MKT 320: Exam 1 Study Guide

The Harvest County School Board is concerned about deteriorating school facilities, combined with a shrinking budget. The board began by studying the issue, and then identified parents, children, teachers, staff, and taxpayers as groups who have a vested interest in the problem. The school board has listened to each group's concerns. In the Ethical Decision-Making Framework, its next action should be to A. identify issues of concern to lawmakers. B. assess impact of its actions beyond the classroom. C. engage in brainstorming and evaluate alternatives. D. choose a course of action. E. evaluate the legal ramifications.

C. engage in brainstorming and evaluate alternatives.

A Groupon offer for discounted theater tickets was sent to targeted customers who had previously purchased movie or theater tickets. This best describes which of the 4E frameworks? A. engage B. energize C. excite D. experience E. educate

C. excite

Value-oriented marketers constantly measure A. promotional effectiveness with ethical advertising standards. B. the problem of price maximization with cost-efficiency. C. perceived customer benefits with the costs of their offerings. D. the desire to achieve with the need for a stable source of supply. E. the goal of efficiency with the price charged by competitors.

C. perceived customer benefits with the costs of their offerings.

Marketing traditionally has been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT: A. product B. place C. performance D. promotion E. price

C. performance

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

C. personal; professional

When identifying and evaluating opportunities, STP refers to: A. simplification, teaching, and professing. B. strategic, target, and preferences. C. segmentation, targeting, and positioning. D. situation, teamwork, and planning. E. sustainable, temporary, and positions.

C. segmentation, targeting, and positioning.

Which of the following social media tools is a type of all-in-one marketing software that can be used to educate customers? A. Facebook B. Twitter C. LinkedIn D. HubSpot E. WordPress

D. HobSpot

Over the last few months, Juan and his colleagues have analyzed the current business situation and identified target markets for his firm's personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, Juan has also identified what he believes is an advantage his competitors cannot match. Juan and his colleagues have been developing A. a business mission statement. B. a strategic vision. C. team-building exercises. D. a marketing strategy. E. competitive assessments.

D. a marketing strategy

Nordstrom's, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service has probably resulted in: A. product design excellence. B. mission statement satisfaction. C. sustainable price decreases. D. a sustainable competitive advantage. E. producer excellence.

D. a sustainable competitive advantage

Alicia has been asked to approve a marketing campaign which, although it is not illegal, promotes food products to children. She is concerned that the food products are not particularly nutritious, although they are not as bad for children as some others sold by competitors. She reviews the tests in the Ethical Decision-Making Metric, and she decides her best course of action is to A. ignore the metric as unworkable, since the campaign might pass some of the tests and fail others. B. consider the profit potential first; then explore the vague tests in the metric. C. not worry about the children; their parents are likely to make the buying decision, and they should be able to decide for themselves. D. evaluate the alternative using a series of questions. E. consult the firm's code of ethics for guidance and leave personal ethical considerations out of the decision-making process.

D. evaluate the alternative using a series of questions.

Alan wants to upgrade his look before a job interview. A friend tells him about a men's clothing line that allows potential customers to virtually try on suits and see what looks best. It even offers an interactive "custom fit" feature. After checking out his options, Alan takes his measurements and orders a suit without ever leaving his office. Virtually trying on a suit best describes which of the 4E framework objectives? A. engage. B. energize. C. excite D. experience E. educate

D. experience

Companies can find out a lot about customers using sentiment analysis on sites like Facebook and Twitter, or put another way, by A. reacting. B. exciting. C. engaging. D. listening. E. educating.

D. listening

Which of the following is a core aspect of marketing? A. satisfying the firm's wants and needs. B. creating a product that everyone will want to buy C. setting prices lower than all competitors D. making product, place, promotion, and price decisions E. increasing the company's profit

D. making product, place, promotion, and price decisions

To determine how attractive a particular market is using the BCG portfolio analysis, __________ is(are) established as the vertical axis. A. competitive intensity B. sales dollars C. market size D. market growth rate E. market profit potential

D. market growth rate

The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of A. internal, controllable marketing issues. B. issues that don't even need to be discussed in ethical firms. C. marketing issues but not ethical issues. D. marketing ethical issues. E. ethical issues but not marketing issues.

D. marketing ethical issues.

The evolution of marketing progressed along the continuum: A. sales, marketing, value-based marketing, production B. marketing, value-based marketing, production, sales C. value-based marketing, production, sales, marketing D. production, sales, marketing, value-based marketing E. sales, value-based marketing, marketing, production

D. production, sales, marketing, value-based marketing

Southwest Airlines operates a blog called Nuts About Southwest. A group of employees share the responsibility for posting items of potential interest to customers—for example, short videos about Southwest's travel destinations, articles (with photos) about special events, and news about airline promotions. Nuts About Southwest is an example of a A. Corporate blog B. Network blog C. Personal blog D. Professional blog E. Social blog

A. Corporate blog

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

A. Engage

For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25- to 50-year-old educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented Celestial's primary A. mission statement. B. positioning. C. SBU. D. target market segment. E. sustainable competitive advantage.

D. target market segment

How might a technology company like Apple ensure that it behaves in a socially responsible way towards its customers? A. It can protect the privacy of personal information collected on its website. B. It can adhere to government-mandated safety standards in its stores. C. It can ensure that it pays its employees fairly. D. It can ensure that its packaging materials are recyclable. E. Social responsibility isn't relevant where customers are concerned; it has to do with serving society as a whole.

A. It can protect the privacy of personal information collected on its website.

Lauren decides to use Twitter to market her hand-painted scarves to other women on her campus. She sets up a Twitter account with the name @uniquedesignsbylauren and posts this on her Facebook page, making sure to tweet every few days. Soon Lauren is selling a lot of scarves. Lauren's Twitter account is an example of A. Microblogging B. Media sharing C. Thought sharing D. Social networking E. Social bookmarking

A. Microblogging

When a T-shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing? A. Production-oriented B. Sales-oriented C. Market-oriented D. Value-based marketing E. Economic-oriented

A. Production-oriented

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's: A. strengths. B. opportunities. C. strengths and weaknesses. D. weaknesses. E. opportunities and threats.

E. opportunities and threats

Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people. When reading about the core aspects of marketing, Julia is relieved to see that in marketing: A. all parties to an exchange should be satisfied. B. promotion is the most important consideration, followed by pricing decisions. C. decisions are made regarding how a product is designed. D. customers are not considered until the product is ready for sale. E. distribution is controlled by customers.

A. all parties to an exchange should be satisfied.

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's A. conversion rate. B. extended network. C. bounce rate. D. hits. E. click paths.

A. conversion rate

When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of A. customer excellence B. operational excellence C. product excellence D. promotional excellence E. global excellence

A. customer excellence

At the Sol Wave House hotel, located on the beautiful island of Majorca, Spain, a Twitter concierge stays in constant contact with its guests. If a guest has a problem or question, the answer is just a hashtag away. This is an example of the impact of which of the following? A. dynamic effect B. network effect C. connected effect D. interconnected effect E. information effect

A. dynamic effect

Garrett has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. According to the Framework for Ethical Decision Making, the first thing Garrett should do is to A. identify issues that need to be addressed. B. promote the firm's corporate social responsibility efforts. C. gather information and identify stakeholders. D. brainstorm and evaluate alternatives. E. choose a course of action.

A. identify issues that need to be addressed.

Whenever Valerie has a new massage therapy customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her massage therapy service for payment, Valerie is gathering A. information. B. promotional capital C. pricing data D. value cocreation E. feedback.

A. information

Of the seven primary motivations for mobile app usage, which one do people spend the most amount of time on each month? A. need for "me time" B. need for socializing C. need for shopping D. need for accomplishing E. need for self-expression

A. need for "me time"

If a radio station holds an online contest in which you must log in to its website and submit personal details such as name, phone number, and email in order to participate, the radio station is A. offering an exchange. B. behaving unethically. C. hoping to receive feedback. D. implementing a CRM program. E. overstepping its role.

A. offering an exchange.

Jami sells construction equipment. Whenever Jami calls on his building contractor customers he asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A. satisfying customer needs and wants. B. exchange function of marketing. C. product, place, promotion, and price decisions. D. decisions regarding in which setting marketing takes place. E. creating value objective of marketing.

A. satisfying customer needs and wants.

Customer retention programs are based on what concept? A. Customer excellence is the easiest macro strategy to follow. B. Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis. C. It is important to maximize profits in the first few months of a customer relationship. D. Segmentation, targeting, and positioning analysis should not be rushed. E. Firms must spend large amounts of money to retain customers.

B. Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis.

Denny is considering the question, "Did our actions have a negative impact on any stakeholder group?" Denny is addressing marketing ethical issues in the __________ phase of the strategic marketing planning process. A. planning B. control C. implementation D. brainstorming E. situation analysis

B. control

The 4E framework for social media guides marketers in using social media effectively to build and deepen customer relationships. All of the following are included in the 4E framework except A. engagement. B. energy. C. excitement. D. experience. E. education.

B. energy

Current research points to which pricing model for apps as the most effective? A. ad-supported apps B. freemium apps C. in-app purchases D. paid apps E. paid apps with in-app purchases

B. freemium apps

An example of the ___________ effect is when BMW gained in-depth information about visitors to a popular Chinese social media site, and used that information to determine which visitors were likely to be luxury car buyers and targeted advertising toward them. A. media B. information C. connected D. social E. interconnected

B. information

A ________________ growth strategy employs the existing marketing offering to reach new market segments. A. product proliferation B. market development C. market penetration D. diversification E. product development

B. market development

The Ethical Decision-Making Framework includes all of the following steps EXCEPT: A. identify issues. B. promote the firm's corporate social responsibility efforts. C. gather information and identify stakeholders. D. brainstorm and evaluate alternatives. E. choose a course of action.

B. promote the firm's corporate social responsibility efforts.

Conscious marketing encompasses all of the following overriding principles except A. recognition of marketing's greater purpose. B. recognition of the company's bottom line. C. consideration of stakeholders and their interdependence. D. the presence of corporate leadership, creating a corporate culture. E. the understanding that decisions are ethically based..

B. recognition of the company's bottom line.

Rock-Bend Company is considering buying out a competing firm and closing most of the competitor's factories. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluation of alternatives. Management reviewed and refined the alternatives, and then chose a course of action. If the managers are not confident about the decision, they should A. lower their offering price for the competing firm. B. reexamine their alternatives. C. consult customers. D. trust their instincts and move forward. E. choose the least risky option.

B. reexamine their alternatives.

After conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps, Monique now has to make _____________ decisions. A. competitive response B. resource allocation C. market growth D. product line E. mission statement

B. resource allocation

How might a technology company like Apple ensure that it behaves in a socially responsible way towards its employees? A. By paying at least minimum wage when the law requires it. B. By adhering to government-mandated safety standards in the workplace. C. By ensuring that pay practices are fair at all levels of the company. D. By ensuring that its packaging materials are recyclable. E. Social responsibility isn't relevant where employees are concerned; they are paid for their work and that's enough.

C. By ensuring that pay practices are fair at all levels of the company.

Suppose that Nike wanted to use Facebook to increase awareness of a new line of tennis shoes. Which of the following methods would allow Nike to specifically target Facebook users who have mentioned tennis in their profiles? A. Uploading a coupon to the Nike fan page. B. Encouraging Facebook users to "like" the Nike page so their friends will see this action. C. Placing a Facebook ad. D. Creating a Facebook tab allowing users to view the tennis clothing within Facebook. E. Placing a Facebook link on the Nike corporate website.

C. Placing a Facebook ad.

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

C. blog

Product excellence occurs through: A. customer loyalty B. strategic acceptance C. branding and positioning D. value-based penetration E. operational excellence

C. branding and positioning

The idea of value-based marketing requires firms to charge a price that A. covers costs and generates a modest profit. B. includes the value of the effort the firm put into the product or service. C. captures the value customers perceive that they are receiving. D. prioritizes customer excellence above operational excellence. E. matches competitors' prices.

C. captures the value customers perceive that they are receiving.

Individuals achieve the _____________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook. A. media B. information C. connected D. social E. interconnected

C. connected

Every year, General Mills issues a report discussing how the firm has performed against its own standards of ethical conduct. This report is part of General Mills' __________ phase of their strategic marketing planning process. A.planning B. implementation C. control D. evolution E. marketing mix

C. control

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on A. transaction-oriented marketing. B. premium pricing. C. his seniority at the firm. D.special incentives from tour operators. E. value cocreation.

E. value cocreation

Value is: A. the lowest cost option. B. represented by brand names. C. the highest priced alternative. D. everyday low prices. E. what you get for what you give.

E. what you get for what you give.

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems with the property. Previously, they were expected only to answer buyers' questions. The new regulation addressed the marketing ethical problem of A. high pressure sales techniques. B. deceptive sales tactics C. misrepresentation of company data. D. misleading advertising. E. withholding information.

E. withholding information

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the _________ marketing era. A. production-oriented B. sales-oriented C. market-oriented D. value-based marketing E. retailing-oriented

D. value-based marketing

Which of the following statements regarding corporate social responsibility is true? A. It incorporates higher purpose and a caring culture. B. It takes a holistic, ecosystem view of business as a complex adaptive system. C. It understands that decisions are ethically based. D. Social responsibility is at the core of the business through the higher purpose and viewing the community and the environment as stakeholders. E. It sees limited overlap between the business and society, and between business and the planet.

E. It sees limited overlap between the business and society, and between business and the planet.

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages? A. Locational excellence B. Customer excellence C. Operational excellence D. Product excellence E. Planning excellence

E. Planning excellence