Principles of Marketing Test 1
An organization's obligation to maximize its positive impact and minimize its negative negative impact on society
Corporate Social Responsibility (CSR)
The perceived benefits, both monetary and nonmonetary, that customers receive from a product
Customer Value
A firm could use mathematical modeling to investigate the effect on sales if the firm were to increase or decrease the price of the product.
False
Carly spoke to 50 people about their preferences in hair coloring, but she spoke to them one at a time. Carly was conducting focus groups.
False
Decisions regarding the place or distribution function must be made using sales tracking
False
In a marketing sense, there is really no difference between a need and a want.
False
Marketing refers to advertising and selling a product.
False
Promotion involves the activities a firm undertakes to make its product available to potential customers.
False
Research objectives are set during the plan development step of the marketing research process
False
The marketing concept is a strategy that utilizes all aspects of marketing in order to persuade consumers to buy new products and more of existing products.
False
When Apple began selling the iPhone, Blackberry countered with a number of business apps that Apple didn't offer and emerged as a smaller but stronger company
False
When a company sends survey takers to a mall to determine buying behavior, it is conducting exploratory research
False
Includes the activities a firm undertakes to make its product available to potential consumers
Place
Franchising
A contractual arrangement in which the franchisor provides a franchisee the right to use its name and marketing
Licensing
A legal process in which one firm pays to use or distribute another firm's resources
Joint Venture
An arrangement in which a domestic firm partners with a foreign company to create a new entity, thus allowing the domestic firm to enter the foreign companties markets
SWOT Analysis
An evaluation of the firm's Strengths Weaknesses Opportunities Threats
The increasingly interconnected nature of the world economy, evokes different reactions from different people
Globilization
Controls
Implementation Organizational Structure Continguency Planning
Part of the supply chain that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer
Logistics
A group of customers interested in buying a specific product
Market
Organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its employees, and stakeholders as a whole
Marketing
Idea that a firm's long-term success must include a company-wide effort to satisfy customer needs
Marketing Concept
An action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy
Marketing Plan
A concise affirmation of the firm's long-term statement
Mission Statement
The amount of something that a buyer exchanges with a seller
Price
A specific combination of goods, services, or ideas that a firm offers to consumers
Product
The Marketing Mix, The Four P's
Product Price Place Promotion
All the activities that communicate the value of a product and persuade customers to buy it
Promotion
A marketing strategy that focuses on attracting, maintaining, and enhancing customer relationships
Relationship Marketing
Thoughtfullly defining a firm's objectives and developing a method for achieving those objectives
Strategic Planning
The set of actions taken to accomplish organizational objectives
Strategy
A set of three or more companies directly lined by one or more of the upstream and donstream flows of products, services, finances, and information from a source to a customer
Supply Chain