MAR2023 Test 1 Review

marketing plan

A ____ ___ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements.

mission statement

A ____ ____ defines the scope of activities a firm plans to undertake.

marketing strategy

A ____ ____ outlines what a firm plans to do to appeal to potential customers.

market development

A ____ ____ strategy uses an existing product offering to reach new market segments.

existing

A company must be able to focus on its ______ competencies as an opportunity to deliver new products to its customers.

b

A competitive advantage based on location _____. a. Is unsustainable because customer service is more important. b. is sustainable when real estate is difficult or expensive to obtain. c. is unsustainable because location is unimportant. d. is sustainable when close to similar stores.

exchange

A core aspect of marketing, borrowed from economics, includes an _______, which is a transaction in which things of value are traded by buyers and sellers.

d

A firm can begin to implement the marketing mix immediately after which step? a. After it has completed a SWOT analysis b. After it has employed marketing metrics to evaluate performance c. After it has selected the product or service it will market d. After it has finished segmentation, targeting, and positioning e. After it has written its mission statement

desert

A food ______ refers to an area or neighborhood where there is limited to no access to healthy, affordable, fresh food options.

increasing sales to current customers

A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on ______.

d

A marketing plan includes all of the following EXCEPT ______. a. a SWOT analysis b. an analysis of the current marketing situation c. marketing objectives and strategy d. a plan on how to pitch investors

long

A marketing strategy identifies the bases on which the firm plans to build a ____-term competitive advantage.

corporate

A school may collaborate with a publishing company such as McGraw-Hill to ensure that the school receives enough books for each enrolled student. The publishing company is considered the school's ______ partner.

market penetration

A strategy that employs the existing marketing mix and focuses the firm's efforts on increasing sales to current customers is called _____ ____.

decrease

An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______.

consumer

At the center of all analyses of the marketing environment is the _____ and his or her specific behavior and attitudes.

cohort

Consumers in a generational ______ are a group of people in the same generation who tend to have similar buying behaviors.

sales-oriented era

During what era did manufacturers had the capacity to produce more than consumers were able to buy?

market-oriented era

During what era was the consumer "king"?

d

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? a. Identify and evaluate opportunities b. Define the business mission c. Evaluate performance d. Implement marketing mix

consumer

Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing. consumer

a, c, d

Firms achieve operational excellence through which of the following? (Select all that apply.) a. Efficient operations b. Reducing focus on human resources c. Good supply chain management d. Strong relationships with suppliers

market segments

Firms consider pursuing various ______ ____ as part of their overall growth strategies.

product

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and effective branding and positioning, are doing so using ______ excellence.

corporate partner

If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______ ______.

a, b

If a car manufacturer wanted to segment its marketplace it would ______. (Select all that apply.) a. divide consumers into groups based on their incomes. b. identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans. c. offer the same car model to all consumers in the marketplace.

portfolio

In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.

related

In a _____ diversification, the current target market and/or marketing mix shares something in common with the new opportunity.

value

In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better _______-based marketing than their competitors.

a, c

In portfolio analysis, ______. (Check all that apply.) a. management evaluates the firm's various products and businesses b. firms typically perform the task for the entire company as a unit c. management allocates its resources to products with the greatest potential to be profitable d. management develops the marketing mix for each SBU

unrelated

In which type of diversification does a firm enter into an entirely new business?

product, price, place, promotion

List the 4 P's of the marketing mix

retailers

Locational excellence is particularly important for which type of firm?

production

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers.

SWOT

Marketers can use an analysis of the external and internal environments such as ______.

segmentation, targeting, positioning

STP stands for

product development

The ______ ______ strategy offers a new product or service to a firm's current target market.

political/legal

The ______ environment is comprised of political parties, government organizations, and legislation and laws.

company, competitors, corporate partners

The most important immediate environmental factors that impact consumers are the ______, _______, and ______.

a, d

The political/legal environment consists of ______. (Select all that apply.) a. political parties b. nonprofit organizations c. consumers d. laws and legislation

B2C

The process by which businesses sell to consumers is known as ______ marketing.

new, current

The product development strategy incorporates a ______ product or service to a firm's ______ target market.

physical environment

There is increasing concern that the ______ ______ will be depleted through actions like deforestation.

false

True or false: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.

false

True or false: Firms that use multiple strategies to build a sustainable competitive advantage have difficulty maintaining long-term success.

false

True or false: The purpose of a marketing strategy is to maximize short-term profits.

b, c

What are current trends in food marketing? (Select all that apply.) a. Producing processed food as cheaply as possible b. Opening grocery stores in food deserts c. Reducing food waste d. emphasizing the importance of red meat, especially beef

b, c, d

What are reasons why strategic planning may NOT occur sequentially? (Select all that apply.) a. When the economy has had six consecutive months of steady growth and projections indicate that the trend will continue. b. When new strategic opportunities arise. c. When the implementation plan cannot move forward because there are too few resources. d. When a situation analysis necessitates that the mission statement be revised.

a, c, e

What are supply chain partners? (Select all that apply) a. transporters b. federal regulators c. retailers d. competitors e. wholesalers

strengths, weaknesses, opportunities, threats

What are the four components of a SWOT analysis?

a

What is NOT an example of customer loyalty? a. Only purchasing organic products. b. Only purchasing light fixtures at Home Depot. c. Only purchasing holiday decorations from World Market. d. Only purchasing dresses at Anthropolgie.

generational cohort

What is the name for a group of individuals who are of the same generation?

What type of business are we?

What is the primary question a mission statement should answer?

delivering value

What is the value function of the marketing mix component: Place?

capturing value

What is the value function of the marketing mix component: Price?

creating value

What is the value function of the marketing mix component: Product?

communicating value

What is the value function of the marketing mix component: Promotion?

a, b, c

What must marketers understand about their competition? (Select all that apply.) a. Their strengths b. Their likely response to marketing activities c. Their weaknesses d. Their political affiliation

a, b, c

What tasks are firms increasingly using artificial intelligence (AI) to complete? (Select all that apply.) a. Speech recognition b. Translations c. Decision making d. Psychological counseling

b, e

What were the primary characteristics of the market-oriented era that followed World War II? (Check all that apply.) a. Consumers had to purchase products of inferior quality. b. Products were designed to focus on consumers' needs. c. It was a seller's market. d. Consumers had a limited range of products from which to choose. e. It was a buyer's market.

macro-environment

What word best describes the social, political, economic, and technological factors with which marketers interact?

b

What would happen to the global economy if all marketing ceased? a. The global economy would improve. b. The global economy would plummet. c. The global economy would slightly worsen. d. The global economy would stay about the same.

market oriented

When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______.

segmentation

When a toothpaste manufacturer divides the marketplace into smaller targets based on consumers' ages and habits, this is an example of market ______.

their reaction

When developing marketing plans, what should a firm consider about their competition?

consumers

When launching a new clothing line a company must focus most of all on the needs and wants of ______.

c

Which company would likely NOT lose too much money if marketing was discontinued? a. NBC b. Hulu c. Facebook d. Buzzfeed

c

Which entity does NOT market to the other entity? a. Businesses to customers b. Retailers to manufacturers c. Customers to businesses d. Manufacturers to retailers

b, c

Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.) a. World War I b. Great Depression c. World War II d. Great Recession

b, c, d

Which of the following are associated with marketing, as defined by the American Marketing Association? (Check all that apply.) a. institutions that implement technologies for increased production efficiency b. activities that communicate offerings that have value for society at large c. institutions that facilitate the exchange of offerings that have value for customers d. processes used to create value for clients e. organizations that develop industry partnerships for international outsourcing

a, b, c

Which of the following are considered aspects of the physical environment? (Select all that apply.) a. Living organisms b. Land c. Water d. Competitors

b, d

Which of the following are elements of the marketing mix? (Select all that apply.) a. purchase b. product c. plasticity d. price

a, c

Which of the following are related to marketing in the production-oriented era? (Check all that apply.) a. Retailers were considered places to hold inventory until it was sold. b. There was an excess supply of product, and the consumer was the king. c. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. d. Personal selling was used to market products.

d

Which of the following characterizes the relationship between marketing and exchange? a. A seller determines the best way to maximize his profit while minimizing buyer value. b. A buyer and seller work together to neither increase nor decrease net satisfaction. c. A buyer maneuvers a seller into providing maximum value for the lowest price. d. A buyer and seller trade things of value, leaving each better off than before.

a

Which of the following is LEAST effective when building a sustainable competitive advantage? a. Using only a single strategy b. Using 6 or more strategies c. Using 4-5 strategies d. Using 2-3 strategies

d

Which of the following is NOT one of the four major growth strategies? a. market penetration b. market development c. product development d. market analysis

c

Which of the following is an example of loyalty to a company in a consumer's daily life? a. Getting a haircut from the one barber in town who had an opening in his schedule this afternoon. b. Buying a Pepsi product from the campus vending machine because Pepsi is the only vendor allowed on campus. c. Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices. d. Ordering from Pizza Hit because there was a coupon in the mail offering a significant discount.

c

Which of the following statements about strategic planning is true? a. Creating a strategy without following the steps in order usually ends up failing or doing poorly. b. Skipping a step of the process is fine, but the steps should not be performed out of order. c. The process can move back and forth between steps, depending on the situation. d. The steps of the process must always be followed in order.

a

Which of these factors is NOT a macro-environmental factor that directly influences a firm? a. Competition b. Laws and Regulations c. Technology d. Demographics e. Culture

operation excellence

____ _____ is achieved through efficient operations, excellent supply chain, and human resource management.

product excellence

_____ ____ occurs by having products with high perceived value and effective branding and positioning.

culture

_____ is defined as the shared meanings, beliefs, morals, values, and customs of a group of people.

inflation

______ refers to an increase in the prices of goods and services and a decline in purchasing power.

marketing

the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large