Principles of Marketing Exam 1 Chap. 1-7
Which of the following is the best example of conscious marketing affecting the marketplace?
An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit
When an electronics company sells its global positioning systems to a car manufacturer, it is engaged in ________ marketing.
B2B
The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?
Conducting a situation analysis
a type of international private business self-regulation that aims to contribute to societal goals of a philanthropic, activist, or charitable nature or by engage in or support volunteering
Corporate Social Responsibility (CSR)
With regard to the ethical decision-making metric, which of the following questions best represents the transparency test?
Could I give a clear explanation for the action I'm contemplating that would satisfy a fair moral judge?
John is involved in the buying center of a large organization. He ultimately will determine whether to buy, what to buy, how to buy, or where to buy. What role does John play in this situation?
Decider
When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?
Defining the mission
________ reflects the link between consumers' demand for a company's output and the company's purchase of necessary inputs to manufacture or assemble that particular product.
Derived demand
Which growth strategy is being used when a firm introduces a new product or service to a market segment that is currently not served by the firm?
Diversification
General Motors determined that it would close down divisions that were in low-growth markets that had relatively low market shares. According to the BCG product portfolio analysis, GM was identifying divisions in the ________ category for closure.
Dog
When John was considering buying a new car, he sought out unbiased information and ratings about different makes and models in Consumer Reports magazine as well as from Edmunds.com. Which of the following corresponds most closely to this aspect of the decision process?
External search for information
Which of the following statements regarding the B2B buying process is true?
In the B2B buying process, the search for information and evaluation of alternatives is more formal and structured.
Alternative evaluation often occurs while the consumer is engaged in which of the following steps of the consumer decision process?
Information search
Which of the following is true of business ethics?
It examines ethical rules and principles within a commercial context
All of the following are one of the six buying center roles except
advisor
According to the consumer decision process, after consumers recognize the need for a product, they then engage in
an information search
After a firm has carefully considered all relevant alternatives to address an ethically difficult situation, the next step would be to ________ to bring about the best solution.
choose a course of action
Most universities publish a set of rules about handling academic problems such as cheating and plagiarism. Students who violate these rules are often referred to the university's Honor Committee that evaluates the charges and decides what, if any, punishment is appropriate. This set of written rules is an example of a(n)
code of ethics
What are the three components that make up a person's attitude?
cognitive, affective, behavioral
Nathan was shopping for a new pair of athletic shoes. Although it would have been nice to take the shoes home immediately after purchasing them, he was willing to trade off immediate availability because he found that he could purchase the shoes online for a 50 percent discount. This is an example of using a
compensatory decision rule
Companies must deliver more value and satisfaction to target consumers than its competitors to gain a
competitive advantage
Which of the following is one of the core practices among value-oriented marketers?
constantly measuring the benefits that customers receive against the costs of offerings
Ford Motor Company engages in partnerships with its suppliers, component part makers, unions, transport companies, and dealerships—collectively known as its
corporate partners
The ethical foundation of Newman's Own Organics _________ business opportunities.
creates
What is Ford's overall goal in meeting the needs of the millennial demographic?
creating lifelong customers
Broadly defined, ________ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people.
culture
The Ford Fiesta was first introduced in the 1970s. Although not successful in the United States, it was in Europe. What macroenvironmental factor did the Fiesta appeal to in Europe?
culture
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers is known as
customer relationship management
Newman's Own Organics is considered a socially responsible company because it
donates to charity
In 2008, the U.S. market downsized to smaller cars because of the _______________ macroenvironmental factor.
economic
Suppose that Justin interviewed for a job with a company that had an excellent reputation for honesty and integrity with customers and employees, but that didn't believe in the need to get involved in the community or with social causes of any type. This company would be considered
ethical but not socially responsible
A firm whose employees embrace conscious marketing and which is concerned with only its closest stakeholders is considered to be
ethical but socially irresponsible
According to the video, current and former Big Box Co. employees complain about unfair treatment of employees at the company. This suggests that the company's _________ needs to improve.
ethical climate
Ethan considered three important attributes when deciding where he would do his banking: the convenience of the location, hours of operation, and interest rates for CDs. In this situation, these three attributes are called
evaluative criteria
When Catherine was considering different brands of jeans to buy, she could think of only three she would actually consider purchasing. These three brands make up her ________ set.
evoked
Deciding to sell fair trade coffee was based on concerns over
farmer wages
Starbucks recently introduced Via, its brand of instant coffee, to exploit the growth opportunities for new products in current markets. As he prepared for the instant coffee product's North American rollout, Chief Executive Howard Schultz called Starbucks Corporation's Via Ready Brew "perhaps the biggest opportunity" in company history. This is an example of which growth strategy?
Product development
Which of the following is one of the four major growth strategies marketers typically utilize?
Product development
When marketers communicate the value proposition, it involves the ________ element of the marketing mix.
Promotion
In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale.
Proposal analysis, vendor negotiation, selection
The objective of the last step of the ethical decision-making framework is to weigh various alternatives and choose the most appropriate action to take. What action should be taken if the marketer is not confident about that decision?
Reexamine other alternatives
Which axis Market Growth Rate or Relative Market Share could a company make grow if they invested money?
Relative Market Share
SWOT Analysis: Domino's Pizza
Strength -Strong Brand Name -Excellent Location Weakness -Staffing -Inventory Management Opportunity -Demand -Late Night Eating Threat -Health -Competitors
In the immediate environment, what is the first factor that affects the consumer?
The company itself
According to the elaboration likelihood model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision?
The level of involvement
Why was it important for Ford to target Millenial (Generation Y) buyers?
They are a large customer base
The individual who controls the flow of information or access to important decision makers serves as the ________ in the buying center.
gatekeeper
The social trend of ________ is causing consumers to question whether or not firms are truly operating with consideration for the environment or simply changing marketing efforts in order to appear that they are.
greener consumers
When firms are applying an ethical framework for making decisions in a questionable situation, the first step is to
identify issues
Suppose that managers at Big Box Co. have become concerned about unfair promotion practices and want to improve the situation. After identifying this issue, what should their next step be, according to the Ethical Decision Making Framework?
identify stakeholders
In the ________ phase of the strategic marketing planning process, the tone of decision-making questions is centered on the notion of "should we?"
implementation
A service is different from a good in that the benefit is
intangible
Toothpaste manufacturers understand that consumers have different needs when it comes to toothpaste (i.e., teeth whitening, sensitive teeth, breath freshening, and tartar control). Knowing that, they have divided the market based on these various needs and developed toothpaste to accommodate each group. By doing so, these toothpaste manufacturers are involved in
market segmentation
The ________ consists of the product, price, place, and promotion of an offering
marketing mix
B2B (Business to Business) Marketing def
marketing of products to businesses or other organizations for use in production of goods, for use in general business operations (such as office supplies), or for resale to other consumers, such as a wholesaler selling to a retailer.
The ________ addresses how a product will be designed, how much it should cost, how it will be promoted, and how it will get to consumers.
marketing plan
All of the following are included in the ethical decision-making framework except
maximize profits
Social responsibility is an integral part of the firm's
mission
Understanding consumers' ________ is fundamental to marketing success.
needs and wants
Most B2B buying situations can be categorized into three types: straight rebuys, modified rebuys, and
new buys
A firm's ________ reflects the set of values, traditions, and customs that guide its employees' behavior.
organizational culture
All U.S. cars must meet a 35.5-mpg requirement by 2016. This requirement is related to the ___________ macroenvironment factor.
political/regulatory
When managers at General Motors evaluated all the firms' various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in
portfolio analysis
Marketers that set unrealistically high consumer expectations of a product through advertising or other types of promotion may generate higher initial sales, but it will eventually lead to ________ if the product fails to achieve these expectations.
postpurchase dissatisfaction
In Maine, the McDonald's menu includes a lobster roll, which is an example of difference in
regional culture
When consumers are engaged in the consumer decision process, the specific brands or stores they can readily recall in a product category are referred to as their ________ set.
retrieval
Crest toothpaste targets different consumer ________ by offering different types of toothpaste for smokers than it does for children based on their differing needs and wants.
segments
A SWOT analysis involves an analysis of factors internal to the company, which include ________, as well as factors outside the company, which include ________.
strengths and weaknesses; opportunities and threats
Kristen was developed to represent a typical "Millenial" model. This generational cohort relies heavily on _____________ to keep up with friends and for business purposes.
technology
As stated in your text, economic, social, and environmental performance refer to the
triple bottom line
market growth rate
{(Year 2-Year 1)/year 1} * 100
________, also known as Millennials, constitutes more than 60 million members in the United States alone who were born between 1977 and 2000.
Generation Y
________ involves a strategic effort by firms to supply customers with environmentally friendly, sustainable merchandise and services.
Green Marketing
According to the chart above, the business unit called AMETHYST would be considered to have ___ relative market share and ____ market growth rate?
High High Star
According to the chart above, the business unit called PERIDOT would be considered to have ____ relative market share and _____ market growth rate?
High High Star
According to the chart above, the business unit called RUBY would be considered to have ____ relative market share and ___ market growth rate?
High Low Cash Cow
A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings?
Ideas
Which of the following frameworks for analysis is comprised of a company's capabilities, competitors, and corporate partners?
Immediate environment
The ________ social network is mainly used for professional networking in the B2B marketplace.
According to the chart above, the business unit called PEARL would be considered to have ___ relative market share and ____ market growth rate?
Low High Question Mark
According to the chart above, the business unit called SAPPHIRE would be considered to have ____ relative market share and ____ market growth rate?
Low High Question Mark
According to the chart above, the business unit called EMERALD would be considered to have ____ relative market share and _____ market growth rate?
Low Low Dog
According to the chart above, the business unit called GARNET would be considered to have ____ relative market share and ____ market growth rate? Answer 1:
Low Low Dog
Culture, demographics, social issues, technological advances, economic situations, and the political/regulatory environment are all factors that make up which of the following frameworks of analysis?
Macroenvironmental factors
In an attempt to increase sales during a lagging economy, Macy's has increased its advertising and sales promotions for its current products to stimulate sales in its current markets. Which growth strategy is Macy's employing?
Market penetration
The university will purchase new computers during the summer to update its computer labs. Although the new computers will be more advanced in terms of their technology, the purchase itself will involve some of the same considerations as those used for previous purchases. This is an example of which of the following types of buying situation?
Modified rebuy
The discrepancy between a consumer's actual state and desired state is associated with which of the following steps in the consumer decision process?
Need recognition
When marketers make their offering available when and where the customer wants it, which of the following elements of the marketing mix is involved?
Place
Which of the following marketing mix variables is involved in the capture of value in the marketing exchange?
Price
Which of the following questions relates to the Golden Rule Test of an ethical decision-making metric?
Would I want to be on the receiving end of this action and its consequences
The vast majority of products and services are likely to satisfy
both functional and psychological needs
