MKT 340 Final Exam
The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of
marketing ethical issues.
The ________ for natural skin care company Burt's Bees is to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you."
mission statement
Maximizing profits at the expense of relationships is almost the opposite of customer retention strategies since it focuses on...
quick profits at the possible expense of larger profits in the long run.
Conscious marketing encompasses all of the following overriding principles except
recognition of the company's bottom line.
Value reflects the...
relationship of benefits to costs.
When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ________, including the ranchers that supply the food, its customers, and animal welfare groups.
stakeholders
A ____________ strategy focuses on achieving a particular return on investment, which is a way of increasing profits.
target return
All of the following are included in the decision-making metric except
the likability test.
1. Marketing Fundamentals The primary purpose of marketing is _______________
to create value for customers and stakeholders.
(T/F) In the United States, most consumer packaged goods found in grocery and discount stores are already in the maturity stage.
true
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 ethics problem of
withholding information
Which of the following statements best describes global expansion through a strategic alliance?
A strategic alliance is a relationship in which two firms collaborate on a business opportunity, but do not invest in each other.
Promotion and Value Communication types
Advertising Personal selling Sales promotion Public relations Direct marketing Online marketing (including social media)
56% of online shoppers start their product searches on which online site?
Amazon
Sales people selling products used by other businesses; are consider as in ______ sales.
B2B
Value creation is a key consideration for both ________________.
B2C and B2B marketing.
What does CTR stand for? Must be exact.
Click Through Rates
________ entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services.
Conscious marketing
A company is assessing opportunities in the BRIC countries and determines that ________ is one of the youngest populations in the world and is increasingly adopting global attitudes.
India
What is the most basic corporate social responsibility to employees?
To ensure a safe working environment
All of the following statements regarding corporate social responsibility are true except
a firm's responsibilities to society are not associated with the demands, expectations, requirements, and desires of various stakeholders.
The term trade deficit refers to
a higher levels of imports than exports.
When shopping for a car you notice a significant price gap between domestic and imported cars, with the imported cars being much more expensive. This could be the result of
a tariff
Oscar Rodriguez is proposing Vision Innovation CEO that the firm start selling eyeglass frames in Europe. Overall, the company does not have a lot of capital and is risk-averse. Oscar will most likely recommend that Vision Innovation
export their eyeglasses
Globalization refers to the processes by which goods, services, capital, people, information, and ideas
flow across national borders.
After he retires, Adam Nguyen wants to open a gourmet sandwich business. He has big dreams and hopes to expand internationally. Adam does not want to take a lot of risk in his global expansion. He is willing to limit his control of international stores. Adam will most likely use a(n) [-----] strategy.
franchising
Important to segmentation are demographic factors such as...
gender, age, income, and education
Some companies decide to go with the ___________________________________ product in multiple countries. Other companies believe they can better differentiate themselves from competition if they modify product features to meet local market needs and wants.
global product strategy of selling the same
The ethical decision-making metric poses a set of questions to...
help make ethical business decisions.
Perceived risk is a key factor in deciding...
how much time and effort to devote to information search.
Hisaoki picks up the local newspaper and reads a stinging letter to the editor criticizing his beverage company for supporting a sporting event for children with disabilities. The letter writer is critical of a banner displayed at the event with the logos of alcoholic beverages and Hisaoki's company name. Hisaoki never considered that this problem might arise. Hisaoki's company failed to
identify issues
Oscar Rodriguez is working on a situational analysis to support Vision Innovation's expansion into Bangladesh. Oscar is considering the question, "How will we get our products to stores in Bangladesh?" Oscar evaluating the commerce [-----] in Bangladesh.
infrastructure
Jeremy, who always has the latest computer technology, is likely to be among the first group to adopt a new type of computer. This makes him part of the ____________ group.
innovator
Oscar Rodriguez is exploring the idea of expanding Vision Innovation into Brazil. His primary concern is addressing the differences in local market and gaining access to resources such as vendors and real estate. Oscar is looking for local firms interested in pooling resources, sharing risk and sharing the financial gain. Oscar will most likely select a(n) [-----] strategy.
joint venture
As vice president of marketing for Toyota, Adam Nguyen pays close attention to trends in Toyota's international markets. This includes tracking changes in tariffs. Tariffs are used by countries to reduce foreign competition and
as a response to perceived unfair trade practices
A marketing plan specifies...
(1) how the product or service will be conceived or designed (2) how much it should cost (3) where and how it will be promoted (4) how it will get to the consumer
Ethical Decision-Making Metric
**Publicity Test - would I want this action seen on a magazine cover? Moral Mentor Test - would the person I admire most engage in this activity? Admired Observer Test - would I want the person I admire most to see me engage with this activity? Transparency Test - do I have reasonable excuse for my action? Person in the Mirror Test - would I be able to respect myself if I looked in a mirror? Golden Rule Test - would I like to be on the other end of this action?
Core Aspects of Marketing
- creating value - satisfying customer needs and wants - an exchange- requires product, price, place, and promotion decisions - can be performed by both individuals and organizations - affects various stakeholders
The external components of a SWOT analysis are ________________. The internal components are ________________. SWOT is used in the ______________ of the Market Plan process.
1 - opportunities and threats 2 - strengths and weaknesses 3 - second step
STP (Segmentation, Targeting, and Positioning) 3 steps. STP is the 3rd step of Market Plan creation.
1- divides the marketplace into subgroups or segments 2 - determines which of those segments it should pursue or target 3 - decides how it should position its products and services to best meet the needs of those chosen targets
What type of media is this? Mentions (from third parties) Shares (from third parties) Reposts (from third parties) Reviews (from third parties)
Earned
Among the various international trade agreements, NAFTA and now the United States-Mexico-Canada Free Trade Agreement (USMCA) represent the highest level of integration across individual nations.
False
An advertiser is charged for a bumper ad only when someone chooses to view the ad for at least 30 seconds or engages with the ad - like clicking on a call-to-action overlay, a card, or a companion banner.
False
CTA, CPM, CRM and SERP are all metrics.
False
Call to action is a button at the end of a video or display ad that allows customers to click to call the advertiser.
False
Global distribution networks that involve wholesalers, exporters, importers, and different transportation systems generally lower costs and prices for products.
False
Glocalization refers to a global marketing strategy in which each of the four Ps is customized for each country.
False
Marketers choose SEO due to the speed and control it provides.
False
One of the advantages of search engine optimization is that the advertiser only pays when someone clicks on its URL.
False
Retargeting is a popular form of search engine marketing.
False
The goal of pay-per-click advertising is to have high click-through rates, conversion rates, and bounce rates.
False
The top three digital advertising platforms are Google, Amazon and Facebook in that order.
False
The most common measure of market potential of an economy is a country's
GDP
Diffusion of Innovation percentages
Innovators are 2.5 percent. Early adopters are 13.5 percent. Early majority is 34 percent. Late majority is 34 percent. Laggards are 16 percent.
What does KPI stand for? Three words. Must be exact.
Key Performance Indicator
Which social media users spend online more than 2.5 times as much as an average U.S. consumer?
Which one(s) of the following is an advantage of digital marketing?
Micro Targeting Personalization Measurement Cost Stickiness
Although customer-specific data may be collected at the point of sale, they are _____ part of the information that flows in the supply chain.
NOT
Which of these is not one of the 4E Framework of Digital Marketing?
NOT: Entertain 4E= Excite, Educate, Experience, Engage
What type of media is this? Company website Company blog(s) Company social media
Owned
What type of media is this? PPC Display ad Retargeting Social media ads
Paid
_____________ radically change competition and consumer preferences.
Pioneers
Promotion, Product, Price, and Place deliver what?
Product - creating value Price - capturing value Place - delivering value Promotion - communicating value
Marketing Mix or 4Ps
Product, Price, Place, Promotion
Which of the BRIC nations is most literate? a. Russia b. South Africa c. Brazil d. India e. China
Russia
What does SERP stand for? Must be exact.
Search Engine Results Page
The "S" in BRICS stands for
South Africa
Administered vertical marketing system
There is no common ownership or contractual relationships, but the dominant channel member controls or holds the balance of power.
(T/F) For Iowa State University College of Business, our product lines might be departments (majors) such as Finance, Marketing, IT, SCM, and Management.
True
(T/F) Personal selling is the two-way flow of communication between a buyer and a seller.
True
(T/F) Syndicated data is data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and ACNielsen.
True
Attribution is an attempt at measuring the level of success each form of marketing contributes to a marketing campaign.
True
CRM is a tool used for both lead nurturing and customer retention.
True
CTR, CPC, CPL and ROAS are all metrics.
True
Each of the following have over 1 billion users: Facebook Google Search Engine Gmail Android Chrome Google Maps YouTube Google Play Store Google Drive Google Photos
True
Generally speaking, in the digital marketing world, a conversion is when a consumer does what you want her to do, e. g. purchase the product.
True
In most European countries retailers can't sell below cost, and in others they can't advertise "before" prices if the product hasn't been sold at that price for two weeks.
True
Key corporate social responsibility (CSR) stakeholders typically include all of the following: the firm's employees and their families customer groups members of the community the environment the firm's partners and competitors
True
Paid search ads and organic listings are both found on a SERP.
True
The Golden Rule test asks the question, "Would I like to be on the receiving end of this action and all its potential consequences?"
True
All of the following are questions posed in the ethical decision-making metric except
Will this action help advance my career?
Which social media site is best suited to help consumers experience a product before buying?
YouTube
In the ethical decision-making metric, the question that asks "Would I want the person I admire most to see me doing this?" applies to the
admired observer test.
Brand dilution occurs when the brand extension ___________ affects consumer perceptions about the attributes the core brand is believed to hold.
adversely
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, ________ should engage in brainstorming and evaluating alternatives.
all parties relevant to the decision
The first step in the segmentation, targeting, and positioning process is to ____________________ of the company's marketing strategy clearly.
articulate the vision or objectives
Ultimately, a product should attempt to satisfy a customer's needs. Pricing based on buyers' perception of value ensures that...
buyers believe the product is worth its price
When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming
conscious marketers.
A _______________ strategy is a type of competitor-oriented strategy in which the firm sets prices similar to those of the competition.
competitive parity
Oscar Rodriguez had developed an extremely successful advertising and promotion campaign for a Vision Innovation in United States. Oscar's boss wants to roll out the same campaign to markets worldwide. Oscar is cautioning against doing this most likely because
differences in languages, customs, and culture might make the campaign meaningless and ineffective in some markets.
Oscar Rodriguez is working on a marketing plan for introducing Vision Innovation's eyeglass frames into Brazil. Oscar knows that segmenting, targeting, and positioning are more complicated when considering a new foreign market. This is because of cultural nuances, subcultures within a country, and
differences in the way consumers perceive themselves and the products they buy.
A company positions its business by focusing on how their product and/or services _____________ them from the competition.
differentiate
Through a competitive analysis focusing on China, Toyota Vice President Adam Nguyen discovered that Tesla has reached an unusual agreement with the Chinese government. Tesla will be allowed to maintain complete control of its manufacturing plants, facilities, and overall operations within China. This is an example of a(n) [__________________].
direct investment
According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The triple bottom line includes _________________________ performance.
economic, social, and environmental
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
engage in brainstorming alternatives.
Price must allow for customers to...
perceive good value for the product they receive.
In the ________ stage, a firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly and how the firm plans to balance the needs of its various stakeholders.
planning
Ethical issues involving employees, customers, society and the market place are a ___________ concern for marketers.
primary
Various consumer panels often used for premarket testing, which often combines ___________ with surveys collecting consumers' reactions to the product.
product sampling
The ethical decision-making framework includes all of the following steps except
promote the firm's corporate social responsibility efforts.