a set of important attributes or evaluative criteria. Evaluative criteria consist of salient, or important, attributes about a particular product.)

A consumer decides to purchase an item at either Banana Republic or Macy's. These stores would be considered the consumer's ______ set.

evoked

Octavia is in the market for purchasing a new automobile, but she will only consider buying models made by American companies. The American car makers are part of Octavia's ______ set.

evoked

Patty is considering different brands of makeup to buy, but she can only think of three she would actually consider purchasing. These three brands make up her ________ set. -universal -retrieval -purchase -evoked -brand

evoked (Explanation: A consumer's evoked set comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision.)

Marketing ethics specifically refers to ______.

examining moral issues, specifically in the marketing domain

A travel company launches a new app that makes the process of booking your next vacation into a game. This is best categorized as using social media to ______ the customer.

excite

Red Letter Days encourages Facebook and Twitter followers to post pictures with their mothers and tell why she deserves a day off and a chance to win a free lunch at a top London restaurant. In doing so, the restaurant is focusing on which aspect of the 4E framework? -educating -enlightening -experiencing -employing -exciting

exciting (Explanation: Firms actively use social networks like Facebook, Pinterest, and WhatsApp to communicate deals that are likely to excite customers, such as the Red Letter Day promotion at this top London restaurant.)

If a small business wants to take the least risky strategy to enter its first foreign market, it would choose which global entry strategy? -exporting -franchising -joint venture -strategic alliance -direct investment

exporting (Explanation: Exporting involves producing goods in one country and selling them in another, requiring the least financial risk with only a limited return.)

When Carl was considering buying a new car, he sought out unbiased information and ratings about different makes and models in Car and Driver magazine. What corresponds most closely to this aspect of the decision process? -needs recognition -internal search for information -external search for information -experiential search for information -impulse buying

external search for information (Explanation: When a buyer seeks information outside his or her personal knowledge base to help the buying decision process it involves external search for information.)

Customer dissatisfaction is most likely to occur when a product ______.

fails to live up to high performance expectations

When Nabisco sells its cookies, it must consider who the consumer, the decision maker, and the buyer is in each household. Often different ______ members play various roles in the purchase of Nabisco's cookies.

family

When a firm ventures into a foreign market, it will often take a low-risk step toward global expansion and will ______.

fill an order for a product or service from another country.

In the ______ step of the five-step marketing planning process, marketing managers are responsible for implementing the marketing mix using the four Ps.

fourth

Franchising is a contractual agreement between a firm or individual, the franchisor, and another firm or individual, known as the ______.

franchisee

What need most pertains to the performance of a product or service? -social needs -functional needs -preferred needs -operational needs -actual needs

functional needs (Explanation: Functional needs pertain to the performance of a product or service.)

Loyalty programs ________.

give firms the opportunity to learn more about their customers

A strategic alliance is a type of ______ firms use to expand into the foreign market.

global entry strategy

A flavored water producer sells its products in its home market and in multiple countries, but it does not change the formulation for the different markets. This global product strategy is referred to as -reverse innovation. -glocalization. -franchising. -niche marketing. -globalization.

glocalization. (Explanation: There are three potential global product strategies. The first is to sell the same product or service in both the home-country market and the host country, referred to as glocalization.)

The basis of any marketing strategy is its -product or service offered. -channels. -goals. -budget. -customers.

goals. (Explanation: The basis of any marketing strategy is its goals. In general, the primary goal of any website is to engage its users by encouraging them to spend time viewing and interacting with its content.)

Services are intangible customer benefits, whereas ________ are tangible items that you can physically touch.

goods

Prices are often different in the global marketplace than they are in the home country because a firm's products may NOT ______.

have the same positioning as they do in the home country

MADD promotes its campaign to stop drunk driving through mailings, advertising, and education. MADD is providing which kind of marketing offering? -services -goods -ideas -innovations -promotions

ideas (Explanation: Ideas include thoughts, opinions, and philosophies; intellectual concepts such as these also can be marketed. The concept of not driving drunk is an idea.)

The major challenge in developing a global communication strategy is ______.

identifying the elements of an advertising campaign that need to be adapted in the global marketplace

After a firm identifies its positioning within a market, it must decide how to ______ its marketing strategies using the marketing mix.

implement

In the ______ phase of the five-step marketing planning process, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning.

implementation

When a game or app prompts users to make buy add-ons to enhance the app or game, it is referred to as a(n) -paid app. -ad-supported app. -micro app. -in-app purchase. -app enhancement.

in-app purchase. (Explanation: Usually associated with "free" apps, in-app purchases enable users to enhance an app or a game; 98 percent of the revenue generated from apps is made from these "free" apps.)

Global distribution networks form complex value chains that ultimately ______ the final selling price of a product.

increase

Horace needs a new pair of running shoes. He first thinks about the last pair he bought, how comfortable they are, and how well they have held up. In this example, Horace is conducting a(n) ______ search for information.

internal

Step 3 of the five-step marketing planning process ________.

involves segmentation, targeting, and positioning (STP)

A competitive advantage based on location ________.

is sustainable when real estate is difficult or expensive to obtain

Step 4 of the five-step marketing planning process ________.

is the point at which a firm implements the four Ps

In the timeline for a firm's global expansion, a firm conducts an internal assessment of its capabilities when ______.

it has concluded its assessment analysis of the most viable markets

Of all the stakeholders, a company's most basic responsibility is to -its customers. -its employees. -the marketplace. -society. -the environment.

its employees. (Explanation: Perhaps the most basic responsibility of a firm is to employees: to ensure a safe working environment free of threats to their physical safety, health, or well-being.)

Some countries require foreign firms to form a ______ with a domestic firm when entering their country.

joint ownership

A ________ is formed when a firm entering a market pools its resources with those of a local firm. -joint venture -strategic alliance -direct investment -distribution system -indirect investment

joint venture (Explanation: A joint venture is formed when a firm entering a market pools its resources with those of a local firm. As a consequence, ownership, control, and profits are shared.)

Exporting is an entry strategy that requires the ______ financial risk and allows a(n) ______ return to the firm.

least; limited

When entering their first foreign markets, firms typically take a(n) ______ approach.

less risky

An example of corporate social responsibility is when a firm ______.

lessens the negative impact it has on the environment

Marketing managers often appeal to consumers' ______ when developing the marketing mix to be sure it fits with how they spend their time and money.

lifestyles

Two consumers each earn $67,000 annually. One owns four motorcycles and enjoys hunting and fishing. The second plays golf weekly and drives an SUV. A marketing manager might target these two consumers as part of two different segments based on their ______.

lifestyles

When a company focuses on having ______ excellence, this also includes having a good Internet presence.

locational

Ethics problems are more likely to arise if a firm's ______ goals are NOT aligned with an employee's ______ goals.

long-term; short-term

Hallmark sells Valentine's Day cards with romantic quotes that are appealing to ______ needs.

love

Brand ______ means that customers are reluctant to patronize competing firms.

loyalty

One purpose of ______ programs is to facilitate customers' emotional attachment to a company.

loyalty

During the sales-oriented era, ________.

manufacturers had the capacity to produce more than consumers were able to buy

When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ________.

market oriented

Firms spend millions of dollars to develop brand names that have no preexisting meaning in any known language because ______.

marketers want to avoid potential embarrassment that language confusion can cause

The macro strategies for developing customer value include each of the following EXCEPT ______ excellence.

marketing

The ________ consists of the product, price, place, and promotion of an offering. -marketing exchange -marketing mix -channel of distribution -value proposition -marketing plan

marketing mix (Explanation: Marketing involves a set of four interrelated decisions about the marketing mix or four Ps: product, price, place, and promotion.)

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

marketing plan

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected income statements is referred to as a(n) -operational plan. -situation analysis. -marketing plan. -mission statement. -business plan.

marketing plan. (Explanation: A written marketing plan provides a reference point for evaluating whether or not the firm has met its objectives.)

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

marketing strategy

Although Olive Garden, Maggiano's Little Italy, and Bertucci's all strive to provide good Italian food and service to their respective target markets, the difference in their choice of target market, design of their marketing mix, and the basis of their competitive advantage is directly related to their own -competitive focus. -consumer franchise. -market leadership. -marketing strategy. -competitive direction.

marketing strategy. (Explanation: To the casual observer, all three of these companies might appear to be marketing the same products, but closer analysis reveals that each of them targets a different market—with a completely different marketing mix—in order to gain a competitive advantage, which corresponds to a unique marketing strategy. A marketing strategy identifies a firm's target market(s), a related marketing mix (its four Ps), and the bases on which the firm plans to build a sustainable competitive advantage.)

When adopting strategies for entering a new market, many firms follow a(n) approach that morphs and becomes ______ over time.

more risky

A(n) ______ is a basic need that drives consumers to solve a problem and satisfy a need, such as a headache that leads a person to purchase a pain reliever.

motive

The impetus that pushes consumers to satisfy their unmet needs, such as having no laundry detergent to do the wash, is a(n) ______.

motive

The discrepancy between a consumer's actual state and desired state is associated with which step in the consumer decision process? -need recognition -information search -alternative evaluation -purchase -post-purchase

need recognition (Explanation: The consumer decision process begins when consumers recognize they have an unsatisfied need and they would like to go from their actual, needy state to a different, desired state. The greater the discrepancy between these two states, the greater the need recognition will be.)

The marketing strategy a firm chooses when entering a new foreign market depends on the ______ of the target consumers.

needs

Understanding consumers' ________ is fundamental to marketing success. -family connections -rituals and habits -needs and wants -educational attainment -physical locations

needs and wants (Explanation: Understanding the marketplace, especially consumer needs and wants, is fundamental to marketing success.)

Product excellence ________.

occurs by having products with high perceived value and effective branding and positioning

A survey of marketers revealed that approximately ______ of them had been pressured to use unethical marketing tactics.

one-quarter

When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through ________ excellence. -locational -operational -product -customer -strategic

operational (Explanation: Firms achieve operational excellence to achieve a sustainable competitive advantage through their efficient operations, excellent supply chain management, and strong relationships with their suppliers.)

The process by which a search engine determines the ranking of search results is called a(n) ______ search.

organic

Firms should emphasize the importance of consistently good customer service to its employees so that good customer service becomes part of the ________.

organizational culture

During the sales-oriented era between 1920 and 1950, firms found an answer to their ______ by focusing on selling.

overproduction

In a franchising agreement, the franchisor ______.

owns the overarching firm

Margaret bought an SUV with four-wheel drive despite the fact she never goes off-road or drives into the wilderness. Her purchase satisfies a significant element of her ______ lifestyle.

perceived

The social influences that affect a consumer's behavior do NOT include ______.

perceptions

Sasha thinks the west side of her city is a great area to own a home and raise a family. Mohammed thinks the west side has too much crime, poor schools, and would be a poor choice of location to own a home and raise a family. Sasha and Mohammed have different ________ regarding the west side of the city. -temporal states -reference groups -needs -perceptions -motives

perceptions (Explanation: Perception is how we select, organize, and interpret information and explains the difference in how Mohammed and Sasha view the west side of their city.)

The motive that drives Conrad to buy a large bottle of Gatorade after running 3 miles and drink it quickly is a(n) ______ need.

physiological

What is the correct progression of Maslow's hierarchy of needs, from the bottom of the pyramid to the top of the pyramid? -safety, esteem, love, physiological, self-actualization -physiological, safety, love, esteem, self-actualization -esteem, safety, self-actualization, love, physiological -self-actualization, love, esteem, physiological, safety -safety, physiological, esteem, self-actualization, love

physiological, safety, love, esteem, self-actualization (Explanation: The correct theoretical progression of Maslow's hierarchy of needs is: physiological, safety, love, esteem, self-actualization.)

The three major phases of the marketing plan are ______.

planning, implementation, and control

What are the three major phases of a marketing plan? -assessment, action, adjustment -planning, implementation, control -strategy, execution, regulation -design, apply, manage -forecasting, application, management

planning, implementation, control (Explanation: The three major phases of the marketing plan are planning, implementation, and control.)

Sometimes called buyer's remorse, ________ is the internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior. -an internal locus of control -post-purchase cognitive dissonance -self-actualization -an external locus of control -psychological risk

post-purchase cognitive dissonance (Explanation: Post-purchase cognitive dissonance is the internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior.)

Marketers must determine the prices of products on the basis of ________.

potential buyers' beliefs about a product's value

Spanish clothing retailer Zara is considered relatively inexpensive in Europe, but it is priced 40 percent higher in the United States to cover its transportation expenses. This difference reflects the company's global ________ strategy. -service -product -communication -distribution -pricing

pricing (Explanation: Because a firm's products or services may not have the same positioning in the global marketplace as they do in their home country, market prices must be adjusted to reflect the local pricing structure. Spain's fashion retailer Zara, for instance, is relatively inexpensive in the EU but is priced about 40 percent higher in the United States. Zara is dedicated to keeping production in Spain, but it also must get its fashions to the United States quickly, so it incurs additional transportation expenses, which it passes on to its North American customers.)

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using ______ excellence.

product

Firms that maintain their sustainable competitive advantage through ______ excellence have often done so by investing in their brand and constantly reinforcing their image though their merchandise.

product

Marketing managers can choose between three possible global ______, which range from selling the same product to introducing an entirely new product.

product strategies

The belief that a good product would sell itself came out of the ________ era. -sales-oriented -market-oriented -value-based -consumer-demand -production-oriented

production-oriented (Explanation: Around the turn of the 20th century, most firms were production-oriented and believed that a good product would sell itself.)

A company's ______ create(s) value by satisfying customer needs.

products, services, or ideas

Marketers use ______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response.

promotion

When marketers communicate the value proposition, they are focusing on the ________ element of the marketing mix. -product -price -promotion -place -policy

promotion (Explanation: Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.)

The most basic form of corporate social responsibility is to ______.

provide a safe working environment for employees

Consumer decision making about products and services is influenced by the configuration of the market mix, social factors, ______ factors, and sociological factors.

psychological

Kirk is typically thrifty and rarely spends much money on himself or others. However, he makes an exception when he buys his wife diamond earrings as an anniversary gift. In this case, the alteration in Kirk's spending behavior is due to a change in his ______ situation.

purchase

Consumers will often turn to one of their formal or informal ______ groups, such as their family or friends, for advice and guidance on acceptable beliefs, attitudes, and consumer behaviors.

reference

When looking for a new car, Gabby considers both American- and foreign-made vehicles, but her father and friends both encourage her to buy an American-made brand. Which social factor explains this type of influence? -culture -temporal state -lifestyle factors -reference groups -situational factors

reference groups (Explanation: A reference group is one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors.)

Apple, known for creativity and innovation, keeps its new innovations consistent with previous product lines to maintain long-term connections with consumers. This is an example of the ______ orientation.

relational

If a consumer electronics firm acts on the philosophy that its new products should be compatible with existing products to develop long-term relationships with customers, then the firm is acting on the basis of a(n) ______ orientation.

relational

In a ______ orientation, lifetime profitability is more important than the amount of money made during each transaction.

relational

Marketers who have a ______ orientation want to build an enduring interaction with their customers.

relational

When Best Buy provides a loyal customer with a relevant coupon on their mobile phone, based on previous purchases, while the customer is in the store, this is an example of which element of the 4E framework? -educating the customer -relevancy and exciting the customer -experiencing the product or service -engaging the customer -demonstrating effort to the customer

relevancy and exciting the customer (Explanation: Marketers use many kinds of digital offers to excite customers, including mobile applications ("apps") and games to get the customer excited about an idea, product, brand, or company. To excite customers, an offer must be relevant to its targeted customer. Relevancy can be achieved by providing personalized offers, which are determined through insights and information obtained from customer relationship management (CRM) and/or loyalty programs.)

Goods and services that serve the same needs and wants on a global scale often ______.

require little or no adaptation in form or message

Customer excellence is focused on ________.

retaining loyal customers and offering excellent customer service

When Akeelah is thinking about where she would like to eat lunch, she remembers five places close by where she has eaten before. Although she would not revisit some of them, these restaurants are part of Akeelah's ______ set.

retrieval

Direct investment is the ______ type of global entry strategy.

riskiest

The ______ is the second step in the consumer decision process.

search for information

In the ______ step of the five-step marketing planning process, marketers evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm's potential for success.

second

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market ________.

segmentation

Exporting happens when a firm produces a product in its domestic plants and then ______.

sells it in a foreign country

The marketing manager for a department store knows that the ______ in her store, which appeals to sight, hearing, and smell, can profoundly impact the customer's decision process.

sensory situation

Getting cash from an ATM is considered a(n) ________ transaction.

service

In a joint venture, a company ______.

shares the financial burden with a local partner in a foreign market

Direct investment exposes a firm to ______ risk.

significant

Janelle is very loyal to Jif peanut butter, but ______ factors, such as a difference in time, availability, condition of the buying location, and inventory shortages, may cause her to buy a competing brand.

situational

The olfactory sense is also known as the sense of ______.

smell

The external ______ environment that influences consumer behavior includes the consumer's family, reference groups, and culture.

social

When consumers' choices are affected by members of their family, reference group, or culture, they are being influenced by ________ factors.

social

Social responsibility deals with the firm's impact on ______.

society

Although there are many and varied definitions of corporate social responsibility (CSR), firms generally acknowledge that, in addition to economic and legal duties, they have responsibilities to -their partners. -their competitors. -strategic planning. -society. -political donors.

society. (Explanation: Although there are many and varied definitions of corporate social responsibility (CSR), firms generally acknowledge that, in addition to economic and legal duties, they have responsibilities to society. These responsibilities are not mandated by any law or regulation but instead are associated with the demands, expectations, requirements, and desires of various stakeholders.)

Families hold a great deal of ______ and therefore influencing them is of vital importance to marketers.

spending power

Companies in the tobacco industry cannot be conscious marketers because their products are seen as harmful. However, they can become involved with CSR efforts such as ______.

sponsoring public information campaigns

When a company engages in conscious marketing, it must appeal to all of the ______ who are affected by the firm.

stakeholders

A SWOT analysis involves an analysis of factors internal to the company, which include ________ , as well as factors outside the company, which include ________. -opportunities and threats; strengths and weaknesses -strengths and weaknesses; opinions and thoughts -substantial winnings; opportunities and threats -strengths and weaknesses; opportunities and threats -strategic worldview; options and tactics

strengths and weaknesses; opportunities and threats (Explanation: After developing its mission, a firm would perform a situation analysis using a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.)

Good ______ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers.

supply chain

A firm relies on a wide variety of vendors to make and distribute its products. Manufacturers buy raw materials from suppliers, use shipping companies to transport finished goods to multiple locations, and establish relationships with the retailers who sell them to consumers. This is all part of -the marketing plan. -supply chain management. -the value proposition. -the marketing mix. -a marketing platform.

supply chain management (Explanation: Supply chain management is a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, as well as to minimize systemwide costs while satisfying the service levels their customers require. Also called marketing channel management.)

Excellent customer service helps build a(n) ________.

sustainable competitive advantage

One key to long-term financial performance is to establish a ________.

sustainable competitive advantage

After a firm has determined its position in the global market, it will typically seek to meet the needs of global markets by ______.

tailoring its marketing mix to the needs of consumers in individual markets

When deciding on contextual elements, you should identify your ________.

target market(s)

Customer relationship management (CRM) can help marketers compete by collecting data about their customers' needs and then ________.

target their best customers with select products, services, and promotions

Ben normally buys a newspaper and cup of coffee on his way to work in the morning. Today, though, his dog ran away, and he did not have time to stop by the convenience store for his regular purchases. A(n) ______ situational factor altered his regular behavior.

temporal

Situational factors often include ______ factors, such as the fact that a store is closing in a few minutes.

temporal

Step 1 of the marketing plan is focused on ________.

the business mission and objectives

Retailers use ______ to see how well they are doing at turning potential buyers into actual buyers.

the conversion rate

Marketing success begins with a strong understanding of ______.

the desires and requirements of the marketplace consumer

The global product strategy a firm chooses depends on -advertising restrictions. -exchange rates. -export-import requirements. -the needs of its target market. -tariffs.

the needs of its target market. (Explanation: A global marketing strategy includes two components: determining the target markets to pursue and developing a marketing mix that will sustain a competitive advantage over time. There are three potential global product strategies a firm can choose depending on the needs of the target market.)

Business ethics best refers to ______.

the practice of distinguishing between right and wrong in a business setting

Jane is looking to buy a new mountain bike. She might rely on the input of her reference groups in the decision making. All of the following are ways she might rely on reference groups EXCEPT ______.

to reduce the cost of the product through shared expenses

Economic, social, and environmental performance refer to the -triple threat. -triple bottom line. -triple performance factors. -triple stakeholders. -triple shareholders.

triple bottom line. (Explanation: The triple bottom line refers to economic, social, and environmental performance.)

The collection of all possible alternatives for a decision, even those the buyers would not consider and might not even be aware of, is referred to as the ______.

universal set

Ling is engaged in crowdsourcing. In what is she most interested?

users' ideas

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking ______, which reflects the relationship of benefits to costs, or what you get for what you give.

value

Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of ________.

value cocreation

When firms provide customers an opportunity to act as collaborators in creating the product or service, it is called ________.

value cocreation

When does self-actualization occur?

when you feel completely satisfied with your life and how you live

What is the most popular need users satisfy through apps?

"Me time"

Direct investment requires a firm to maintain ______ ownership of its facilities, offices, and plants in a foreign country.

100 percent

Which two of the following are franchises? (Choose every correct answer.)

A Holiday Inn motel A McDonald's restaurant

Which purchase would most likely be motivated by a safety need?

A burglar alarm

Which of the following characterizes an exchange?

A buyer and seller trade things of value, leaving each better off than before.

Lordis wants to improve the element of connection on her firm's social media feed. What would be most helpful to her?

A call-to-action button

Which of the following is an example of a temporal state that affects a purchase situation?

A customer who gets in a fight over a parking space before entering a store

How much control do companies generally have over the content on corporate blogs that allow customers to respond to posts?

A high degree of control, because companies retain editorial control over the content posted

B2B Example

A manufacturer sells a computer to a retailer.

For which purchase is the typical consumer most likely to experience postpurchase cognitive dissonance?

A new washer and dryer

B2C Example

A retailer sells a computer to customer A.

Which of the following is an example of a business appealing to the olfactory senses?

A rib joint that pipes its barbecue grill exhaust into the street to draw customers' attention

Which of the following are frequently used to achieve locational excellence?

A strong Internet presence Good physical locations

What benefits does the local partner typically offer in a joint venture agreement? (Choose every correct answer.)

Access to local resources such as vendors and real estate Improved understanding of the local marketplace

Which of the following are associated with marketing, as defined by the American Marketing Association?

Activities that communicate offerings that have value for society at large Processes used to create value for clients Institutions that facilitate the exchange of offerings that have value for customers

Rahim is looking for ways to increase communication with customers through his company's website. Which of the following would be most helpful?

Adding an instant messaging function

Which two statements about ad-supported apps are true? (Choose every correct answer.)

Ads appear on screen while they are being used. They generate revenue while users interact with them.

Which of the following are the possible ethical dilemmas encountered when marketing? (Check all that apply.)

Advertising cigarettes to minors Promoting a faulty product

Which of the following statements are true regarding the successful implementation of conscious marketing within a firm? (Choose every correct answer.)

Affected stakeholders are able to recognize the principles of the conscious marketing approach. Leaders are responsible for implementing conscious marketing throughout their firms' entire culture. All employees must embody the ideals of conscious marketing.

Yessica dislikes the new product line that she is required to sell at the salon where she works. Her feelings about the product line reveal which attitude component?

Affective

Which of the following are components of attitude? (Choose every correct answer.)

Affective Behavioral Cognitive

How does the freemium app Candy Crush Saga generate revenue?

After you lose your five free lives, you buy lives in order to immediately continue.

What is an effective way for digital marketers to use content?

Align the content to suit the target market specifically.

With conscious marketing, the leaders of a company are conscious of which levels of the business?

All

What proportion of large and well-known companies engage in CSR?

Almost all

What is the fundamental factor underlying all buyer-seller relationships?

An exchange

An environmental nonprofit organization's Instagram channel encourages citizens to reduce their greenhouse gas emissions. What type of product is it selling?

An idea

What is the best example of corporate social responsibility affecting the marketplace? -A company ensures a safe working environment for its employees. -An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit. -A company respects the privacy of the customers who shop at its online store. -A firm spends time and energy engaged in activities that will improve the overall community. -A firm focuses its efforts on developing outreach programs aimed at its employees' families.

An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit. (Explanation: When one firm in the industry leads the way toward CSR, its partners and competitors often have no choice but to follow, or run the risk of not doing business or being left behind.)

Which of the following best describes postpurchase cognitive dissonance?

An internal conflict

________ involves the buyer considering his own or her personal knowledge about a product based on past experiences. -A purchase based on an impulse -An internal search for information -An external search for information -An experiential search for information -A recognition of need

An internal search for information (Explanation: An internal search for information involves examining one's own memory and knowledge about the product or service gathered through past experiences.)

What is the best definition of a blog?

An online journal enabling people to share their thoughts

Which of the following are considered ideas? (Select all that apply.)

An opinion A philosophy

Which of the following are examples of how firms use information from loyalty programs? (Choose every correct answer.)

Analyzing buying habits of customers Tailoring their offering to meet the needs of customers

Which person is a loyal customer of the tea company Celestial Seasonings?

Arjuna, who buys tea only from Celestial Seasonings

In what situation are you most likely to market yourself?

At a job interview

When did the production era of marketing evolution occur?

At the turn of the 20th century

Firms selling merchandise directly to each other is called ______ marketing.

B2B

When a coffee grower sells its coffee beans to Starbucks, it is engaged in ________ marketing. -B2B -B2C -C2C -industrial -C2B

B2B (Explanation: Business-to-business, or B2B, marketing is the process of selling merchandise or services from one business to another.)

The process by which businesses sell to consumers is known as ______ marketing.

B2C

When a consumer uses many evaluative criteria, such as fuel economy, acceleration speed, and the availability of extra features, to make a decision about purchasing a car, the consumer is doing what?

Basing the decision on important features of the car

Why do marketers pay close attention to postpurchase behavior?

Because it deals with actual customers rather than potential ones

Why are evoked sets important to the marketer? (Choose every correct answer.)

Being in the consumer's evoked set reduces search time Being in the consumer's evoked set increases the likelihood of purchase

________ architecture is the attempt to influence consumers through the design of the environments in which they make their purchasing decisions.

Blank 1: Choice

________ refers to a change in a person's thought process or behavior that arises from experience.

Blank 1: Learning

________ consist of information that has been acquired and stored in the brain so that it is available to be utilized when needed.

Blank 1: Memories or Memory

_________ consist of information that has been acquired and stored in the brain so that it is available to be utilized when needed.

Blank 1: Memories or Memory

________ apps charge the customer an upfront price to download the app.

Blank 1: Paid

________ is the psychological factor that relates to how people develop a meaningful picture of the world through the selection, organization, and interpretation of information.

Blank 1: Perception

________ excellence is when a firm focuses on having high perceived value and effective branding.

Blank 1: Product

________ is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response.

Blank 1: Promotion

The American Marketing Association provides a document for marketers on ethical behavior. It is called the "________ of ________."

Blank 1: Statement, Code, statement, or code Blank 2: Ethics or ethics

________ cocreation occurs when a customer and a firm collaborate on a product or service.

Blank 1: Value

A(n) ________ , a person's enduring evaluation of personal feelings about an idea or abject, is learned, long lasting, and often develops over a long period of time.

Blank 1: attitude, atitude, attuide, atittude, or attitiude

Firms marketing directly to each other are participating in business-to-________ marketing. (Type only one word in the blank.)

Blank 1: business or b2b

One challenge for companies is to provide products that meet customers' needs and wants while providing greater value than their ________.

Blank 1: competitors, competition, competitor, competers, or competetors

When Coca-Cola produces a campaign to advocate water stewardship, they are actively engaging in ________ social responsibility.

Blank 1: corporate

Asking users to submit ideas for a new product or service, and/or comment and vote on the ideas submitted by others, is known as ________.

Blank 1: crowdsourcing or crowd-sourcing

In Maslow's hierarchy, ________ needs allow people to satisfy their inner desires. (Enter one word in the blank.)

Blank 1: esteem

Julio is familiar with several brands of mobile phones, but he plans to consider only two brands when he purchases his next phone. Those two brands are his ________ set. (Enter one word in the blank.)

Blank 1: evoked

A core aspect of marketing involves a(n) ________ , which is a transaction in which things of value are traded by buyers and sellers.

Blank 1: exchange

They are two key types of information searches: internal and ________.

Blank 1: external

In the twenty-first century, goods, services, capital, people, information, and ideas often flow across international borders in a process known as ________. (Remember to type only one word in the blank.)

Blank 1: globalization or globalisation

Products include goods and services, as well as ________ , which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can. (Remember to type only one word in the blank.)

Blank 1: ideas, concepts, or idea

Products that consumers purchase without planning are known as ________ products.

Blank 1: impulse

Accessing information from one's own memory and knowledge is known as a(n) ________ information search.

Blank 1: internal

The point in the consumer decision process at which marketers can solidify consumer loyalty is during the ________ stage.

Blank 1: postpurchase, post purchase, or post-purchase

The final step in the consumer decision-making process, and a very important element in retaining and building a loyal customer base, is ________ behavior.

Blank 1: postpurchase, post-purchase, or post purchase

Of the four Ps, ________ is whatever the buyer gives up in exchange for the product, including money, time, or energy.

Blank 1: price or pricing

In the past, many businesses were only interested in making a ________ for the benefit of shareholders.

Blank 1: profit or money

The need for food is a functional need, but the need for designer fashions can be classified as a(n) ________ need.

Blank 1: psychological

Need ________ is the first stage in the consumer decision process. (Enter one word per blank.)

Blank 1: recognition

Tom's volleyball team influences his buying behavior. In terms of marketing, the team serves specifically as a ________ group for Tom, offering information about brands and contributing to Tom's self-image.

Blank 1: reference, referance, refrence, or referrence

The length and intensity of the information search are based on the degree of perceived ________ associated with purchasing the product or service.

Blank 1: risk

Online and mobile technologies that distribute content to facilitate interpersonal interactions are known as ________ media.

Blank 1: social

According to the U.S. Environmental Protection Agency, ________ is based on the idea that "everything we need for our survival and well-being depends, either directly or indirectly, on our natural environment."

Blank 1: sustainability, sustainable, or substainability

The ________ ________ line refers to a firm's economic, social, and environmental performance.

Blank 1: triple Blank 2: bottom

In order to compete successfully, most firms today have to provide their customers with better ________ than their competitors.

Blank 1: value or values

In which one of the following situations is the consumer most likely to skip one or more of the stages of the purchase decision process?

Brian is buying a cup of coffee at the corner coffee shop, which he does most days.

________ is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, -Business ethics -Corporate scandal -Social responsibility -Ethical framework -Moral missteps

Business ethics (Explanation: Business ethics refers to the moral or ethical dilemmas that might arise in a business setting. Conscious marketers must make decisions that are based on sound ethics.)

Which of the following are examples of value cocreation? (Choose every correct answer.)

Buying a custom cake from the bakery Getting a tattoo of a family member's name Ordering a jacket with personalized embroidery

Which of the following is NOT an example of a service?

Buying a new car

What are examples of C2C marketing? (Choose every correct answer.)

Buying an iron from a neighbor's yard sale Selling your old laptop through eBay.com

Which of the following is an example of both goods and services received in combination?

Buying new tires and having them installed on your car

Like Timex, Rolex makes watches. How does Rolex add unique value to its products?

By conferring status

How can retailers influence consumers through their auditory senses?

By playing Christmas music during the holiday shopping season

How can firms best maintain competitive advantage?

By reinforcing the brand image through merchandise, service, and promotion

When consumers market products to other individuals, it is known as ______ marketing.

C2C

Facebook Marketplace, where people can buy or sell virtually anything to other consumers, is an example of ________ marketing. -B2B -B2C -C2C -A2B -C2B

C2C (Explanation: Consumer-to-consumer marketing, or C2C, marketing is the process of selling merchandise or services from one consumer to another.)

Value Function: Price

Capturing Value

Carlos plans to purchase a new Apple iPhone. Drag each description to the component of Carlos's attitude that it represents: Cognitive

Carlos knows he can download music, videos, and lectures from Apple Music anywhere, anytime.

Carlos plans to purchase a new Apple iPhone. Drag each description to the component of Carlos's attitude that it represents: Affective

Carlos loves the sleek feel of the iPhone and has it with him at all times.

Carlos plans to purchase a new Apple iPhone. Drag each description to the component of Carlos's attitude that it represents: Behavioral

Carlos takes action and his own method for categorizing his downloads, storing them in the iPhone, and accessing them.

What attempts to influence purchase decisions through environmental design?

Choice architecture

In addition to customer satisfaction and loyalty, which of the following is also one of the potential postpurchase outcomes?

Cognitive dissonance

Value Function: Promotion

Communicating Value

Which of the following are critical elements of the 7C framework for online marketing? (Choose every correct answer.)

Communication Commerce Content

type of need according to Maslow's hierarchy of needs: Esteem

Confidence, respect

Which type of marketers specifically consider the broad implications of their actions?

Conscious marketers

Which practice gives a company a sense of purpose beyond making a profit?

Conscious marketing

Which component of the 7Cs of online marketing comprises text, graphics, videos, and audio?

Content

Which scenario is an example of loyalty to a company in a consumer's daily life?

Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices

When a firm enters into a joint venture agreement with a local firm, the two investors will then share which of the following? (Choose every correct answer.)

Control of business operations Ownership of the firm Any profit gained

Step 5 of the marketing plan, which entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective action, is part of which phase?

Control phase

Employees from Southwest Airlines volunteer their time to Ronald McDonald Houses. What is this an example of?

Corporate social responsibility

What do some polluting companies engage in as a way to reduce the damage that their products cause?

Corporate social responsibility

Which of the following refers to voluntary actions a company takes to address the expectations of stakeholders?

Corporate social responsibility

Value Function: Product

Creating Value

What are effective uses of corporate blogs? (Choose every correct answer.)

Creating excitement when discussing new products and promotions Educating customers about products and services Engaging customers through two-way dialog

Which of the following is a social factor that affects consumer decision making?

Culture

C2C Example

Customer A sells the computer to a friend.

What are loyalty programs an aspect of?

Customer relationship management

Who are stakeholders? (Choose every correct answer.)

Customers Employees Community members Government agencies

Which entity does NOT market to the other entity?

Customers to businesses

Which are examples of unethical marketing practices? (Choose every correct answer.)

Deceptive advertising Promoting dangerous products

Value Function: Place

Delivering Value

Website design, blogging, and search engine optimization are prominent activities associated with which of the following?

Digital marketing

Which of the following global entry strategies involves the most risk?

Direct investment

Which of the following types of businesses would be MOST affected by pricing laws that prohibit selling products below cost?

Discount retailers such as Walmart

When did the high degree of power held by the consumer lead to firms discovering marketing?

During the market-oriented era

What type of online channel is most relevant to the goal of helping consumers experience a product or service?

E-commerce channels

Which of the following are examples of technologies that allow communication with customers?

E-mail Instant messaging Live chat

Which of the following are used to achieve product excellence? (Choose every correct answer.)

Effective branding Effective positioning

Firms achieve operational excellence through which of the following? (Choose every correct answer.)

Efficient operations Good supply chain management Strong relationships with suppliers

Example Product for Value: Convenience

Energy Bars

The concept of connection is most closely related to which of the 4Es?

Engagement

Which of the 4Es explains why corporate blogs tolerate negative customer posts?

Engagement

In general, promotion can ______ a product's or service's value to consumers.

Enhance

Corporate social responsibility programs must be designed around the changing values of customers. Which of the following are trends that are currently receiving a lot of attention? (Choose every correct answer.)

Ensuring the healthiness of products Respecting and protecting consumer privacy

What are aspects of the triple bottom line? (Choose every correct answer.)

Environmental performance Social performance Economic performance

Which of the following are examples of corporate social responsibility initiatives? (Choose every correct answer.)

Establishing charitable foundations Supporting nonprofit groups Adopting responsible marketing practices

What is a major benefit of selling the exact same product or service in both the home and host countries?

Establishing strong brand recognition

Taking a yoga class or a meditation class to maintain a satisfied outlook on life is appealing to which need in Maslow's hierarchy?

Esteem

In deciding which digital camera to buy, Sasha focuses on price, lens quality, battery life, and ergonomics. Sasha is using which of the following criteria to make her decision?

Evaluative

Which of the following consist of a set of salient, or important, attributes about a particular product?

Evaluative criteria

What specifically contributes to operational excellence?

Excellent supply chain management

What are elements of the 4E framework?

Excite: Excite customers with relevant offers. Experience: Help customers to experience products. Engage: Give customers an opportunity to engage with firms' digital marketing activities. Educate: Educate customers about offers.

Which of the following global entry strategies involves the LEAST amount of control of a product or service in the foreign market?

Exporting

Which method of global expansion poses the least amount of risk?

Exporting goods to other countries

An ______ search is when buyers look for information beyond their personal knowledge to help make the buying decision, such as checking the Internet, asking a friend, or visiting a showroom.

External

True or False The consumer decision process starts with need recognition and ends with the purchase itself.

False

True or false: A disadvantage of direct investment is that profits must be shared with other firms.

False

True or false: A loyal customer of a firm is enthusiastic about buying from that firm's competitors.

False

True or false: In business decisions, managers rarely, if ever, have to choose between conflicting outcomes.

False

True or false: Need recognition occurs when there is NO significant difference between actual and desired states.

False

True or false: The length and intensity of information searches decrease when risk increases.

False

True or false: The only way to experience a product or service for sale is to actually purchase it.

False

True or false: Universal sets are a subset of retrieval sets and evoked sets.

False

True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.

False Reason: In most cases, a single strategy is not enough to build a sustainable competitive advantage; multiple strategies are necessary for long-term success.

True or false: Marketing can only be performed by a retailer interacting with an individual consumer.

False Reason: Marketing can be performed by both individuals and organizations.

True or false: For consumers, good value means that a product or service is inexpensive.

False Reason: There are customers willing to pay the asking price for all types of goods at all price levels.

Which of the following are defined distinctly as reference groups that might influence the buyer's choices and behaviors? (Choose every correct answer.)

Family Coworkers

Which type of firm is most likely to be able to simply translate the wording in its advertisements rather than altering the content of the campaign to account for cultural or religious differences?

Firms with a global appeal

Which of the following is most likely to lead to unethical decision making?

Focusing on short-term benefits to the firm

If you are motivated by physiological needs to make a purchase, which product would you buy?

Food

type of need according to Maslow's hierarchy of needs: Physiological

Food, water, shelter

Why is global segmentation, targeting, and positioning (STP) more complicated than domestic STP? (Choose every correct answer.)

Foreign consumers view products and their roles as consumers differently. Firms struggle to understand the cultural nuances of other countries.

________ involves a contractual agreement between a firm and another firm or individual whereby the business name and format have already been developed by the originating firm. -Exporting -Franchising -Joint venture -Strategic alliance -Direct investment

Franchising (Explanation: Franchising is a contractual agreement between the firm, the franchisor, and another firm or individual, the franchisee. The franchising contract allows the franchisee to operate the business under a format developed and supported by the franchisor.)

Which of the following are app pricing models for generating revenue? (Select all that apply.)

Freemium Ad-supported Paid apps

type of need according to Maslow's hierarchy of needs: Love

Friendship, family

Amanda is going on a camping trip and buys a tent to bring with her. Which type of need is Amanda fulfilling?

Functional

What is the type of need that pertains to the performance of a product or service?

Functional

Arthur lost his watch and needed to buy a new one. This time, he decided to purchase a $3,500 Rolex instead of a $25 Timex watch. It made him feel successful. The purchase fulfilled which of the following type needs?

Functional and psychological

What are examples of social media content that businesses can effectively leverage to excite customers? (Choose every correct answer.)

Games based on a product or brand Mobile apps used to communicate personalized offers Information on Facebook used to communicate deals

method of ensuring post-purchase satisfaction: Solicit customer feedback

Gillette builds an interactive blog and invites users to rate razors and discuss their complaints and preferences with other users.

Which statements about mobile marketing are true? (Choose every correct answer.)

Global mobile downloads and in-app revenues are in the billions of dollars. Most downloaded apps are free. A majority of people in the United States who have smartphones use them to make purchases.

What is the process by which goods, services, capital, people, information, and ideas flow across national borders?

Globalization

Why can joint ventures be a risky entry strategy? (Choose every correct answer.)

Governments might place restrictions on the entering firm. Joint venture partners might disagree on various aspects of the business.

Russell just got a new smartphone. He did his research before purchasing the phone since he needed it for work purposes. Which of the following information sources is an example of internal search?

He liked the previous version of the phone.

What is an example of a decision that would NOT be made by an ethical marketer who is sensitive to social issues?

Hiring child labor

Attitude Component: Behavioral

How we act based on what we know and feel

If a car manufacturer wanted to segment its marketplace, it would do which of the following?

Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) Organize potential customers into groups based on their age Divide consumers into groups based on their incomes

How is a marketing plan most often communicated to stakeholders?

In a written document

What allows customers to pay a small amount of money in order to enhance an app or game?

In-app purchases

What is the most likely outcome for a company when it practices social responsibility to customers?

Increased awareness of the firm

Which of the following types of online channel is most relevant to the goal of educating consumers?

Informational websites

Consumers are more likely to experience postpurchase cognitive dissonance for which of the following products? (Choose every correct answer.)

Infrequently purchased products Expensive products

Manufacturers in the production-oriented marketing era at the turn of the 20th century were primarily concerned with product ______, not with satisfying the needs of consumers.

Innovation

What are the two types of information search? (Choose every correct answer.)

Internal search External search

Of the following, who would require access to a company's marketing plan?

Investors

Why is a strong supply chain important?

It helps get merchandise to customers when and where they want it.

Which of the following are reasons marketers must adapt their global distribution strategies for developing countries? (Choose every correct answer.)

It is difficult to transport products to retailers in remote areas. Consumers shop in small, family-owned retail outlets.

Which of the following best describes goods?

Items you can touch

Which scenario is a description of a social factor that is influential in the purchase of a wallet?

Jill buys the same wallet her sister bought.

In which situation did an alternative evaluation option occur within the search process?

Kevin searches for a new car on the Internet before visiting the "The Mile of Cars" store

After trying out several computers at a local store, Craig surprises himself by buying a brand he previously had not considered. This change in Craig's thought process about the brand is an example of which psychological factor in the consumer decision process?

Learning

What are components of the visual sense? (Choose every correct answer.)

Lighting Setup of a retail space Brightness

High density of stores and successful internet presence

Locational excellence

Product promotions that set unrealistically high consumer expectations often lead to which of the following? (Choose every correct answer.)

Long-term customer dissatisfaction High initial sales of the product

Sometimes older people join Facebook as a way to keep in touch with younger family members. Which of Maslow's needs motivates their decision to join Facebook?

Love

Which factor does NOT directly influence how the consumer makes a purchase decision?

Macroeconomic factors

Pat feels pressure to increase sales, so she decides to intentionally mark up the price on a new shipment of leggings. Even though she is deceiving the customer, Pat justifies her decision by believing management will be pleased with the increase in revenue. However, her decision may have serious consequences for the company in the long term. What is the best way to avoid the consequences that can result from such behavior? -Make each employee take an "ethical behavior test" before being hired. -Ensure management does not burden employees with unrealistic sales goals. -Make sure the short-term goals of each employee are aligned with the long-term goals of the firm. -Have a disclaimer at the store entrance that lets customers know that "prices are subject to change." -Have a company policy that rewards employees for bringing unethical behavior to management's attention.

Make sure the short-term goals of each employee are aligned with the long-term goals of the firm. (Explanation: To avoid potential consequences from unethical behavior on the part of an employee, the short-term goals of each employee must be aligned with the long-term goals of the firm.)

Which of the following are related to marketing in the production-oriented era? (Choose every correct answer.)

Manufacturers were concerned with product innovation, not with satisfying the needs of individuals. Retail stores were considered places to hold inventory until it was sold.

Which of the following are services airlines frequently offer to create value for customers? (Choose every correct answer.)

Many flights to destinations consumers want In-flight WiFi shopping opportunities

Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firm's profits do not suffer?

Marketing channel management

What are core aspects of marketing? (Choose every correct answer.)

Marketing entails an exchange. Marketing helps create value.

Which of the following statements about the core aspects of marketing are true? (Choose every correct answer.)

Marketing impacts various stakeholders. Marketing involves satisfying customer needs. Marketing requires product, price, place, and promotion decisions.

GE's Ecomagination program, which doubles investments in clean research and development, is an example of using social responsibility to transform which stakeholder category?

Marketplace

Which is NOT a goal of conscious marketing?

Maximizing profits at all costs

Whereas conscious marketing takes a holistic view of business as a complex, adaptive system, CSR takes what view of business?

Mechanistic

How does a microblog differ from a personal blog? -A microblog contains professional content, whereas a personal blog contains only personal content. -Microblogs allow people to share their thoughts, opinions, and feelings with the entire world, while personal blogs are created by and usually for individuals. -A microblog is categorized as a media-sharing site, whereas a personal blog is characterized as a thought-sharing site. -A microblog is utilized by corporations to disseminate product information, whereas a personal blog is utilized by individuals for social purposes. -A microblog can be evaluated by social media marketers while a personal blog cannot.

Microblogs allow people to share their thoughts, opinions, and feelings with the entire world, while personal blogs are created by and usually for individuals. (Explanation: Microblogs allow people to share their thoughts, opinions, and feelings with the entire world.)

Which of the following is true of the "Milk Life" marketing campaign?

Milk producers have created high levels of awareness about the benefits of drinking milk through this campaign.

Which are reasons why mobile marketing is increasingly important for marketers? (Choose every correct answer.)

Mobile app downloads are growing. Consumers spend billions of dollars using apps. The majority of people who own smartphones make purchases on these devices.

Which of the following are components of price? (Check all that apply.)

Money Energy Time

Which of the following have a direct impact on pricing in the global marketplace? (Choose every correct answer.)

National rules governing the competitive marketplace Tariffs and antidumping laws

Place the steps of the consumer decision process in order, with the first step at the top.

Need Recognition Information Search Alternative Evaluation Purchase and Consumption Post Purchase

Example Product for Value: Performance

Nike Shoes

What practices are increasingly common among companies that want their employees to have happy family lives? (Choose every correct answer.)

Offering flextime Offering daycare

Which of the following is NOT an example of customer loyalty?

Only purchasing organic products

Excellent supply chain and human resource management

Operational excellence

Which macro strategy is achieved in part through efficient supply chain management?

Operational excellence

Which type of excellence is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers?

Operational excellence

What pricing model requires the consumer to initially pay to download the app and then offers the ability to buy additional functionality?

Paid apps with in-app purchases

When marketers apply their understanding of the consumer's tendency to assign meaning to various product attributes, they are employing which psychological factor?

Perception

Which of the following are considered impulse products? (Choose every correct answer.)

Perfumes purchased in department stores Magazines purchased in supermarkets

What type of blog has the fewest marketing implications?

Personal

type of need according to Maslow's hierarchy of needs: Self-actualization

Personal growth

Need recognition would be greatest in which situation?

Pete returned home from work to find that his refrigerator is broken and that his refrigerated and frozen food must be thrown out.

Which level of Maslow's hierarchy of needs deals with the basic biological necessities of life?

Physiological

Sandra is walking down the street and finds herself in the mood for an ice cream cone. A few blocks later she passes an ice cream shop. Which of the four Ps is most at play here?

Place

Which element of the four Ps embodies all activities needed to get the product to the right customer when and where that customer wants it?

Place

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?

Place

Which marketing mix element deals specifically with retailing and marketing channel management? -place -product -price -promotion -packaging

Place (Explanation: The place element of the marketing mix more commonly deals specifically with retailing and marketing channel management.)

Coinstar uses the ________ element of the marketing mix when it makes its coin kiosks available for customers when and where they need them. -product -promotion -place -price -premium

Place (Explanation: The place element of the marketing mix represents all the activities necessary to get the product to the right customer when that customer wants it.)

What are the three major phases of the marketing plan? (Choose every correct answer.)

Planning Implementation Control

Which of the following can increase a foreign entrant's risk in a direct investment strategy?

Political instability

Johannes buys an expensive sports car that has a high monthly payment. Two weeks later, he gets laid off from his job and begins to regret buying the car. Johannes is experiencing which of the following?

Postpurchase cognitive dissonance

Why do many firms choose the direct investment strategy when entering foreign markets? (Choose every correct answer.)

Potential profits are not shared with other firms. It offers complete control over operations.

Which marketing mix variable is involved in the capture of value in the marketing exchange? -product -services -price -promotion -place

Price (Explanation: Marketers capture value in the exchange process through the price variable in the marketing mix. Marketers must determine the price of a product carefully on the basis of the potential buyer's belief about its value. The remaining three variables—product, promotion and place—are means through which to provide value.)

Which marketing mix element corresponds to what the buyer gives up in the marketing exchange? -product -price -promotion -distribution -place

Price (Explanation: Price is everything the buyer gives up—money, time, or energy—in exchange for the product.)

Which of the following are elements of the marketing mix? (Choose every correct answer.)

Price Product

Which of the following is the part of the marketing mix that seeks to create value by providing features and benefits that meet consumers' needs?

Product

Apple creates value for consumers by developing a variety of offerings, such as its Apple Watch, Mac computers, and iPhones. In doing so, Apple is focusing on which element of the four Ps? -price -place -planning -people -product

Product (Explanation: Although marketing is a multifaceted function, its fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.)

Effective branding and positioning

Product excellence

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?

Product excellence

The 4 P's

Product, Price, Place, Promotion

Marketing eras in order from oldest to most recent, with the oldest at the top.

Production Sales Marketing Value Based Marketing

What were the primary characteristics of the market-oriented era that followed World War II? (Choose every correct answer.)

Products were designed to focus on consumers' needs. It was a buyer's market.

Marketers strive for efficient operations to provide their customers with which of the following? (Choose every correct answer.)

Products with lower costs than those of competitors' The products they want The correct quantity of merchandise

What type of blog is written by people who review and give recommendations on products and services and are sometimes compensated for doing so?

Professional

Which of the following types of bloggers are being trusted by consumers while purchasing products and services?

Professional

In the marketing mix, which element of the four Ps communicates value to the consumer?

Promotion

______ is the part of the marketing mix that communicates the value of the product to the consumer.

Promotion

In order to improve the probability of customer satisfaction, the marketing manager is advised to do which of the following? (Choose every correct answer.)

Provide warranties and money-back guarantees Set realistic expectations for the product or service Demonstrate how to use the product correctly

What type of needs pertain to the personal gratification consumers associate with a product and/or service?

Psychological

Which set of influences are internal to the consumer?

Psychological

Which type of need might influence a person to purchase of a luxury automobile?

Psychological

When Boris buys candy to take to his boyfriend's parents' house at Thanksgiving, he brings a box of expensive boutique chocolates instead his favorite generic candy. In this case, Boris' choice is being influenced by which of the following?

Purchase situation

Marketers hope to create satisfied customers who will do which of the following? (Choose every correct answer.)

Purchase the company's products again Engage in positive word of mouth

Which of the following would be an internal factor when buying cologne?

Purchasing it for its pleasant scent

What are examples of conscious marketing? (Choose every correct answer.)

Recognizing that business is a subset of society Incorporating a higher purpose Taking a holistic view of business

What is true about the effect of relevant keywords on online search results?

Relevant keywords improve the ranking of a page or site.

Social media marketing is used by marketers to accomplish which of the following? (Choose every correct answer.)

Remind buyers about the brand and its benefits Communicate the value proposition of the brand

Paolo has signed up for a semester-at-sea program and has made a large nonrefundable deposit. Afterward, he begins to be concerned about the cost and the time he will spend away from his friends. Paolo might seek to reduce postpurchase cognitive dissonance by doing which of the following? (Choose every correct answer.)

Rereading the program literature and focusing on the benefits Seeking positive information from friends who have participated in the program

Locational excellence is particularly important for which type of firm?

Retailers

Which are supply chain partners? (Choose every correct answer.)

Retailers Transporters Wholesalers

All of the brands that Miguel can easily call to mind for laundry detergents, whether he would consider buying them or not, comprise his ______ set.

Retrieval

What are the three stages of memory? (Choose every correct answer.)

Retrieval Storage Encoding

What can consumers do to reduce postpurchase cognitive dissonance if they experience it after a purchase?

Return the product

Conscious marketing values suggest that a company's rules should include a code of ethics and a system for defining what?

Rewards and punishments

Which person's perceived lifestyle is aligned with his or her actual lifestyle?

Rico buys a durable and functional pair of yoga pants because he does yoga every day.

Example Product for Value: Status

Rolex Watch

Betty buys hand soap for her kitchen and bathrooms in order to prevent the spread of germs. She is motivated by a which of the following needs?

Safety

Personal selling was a hallmark of which marketing era?

Sales-oriented era

method of ensuring post-purchase satisfaction: Demonstrate how to use the product properly

Samsung provides a DVD with each microwave oven it sells showing how to prepare and cook dishes in the microwave.

Which statement supports the argument that search engine marketing (SEM) is important?

Search engine users generally read only the first few search results.

Which stage in the consumer decision process comes immediately after need recognition?

Search for information

Which statements about the way consumers make online purchases are true? (Select all that apply.)

Searches made via desktop computers have higher conversion rates than those made via mobile apps. Consumers use desktop computers more often than mobile apps.

type of need according to Maslow's hierarchy of needs: Safety

Secure employment, health

Which of Maslow's needs is the highest level of needs?

Self-actualization

Which of the following are the three potential global product strategies? (Choose every correct answer.)

Selling a product in the host country with minor adaptations from what is sold in the home country Selling a completely new product in the host country Selling the same product or service in both the home and host country

What is the most common method of introducing a product or service outside of the home country?

Selling the same product or service in the home country and host country

Vic reluctantly goes to a sporting goods store with a friend and is surprised to find that the design, colors, smells, and textures of the store make him feel as if he is outdoors, near a lake. What caused Vic to feel this way?

Sensory situation

A ______ is any intangible offering that involves a performance or an effort by the provider that cannot be physically possessed, inventoried, or otherwise held.

Service

When a company undertakes conscious marketing, what does it focus on? (Choose every correct answer.)

Shareholders Stakeholders

Giovanni goes to buy his wife a birthday present. When he arrives at the department store, it is crowded with shoppers, and he leaves. Giovanni's best intentions were thwarted due to which factor?

Situational

Which of the following factors typically influence the consumer decision process the same way each time? (Check all that apply.)

Social Psychological

Which statements about social media are true?

Social media are used by marketers and customers to share many kinds of information. Social media can be important components of an integrated marketing communications strategy. Social media facilitate interpersonal interactions.

Which key stakeholder demands that firms behave responsibly?

Society

What is the group of people who may be affected by a company's actions called?

Stakeholders

Which of the following factors have contributed to globalization? (Choose every correct answer.)

Standardization of laws across borders Faster movement of products and ideas Integration of production processes

Which of the following is a market entry strategy in which independent companies form a partnership to collaborate in the foreign market but do NOT invest in each other?

Strategic alliance

________ refer to collaborative relationships between independent firms, but the partnering firms do not invest in one another. -Franchises -Joint ventures -Strategic alliances -Direct investments -Indirect investments

Strategic alliances (Explanation: Strategic alliances refer to collaborative relationships between independent firms, though the partnering firms do not create an equity partnership; that is, they do not invest in one another.)

Firms can achieve operational efficiencies by developing which of the following?

Strong relationships with vendors

Which term refers to the set of approaches and techniques a firm employs to efficiently integrate suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction?

Supply chain management

Which of the following are used to achieve operational excellence? (Choose every correct answer.)

Supply chain management Efficient operations

Which type of marketing takes into account all stakeholders?

Sustainable marketing

Allowing consumers to touch products before purchasing them appeals to which of the five senses?

Tactile

What is the first sense that humans develop chronologically?

Tactile

A big box warehouse store hires people to hand out free samples of various food and beverage items for sale in the store. Which sense are they primarily appealing to?

Taste

Which of the five senses is likely the most important to Fresh, a restaurant that specializes in seafood dishes?

Taste

What are the two key elements marketers consider when determining price?

That price is not always monetary How much value customers believe the product has

Which of the following factors does a firm typically consider when conducting an internal assessment of its market expansion strategy? (Choose every correct answer.)

The current markets it serves Management's commitment to the proposed strategy Access to capital

Which of the following factors will most significantly influence the price of a product on the global marketplace?

The local pricing structures of individual markets

Which statements about the marketplace are true? (Select all that apply.)

The marketplace refers to the world of trade. The marketplace can be divided into categories that are important to an organization for specific reasons. For most firms, the best strategy is to target specific segments of the market.

Which statement about strategic planning is true?

The process can move back and forth between steps, depending on the situation.

What is culture?

The shared meanings, beliefs, morals, values, and customs of a group of people

Value-based marketers believe that consumers want which of the following when they purchase a product? (Choose every correct answer.)

Their wants to be met Their needs to be met A price that is a good value

Customers commonly stop supporting a company for which of the following reasons? (Select all that apply.)

They can no longer trust the company. The company is acting irresponsibly.

Which of the following is true of services?

They cannot be separated from the producer. Not True: They can be offered only if goods are purchased. They can be easily substituted with goods. They are tangible.

Which of the following is true of the most loyal customers?

They generally use multiple channels to make purchases.

When applying for a job, how might you market yourself? (Choose every correct answer.)

Through your cover letter Through the way you dress Through your answers to interview questions

Why would a firm record the number of abandoned virtual carts on its website?

To assess the conversion rate

Why do companies divide their customer base into differing categories?

To better understand specific customers' wants and needs

Why might marketers use location-based software and applications? (Choose every correct answer.)

To bring a relevant offer to customers while they are in a store

Why does a firm need a marketing plan? (Choose every correct answer.)

To clearly state its overall objectives To provide a reference point for evaluating if objectives have been met To explain how overall objectives will be met

What was the purpose of the Oatly marketing campaign?

To communicate the product's value

What is the basic goal of any website?

To convince users to engage with content

Which of the following describes the fundamental purpose of marketing?

To create value and satisfy consumer needs through a variety of offerings

What are purposes of the Milk Life marketing campaign? (Choose every correct answer.)

To encourage people to add milk to their diets to improve their health To sell more milk and dairy products

What is the purpose of playing background music in stores? (Choose every correct answer.)

To increase consumers' positive feelings toward the store To encourage consumers to stay in the store longer

What is the main purpose of search engine marketing (SEM)?

To increase the visibility of a firm in search results

Which of the following are among the principles of conscious marketing? (Check all that apply.)

To recognize the greater purpose of marketing To consider stakeholders and their interdependence To understand that decisions are ethically based

Which are among the seven primary needs that apps meet? (Choose every correct answer.)

To self-express To accomplish To discover

When firms develop a marketing mix as part of their global marketing strategy, what is their primary goal?

To sustain a competitive advantage over time

If a laundry soap manufacturer decides to introduce in a developing country a detergent that requires far less water than the detergent it sells in its home country, which global product strategy is the company using?

Totally new product or service

What global product strategy does a firm pursue if it offers a product in one country that uses ingredients not found in the products it sells in other countries?

Totally new product or service

Disney parks offer excellent customer service by doing what? (Choose every correct answer.)

Training staff to be extremely friendly to guests Finding and helping people who are lost Training all employees to be able to give customers information

The complex value chains inherent in global distribution networks include which of the following? (Choose every correct answer.)

Transportation systems Wholesalers Importers and exporters

True or false: A global marketing mix is more complicated than a domestic marketing mix.

True

True or false: Consumers often evaluate alternatives while still engaged in the search process.

True

True or false: Educating consumers includes reminding people about what they already know.

True

True or false: Evaluation of alternatives often takes place during the information search process.

True

True or false: Goals form the basis of any marketing strategy.

True

True or false: Goods and services may be offered together.

True

True or false: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.

True

True or false: Location-based applications are an effective way of targeting customers before they make a purchase decision.

True

True or false: Situational factors sometimes override psychological and social issues.

True

Why is it useful for marketers to divide marketplace consumers into discrete groups or segments?

Understanding specific marketplace segments can lead to marketing strategies that target relevant groups.

method of ensuring post-purchase satisfaction: Recognize loyal customers

United Airlines periodically sends substantial coupons for upgrades to consumers who fly regularly.

Unethical marketing behavior includes which actions? (Choose every correct answer.)

Using false advertising Misrepresenting company earnings

Which of the following is LEAST effective when building a sustainable competitive advantage?

Using only a single strategy

______ reflects the relationship of benefits to costs, or "what you get for what you give."

Value

______ reflects the relationship of benefits to costs, or what you get for what you give.

Value

In which era of marketing evolution are we functioning today?

Value-based

In general, what is the first sense to be triggered in a new setting?

Visual

What are the situational factors that could alter the consumer decision making at the time of purchase? (Choose every correct answer.)

Weather Store environment Time of day

What is an example of a contextual element?

Website design

Attitude Component: Cognitive

What we believe to be true

Attitude Component: Affective

What we feel about something

What are reasons why strategic planning may NOT occur sequentially? (Choose every correct answer.)

When a situation analysis necessitates that the mission statement be revised When the implementation plan cannot move forward because there are too few resources When new logical alternatives arise

When are consumers most apt to forgo evaluating alternatives?

When buying toilet paper, tissues, and paper towels

An environmental nonprofit organization is using Instagram to market the idea that reducing greenhouse gas emissions is a good way to reduce climate change. In this scenario, when does the value exchange occur?

When its Instagram followers reduce their greenhouse gas emissions

Which events helped create a situation in which manufacturers produced more than customers could buy? (Choose every correct answer.)

World War II The Great Depression

Which of the following are examples of external searches for information when looking to purchase a new car? (Choose every correct answer.)

You browse the manufacturer's website. You purchase a copy of Consumer Reports. You ask your brother how he likes his new car.

Which of the following is NOT a way to perform an internal search for information when deciding where to go get lunch?

You go to a new area of town and look around.

Sal wants to create a vivid experience of his company's product, a floor-sweeping robot, for online consumers. Which medium would be the most useful to him?

YouTube videos

A company that has successfully built a wall around its position in the market, making it hard for competitors outside the wall to enter the market and compete, is an example of a company that has established ________.

a competitive advantage

Once a marketer has earned a good service reputation, it can sustain this advantage for a long time because ________.

a competitor will be hard-pressed to develop a comparable reputation

A franchise is a contractual agreement between ______.

a firm or individual and another firm or individual

A marketing plan includes all of the following EXCEPT ________.

a plan on how to pitch investors Reason: This would be part of your business plan.

Need recognition is the difference between a(n) ______ state, such as the fact that the consumer is hot and thirsty, and a(n) ______ state, in which a lemonade would be refreshing and would offer one solution to the problem.

actual; desired

Sheryl loves to play Words With Friends, and although she appreciates the free version of the app, she hates the ads that appear following each turn. What is this way of generating revenue called? -paid apps -user-supported apps -ad-supported apps -freemium apps -in-app purchases

ad-supported apps (Explanation: Ad-supported apps are free to download, but ads appear on the screen. They generate revenues while users interact with the app.)

The level of economic development, as well as differences in product and technical standards, help determine the need for and level of product ______ in a global product strategy.

adaptation

Elements in a global communication strategy usually need to be ______ to the local market to be effective.

adapted

Ad-supported apps are free to download but are monetized through the use of ________.

advertisements

When a consumer gives up money (or something of value) in order to receive something else of value, this is called ________

an exchange

According to the consumer decision process, after consumers recognize the need for a product, they then engage in -psychological need recognition. -an information search. -an evaluation of alternatives. -the purchase of the product. -post-purchase behavior.

an information search. (Explanation: The second step in the consumer decision process, after the consumer recognizes a need, is to search for information about the various options that exist to satisfy that need.)

"Freemium" and "paid" are examples of ________.

app pricing models

In Step 2 of the five-step marketing planning process, a firm ________.

assesses how various players affect the firm's potential for success

Gretta has never tried Pert shampoo, but she doubts that a two-in-one shampoo can be as effective as the shampoo and conditioner that she uses daily. Her negative predisposition toward the brand is her:

attitude.

The social-media equivalent of a personal journal or diary is called a(n) ________.

blog

The majority of products and services are likely to satisfy -functional needs. -psychological needs. -personal needs. -both personal and functional needs. -both functional and psychological needs.

both functional and psychological needs. (Explanation: Most goods and services seek to satisfy both functional and psychological needs although to different degrees depending on the product category.)

Hannah's Hair Salon provides haircuts and hair color treatments, and also sells various shampoo and conditioners. Hannah's Hair Salon, therefore, provides -both services and ideas. -both goods and services. -goods, services, and ideas. -only goods. -only services.

both goods and services. (Explanation: Judy's Hair Salon provides both physical goods (shampoo and conditioner) as well as services (haircuts and hair color treatments).)

What is one of the major considerations involved when a company develops its marketing strategy? -analysis of human resource policies -determination of sustainable business practices -review of all corporate standards -building a competitive advantage -summary of executive compensation

building a competitive advantage (Explanation: A marketing strategy identifies a firm's target markets(s), a related marketing mix (four Ps), and the bases on which the firm plans to build a sustainable competitive advantage.)

When businesspeople distinguish between right and wrong decisions in a business setting it is called ______.

business ethics

The American Marketing Association's definition of marketing contains which of these activities? -planning -capturing -evaluating -satisfying -competing

capturing (Explanation: The American Marketing Association (AMA) states that marketing is "the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.")

What are the three components that make up a person's attitude? -cognitive, affective, behavioral -psychological, behavioral, social -perception, motives, needs -universal, evoked, reference -internal, external, habitual

cognitive, affective, behavioral (Explanation: An attitude consists of three components. The cognitive component reflects a person's belief system, or what we believe to be true; the affective component involves emotions, or what we feel about the issue at hand, including our like or dislike of something; and the behavioral component pertains to the actions we undertake based on what we know and feel.)

The fact that Mercedes-Benz is known by three Chinese names in Asia—peng zee in Cantonese for Hong Kong, peng chi in Mandarin for Taiwan, and ben chi in Mandarin for mainland China—illustrates the importance of developing different ________ for global markets. -cultural differences -service strategies -pricing strategies -distribution systems -communication strategies

communication strategies (Explanation: One of the considerations for developing communication strategies for global markets is that there are many countries where there are multiple variants on a language.)

Which of the seven critical elements of online marketing is best addressed by thought-sharing sites? -context -core plans -community -content -connection

community (Explanation: Thought-sharing sites are particularly effective for creating a sense of community, whether they take the form of personal, corporate, professional, or microblogs.)

Companies must deliver more value and satisfaction to target consumers than its competitors to gain a -competitive advantage. -competitor analysis. -competitive benchmark. -competitor-centered advantage. -competitive franchise.

competitive advantage. (Explanation: Delivering greater value to consumers is central to developing a competitive advantage. This requires that companies sustain their advantage over time, minimize competitive pressure, and boost profits in the long term to remain viable in a highly competitive marketplace.)

Language differences can ______ marketers' ability to communicate with customers in different countries.

complicate

The SWOT analysis is typically conducted during which step in the marketing planning process? -defining the mission -conducting a situation analysis -identifying and evaluating opportunities -implementing the marketing mix -evaluating performance

conducting a situation analysis (Explanation: The second step in the marketing planning process, conducting a situation analysis, often incorporates the use of a SWOT analysis.)

The evolution of ______ marketing means that now companies take into consideration not only their shareholders but also their stakeholders.

conscious

A difference between CSR and conscious marketing is -CSR incorporates a higher purpose and a caring culture. -conscious marketing is often grafted onto the traditional business model. -CSR recognizes that business is a subset of society. -conscious marketing reflects a traditional view of business. -conscious marketing puts social responsibility at the core of the business.

conscious marketing puts social responsibility at the core of the business. (Explanation: Though conscious marketing and CSR have some clear connections, they also differ in critical ways. One of these is that CSR often grafts social responsibility onto the traditional business model, usually as a separate department or part of PR. Conscious marketing puts social responsibility at the core of the business through higher purpose and views the community and the environment as stakeholders.)

Recognizing marketing's greater purpose is one of the overriding principles of -the triple bottom line. -corporate social responsibility. -marketing ethics. -business ethics. -conscious marketing.

conscious marketing. (Explanation: Conscious marketing entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services. It encompasses recognition of marketing's greater purpose.)

What is one of the core practices among value-oriented marketers? -keeping information confidential by not sharing it among the firm's subsidiaries -constantly measuring the benefits that customers receive against the costs of offerings -maintaining a transactional orientation in the seller-buyer relationship -managing the relationships among employees -consistently selling products below the cost of production

constantly measuring the benefits that customers receive against the costs of offerings (Explanation: Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings. They use available customer data to find opportunities to satisfy their customers' needs better, keep down costs, and develop long-term loyalties.)

Fast Bean sells coffee to Federico to brew and drink at home. This is an example of business-to-______ marketing.

consumer

It is important for modern firms to build and maintain ______ by conducting ethical and transparent transactions.

consumer trust

What is the first step in the 7C framework?

core goals

What type of blogs are central to organizations' digital marketing efforts? -professional blogs -personal blogs -microblogs -personal blogs -corporate blogs

corporate blogs (Explanation: Corporate blogs created by the companies themselves are central to their digital marketing efforts. These blogs can educate customers as they discuss their products or services and create excitement when they promote special offers.)

When JetBlue Airlines provides travelers with in-flight WiFi shopping, it is ______ to satisfy customer needs.

creating value

As a competitive advantage, ______ excellence focuses on retaining loyal consumers and offering excellent service.

customer

Four Seasons Hotels & Resorts is recognized as an industry leader for exemplary customer service and has continued to add new ways to serve customers better than its competitors. In doing so, the hotel chain has focused on sustaining its competitive advantage through ________ excellence. -customer -operational -sustainable -product -locational

customer (Explanation: Customer excellence is one of the macro strategies available to companies to develop a sustainable competitive advantage in the marketplace. Marketers in companies like Four Seasons position themselves as leaders in customer service by continually investing in innovations to enhance the levels of service to their customers.)

Firms that practice value-based marketing typically use a process known as ______, which includes a set of strategies, programs, and systems that focus on building loyalty among the firm's most valued customers.

customer relationship management

A bakery decided to reduce the amount of sugar in its chocolate chip cookie recipe. Which stakeholder category did this effort target? -customers -employees -the marketplace and bakery industry -society -the corporation

customers (Explanation: Especially as changes in the marketing environment emerge, firms must consider the effects on their current customers as well as future customers they have targeted, which is exemplified by this bakery reducing the amount of sugar in its chocolate chip cookies.)

In Step 1 of the planning phase, a firm ________.

defines the mission and/or vision of the business

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ________ value.

deliver

If one firm in an industry decides to develop a corporate social responsibility program, its competitors are often forced to ______.

develop their own CSR programs

Global marketing strategies includes two elements: identification of the target markets and ______.

developing a competitive marketing mix

Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, focuses on ________.

developing goods and services

The term for all online marketing activities, including social media and mobile marketing, is ________.

digital marketing

The computer maker Lenovo started in China but later expanded its operations. In addition to purchasing IBM's PC division and Motorola's handset business unit, it established parallel headquarters in both Beijing and North Carolina. This is an example of which global entry strategy? -franchise -joint venture -strategic alliance -exporting -direct investment

direct investment (Explanation: Direct investment requires a firm to maintain 100 percent ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsidiaries.)

Which global entry strategy has the highest degree of risk? -exporting -direct investment -a strategic alliance -franchising -a joint venture

direct investment (Explanation: Direct investment requires the highest level of investment and exposes the firm to significant risks, including the loss of its operating and/or initial investments.)

Retailers may devise a creative solution for getting their product to hard-to-reach consumers. The development of this type of solution is part of the firm's ______.

distribution strategy