Marketing

One of the goals of value-based marketing is

to offer greater value than competitors offer.

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems with the property. Previously, they were expected only to answer buyers' questions. The new regulation addressed the marketing ethics problem of

witholding information

4 steps of ethical decision making

1. identify issues 2. gather information and identify stakeholders 3. brainstorm and evaluate alternatives 4. choose a course of action

When Volkswagen owners began to report problems with rear coil springs, Volkswagen at first ignored or rejected the claims. Eventually, the company evaluated the issue and issued a recall. Which of the four steps of the ethical decision-making framework was Volkswagen performing when it recalled several of its models?

Choose a course of action

Marketing is the activity, set of institutions, and processes for creating, capturing, ____________, delivering, and exchanging offerings that have _______ for customers, clients, partners, and society at large.

Communicating; value

Which of the following is likely to provide a sustainable competitive advantage?

Developing a strong mission statement

Maxim's Complete Cameras offers its customers an interactive website to help them choose the best camera for their lifestyle. But the site's most-used feature is its user blog in which customers—both satisfied and unsatisfied—talk about products they have purchased, and the service received at Andrew's. The user blog best describes which of the 4E frameworks for the store's customers?

Engage

4e's of digital marketing

Engage Experience Excite Educate

Marketers wanting to use social media to reach consumers should understand that people in the ________ group were born into a world that was already full of electronic gadgets and digital technologies such as the Internet and social networks.

Gen Z

Marvel was among the first content providers to launch dedicated series on Netflix, such as Jessica Jones, The Defenders, Iron Fist, and Luke Cage. It then decided to create a new channel for getting new offerings to consumers. The company was pursuing a(n) ________ strategy.

Market development

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

Oppourtunity

4Ps or Marketing Mix

Product, Price, Place, Promotion

The publisher of the well-known winnie the pooh series wants to celebrate the 100th anniversary of the series, initiating a $200,000 campaign. This initiative represents the _____ component of the four Ps

Promotion

From a conscious marketing perspective, social responsibility is at the core of the business through the higher purpose and viewing the community and the environment as stakeholders.

True

Which of the following is true of changing gender roles?

Women graduate high school and college at greater rates then men

Over the last few months, Juan and his colleagues have analyzed the current business situation and identified target markets for his firm's personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, Juan has also identified what he believes is an advantage his competitors cannot match. Juan and his colleagues have been developing

a marketing strategy

Avery's, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in

a sustainable competitive advantage

The centerpiece of the marketing environment analysis framework is

consumers

Sandstone Trucking provides transportation services for Betty's Best Bagels so that Betty's stores always have fresh stock. Sandstone Trucking is an example of a

corporate partner

Elena knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.

culture

When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using ________ to see if the media "fit" with their advertising agenda

demographics

Sodexo is a corporation that manages school cafeterias, university dining halls, mess halls at military bases, concession stands at sports arenas, and other large-scale food service facilities. If Sodexo were to begin to sell individual frozen meals in supermarkets, it would be pursuing a __________ growth strategy.

diversification

It is not unusual to see firms offering free product samples in grocery stores to let customers try the product before buying it. Similarly, in today's world of digital marketing, one can read a chapter of a book before buying it or watch youtube videos on different ways to use a product. All of these scenarios are aimed at which aspect of the 4E framework?

experience

Successful firms focus their efforts on satisfying customer needs that

match their core competencies

The _______ for natural skin care company burts bees is to "create natural. Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you.

mission statement

SWOT analysis

strengths, weaknesses, opportunities, threats

Some banks offer special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth; however, bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize

the lifetime value of customers

How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?

It can protect the privacy of personal information collected on its website

How might Starbucks ensure that it behaves in a socially responsible way toward members of its supply chain?

It can purchase coffee beans from suppliers who pay coffee growers a fair price

Most banks now have customer relationship software which, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. Service representatives use this information to sell some of the other services the bank currently offers to these customers. This is a ___________________ growth strategy.

Market Penetration

Mattie is the marketing manager for a spice company. While on vacation in Brazil, she visited food stores in Rio de Janeiro. Most of her company's products were available, except for baking spices, like vanilla. When she returned to work, she mentioned this observation to her international sales manager. Mattie was providing the important marketing function of

identifying opportunities to expand