Marketing Ch.1

When retailers sell to consumers it is considered ________ marketing.

B2C

Using the BCG portfolio analysis, a "dog" should be phased out unless

it complements or boosts the sales of another product.

A competitive advantage based on location is often sustainable because

location cannot be easily duplicated.

Some universities, recognizing the convenience of distance learning, have begun to offer fully online, accredited degree programs. These universities are most likely pursuing which macro strategy?

locational excellence

Miranda is analyzing opportunities for her company. What decision is least likely to provide the company with a sustainable competitive advantage?

lowering prices

A ________ growth strategy employs the existing marketing offering to reach new market segments.

market development

A product that is in a high-growth market but has a low market share would be classified as a ________ on the BCG matrix.

question mark

From a customer's perspective, value reflects

the relationship of benefits to costs.

For marketers, "exchange," refers to

the trading of things of value.

Some discount stores place products in large bins, inviting consumers to spend time hunting through them to find a bargain. The price these consumers pay includes

the value of their time and energy.

According to your text, in the broadest terms, the "marketplace" refers to

the world of trade.

Which element of the marketing mix is most relevant to the activity "delivering value"?

place

Sasha's Sandwich Shop rewards customers with five points every time they purchase a lunch entrée. Once customers earn 25 points, they receive a free lunch entrée. What tactic is this business using to achieve customer excellence?

creating customer loyalty

The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)

industry.

Which actions would be the most likely to support and enhance an operational excellence macro strategy?

3M Corporation implementing new software to improve communication with its suppliers

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

external opportunity

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called

market segmentation.

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 is called

marketing

Traditionally, marketing activities have been divided into the four Ps: product, price, place, and promotion. The four Ps represent the

marketing mix.

The automobile manufacturing industry closely watches annual consumer satisfaction surveys. For years, Japanese car companies consistently had the highest levels of customer satisfaction, creating a(n) ________ for these companies.

sustainable competitive advantage

When considering price within the marketing mix, price consists of

the money, time, and energy buyers give up in exchange for a product.

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.

Market positioning

________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.

Promotion

Value-oriented marketers constantly measure

perceived customer benefits against the costs of their offerings.

After defining the business mission, what should a firm do next to develop a marketing plan?

perform a situation analysis