MKT320 - Exam 1

If a local winery is holding an online contest in which you must log in to its website and submit personal details such as name, phone number, and e-mail in order to participate, the winery is

offering an exchange.

Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on 

how different customers perceive the value of her services.

When Crumbl Cookies sells its gourmet desserts to the public on its website, it is a ________ sale.

B2C

Marketing involves conducting exchanges, satisfying customer needs and wants, and

creating value.

Albert is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

the ability to buy them.

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes

the value of their time and energy.

Patagonia’s commitment to sustainability is an example of using marketing to

benefit an entire industry or society at large.

Data about how, when, why, where, and what people buy refers to

marketing analytics.

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era.

value-based marketing

Even though they operate from out-of-the-way airports and offer few extra services, discount, no-frill airlines like Ryanair and EasyJet have been successful. Consumers obviously consider

the benefit of lower prices to be greater than the cost of reduced services and less convenience.

When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of 

customer excellence.

If a firm wants to develop a sustainable competitive advantage, it should

examine its operations and customer relations to identify significant things competitors cannot easily copy.

Which concept is the basis for customer retention programs?

Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis.

Customers around the world know Sprite and many consider it a primary “go-to” brand if they want a refreshing drink. This positioning reflects Sprite’s

product excellence.

For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates

opportunities.

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

lowering prices

Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to 

divide the marketplace into subgroups.

County Market announced it would begin selling organic food products. In doing so, County Market is most likely trying to

attract a different market segment

In recent years, cell phone 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, these companies were focusing on ________Blank value creation.

place

Many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been here since 1951." This is part of these firms'

positioning strategy.

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. These scenarios are aimed at which aspect of the 4E framework?

experience

In terms of the 4E framework, in order for a firm's offer to excite its targeted customers, the offer must be __________.

relevant

While waiting to be seated at a restaurant, Joylee receives a customer loyalty coupon through an app on her mobile phone for half off a dessert with the purchase of an entrée. This use of a location-based software application is designed to promote which of the 4E framework objectives?

excite

While waiting in line to make a purchase at Best Buy, Joanie sees signs reminding her to visit the company's website for online specials and to sign up on her smartphone for the Best Buy Loyalty Rewards Program. Others signs remind her that Best Buy will match competitors' prices on any item they sell. This is an example of which 4E framework?

educate

Alessio T, a luxury car brand, bypassed Facebook for ________Blank for its social media campaign since its professional audience is more in line with Alessio T’s target customer base.

LinkedIn

Individuals achieve the _____________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook.

connected

For marketers, media-sharing sites such as YouTube or Flickr are social media tools best used to __________.

encourage customers to engage with the firm and experience its products

From a marketing perspective, what role is played by professional bloggers?

reviewing and giving product and service recommendations

An example of the ___________effect is when BMW gained in-depth knowledge about visitors to a popular Chinese social media site and used that information to determine which visitors were likely to be luxury car buyers and targeted advertising toward them.

information

At the Encantadora Hotel and Spa, an X concierge stays in constant contact with its guests. If a guest has a question or concern, the answer is just a hashtag away. This is an example of the impact of the ________ effect.

dynamic

Which of the following is true of business ethics?

It examines ethical rules and principles within a commercial context.

The sale of products that may damage the environment, the use of sweatshop labor and the marketing of dangerous products are examples of __________________.

marketing ethical issues

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ______________, including the ranchers that supply the food, its customers, and animal welfare groups.

stakeholders

The _________ for natural skin care company Burt’s 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

Every year, Fresh Garden Produce issues a report discussing how the firm has performed against its own standards of conscious marketing. This report is part of Fresh Garden Produce’s ________Blank phase of its strategic marketing planning process.

control

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices, but was also __________.

demonstrating corporate social responsibility

Garrett has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. The first thing Garrett should do is to __________.

identify issues that need to be addressed

Darwin's company is facing a difficult ethical issue. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluating alternatives. Management reviewed and refined the alternatives. It should now choose the course of action that __________.

seems best after weighing the concerns of all stakeholders

When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, conscious marketing must

align the short-term goals of each employee with the long-term, overriding goals of the firm.

Which of the following is the best example of corporate social responsibility affecting the marketplace?

An industry leader adopts environmentally friendly production practices and other companies in the industry follow suit.