MKT 3013 Exam 1

Firms become value driven by focusing on which activities?

Balancing customer benefits and costs Building relationships Sharing information

Which of the following are factors that affect consumers' immediate environment?

Company capabilities Corporate partners competitors

The most important immediate environmental factors that impact consumers are the _________

Company capabilities, competitors, and corporate partners

Which practice gives a company a sense of purpose beyond making a profit?

Conscious marketing

It is important for modern firms to build and maintain _______ by conducting ethical and transparent transactions

Consumer trust

Which statements about the way consumers make online purchases are true?

Consumers use desktop computers more often than mobile apps. Searches made via desktop computers have higher conversion rates than those made via mobile apps.

When did the high degree of power held by the customer lead to firms discovering marketing?

During the market-oriented era

Firms achieve operational excellence through which of the following?

Efficient operations Good supply chain management Strong relationships with suppliers

A market penetration strategy, as one of the possible growth options, may be achieved by

Encouraging current customers to patronize the firm and the brand more often

What are the components of the information effect in social media engagement?

Identifying the context and receiver of content Spreading relevant information through various channels

The International Fairtrade Certification Mark is granted to products that do which of the following?

Improve environmental standards for producers Promote sustainable farming

During the sales-oriented era, ___________

Manufacturers had the capacity to produce more than consumers were able to buy

GE's Ecomagination program, which doubles investments in clean research and development, is an example of using social responsibility to transform which stakeholder

Marketplace

Troubling issues arise continually as which of the following emerge?

New technologies New markets

A survey of marketers revealed that approximately ______ of them had been pressured to use unethical marketing tactics

One-quarter

The most basic form of corporate social responsibility is to _______

Provide a safe working environment for employees

When a toothpaste manufacturer divides the marketplace into smaller targets based on benefits sought by consumers, this is an example of market ________

Segmentation (targeting occurs after the marketplace is segmented)

Which key stakeholder demands that firms behave responsibly?

Society

When a company undertakes conscious marketing, what does it focus on?:

Stakeholders Shareholders

According to the U.S Environmental Protection Agency, ______ is based on the idea that "everything we need for our survival and well-being depends, either directly or indirectly, on our natural environment."

Sustainability

Which of the following are fundamental ideas behind the connected effect in social media engagement?

The connection in social media is bidirectional. People have an innate need to connect with others. Social media serve as a mechanism for people to share information with others.

Which statement about strategic planning is true?

The process can move back and forth between steps, depending on the situation.

Which of the following is true of the most loyal customers?

They generally use multiple channels to make purchases.

What is the basic goal of any website?

To convince users to engage with content

Lordis wants to improve the element of connection on her firm's social media feed. What would be most helpful to her?

a call-to-action button

A marketing plan includes all of the following

an analysis of the current marketing situation projected income statements marketing objectives and strategy

The outcome of social media that satisfies humans' innate need to connect with other people is known as the

connected effect

Which practice gives a company a sense of purpose beyond making a profit?

conscious marketing

It is important for modern firms to build and maintain ______ by conducting ethical and transparent transactions.

consumer trust

At the center of all analyses of the marketing environment are _______ and their specific behaviors and attitudes

consumers

Which component of the 7Cs of online marketing comprises text, graphics, videos, and audio?

content

The impact of the information effect depends on its

context

What is the first step in the 7C framework?

core goals

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

decline

The concept of connection is most closely related to which of the 4Es?

engagement

Which of the following is at the center of the Wheel of Social Media Engagement?

engagement

A core aspect of marketing involves an _________, which is a transaction in which things of value are traded by buyers and sellers

exchange

A travel company launches a new app that makes the process of booking your next vacation into a game. This is best categorized as using social media to ______ the customer.

excite

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 only way to experience a product or service for sale is to actually purchase it.

false

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

false

Consumers in a _____ cohort are a group of people in the same generation who tend to have similar buying behaviors

generational

The total requests for a web page and are used as a measure of Internet traffic are called

hits

When a company decides to pair the purchase of a particular product with a donation to a selected charity, the company is in which phase of its conscious marketing strategy?

implementation

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?

implementing the marketing mix

what is on the wheel of social media management

information connected network dynamic timelines

A competitive advantage based on location Blank

is sustainable when real estate is difficult or expensive to obtain

An example of corporate social responsibility is when a firm

lessens the negative impact it has on the environment

What are the three stages of the social media engagement process?

listen analyze do

A strategy that employs existing products or services to reach new market segments is called

market development

What growth strategy is being used when a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast?

market development

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

market segments

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

marketing plan

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.

marketing strategy

defines the scope of activities a firm plans to undertake

mission statement

measure the number of times a website page is seen by any unique site visitor.

page views

A market ______ growth strategy focuses on increasing sales of the firm's current products to its current target markets.

penetration

When developing a marketing plan, what will a firm do immediately after developing its mission?

perform situation analysis using SWOT

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

portfolio

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

product

what is included in the four major growth strategies?

product development market penetration market development diversification

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

product excellence

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

related

Locational excellence is particularly important for which type of firm?

retailers

STP includes

segmentation and positioning

When a company engages in conscious marketing, it must appeal to all of the ______ who are affected by the firm.

stakeholders

When deciding on contextual elements, you should identify your

target market

The "T" in STP stands for

targeting

True or false: Educating consumers includes reminding people about what they already know.

true

What is an example of a contextual element?

website design

What is the primary question a mission statement should answer?

what type of business are we?

What is the best definition of dynamic in the term dynamic effect?

Active and constantly changing

A firm can begin to implement the marketing mix immediately after which step?

After it has finished segmentation, targeting, and positioning

What is an effective way for digital marketers to use content?

Align the content to suit the target market specifically.

What is the best definition of a blog?

An online journal enabling people to share their thoughts