Exam 1 Marketing
Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of not creating a(n) -value proposition. -social media campaign. -advertising campaign. -profit center.
marketing plan.
Which element of the marketing mix is most relevant to the activity "creating value"? product price promotion place purchasing
product
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ________ era of marketing. sales-oriented market-oriented production-oriented retailing-oriented value-based marketing
production-oriented
Which of the following is not one of the four major growth strategies marketers typically utilize? diversification segment development market penetration market development product development
segment development
Which marketing activity is most directly served by the promotion element of the marketing mix? -creating value -delivering value -capturing value -communicating value -producing value
communicating value
After a firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluating alternatives. ________ then review and refine these alternatives, and choose a course of action. The firm's lawyers Company leaders and managers Key customers All stakeholders Community leaders
company leaders and managers
According to your text, in the broadest terms, the "marketplace" refers to -wholesale and retail environments. -the four Ps. -channels that are accessible to a given customer. -the world of trade. -brick-and-mortar stores and the Internet.
the world of trade.
Troy 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. Troy operates as if he were in the ________ era. value-based marketing production-oriented market-oriented retailing-oriented sales-oriented
value-based marketing
Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. Related to this concern, the text notes the increasing popularity of flu shots. cooking shows on TV. high-carbohydrate diets. yoga. juicing.
yoga.
The poorest 25 percent of the U.S. population earned ________ or less per year in 2016. Multiple Choice $50,000 $48,500 $30,500 $24,002
$24,002
Which ethnic group tends to be not only more affluent and suburban than previously thought, but also younger, with 58 percent between the ages of 15 and 49 years? African American Hispanic Asian Pacific Islander Caucasian
African American
Nearly what percentage of U.S. adults now recycle their soda bottles and newspapers? 20 percent 10 percent 90 percent 50 percent 75 percent
50 percent
Nearly what percentage of U.S. adults now recycle their soda bottles and newspapers? 75 percent 20 percent 10 percent 90 percent 50 percent
50 percent
According to your text, the wealthiest 10 percent of the population control approximately what percentage of Americans' total net worth? 15.8 percent 51.9 percent 26.9 percent 5.2 percent 76 percent
76 percent
After a firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluating alternatives. ________ then review and refine these alternatives, and choose a course of action. All stakeholders Community leaders Company leaders and managers Key customers The firm's lawyers
Company leaders and managers
________ entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services. Triple bottom line Conscious marketing The four Ps Corporate social responsibility
Conscious marketing
Which of the following is true regarding modern gender roles? Multiple Choice Gender roles are unimportant to marketers. Gender roles are a constant cultural norm. Gender roles have been blurred in the past several years. Modern standards require firms to produce gender neutral advertising for every product. Gender boundaries should never be crossed in marketing efforts.
Gender roles have been blurred in the past several years.
Whereas it took 38 years for the radio to be adopted by 50 million people and 13 years for television, it only took 2 years for the same number of consumers to sign up for smartphones Amazon Netflix Facebook Google
________ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers. The American Marketing Association Johnson & Johnson The Mayo Clinic The Advertising Association of America A group of well-respected marketing executives
The American Marketing Association
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. key customers any individuals with competing interests all parties relevant to the decision elected officials the senior managers most involved
all parties relevant to the decision
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must be reviewed on an annual basis. become secondary to the needs of the remaining stakeholders. be overridden by the overall goals of the firm. change on a regular basis. be aligned with the long-term goals of the firm.
be aligned with the long-term goals of the firm.
Which of the following descriptions embodies conscious marketing principles? both ethically and socially responsible neither socially nor ethically responsible not involved with the larger community not socially responsible questionable firm practices, yet donates a lot to the community
both ethically and socially responsible
The principle that decisions be ethically based is part of the concept of the triple bottom line. corporate social responsibility. conscious marketing. individual consumer issues. marketing analytics.
conscious marketing.
When integrating conscious marketing into a marketing strategy, a key task is to ensure that all managers are evaluated on their actions from a conscious marketing perspective. This action would take place during which stage of the strategic marketing planning process? brainstorming phase implementation phase control phase planning phase revision phase
control phase
When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using ________ to see if the media "fit" with their advertising agenda. demographics country culture scenario planning regional culture micromarketing measures
demographics
Strategic efforts to supply consumers with environmentally friendly merchandise are called green marketing. reduce, reuse, recycle. the inconvenient truth. the green generation. earth marketing.
green marketing.
Charges that firms are using "sweatshop" labor to produce their products are likely to occur during the ________ phase of the strategic marketing planning process. control implementation evolution marketing mix planning
implementation
When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm must state its long-term goals in general terms, so as to not interfere with managers' short-term goals. must always put society's needs ahead of the firm's needs. must align the short-term goals of each employee with the long-term, overriding goals of the firm. should adhere rigidly to legal standards in its industry. must evaluate its quarterly profit statement from an ethics standpoint.
must align the short-term goals of each employee with the long-term, overriding goals of the firm.
After defining the business mission, what should a firm do next to develop a marketing plan? implement the four Ps develop a positioning strategy perform a situation analysis conduct an STP analysis select a target market
perform a situation analysis
After defining the business mission, what should a firm do next to develop a marketing plan? implement the four Ps perform a situation analysis conduct an STP analysis select a target market develop a positioning strategy
perform a situation analysis
Marketing channel management is related to which of the four Ps? place promotion price production product
place
The ethical decision-making framework includes all of the following steps except gather information and identify stakeholders. brainstorm alternatives. choose a course of action. promote the firm's corporate social responsibility efforts. identify issues.
promote the firm's corporate social responsibility efforts.
Generational cohorts are groups of people of the same generation who have similar ________ because they have shared experiences and are in the same stage of life. Multiple Choice regional cultures inflationary expectations purchase behaviors cultural values political affiliations
purchase behaviors
Which of the following is a critical ethical consideration for green marketers? availability sustainability capability profitability dependability
sustainability
Though Asian Americans comprise only about 5.6 percent of the U.S. population, they represent a uniform group of consumers with a common language and cultural background. a large proportion of the minorities in the Midwest. all of these the fastest-growing minority population. the easiest minority group to access.
the fastest-growing minority population.
A ________ growth strategy employs the existing marketing offering to reach new market segments. product development market penetration diversification product proliferation market development
market development
Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in smaller states. rural areas. New York, Los Angeles, San Francisco, and Chicago. Great Lakes agricultural areas. coastal resort areas.
New York, Los Angeles, San Francisco, and Chicago.
Jeffrey opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on? prototype product promotion place price
price
Which of the following is true of changing gender roles? Less than 10 percent of gamers are female. More than 50 percent of married women earn more than their husbands. Women consistently underperform scholastically compared to men. Women have become less prominent in politics. Women graduate from high school and college at greater rates than men.
Women graduate from high school and college at greater rates than men.
The primary purpose of the ________ plan is to specify the marketing activities for a specific period of time. strategic business resource organizational marketing
marketing
When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming recognized. successful. conscious marketers. profitable. ethical human beings
conscious marketers.
How might Starbucks ensure that it behaves in a socially responsible way toward members of its supply chain? It can offer healthy drinks and snacks in its stores. It can pay its employees minimum wage as required by law. It can purchase coffee beans from suppliers who pay coffee growers a fair price. It can use cups made from recycled paper. Social responsibility isn't relevant where channel partners are concerned; it has to do with serving society as a whole.
It can purchase coffee beans from suppliers who pay coffee growers a fair price.
Near the end of the model year, the Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the ________ era. production-oriented value-based marketing retailing-oriented market-oriented sales-oriented
sales-oriented
Leslie is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smartphones. When she returned to work, she mentioned this observation to her international sales manager. Leslie was providing the important marketing function of -cocreating an investment portfolio. -enhancing the customer experience. -engaging customers, developing long-term relationships. -identifying opportunities to expand. -selling products from one business to another.
identifying opportunities to expand.
Whereas it took 38 years for the radio to be adopted by 50 million people and 13 years for television, it only took 2 years for the same number of consumers to sign up for Netflix Facebook Amazon smartphones Google
Generational cohorts are groups of people of the same generation who have similar ________ because they have shared experiences and are in the same stage of life. political affiliations cultural values regional cultures inflationary expectations purchase behaviors
purchase behaviors
Conscious marketing encompasses all of the following overriding principles except recognition of marketing's greater purpose. the understanding that decisions are ethically based. recognition of the company's bottom line. consideration of stakeholders and their interdependence. the presence of corporate leadership, creating a corporate culture.
recognition of the company's bottom line.
Using the BCG portfolio analysis, a "dog" should be phased out unless -none of these. Dogs should be phased out. -it complements or boosts the sales of another product. -its marketing manager is a champion of the product. -the market has a small chance of rebounding. -additional resources could increase its relative market share slightly.
it complements or boosts the sales of another product.
The idea of value-based marketing requires firms to charge a price that -matches competitors' prices. -captures the value customers perceive that they are receiving. -includes the value of the effort the firm put into the product or service. -prioritizes customer excellence above operational excellence. -covers costs and generates a modest profit.
captures the value customers perceive that they are receiving
When Toyota owners began to report problems with sticking accelerator pedals and nonfunctioning brakes, Toyota at first ignored or rejected the claims. Eventually, the company evaluated the issue and issued a recall. Which of the four steps of the ethical decision-making framework was Toyota performing when it recalled several of its models? choose a course of action assess risk brainstorm and evaluate alternatives gather information and identify stakeholders identify issues
choose a course of action
When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders. conscious marketing social media profit sharing CSR conscious advertising
conscious marketing
Every year, General Mills issues a report discussing how the firm has performed against its own standards of conscious marketing. This report is part of General Mills' ________ phase of its strategic marketing planning process. control implementation marketing mix planning evolution
control
Lisle Hair Company keeps track of the gender and age of its customers so it can target e-mails to them and be sure to have the right hair products in stock when they visit. This is an example of the use of ________ in marketing. competition innovation sustainability demographics competency
demographics
Many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been serving the community since 1951." These claims are part of these firms' positioning strategy. market segmentation strategy. customer excellence strategy. business mission. target market.
positioning strategy
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in -long-term relationships. -higher prices than the market leader charges. -lower prices. -increased competition. -strong connections among competing firms in the marketplace.
long-term relationships.
During the ________ era, firms had excess capacity and used personal selling and advertising to generate customers. market-oriented retailing-oriented sales-oriented value-based marketing production-oriented
sales-oriented
The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold. sales-oriented retailing-oriented market-oriented production-oriented value-based marketing
sales-oriented
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. elected officials all parties relevant to the decision key customers the senior managers most involved any individuals with competing interests
all parties relevant to the decision
ABC Company knew that its customers were interested in environmentally friendly business practices, so it began marking all of its products as environmentally friendly because they were made with all-natural ingredients, even though ABC's plant was one of the worst polluters in town. The term for this practice is deceptive advertising. greenwashing. virtual greening. enviromarketing. environmental exploitation.
greenwashing.
In the immediate marketing environment, the first factor that affects the consumer is social trends. cultural values. technological advances. the company's capabilities. demographics
the company's capabilities.
Which element of the marketing mix is most relevant to the activity "creating value"? purchasing promotion price product place
product
Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's product excellece. locational excellence. supply chain management. strategic business unit control. operational excellence.
product excellence.
Mary works for a small computer software company. Her boss is constantly improving the company's products but neglects customers, billing, and promoting the company. Her boss is probably stuck in the ________ era of marketing. production-oriented retailing-oriented market-oriented sales-oriented value-based marketing
production-oriented
The idea that a good product will sell itself is associated with the ________ era of marketing. production-oriented sales-oriented market-oriented value-based marketing retailing-oriented
production-oriented
The Child Protective Act -regulates safety standards for consumer products. -prohibits the manufacture or sale of adulterated or fraudulently labeled food and drug products. -requires food manufacturers to display nutritional contents on product labels. -limits the number of commercials shown during children's programming. -prohibits the sale of harmful toys and components to children.
prohibits the sale of harmful toys and components to children.
Data about how, when, why, where, and what people buy refers to statistics. relational orientation. value-based marketing. demographics. marketing analytics.
marketing analytics.
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." market analysis financial plan mission statement. company description executive summary
mission statement.
When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish -an operational excellence macro strategy. -a sustainable competitive advantage. -product efficiency. -a market penetration growth strategy. -an efficient supply chain.
a sustainable competitive advantage.
Greg sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Greg is ignoring the ________ step of the marketing planning process. define the business mission identify and evaluate opportunities implement marketing mix and resources perform situation analysis evaluate performance
evaluate performance
The goal of customer relationship management is to manage every customer relationship to maximize short-term profitability. manage every customer relationship differently. identify and build loyalty among a firm's most valued customers. generate relationships with competitors' customers. eliminate customers who are profitable, but not highly profitable.
identify and build loyalty among a firm's most valued customers.
Which of the following statements regarding conscious marketing is correct? Multiple Choice -It reflects a mechanistic view of business. -It is often grafted on to traditional business model, usually as a separate department or part of PR. -It sees limited overlap between the business and society, and between business and the planet. -It is independent of corporate purpose or culture. -It recognizes that business is a subset of society, and that society is a subset of the planet.
it recognizes that business is a subset of society, and that society is a subset of the planet.
Quitman Enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the owner, wants to start selling the book to international students abroad. Quitman wants to pursue a ________ growth strategy. product development diversification market development market penetration Incorrect
market development
Most banks now have customer relationship software that, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. Service representatives use this information to sell some of the other services the bank currently offers to these customers. This is a ________ growth strategy. product development Incorrect diversification market penetration market development product proliferation
market penetration
The Mayo Clinic in Minnesota is known for top-quality medical care. For decades, even presidents and dictators from around the world flew to the Mayo Clinic to utilize its services. The Mayo Clinic used its reputation to create additional medical facilities in Jacksonville, Florida, and elsewhere. This is an example of a firm focusing its efforts on satisfying customer needs that are easiest to satisfy. provide minimal core value. match its core competencies. competitors have tried and failed to satisfy. are important to all generational cohorts.
match its core competencies.
When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm -must state its long-term goals in general terms, so as to not interfere with managers' short-term goals. -must always put society's needs ahead of the firm's needs. -should adhere rigidly to legal standards in its industry. -must evaluate its quarterly profit statement from an ethics standpoint. -must align the short-term goals of each employee with the long-term, overriding goals of the firm.
must align the short-term goals of each employee with the long-term, overriding goals of the firm.
E-books, in addition to being an alternative product form, provide ________ value creation since they can be downloaded via the Internet immediately when and where they are needed. promotion product price place primary
place
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? promotion product proximity price place
place
Marketers that include ethical policies and standards in the firm's mission or vision statements are introducing these concepts at which stage of the strategic marketing planning process? planning phase idea generation phase implementation phase control phase evaluation phase
planning phase
Which of the following is the best way to build a sustainable competitive advantage using product excellence? focusing on being cutting edge and continually eliminating older features that are still in use by customers having the most features on each model positioning the product using a clear, distinctive, desirable brand image copying the market leader's features, but at a lower cost being the first to offer customers desired features, even if competitors can copy them easily
positioning the product using a clear, distinctive, desirable brand image
Mary Ann phoned her auto insurance agent to renew her policy. The agent told her about new types of insurance now available—to cover her apartment, or even the engagement ring she just got from her fiancé. The agent was pursuing a ________ growth strategy. product proliferation product development market development market penetration diversification
product development
Conscious marketing encompasses all of the following overriding principles except recognition of marketing's greater purpose. the presence of corporate leadership, creating a corporate culture. consideration of stakeholders and their interdependence. the understanding that decisions are ethically based. recognition of the company's bottom line.
recognition of the company's bottom line.
In New England, foot-long sandwiches are called "grinders," while in many other parts of the country they are called "subs." This is an example of the impact of regional culture. regulatory factors. generational factors. social trends. country culture.
regional culture.
Even when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) ________ that allows them to survive. set of performance metrics sustainable competitive advantage plan to evaluate results advertising campaign SWOT analysis
sustainable competitive advantage
For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25- to 50-year-old educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented Celestial's primary target market segment. positioning. mission statement. SBU. sustainable competitive advantage.
target market segment.
Heidi has been assessing several of her firm's products using the Boston Consulting Group (BCG) approach to portfolio analysis. She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. Heidi is trying to determine the product's relative market share. the market growth rate. the impact of population shifts on future demand. cash equivalent values for each product. a source of competitive advantage.
the product's relative market share.
When referring to "exchange," marketers are focusing on -the location where products and services are traded. -promotional offers designed to stimulate barter. -the price charged, adjusted for currency exchange rates. -location-based tactics for creating value. -the trading of things of value.
the trading of things of value.
Valerie is charged with assessing her company's external environment as part of a SWOT analysis. Valerie will study her company's sales history. opportunities and threats. strengths and weaknesses. pension plan. product specifications.
opportunities and threats
Georgette, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, Georgette will help her company become more value driven if she advises the production and purchasing departments to produce or order smaller quantities of products. pushes her customers to buy products whether they need them or not. avoids contact with competing firms in order to maximize value-driven marketing. avoids contacting her customers until the slowdown ends. keeps the information to herself.
advises the production and purchasing departments to produce or order smaller quantities of products.
Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of a threat? The company has lower manufacturing costs than its key competitors, allowing it to sell its cars at low prices. A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded. Recent consumer studies have indicated that Chinese consumers prefer American cars. The factory that manufactures a new, popular car cannot build enough vehicles to meet the demand, while other factories have excess capacity. Due to outdated engine technology, the company's cars get lower gas mileage than those of major competitors.
A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded.
________ represents all the activities necessary to get the product to the right customer when that customer wants it. -Social media -Value cocreation -Promotion -Supply chain marketing -Place
Place
All of the following statements regarding corporate social responsibility are true except -CSR actions are not mandated by law. -CSR can be defined as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. -a firm's responsibilities to society are not associated with the demands, expectations, requirements, and desires of various stakeholders. -today, virtually all large and well-known companies engage in some form of CSR. -firms believe that they have legal and economic duties in addition to responsibilities to society.
a firm's responsibilities to society are not associated with the demands, expectations, requirements, and desires of various stakeholders.
In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars. operational advantage locational advantage weakness opportunity threat
opportunity
Angie has gone to the same hair salon for the past ten years. She believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. Other salons have opened closer to Angie's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. Angie's attitude toward the salon is an example of -a customer retention program. -customer loyalty. -an opportunity, in SWOT analysis. -a sustainable competitive advantage. -the benefits of a locational excellence strategy.
customer loyalty.
Fran uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products. With this reminder system, Fran contacts his customers when they are most likely to be "in the buying mode." Fran's system is part of -C2C marketing. -customer relationship management. -supply chain management. -typical production era marketing practices. -a transactional marketing orientation.
customer relationship management.
Which of the following is the third step in the marketing planning process? perform situation analysis evaluate using a matrix define the business mission implement marketing mix and allocate resources identify and evaluate opportunities
identify and evaluate opportunities
Whenever Vivian 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, Vivian is gathering feedback. information. value cocreation. pricing data. promotional capital.
information.
For most makers of ________, especially those that resonate strongly with consumers' sense of nostalgia and childhood memories, changing ingredients to healthier options represents a grave risk. original recipes bottled water processed foods alcoholic beverages organic foods
processed foods
Christie, a marketing executive who was born in 1955, advocated that her company focus on a print campaign for its new line of lipsticks rather than spending money on online ads. This point of view may be attributed to the fact that she is a member of which generational cohort? Millennials Gen Y Baby Boomer Gen X Gen Z
Baby Boomer
Which of the following is true of marketing? Marketing requires place, product, promotion, and perception decisions. Marketing plays no role in creating value. Marketing is about satisfying the company's needs and wants. Marketing is performed by organizations, not individuals. Marketing affects various stakeholders.
Marketing affects various stakeholders.
The global athletic footwear market is expected to experience only very slow growth over the next several years. Nike is the market leader. According to Boston Consulting Group portfolio analysis, how should Nike treat its athletic shoe business? Nike's athletic shoe business still requires some investment, but it is likely to produce excess resources that can be invested in other divisions of the company. Nike should consider exiting the athletic shoe market. Nike should stop investing in its athletic shoe business; it has already reaped all the benefits it is likely to receive. Nike should invest in the athletic shoe market only if it helps boost the sales of other products in fast-growing markets. Incorrect Nike will probably have to invest heavily in the athletic shoe business, including extensive promotions and new production facilities.
Nike's athletic shoe business still requires some investment, but it is likely to produce excess resources that can be invested in other divisions of the company.
In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media. operational excellence strategy target market definition mission statement relative market value value proposition
value proposition
The XYZ firm is in Step 4 of its ethical decision-making process. Executives were asked to take the Publicity Test using an ethical-decision making metric. All scores were in the "No" column. What does this mean? -The situation is not ethically troubling to the executives. -The situation is ethically troubling to the executives. -The results are invalid and the executives need to take the transparency test. -The executives need to retake the test or take the moral mentor test instead. -The executives need to step back and reflect on how they wish to proceed.
The situation is ethically troubling to the executives.
For corporate leaders, their firm's ability to ________ must be of paramount importance. benefit shareholders only balance profits and expenses make a profit balance shareholder interests with the needs of society balance employees' needs with the needs of the environment
balance shareholder interests with the needs of society
Astute marketers recognize that the increasing disparity of income between upper- and lower-income groups will vanish once the recession ends. is attributable to technological expertise of immigrant groups. will disappear as ethnicity becomes a stronger cultural determinant. will create inflationary expectations. creates opportunities to provide value to each group.
creates opportunities to provide value to each group.
Which of these is a macroenvironmental factor? competition culture corporate partners company competencies
culture
Disney's My Magic system, which enables visitors to swipe their Magic Band wristbands to get on rides, make purchases, and open their hotel room door, is an example of ________ excellence. service product customer locational operational
customer
Gary 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. The first thing Gary should do is to promote the firm's corporate social responsibility efforts. choose a course of action. brainstorm alternatives. identify issues that need to be addressed. gather information and identify stakeholders.
identify issues that need to be addressed.
Maria is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Maria will likely attempt to either provide the same quality at a lower cost or -increase prices to increase revenue. -improve products and services at the same cost. -reduce customer expectations through reduced service. -lower the quality and the price. -offset higher hotel rates with lower restaurant prices.
improve products and services at the same cost.
When considering income as a demographic variable affecting marketing efforts, marketers need to recognize that middle-income consumers are quickly becoming upper-income consumers. everyone is equal. there is increasing purchasing power among lower-income groups. income in the United States has become more unevenly distributed. everyone has been equally affected by the recession.
income in the United States has become more unevenly distributed.
Which of the following is least likely to provide a sustainable competitive advantage? lowering prices creating an efficient supply chain having a well-known brand name achieving high levels of customer satisfaction using patented technology
lowering prices
When you register your telephone number with the National Do Not Call Registry, you are responding to a need for marketing contact. privacy. tactical communication skills. enhanced information flow. lower phone bills.
privacy.
The ethical decision-making framework includes all of the following steps except brainstorm alternatives. choose a course of action. gather information and identify stakeholders. promote the firm's corporate social responsibility efforts. identify issues.
promote the firm's corporate social responsibility efforts.
In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by -building relationships with government regulators of marketing institutions. -evaluating strategic competitive partnerships. -balancing customers' benefits and costs. -sharing information across the organization. -keeping prices below those charged by competitors.
sharing information across the organization.
Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n) dog. anchor. star. question mark.
star
Marketing channel management is also known as a transactional orientation. supply chain management. endless chain marketing. wholesaling. production management.
supply chain management.
After identifying various market segments that her company could pursue, Linda evaluated each segment's attractiveness based on size, income, and accessibility. Linda was involved in situation analysis. market penetration estimation. diversification. target marketing. positioning.
target marketing
The center of all marketing efforts is profits. top management. the firm. the consumer. corporate social responsibility.
the consumer.
All of the following are included in the decision-making metric except the publicity test. the admired observer test. the transparency test. the moral mentor test. the likability test.
the likability test.
In delivering value, marketing firms attempt to find the most desirable balance between -explicit versus implicit value. -the need for value and the perception of value. -the need for product improvement and the need for advertising. -the desire to satisfy customers and the desire to satisfy employees. -the need to provide benefits to customers and keep down costs.
the need to provide benefits to customers and keep down costs.