MKT 350 exam 1
Approximately what percentage of marketers use social media?
97%
Which purchase would be most likely to be motivated by a safety need?
A burglar alarm
Which of the following characterizes the relationship between marketing and exchange?
A buyer and seller trade things of value, leaving each better off than before.
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning
________ is very important to show if the social influencer wants to maintain a good relationship with their followers.
Authenticity
The process by which businesses sell to consumers is known as ______ marketing.
B2C
______ segmentation forms market segments based on the way consumers use a product, such as more frequently or with greater loyalty.
Behavioral
Which are components of culture? (Select all that apply.)
Beliefs Customs Morals
Which of these is NOT a macroenvironmental factor that directly influences a firm?
Competition
Which practice gives a company a sense of purpose beyond making a profit?
Conscious marketing
Which 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.
What are the immediate environmental factors that impact consumers? (Select all that apply.)
Corporate partners Competitors Company
Which of the following refers to voluntary actions a company takes to address the expectations of stakeholders?
Corporate social responsibility
Which entity does NOT market to the other entity?
Customers to businesses
What tasks are firms increasingly using artificial intelligence (AI) to complete? (Select all that apply.)
Decision making Translations Speech recognition
When was the consumer "king"?
During the market-oriented era
What are the two types of information search? (Select all that apply.)
External search Internal search
Which company would likely charge customers the least if all marketing and advertising spending was discontinued?
True or false: Businesses should avoid using social and mobile media technologies.
False
True or false: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.
False
True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.
False
True or false: The consumer decision process starts with need recognition and ends with the purchase itself.
False
True or false: The purpose of a marketing strategy is to maximize short-term profits.
False
True or false: True or false: If firms implement programs that are socially responsible, their employees are NOT required to act in an ethically responsible way.
False
True or false: Universal sets are a subset of retrieval sets and evoked sets.
False
What is the name for a group of individuals who are of the same generation?
Generational cohort
During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?
Implement marketing mix
The International Fairtrade Certification Mark is granted to products that do which of the following?
Improve environmental standards for producers Promote sustainable farming
Decision makers are more likely to do what when they use the ethical decision-making framework? (Select all that apply.)
Include the relevant ethical issues Evaluate the alternatives
What is a possible outcome for a company when they practice social responsibility to customers?
Increased awareness of the firm
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
The political/legal environment consists of which of the following? (Select all that apply.)
Laws and legislation Political parties
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 word best describes the social, political, economic, and technological factors with which marketers interact?
Macroenvironment
When a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast, it is using which growth strategy?
Market development
What practices are increasingly common among companies that want their employees to have happy family lives? (Select all that apply.)
Offering daycare Offering flextime
Which company is most likely to be a value-driven firm?
One that has active and engaging social media channels
______ is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers. (Select all that apply.)
Operational excellence
Which of the following elements affect the consumer search process? (Select all that apply.)
Perceived benefits and costs The locus of control Actual or perceived risk
Step 2 of a marketing plan involves which of the following?
Performing a situation analysis using SWOT
Match each action relating to conscious marketing to the appropriate stage of a marketing plan.
Planning~ Determining how the firm plans to balance the needs of its various stakeholders Implementation~ Deciding whether the firm should be engaging in particular marketing practices Control~Ensuring that all employees of the firm have acted ethically
Which of the following are elements of the marketing mix? (Select all that apply.)
Price Product
A smartphone manufacturer makes a new smartwatch that pairs well with its existing phones. This is an example of which growth strategy?
Product development
Which of the following are included in the four major growth strategies?
Product development Market penetration Market development
Match the marketing mix component (on the left) with its corresponding value function (on the right).
Product~Creating value Price~Capturing value Place~Delivering value Promotion~Communicating value
Locational excellence is particularly important for which type of firm?
Retailers
STP includes which of the following? (Select all that apply.)
Segmentation Positioning
Which factors usually influence the consumer decision process the same way each time? (Select all that apply.)
Social Psychological
Unethical marketing behavior includes which actions? (Select all that apply.)
Stakeholders Shareholders
When a company undertakes conscious marketing, what does it focus on? (Select all that apply.)
Stakeholders Shareholders
What would happen to the global economy if all marketing ceased?
The global economy would plummet.
Which statement about strategic planning is true?
The process can move back and forth between steps, depending on the situation.
When developing marketing plans, what should a firm consider about their competition?
Their reaction
What must marketers understand about their competition? (Select all that apply.)
Their strengths Their likely response to marketing activities Their weaknesses
STP analysis occurs during which step of the marketing planning process?
Third
Which of the following are components of a SWOT analysis? (Select all that apply.)
Threats Weaknesses Opportunities
Which are supply chain partners? (Select all that apply.)
Transporters Retailers Wholesalers
True or false: An ethical decision framework is useful because it can be relied on to give the manager guidance when considering ethical questions.
True
True or false: Situational factors sometimes override psychological and social issues.
True
Which of the following is LEAST effective when building a sustainable competitive advantage?
Using only a single strategy
When does the consumer decision process begin?
When consumers realize they have an unfulfilled need and want to reach a different, desired state
Limited problem solving is most likely to occur under which condition?
When the consumer has a purchase decision that calls for, at most, moderate effort and time
A marketing plan includes all of the following EXCEPT ______.
a plan on how to pitch investors
Which generational cohort was born between 1946 and 1964?
baby boomers
In addition to customer satisfaction and loyalty, which of the following is also one of the potential postpurchase outcomes?
cognitive dissonance
Benefit segmentation is often effective because it is relatively easy to portray a product's or service's benefits in the firm's _______ strategies.
communication
The most important immediate environmental factors that impact consumers are the ______.
company, competitors, and corporate partners
Consumers who use Yelp reviews to measure the tradeoff between quality and price of different restaurants are using what type of consumer decision rule?
compensatory
Marco, the owner of the Upcycled Dog, has hired a marketing consultant to help him identify the best growth strategy for his business. The consultant explains that one or a mix of strategies could work, depending on Marco's goals; those strategies include all of the following except
competitive advantage.
When Doug Rauch decided to leave Trader Joe's and open a grocery store that sells fresh produce and prepackaged meals at affordable prices, it was an example of ________ leadership.
conscious
At the center of all analyses of the marketing environment is the _______ and his or her specific behavior and attitudes.
consumer
Fast Bean sells coffee to Fred 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 ______ trust by conducting ethical and transparent transactions.
consumer
A smartphone manufacturer may collaborate with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's ______ partner.
corporate
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ______.
corporate citizenry
One of the factors that affects a consumer's search process involves weighing the perceived benefits of a search against the perceived ---
cost
Value-oriented marketers measure the benefits that customers perceive against the of their offerings.
cost
One of the factors that affects a consumer's search process involves weighing the perceived benefits of a search against the perceived ____ .
costs
In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments
customers
In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments.
customers
Which stakeholder group is most impacted by Daily Table's decision to sell "rescued" swordfish, ahi tuna, and salmon, which can cost as much as $30 a pound, for as little as $5.99 a pound?
customers
An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______.
decline
A mission statement ______.
defines the scope of activities a firm plans to undertake
Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.
deliver
Marketers of the original Levi's jeans met the needs of consumers in the late 1800s by offering _____ as the key benefit.
durability
Consumers can use type of cuisine, neighborhood, and price as their _______ in the decision process.
evaluative criteria
Juan 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.
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
Consumers often use ______ problem solving for risky purchase decisions.
extended
An ______ search is when the buyer looks for information beyond personal knowledge to help make the buying decision, such as checking the Internet, asking a friend, or visiting a showroom.
external
Yelp assists consumers in their _______ search for information.
external
As social influencers, Kevin Parry, Jessica Kalil, and Terrell & Jarius may be a part of the ________ for a consumer and impact their consumer behavior.
external social environment
Market differences across regions, states, or neighborhoods create opportunities for ______.
geographic segmentation
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
Locating information from one's own memory and knowledge is known as a(n) _____ information search.
internal
Regular users of Yelp who search for reviews are likely to have a(n)
internal locus of control.
Randy considers the purchase of a six-pack of beer rather indifferently, as he will drink any brand that is fairly inexpensive. His low degree of interest in beer classifies him as a low- ___beer buyer.
involvement
A competitive advantage based on location ______.
is sustainable when real estate is difficult or expensive to obtain
An example of corporate social responsibility is when a firm ______.
lessens the negative impact it has on the environment
Hallmark sells Valentine's Day cards with romantic quotes, which are appealing to ______ needs.
love
During the sales-oriented era, ______.
manufacturers had the capacity to produce more than consumers were able to buy
A strategy that employs existing products or services to reach new market segments is called ______.
market development
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 consider pursuing various ______ as part of their overall growth strategies.
market segments
Although blue jeans are made of the same basic fabric, how a brand of jeans is _____ determines how the brand will be positioned in the marketplace, and ultimately who will buy it.
marketed
A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.
marketing plan
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
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
Product excellence ______.
occurs by having products with high perceived value and effective branding and positioning
The social influences that affect a consumer's behavior do NOT include _______.
perceptions
The motive that drives Conrad to buy a large bottle of Gatorade after a 3-mile run and drink it quickly is a(n) ______ need.
physiological
Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to ______.
plan future products and services
In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.
portfolio
The final step in the consumer decision-making process, and a very important element in retaining and building a loyal customer base, is ____ behavior.
postpurchase
Yelpers who post reviews are at which stage of the decision process?
postpurchase
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
Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.
production
Companies that get celebrities to be seen in their designer jean brands relates to which of the marketing mix variables?
promotion
The most basic form of corporate social responsibility to employees is to ______.
provide a safe working environment
While some segmentation methods rely on external descriptions and factors to break down the market, ______ segmentation relies on consumers' descriptions of themselves.
psychographic
Consumer decision making about products and services is influenced by the configuration of all of the following; market mix, social influences, ______ factors, and sociological factors.
psychological
Yelpers serve as a(n) ______ for persons using their reviews as a basis of comparison in the decision process.
reference group
Social influencers represent which social factor affecting the consumer decision process?
reference groups
All of the brands that Mary can easily call to mind for laundry detergents, whether she would consider buying them or not, comprise her ______ set.
retrieval
What is the next stage in the consumer decision process after need recognition?
search for information
The ________ strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situation—its strengths, weaknesses, opportunities, and threats (SWOT).
segmentation
When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by the consumer, this is an example of market ______.
segmentation
Primarily, consumers can identify and affiliate with reference groups, like social influencers, to create, enhance, or maintain their
self-image.
In the late 1970s, manufacturers of designer blue jeans opened up a new market by appealing to consumers on the basis of
sex appeal.
Daily Table's efforts to be socially responsible including addressing the ethical, _________, and environmental impacts of its business operations and the concerns of its stakeholders.
social
The consumer decision process is influenced by ________ factors, which consists of the customer's family, reference groups, and culture.
social
Social responsibility deals with the firm's impact on _______.
society
Which key stakeholder demands that firms behave responsibly?
society
When a company engages in conscious marketing, it must appeal to a variety of ______ who are affected by the firm.
stakeholders
Daily Table was formed as a nonprofit, membership-based grocery store. It was created in part to sell food to low-income households that lack reliable access to nutritious and affordable food. Which of the following is not a stakeholder for Daily Table?
stockholders
Consumers who hesitate to purchase goods because they worry about the potentially low wages paid to workers in the fast-fashion industry are expressing ______ concerns.
sustainability
The "T" in STP stands for
targeting
Retailers use ______ to see how well they are doing at turning potential buyers into actual buyers.
the conversion rate
Value-oriented marketers engage in an ongoing process of balancing ______.
the perceived benefit to customers and the price
There is increasing concern that ______ will be depleted through actions like deforestation.
the physical environment
The consumer decision process is best defined as ______.
the steps consumers experience when making a purchase
Johnston Marine sells and customizes boats. The firm donates generously to the community, supporting veterans's organizations, schools, and local hospitals. But its sales reps routinely mislead prospective buyers regarding the power and reliability of the firm's boats, hoping to increase sales. Johnston Marine is ______.
unethical but socially responsible
The collection of all possible alternatives for a decision, even those the buyer would not consider and might not even be aware of, is referred to as the ______.
universal set
In order to compete successfully, most firms today have to provide their customers with better than their competitors.
values
Depending on whether consumers want bargains, selection, service, or style will determine _____ consumers will buy their jeans.
where
Firms become value driven by focusing on which of the following activities? (Select all that apply.)
~Balancing customer benefits and costs ~Sharing information ~Building relationships
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? (Select all that apply.)
~Ensuring the healthiness of products ~Respecting and protecting consumer privacy
Select all that apply Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Select all that apply.)
~Environmentally friendly options ~Social responsibility
If a car manufacturer wanted to segment its marketplace, it would do which of the following? (Select all that apply.)
~Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) ~Divide consumers into groups based on their incomes ~Organize potential customers into groups based on their age
In which stages of the strategic marketing planning process do firms address conscious marketing? (Select all that apply.)
~Implementation ~Planning ~Control
Which of the following are associated with marketing, as defined by the American Marketing Association? (Select all that apply.)
~Institutions that facilitate the exchange of offerings that have value for customers ~Activities that communicate offerings that have value for society at large ~Processes used to create value for clients
A portfolio analysis involves which of the following? (Select all that apply.)
~Management evaluates the firm's various products and businesses. ~Management allocates its resources to products with the greatest potential to be profitable.
Which of the following are related to marketing in the production-oriented era?
~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.
What were the primary characteristics of the market-oriented era that followed World War II? (Select all that apply.)
~Products were designed to focus on consumers' needs. ~It was a buyer's market.
Customers commonly stop supporting a company for which of the following reasons? (Select all that apply.)
~The company is acting irresponsibly. ~They can no longer trust the company
What are principles of conscious marketing? (Select all that apply.)
~To recognize the greater purpose of marketing ~To consider stakeholders ~To understand that decisions are ethically based
What are reasons why strategic planning may not occur sequentially? (Select all that apply.)
~When the implementation plan cannot move forward because there are too few resources ~When a situation analysis necessitates that the mission statement be revised ~When new logical alternatives arise
Chief marketing officers replied in a survey that they have seen their employees engage in which types of unethical behavior? (Select all that apply.)
~Withholding damaging information ~High-pressure sales ~False advertising