Final Unlitmate #1

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When communicating with customers, marketers are now operating during an age of:

"Laser-like" target marketing.

19) In the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. A) relative market share B) market development C) market diversification D) market growth rate E) market segmentation

20) Which customer question is answered by a company's value proposition? A) "Why should I buy your brand rather than a competitor's?" B) "How does your brand benefit me and society?" C) "What are the costs and benefits of your brand?" D) "What kind of experience will I have with products and services associated with this brand?" E) "What are the benefits of being a loyal consumer of your brand?"

21) Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? A) production concept B) product concept C) selling concept D) marketing concept E) social marketing concept

23) The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. A) product B) production C) customer D) marketing E) promotion

24) The four possible strategies that can be pursued for each SBU are building, holding, ________, and ________. A) harvesting; divesting B) promoting; selling C) downsizing; expanding D) diversifying; penetrating E) developing; growing

25) Which of the following does NOT accurately reflect a problem with the BCG matrix approach? A) It focuses on planning for the future. B) It can be costly to conduct. C) It can be time consuming to implement. D) It is difficult to define SBUs and measure market share and growth. E) It focuses on classifying current businesses.

30) Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization. Having a customer department rather than a marketing department, as suggested by Kelleher, is an example of a(n) ________ perspective. A) outside-in B) external C) inside-out D) modern E) traditional

32) Which of the following reflects the marketing concept philosophy? A) "We don't have a marketing department; we have a customer department." B) "We're in the business of making and selling superior products." C) "We build them so you can buy them." D) "When it's profits versus customers' needs, profits will always win out." E) "You won't find a better deal anywhere."

33) A common practice among marketers is to identify and develop new markets for their existing products. This practice is called ________. A) market development B) product development C) market penetration D) market skimming E) dual adaptation

40) Of the following, which is the most important concept of modern marketing? A) customer relationship management B) societal marketing C) consumer-generated marketing D) properly trained salespeople E) low prices

42) A sound marketing strategy begins with which of the following? A) customer analysis B) positioning C) differentiation D) promotion E) SWOT analysis

42) Customer-perceived value is determined by a customer's ________ of the benefits and costs of a market offering relative to those of competing offers. A) personal assessment B) rational expectations C) accurate assessment D) objective evaluation E) emotional understanding

60) The final step in the marketing process is ________. A) capturing value from customers B) creating customer loyalty C) creating customer lifetime value D) understanding the marketplace E) designing a customer-driven marketing strategy

61) IBM has its sales and marketing people assigned to markets in specific countries, regions, and districts. This is an example of which type of marketing organization? A) geographic B) product C) functional D) divisional E) psychographic

62) Advertising Age, a magazine for advertising professionals, recently gave its Ad Agency of the Year award to ________. A) the consumer B) on-line marketers C) Frito-Lay D) Coca-Cola E) YouTube

66) The ________ organizational system's main advantage is that the company is organized around the needs of specific market segments. A) market management B) geographic C) product management D) vertical E) functional

68) Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________. A) marketing control B) strategic control C) operating control D) developmental control E) efficiency

69) The ultimate aim of customer relationship management is to produce ________. A) customer equity B) market share C) sales volume D) a reliable database E) higher profit margins

Which of the following items can be marketed as products? Ideas -Person -Places -All can be marketed as products (correct) -None of the preceding items can be marketed as products

All can be marketed as products

Which of the following items can be marketed as products?

All can be marketed as products (correct)

A market position is best described as an:

All of the above

A market position is best described as an: -An organization or brand's perceived image -An organization or brand's perceived set of benefits -An organization's or brand's perceived set of problem-solving values -All of the above (correct)

All of the above

Emerging technology has a profound impact on marketers' practices. Which of the following answers best captures how technology has impacted the practice of marketing? Technology has impacted how:

All of the above

Good mission statements should:

All of the above

Marketers create and sustain differentiation by managing their marketing mix. Which of the following is included in the marketing mix?

All of the above

Planners should accept that the nature of some strategic marketing problems is truly-wicked. Truly-wicked strategic problems include the need to:

All of the above

Strategic planners should take into consideration:

All of the above

The emergence of new technology has fundamentally changed:

All of the above

The emergence of new technology has fundamentally changed: -Consumer to consumer interactions -Consumer to firm interactions -Firm to consumer interactions -All of the above (correct) -None of the above

All of the above

The lessons embedded in the twelve principles for strategic success that are discussed in this Module are applicable to:

All of the above

What is/are the best reasons to conduct marketing research?

All of the above

Which core competency helps marketers achieve sustainable differentiation and more desirable positions?

All of the above

Which of the following entities can be branded?

All of the above

Which of the following is an example of a company that has used loyalty status segmentation?

American Airlines grouping customers by their membership status (i.e., gold, platinum, or executive)in the AAdvantage program

Assets

Any physical, organizational or human attribute that enables the Firm to generate and implement strategies that improve its efficiency and effectiveness in the marketplace. assets = time, talent and treasure

product(s)

Anything that can be offered to individuals, market segments or entire markets for customers' attention, acquisition, use, or consumption that might also satisfy their (i.e., individuals', segments', or markets') wants/needs—or solve their problems. Another way to view and define products, however, is as anything—either a tangible product, intangible service, place, idea, person, or organization—that can solve customer problems and profit marketers/marketing organizations.

products, tangible

Are called products. Many products are characterized by and successfully differentiated based on ample intangible elements.

products, intangible

Are called services. Many services are characterized by and successfully differentiated based on tangible elements.

What is the best reason for firms to scan and study their environments, according to classroom discussion? Firms should study their environments because:

As Willie Sutton said, that's where the money is

What is the best reason for firms to scan and study their environments, according to classroom discussion? Firms should study their environments because:

As Willie Sutton said, that's where the money is.

What is the best reason for firms to scan and study their environments, according to classroom discussion? Firms should study their environments because:

As Willie Sutton said, that's where the money is. (correct)

Various types of consumer reference groups exist. Which among the following reference groups is the one to which consumers would most prefer to belong?

Aspirational reference groups

Marketers succeed (fail) based on their ability (inability) to create and sustain genuine or perceived differentiation for their product. All prospective customers make decisions about which alternative to purchase, generally from brands already inside evoked sets, based on their positive or negative evaluations of the competing products' attributes. This principle, or law, is best described as the principle of:

Attributes

______________________ distinguish one brand from another and are used by consumers as they evaluate the qualities, characteristics, value and appeal of different brands.

Attributes

114) Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm is most likely practicing the ________. A) production concept B) marketing concept C) selling concept D) relationship concept E) societal marketing concept

122) FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________. A) loyalty B) relationship marketing C) customer-perceived value D) social relationships E) a societal marketing campaign

14) Which of the following can be a company division, a product line within a division, or sometimes a single product or brand? A) a market B) the BCG C) an SBU D) a PLC E) a value delivery network

17) Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and ________. A) market share; strength of the SBU's position B) market diversification; relative market share C) market or industry attractiveness; strength of the SBU's position D) market growth rates; profits E) market penetration; market development

Attributes (correct)

The prejudice known as ________________________ occurs when marketers place too much confidence in the accuracy of information provided by technology.

Automation bias

Contemporary marketers often rely more on information generated by technology than on actual observations made with their own eyes and ears. An overreliance on technology as an information source often leads to a problem called:

Automation bias (correct)

Placing too much faith in the accuracy of information provided by machines is known as:

Automation bias (correct)

The prejudice known as ________________________ occurs when marketers place too much confidence in the accuracy of information provided by technology.

Automation bias (correct)

2) According to the opening scenario, the Tide marketing team is MOST concerned about which of the following? A) maintaining its brand share B) fostering customers' emotional connections with their product C) advertising their product's benefits D) comparing the effectiveness of their product to other brands E) incorporating consumer-generated marketing in the marketing mix

22) ________ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment. A) Stars B) Cash cows C) Question marks D) Dogs E) Cats

23) In the BCG matrix, income from ________ can be used to help finance the company's question marks and stars. A) dogs B) cash cows C) SBU revenues D) overseas operations E) low-share businesses

26) Unlike strategic-planning efforts of the past, which were conducted primarily by senior managers, today's strategic planning is ________. A) short-term oriented B) decentralized C) limitation-free D) product oriented E) centralized

27) To increase its U.S. market share, Starbucks has stepped up efforts in the areas of product availability and promotion. These are examples of broad ________. A) brand experiences B) strategies for growth C) diversification D) product development E) value chains

30) Making more sales to current customers without changing a firm's products is ________. A) market attractiveness B) market penetration C) market development D) product development E) diversification

32) While a valuable planning tool, a problem with using the BCG matrix centers is that it focuses on ________ A) the future instead of the present B) the present instead of the future C) financial issues instead of the customer D) the customer instead of suppliers E) the past instead of the present

34) Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing. A) customer-driven B) customer-driving C) relationship D) donor E) social

35) When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. A) customer-driven B) customer-driving C) societal D) production E) product

46) Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to develop a(n) ________. A) target market B) market segment C) market D) market strategy E) undefined niche

64) When an airline goes after a "share of travel" from its customers, it is attempting to increase ________. A) customer lifetime value B) share of customer C) total customer spending D) customer satisfaction E) customer ownership

65) Beyond simply retaining good customers, marketers want to constantly increase their "share of customer." What does this mean in marketing terms? A) Marketers want to increase their market share. B) Marketers want to increase the share they get of the customer's purchasing in their product categories. C) Marketers want to increase the profit margin with this target market. D) Marketers want to continuously increase their customers' levels of satisfaction. E) Marketers want to turn satisfied customers into delighted customers.

8) When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges

____________ is a mode of interpersonal communication about brands or marketing organizations that functions either as marketers' best friend (because receivers believe and trust the information and information source) or worst enemy (because receivers believe and trust the information and information source).

Both a and b are correct. WOM, or word-of-mouth. E-WOM, or electronic word-of-mouth.

The word metrics is a modern strategic planning term that is primarily used to indicate or establish:

Both a and b are correct. (correct)

Marketing research entails collecting and analyzing information relevant to a specific marketing problem or opportunity/threat facing the marketer that is conducting the research. Insights generated through marketing research links customers or prospective customers to marketers through information.

Both statements are correct.

Both statements are correct. (correct)

Micro-environments are easy to control. By contrast, macro-environments are not controllable.

Both statements are false

Micro-environments are easy to control. By contrast, macro-environments are not controllable.

Both statements are false (correct)

Social status is important because it delivers positional value to consumers. This means, fundamentally, their social status elevates certain consumers above other consumers.

Both statements are true

Changes don't always represent progress. But changes are always necessary for progress to occur.

Both statements are true.

Hedonism, the word, relates to the pursuit of pleasure and pleasurable sensations. Hedonism is a big deal in the marketing world where most consumer decisions are driven, directly or indirectly, by the pursuit of pleasure or the desire to avoid pain.

Both statements are true.

Homogeneous—in marketing, the word word homogeneous means that the consumers or firms who constitute market segments share key characteristics in common. These key characteristics that make it more or less likely they will respond favorably or negatively to the same marketing mix values.

Both statements are true.

Both statements are true. (correct)

The Democrat and Republican political party's use of an elephant and donkey illustrates which strategic marketing tool?

Branding symbol

_______________ are the names, signs, symbols, designs, colors, or some combination of these and other dimensions that identify and distinguish or differentiate the marketer of a product/service from the other organizations marketing the same product inside the same product category

Brands

McDonald's golden arches and Nike's swoosh are both examples of ______ because they help consumers identify the company.

Brands (correct)

______ are names, signs, symbols, designs, colors, or some combination of these and other dimensions that identify and distinguish/differentiate the marketer of a product/service from other organizations marketing the same product inside the same product category.

Brands (correct)

Which statement best illustrates the concept of brands as Earnest Dichter defined them?

Brands embody values and meaning inside customers' minds. (correct)

62) Which of the following is the most common approach to marketing organization? A) geographic B) product management C) functional D) divisional E) combination

63) Which of the following is an example of consumer-generated marketing? A) Toyota's presence in online communities B) Nike's Nike Plus running Web site C) MasterCard's use of "Priceless" commercials shot by customers D) Neiman Marcus's InCircle Rewards program for its best customers E) The Lexus Covenant aimed at creating customer delight

65) The ________ organizational format was first used by Procter and Gamble in 1929. A) geographic management B) functional C) product management D) customer management E) market management

66) ________ is one of the best ways to increase share of customer. A) Targeting new customers B) Using bait and switch C) Cross-selling D) Relationship selling E) Partnership marketing

67) An increasingly large number of firms are changing their organizational focus from ________ to ________. A) product management; functional management B) product management; geographic management C) brand management; customer management D) geographic management; functional management E) global management; regional management

68) Which of the following is the total combined customer lifetime values of all a company's current and potential customers? A) share of customer B) customer lifetime value C) customer equity D) profitability E) share of market

72) Which of the following involves looking at whether a company's basic strategies are well matched to its opportunities? A) operating control B) marketing control C) strategic control D) ROMI E) portfolio analysis

Which type of risk allows the planner to make reasonable predictions about the probability of all possible outcomes?

Calculated Risk

____________ are known risks taken to pursue material gains (such as increased revenues or market share) inside conditions where the entire range of possible outcomes is known and reasonably accurate assessments of the probability that each outcome will happen can be determined.

Calculated risks (correct)

From a moral standpoint, marketing ________________

Can be ethical or unethical depending on the morality of the influencer (correct)

What professional characteristics do marketers share in common with military commanders? Marketing and military strategists both seek to:

Capture space Control space Defend space All of the above are true (correct)

Who said "You must know the past to understand the present and predict the future"?

Carl Sagan

An Apple branded product would be considered a ______ within Apple's product portfolio if it enjoyed high shares in a low growth market that requires little investment to develop

Cash Cow (correct)

Which BCG category includes brands that enjoy high shares in low growth markets?

Cash cow brands

Which BCG category includes brands that enjoy high shares in low growth markets?

Cash cow brands (correct)

If your organization, product, idea, and solution cannot be first-to-market or first-to-mind then be first in a category, including categories that your firm establishes. This principle, or law, is best described as the principle of:

Category

Category (correct)

___________ is always necessary for _________ to occur

Change, progress

___________ is always necessary for _________ to occur

Change, progress (correct)

What positioning strategy is being used when Lilly Pulitzer gained a contract for Target to sell her clothing line?

Channels

Which meat market has grown most since 1990?

Chicken

Which meat market has grown most since 1990?

Chicken (correct)

CEO Jack Welch created a competitive advantage for General Electric by subdividing the company into strategic business units (SBUs) with individual strengths and concentrations. GE created a competitive advantage by focusing on:

Core Competencies (correct)

Strategy exists at two levels. These two levels are:

Corporate and functional level

Strategy exists at two levels. These two levels are:

Corporate and functional level (correct)

Humans simultaneously _________________ and ______________ the new?

Crave, fear

Humans simultaneously _________________ and ______________ the new?

Crave, fear (correct)

The absolute best way to ensure huge marketing success is to:

Create a solution for a problem that customers don't realize they have yet.

The absolute best way to ensure huge marketing success is to:

Create a solution for a problem that customers don't realize they have yet. (correct)

Brands seek to create perceptions that differences exist between their brand and other brand. These differences may be real or imagined. This process is best described as ...

Creating differentiation

Successful marketers must master various processes that generate need-satisfaction. What is the other, opposing, set of processes that marketers must manage:

Creating real or imagined customer wants and problems

Successful marketers must master various processes that generate need-satisfaction. What is the other, opposing, set of processes that marketers must manage:

Creating real or imagined customer wants and problems (correct)

What is the best way to ensure huge marketing success?

Creating solution to problems customers did not realize they have yet

What is the best way to ensure huge marketing success?

Creating solution to problems customers did not realize they have yet (correct)

What economics concept best describes describe the consequences that arise when new types of technologies successful enter existing markets?

Creative destruction

What economics concept best describes describe the consequences that arise when new types of technologies successful enter existing markets?

Creative destruction (correct)

Which asset contributes the most to marketing professionals' ability to produce successful innovations?

Creativity

Which asset contributes the most to marketing professionals' ability to produce successful innovations?

Creativity (correct)

Which of the following is not a trade-off that strategic planners must consider when making a decision?

Creativity and diversity

Which of the following is not a trade-off that strategic planners must consider when making a decision?

Creativity and diversity (correct)

An entire set of values, ideas or attitudes that are shared among members of a group, any group, can be referred to as:

Cultural factors

When a collective group's attitudes and beliefs change environmental dimension has been altered?

Cultural trends

When a collective group's attitudes and beliefs change environmental dimension has been altered?

Cultural trends (correct)

Biology enables. ______________ forbids.

Culture

Promotion

Customer Communication

Place

Customer Convenience

Price

Customer Costs

Product

Customer Satisfaction

When one organization knows more about its customers than competing organizations know about their customers the better informed organization enjoys opportunities to leverage ---------------- and to develop superior differentiation.

Customer intimacy (correct)

113) Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means. This is an example of A) convenience B) social marketing C) market segmentation D) target marketing E) value packing

117) Which of the following reflects the marketing concept? A) "The supplier is king." B) "Marketing should be viewed as hunting and not gardening." C) "This is what I make; won't you please buy it?" D) "This is what I want; won't you please make it?" E) "Customers need to be told where they want to go."

118) Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy. A) marketing concept B) product concept C) production concept D) societal marketing concept E) selling concept

12) Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that guide each level of the company. A) sets of strategies B) sets of tactics C) product mixes D) supporting objectives E) sets of promotional tools

24) The product concept says that a company should do which of the following? A) improve marketing of its best products B) market only those products with high customer appeal C) focus on the target market and make products that meet those customers' demands D) focus on making continuous product improvements E) make promoting products the top priority

25) "Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept. A) production B) marketing C) selling D) product E) target marketing

26) Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales? A) marketing B) production C) product D) selling E) societal marketing

27) Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? A) product B) production C) selling D) marketing E) equity

31) Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ________. A) market development B) product development C) diversification D) market penetration E) product adaptation

31) Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products? A) convenience B) shopping C) specialty D) unsought E) demarketed

33) Customer-driven marketing usually works well when ________ and when customers ________. A) a clear need exists; are difficult to identify B) customers know what they want; are loyal to the brand C) a firm can deliver the goods desired; are thoroughly researched D) a clear need exists; know what they want E) a need exists; don't know what they want

34) Starbucks Coffee has recently begun selling and playing compilation CDs and is supporting its own XM satellite radio station. This represents which strategy for growth? A) product development B) market development C) market penetration D) diversification E) partner development

35) Which of the following entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy? A) market segmentation B) the BCG approach C) product line extension D) downsizing E) market redesign

37) Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________. A) market development B) product development C) business portfolio D) value chain E) value delivery network

37) Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being? A) marketing B) selling C) product D) societal marketing E) equity

2) When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________. A) mission planning B) values planning C) strategic planning D) business-portfolio planning E) operations planning

20) The BCG growth-share matrix classifies four types off SBUs. They are ________ , ________ , ________ , and ________. A) product; price; promotion; placement B) sales; market share; price; promotion C) stars; cash cows; question marks; dogs D) planning; implementing; leading; controlling E) market penetration; market development; product development; diversification

28) A firm that uses the selling concept takes a(n) ________ approach. A) outside-in B) myopic C) inside-out D) societal E) customer service

29) Which of the following is a useful tool for identifying growth opportunities? A) the BCG matrix B) the business portfolio C) the product/market expansion grid D) the value chain E) the value delivery network

3) According to management guru Peter Drucker, "The aim of marketing is to ________." A) create customer value B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products

3) Which of the following is the first step in strategic planning? A) set objectives and goals B) develop the business portfolio C) define the company mission D) plan marketing strategies E) identify threats and weaknesses

36) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. A) short-run costs and profits B) short-run ethics C) long-run welfare D) immediate health E) value propositions

36) Which of the following is NOT a reason that a firm might want to abandon products or markets? A) The market has changed, making some of the products less profitable. B) The firm has entered areas in which it does not have expertise. C) The economic environment is showing signs of recovery. D) The firm has grown too rapidly. E) The firm has not properly researched foreign markets which it has entered.

38) The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________. A) human welfare B) want satisfaction C) company profits D) short-run wants E) long-term needs

70) Which of the following is NOT a step in the marketing control process? A) setting goals B) measuring performance C) taking corrective action D) defining the mission E) evaluating the causes of gaps between expected and actual performance

71) Customers can be classified into four relationship groups, according to their profitability and projected loyalty. Which type of customers have the highest profit potential and strong loyalty? A) barnacles B) strangers C) butterflies D) true friends E) big fish

________________ essentially diagnoses and explains what is going right or wrong, and why. By contrast, _______________________ informs marketers about what they should do.

Descriptive knowledge, prescriptive knowledge

________________ essentially diagnoses and explains what is going right or wrong, and why. By contrast, _______________________ informs marketers about what they should do.

Descriptive knowledge, prescriptive knowledge (correct)

What is the one best asset that most marketers should seek to own and control?

Desirable positions inside consumers' minds

What is the one best asset that most marketers should seek to own and control?

Desirable positions inside consumers' minds (correct)

The positions that marketers choose to pursue should be based on ______________ differences.

Determinant

The word __________________________ means that the branding difference itself is genuine (real) and is important to customers as they make their choices among competing brands.

Determinant (correct)

Recently Audi released a new line of electric vehicles and made the promise of developing electric vehicles for all the categories in which Audi competes. Audi expects to target new consumer segments that characterized by extremely high level of environmental awareness. Which type of growth strategy best explains Audi's innovations?

Diversification (correct)

At times marketers develop new products and target the new products toward new target segments. The tactic combines the market development and product development growth strategies. Video game marketers pursued this strategy when developing new, more relationally-oriented (as opposed to violence-oriented) games, and targeting the new products toward female gamers. This example illustrates a:

Diversification Growth Strategy

Diversification Growth Strategy (correct)

A technology firm began producing a gaming device and integrated this new product into its product portfolio. The firm offered this product to a completely new market that it (this firm) has never served before. This example illustrates a:

Diversification strategy

Market segmentation involves a process of:

Dividing broader, larger, more heterogeneous markets into narrower, smaller, more homogeneous market segments

Successful market segmentation entails the act of:

Dividing heterogeneous large markets into more homogeneous and small groups.

The marketing segmentation process primarily entails and act of:

Division

What famous brand was used to illustrate the point that "marketers should own the trend when the trend's their friend?"

Dockers

What famous brand was used to illustrate the point that "marketers should own the trend when the trend's their friend?"

Dockers (correct)

The phrase ___________________ entails using coded words that have one meaning for the general population but feature other meanings for members of targeted audiences.

Dog whistle marketing messaging

The phrase ___________________ entails using coded words that have one meaning for the general population but feature other meanings for members of targeted audiences.

Dog whistle marketing messaging (correct)

According to Jack Welch, if your firm doesn't have a competitive advantage, then what it should do

Don't compete

According to Jack Welch, if your firm doesn't have a competitive advantage, then what it should do

Don't compete (correct)

120) You have just taken a new position in an organization and you're learning about the job functions of your new colleagues. You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships. Your marketing manager frequently speaks about the need to deliver superior customer value and satisfaction. Your manager is concerned with which one of the following? A) database management B) Web site hits C) the societal marketing concept D) partner relationship management E) customer relationship management

123) Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business. He is a smart operator who knows that the key to this goal is to match ________ with ________. A) company performance; competition B) company performance; competitive prices C) relationship building; performance tools D) company performance; unique products E) customer expectations; company performance

__________ are trends that are breaking badly for marketers because they degrade the success prospects of their current strategic marketing plans or future strategic marketing plans that marketers could develop. Stated differently, existing or emerging environmental trends moving against the best interests of individual marketing organizations or entire marketing sectors.

Environmental threats (correct)

Thirty-nine per cent of marriages occur during the Fall season. This statement illustrates an:

Environmental trend. (correct)

______________________ can be both positive for one SBU in the organization and negative to another SBU inside the same firm.

Environmental trends

______________________ can be both positive for one SBU in the organization and negative to another SBU inside the same firm.

Environmental trends (correct)

What is an environmental opportunity?

Environmental trends that are breaking favorably for the success prospects of marketers' current strategic marketing plans or the ones they can develop in the future.

What is an environmental opportunity?

Environmental trends that are breaking favorably for the success prospects of marketers' current strategic marketing plans or the ones they can develop in the future. (correct)

Differentiation can be created by leveraging each of the following core competencies except:

Environmental-knowledge

__________________ consist of the surroundings in which people, animals, plants or organizations live or operate - and in which those persons, animals plants or organizations strive to survive or hopefully thrive

Environments

Environments (correct)

Who said "You would be amazed to find how often we mislead ourselves, regardless of how smart we think we are, when we attempt to explain why we are behaving the way we do?"

Ernest Dichter

Who said "You would be amazed to find how often we mislead ourselves, regardless of how smart we think we are, when we attempt to explain why we are behaving the way we do?"

Ernest Dichter (correct)

Which step in the pre-planning process entails aligning resources, actions and energies to accomplish the organizations goals

Establishing priorities

Which step in the pre-planning process entails aligning resources, actions and energies to accomplish the organizations goals?

Establishing priorities

Which step in the pre-planning process entails aligning resources, actions and energies to accomplish the organizations goals?

Establishing priorities (correct)

All marketers should identify, develop, and then emphasize the same/similar attributes that imitates or may be closely compared to other competitors' attributes

FALSE (correct)

Automation bias often occurs inside marketing research efforts and is usually viewed as a desirable outcome.

FALSE (correct)

Dynamic changes, when integrated into new products, are always perceived as fresh and exciting outcomes by customers (and prospective customers). This is the primary reason why marketers should always seek to introduce the most innovative products.

FALSE (correct)

Icebergs were metaphorically used to describe and summarize the sort of relationship that exists between marketers and their environments. Is the preceding statement:

FALSE (correct)

If you do not have a strategy yet, it is better to be honest and let the public know that you are working on it.

FALSE (correct)

Information represents the truest and most impactful operant resource and source of potential advantage for marketers. Marketing information operates as the foundation for competitive advantage (at individual or organization levels) and for economic growth at micro [individual organizations] or macro [entire economy/market] levels.

FALSE (correct)

Macro-environments can also be described an "internal-environments."

FALSE (correct)

Marketing research always allows marketer to be make more accurate bets about future human behaviors.

FALSE (correct)

Micro-environments primarily consist of demographic, economic, natural, technological, and/or cultural environments. Macro-environmental factors typically harbor and generate threats and opportunities for organizations. Key macro-environmental dimensions include, for example, the economy, society, culture, demographics, technological, governmental/regularity factors, and so forth.

FALSE (correct)

Most marketing organizations that conduct marketing research need both more information and better information.

FALSE (correct)

Perceptions are a set of realities that influence how a consumer makes sense of stimuli as they arise inside their environments

FALSE (correct)

Prescriptive knowledge describes changing trends—say, changing customer likes or dislikes; or economic surges and declines. Prescriptive knowledge diagnoses and explains what is going right or wrong, and why.

FALSE (correct)

Primary information uses data that has already been collected for other purposes.

FALSE (correct)

Whenever research metrics are used, marketers can be confident that the information they have generated is perfectly accurate.

FALSE (correct)

Who said "The only thing we have to fear is fear itself?

FDR

Research has shown that one moral characteristic is highly important to almost all consumers. What characteristic?

Fairness

What season is the most common time for consumers to make new resolutions?

Fall

100) Web 2.0 is distinguished by its poorly conceived e-tailers and Web start-ups.

False

76) Mission statements should be realistic and general in nature.

False

76) Selling is managing profitable customer relationships.

False

77) Human needs are shaped by culture and individual personality.

False

79) At America Online, "we create customer connectivity, anytime, anywhere," is a product-oriented business definition.

False

79) When backed by buying power, needs become demands.

False

80) "At Nike, we sell shoes" is a market-oriented business definition.

False

80) Market offerings are limited to physical products.

False

81) A firm's mission statement should be the basis for both its business and marketing objectives.

False

82) The major activity in strategic planning is strategic business unit planning, whereby management evaluates the products and businesses making up the company.

False

82) When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

False

83) Only sellers of products, services, and ideas practice marketing; buyers do not.

False

83) When designing business portfolios, most companies are well advised to add a broad range of products and businesses to their organization.

False

84) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.

False

85) Demarketing is a marketing philosophy focused upon product differentiation and positioning.

False

89) Amy's law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept.

False

90) Your department holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Your department is practicing the selling concept.

False

91) Fast Food, Inc. views marketing as the science and art of finding, retaining, and growing profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.

False

93) For most marketers, customer relationship management (CRM) is exclusively a matter of customer data management.

False

94) The marketing mix includes production, price, promotion, and packaging; this is known as the four Ps of marketing

False

98) Consumer-generated marketing, a relatively new phenomenon, has so far had little impact as a marketing force

False

99) To increase their "share of customer," a firm concentrates on retaining as many customers as possible over their lifetimes.

False

A major objective of almost all B2C marketers is to create and satisfy consumer needs.

False

All marketers should identify, develop, and then emphasize the same/similar attributes that imitates or may be closely compared to other competitors' attributes

False

Automation bias often occurs inside marketing research efforts and is usually viewed as a desirable outcome.

False

Beliefs are more enduring and influential on CB than are attitudes.

False

Descriptive knowledge informs marketers about what they should do. Descriptive knowledge identifies and suggests the logical next strategic steps that marketers should pursue.

False

Icebergs were metaphorically used to describe and summarize the sort of relationship that exists between marketers and their environments. Is the preceding statement:

False

In statistical analyses, often enormous amounts of numbers are compressed into larger, but more meaningful, understandable and actionable numbers.

False

Macro-environments can also be described an "internal-environments."

False

Macro-environments consist of organizations' (a) customer relationships; (b) relationships with suppliers and other marketing intermediaries (together, summarized as the supply chain); (c) competitors; (d) relationships with various publics (i.e., stockholders, public interest groups—who may or may not support what the firm is doing or plans to do), and so forth.

False

Marketing firms typically choose only one strong market segment to target.

False

Marketing messages are often designed to make people think rather than feel. This particular sort of message is designed to eliminate emotional and intuitive assessments of product values and deliver accurate logical and objective quality perceptions of brands and products

False

Marketing research always allows marketer to be make more accurate bets about future human behaviors.

False

Micro-environments are easy to control, while macro-environments are not controllable.

False

Most marketing organizations that conduct marketing research need both more information and better information.

False

Over-promising and under-delivering—in terms of the value a brand actually provides—often represents a wonderful marketing strategy because it allows marketers to manage expectations.

False

Perceptions are a set of realities that influence how a consumer makes sense of stimuli as they arise inside their environments

False

Primary information uses data that has already been collected for other purposes.

False

Secondary marketing research information is new or original information (before the marketing research was conducted it did not exist).

False

The "Gold rule" means marketers should always do to others as you would want them to do to you.

False

The market segment and the market share are always equal, or nearly so.

False

The marketing concept is a business philosophy that puts the wants and needs of customers first even in situations where organization does not profit from the marketing activities that executed to solve customers' problems (and wants & needs).

False

When consumers decide to not purchase anything they have not a made a choice.

False

Whenever research metrics are used, marketers can be confident that the information they have generated is perfectly accurate.

False

What is the best way for marketers to create false wants in the minds of their customers?

False wants can be created by making brands appear seem irresistibly compelling

What is the best way for marketers to create false wants in the minds of their customers?

False wants can be created by making brands appear seem irresistibly compelling (correct)

Why are some chicken farmers increasingly interested in improving the quality of life for their birds?

Farmers are also marketers who listen and respond to new consumers' needs and wants

Why are some chicken farmers increasingly interested in improving the quality of life for their birds?

Farmers are also marketers who listen and respond to new consumers' needs and wants (correct)

_________________________ is a term marketers use to indicate inexpensive apparel designs that move quickly from catwalks to stores (websites).

Fast fashion

Generally, what is the emotion that people typically feel when they face change?

Fear Thrill Excitement Anxiety All of the above (correct)

The emotion that people typically experience when they confront change is:

Fear Thrill Excitement Anxiety All of the above (correct)

The emotion that people typically experience when they confront change is:

Fear Thrill Excitement Anxiety All of the above

According to Ernest Dichter, what is the main factor that drives consumer decisions?

Fears (correct)

Marketing message are often designed to make people ______________ rather than _______________.

Feel, think

Which phrase is not a category of uncontrollable stimuli that influence consumer behavior?

Financial stimuli

To win new customers from competitors and keep existing customers

Firms must create and deliver more value than those competitors

The marketing law known as "Category" explains that, to be successful:

Firms or brands should establish a category in which they can be first

The marketing law known as "Category" explains that, to be successful:

Firms or brands should establish a category in which they can be first.

Successful marketing depends upon:

First identifying, and then giving, people what they want (correct)

solve important problems or answer important questions

First, define the problem or question Second, determine what is needed to answer the question or solve the question Third, start working

The Pareto Principle suggests that marketers should segments markets into ______________ group(s) based primarily on ________________.

Five; usage rates.

positioning, two perspectives

From customers' perspectives, positioning entails the way a branded product is defined by consumers on important attributes. Yet, from marketers' perspective, positioning might be viewed as places brands occupy inside consumers' minds; relative to places occupied by other competing brands.

What is the relationship between Marketing and Economics?

Each addresses exchange-related decision-making

Which answer represents/captures an important environmental dimension?

Each answer represents/captures an important environment dimension (correct)

Which of the following elements is not an ingredient for the service-related marketing mix?

Each element is part of the marketing mix for services.

Which of the following types of knowledge usually could not be used as a source from which strategic marketing insights could be drawn?

Each knowledge type would prove useful

Which of the following types of knowledge usually could not be used as a source from which strategic marketing insights could be drawn?

Each knowledge type would prove useful (correct)

The main goal of promotion is to:

Each preceding answer captures a main goal.

The main goal of promotion is to:

Each preceding answer captures a main goal. (correct)

An organization's mission should be refined if:

Each preceding statement is true

Which of the following statements about strategy is true?

Each preceding statement is true

An organization's mission should be refined if:

Each preceding statement is true (correct)

Marketers should create strategies that allow them to:

Earn, sustain and grow their core competencies

Marketers should create strategies that allow them to:

Earn, sustain and grow their core competencies (correct)

What outcome is indispensable to the success of marketing organizations, which includes all organizations, of course?

Earned differentiation

What outcome is indispensable to the success of marketing organizations, which includes all organizations, of course?

Earned differentiation (correct)

Which discipline best functions as the baby mama of the discipline we call marketing?

Economics

Plans are nothing, but planning is everything

Eisenhower; plans rarely work out because circumstances change.

In what activity should marketers engage after determining the segments they should target?

Engage in positioning

Which activity is the last step in the marketing research process?

Engaging in follow-up

Which activity is the last step in the marketing research process?

Engaging in follow-up (correct)

positioning, the act of

Entails executing the necessary strategic steps to ensure that organization's market mix offering generates and delivers clear, distinct, and desirable images inside targeted segments' collective minds relative to the images that competitors have sought to create. Positioning is inextricably linked with differentiating.

Planning Process

Entails taking a careful look at where the Firm has been [PAST], where it is now, in terms of its current Strengths and Weaknesses [PRESENT], and where it ought to be going given the Opportunities or Threats the Firm may soon be facing [FUTURE]

_________________ is an activity that entails establishing a business or businesses, taking on the associated financial risks, and doing these things with the hopes of earning market share and profits foremost in one's mind.

Entrepreneurship

The word or phrase called _______ basically entails a gradual decline into disorder?

Entropy

The concept known as _______explains how and why things inexorably fall apart unless purposefully preventative intervention is imposed by some outside force.

Entropy (correct)

________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.

Environment

___________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.

Environment

___________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.

Environment (correct)

Inside this book the relationship between glaciers and their surrounding environment was positioned as being analogous to the relationship between:

Environmental changes and marketing practices

Inside this book the relationship between glaciers and their surrounding environment was positioned as being analogous to the relationship between:

Environmental changes and marketing practices (correct)

__________ are environmental trends that are breaking favorably for marketers because they enhance the success prospects of their current strategic marketing plans or future strategic marketing plans that they could develop.

Environmental opportunities

Environmental opportunities (correct)

The process of observing, researching, and interpreting various, almost inevitably, uncontrollable environment trends that might impact an organization, is known as:

Environmental scanning

_______________________________ helps firms identify trends that can create opportunities or threats for a strategic organization.

Environmental scanning

The process of observing, researching, and interpreting various, almost inevitably, uncontrollable environment trends that might impact an organization, is known as:

Environmental scanning (correct)

The purpose of is to identify trends that pose opportunities or threats that increase or decrease marketers' survival and future success prospects.

Environmental scanning (correct)

When marketing managers conduct marketing research and carefully track relevant environmental trends, they engage in .

Environmental scanning (correct)

_______________________________ helps firms identify trends that can create opportunities or threats for a strategic organization.

Environmental scanning (correct)

Which statement is true about environmental scanning?

Environmental scanning can be used to generate actionable market information that strategic planners can use. (correct)

The emergence of cremation as popular way of dealing with the passing of loved ones represents an _________ to funeral homes as they seek to market and profit from their services?

Environmental threat (correct)

Environmental threats

Strategies and Tactics

Reaching the goals & objectives, tactics will always involve segmentation, targeting, and managing the marketing mix elements to create hopefully unique value for targeted segments

What is the name of the group that consumers consciously look toward in order to secure insights and implicit/explicit recommendations regarding what they should or should not choose to consume?

Reference groups

economies-of-scale

Refers to the reduced manufacturing, distributing, merchandising, and marketing costs that naturally arise on a per unit basis from increased total output of products and their marketing processes. Simply stated, larger factories can make and market batteries at lower-per-unit prices than can smaller factories.

What outcome and process might reasonably be considered as an entire winning-marketing game summed up in one phrase?

Relationship building

Three basic strategies exist through which firms can earn differentiation and sustainable competitive advantage. Achieving greater customer intimacy is one of these strategies. Customer intimacy will most likely be earned by firms that do a great job of managing:

Relationships with customers

Three basic strategies exist through which firms can earn differentiation and sustainable competitive advantage. One of these is customer intimacy. Customer intimacy is most likely to be used by firms that do a great job of managing:

Relationships with customers.

What have we learned about Strategy?

Relationships, Creating them and keeping them, watch your assumptions, a change in things or factors you cannot control in creating and executing a plan you must account for and possibly make accommodations for these things, Firms or people should focus on doing things they do better than others

market segments

Relatively homogeneous, smaller submarkets (groups) existing inside much larger and more heterogeneous markets. Once they are developed, one or more segments are usually targeted as firms develop uniquely and uniquely desirable marketing mixes for the express purpose of satisfying the needs/solving the problems that generally characterize the human (B2C) or organizational (B2B) constituents of each segment.

Information collected from measurements that are free from systematic or statistical errors are considered:

Reliable

__________ (marketing research) information is collected from questions (measurements) that are free from systematic or statistical error. An absence of systematic error implies that the respondents (i.e., the sampled people) who answer questions actually understand what the questions were asking.

Reliable

Reliable (correct)

In an effort to revive fragmenting audiences (or target segments) brand managers can engage in:

Repositioning Rebranding New product development Revised promotional strategies All of the above are true (correct)

____________________ is important because the insights it provides allows marketers to more accurately predict future human behavior.

Research

____________________ is important because the insights it provides allows marketers to more accurately predict future human behavior

Research (correct)

____________________ is important because the insights it provides allows marketers to more accurately predict future human behavior.

Research (correct)

Consider the model of consumer behavior. Which of the following stages is not a step in the consumer decision-making process?

Risk assessment

_____ is challenging, but manageable, because reasonable estimates of probability or certain known outcomes happening can be estimated based on available data. ________, on the other hand, is not manageable. What might happen is unclear, and the probabilities of the unknown are also unknown.

Risk, Uncertainty

Planners must manage two types of risks. Those two risks are:

Risks of sinking the boat or risks of missing the boat

Planners must manage two types of risks. Those two risks are:

Risks of sinking the boat or risks of missing the boat (correct)

The smallest business unit within any firm for which independent planning can be done and independent resources exist is commonly known as a:

SBU

Smart, goals and objectives

SMART is an acronym. It suggests goals and objectives should be Specific, Measurable, Actionable, Realistic, and Time-Sensitive.

SWOT analyses

SWOT is an acronym. The "S" and "W" connote Strengths and Weaknesses; the "O" and "T" indicate Opportunities and Threats. Strengths and weaknesses exist inside the organization; opportunities and threats exist outside the organization. Opportunities and threats would exist independently inside the firm's external environment even if the firm did not exist. Once identified, marketers should exploit opportunities and mitigate or avoid threats.

An automobile could be easily positioned to satisfy customer needs at which three levels of Maslow's Hierarchy of Needs

Safety, social (belongingness and love), and self-esteem

The discussion about Martin Luther King and the civil rights movement illustrates how and why strategists are often better off when they:

Scan their environments continuously, identify opportunity, and only then establish goals

The discussion about Martin Luther King and the civil rights movement illustrates how and why strategists are often better off when they:

Scan their environments continuously, identify opportunity, and only then establish goals.

The discussion about Martin Luther King and the civil rights movement illustrates how and why strategists are often better off when they:

Scan their environments continuously, identify opportunity, and only then establish goals. (correct)

Which of the following concepts is not a criteria that marketing managers should evaluate when determining whether they have created an attractive segment:

Scope

__________ is information that already exists because it was previously collected for other purposes

Secondary

__________ is information that already exists because it was previously collected for other purposes.

Secondary

Which statement is true about secondary data?

Secondary data is less expensive to collect than primary data. (correct)

Which type of information can usually be collected at the lowest costs by marketing researchers?

Secondary information

Which type of information can usually be collected at the lowest costs by marketing researchers?

Secondary information (correct)

Blocking, tackling, and game plans matter greatly inside American football. Marketing features three similar principles. What are these principles called?

Segmentation, targeting and positioning

At its core, the marketing activity known as _______________ entails grouping together consumers that share various immutable traits (such as race) and variable characteristics (such as attitudes or beliefs) in common.

Segmenting

When they evaluate the attractiveness of similar smaller groups existing inside much larger markets, marketers are examining:

Segments (correct)

Someone who alters the information he or she reads so that the information will be more consistent with his or her existing beliefs and attitudes is engaged in:

Selective distortion

Is the NFL (the National Football League) primarily a service or a product?

Service

What is the best way to describe a marketing position?

Sets of images or mental representations that customers develop about characteristics associated with branded products. Collective sets of perceptions that targeted market segments develop and retain about brands' abilities to satisfy their needs or solve their problems How particular brands measure up against--are perceived as more or less desirable--than competing branded products from the same product category All of the above (correct

The average American consumer spends more than ______________ hours per day staring at a screen.

Seven

The average American consumer spends more than ______________ hours per day staring at a screen.

Seven (correct)

Which famous psychologist contended that people are governed by irrational, unconscientious urges?

Sigmund Freud

Which famous psychologist contended that people are governed by irrational, unconscientious urges?

Sigmund Freud (correct)

product life cycle (PLC) concept

Similar to the biological life cycle. The biological life cycle informs us that all living entities on earth—trees, fish, humans—are born; hopefully grow rapidly; eventually level off in their growth while entering, often through a combination of strategy and good fortune, an extended maturity stage; and then, inevitably, experience decline and death. Product category concepts are similarly born, pass through several stages of development; are eventually launched (are introduced/born) directly to the market; hopefully grow in both revenues and market share; but eventually reach maturity or plateau stages in terms of sales and market share; and then inevitably eventually decline—and die, which is akin to leaving the market.

Which of the following is not an environmental trend?

Slightly less than half of adults in the US - a record low - are married. The percentage of people in the US who regularly attend church, mosque, synagogue, or temple, is lower than at any point in US history, and dropping further year by year. Between 2000 and 2016 global apparel production doubled. Spring is the real time for making New Year Resolutions. Most weddings, gym memberships, new makeup sales and healthy diets rise during this Season. All of the above are environmental trends. (correct)

Which of the following is not an environmental trend?

Slightly less than half of adults in the US - a record low - are married. The percentage of people in the US who regularly attend church, mosque, synagogue, or temple, is lower than at any point in US history, and dropping further year by year. Global apparel production essentially doubled between 2000 and 2016. Spring is the real time for making New Year Resolutions. Most weddings, gym memberships, new makeup sales and healthy diets rise during this Season. All of the above are environmental trends. (correct

Marketing success is mostly based upon being skillful enough to manipulate customers into doing what best satisfies the marketer's best interests. Marketing success is also based upon being skillful in conceiving or creating values that best satisfy the interests (i.e., wants, needs, and problems) embedded inside targeted customer segments. Which statement best honors the marketing concept?

Statement 2

"Baud" is a strange-looking but genuine contemporary word used at various places throughout the book. Baud measures the rate or velocity at which monetary exchanges travel across the internet.

Statement 2 is false.

"Baud" is a strange-looking but genuine contemporary word used at various places throughout the book. Baud measures the rate or velocity at which monetary exchanges travel across the internet.

Statement 2 is false. (correct)

Statement A: Many products feature a substantial service—or intangible—component. Statement B: Many services feature a substantial product—or tangible—component.

Statements A and B are each true.

Statement A: Many products feature a substantial service—or intangible—component. Statement B: Many services feature a substantial product—or tangible—component.

Statements A and B are each true. (correct)

A position is a(n) ______ that firms should create in the _____ of ____.

Statements a and b are correct

________________________ allow large amounts of data to be compressed into a few meaningful numbers.

Statistical analysis

A(n) __________ is anything that incites, rouses, or provokes (motivates) consumers to take an action, think, experience emotions, or respond in some other way. Choose the best and strongest answer.

Stimulus

Value is the difference, hopefully negative, between the benefits gotten and the costs given up that are associated with owning and using a product. Alternatively, value can be described as the problem-solving or need-satisfying ability of any branded product. Read each statement carefully.

Statement 1 is false; statement 2, true.

_____________________ exist as some planning entity's hope that what the planners have directed ultimately comes to pass?

Strategic goals

Module 2

Strategic-Level Planning Questions

When conducting a SWOT analysis _______ and ________ exist within (i.e., are internal to) the firm

Strengths and Weaknesses

When conducting a SWOT analysis _______ and ________ exist within (i.e., are internal to) the firm.

Strengths and Weaknesses

When conducting a SWOT analysis _______ and ________ exist within (i.e., are internal to) the firm.

Strengths and Weaknesses (correct)

_______ and __________ exist inside marketing organizations. (Think SWOT Analysis.)

Strengths and Weaknesses (correct)

SWOT

Strengths and Weaknesses Opportunity and Threats

The main difference between _______ and ________ is that the former is internal to the marketing organization, while the latter is external

Strengths, Weaknesses Weaknesses, Threats Strengths, Opportunities B and C (correct)

The acronym SWOT, when written-out in full (all four words), means:

Strengths, Weaknesses, Opportunities, and Threats

The acronym SWOT, when written-out in full (all four words), means:

Strengths, Weaknesses, Opportunities, and Threats (correct)

What automobile marketer incidentally discovered, through marketing research, that one of its automotive brands was extremely popular among the lesbian market segment?

Subaru

What automobile marketer incidentally discovered, through marketing research, that one of its automotive brands was extremely popular among the lesbian market segment?

Subaru (correct)

Market segmentation involves .......

Subdividing larger markets into smaller subsets.

The act of market segmentation involves:

Subdividing larger markets into smaller subsets.

Market segmentation involves .......

Subdividing larger markets into smaller subsets. (correct)

The act of market segmentation involves:

Subdividing larger markets into smaller subsets. (correct)

________________________ effects can be described as people's whims, desires and fears that operate and influence people below the threshold of human awareness.

Subliminal

________________________ effects can be described as people's whims, desires and fears that operate and influence people below the threshold of human awareness.

Subliminal (correct)

problem-solvers, need-satisfiers; promise-makers, promise-keepers

Successful marketers always view themselves as such.

The author of the book The Art of War was:

Sun Tzu

The author of the book The Art of War was:

Sun Tzu (correct)

Which of the following statements was not discussed as a value that emanates from the planning process. Planning facilitates:

Superior positioning

Which of the following statements was not discussed as a value that emanates from the planning process. Planning facilitates:

Superior positioning. (correct)

A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits).

TRUE

Attitudes are more deeply-held than beliefs and are more influential on consumer behavior

TRUE

Change is rarely linear regardless of whether changes are unfolding under harsh warlike conditions or emerging as normal and expected, cultural, economic or scientific transitions and progress.

TRUE

Consumer decisions are often motivated (driven) by subliminal fears.

TRUE

Domestic marketers manipulate too many American consumers to purchase products or services that those individual consumers don't need and/or cannot afford.

TRUE

Environmental trends are patterns of gradual or more rapid change unfolding along an environmental dimension.

TRUE

For any organization, its mission equals its vision equals its (basic) goals.

TRUE

For determinant differences to exist, actual or perceptual differences must exist between brands. And the brand difference must be important to customers as they decide which brand to purchase.

TRUE

If they are rewarded or punished for hitting or not hitting their marks, professionals usually perform to the metrics that their managers establish for them

TRUE

Market(s)—consist(s) of all actual or potential customers for products or services.

TRUE

Most of the time, no matter what the decision, consumers choose the choice that they perceive will deliver the most value to them.

TRUE

On any given day, more than half of the women in the US are dieting.

TRUE

Prescriptive marketing research knowledge and insights are typically generated as a result of statistical analysis.

TRUE

Strategic-Level planning entails of planning for purposes of meeting and beating the competition in ways that ensure the long-run survival and success of the organization.

TRUE

Surprisingly large percentages of consumers engage in competitive consumption; efforts to catch up with or keep ahead of other consumers by acquiring and publically consuming various luxury goods.

TRUE

The fact that so many young people lay around "watching Netflix and becoming obese" represents both an environmental threat and an environmental opportunity.

TRUE

The fact that the membership of specific segments share much in common implies the segment's constituents are more likely to respond positively or negatively to particular marketing mixes, and to the distinct sets of values (benefits, solutions) that those marketing mixes create.

TRUE

The first rule of storytelling is "Make me care":

TRUE

Undifferentiated or mass marketing treats all potential buyers as one homogeneous group, and focuses what is common or similar across all those potential customers.

TRUE

Well-positioned brands usually evoke positive feelings, thoughts and associated images in the collective minds of targeted customer segments

TRUE

A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits).

TRUE (correct)

Accepting and leading change is essential in creating desirable futures in which we live, work and play.

TRUE (correct)

Consumer decisions are often motivated (driven) by subliminal fears.

TRUE (correct)

Domestic marketers manipulate too many American consumers to purchase products or services that those individual consumers don't need and/or cannot afford.

TRUE (correct)

Each addresses motivation theories about consumer behavior

TRUE (correct)

Environmental trends are patterns of gradual or more rapid change unfolding along an environmental dimension.

TRUE (correct)

For determinant differences to exist, actual or perceptual differences must exist between brands. And the brand difference must be important to customers as they decide which brand to purchase.

TRUE (correct)

If they are rewarded or punished for hitting or not hitting their marks, professionals usually perform to the metrics that their managers establish for them

TRUE (correct)

In any given day, more than half of the women in the US are dieting

TRUE (correct)

Laws and regulations affect marketing mix activities.

TRUE (correct)

Market(s)—consist(s) of all actual or potential customers for products or services.

TRUE (correct)

Marketers should listen to understand, not to decide if someone or the information their communication dance partner is conveying is right or wrong.

TRUE (correct)

Marketing research is almost always an analytical, fact-base (which means empirical), and data-driven process.

TRUE (correct)

Marketing research related problems that are well-defined are already half-solved.

TRUE (correct)

Marketing-Level Planning—Goals of planning for purposes of managing the organization's "marketing mix" in ways that create differentiating-value and uniquely-desirable positions for brands as the organization targets specific market segments.

TRUE (correct)

On any given day, more than half of the women in the US are dieting.

TRUE (correct)

Strategic-Level planning entails of planning for purposes of meeting and beating the competition in ways that ensure the long-run survival and success of the organization.

TRUE (correct)

The Marketing Mix is the tool that marketing firms manage with the intent of creating hopefully-differentiating communication messages for the branded products.

TRUE (correct)

The US Air Force, Army Marine Corp and Navy are all marketing organizations and powerful brands with their own identity and core competency.

TRUE (correct)

The first rule of storytelling is "Make me care":

TRUE (correct)

Too many marketing firms lack the right sort of information as needed to plan and perform at optimal levels of efficiency.

TRUE (correct)

Well-positioned brands usually evoke positive feelings, thoughts and associated images in the collective minds of targeted customer segments

TRUE (correct)

Which of the 3T's is the least finite resource

Talent

Which of the three "T's" is the most indispensable?

Talent (correct)

What is the core difference between tangible products and intangible products?

Tangible products are products and intangible products are services

___________________ marketing entails evaluating different identified segments as more or less attractive and deciding which ones to pursue.

Target

What is a target market?

Target markets are groups of customers/prospective customers that marketing organizations are best prepared to pursue, serve, and satisfy

The market diversification growth strategy is one where firms:

Target new products to new market segments

The market diversification growth strategy is one where firms:

Target new products to new market segments.

When marketers strategically choose to use nostalgia in their messages while strategically pursuing customers whose ages end in 9 (29, 39, 49...) they are leveraging the power of?

Targeting

__________ entails evaluating the various segments that have been identified as more or less attractive and deciding which ones to pursue.

Targeting

The act of entails selecting the precise segment or segments that marketers will pursue by managing current or newly developed marketing mixes.

Targeting (correct)

The statement that marketers should not just "Fish where the fish are" [but rather] "Fish where the fish are more likely to take your particular type of bait" was used to the importance of:

Targeting and positioning.

Firms can grow revenues by

Targeting new segments Developing new and/or more appealing value through new marketing mixes

Firms can grow revenues by:

Targeting new segments Developing new and/or more appealing value through new marketing mixes Both A and C (correct)

Which of the following is not described as a brand personality trait in this book?

Technological

The __________________ refers to a planning issue related to making decisions that allow strategists to learn from their mistakes (if the mistake is not devastating in nature), while at the same time taking risks that are big enough to benefit their organization if "the bet" pays off.

The Waterline principle

The Waterline principle (correct)

What is most difficult question that marketers should answer about consumers and their behavior?

The Why consumers buy question.

Which of the following statements was economist's Milton Friedman referencing when he said: "If the U.S. were in charge of the Sahara Desert the nation would quickly run out of sand"?

The governments poor treasure management

Which of the following statements was economist's Milton Friedman referencing when he said: "If the U.S. were in charge of the Sahara Desert the nation would quickly run out of sand"?

The governments poor treasure management (correct)

Business strategies exist at two levels. Marketing planning is an example of which level of business strategy?

Functional Strategy

Business strategies exist at two levels. Marketing planning is an example of which level of business strategy?

Functional Strategy (correct)

Module 1

Fundamentals Questions

A good plan, violently executed today, is better than a perfect plan next week

G. Patton; Be opportunistic. Strike fast and hard. Do it, now

Marketing strategy entails:

Getting more (value) from a situation than the original balance of power between the assortment of competitors or enemies would have suggested was possible. The art and science of creating and executing power. leading or managing change. All three answers, dependent on context, are correct. (correct)

Marketing strategy entails:

What does strategy mean?

Getting more out of a situation than the original balance of power suggests should be possible The art of creating and exercising power Leading or managing change All of the above (correct)

Which two characteristics make glaciers a useful analogy when describing the effects of marketing practice?

Glaciers and marketing practices each change and are each changed by their surrounding environment.

Which two characteristics make glaciers a useful analogy when describing the effects of marketing practice?

Glaciers and marketing practices each change and are each changed by their surrounding environment. (correct)

Which description most accurately describes a key difference between marketing goals and marketing objectives?

Goals are qualitative; objectives are quantitative (correct)

What huge environmental threat recently emerged for Planned Parenthood?

Greater availability of early pregnancy stage heartbeat monitoring and/or sonograms

What huge environmental threat recently emerged for Planned Parenthood?

Greater availability of early pregnancy stage heartbeat monitoring and/or sonograms. (correct)

Fierce rivalries often produce:

Greater hate between the two competitors Greater respect between the two competitors More and higher quality products available at lower prices for consumers All of the above (correct)

Which of the following statements best defines market segments?

Groups of customers in a market that share homogeneous characteristics

Which of the following statements best defines market segments?

Groups of customers in a market that share homogeneous characteristics.

__________ is more about anticipation than reality

Happiness (correct)

Market segments are generally __ in nature

Homogeneous

Market segments are generally _____ in nature.

Homogeneous

Market segments are generally in nature.

Homogeneous (correct)

Strategic level planning primarily involves determining:

How to meet and beat competitive threats, and survive long-term, while growing

Strategic level planning primarily involves determining:

How to meet and beat competitive threats, and survive long-term, while growing.

Needs are states of deprivation that exist inside human minds or bodies. Given this definition, which of the following statements is most true?

Humans always create their own needs without the intervention of marketing strategies

Needs are states of deprivation that exist inside human minds or bodies. Given this definition, which of the following statements is most true?

Humans always create their own needs without the intervention of marketing strategies. (correct)

Proverbs, the book chapter, uses "fire" to metaphorically illustrate an intrinsically-arising human characteristic. Which characteristic is that?

I Want

The human mind is fundamentally wired to operate at three levels.

I will, I won't, or I want

The seemingly crazy word _______________ is the actual name for scientists who study the behaviors and habitats and other factors that influence the reproduction and well-being of sea (or water) creatures.

Ichthyologists

Good mission statements should:

Identify and/or steer the development of core competencies Motivate the organization's key stakeholders Describe where the firm is heading in the future

What is the first step in most strategic marketing planning processes?

Identify opportunities and threats (correct)

The marketing concept prescribes that firms should focus almost all efforts on:

Identifying and satisfying customer needs.

The marketing concept prescribes that firms should focus almost all efforts on:

Identifying and satisfying customer needs. (correct)

What is at the core of a good mission statement?

Identifying and satisfying the customers wants and needs at a profit

What is at the core of a good mission statement?

Identifying and satisfying the customers wants and needs at a profit (correct)

The actual written content of mission statements should focus primarily on:

Identifying how the firm will profitably satisfy customer needs.

The actual written content of mission statements should focus primarily on:

Identifying how the firm will profitably satisfy customer needs. (correct)

Which of the following statements best exemplifies the meaning of opportunism?

Identifying opportunities before anyone else does Being willing and able to strike first by delivering differentiating value after opportunities have been discovered Being ready, willing, and able to pull the trigger on opportunities as soon as they arrive. All of the above (correct)

Which of the following statements best exemplifies the meaning of opportunism?

A position is a(n) ______ that firms should create in the _____ of ____.

Image, minds, market segments Point of differentiation, minds, customers Place, minds, competitors Statements a and b are correct (correct)

What positioning strategy is Jeep using when they gave the Jeep a rugged personality?

Image-based

When making CB choices most humans naturally default to:

Imitation of others

For a dimension of differentiation to be determinant, the difference in question must be:

Important to consumers as they make decisions about what to buy

For a dimension of differentiation to be determinant, the difference in question must be:

Important to consumers as they make decisions about what to buy.

For a dimension of product differentiation to prove "determinant" in the minds of targeted customers, the difference must be:

Important to consumers as they make decisions about what to buy.

The most effective tool that marketers can use to motivate customer to make decisions or take actions marketers want them to take is called:

Incentives

__________ could include anything, factor or stimuli that motivates or encourages people to do something. Agreeing to not charge homeowners who use less than a pre-agreed amount of water during a drought is an __________. To striking degrees, most voluntary human behaviors are driven by __________, as all economists understand.

Incentives

The most effective tool that marketers can use to motivate customer to make decisions or take actions marketers want them to take is called:

Incentives (correct)

incentives

Incentives, further described, could include anything—factor or stimuli—that motivates or encourages people to do something. Agreeing to not charge homeowners who use less than a pre-agreed amount of water during a drought is an incentive. To striking degrees, most voluntary human behaviors are driven by incentives.

_______ is the ratio between an individual marketing organization's firm's sales volume and the overall industry sales volume (i.e., my organization's share of products sold throughout the market in which my firm competes).

Market share

__________ is the ratio between an individual marketing organization's firm's sales volume and the overall industry sales volume (i.e., my organization's share of products sold throughout the market in which my firm competes).

Market share

Market share (correct)

Which of the following is not an environmental trend dimension?

Market trends. (correct)

How is the BCG matrix formed? This four cell matrix is formed by creating an intersection between the

Market's growth rate and the firm's brand's market share

How is the BCG matrix formed? This four cell matrix is formed by creating an intersection between the:

Market's growth rate and the firm's brand's market share

How is the BCG matrix formed? This four cell matrix is formed by creating an intersection between the:

Market's growth rate and the firm's brand's market share (correct)

What factor has functioned as the most dominant force that has contributed to a deluge of unhappiness (or dissatisfaction) among women about their weight?

Marketers

What factor has functioned as the most dominant force that has contributed to a deluge of unhappiness (or dissatisfaction) among women about their weight?

Marketers (correct)

Which statement is true?

Marketers can create wants but not needs

Which statement is true?

Marketers can create wants but not needs.

Which of the following descriptions do not apply to perceptions?

Marketers find it difficult to change customer perceptions

Which of the following descriptions do not apply to perceptions?

Marketers find it difficult to change customer perceptions.

Which of the following descriptions do not apply to perceptions?

Marketers find it difficult to change customer perceptions. (correct)

Which of the following is not true regarding "needs"

Marketers manipulate consumers to create needs

Which of the following is not true regarding "needs"

Marketers manipulate consumers to create needs (correct)

What do marketers and consumers owe to each other?

Marketers owe value to consumers and consumers owe nothing to marketers

What do marketers and consumers owe to each other?

Marketers owe value to consumers and consumers owe nothing to marketers. (correct)

What is the best way to understand marketing organizations and their problems, challenges and opportunities

Marketers should step out of their own so-called "organizational boxes" and take a look at things from the outside?

What is the best way to understand marketing organizations and their problems, challenges and opportunities?

Marketers should step out of their own so-called "organizational boxes" and take a look at things from the outside?

Law, principle of concentration

Marketers should strategically arrange—concentrate—their strengths and then target these advantages; their core competencies, against their competitors' comparative weaknesses.

Which of the following best describes the law of unpredictability?

Marketers will succeed by relentlessly re-calibrating their beliefs and predictions about the future in ways that more accurately capture actual rather than desired or imagined market or environmental conditions (correct)

__________________ can operate as laser-like, targeted megaphones voicing friendly reminders; delighted-to-see-you introductions; kind and gentle, or in-your-face, cajoling; "comeback-to-see-us-again-soon" missives; absolutely pertinent information, or scare-you-to-death or piss-you-off messaging.

Marketing Communications

What does the acronym MIS mean?

Marketing Information System

What does the acronym MIS mean?

Marketing Information System (correct)

The bumpers that pop-up along alleys whenever children bowl relate to marketing strategy because they function like:

Marketing Laws. (correct)

What is the one and only complete tool that marketers can use to initiate marketing growth?

Marketing Mix

The process of collecting and analyzing information to a specific marketing problem or opportunity facing a firm is known as:

Marketing Research

What is the origin (source) for most useful marketing insights about environmental trends?

Marketing Research

The strategic marketing activity known as is conducted in order to generate fact-based insights about the probability that certain managed or unmanaged events will happen.

Marketing Research (correct)

What is the origin (source) for most useful marketing insights about environmental trends?

Marketing Research (correct)

Module 5

Marketing Research Questions

A well-designed _______________________________ helps deliver the exact information actually needed to develop and execute a tactical marketing plan.

Marketing information system

A well-designed _______________________________ helps deliver the exact information actually needed to develop and execute a tactical marketing plan.

Marketing information system (correct)

The best description of what marketing involves is:

Marketing involves processes, people, exchanges, and values

Designs, brands, colors product shapes and spokespersons are all examples of

Marketing messages

Designs, brands, colors product shapes and spokespersons are all examples of _____________________:

Marketing messages

The ___________ is the primary tool that any organization can wield to create value

Marketing mix

What is the one and only complete tool that marketers can use to initiate marketing growth?

Marketing mix

What is the primary tool that organizations use to create value?

Marketing mix

_____________ is a tool that firms manage with the intent of creating hopefully-differentiating value for the branded products they make and market

Marketing mix

Product, Price, Promotion and Place are all part of the _______________

Marketing mix (correct)

The ___________ is the primary tool that any organization can wield to create value

Marketing mix (correct)

What is the primary tool that organizations use to create value?

Marketing mix (correct)

What does the existence of unsatisfied customers create for marketers?

Marketing opportunities

Which of the following is not true about marketing mixes, targeting, and positioning?

Marketing organizations should only target one market segment using multiple, well structured, marketing mixes

Which of the following is not true about marketing mixes, targeting, and positioning?

Marketing organizations should only target one market segment using multiple, well structured, marketing mixes (correct)

Marketing practices are complicated and sometimes contradictory. Why?

Marketing practices can both be good or bad depending on whether they provide great solutions to problems or create problems for those involved.

Knowledge about any organization's relevant environment usually is derived through:

Marketing research

Knowledge about any organization's relevant environment usually is derived through:

Marketing research (correct)

Marketing research is almost always an analytical, fact-base (which means empirical), and data-driven process.

A primary difference between marketing researchers and novelists is; the one emphasized in the book, is ....

Marketing researchers must base their stories on data-based facts whereas novelists can invent those stories

A primary difference between marketing researchers and novelists is; the one emphasized in the book, is ....

Marketing researchers must base their stories on data-based facts whereas novelists can invent those stories.

A primary difference between marketing researchers and novelists is; the one emphasized in the book, is ....

Marketing researchers must base their stories on data-based facts whereas novelists can invent those stories. (correct)

What conditions must be in place before researchers can obtain valid information?

Marketing researchers must develop reliable measures before they can develop valid information. (correct)

Module 3

Marketing-Level Planning Questions

The word _______ describes sets of potential/actual purchasers and/or users of products who also can actually afford a product.

Markets

Markets are heterogeneous in nature. The preceding statement primarily means that:

Markets consist of diverse consumers or organizations

The primary marketing consequence that has arose dud to the environmental trend that American men are graduating from college at materially lower rates than American women is that:

Marriage is experiencing an open retreat.

The primary marketing consequence that has arose dud to the environmental trend that American men are graduating from college at materially lower rates than American women is that:

Marriage is experiencing an open retreat. (correct)

Who developed the hierarchy of needs?

Maslow

Price competition between firms is most likely the result when which of the following target marketing strategies is used?

Mass-marketing

The makeover of Barbie, the doll, resulted from

Mattel's strategic reaction to the evolution of the targeted marketing segment (correct)

When using a ________ growth strategy, marketers change one or more elements in their marketing mix, while keeping the product inside the marketing mix the same.

Market penetration

When using a ________ growth strategy, marketers change one or more elements in their marketing mix, while keeping the product inside the marketing mix the same.

Market penetration (correct)

When using growth strategies marketers change one or more elements in their marketing mix, while keeping the product inside the marketing mix the same.

Market penetration (correct)

An image and set of benefits or problem-solving values, that presumably is associated with branded products refers to ___________

Market positioning

An image and set of benefits or problem-solving values, that presumably is associated with branded products refers to ___________

Market positioning (correct)

Which tool and analytical practice should marketers routinely use to identify threats and opportunities in the environment quicker than their competition?

Market research

What marketing activity is used to discover environmental opportunities and environmental threats?

Market research (correct)

Which is the best tool to use when marketers are seeking to manage uncontrollable consumer behavior stimuli?

Market segmentation management

Considering the law or principal of Perception—Marketing competitions (Coke vs. Pepsi; McDonald's vs. Burger King; Apple vs. Samsung) are often waged and won or lost based on customer perceptions about which brands provide the most value. This principle, or law, is best described as the principle of:

Perceptions (correct)

When properly executed, the marketing mix may shape consumers' _______________ brands and organizations.

Perceptions of Opinion about Attitudes toward Preferences for All of the above (correct)

Planning provides

clear performance metrics, facilitates managerial control and establishes accountability, uncovers new ideas and areas for growth and improvement

customer-intimacy advantages, pathway to differentiation

To achieve greater customer-intimacy, marketing organizations must know more about their customers than their competitors know about their customers.

What is the core purpose of all marketing processes?

To create exchange relationships with customers

What is the main reason why marketers in market segmentation and target marketing?

To deliver specifically-designed marketing mixes that are precisely customized and positioned to satisfy the needs of select customers

What is the main reason why marketers in market segmentation and target marketing?

To deliver specifically-designed marketing mixes that are precisely customized and positioned to satisfy the needs of select customers (correct)

What is/are the best reasons to conduct marketing research?

To describe or diagnose marketing problems or opportunities (threat) more accurately. To develop effective prescriptive inferences regarding how firm should strategically address problems or opportunities through thoughtful, informed management of its marketing mix. To develop marketing strategies intended to achieve highest possible market shares. A and B All of the above (correct)

technological-leadership advantages, pathway to differentiation

To earn technological advantages firms should know more about what customers want or need in the technological realm. Once armed with this knowledge, firms then should develop and execute whatever capabilities are necessary to deliver exactly what customers want or need, technologically-speaking.

Based on the three baselines for marketing success provided in this Module, which of the following strategies would likely prove more successful?

To find or create and focus on an attribute that is most important for a particular group of consumers, and is also different in a positive way from attributes that competitors offer

What is the best reason for marketers to study consumer behavior?

To help consumers solve their problems

Why is it important for wise professionals to learn from their own history?

To identify past failures and learn from them. To be wary of the past because things continue to change. To be wary about the future because the future is unknowable, but somewhat predictable To identify past successes and repeat them. Both a and d (correct)

Why would marketers "under-promise and over-deliver"?

To increase customer satisfaction by lowering expectations

Successful strategic processes often require planners to look backward toward the past. Why is this important?

To provide marketing professionals with contemplative looks into what processes were successful and those process that were not successful in order to guide future decisions.

Successful strategic processes often require planners to look backward toward the past. Why is this important?

To provide marketing professionals with contemplative looks into what processes were successful and those process that were not successful in order to guide future decisions. (correct)

The reptilian brain is one of the three human brains. What is the function of human reptilian brain?

To regulate humanity's vital functions, naturally arising needs and primitive behavioral responses.

Danica Patrick has garnered commercial success not by being the first female racecar driver, but by being the first female driver that most people think of. This is an example of which marketing principle?

Top of mind awareness

When using marketing to create and sustain personal or organizational success, which skillset is most important to master and use?

Traditional and innovative marketing processes and practices

When using marketing to create and sustain personal or organizational success, which skillset is most important to master and use?

Traditional and innovative marketing processes and practices (correct)

77) ABC Fortunes has just developed a formal statement of its purpose. This firm has put together a mission statement

True

78) Mission statements should both emphasize the company's strengths in the marketplace and be motivating.

True

78) The difference between human needs and wants is that needs are not influenced by marketers.

True

81) An experience such as a vacation can be defined as a market offering.

True

84) The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.

True

86) When it becomes necessary to reduce demand for a product or service, an organization may use demarketing to reduce or shift the number of customers

True

87) The production concept and product concept are orientations that can lead to marketing myopia.

True

88) The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

True

92) The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.

True

95) Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

True

96) With selective relationship management, companies use customer profitability analysis to eliminate losing customers and target winning ones.

True

97) Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.

True

A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits).

True

Change is rarely linear regardless of whether changes are unfolding under harsh warlike conditions or emerging as normal and expected, cultural, economic or scientific transitions and progress. --TrueFalse

True

Consumer decisions are often motivated (driven) by subliminal fears.

True

Defined technically, environmental-scanning entails observing, researching, and interpreting various, almost inevitably uncontrollable environment trends that might impact an organization. Explained more practically, environmental-scanning is a process that entails continuously monitoring firms' external and internal environments

True

Descriptive / diagnostic information must come before prescriptive information.

True

Domestic marketers manipulate too many American consumers to purchase products or services that those individual consumers don't need and/or cannot afford.

True

Each addresses motivation theories about consumer behavior

True

Environmental trends are patterns of gradual or more rapid change unfolding along an environmental dimension.

True

For any organization, its mission equals its vision equals its (basic) goals.

True

For determinant differences to exist, actual or perceptual differences must exist between brands. And the brand difference must be important to customers as they decide which brand to purchase.

True

In any given day, more than half of the women in the US are dieting

True

In the traditional marketing mix, intangible services are considered products

True

Information that is collected through marketing research can be reliable without being valid.

True

Laws and regulations affect marketing mix activities.

True

Market(s)—consist(s) of all actual or potential customers for products or services.

True

Marketers cannot control most of the stimuli that influence consumers' behavioral choices. However, certain stimuli can be controlled by marketers by managing their marketing mixes.

True

Marketers should get excited when they hear or read: "The data says/suggest." Data is important to marketers because it allows them to make contemporary predictions about future events.

True

Marketing research is almost always an analytical, fact-base (which means empirical), and data-driven process.

True

Marketing research related problems that are well-defined are already half-solved.

True

One of the best ways to understand needs is as states or conditions of felt or perceived deprivation.

True

Politics is marketing; marketing is politics, all because political marketers confront the need to promote ideas by adjusting their messages to fit the wants and needs of target audiences.

True

Prescriptive marketing research knowledge and insights are typically generated as a result of statistical analysis.

True

Risk is more tolerable than uncertainty because the full range of outcomes are known

True

SWOT is an acronym. The lettes S and W stand for Strengths and Weaknesses; O and T indicate Opportunities and Threats. Strengths and weaknesses exist inside the organization; opportunities and threats exist outside the organization—opportunities and threats would exist independently inside the firm's external environment even if the firm did not exist. Each preceding statement is:

True

Strategic-Level planning entails of planning for purposes of meeting and beating the competition in ways that ensure the long-run survival and success of the organization.

True

The US Air Force, Army Marine Corp and Navy are all marketing organizations and powerful brands with their own identity and core competency.

True

The developers of social media and video games services/produce often intentionally design them to create addictive behaviors among users.

True

The fact that so many young people lay around "watching Netflix and becoming obese" represents both an environmental threat and an environmental opportunity.

True

The first rule of storytelling is "Make me care":

True

Marketers often benefit from lowering customers' expectations. The reason why is because those expectations then become easier to exceed; resulting in greater likelihood of customer satisfaction or delight. The preceding two statements are:

True, True

The term _______________________________ captures and reflects the sum of potential and actual values that positioned products offer.

Value Proposition

The sum of potential and actual values that positioned products offer to prospects or customers is known as a(n):

Value proposition

____________ represents the grand total of any brand's problem-solving capacity. It can feature both emotional and ration al components, and integrate elements of the give and get concept.

Value proposition

_________ can be defined simply as the grand total of any brand's problem-solving capacity.

Value propositions

In statistical analysis, which of the following measurements represents the range of a sample of responses?

Variance

The word _____________________ represents the statistical measure of the range of answers that are present in the entire data set.

Variance

In statistical analysis, which of the following measurements represents the range of a sample of responses?

Variance (correct)

The word _____________________ represents the statistical measure of the range of answers that are present in the entire data set.

Variance (correct)

Which grocery brand succeeds primarily based on a low-cost provider core competency?

Walmart (correct)

Culture is the most basic cause of consumers':

Wants and behaviors

Focus groups are used as marketing research methods that focus on:

What 8-10 individual customers have to say or think about particular issues or problems

Focus groups are used as marketing research methods that focus on:

What 8-10 individual customers have to say or think about particular issues or problems (correct)

Identify wants and needs

Zig Zigler; You can achieve everything you could possibly want in this world if you simply concentrate sufficiently on helping enough other people achieve/get what they want

To win with the quality of ideas

as well as the velocity to generate those ideas

Which consumer trait exercises the most enduring influence on consumers' decision-making and behaviors? Their:

attitudes

STRATEGIC planning

forces development of a strategy that: Meets and beats competitive threats, and Ensures the L/T survival and growth of the Firm. developing the firm

The four steps that unfold inside every consumer decision making process are the following: i. Decision-makers perceive, attempting to make sense of situations. ii. Decision-makers decide which action to pursue. iii. Deciders deliberate possible courses of action that are available in these situation iv. Deciders calculate which choice, from a menu of possible actions, best serves their interest by solving their problems Which of the following is the correct order of these steps?

i, iii, iv, ii

Market Diversification

pursuing newly identified market segments by developing or acquiring and marketing new/modified products

WET RELATIONSHIPS

relates to exchange and transactions, loyalty, cultivated by marketing, willing to pay higher prices

DRY RELATIONSHIPS

relates to exchange and transactions, money and cents only a past, no exceptions of future, no connection

Which brand category generates the most cash?

Star Brands (correct)

New products that are most likely to succeed are those that are:

Fresh and familiar (correct)

_______ is what happens when proper preparation and the right opportunities intersect?

Luck

_______ is what happens when proper preparation and the right opportunities intersect?

Luck (correct)

Innovations are best defined as something or anything that is:

New and useful

Innovations are best described as something that is:

New and useful

Which of the following tools are tactics is not included in the Promotional mix?

Penetration Pricing (correct)

The relative success of Apple and Samsung in the smartphone market shows that higher market share is often associated with:

Lower profits

Marketing strategists' two-headed goal is to

(1) manage their "marketing mix" in ways that create differentiating-value and uniquely-desirable positions for their brands; (2) as their organization targets specific market segments.

Marketing strategists' two-headed goal is to (1) manage their _____________ in ways that create differentiating value and uniquely-desirable positions for their brands (2) as their organization ______________

(1) marketing mix, (2) targets specific market segments (correct)

promotional mix elements:

-Advertising, personal selling, sales promotion, publicity/public relations, and direct marketing. Designs, brands, colors, product shapes, particular spokespersons, and so forth are also used to communicate specific marketing messages

Market segments are made up of consumers with common:

Ages Zip codes Attitudes Opinions All of the above (correct)

Four basic investment strategies exist:

-Build - here, firms increase their investment of resources in brands in an attempt to grow their market share. Question Marks, ideally, can be grown into Stars and eventually, may earn Cash Cow status as the market sector growth rate diminishes. -Hold - happens when firms choose to invest more or less the same amount of resources in a brand. -Harvest - when marketers harvest they reduce their investment and extract maximum cash flows from the brands, which increase their overall profitability. Harvesting makes the most sense when brands are deemed Cash Cows. -Divest - When marketers divest, they remove some or all of he amount of money already stuck in the business. Divestiture usually makes the most sense when Dog brands are identified.

the word position, from marketers' perspective, can be described three different ways:

-First, positions can be described as sets of images (i.e., mental representations that customers develop about characteristics associated with branded products). -Second, positions can be described as collective sets of perceptions that targeted market segments develop and retain about brands' abilities to satisfy their needs (solve their problems). -Third, positions could be described as how particular brands measure up against - are perceived as more or less desirable - than competing branded products from the same product category.

basic communication goals that marketers generally aspire to achieve by managing their promotional mix elements include:

-Issuing reminders; -Conveying information; -Achieving persuasion; -Building stronger or establishing new relationships with customers; and -Delivering incentives.

their possession of, and willingness to leverage, distinctive core competencies can allow organizations that successfully develop and execute their strategic marketing plans to become or be perceived as the:

-Low-cost provider in the market sector or product category which the marketer competes(i.e., Walmart, Southwest Airlines, most fast-food brands). Offering, simply, the lowest prices among all firms competing in the same sector (or product category); -Technological leader (i.e., Apple, Amazon, Google, Facebook, Nike, Prada, etc.) amongst all firms competing in the same sector or product category; or, as the -Marketing organizations that achieve greater customer-intimacy inside market sectors or product categories in which organizations compete have built or sustained closer relationships with customers. Along the way, such firms typically create a sensibility or set of feelings shared among customers that these organizations or, more specifically, their brands really understand and cares about customers like them (i.e., Apple, again; Nike, again).

The product-market expansion grid

-Market Penetration growth strategies - here, marketers change one or more elements (typically, changing the promotion or price) in their marketing mix, while keeping the product inside the marketing mix the same. marketers do this to sell more of an existing product to the same target market. -Market Development growth strategies - here, marketers identify new market segments to pursue. they pursue these new target markets by using existing products and the same marketing mix. -Product Development growth strategies - here, firms develop entirely new or tweak existing products that are subsequently targeted toward current market segments. -Diversification growth strategies - here, marketers develop new products and target the new products toward new market segments. The diversification tactic combines the market development and product development growth strategies.

before planning, marketing managers should evaluate how best to:

-Position, or Re-Position, as necessary - marketing planners may need to create new and useful (i.e., innovative) ideas leading to new products that satisfy new customers' demands and problems. -Pinpoint Key External Environmental Changes and Challenges - planners should detect opportunities and threats as early-on, ideally before competitors, as market conditions, environmental factors, and customer preferences shift and evolve. At what pivotal point in US cultural history did it become verboten for drug stores to sell cigarettes out in the open while condoms began being openly displayed? -Lead Their Firm's Internal Social System to New, More Desirable Places - successful planning entails putting the right people together; ensuring these right people interact through the right sorts of behaviors; and making certain that the right information - insights that facilitate better decision-making faster - is available. -Mold Teams - the primary challenge is to get competent, high-ego people to work together smoothly. -Establish Goals - identify desired outcomes that balance what organization can become with what is realistic, but is still challenging for organizations to achieve. -Establish Sharp Priorities - define the path forward; then align resources, actions, and energies in order to accomplish the goals. -Address Social and Environmental Forces - Anticipate and respond to social pressures that organizations cannot control but should anticipate to the extent possible.

The acronym SMART, used inside strategic marketing planning contexts, implies goals and objectives should be:

-Specific (the precision and clarity of goals matters greatly) -Measurable (what gets measured is what gets down) -Actionable (the means through which the goal can be achieved should be identifiable and doable) -Realistic, but motivating (similar to missions themselves, goals should stretch and challenge the humans who make up marketing organizations but not deemed impossible to achieve by the people who work inside them). -Time-Sensitive (timelines against which goals should be achieved must be in place).

Why is it important for wise professionals to learn from their own history?

-To identify past failures and learn from them. -To be wary of the past because things continue to change. -To be wary about the future because the future is unknowable, but somewhat predictable -To identify past successes and repeat them. -Both a and d (correct)

126) Elisandra, a marketing manager at a regional chain restaurant, has decided to sponsor a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________. A) consumer-generated marketing B) partner relationship management C) customer lifetime value D) community development around a brand E) selective relationship management

13) A(n) ________ is the set of actual and potential buyers of a product. A) market B) audience C) group D) segment E) exchange

To think inside-out, planners should step outside and then look back inside their organizations. At that point managers should honestly answer the following questions:

-What customer needs does our organization satisfy now? -What customer needs could we satisfy now? In the future? -What is the gap between the needs we could satisfy in the future and what we satisfy now? How do we bridge the gap? -What competitive advantages do we enjoy now? -What competitive advantages should we emphasize as we develop and execute our marketing mix? -What old competencies should we de-emphasize? -What new competencies should we create?

Mission statements, in general, should describe:

-Who and what organizations currently are; -The ideals, competencies, and solutions that organizations and their employees presumably should value; and -What organizations are now and what they should become in the future...

strategic business planning can and should be conducted at two levels.

-first, planning should be executed at the corporate level. At the corporate level the strategic goal of organizations is to meet and beat competition in ways that ensure their survival and long-term success. -second, planning processes can be executed at each functional level. Functions, again, that include the marketing/supply chain management. Fundamentally, the job os marketers is to create customer demand; the job of supply chain managers is to fulfill customer/partner demand.

three primary ways exist through which marketing organizations can achieve growth, or addition

-the first approach entails targeting new segments. -another tactic involves successfully developing new and/or more appealing value by revising existing or developing new marketing mixes. -the third method entails simultaneously pursuing the two prior tactics in tandem.

positions, created and reside

... inside the collective mind of targeted customers segments relative to the positioning image that competing organizations and their branded products have created for themselves inside the same places.

How many segments should marketers target if they are engaging in concentrated (or niche) market targeting strategies?

wicked strategic problems include the need to

1) Balance long-term goals with short-term demands, 2) Combine the pursuit of profitability with social responsibility, 3) Find completely unclaimed profitable market space, 4) Collaborating across functional silos and, 5) Protect margins in a commoditized industries

The Value of Strategic Simplicity

1) Develop highly distinctive core competencies. 2) Consciously attempt to get their business models as simple as possible. 3) Relentlessly apply that simple model to as many opportunities as they can

Marketing Planning entails two basic activities

1) Identifying the best marketing opportunities 2) Planning the marketing effort, Product, Price, Place and/or Promotion to deliver differentiating value to targeted segments

The marketing Matrix consists of

1) Product 2) Price 3) Place 4) Promotion

virtues of simplicity

1) those Firms possess or develop highly distinctive core competencies (one, two or three); 2) those Firms consciously simplify their business models; and 3) those Firms relentlessly apply their business models to as many opportunities as possible.

4 BASIC strategic moves an organization can make with respect to any product

1. Invest to build share, 2. Invest just enough to maintain share, 3. Harvest the SBU i.e., get as much as the Firm can while it can, 4. Divest the SBU sell the loser

7 P's

1. Product 2. Promotion 3. Place 4. Price 5. People 6. Physical environment Process

Three ways to achieve differentiating

1. lowest costs providers, 2. actual or perceived technological advantaged leader 3. the firm that develops the most customer intimacy

16) The best known product portfolio planning method was developed by ________. A) the Boston Consulting Group B) Philip Kotler C) Harvard University D) the SRI Consulting Firm E) James P. Hess

The average American consumer spends more than ______________ hours per day staring at a screen.

The marketing mix for tangible products features the "4P's": product, price, place, and promotion. The marketing mix for intangible services features how many P's?

What percentage of the Gross Domestic Product in the US is driven by B2C decisions and consumption?

70 - 73%

According to Time Magazine, what percentage of Americans is overweight or obese?

71%

According to Time Magazine, what percentage of Americans is overweight or obese?

71% (correct)

How many people usually comprise focus groups?

8 to 12

How many participants usually make-up a focus group?

9 - 12 (correct)

11) Which of the following is the principle objective of a market-oriented mission statement? A) to satisfy basic customer needs B) to satisfy basic supplier needs C) to satisfy basic stockholder needs D) to satisfy basic owner needs E) to satisfy basic partnership needs

116) Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation. This reflects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing

119) Members of the sales team at Dekko International visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using ________. A) selective relationship management B) a frequency marketing program C) a club marketing program D) demarketing E) a value proposition

124) Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell. By promoting a company culture that values exceptional value and service, Shania aims to create ________ by going beyond the expected. A) customer delight B) customer satisfaction C) customer value D) customer equity E) customer involvement

17) The art and science of choosing target markets and building profitable relationships with them is called ________. A) marketing management B) positioning C) segmentation D) selling E) differentiation

43) Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so? A) market segmentation, target marketing, market positioning B) target marketing, market positioning, market segmentation C) market positioning, market segmentation, target marketing D) market segmentation, market positioning, target marketing E) mass marketing, demographic segmentation, psychographic segmentation

47) A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a ________. A) frequency marketing program B) basic customer relationship C) club marketing program D) partner relationship management technique E) structural benefit

48) Which of the following is the place a product occupies in the consumer's mind relative to competition? A) position B) placement C) market segmentation D) market targeting E) product promotion

51) In the four Ps of the marketing mix, design, packaging, services, and variety all fall under the category of ________. A) product B) price C) promotion D) place E) position

53) In the marketing management functions, an SWOT analysis should ________ a marketing plan. A) precede B) coincide with C) follow D) evaluate E) take priority ove

56) To create customer value and build strong customer relationships, marketers know they cannot go it alone; therefore, they practice ________. A) partner relationship management B) database marketing C) attractive Web site design D) customer equity E) consumer-generated marketing

58) Through ________, many companies today are strengthening their connections to all partners, from providers of raw materials to components to final products that are delivered to final buyers. A) supply chain management B) direct marketing C) partnership relationship marketing D) customized marketing E) equity marketing

Who said "Not everything that matters can be counted, nor does everything that is counted matter"?

Albert Einstein

9) What do companies call a set of benefits that they promise to consumers to satisfy their needs? A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set

resources, allocating

A Share-Product Portfolio Panning matrix exists to identify the best or worst brands (inside any firm's product portfolio) in which marketers might invest their limited resources. Like any two by two matrix, the four-cell BCG matrix features two dimensions. The dimensions are, first, a given brand's relative market share. Relative market share is measured by the horizontal axis. The second dimension is inside the growth rate of the market in which the brand competes. Growth rate is measured by the vertical axis. Whenever two dimensions intersect inside matrices, four categories are created. The categories revealed inside the BCG Matrix cells are Star, Cash Cow, Dog, and Question Mark, The category in which particular brands are classified provides strategic insights about how many or few resources the firm should allocate to marketing each brand.

How should marketers view themselves?

A and B (Moneymakers, Problem solvers)

Which description best describes the true nature of marketing and marketing strategies?

A and C only (correct)

metrics, marketing

A contemporary word typically used to describe measurements or benchmarks against which firms can assess success and progress—or the absence of either—toward achieving goals and objectives.

What is the worst sort of failure for brands?

A failure to enter or remain at a top-of-the-mind status

What is the worst sort of failure for brands?

A failure to enter or remain at a top-of-the-mind status (correct)

The four-cell BCG Market Share Product Portfolio Planning matrix features two dimensions. The dimensions are:

A given brand's relative market share and the growth rate of the market in which the brand competes.

The four-cell BCG Market Share Product Portfolio Planning matrix features two dimensions. The dimensions are:

A given brand's relative market share and the growth rate of the market in which the brand competes. (correct)

_______________ should always precede the establishment of goals.

A mission

_______________ is the name of the measure that is used to track the speed at which information travels across the internet.

Baud (correct)

A representative sample represents:

A population of interest

Women have long since graduated from college at higher rates than men. The most compelling consequence of this environmental trend is:

A reduction in marriage rates (correct)

Which statement best defines marketing?

A set of organizational processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Which statement best defines marketing?

A social and managerial process where individuals and groups get what they need or want by generating and exchanging value with others.

What is a need?

A state of felt deprivation

What trend did Levi respond to when the jeans maker and marketer introduced Dockers during 1986?

A trend suggesting that casual dress exercised positive outcomes on the performance of professional men.

When consumers purchase a 1/4-inch drill bit, what is the key solution or value they are buying?

A ¼-inch hole

When consumers purchase a 1/4-inch drill bit, what is the key solution or value they are buying?

A ¼-inch hole (correct)

Genuinely strategic planners should:

Accept that when planning the hardest thing to do often entails determining which bridges to cross and which bridges to burn Understand that they may encounter their destiny on the roads they took to avoid it Accept as honorable facts the degree to which marketers should never fight fair fights and need to plan so well that fair fights never arise for them All of the above

Genuinely strategic planners should:

Marketers typically cannot control all factors that exist inside market environments. When confronting these situations, what should marketers do?

Accept, then make accommodations for the fact that some factors are not controllable

Marketers typically cannot control all factors that exist inside market environments. When confronting these situations, what should marketers do?

Accept, then make accommodations for the fact that some factors are not controllable (correct)

Balance, the context of strategic planning, would entail:

Acting like a person of thought but thinking like a person of action

Balance, the context of strategic planning, would entail:

Acting like a person of thought but thinking like a person of action. (correct)

What does AIO stand for?

Activities, Interests and Opinions

____________, _________________, and ___________________ collectively capture what consumers prefer to do during their free time.

Activities, interest and opinions

To solve problems, researchers should not confuse the symptoms of problems with the ...

Actual causes of problems

Most marketing promotions, at some level, entail manipulations. But especially __________

Advertising

Which of the following is not an implication that follows from the best marketing definition that is provided inside this Module?

Advertising

Most marketing promotions, at some level, entail manipulations. But especially __________

Advertising (correct)

Which of the following is a key (or foundational) idea for successful marketers? -Successful marketers know that marketing and/or interpersonal brand impressions really matter -Successful marketers know that almost everything everyone does has marketing implications -Successful marketers know that knowledge is the fundamental source of competitive advantage -Successful marketers know that change is inevitable, so they accept and deal with change, manage change, and lead change -All of the above (correct)

All of the above

Why is every organization a marketing organization? For example, organizations such as places of worship, schools or military branches? The best answer is because each entity:

All of the above

Which core competency helps marketers achieve sustainable differentiation and more desirable positions?

All of the above (Customer-intimacy Technological-leadership Cost-based advantages

Marketing research findings are often far from absolutely accurate. Why?

All of the above (Differences often exist between how many resources firms receive to conduct the research versus how many resources they actually need. Differences often exist between what firms can measure and what firms want or need to know. Predicting future consumer behavior is difficult.)

What is/are the best reasons to conduct marketing research?

All of the above (To describe or diagnose marketing problems or opportunities (threat) more accurately. To develop effective prescriptive inferences regarding how firm should strategically address problems or opportunities through thoughtful, informed management of its marketing mix. To develop marketing strategies intended to achieve highest possible market shares. A and B)

A couple of decades ago Subaru decided to use words and phrases and a spokesperson designed to appeal to the lesbian community - or Subaru's targeted segment. The preceding summary illustrates the Japanese automotive marketers' use of ________.

All of the above (correct)

Fierce rivalries often produce:

All of the above (correct)

Genuinely strategic planners should:

All of the above (correct)

It's important to set clear and measurable metrics when setting goals for yourself or your subordinates because:

All of the above (correct)

Market share is the ratio between the firm's sales volume and the entire industry's sales volume. Firms often find it difficult to maintain their current market shares. Why?

All of the above (correct)

Marketing research findings are often far from absolutely accurate. Why?

All of the above (correct)

Mission statements, in general, should describe:

All of the above (correct)

The most basic and powerful path toward marketing success entails

All of the above (correct)

What does strategy mean?

All of the above (correct)

What is the best way to describe a marketing position?

All of the above (correct)

When organizations know themselves, their competitors, and the market conditions in which they compete, often results.

All of the above (correct)

Which core competency helps marketers achieve sustainable differentiation and more desirable positions?

All of the above (correct)

Which of the following entities can be branded?

All of the above (correct)

Which of the following is not an environmental trend?

All of the above are environmental trends.

Which of the following is not an environmental trend?

All of the above are environmental trends. (correct)

Which of the following entities is not a product:

All of the above are products

Which of the following entities is not a product:

All of the above are products.

The term supply chain indicates

All of the above are true

What professional characteristics do marketers share in common with military commanders? Marketing and military strategists both seek to:

All of the above are true

In an effort to revive fragmenting audiences (or target segments) brand managers can engage in:

All of the above are true (correct)

Which statement is most true about laws and regulations?

All of the above are true. (correct)

Marketing strategy entails:

All three answers, dependent on context, are correct. (Getting more (value) from a situation than the original balance of power between the assortment of competitors or enemies would have suggested was possible., The art and science of creating and executing power., leading or managing change.)

Which of the following descriptions of marketing information systems is wrong? Marketing information systems:

All three preceding answers are correct.

Secondary marketing research information:

Already exists but was originally collected for different purposes

Secondary marketing research information:

Already exists but was originally collected for different purposes (correct)

Which of the following represents an interchangeable phrase for organization satisfying a customer's needs?

An organization solves a customer's problems

What behavioral tendency would most hinder a marketer's ability to make predictions in an unpredictable market?

An over-reliance on their own opinions (correct)

Elon Musk's Tesla is now one of the most valuable car companies in the world. What makes this brand more interesting is that Tesla is much more than a car company; it is a high-tech battery company with multiple technology solutions. The key to Elon Musk's success was that he understood that there was high demand and low supply for green energy. Which of the three steps of the marketing plan process best describes Elon Musk's success?

Analyzing and choosing the right marketing opportunities

Analyzing and choosing the right marketing opportunities (correct)

According to your book, what steps are involved in classic marketing planning processes?

Analyzing marketing opportunities; selecting target markets; developing/executing an appropriate marketing mix

According to your book, what steps are involved in classic marketing planning processes?

Analyzing marketing opportunities; selecting target markets; developing/executing an appropriate marketing mix (correct)

_________________ makes consumers optimistic and risk-seeking. Meanwhile, _________________ has the opposite effect.

Anger, fear

115) Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing

12) ________ is the act of obtaining a desired object from someone by offering something in return. A) A value proposition B) Exchange C) Bribery D) Value creation E) Donation

121) Sally purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion, Sally was measuring her level of ________. A) customer-perceived value B) customer satisfaction C) customer equity D) demand E) customer lifetime value

125) You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would it be most profitable for you to develop with these customers? A) full partnerships B) basic relationships C) basic partnerships D) club programs E) selective relationships

129) A church targeting different demographic groups to increase attendance is an example of ________. A) for-profit marketing B) not-for-profit marketing C) societal marketing D) customer evangelism E) caring capitalism

130) Ben & Jerry's challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to consider individual and community welfare in their day-to-day decisions. Actions such as this by companies seizing the opportunity to do well by doing good reflects ________. A) environmentalism B) social responsibility C) profit marketing D) partnership management E) myopia

131) Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign. A) ethical B) social marketing C) for-profit D) consumer-generated E) differentiated

14) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. A) exchange B) marketing C) management D) production E) customer relationship management

15) After management has identified the key businesses making up its company, what is the next step in portfolio analysis? A) identifying businesses in which to invest B) assessing the attractiveness of its SBUs C) deciding whether to harvest any businesses D) completing short-range planning E) identifying SBUs

16) In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently. A) marketing B) demarketing C) value marketing D) surplusing E) negotiating

41) Lucy Ortiz is preparing a PowerPoint presentation of the marketing process to show at a sales meeting. ________ should appear in the center of her diagram depicting marketing strategies and the marketing mix. A) Sales goals B) Customer value and relationships C) Company objectives D) Customer retention rates E) Competitors

43) It is most accurate to say that customers buy from stores and firms that offer which of the following? A) the highest value for the dollar B) the highest customer-perceived value C) the highest level of customer satisfaction D) the most attractive company image E) the most concern for society's interests

44) The process of customer-driven marketing involves which of the following? A) product; price; promotion; adaptation B) market segmentation; target marketing; differentiation; positioning C) marketing analysis; planning; implementation; feedback D) analysis; targeting; implementation; control E) problem identification; information search; decision; implementation

45) Which of the following is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors? A) market targeting B) market segmentation C) positioning D) marketing strategy E) differentiation

45) Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service? A) satisfied customers B) customer evangelists C) butterflies D) full partners E) social customers

48) iRobot, the makers of Roomba, have involved their customers in product development, marketing, and technical support in an effort to foster which of the following? A) basic relationships B) customer delight C) selective relationship management D) customer-perceived value E) frequency marketing programs

5) Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be? A) objectives and goals B) a mission statement C) a business portfolio D) marketing and functional strategies E) operational strategies

55) Greater consumer control means that companies must rely more on marketing by ________ than by ________. A) interruption; involvement B) interaction; intrusion C) socialization; information D) producing; selling E) inspiration; competition

67) Amazon.com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other items. Based on previous purchase history, the company recommends related CDs, books, videos, or other products that might interest a customer. This most directly helps Amazon.com capture a greater ________. A) customer lifetime value B) share of customer C) profit margin D) share of market E) customer equity

7) All of the following are accurate guidelines for a company's mission statement EXCEPT which one? A) A mission statement should be realistic. B) A mission statement should be narrow. C) A mission statement should emphasize the company's strengths in the marketplace. D) A mission statement should be specific. E) A mission statement should motivate employees.

7) ________ are human needs as shaped by individual personality and culture. A) Needs B) Wants C) Demands D) Values E) Exchanges

70) A potentially highly profitable, short-term customer is a ________. A) true friend B) butterfly C) stranger D) barnacle E) true believer

71) Ensuring that the company achieves the sales, profits, and other goals set out in its annual marketing plan is the purpose of ________. A) marketing control B) operating control C) strategic control D) ROMI E) a marketing audit

73) Which of the following is a comprehensive and systematic analysis of a company's environment, objectives, strategies, and activities that is conducted by an outside and objective party? A) a marketing plan B) a marketing audit C) a marketing mix analysis D) a portfolio analysis E) SWOT analysis

73) Which of the following is currently the fastest-growing form of marketing? A) consumer-generated marketing B) online marketing C) mass media marketing D) social marketing E) word-of-mouth marketing

75) Governmental agencies are becoming more involved in marketing as the years pass. When a local government advertises keeping the area's streams and water supply cleaner, it is involved in ________. A) green marketing B) social marketing campaigns C) demarketing D) environmental marketing E) partnership marketing

9) Which of the following is NOT a market-oriented business definition? A) "to make the Internet buying experience fast, easy, and enjoyable" B) "to sell tools and home repair and improvement items" C) "to deliver low prices every day" D) "to be the guardian of our customers' financial dreams" E) "to bring aspiration and innovation to every athlete in the world"

The main difference between _______ and ________ is that the former is internal to the marketing organization, while the latter is external

B and C (correct)

Marketing between a firm and an individual is commonly referred to as:

B2C marketing

Marketing between a firm and an individual is commonly referred to as:

B2C marketing (correct)

The problem with the BCG product portfolio matrix is that the matrix only works accurately when managers are looking _______, which is really difficult to do successfully when managers are trying to go and grow forward.

Backward, into past results

Backward, into past results.

Backward, into past results. (correct)

Similar to other areas of personal life, most successful planners should generally function as professionals who willingly exercise and display:

Balance

Planners should accept that the nature of some strategic marketing problems is truly-wicked. Truly-wicked strategic problems include the need to:

Balance long-term goals with short-term demands Balance your firm's desire for profits with your corporation's need to be socially responsible- and thereby enhance or sustain its branding power Find a completely unclaimed marketplace All of the above (correct)

Planners should accept that the nature of some strategic marketing problems is truly-wicked. Trulywicked strategic problems include the need to:

Wicked problems are:

Basically irreconcilable in nature

Wicked problems are:

Basically irreconcilable in nature (correct)

_______________ is the name of the measure that is used to track the speed at which information travels across the internet.

Baud

Why do marketers need primary information?

Because the exact sorts of information that marketers need often cannot be entirely found through secondary information

Why do marketers need primary information?

Because the exact sorts of information that marketers need often cannot be entirely found through secondary information (correct)

According to Dichter, why did General Mills' new cake mix, one requiring that cooks only add water, flopped?

Because using the cake mix threatened women's femininity

According to Dichter, why did General Mills' new cake mix, one requiring that cooks only add water, flopped?

Because using the cake mix threatened women's femininity (correct)

If a firm and its brands cannot be first to market or first to a category, then what should the firm do?

Become first of in the collective mind of the segment the firm is targeting

If a firm and its brands cannot be first to market or first to a category, then what should the firm do?

Become first of in the collective mind of the segment the firm is targeting (correct)

Who said that the primary role of U.S. Presidents "was to tell the best possible story about who we are as a country?"

Ben Rhodes

needs

Best understood as states or conditions of felt or perceived deprivation. Some needs are biological. Humans need food and water, nourishment, sex, or sleep. Other needs are psychological. Humans need to feel loved, as if they fit in, safe, or like others to view them as "cool."

Which following description does not function as a metaphor that could be used to describe cultural stimuli?

Bird-like

The term Demographic Winter refers to:

Birth rates falling below replacement rates, developing economic stagnation or recession

The term Demographic Winter refers to:

Birth rates falling below replacement rates, developing economic stagnation or recession.

The term Demographic Winter refers to:

Birth rates falling below replacement rates, developing economic stagnation or recession. (correct)

What kind of data can be used to successfully execute marketing research?

Both A and B (Primary data, Secondary data)

What kind of data can be used to successfully execute marketing research?

Both A and B (correct)

Firms can grow revenues by:

Both A and C (Developing new and/or more appealing value through new marketing mixes, Targeting new segments)

What is one easily controllable means of demonstrating genuine respect and love for other people?

Both A and C (Listen intently to them, Listen without interrupting to them)

Strategic planners must manage which type of risk?

Both A and C (correct)

What is one easily controllable means of demonstrating genuine respect and love for other people?

Both A and C (correct)

Which of the following is true about Rivalries?

Business rivalries usually foster innovations and benefit consumers (correct)

The acronym B2B stands for:

Business to business market

Caveat emptor means?

Buyer beware

Caveat emptor means?

Buyer beware (correct)

How do most Americans actively pursue happiness?

By pursuing economic and consumption means

1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations.

11) When marketers set low expectations for a market offering, the biggest risk they run is ________. A) disappointing loyal customers B) decreasing customer satisfaction C) failing to attract enough customers D) failing to understand their customers' needs E) incorrectly identifying a target market

111) Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a(n) __ A) need B) necessity C) demand D) exchange E) transaction

112) To avoid traffic gridlock in large metro areas, a community might use ________ to discourage travelers from driving during peak commuting hours. A) target marketing B) market segmentation C) demarketing D) marketing E) the production concept

58) The main section of the marketing plan presents a detailed ________ analysis of the current marketing situation. A) who, when, where B) when, where, how C) SWOT D) competitor E) economic

39) The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) TQM E) marketing effort

41) Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________. A) customer lifetime value B) customer perceived value C) customer relationship management D) database marketing E) societal marketing

46) Which of the following strategies would a company most likely use to increase customer satisfaction? A) decreasing the variety of offered services B) demarketing C) lowering prices D) "firing" unprofitable customers E) limiting customer experiences with a brand

47) Which of the following involves evaluating each market segment's attractiveness and selecting one or more segments to enter? A) market segmentation B) differentiation C) market targeting D) the market mix E) positioning

49) Effective positioning begins with ________ the company's marketing offer in order to give consumers more perceived value. A) pricing B) aligning C) differentiating D) promoting E) placing

What sort of marketing research knowledge explains what is going right or wrong, and why people - such as customers - choose what they choose?

Descriptive knowledge

49) In which of the following situations has a company most actively turned its consumers into marketing partners? A) American Airlines awards frequent flyer points to returning customers. B) Paige Premium Denim jeans provide a superior quality and a perfect fit. C) iRobot invites enthusiastic Roomba owners to develop and share their own programs and uses for the company's robotic vacuum. D) Best Buy distinguishes between its best customers, called angels, and its less profitable customers, called demons, stocking merchandise to appeal to separate groups of its angels. E) Toyota develops a marketing presence on social networks and other online communities.

5) Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A) the first two only B) the first three only C) the first four only D) the last three only E) the last four only

50) Which of the four Ps describes the goods-and-services combination the company offers to the target market? A) price B) promotion C) product D) place E) package

51) Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm's length and using mass media advertising. Pete knows that today few successful firms still practice true ________ and are instead turning to selective relationship management. A) club marketing B) frequency marketing C) mass marketing D) customer satisfaction E) market segmentation

52) The Niketown running club that organizes twice weekly evening runs and follow-up meetings in the Nike Store is an example of which of the following? A) a frequency marketing program B) a basic customer relationship C) a club marketing program D) a partner relationship E) a structural benefit provided for top customers

54) In a basic SWOT analysis the "T" stands for ________. A) timing B) trust C) threats D) trade E) tangible

72) Which of the following statements about the Internet is most accurate? A) Companies are cautiously using the Internet to build closer relationships with customers and marketing partners alike. B) After the dot-com meltdown of 2000, fewer consumers are buying products and/or services online. C) The Internet makes it easy for consumers to view, interact with, and create marketing content. D) Consumer e-commerce looks promising, but business-to-business e-commerce is declining. E) Web 2.0 involves a less balanced approach to online marketing than the original dot-com boom did.

74) Today almost every company, small and large, is affected in some way by which of the following? A) the societal marketing concept B) not-for-profit marketing C) global competition D) customer-generated marketing E) caring capitalism

8) A company's mission statement serves as a statement of ________. A) fact B) values C) purpose D) financial goals E) employee commitment

Which culture is the source of the idea that crises are composed in near equal parts of opportunities and threats.

Chinese

Which culture is the source of the idea that crises are composed in near equal parts of opportunities and threats.

Chinese (correct)

Dig wells before you are thirsty

Chinese Proverb;be prepared anticipate, don't wait too long to plan or initiate

Which type of conditioning refers to the pairing of conditioned and unconditioned stimuli and to the creation of learned responses as a result?

Classical Conditioning

Pavlovian Responses, as first discovered by Russian scientist Ivan Pavlov [and his dogs, food and bell] are today better understood as

Classical conditioning

The pleasurable feelings that often arise inside consumers' minds after they have purchased a new product often leads to the purchase of another product. This psychological process illustrates

Classical conditioning

Which type of conditioning refers to the pairing of conditioned and unconditioned stimuli and to the creation of learned responses as a result?

Classical conditioning

Pavlovian Responses, as first discovered by Russian scientist Ivan Pavlov [and his dogs, food and bell] are today better understood as

Classical conditioning.

Pavlovian Responses, as first discovered by Russian scientist Ivan Pavlov [and his dogs, food and bell] are today better understood as:

Classical conditioning.

The mental state where consumers experience inconsistent thoughts, beliefs, or attitudes, especially related to decisions they have recently made about important, risky, high-involvement products, is called:

Cognitive dissonance

Which segment purchases more books than any other segment in the U.S.?

College-educated African-American women

Inside the written Chinese language, crises are pictorially represented as:

Combinations of both opportunities and threats

In modern English the ancient Greek word demos, which is frequently used today, means:

Common people

The strategic role of the future

Companies should always be looking toward the future for purposes of identifying opportunities and threats before their competitors can do the same

Cash cow brands:

Compete inside slow growth markets but boast high shares of those markets.

Cash cow brands:

Compete inside slow growth markets but boast high shares of those markets. (correct)

Marketing knowledge functions as the core foundation and source of ...

Competitive advantage

_______________________ can be described as strong points of differentiation that firms either possess or seek to create through strategizing.

Competitive advantages (correct)

competitive advantage(s)

Competitive advantages are conditions, assets, circumstances, or core competencies that place organizations and their brands in favorable market positions. A core purpose of many marketing strategies is to create competitive advantages that prove sustainable. These are called sustainable competitive advantages or SCAs.

Honey badgers, the animal, best illustrate what key marketing success criterion?

Concentration

Marketers should strategically arrange their strengths and then target these advantages, their core competencies, against their competitors' comparative weaknesses. This principle, or law, is best described as the principle of:

Concentration

Honey badgers, the animal, best illustrate what key marketing success criterion?

Concentration (correct)

Which tests best determines whether customers would like or be inclined to purchase a new products?

Concept testing

______________ is usually the first step in most strategic marketing planning processes (according to your book).

Conducting a SWOT analysis (correct)

product portfolios

Consist of all products any organization markets. Product portfolios may feature different product categories, different product lines, or individual products.

The term ______________________________ refers to the factors that influence the buying behavior of final consumers.

Consumer behavior

Who creates wants?

Consumer themselves

B2C marketing refers to situations where:

Consumers are involved in marketing as customers, and organizations are involved as marketers

What two human characteristics should B2C advertisers remember?

Consumers' need to feel unique and to feel accepted

What two human characteristics should B2C advertisers remember?

Consumers' need to feel unique and to feel accepted (correct)

Making observations and predictions regarding how changes in the environment or cultural trends will lead to new hot opportunities is best summarized as:

Cool-hunting

Making observations and predictions regarding how changes in the environment or cultural trends will lead to new hot opportunities is best summarized as:

Cool-hunting (correct)

The absence of a religious preference inside consumers' lives do not change their purchasing preferences.

FALSE

Which phrase describes an element that exists inside all marketing organization's micro-environments?

Customer relationships (correct)

The adoption of Birkenstock sandals as a stylish shoe among college-study consumers illustrates a(n)_______ .

Customer trend (correct)

___________________ refers to changes in targeted segments' customer attitudes, likes/dislikes, and preferred lifestyles

Customer trends

____________________ refers to changes in targeted segments' customer attitudes, likes/dislikes, and preferred lifestyles.

Customer trends (correct)

Positioning entails the way a branded product is defined by _______________________ on important attributes.

Customers

Emerging technology has a profound impact on marketers' practices. Which of the following answers best captures how technology has impacted the practice of marketing? Technology has impacted how:

Customers connect with each other Marketers connect with customers Customers connect with marketers Firms collect information from customers All of the above (Correct)

Emerging technology has a profound impact on marketers' practices. Which of the following answers best captures how technology has impacted the practice of marketing? Technology has impacted how:

Customers connect with each other Marketers connect with customers Customers connect with marketers Firms collect information from customers All of the above (Correct)

What major factor that strategic marketers should always consider - as they plan - remains uncontrollable?

Customers' minds (correct)

1) Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment? A) long-range planning B) short-range planning C) media planning D) strategic planning E) annual planning

10) All of the following are examples of product-oriented mission statements, EXCEPT which one? A) "We provide online services." B) "We run theme parks." C) "We sell shoes." D) "We sell lifestyle and self-expression; success and status; memories, hopes, and dreams." E) "We rent hotel rooms."

10) Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) selling myopia B) marketing management C) value proposition D) marketing myopia E) the product concept

128) Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong? A) butterflies B) true friends C) strangers D) barnacles E) short-term customers

13) The collection of businesses and products that make up a company is called its ________. A) strategic business unit B) mission statement C) strategic plan D) business portfolio E) operational factor

15) Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? A) All customers will be delighted. B) Customer-perceived value will increase. C) Customer evangelists will become unpaid salespersons for the service or product. D) Not all customers will be satisfied. E) The company will need to follow up with a demarketing campaign.

18) In the Boston Consulting Group approach, ________ provides a measure of market attractiveness. A) relative market share B) market development C) market penetration D) market growth rate E) market segmentation

18) Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) managing the marketing effort

19) Which of the following is the set of benefits a company promises to deliver the customer to satisfy their needs? A) a money-back guarantee B) low pricing C) good customer service D) a value proposition E) an attribute

21) In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into ________. A) cash cows; stars B) question marks; dogs C) stars; question marks D) stars; cash cows E) dogs; cash cows

38) Jack Welch, CEO at General Electric, said that "Companies can't give job security, only ________ can." A) development B) growth C) good strategy D) customers E) efficiency

39) Multinationals like Honda Motor Co. and Wal-Mart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient ________. A) business portfolio B) low-cost operator C) product mix D) value delivery network E) value chain

40) Which of the following is the marketing logic by which a company hopes to achieve profitable customer relationships? A) price B) a consistent product mix C) the value delivery network D) marketing strategy E) differentiation

44) ________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers. A) Customer equity B) Customer satisfaction C) Customer evangelism D) Customer-perceived value E) Marketing myopia

50) Using customer profitability analysis to weed out unprofitable customers and target winning ones for pampering is referred to as ________. A) customer relationship management B) positioning C) database marketing D) selective relationship management E) marketing myopia

52) Today the four Ps are compared to the four Cs. Product and place are called ________ and ________, respectively. A) convenience; customer solution B) customer cost; convenience C) communication; customer solution D) customer solution; convenience E) communication; convenience

53) Which of the following has NOT contributed to the deeper, more interactive nature of today's customer relationships? A) e-mail B) Web sites C) online social networks D) traditional advertising E) video sharing

55) In a basic SWOT analysis, the "S" stands for ________. A) situation B) solutions C) satisfactions D) strengths E) strategy

57) In SWOT analysis, which of the following refers to factors in the external environment? A) strengths B) strategies C) weaknesses D) opportunities E) trends

59) A marketing plan begins with an executive summary, which quickly overviews goals and ________. A) budgets B) controls C) promotions D) recommendations E) obstacles

59) Suzie Chan strengthens her company's connections by treating suppliers of raw materials, vendors, and distributors as partners in delivering customer value. What type of management is she practicing? A) outside partnering B) inside partnering C) marketing D) supply chain E) customer development

6) According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants E) construct key components of a marketing program

6) ________ should be market oriented and defined in terms of ________. A) Annual plans; product needs B) Strategic plans; company needs C) Long-range plans; company needs D) Mission statements; customers' needs E) Objectives; competitors' threats

60) According to the textbook, your boss is most likely referring to ________ when she mentions "doing things right." A) strategy B) planning C) objectives D) implementation E) efficiency

61) Stew Leonard, the owner of a highly successful regional supermarket chain, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. Stew Leonard's concern is an illustration of which of the following? A) share of customer B) market share C) profitability D) customer lifetime value E) market share maintenance

63) Berman Electric, a chain of 18 appliance stores, has a marketing organization in which specialists head different marketing activities. What is this type of organization called? A) geographic B) product C) organic D) functional E) market

69) The marketing control process entails the following steps in order: setting goals, ________, evaluating performance, and ________. A) evaluating goals; measuring performance B) achieving goals; measuring performance C) taking corrective action; measuring performance D) measuring performance; taking corrective action E) taking corrective action; following up

The same opinion leader generally enjoys the opportunity to influence consumers' thoughts and decisions across a wide range of product categories.

FALSE

74) Which of the following measures the profits generated by investments in marketing activities? A) SWOT analysis B) a marketing audit C) an executive summary D) marketing ROI E) a budget

75) Which of the following would NOT be useful in determining marketing ROI? A) a marketing dashboard B) brand awareness C) market share D) SWOT analysis E) customer equity

Numerous "variables" or bases (also known as criteria) can be used to profile marketers and create market segments. The variable-base-criteria most closely associated with the income, age, gender, or zip codes of targeted customers is called:

Demographics.

Which industry did Ferris Jabr suggest is guilty of frequently creating solutions to problems that do not really exist?

Dental

Which industry did Ferris Jabr suggest is guilty of frequently creating solutions to problems that do not really exist?

Dental (correct)

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating

What term describes what happens when marketers attempt to decrease demand for a product; i.e. cigarettes or alcohol?

De-marketing

Planning the Marketing Effort

Deciding how best to manage your Marketing Mix to create and deliver the most appealing sorts of value to target markets

Why do decision-makers usually choose one alternative over another?

Decision-makers choose the alternative with the most perceived value (correct)

decision-making; decision-makers

Decision-makers inevitably choose alternatives that they perceive deliver the most value to them.

Why do decision-makers choose what they choose (i.e., make the decisions they make) in situations where they, the decision-makers, possess the power, resources and opportunity to choose any one among the available alternatives?

Decision-makers select what they choose based on their perceptions of which choice will produce the most value for them

Decision-makers select what they choose based on their perceptions of which choice will produce the most value for them (correct)

What environmental trend is contributing most to the increasing loneliness of American teenagers?

Decrease in human-to-human connectednesss.

What is the first step in the marketing research processes?

Define the research problem

What is the first step in the marketing research processes?

Define the research problem (correct)

________________________ segmenting criteria uses family-related measures to segment consumers.

Demographic

What strategic phrase most suggests that if marketers get and stay ahead of demographic trends it will be difficult for them to lose?

Demographics are destiny

What strategic phrase most suggests that if marketers get and stay ahead of demographic trends it will be difficult for them to lose?

Demographics are destiny (correct)

What an individual wants is the condition of perceived deprivation.

FALSE

Which of the following descriptions of marketing information systems is wrong? Marketing information systems:

Determine and acquire exactly the sort of information that marketers require to properly develop and execute strategic marketing plans. Deliver the right research knowledge to marketing decision-makers. Balance the information that would prove "nice-to-have" with the information that decision-makers "must-have," and can afford to attain. All three preceding answers are correct.

Which of the following descriptions of marketing information systems is wrong? Marketing information systems:

A target market segment, or target segment, is a group of potential customers for which marketers should generally:

Develop a unique and uniquely desirable marketing mix.

A target market segment, or target segment, is a group of potential customers for which marketers should generally:

Develop a unique and uniquely desirable marketing mix. (correct)

Product Development

Developing and delivering modified or brand-new-to-the-world products to existing markets

Marketing research findings are often far from absolutely accurate. Why?

Differences often exist between how many resources firms receive to conduct the research versus how many resources they actually need. Differences often exist between what firms can measure and what firms want or need to know. Predicting future consumer behavior is difficult. All of the above (correct)

Think market targeting. The strategy in which marketers target a number of different market segments and target each segment through a uniquely designed marketing mix is called the ___________.

Differentiated strategy

_____________ entails pursuing multiple (two, three, four, or more) segments at the same time. Differing (uniquely-designed) market mixes are targeted at each segment marketers elect to pursue. Each marketing mix should be strategically designed (i.e., mixed) such that it delivers unique—and uniquely desirable—value to members inside the targeted segment.

Differentiated targeting

targeting-differentiated; differentiated-targeting

Differentiated targeting entails pursuing multiple (two, three, four, or more) segments at the same time. Differing (uniquely-designed) market mixes are targeted at each segment marketers elect to pursue. Each marketing mix should be strategically designed (i.e., mixed) such that it delivers unique—and uniquely desirable—value to members inside the targeted segment. This targeting approach greatly increases the costs of marketing. Yet when the strategy succeeds, revenues tremendously increase. Makes sense: absent greater profits, why pursue differentiated targeting?

The act of __________ entails strategic attempts to create the perception/reality that one brand is different from and better than alternative branded solutions. Differentiation is inextricably linked with positioning.

Differentiation

When firms successfully achieve ____________ for their brand or brands, they have successfully achieved ___________

Differentiation, positioning (correct)

Which of the following is not an opportunity cost that results when consumers participate in social networking?

Digital interactions with friends

Which of the following statements about technology is not correct?

Digital technology enriches human interaction

Which of the following statements about technology is not correct?

Digital technology enriches human interaction (correct)

Which of the following sources of differentiation does not represent one of the three ways to achieve sustainable competitive advantage and successful positioning?

Disciplinary structural

Diversification

Whenever research metrics are used, marketers can be confident that the information they have generated is perfectly accurate.

FALSE

127) At Gina's Nails, the posted policy is "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________. A) maintaining customer-perceived value B) enlisting customer evangelists C) attracting "butterflies" D) converting "strangers" E) capturing customer lifetime value

22) Which of the following marketing management concepts is most likely to lead to marketing myopia? A) customer-driven marketing B) customer-driving marketing C) social marketing D) selling E) production

28) Which department in a company carries the primary responsibility for achieving profitable growth? A) accounting B) product development C) operations D) human resources E) marketing

29) According to the production concept, consumers will favor products that are ________ and ________. A) satisfying; quality focused B) advertised; affordable C) in high demand; hard to find D) segmented; convenient E) available; affordable

4) Which of the following is NOT a step in the strategic planning process? A) defining the company mission B) setting company objectives and goals C) designing the business portfolio D) planning marketing and other functional strategies E) evaluating all members of the value chain

54) Which of the following best explains why consumers have greater power and control in today's marketplace? A) The production concept and competition have lowered prices. B) Implementation of the product concept has resulted in continually improving products. C) Customer-driven marketing creates products and services that meet customers' future needs. D) More companies are implementing social marketing and weighing long-term costs and benefits. E) Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers.

56) In SWOT analysis, which of the following would be considered a strength? A) internal limitations B) trends in the market C) favorable factors in the environment D) factors that challenge the company's performance E) internal resources

57) In today's world, marketing should be done by ________ employees in an organization. A) only marketing B) only marketing, sales, and customer-support C) only sales and technology D) only management and m

64) Modern marketing departments are arranged in the following ways, EXCEPT which one? A) functional organization B) geographic organization C) product management organization D) market management organization E) strategic management organization

Without marketing efforts customers will not be able to position brands inside their minds.

FALSE

Marketing organizations include:

Every organization

The market consists of:

Everyone who has purchased or who might purchase a given product (brand).

The market consists of:

Everyone who has purchased or who might purchase a given product (brand). (correct)

The limited (three to five) group of brands that come to mind first when problems that brands from known product categories can solve arise inside customers' lives is best known as a

Evoked set

The limited (three to five) group of brands that come to mind first when problems that brands from known product categories can solve arise inside customers' lives is best known as a:

Evoked set

Top-of-the-mind-awareness, also known as coming-to-mind-first because, apparently, a given brand belonged inside the customers' __________ for that particular product category. Respond using the exact right concept from the list provided.

Evoked set

The term _________ refers to the limited, usually three to five, number of brands that come-to-mind first when problems that brands from known product categories can solve, arise inside customers' lives

Evoked sets

________ involves a trade of things of value between buyer and seller so that each is better off.

Exchange

__________ involves a trade of things of value between buyer and seller so that each is better off.

Exchange

Buying a house is an example of which type of problem solving?

Extensive problem solving

What sort of consumer problem-solving behavior occurs in situations where the best solution is not already known but it is critical that the absolute best brand solution be found?

Extensive problem-solving

The term "terrain" represents which marketing context?

External environments

The term "terrain" represents which marketing context?

External environments (correct)

Commodities are less likely to exist in raw or unrefined product form—such as pork bellies or wheat—than in refined, finished, and branded product form—such as Jimmy Dean pork sausage or Bunny Bread.

FALSE

Descriptive knowledge informs marketers about what they should do. Descriptive knowledge identifies and suggests the logical next strategic steps that marketers should pursue.

FALSE

Differentiation is critical to any brand and/or organization. Yet it's impossible to create a differentiation strategy for commodities such as rice, sugar or salt. Is the second statement true or false?

FALSE

In statistical analyses, often enormous amounts of numbers are compressed into larger, but more meaningful, understandable and actionable numbers.

FALSE

Many successful organizations exist whose success is not largely grounded in marketing.

FALSE

Marketing organizations should strategically develop unique and uniquely desirable marketing mixes for most of the segments they strategically choose to target.

FALSE

Perceptions are a set of realities that influence how a consumer makes sense of stimuli as they arise inside their environments

FALSE

Positively-framed marketing messages are generally more persausive than negatively-framed marketing messages.

FALSE

Primary information uses data that has already been collected for other purposes

FALSE

Primary information uses data that has already been collected for other purposes.

FALSE

The "Gold rule" means marketers should always do to others as you would want them to do to you.

FALSE

Extreme differentiating and positioning value is associated with owning something; specifically, owning a word inside the mind of a targeted market segment. This principle, or law, is best described as the principle of:

Focus

Google, Kleenex, and Band-Aid are all examples of this marketing principle, whereby a brand develops ownership of a word:

Focus

What asset (skillset) is needed most as planners seek to gather useful strategic marketing knowledge and to exploit the resulting insights?

Focus

Focus (correct)

Entities known as __________________________________ are designed and executed to secure consumer perceptions and insights about particular topics or areas of interest in non-threatening environments.

Focus group discussions

Austrian-born Ernest Dichter, like his mentor a Freudian, was best known for pioneering the process known as:

Focus groups

Small gatherings of deliberately selected people who participate in planned discussions that are intended to secure consumer perceptions about particular topics are known as:

Focus groups

Small gatherings of deliberately selected people who participate in planned discussions that are intended to secure consumer perceptions about particular topics are known as:

Focus groups (correct)

Good marketing strategists:

Focus on developing and exploiting a narrow range - two or three at most - of core competences

Executing a plan

Focus on taking advantage of their competencies, taking advantage of what they do best

Outsourcing allows each organization the ability to:

Focus on the competency that they do best

Outsourcing allows each organization the ability to:

Focus on the competency that they do best (correct)

The quote "When absolute superiority is not available produce a relative one at the decisive point by making skillful use of the resources you have" suggests firms should:

Focus, concentrate, on doing what they do best.

Which of the following is not a process or an activity associated with strategizing?

Focuses exclusively on external threats

Which of the following is not a process or an activity associated with strategizing?

Focuses exclusively on external threats (correct)

According to Nick Saban, a mega-successful college football coach, the key to success is:

Focusing on the process

According to Nick Saban, a mega-successful college football coach, the key to success is:

Focusing on the process (correct)

Changes do not always represent progress, but change is always necessary:

For progress to occur

When audiences are ______________, programming that can pull a large audience can still command a high price for its ______________________ platform.

Fragmenting, advertising

Which one or two cultural values does the automobile brand Jeep best exemplify?

Freedom to go anywhere.

New products that are most likely to succeed are those that are:

Fresh and familiar

The statement that "People perform to their metrics" underscores (emphasizes) the degree to which:

Having the right measurements and rewards in place inside firms is key to their planning success.

The statement that "People perform to their metrics" underscores (emphasizes) the degree to which:

Having the right measurements and rewards in place inside firms is key to their planning success. (correct)

The describes a situation where people are temporarily satisfied after they have received whatever new thing they wanted and obtained but then quickly find themselves lustfully looking forward toward something else that is new.

Hedonic treadmill

What individual coined the phrase "the only constant is change?"

Heraclitus

Who wrote: "The only constant is change"?

Heraclitus

What individual coined the phrase "the only constant is change?"

Heraclitus (correct)

Who wrote: "The only constant is change"?

Heraclitus (correct)

targeting-broadly

Here, marketers market as if no segments exist. This targeting tactic is called undifferentiated (mass) marketing.

Markets are __________ in nature.

Heterogeneous

Markets are relatively more -------------- in nature

Heterogeneous

Markets are relatively more -------------in nature

Heterogeneous

A cash cow is a branded product that enjoys a:

High market share of a low growth market.

A cash cow is a branded product that enjoys a:

High market share of a low growth market. (correct)

The process of market segmentation is one of the most important activities in which B2C marketers engage. Effective segmentation requires the right division-creating inputs. From among the list provided below, which inputs should go into developing market segment?

Individual consumer characteristics

Marketing research links customers/prospects to markets through ...

Information

Marketing research links customers/prospects to markets through ... Type: Multiple Choice

Information

The fundamental reason why: the marketing function provides

Information about 1. The Market, 2. What Customers want or need; particularly, values they are not currently receiving, and 3. Current and likely strategies and activities of relevant direct and indirect Competitors

Which step in the marketing research process develops strategic inferences?

Information analytical

What activity should come first in the marketing research process?

Information identification

What activity should come first in the marketing research process?

Information identification (correct)

Which word best captures a process or a product that always provides new and useful (i.e., superior) solutions to customer's problems?

Innovation (correct)

Which of the following is an intangible product?

Insurance policy

Which of the following is an intangible product?

Insurance policy (correct)

The daunting prospect of sinking-the-boat:

Involves risks of ruining organizations by making huge strategic bets, and losing.

The daunting prospect of sinking-the-boat:

Involves risks of ruining organizations by making huge strategic bets, and losing. (correct)

Society, defined,

Is any known group of people living together in a more or less ordered, or hierarchical fashion

Society, defined,

Is any known group of people living together in a more or less ordered, or hierarchical fashion.

Society, defined,

Is any known group of people living together in a more or less ordered, or hierarchical fashion. (correct)

If you don't have a competitive advantage, don't compete

Jack Welch; If you cannot be sufficiently creative to create a real or perceived advantage, get out the game

Marketers must _________________ select which customers they choose to make long lasting relationships with.

Judiciously

Emus, kangaroos, and even sharks were used to illustrate how important it is for firms to:

Keep moving forward and growing

Emus, kangaroos, and even sharks were used to illustrate how important it is for firms to:

Keep moving forward and growing.

Emus, kangaroos, and even sharks were used to illustrate how important it is for firms to:

Keep moving forward and growing. (correct)

Successful marketers must become and remain customer-focused. What is the best outcome that marketers can generate in order to become more customer-focused?

Keeping promises

Successful marketers must become and remain customer-focused. What is the best outcome that marketers can generate in order to become more customer-focused?

Keeping promises (correct)

Which of the following types of knowledge usually could not be used as a source from which strategic marketing insights could be drawn?

Knowing yourself (strengths and weaknesses) Knowing your allies (supply chain partners) Knowing your enemy (competitors) Each knowledge type would prove useful (correct)

Some argue that Google's parent company Alphabet recently abandoned their positioning statement - "Do Good Things." This happened because Google:

Knowingly restricted information to Chinese user's in accordance with China's government

If Sun Tzu was a marketer, what type of knowledge would he recommend that strategists gather before they develop their marketing plans?

Knowledge about themselves, their competitors (enemy), and their terrain (marketplace)

If Sun Tzu was a marketer, what type of knowledge would he recommend that strategists gather before they develop their marketing plans?

Knowledge about themselves, their competitors (enemy), and their terrain (marketplace) (correct)

What of the following strategic terms (concepts) function to prevent problems?

Laws

Marketers should be first to market, entry-wise, in order to have a chance to remain first, in the mind. This principle, or law, is best described as the principle of:

Leadership

Marketers should be first to market, entry-wise, in order to have a chance to remain first, in the mind. This principle, or law, is best described as the principle of:

Leadership (correct)

Who said that Elvis Presley, the singer, was the greatest American sociocultural-consumption force during the twentieth century?

Leonard Bernstein

Who said that Elvis Presley, the singer, was the greatest American sociocultural-consumption force during the twentieth century?

Leonard Bernstein (correct)

Which brand discovered that workplace productivity materially increased when professional workers could dress more casually, and developed a brand that could meet these new needs?

Levi Strauss & Co.

Which brand discovered that workplace productivity materially increased when professional workers could dress more casually, and developed a brand that could meet these new needs?

Levi Strauss & Co. (correct)

What is the most important communication skill for most marketers?

Listening effectively

Which of the following is not a strategy to create lasting core competencies through which brands can be differentiated and positioned?

Location leadership

Which of the following is not one of the keys to marketing success?

Making fun and entertaining

Which of the following is not one of the keys to marketing success?

Making fun and entertaining advertising

Which answer best describes marketing practice?

Managing processes, people, exchanges, and values

Marketing Positioning

Managing the elements of the Marketing Mix such that the Product being marketed

The entire set of actual or potential customers for any particular product is known as the:

Market

The Business Portfolio Vertical Axis

Market Attractiveness - the Growth Rate of the Market

When a company pursues new target segments by using existing products and the same marketing mix, they are adhering to the ________ growth strategy.

Market Development

When a company pursues new target segments by using existing products and the same marketing mix, they are adhering to the ________ growth strategy.

Market Development (correct)

At times, marketers identify new market segments to pursue and do so by using existing products and the same marketing mix. The sales of Estee Lauder's premium priced cosmetics took off after the cosmetics marketer began selling them extensively throughout airports. This example illustrates a:

Market Development Growth Strategy

GROWTH STRATEGIES

Market Penetration Market Development Product Development Market Diversification

At times, marketers change one or more elements (typically, changing the promotion or price) in their marketing mix, while keeping the product inside the marketing mix the same in order to sell more of an existing product to the same target market. Arm & Hammer Baking Soda, for example, used promotional messaging both to explain and demonstrate how the same-ole-same-ole baking soda could be used to solve numerous other household problems having nothing to do with baking. This example illustrates a:

Market Penetration Growth Strategy

What marketing process must be analytical, fact-based, and data driven?

Market Researching Process

What marketing process must be analytical, fact-based, and data driven?

Market Researching Process (correct)

Market Share

What expansion strategy involves identifying new market segments to pursue?

Market development

What expansion strategy involves identifying new market segments to pursue?

Market development (correct)

Which statistical measurement is also called the average?

Mean

Valid information is secured from questions that:

Measure exactly what they purport to measur

Valid information is secured from questions that:

Measure exactly what they purport to measure

The word metrics is a modern strategic planning term that is primarily used to indicate or establish:

Measurements Benchmarks Both a and b are correct. (correct)

The book rightfully and logically compares the marketing mix to a __________.

Meatloaf

The book rightfully and logically compares the marketing mix to a __________.

Meatloaf (correct)

The Welsh phrase "better a fair face than a fair dowry" best-explains why:

Men will marry down, socially- or economically-speaking, based on the attractiveness of their prospective partners. (correct)

Which type of environment is the most manageable for marketers as they strategically plan, establish and manage key relationships?

Micro-environment

Which type of environment is the most manageable for marketers as they strategically plan, establish and manage key relationships?

Micro-environment (correct)

Which statement is true about macro-environments and micro-environments?

Micro-environmental factors are easier than macro-environments to manage. (correct)

Which type of market targeting approach treats each of a small number of customers (perhaps only one customer) as unique and then creates a highly focused marketing mix aimed at satisfying those unique needs.

Micro-targeting

Strategy originates as an ancient Greek word that means

Military commander

Strategy originates as an ancient Greek word that means:

Military commander

The English word "strategy" is rooted in ancient Greek word that signified:

Military commander

The English word "strategy" is rooted in ancient Greek word that signified:

Military commander (correct)

An organization's _______________ equals that organization's current __________________ that equals that organizations future _______________________.

Mission, vision, direction

An organization's _______________ equals that organization's current __________________ that equals that organizations future _______________________.

Mission, vision, direction (correct)

Which of the following elements is not an ingredient for the classic product-related marketing mix?

People

Which of the following elements is not an ingredient for the classic product-related marketing mix?

People (correct)

Perceptions

Most Americans constantly pursue happiness. Many marketers can leverage this fact to their advantage because of the common misconception, one that is shared among many people, that happiness results from having:

More luxury items in one life (correct)

The word obese is generally used to describe people who are dangerously (for their own health) overweight. Growing amounts of obesity is definitely an American environmental trend. According to the book, ___ of Americans are obese.

More than 1/3

More than 1/3 (correct)

Once a need has been sufficiently aroused to direct the consumer to satisfy that need it is referred to as ______________.

Motive

Learning arises from a four-way interaction between (1) consumers'__________; (2) __________ (might include marketing cues) to which they are exposed and attend; (3) consumers' responses to the stimuli; and (4) the rewards or punishments (positive or negative reinforcements) resulting from their behavioral responses.

Motives and stimuli

Opportunities are environmental trends that are:

Moving in favor of the best interests of the firm.

Opportunities are environmental trends that are:

Moving in favor of the best interests of the firm. (correct)

What product category changed everything, culturally-speaking, during the 1950's and 1960's?

Music

brands, 5 cent definition

Names, signs, symbols, designs, colors, or some combination of these and other dimensions that identify and distinguish (differentiate) the marketer of one product, service, idea, or place from other organizations marketing the same product, service, idea, or place inside the same product category. Brands, regardless of their dominant form, exist as symbols.

The first step in the consumer decision-making process is:

Need recognition

Motives or drives exist as __________ that are sufficiently pressing to direct individual consumers to seek satisfaction and solutions to whatever problems are triggering their motives (drives). (Readers must provide the absolute best answer.)

Needs

Which answer best explains the origins of consumer needs?

Needs arise as part of human nature. (correct)

Researchers should always listen to customers' ___________________ views and opinions. This is because these _________ views and opinions almost always represent a source of valuable marketing knowledge.

Negative (correct)

__________ suggest(s) the best solution to pressing problems (planning always entails solving pressing problems), when planners are analyzing and drawing inferences from data, is the simplest explanation that accounts for all the data.

Occam's Razo

Occam's Razor

Occam's Razor (correct)

Applebee's pursues customers who want healthy foods, those who want fun and tasty foods, and those who are seeking a reasonably priced meal. How many marketing mixes does Applebee's need to prepare to satisfy the needs of these target segments?

One marketing mix per target segment (3 in total)

One marketing mix per target segment (3 in total) (correct)

It's important to set clear and measurable metrics when setting goals for yourself or your subordinates because:

People perform to their metrics; especially when they are certain what those metrics are. The presence of measurements permits one to identify when goals have been met or one's efforts are coming up short. The presence of metrics provides greater assurance that people are working on the right things. All of the above (correct)

What three additional P's are added to the marketing mix when services are being marketed?

People, processes, physical evidence

What primary benefit is associated with using open-ended marketing research questions?

Open-ended questions are useful at identifying underlying customer motives

What primary benefit is associated with using open-ended marketing research questions?

Open-ended questions are useful at identifying underlying customer motives (correct)

The asset known as ______________________________ allows marketers to identify threats and opportunities that should, in form, inform strategic decisions about which marketing mix activities to pursue.

Operant knowledge

The word operant means that something, say, an asset:

Operates in ways that produce useful results

The word operant means that something, say, an asset:

Operates in ways that produce useful results (correct)

Being means identifying opportunities before anyone else does while also being willing and able to strike first by delivering differentiating value after opportunities have been discovered

Opportunistic (correct)

What type of planning personae continuously seeks to identify opportunities quickly after they arise while also being willing and able to create deliver value or solutions that exploit the opportunity before anyone else?

Opportunistic planners

Opportunistic planners (correct)

Environmental trends offer _______ to marketers:

Opportunities Threats Both A and B

Environmental trends offer _______ to marketers:

Opportunities Threats Choices Both A and B (correct)

Environmental trends offer _______ to marketers:

Opportunities Threats Both A and B (correct)

According to the book, when and where do the best marketing opportunities exist?

Opportunities exist whenever people's problems (needs and wants) remain unsolved or unsatisfied

According to the book, when and where do the best marketing opportunities exist?

Opportunities exist whenever people's problems (needs and wants) remain unsolved or unsatisfied (correct)

opportunities, marketing

Opportunities exist wherever unsatisfied or less than fully satisfied customers or prospects exist. That's because satisfied people generally don't buy anything. Opportunities also exist wherever customers' or prospective customers' problems (needs) have not been resolved. Finally, opportunities exist wherever firms are creative enough to develop solutions to problems that prospective customers did not yet realize they had; likely because the supposed problems themselves are not actually real but only imagined or "perceived" to exist.

Recent conflicts in the Middle East have caused gas prices in the US to rise. For the electric car division at General Motors, this represents a:

Opportunity

Recent conflicts in the Middle East have caused gas prices in the US to rise. For the electric car division at General Motors, this represents a:

Opportunity (correct)

What step in consumers' decision-making processes is the most important?

Perceiving a situation accurately

Assume a firm is marketing inside in a market that features a high market growth rate. Further assume that the market share of the firm's brand is low. The firm's brand should be treated as a:

Question mark (correct)

A current US environmental trend that provides an opportunity for marketers that are promoting exercise and fitness solutions is the increasing percentage of American adults that are _________________ or ______________.

Overweight or obese

Overweight or obese (correct)

"Most, indeed nearly all, Americans have less than they want. Yet nearly all have more than they need." According to your text, these two sentences exemplify (or illustrate):

Paradox

The concept that two opposing arguments, or ideas, sometimes can hold equal claim on the truth (which is the truth) is best described as a:

Paradox

The concept that two opposing arguments, or ideas, sometimes can hold equal claim on the truth (which is the truth) is best described as a:

Paradox (correct)

paradox

Paradoxes exist whenever two opposing arguments hold an equal claim on the truth.

When applied in marketing settings, the 80-20 Rule usually accurately suggests [approximately] 80% of profits emanate from (about) 20% of customers; 80% of product sales from 20% of products present in a product line (marketing organizations generally sell multiple products); 80% of sales are generated by 20% of advertising, and so forth. The 80-20 Rule is also known as the:

Pareto Principle

Planning processes should include carefully examining the:

Past, present, and future

Planning processes should include carefully examining the:

Past, present, and future (correct)

Which of the following tools are tactics is not included in the Promotional mix?

Penetration Pricing

What famous dead European/American male wrote (and is famous for having said) "the only constant is change."

Philosopher Heraclitus (no, not Hercules)

According to the hierarchy of needs, which need must be met first before consumers will respond to others?

Physiological

Which of the following is not a typical consumer response to marketing stimuli?

Physiological responses

Supply chain and supply chain management commonly associated with which of the 4 P's?

Place

What are the 4ps of marketing?

Place, Product, Promotion and Product

What are the 4ps of marketing?

Place, Product, Promotion and Product (correct)

Which approach (tactic) should marketers follow when attempting to manage change?

Plan for change and attempt to lead it in a productive direction

Which approach (tactic) should marketers follow when attempting to manage change?

Plan for change and attempt to lead it in a productive direction (correct)

Which of the following is not true about strategic planning?

Planners should understand that complicated explanations processes or solutions are ceteris paribus always the best

Which of the following is not true about strategic planning?

Planners should understand that complicated explanations processes or solutions are ceteris paribus always the best (correct)

Why is planning so important for marketing professionals?

Planning allows marketing professionals to prepare for both opportunities and threats

Planning allows marketing professionals to prepare for both opportunities and threats (correct)

Which brand category has the highest potential of being transforming into star brands?

Question mark brands

Successful positions are usually grounded in differences that customers perceive as determinant. What does determinant mean?

Positions that are based on actual/genuine differences Differences that themselves are important to customers as they choose which brand to select Both A and B are correct (correct)

Successful planning creates ________ which is required for effective ________

Preparation; Marketing

Successful planning creates ________ which is required for effective ________

Preparation; Marketing (correct)

What type of knowledge is developed through marketing research inferences about how marketing organizations should strategically address problems or opportunities?

Prescriptive knowledg

Strategic inferences are based on:

Prescriptive knowledge

What type of knowledge best informs marketers about next logical strategic steps that firms should pursue?

Prescriptive knowledge

What type of knowledge is developed through marketing research inferences about how marketing organizations should strategically address problems or opportunities?

Prescriptive knowledge

Strategic inferences are based on:

Prescriptive knowledge (correct)

What type of knowledge is developed through marketing research inferences about how marketing organizations should strategically address problems or opportunities?

Prescriptive knowledge (correct)

In marketing, there are five primary types of utility. Which of the following words is not one of these five types of utility:

Prestige

The introduction of new products to market that also provide heretofore unknown solutions, also creates __________________.

Previously unrecognized customer problems

The introduction of new products to market that also provide heretofore unknown solutions, also creates __________________.

Previously unrecognized customer problems (correct)

What kind of data can be used to successfully execute marketing research?

Primary data Secondary data Both A and B (correct)

_______ is developed, collected, refined and analyzed by marketing researchers in order to identify trends or to develop insights that can be used to solve particular marketing problems or to exploit specific opportunities.

Primary data (correct)

Which sort of information will most likely yield insights that prove useful to marketers when they are solving problems or identifying new opportunities?

Primary information

Which sort of information will most likely yield insights that prove useful to marketers when they are solving problems or identifying new opportunities?

Primary information (correct)

What of the following terms (concepts) function in ways that demonstrate to professionals what works?

Principles

__________ tell people what works. By contrast, ______ tell people what they can and cannot do.

Principles, laws (correct)

What is the first step in the consumer decision making process?

Problem recognition

Marketing organizations should target markets whose ________________________ they are best able to _________________________:

Problems, solve

Marketing organizations should target markets whose ________________________ they are best able to _________________________:

Problems, solve (correct)

Market Segmentation

Process of dividing a market into distinct, smaller groups of customers who share certain characteristics in common; characteristics that make them more likely candidates for purchasing the products in question

Market targeting

Process of evaluating market segments to identify which are most attractive and therefore should be targeted

Which brand category generates the most cash?

Star Brands

Anything (or anyone) that can solve customers' problems while generating profits for organizations rightfully can be described as a:

Product

Anything (or anyone) that can solve customers' problems while generating profits for organizations rightfully can be described as a:

Product (correct)

At times, marketers develop entirely new or tweak existing products that are subsequently targeted toward current market segments. Apple essentially has pursued a product development strategy since it first introduced iPhones in 2007. This example illustrates a:

Product Development Growth Strategy

Product Development Growth Strategy (correct)

What is the name of the factor that best permits marketers to distinguish their products from similar products in the category?

Product attributes

What is the name of the factor that best permits marketers to distinguish their products from similar products in the category?

Product attributes (correct)

Volvo and Suburu, who market their automotive brand as being the safest on the road, are basing their positioning strategy on:

Product characteristics / attributes

Which of the following controllable marketing stimuli influences consumer behavior decision making?

Product elements Price elements Place (or supply chain) elements All of the above (Correct)

B2B goods can be further classified into

Product or support goods

Which four words most accurately describe the "4 P's" of the Marketing Mix?

Product, Price, Place, Promotion (correct)

The 4P's of the marketing mix when tangible products are:

Product, price, place, promotion

The 4P's of the marketing mix when tangible products are:

Product, price, place, promotion (correct)

Assume a firm is marketing inside in a market that features a high market growth rate. Further assume that the market share of the firm's brand is low. The firm's brand should be treated as a:

Question mark

Marketers should view themselves as need-satisfiers, problem-solvers and __________.

Promise-makers, promise-keeper

Marketers should view themselves as need-satisfiers, problem-solvers and __________.

Promise-makers, promise-keepers

Marketers should view themselves as need-satisfiers, problem-solvers and __________.

Promise-makers, promise-keepers (correct)

In which marketing mix element among the 4Ps does the public relations activity fit?

Promotion

Social media activities are part of which element inside traditional marketing mixes?

Promotion

________________ can be considered the communication arm of the marketing mix.

Promotion

In which marketing mix element among the 4Ps does the public relations activity fit?

Promotion (correct)

________________ can be considered the communication arm of the marketing mix.

Promotion (correct)

promotions

Promotions, collectively, are the communication arm—or weapon/tool—that any marketer or marketing organization can wield to deliver its messages to targeted subsets of broader markets. Promotions are generally used to issue reminders; convey information; persuade; build stronger or establish new relationships with customers; and deliver incentives.

Marketers can effectively position their products to target segments by:

Properly managing the marketing mix

Which two types of marketing research knowledge are the most relevant to most marketing organizations?

Propositional and prescriptive knowledge.

As a psychological measure, __________ is a combination of consumers' preferred AIOs, lifestyle choices, and their dominant personality traits.

Psychographics

Brands, 25 cent definition

Psychological constructs that capture all meanings, images, sensations, and experiences that targeted or prospective customers associate with products, services, ideas, or places offered by for-profit and not-for-profit marketing organizations.

Continuously evolving fashion trends and the nearly annual rollout of new iPhones best illustrates which core marketing practice?

Purposefully creating discontent

Firms should pick, choose and then target those segments that those firms are best able to ......

Pursue (reach), serve and satisfy

Firms should pick, choose and then target those segments that those firms are best able to ......

Pursue (reach), serve and satisfy (correct)

Under Howard Schultz, Starbucks began expanding to locations near dry cleaners and movie rental stores because customers would need to return to these businesses, giving Starbucks two chances at a transaction. Starbuck's strategy exemplifies which planning law?

Pursue logical solutions

Pursue logical solutions (correct)

What is the best strategic approach to pursue when firms seek growth?

Pursuing new target markets Developing new marketing mixes or refining existing marketing mixes Pursuing some combination of choice "a" and choice "b" (correct) None of the above

What is the best strategic approach to pursue when firms seek growth?

Pursuing some combination of choice "a" and choice "b"

What is the best strategic approach to pursue when firms seek growth?

Pursuing some combination of choice "a" and choice "b" (correct)

wicked problem

Puzzles so persistent, pervasive or slippery that they can appear unsolvable

Which of the following is not an environmental trend?

Slightly less than half of adults in the US - a record low - are married. The percentage of people in the US who regularly attend church, mosque, synagogue, or temple, is lower than at any point in US history, and dropping further year by year. Global apparel production essentially doubled between 2000 and 2016. Spring is the real time for making New Year Resolutions. Most weddings, gym memberships, new makeup sales and healthy diets rise during this Season. All of the above are environmental trends. (correct)

Marketing segmentation, the process, creates:

Smaller, more homogenous groups

Family was classified in your book as a:

Social factor

What stimuli has increased human fear of missing out to reach previously unthinkable heights

Social media

Brands can be positioned and differentiated based on:

Special features Special attributes Solutions Value propositions All of the above (correct)

Marketing research produces information and knowledge. Hopefully this knowledge eventually produces ___________________________ and ______________________ insights.

Specific; actionable

Marketing research produces information and knowledge. Hopefully this knowledge eventually produces ___________________________ and ______________________ insights.

Specific; actionable (correct)

The Marketing Planning Process

Stage 1 Analyzing Stage 2 Selecting Stage 3 Planning

supply chains, defined

Supplies consist of the upstream and downstream business partners for any marketing organization. "Upstream" means toward the originating sources of any product; for example, cotton fields, or dirt, for any cotton T-shirt. "Downstream" means toward the retailers, in either electronic or traditional brick-and-mortar form, who ultimately market and merchandise any product, including T-shirts. Supply chains are generally comprised of intermediary organizations, including (such as agents, warehouses, and shippers such as trains, trucks, planes, or even pipelines, marketing researchers, bankers); and customers to each intermediaries, along with various sorts of traditional and internet-based retailers.

Supply chains, management

Supply chain management entails the processes and relationships by which products, including services, move from their source points to whatever venues customers use to obtain products and services. An overarching supply chain management goal entails providing whatever levels of service customers demand or want at the lowest possible costs to the firms partnering inside supply chains. If asked, supply chain managers might accurately describe how their professional efforts enable B2B customers and B2C consumers obtain the right product or service at the right time in the right place at a price customers, by definition, must consider right. Otherwise, customers won't purchase. If gabby, the same professionals might discuss how crucial their role is to satisfying B2B and B2C customers alike, and that supply management is crucial from cradle to grave—or from dirt to dirt.

The acronym SCA, written out in full, stands for:

Sustainable competitive advantage

The acronym SCA, written out in full, stands for:

Sustainable competitive advantage (correct)

Prior to making an important decision, intelligent marketers should consider:

Suzy Welch's 10-10-10 rule (correct)

product life cycle (PLC) stages

The four stages are Introduction, Growth, Maturity, and Decline. To the extent that marketing managers understand what stage of its life cycle their branded product occupies, they will know more about how to manage its marketing mix.

Which of the following is not an opportunity or threat that consists outside the organization?

Technological strengths

Which of the following is not an opportunity or threat that consists outside the organization?

Technological strengths (correct)

Some types of technology or technology-based firms have been described as BAAD. What types?

Technology giants that are too big, too anticompetitive, too addictive and too destructive

Which question would Dr. Ernest Dichter recommend be used in order to gain insights about how to improve the quality of a soap brand?

Tell me how you feel about your bathing time

Which question would Dr. Ernest Dichter recommend be used in order to gain insights about how to improve the quality of a soap brand?

Tell me how you feel about your bathing time (correct)

The Honey Badger is used as a metaphor to illustrate:

That marketers should stay concentrated by focusing on their strengths and core competences (correct)

Which rule emphasizes the importance of evaluating the consequences of a strategic decision?

The 10-10-10 Rule

Which rule emphasizes the importance of evaluating the consequences of a strategic decision?

The 10-10-10 Rule (correct)

We use the catchy acronym the ____ to describe the amount and type of resources that any firm or organization enjoys:

The 3T's

We use the catchy acronym the ____ to describe the amount and type of resources that any firm or organization enjoys:

The 3T's (correct)

Module 4

The Environment Questions

The Business Portfolio Horizontal Axis

The Firm's Relative Market Share

Strategic planners should always dance close either to the revenue or cost line, or both, as they plan. If finished plans do not elevate revenues or tamp down costs, or achieve both outcomes, change and improve the plan. This principle, which is correctly stated, most closely illustrates:

The Gold Rules principle

Which marketing planning law does Big Pharma do well?

The Law of + One (creating and marketing problems)

Which marketing law did Levi Strauss and Co exploit when the marketer introduced Dockers casual slacks?

The Law of Category

People's ability to recall the name of Amelia Earhart, a person who literally disappeared more than 80 years ago, most underscores the value of:

The Law of Category (correct)

Which marketing law did Levi Strauss and Co exploit when the marketer introduced Dockers casual slacks?

The Law of Category (correct)

What marketing planning law emphasizes the importance of a marketing organization and its brand/brands acquiring and controlling a word in the market?

The Law of Focus

Strategic planners should take into consideration:

The Past The Present The Future All of the above (correct)

Strategic planners should take into consideration:

The Past The Present The Future All of the above (correct)

core competencies

The ability of firms to differentiate and position successfully generally follows from their possession of relative or absolute core competencies. Core competencies can be derived from various sources. Sources of core competencies might include talent, resources (cash on hand), technological or design skills, accumulated experience, patent protections, brand power, brand loyalty, first-to-market or top-of-mind advantages, etc. Soup to nuts, three and only three core competencies exist: cost leadership, technological leadership, or [greater] customer intimacy. Marketers must achieve differentiation based on one or more of these exact core competencies.

What is the singular task that highly successful marketing must master?

The ability to manipulate, usually in subtle fashions, customer's perceptions

differentiation

The act entails strategic attempts to create the perception/reality that one brand is different from and better than alternative branded solutions. Differentiation is inextricably linked with positioning.

Which idea suggests that managers should be judicious about the measurements they instill inside their units, because individuals may try to anticipate the effect of a policy and take actions that alter its outcome.

The good-heart principle

To survive inside competitive environments organizations must provide targeted customers with greater ___________ than those customers receive from competitors.

Value (correct)

price

The amount of value that any customer must give up to get (obtain) a product. Please note the implied reference to exchange. Pricing should be strategically managed in ways to both create and capture value for the marketing entities that develop and manage the pricing plan, as discussed below. Price likewise captures what customers are willing to pay to acquire a product. Alternatively, price is the amount of money marketers charge for their products or services. Finally, and more broadly described, price represents the sum of ALL values customers must give up (exchange) in order to get benefits associated with having or using products or services.

In statistical assessments, the measurement known as mean is the:

The average value

In statistical assessments, the measurement known as mean is the:

The average value (correct)

Which brand wins in a competition among brand A, B, and C?

The brand that delivers the most value

In the "three pots" planning metaphor, water and the pots function like the environment. In this illustration, should marketers function as the carrot, egg, or coffee - and why?

The coffee, because it is the agent that changes the environment

Two conditions must be present in order for a product (brand) difference (in a branded product) to be determinant. These conditions are:

The difference must be real (genuine) and the difference must be important to customers as they make decisions.

Two conditions must be present in order for a product (brand) difference (in a branded product) to be determinant. These conditions are:

The difference must be real (genuine) and the difference must be important to customers as they make decisions. (correct)

value

The difference, hopefully positive, between the benefits gotten and the costs given up that are associated with owning and using a product. Alternatively, the problem-solving or need-satisfying ability of any branded product.

What description best defines a "market"?

The entire set of actual and potential customers of a product category

What description best defines a "market"?

The entire set of actual and potential customers of a product category (correct)

The term supply chain indicates

The existence of a partnership between multiple organizations That one organization is outsourcing the performance of specific marketing functions to other organizations That the strength and performance of one organization depends on the strength and performance of other organizations that partner inside the supply chain All of the above are true (correct)

Changes don't always represent progress. But changes are always necessary for progress to occur.

The first statement is false, the second true. The first statement is true, the second false. Both statements are true. (correct)

Changes don't always represent progress. But changes are always necessary for progress to occur.

The first statement is false, the second true. The first statement is true, the second false. Both statements are true. (correct)

What is a want?

The form needs take or assume as they are influenced by culture and individual personality

Wants are:

The form that needs take as they are influenced by culture and individual personality.

Marketing planning entails decisions made about how best to allocate the 3Ts. What are the 3Ts?

Time, Talent, Treasure

position, market

The image and set of benefits (i.e., problem-solving values) presumably associated with branded products.

Which marketing planning law discusses the importance of maintaining first place, top-of-mind, or top-rung

The law of the Mind

________ is a philosophy that puts customers, and identifying and satisfying their wants and needs first; as long as firms profit.

The marketing concept

________ is a philosophy that puts customers, and identifying and satisfying their wants and needs first; as long as firms profit..

The marketing concept

Every firm must make its plans and execute its decisions in light of what is happening in its micro- and macro-environment. You already knew this. You should also know that:

The micro-environment exists inside the firm, the macro-environment exists outside the firm.

Every firm must make its plans and execute its decisions in light of what is happening in its micro- and macro-environment. You already knew this. You should also know that:

The micro-environment exists inside the firm, the macro-environment exists outside the firm. (correct)

strategic marketing

The notion of relationships is hugely important, Creating-keeping-strengthening relationships

The phrase "replacement rate" is a measure that indicates:

The number of babies each woman needs to birth to replace a county's population.

Which of the following is not something a mission statement should ideally describe?

The organizations greatest weaknesses

Which of the following is not something a mission statement should ideally describe?

The organizations greatest weaknesses (correct)

Which analysis (or test) provides insights about how changes in pricing strategies will impact demand for individual brands or branded product lines

The price elasticity test

Which analysis (or test) provides insights about how changes in pricing strategies will impact demand for individual brands or branded product lines

The price elasticity test (correct)

Which of the following is the best way to characterize the meaning of the word "perception?"

The process of getting, interpreting, selecting and organizing sensory information of our imagined realities (correct)

What is meant by high-involvement purchase decision?

The purchase is very important to the customer

What is market share?

The ratio between the firm's sales volume and the entire industry sales volume

The primary reason that marketing information systems exist is to deliver:

The right information at the right form at the right time

The primary reason that marketing information systems exist is to deliver:

The right information at the right form at the right time (correct)

All serious strategists should quickly realize that they must successfully manage two types of risk:

The risks of sinking the boat or missing the boat

All serious strategists should quickly realize that they must successfully manage two types of risk:

The risks of sinking the boat or missing the boat.

All serious strategists should quickly realize that they must successfully manage two types of risk:

The risks of sinking the boat or missing the boat. (correct)

When firms use market penetration growth strategies they seek to serve:

The same market segment they have been pursuing with the same product while changing other elements of marketing mix

What does the statement "the best solution to any problem is always the most parsimonious one" actually mean?

The simplest solution is almost always the best

What does the statement "the best solution to any problem is always the most parsimonious one" actually mean?

The simplest solution is almost always the best. (correct)

The baud is used to measure:

The speed at which information travels along the internet

The baud is used to measure:

The speed at which information travels along the internet.

The baud is used to measure:

The speed at which information travels along the internet. (correct)

new product development

The staged set of processes through new products are successfully conceived (ideated), created, and commercialized (marketed through a unique marketing mix to targeted market segments). Also known as NPD, New Product Development is integral to any firm's sustained success, in large part because individual brands and entire product categories pass through normal life cycle stages.

Consumers look toward aspirational and opinion leader reference groups to secure references regarding what they should consume and/or how they should behave.

The statement is true and accurate as written.

marketing mix

The tool that marketing firms manage with the intent of creating hopefully differentiating value for the branded products they make and market.

Marketing planning entails decisions made about how best to allocate the 3Ts. What are the 3Ts?

Time, Talent, Treasure (correct)

The "3Ts" of planning are:

Time, Treasure and Talent

The "3Ts" of planning are:

Time, Treasure and Talent (correct)

value proposition

The value proposition of any brand represents the sum total of all perceived or actual values associated with or delivered by the brand.

In statistical assessments, the measurement known as the median is the:

The value that sets right in the middle in any list of values

In statistical assessments, the measurement known as the median is the:

The value that sets right in the middle in any list of values (correct)

Which of the following statements that describe conditions does not describe an advantage associated with mass marketing?

The wants and needs of individual customers can be more directly targeted.

Which trait or characteristic is most important for effective strategic planners?

The willingness to incorporate balance into one's planning processes or mindset

Which trait or characteristic is most important for effective strategic planners?

The willingness to incorporate balance into one's planning processes or mindset (correct)

If politicians are marketers, what are they selling?

Their own ideas' value (correct)

According to Sun Tzu, what are the three sorts of insights should Generals possess?

Themselves, their enemy and their terrain

According to Sun Tzu, what are the three sorts of insights should Generals possess?

Themselves, their enemy and their terrain (correct)

Which of the following is not common to both kangaroos and emus?

They are both birds

Which of the following is not common to both kangaroos and emus?

They are both birds (correct)

cost-based advantages, pathway to differentiation

To achieve cost-based advantages, firms must either possess resource-based advantages (perhaps proprietary resource access or patent-protections), technological-based advantages (again, perhaps patent protected) or most likely enjoy supply chain management-based or economy of scale-based advantages that allow those firms to lower their costs of doing business. When enjoying cost-based advantages, firms may lower their prices. Or those firms may opt to price at roughly the same level as competitors while reaping materially larger profits than their competitor can secure.

Australia has the _______________ lowest population density in the world.

Third

Australia has the _______________ lowest population density in the world.

Third (correct)

According to this book, "First-in-the-Mind" is the:

Third marketing law

According to this book, "First-in-the-Mind" is the:

Third marketing law (correct)

The primary value of statistical analyses is that the process itself permits often massive amounts of information (raw data) to be compressed into a few meaningful numbers.

This statement is true

The primary value of statistical analyses is that the process itself permits often massive amounts of information (raw data) to be compressed into a few meaningful numbers.

This statement is true (correct)

targeting-narrowly

This tactic is better known as concentrated (or niche market) targeting. When concentrated targeting is used marketing organizations target large shares of narrowly-defined segments. Success requires fine-tuning of the marketing mix.

targeting-extremely-narrowly

This targeting approach is better known as micro-targeting. Again, only one segment is targeted. But this once merely niched segment is now extremely narrowly-defined. The difference between niche-targeting and micro-targeting is a matter of degree. Each targeting approach requires marketers to specifically tailor products and marketing mix programs to suit the tastes, meet the needs, and solve the problems of highly-specialized B2B or B2C customers. Marketers who micro-target, however, pursue even more refined customer targets by developing extremely-refined marketing mixes.

Is the following environmental threat or opportunity to U.S. funeral home marketers? The cultural and social trend that clearly suggests cremation is becoming more acceptable to families.

Threat

Which statement is not true about marketing opportunities?

Three of preceding answers is correct.

The evoked set usually features no more than three to five brands. Then, when problems arise from which known brands from a known product category can resolve, this set of brands come to mind.

Three to Five is about right

How many brands typically reside inside consumers' evoked sets?

Three to five

The evoked set usually features no more than three to five brands. Then, when problems arise from which known brands from a known product category can resolve, this set of brands come to mind.

Three to five is about right

When planning, strategists should remember that only three ways to differentiate anything exist. Which of the following statements is not one of the three core pathways to differentiation?

Through managing perceived branding values.

When planning, strategists should remember that only three ways to differentiate anything exist. Which of the following statements is not one of the three core pathways to differentiation?

Through managing perceived branding values. (correct)

3Ts

Time, Talent, Treasure

Boston Consulting Group Growth-Share-Product Portfolio Planning (BCG) matrix

Two dimensions: -The dimensions are, first, a given brand's relative market share. Relative market share is measured by the horizontal axis. -The second dimension is inside the growth rate of the market in which the brand competes. Growth rate is measured by the vertical axis. Categories: -Dog brands have earned low market shares inside low-growth markets. -Question Mark brands compete inside high-growth markets but have earned, to date, low-share of those markets. -Cash Cow brands enjoy high share of low-growth markets. -Star brands enjoy high shares of high-growth markets. Dogs may breakeven, neither earning nor consuming much cash. But dogs are generally viewed as cash-traps because businesses have money invested in them, even though these spent resources yield little to nothing in return. Dogs are prime candidates for divesture. Question Marks enjoy high growth prospects (because of the market in which they compete is growing) but has low market shared. They consume a lot of cash but generate little in return. In the end many Question Marks, also called Problem-Children, lose money. However, since the brands compete inside growing markets, they potentially might be transformed into Stars. Managers usually should invest more in Question Marks when brands enjoy growth potential, or sell-drop them if they do not. Cash Cows are market share leaders, generating more cash than they consume. These brands typically feature low growth prospects because they compete in slow or no growth markets (i.e., the soft drink or fast-food industries). Cash cows provide the treasure required to convert Question Marks into market leaders, cover administrative costs, fund research and development, service corporate debt, and pay dividends to shareholders. Marketers generally should invest in Cash Cows to maintain current profitability levels, and should milk gains passively. Stars are brands that possess the highest market share and generate the most cash. Monopoly and first-to-market brands frequently gain stardom. However, due to their high growth rates, Stars consume substantial amounts of cash; they must be fed, resource-wise. This generally results in the same amount of money coming in that is going out. Many Stars eventually become cash cows when they sustain their success until market growth rates decline. This, ultimately, is a strategic marketing goal. Marketers should invest in Star brands.

The DeBeers positioning statement that states, "Diamonds are forever," illustrates which positioning strategy?

USP-based

What is the most difficult planning condition that most strategists ever have to address?

Uncertainty

When __________ exists, not only is what might happen unclear; the probabilities of these unknown things happening are not known, either. Two sets of unknown-unknowns are in play.

Uncertainty

What is the most difficult planning condition that most strategists ever have to address?

Uncertainty (correct)

When __________ exists, not only is what might happen unclear; the probabilities of these unknown things happening are not known, either. Two sets of unknown-unknowns are in play.

Uncertainty (correct)

Which of the following statements about strategy is true?

Understand how planning requires preparation but that planning creates preparation Move quickly but with patience Almost remember and honor the importance of relationships Each preceding statement is true (correct

When targeting, if marketers market as if no segments exist, they are engaging in:

Undifferentiated (mass) marketing

A market segmentation study of the dairy industry identified a number of different market segments for whole milk. However, the ability to reach these different segments with differentiated marketing programs (i.e., different marketing mixes) is highly questionable. These conditions suggest the marketer should employ a(n) ____________ market targeting strategy.

Undifferentiated strategy

Four basic levels of targeting exist. What are they?

Undifferentiated, concentrated, micro-targeting, differentiated

What entity should be developed for each segment that marketers pursue?

Unique and uniquely desirable marketing mix

______________ are factors that differentiate one brand from other competing brands

Unique selling propositions

__________ marketing research information is secured from questions measuring exactly what they're supposed to measure. Valid questions capture no more and no less information than what they purportedly measure. Marketers cannot develop valid information unless they have first developed reliable measures, or questions.

Valid

Information that is _______ measures exactly what is purported to be measured.

Valid (correct)

An exchange, defined, involves a "get and a given." What is typically "gotten and given" during exchange processes?

Value

Exchange is defined as "get and a given." What is actually "gotten and given" during the exchange process?

Value

To survive inside competitive environments organizations must provide targeted customers with greater ___________ than those customers receive from competitors.

Value

Exchange is defined as "get and a given." What is actually "gotten and given" during the exchange process?

Value (correct)

Which of the following statements best describes what a competitive advantage is?

When an organization possesses a differential value versus its competitors with respect to a key success factor or core competency

What conditions must exist in order for customers to be satisfied with marketers and their products?

When customers expectations are met

What conditions must exist in order for customers to be satisfied with marketers and their products?

When customers' expectations are met

Marketing mix (4P's)

When products are marketed, organizations typically have four ingredients to "mix." The four ingredients are the product, price, place (distribution or supply chain), and promotion.

Marketing mix (7P's)

When services are marketed firms must mix and manage seven ingredients. The seven ingredients are, again, (1) product, (2) price, (3) place (distribution or supply chain), and (4) promotion; the standard 4P's. Plus, anew, (5) people (who create and/or deliver the service), (6) processes (through which services are delivered), and (7) physical surroundings (in which services are created or delivered).

Automation bias arises inside marketing research settings:

When the computers they use lull experts into a false sense of security

Automation bias arises inside marketing research settings:

When the computers they use lull experts into a false sense of security.

Which statement best summarizes what happens when uncertainty prevails?

When uncertainty prevails, planners don't know all the possible outcomes nor do they know the probabilities of those unknown outcomes arising

Which statement best summarizes what happens when uncertainty prevails?

When uncertainty prevails, planners don't know all the possible outcomes nor do they know the probabilities of those unknown outcomes arising.

Air conditioning keeps consumers cool. Yet air conditioning probably also contributes to global warming. The two conditions just described are best-described as a:

Wicked problem (correct)

Who said, "The further one can see back into the past the further ahead one can see in the future"?

Winston Churchill

Who said, "The further one can see back into the past the further ahead one can see in the future"?

Winston Churchill (correct)

What current cultural buzzword indicates that consumers are alert and tuned into perceived or actual social injustices?

Woke

Failing to plan is like planning to fail

Wooden; want to assure failure, don't plan

What communication activity did the book describe as either marketers' best friend or their worst enemy?

Word of Mouth

_________________________ is (are) oral or written communication that marketers can influence but cannot control and exercises strong positive/negative influences on prospective or actual customers.

Word-of-Mouth

Is marketing success really so simple to achieve that the firm or brand that tells the best story usually win?

Yes it is

Is marketing success really so simple to achieve that the firm or brand that tells the best story usually win?

Yes it is (correct)

Careful planning is important. But can marketers over-plan?

Yes, over-analysis has led to paralysis

Careful planning is important. But can marketers over-plan?

Yes, over-analysis has led to paralysis (correct)

Is it acceptable for organizations to consciously hate another organization and to then use this enmity to motivate and direct the hater's strategy?

Yes, this is a valid strategy but one that should be carefully considered prior to enacting

Knowing your terrain, which exists as one key to marketing success (or victory), entails knowing:

Your external environment and the opportunities/threats residing therein

zeitgeist

a german word translated literally as "spirit [geist] of the times [zeit]."

exchange

a get and a give

Risk describes

a situation where managers have a sense of the range and likelihood of possible outcomes

Uncertainty describes

a situation where not only it is not clear what might happen, it is also not clear how likely all those various possible outcomes are

Business people

all about 'show me the money

Contentious strategic problems

are best solved not by imposing a single point of view at the expense of all others, but by striving for a higher order solution that integrates the diverse perspectives of all relevant constituents

POSITIONING

begins with actually differentiating the Firm's marketing offer, Promotional, Placement and Pricing efforts of its Product

Firms secure sustained competitive advantage

by implementing marketing strategies that exploit their internal strengths, through responding to environmental opportunities, while neutralizing external threats and avoiding or mitigating internal weaknesses

marketing goals

can be stated broadly and qualitatively

Goals

come first, ensure that the Firm does what is necessary and appropriate to secure the resources and establish the means [approaches] and methods [metrics] necessary to measure progress toward achieving its mission

target markets

segments or a segment of customers or prospective customers that firms are best prepared to pursue, serve, and satisfy

Humans simultaneously _________________ and ______________ the new?

crave, fear

The global economy

depends on generating and transporting ideas

false

Macro-environments can also be described an "internal-environments."

false

heterogeneous

different, less useful

Marketing firms typically choose only one strong market segment to target.

false

What famous brand was used to illustrate the point that "marketers should own the trend when the trend's their friend?"

dockers

Missing the Boat

entails letting a great strategic opportunity pass your Firm by because you miss it, ignore it, or are unwilling to bear the risk necessary to pursue the opportunity

supply chain management

entails the processes and relationships by which products, including services, move from their source points to whatever venues [either brick-and-mortar retailers or e-tailers (i.e., online retailers)] customers use to obtain products and services. An overarching goal inside supply chains entails providing whatever levels of service customers require (requires, as in demand or want) at the lowest possible costs to the firm. inside supply chains, multiple firms typically enter into partnering relationships with one another. Inside these supply chain relationships, partnering firms are essentially selling to (acting as marketer) and buying from (acting as customer) each other. But then customer firms pivot and become marketers to the next organization downstream in the supply chain each shares. The general purpose of these partnering relationships is to achieve greater efficiency and lower costs by working together than any individual supply chain partner organization could achieve working alone.

Sinking the Boat

entails wrecking the Firm by making a bad strategic bet

___________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.

environment

competencies or strategic advantages

focus on cultivating and exploiting their competitor

Develop Capacity

focus on the 1, 2 or 3 things that necessarily must be done well for you to do well. The man who chases two rabbits rarely captures either

Strengths and Weaknesses

exist inside the Firm itself, tend to move against the firms best interest

Opportunities and Threats

exist outside the Firm, as trends moving in favor of or against the interests of the marketing Firm

What season is the most common time for consumers to make new resolutions?

fall

All marketers should identify, develop, and then emphasize the same/similar attributes that imitates or may be closely compared to other competitors' attributes

false

The Business Portfolio Stars

high-share products targeting high growth markets

i, iii, iv, ii (correct)

Market Development

identifies and develops new market opportunities and thus new markets for existing products

Selecting Target Markets

identifying the customer segment(s) your Firm is best equipped to pursue; these are, effectively, the best opportunities

MARKETING planning

involves decisions about: Which products to produce, and How to price, promote and distribute them effectively. This is your first exposure to an important marketing concept: the marketing mix.

Functional Marketing Plans

involving and addressing the activities the Firm must execute to carry out its daily marketing and other functional operations

Strategy

is about getting more, the art of creating power, the beginning balance of power

Managing uncertainty

is part of managerial strategizing and practice, uncertainty tends to dominate everything else

MARKETING MIX

is the collection of controllable marketing variables that the Firm should strategically blend to create the customer response it seeks in the marketplace. Provides greater value to customers

Framing points

lay out goals, time, talent, treasure

The Business Portfolio Cash Cows

low-growth markets, but high-share organizational products

The Business Portfolio Question Marks

low-share products in high-growth markets

The Business Portfolio Dogs

low-share products in low-growth markets

Market Penetration

making more sales to existing customers without changing the Firms' products in any way (Firms surely can change how they price, promote or distribute)

In strategic decision making

managers should always dance close to Revenue or Costs lines, Managers should assign priorities to tasks based on their importance to your business's prospective revenues, costs, and, ultimately, profits

Executing the Marketing Mix

managing your Product, Promotion, Place, and Price

Goals and objectives should always be consistent (or compatible) with the ------

marketing firm's mission

The ___________ is the primary tool that any organization can wield to create value

marketing mix

Planning forces

more careful consideration of the entire environment, a SWOT, as well as consideration of customers and competitors who also exist as key dimensions of any marketing Firm's environment, to clarify, as well as create, goals and objectives

Marketing relationships

often across far-flung ethnic, natural and religious bounds with one another

Value is

positive difference between what a customer gains from owning and using a product, and what it costs the customer to acquire the product

goals and objectives

provide useful metrics and benchmarks against which to measure progress or the failure to move forward successfully, each have a time-frame

Homogeneous

same

Objectives

should be stated as specifically as possible, increase market share, increase awareness of the new product, lower costs of distribution by X%

marketing objectives

should be stated quantitatively

companies should worry about managing two kinds of risk

sinking the boat; and missing the boat

Which brand category generates the most cash?

star brands

Targeted customer segments

the unmet needs, unrecognized wants, and unsolved problems should reside at the center of this marketing activity

Best use of information is

they cooperate and callaborate

Australia has the _______________ lowest population density in the world.

third

Is the following environmental threat or opportunity to U.S. funeral home marketers? The cultural and social trend that clearly suggests cremation is becoming more acceptable to families.

threat

What will be done eventually should be done immediately

to be, rather than to seem

Customers logically prefer

to deal with companies and individuals or brands that have an image of being credible and ethical; i.e., trustworthy

A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits)

true

Environmental trends are patterns of gradual or more rapid change unfolding along an environmental dimension.

true

In the traditional marketing mix, intangible services are considered products

true

Laws and regulations affect marketing mix activities.

true

Marketing goals can be qualitative in nature, but according to the book marketing goals be stated quantitatively

true

On any given day, more than half of the women in the US are dieting.

true

Positioning is something marketers (i.e., firms) should do to customers before customers do positioning to marketers. The statement is:

true

The BCG Market Share-Product Portfolio Panning matrix exists to identify the best or worst brands (inside any firm's product portfolio) in which marketers might invest their limited resources

true

The fact that so many young people lay around "watching Netflix and becoming obese" represents both an environmental threat and an environmental opportunity.

true

SBU Business Portfolios Planning

units or products for which planning is done and executed, such that the Firm can most efficiently utilize its resources, while exploiting its strengths and circumventing possible, its comparative weaknesses.

Measuring performance improves performance

value must also be placed on the performance being measured

Customer Loyalty and Marketer Understanding of Customers are both enhanced in

wet relationships

Analyzing Market Opportunities

what are the best opportunities

The marketing mix

when evaluated from the perspective of marketing a Product, as opposed to a service, consists of the "4 P's"; Product, Promotion, Place, and Price, which is, as we shall learn really "3" P's and 1 "D"

Final Unlitmate #1

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