Marketing Exam 1

The macro strategies for developing customer value include each of the following EXCEPT Blank______ excellence. Multiple choice question. product marketing operational locational

Marketing

Price: Capturing Value

Price is everything a buyer gives up (money, time, energy) in exchange for the product.

Members of Generation _________ and ________ have never known a time without the Internet and electronic gadgets

Z; Alpha

What are some characteristics of Generation X? (Choose every correct answer.) Multiple select question. 1. Collect Social Security 2. Born between 1965 and 1980 correct 3. About half are simultaneously caring for their parents and children correct 4. Considered latchkey children

2. Born between 1965 and 1980 3. About half are simultaneously caring for their parents and children 4. Considered latchkey children

Which of the following are factors that affect consumers' immediate environment? Multiple select question. 1. Country culture 2. Corporate partners 3. Competitors 4. Company capabilities

2. Corporate Partners 3. Competitors 4.Company capabilities

Which of the following are examples of value cocreation? (Choose every correct answer.) Multiple select question. 1. Buying ready-to-wear apparel from a department store 2. Getting a tattoo of a family member's name 3. Ordering a jacket with personalized embroidery 4. Buying a custom cake from the bakery

2. Getting a tattoo of a family member's name 3. Ordering a jacket with personalized embroidery 4. Buying a custom cake from the bakery

What must marketers understand about their competition? (Choose every correct answer.) Multiple select question. 1. Their political affiliations 2. Their weaknesses 3. Their human resource policies 4. Their strengths 5. Their likely response to marketing activities

2. Their Weaknesses 4. Their Strengths 5. Their likely response to marketing activities

How might demographics affect the launching of a new product? (Choose every correct answer.) Multiple select question. A product may be targeted toward people of a certain income level. correct A product may be made possible by the emergence of a new technology. A product may be targeted toward a specific age group or generational cohort. correct A product may be related to an emerging social trend.

A product may be targeted toward people of a certain income level. A product may be targeted toward a specific age group or generational cohort.

What is the global average Internet penetration rate? Multiple choice question. More than 75% incorrect Below 60% About 25% About 10%

Below 60%

Price

Capturing Value

Promotion

Communicating Value

Promotion: Communicating the value proposition

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

A successful firm focuses on matching its core ______ to what customers need and want. Multiple choice question. competencies competition consumers corporate partners

Competencies

Which of these is NOT a macroenvironmental factor that directly influences a firm? Multiple choice question. Demographics Competition Culture Technology

Competition

Globally, what prevents marketers from targeting consumers via social media? Multiple choice question. Consumers' lack of interest in social media Consumers' lack of high-speed Internet Consumers' inability to pay exorbitant prices for high-speed Internet Local laws and restrictions

Consumers' lack of high-speed Internet

A smartphone manufacturer collaborates with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's Blank______ partner. Multiple choice question. profitable co-branding competitive corporate

Corporate

If a car company collaborated with a sheet metal supplier, the car company would be the supplier's Blank______. Multiple choice question. corporate partner competitor target market political force

Corporate Partner

Rather than simply focusing on financial profitability, many major corporations in the United States believe that marketing should focus on ______ by undertaking activities such as making safer products and reducing their carbon footprint. Multiple choice question. total sales corporate citizenry return on investment market share

Corporate citizenry

Which of the following are factors that affect consumers' immediate environment? Multiple select question. Country culture Corporate partners Competitors Company capabilities

Corporate partners Competitors Company capabilities

Value-oriented marketers measure the benefits that customers perceive against the __________ of their offerings.

Cost

Product

Creating Value

If your family shares a tradition of getting together on New Year's Day, then this is part of your Blank______. Multiple choice question. demographics culture correct ethnicity wellness

Culture

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

Culture

As a competitive advantage, ___ excellence focuses on retaining loyal consumers and offering excellent service.

Customer

Which of the following is a business philosophy that focuses on identifying and building loyalty among the firm's most valued customers? Multiple choice question. customer coordination programming frequent-user programming revenue recognition management customer relationship management

Customer relationship management

In a value-based, marketing-oriented firm, marketers collect information about Blank______ and competitors and then analyze and distribute it across the firm's various departments. Multiple choice question. designers customers prices vendors

Customers

Marketing Impacts Various Stakeholders such as:

Customers, supply chain partners, employees, industry, society

Modern marketers use ______ to focus how they approach their customers and market their products. Multiple choice question. data analytics human resources supply chains customer-to-customer marketing

Data Analytics

Place

Delivering Value

Data that indicates the characteristics of human populations and segments is collectively known as Blank______. Multiple choice question. country culture economics demographics macroenvironment

Demographics

_______ are characteristics of human populations such as gender and race.

Demographics

A company must be able to evaluate an attractive opportunity in relation to its Blank______ competencies. Multiple choice question. existing past desired competitors'

Existing

Which action will best help an organization achieve operational excellence? Multiple choice question. Focusing on retaining loyal customers Focusing on building an excellent supply chain Focusing on having a good physical location Focusing on achieving effective positioning

Focusing on building an excellent supply chain

What are some components of a country's culture? (Choose every correct answer.) Multiple select question. Pricing criteria Economic factors such as GDP per capita Food preferences Language differences

Food preferences Language differences

Which is the largest generational cohort since the Baby Boomers? Multiple choice question. Gen Z Gen Q Gen Y Gen X

Gen Y

What are digital Natives also called?

Generation Z

Consumers in a _______ cohort are a group of people in the same generation who tend to have similar buying behaviors. (Enter one word in the blank.)

Generational

What is the name for a group of individuals who are of the same generation? Multiple choice question. Regional culture Digital Natives Generational cohort Baby Boomers

Generational Cohort

Consumer desires for environmentally friendly products and services has led to Blank______ marketing. Multiple choice question. green wellness gender-specific profit-based

Green

Which term refers to a situation in which a company uses more resources advertising green products than it actually spends on environmentally sound practices? Multiple choice question. Green marketing Greenwashing Strategic planning Ethical commitment

GreenWashing

________ occurs when a company markets products as environmentally friendly to boost sales but does not actually have the goal of improving the environment.

GreenWashing

Customer relationship management (CRM) can help marketers compete by collecting data about their customers' needs and then ______. Multiple choice question. encouraging them to send information about the brand and firm to their friends and families selling data to collaborating firms identifying their best customers for targeted products, services, and promotions sharing data with collaborating firms

Identifying their best customers for targeted products, services, and promotions

Which of the following are demographic characteristics? (Choose every correct answer.) Multiple select question. Income Race Generation Country culture

Income Race Generation

Which statement about product excellence is true? Multiple choice question. It generally does not result in meaningful competitive advantage. It is primarily achieved through efficient operations and efficient production. It yields cost savings through economies of scale. It is achieved by having products with high perceived value and effective branding and positioning.

It is achieved by having products with high perceived value and effective branding and positioning.

Brand ______ means that customers are reluctant to patronize competing firms. Multiple choice question. strategy sustainability penetration loyalty

Loyalty

One purpose of Blank______ programs is to facilitate customers' emotional attachment to a company. Multiple choice question. segmentation education marketing loyalty

Loyalty

Which word best describes the social, political, economic, and technological factors with which marketers interact? Multiple choice question. Microeconomy Competition Macroenvironment Immediate environment

Macroenvironment

A ______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. Multiple choice question. business plan strategic plan financial plan marketing plan

Marketing

A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. Multiple choice question. market statement mission statement marketing metric marketing strategy

Marketing Strategy

Which generation consists mostly of the children of Baby Boomers?

Millennials

Which of the following is most likely to be a value-driven firm? Multiple choice question. One that brings goods to market when it is convenient for the firm One that collects scant data about its customers One that thinks about its customers but not its community or society One that has active and engaging social media channels

One that has active and engaging social media channels

Which macro strategy is achieved in part through efficient supply chain management? Multiple choice question. Customer excellence Locational excellence Operational excellence Product excellence

Operational Excellence

Firms should emphasize the importance of consistently good customer service to its employees so that good customer service becomes part of the Blank______. Multiple choice question. organizational culture promotional program marketing structure customer retention management program

Organizational Culture

Place: Delivering the Value Proposition

Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it.

The three major phases of the marketing plan are Blank______. Multiple choice question. marketing strategy, macro strategies, and sustainable competitive advantage planning, implementation, and control human resource management, vendor relations, and competitive advantage locational excellence, product excellence, and operational excellence

Planning, Implementation, and control

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using Blank______ excellence. Multiple choice question. locational customer operational product

Product

________ excellence is when a firm focuses on having high perceived value and effective branding.

Product

Which of the following is one of the macro strategies for developing customer value through effective branding and positioning? Multiple choice question. Product excellence Advertising excellence Communication excellence Supply excellence

Product Excellence

Four P's of Marketing Mix

Product, Price, Place, Promotion

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient Blank______, not with satisfying the needs of consumers. Multiple choice question. pricing support value creation production

Production

Marketers use Blank______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response. Multiple choice question. price product place promotion

Promotion

A national fast-food chain that meets local demand by offering one type of food in one part of the country and an entirely different menu item in another part of the country is an example of catering to Blank______ culture. Multiple choice question. cohort demographic incorrect transnational regional

Regional

_____ culture is exemplified by the ways people within a particular geographic area have different food preferences from people in other areas of the same country. Multiple choice question. Country Regional Technological Corporate

Regional

______ culture is exemplified by the ways people within a particular geographic area have different food preferences from people in other areas of the same country. Multiple choice question. Regional Technological Corporate Country

Regional

Apple, known for creativity and innovation, keeps its new innovations consistent with previous product lines to maintain long-term connections with consumers. This is an example of the Blank______ orientation. Multiple choice question. regulation selling marketing relational

Relational

If a consumer electronics firm acts on the philosophy that its new products should be compatible with existing products to develop long-term relationships with customers, then the firm is acting on the basis of a(n) Blank______ orientation. Multiple choice question. marketing transactional relational exchange

Relational

In a Blank______ orientation, lifetime profitability is more important than the amount of money made during each transaction. Multiple choice question. value relational transactional product

Relational

Marketers who have a Blank______ orientation want to build an enduring interaction with their customers. Multiple choice question. customer relational seller competitive

Relational

Locational excellence is particularly important for which type of firm? Multiple choice question. Science research facility Retailers correct Call centers Manufacturers

Retailers

To determine if an opportunity is attractive or unattractive for a firm, marketers can use an analysis of the external and internal environments such as through ______. Multiple choice question. SWOT analysis growth options portfolio analysis AIDA

SWOT analysis

Many firms recognize that adopting a strong ______ orientation in business is a sound strategy. It shows the consumer marketplace that the firm will be around for the long run and can be trusted with consumers' business. Multiple choice question. advertising government supplier friendly socially responsible

Socially Responsible

Firms achieve operational excellence through which of the following? (Choose every correct answer.) Multiple select question. Strong relationships with suppliers Reducing focus on human resources Efficient operations Good supply chain management

Strong relationships with suppliers Efficient operations Good supply chain management

Good ______ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers. Multiple choice question. supply chain customer relations global marketing components and raw materials

Supply Chain

Place more commonly deals specifically with retailing and marketing channel management, also known as ________

Supply Chain management

Which of the following are used to achieve operational excellence? Branding and positioning Supply chain management Efficient operations Loyalty programs

Supply chain management Efficient operations

Excellent customer service helps build a(n) Blank______. Multiple choice question. effective supply chain marketing strategy sustainable competitive advantage customer liability program

Sustainable competitive advantage

One key to long-term financial performance is to establish a ______. Multiple choice question. sustainable competitive advantage pricing discount structure promotional plan new product line

Sustainable competitive advantage

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.

Marketing Mix

The controllable set of decisions or activities that the firm uses to respond to the wants of its target markets

Product: Creating Value

The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.

Value-oriented marketers engage in an ongoing process of balancing ______. Multiple choice question. the perceived benefit to customers and the price public perception of the corporate ethics and the firm's stewardship supply chain demands and resource availability the efficiency of production and the needs of customers

The perceived benefit to customers and the price

Which of the following are true of Baby Boomers? Multiple select question. They are born between 1946 and 1964. They are the first generation of latchkey children. They have never known a time without electronic gadgets. They will be the largest population of 50-plus consumers the United States has ever seen.

They are born between 1946 and 1964. They will be the largest population of 50-plus consumers the United States has ever seen.

Disney parks offer excellent customer service by doing what? Training all employees to be able to give customers information correct Training staff to be extremely friendly to guests correct Offering seasonal discounts to all customers incorrect Finding and helping people who are lost

Training all employees to be able to give customers information Training staff to be extremely friendly to guests Finding and helping people who are lost

The first factor in the immediate environment that affects the consumer is the firm itself.

True

In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They are seeking Blank______, which reflects the relationship of benefits to costs, or what you get for what you give. Multiple choice question. satisfaction price quality value

Value

______ cocreation occurs when a customer and a firm collaborate on a product or service.

Value

______ reflects the relationship of benefits to costs, or what you get for what you give. Multiple choice question. Price Products Market Value

Value

Nike allows customers to design their own sneakers, which improves the value customers see in the brand. This is an example of Blank______. Multiple choice question. value cocreation value chain creation value production supply chain collaboration

Value Cocreation

In a ______ market, investors are more likely to have a favorable view of firms with high levels of social responsibility. Multiple choice question. steady volatile conscious depressed

Volatile

Which of the following are considered aspects of the physical environment? (Choose every correct answer.) Multiple select question. Water Land Competitors Living organisms

Water Land Living organisms

Once a marketer has earned a good service reputation, it can sustain this advantage for a long time because Blank______. Multiple choice question. customers will not have other options customers are rarely loyal a competitor will be hard-pressed to develop a comparable reputation it will consistently offer the lowest prices

a competitor will be hard-pressed to develop a comparable reputation

The most important immediate environmental factors that impact consumers are the ______. Multiple choice question. company, cohorts, consumer preferences, and corporate partners competitors, vendors, distributors, and suppliers company capabilities, competitors, physical environment, and corporate partners competitors, cohorts, physical environment, and corporate partners

company capabilities, competitors, physical environment, and corporate partners

If a car company collaborated with a sheet metal supplier, the car company would be the supplier's Blank______. Multiple choice question. target market corporate partner political force competitor

corporate partner

A competitive advantage based on location Blank______. Multiple choice question. is unsustainable because location is unimportant is unsustainable because customer service is more important is sustainable when the retail location is close to similar stores is sustainable when real estate is difficult or expensive to obtain

is sustainable when real estate is difficult or expensive to obtain

A sustainable competitive advantage ______. Multiple choice question. increases competition through price adjustments should be avoided by firms that are not involved in environmental advocacy. is when a firm does consistently better than its competitors and it is not easily copied is rarely, if ever, a firm's key goal or objective due to the expense involved

is when a firm does consistently better than its competitors and it is not easily copied

Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to Blank______. Multiple choice question. determine net profitability plan future products and services update human resources policies improve customer-to-customer marketing

plan future products and services

Multiple Choice Question Marketers must determine the prices of products on the basis of Blank______. Multiple choice question. the profit the company could make at a target price potential buyers' beliefs about a product's value how many aggressive competitors exist in the market a break-even analysis

potential buyers' beliefs about a product's value

Customer excellence is focused on Blank_____

retaining loyal customers and offering excellent customer service

Customer excellence is focused on Blank______. Multiple choice question. having a good physical location and Internet presence efficient operations and human resource management retaining loyal customers and offering excellent customer service effective branding and positioning

retaining loyal customers and offering excellent customer service

A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages but in different languages. Advertisers might try to bridge the cultural gap by appealing to ______ across countries. Multiple choice question. price-sensitive consumers less well-educated consumers the same work environment the same target market

the same target market