mkt ch2 study guide

Generational cohorts are groups of people of the same generation who have similar _______because they have shared experiences and are in the same stage of life.

purchase behaviors

One of the UN Sustainable Development Goals is to

reduce hunger

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. When they sell to consumers, it is considered______ marketing

B2C

When considering the use of a radio commercial in England that was designed for U.S. markets, a marketer would likely need to consider which of the following aspects of culture that might be different between the two countries?

Language

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits _______ growth strategies.

Market development

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.

Marketing Mix

During which step of the marketing planning process does a firm engage in segmentation, targeting, and positioning?

identify and evaluate opportunities phase

Many investors struggle with the question, " I made it now how do i get rid of it?" They have made the error of not creating a

Marketing plan

When a sweatshirt manufacturer states, "We sell it only in gray because that way we can buy plenty of gray fabric and run our plant efficiently," its statement reflects the views that were popular in which era of the evolution of marketing?

Production-oriented

Francine, the delivery and sales representative for a wine distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected home and table event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Francine is providing the important marketing function of

Supply chain management

Conscious marketing encompasses which of the following overriding principles?

The presence of corporate leadership, creating a corporate culture

Tander Inc. is in Step 4 of its ethical decision-making process. Executives were asked to take the Publicity Test using an ethical decision-making metric. All scores were in the "No" column. What does this mean?

The situation is ethically troubling to the executives

Dana has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Scott, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Scott's approach is based on

Value cocreation

Charges that firms are using "sweatshop" labor to produce their products are likely to occur during the ________ phase of the strategic marketing planning process.

implementation

The ethical decision-making metric poses which of the following questions?

Would I want to see this action described on the front page of the local paper?

Rashid has been directed by his regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Rashid is engaged in

implementing marketing mix and resources

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?

just after WW2

Typical demographic data include all of the following except

language differences

Which ethnic group tends to be not only more affluent and suburban than previously thought, but also younger, with 57 percent between the ages of 15 and 49 years?

african americans

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, ________ should engage in brainstorming and evaluating alternatives.

all parties relevant to the decision

Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the ______ stage

brainstorming

To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through

building relationships with customers

To determine how attractive a particular market is using the BCG portfolio analysis,________ is(are) established as the vertical axis.

market growth rate

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

market segmentation.

The idea of value-based marketing requires firms to charge a price that

captures the value customers perceive that they are receiving

When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming

conscious marketers

The centerpiece of the marketing environment analysis framework is

consumers

For every consumer who purchases a pair of TOMS shoes, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in

corporate social responsibility

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

creating an efficient supply chain that lowers your cost

Walmart donates more than $1 billion in cash and in-kind items to charitable causes every year. This form of social responsibility most directly impacts

customers

: A firm's macroenvironment includes

economics

Value-oriented marketers constantly measure

perceived customer benefits against the costs of their offerings.

Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the

employees

In recent years, cellular (mobile) service providers have worked hard to eliminate "dead zones," providing customers with service wherever they traveled. By working to make the network available in more locations, cellular service companies were focusing on value creation

place

What is the focus of a firm that develops a relational orientation with its customers?

gaining lifetime profitability from customer relationships

When Kimberly-Clark introduced rolls of toilet paper without the cardboard core, what social trend did this product respond to?

green marketing

Which of the following is a social trend listed in the text?

health and wellness

Population estimates show that by the year 2030, nearly 72 million of the population in the United States will come from which group?

hispanics

If Martine decides to sell the best ice cream on earth, and intends to establish a strong ethical climate in her organization, during which phase of the strategic marketing planning process should she introduce ethical considerations?

planning

When you register your telephone number with the National Do Not Call Registry, you are responding to a need for

privacy

A(n)________is a group of products that consumers may use together or perceive as similar in some way.

product line

After conducting ST analysis for her health food store and developing strategies for each of the four Ps, Nicki now has to make decisions.

resource allocation

During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers.

sales-oriented

Which of the following specifically prohibits monopolies?

sherman antitrust act

Jacob was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)

star

The components of a SWOT analysis are

strengths, weaknesses, opportunities, and threats.

The wine industry closely watches consumer satisfaction feedback. For years, French wineries consistently had the highest levels of customer satisfaction, creating a(n) _______ for these companies.

sustainable competitive advantage

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

withholding information

Social media is of increasing importance. About _____ of the worlds population uses facebook.

30 percent

Which of the following statements regarding corporate social responsibility is true?

Firms believe that they have legal and economic duties in addition to responsibilities to society.