Marketing exam 1

What is the marketing concept

Sataisfaction of customer wants and need while meeting organizational goals

How does a exchange happen

2 or more parties with unsatisfied needs

2 or more parties with something of value

desire/ability to satisfy needs

a mean to communicate w/eachother

What orientation does not consider needs of custoemr

Production and Sales

What is production orientation focus on

INternal capabilties of firm product innovation

What is sales orientation focused on

Aggressive sales technique and belief that high sales result in high profits

What orientation is focused on the needs of customer

Market and Societal

What is market focused on

Satisfying customers need and wants while meeting objectives

What is societal focused on

Organization should satisfy customer needs/want in a way that provide for society well being

What would societal marketing do

Less toxic product

more durable product

product with resuable material or recyable

Target market

one or more specific groups of potential consumers toward which an organization direct its marketing program

How does Target market be impacted

Social Factors

Economic conditions

Legal/Regulatory

Competition

Technologica l

What is Social Demographic

Information about the characteristic of human population and segments especially those used to identify consumer market

example( age,gender,income,race)

What is social culture

Values,idea,and attitude that are learned and shared among member of group

Regional culture

Influence of the area within a country in which people live

Pure monopoly

When one seller control market(does not require only one seller in the market)

Oligopoly

Relatively small number of sellers,each with substantial share of market

Monopolistic competition

Many seller compete for buyers each offer a slightly dfiferent product seen as subsititutes for one another

Pure competition

Many sellers each offering the same product

Direct competitoin

Satisfying same needs,in a similar way

• brand competition in which competitors offering similar product compete for consumer choice.

Indirect competition

Satisfying same needs but in a different way

• Product compeititon in which different product attempt to satisfy the same needs or wants

General competition

Competition for different needs

• Competition for discretionary income(for income left after a consumer pays for necessities and taxes

What would be a product

App,Starter Home,Lecture, Republican Canidate

What would be a price

Tutition, Valet parking,exchange, rent

what would be a place(distribution)

Walmart,home party,coca cola vending machine,target

What would be a promotion

Word of mouth,flyer,insta ads,magazine ads

If Mom places the highest value on convenience when looking for a cup of coffee, with which of the marketing mix components is she most concerned?

Place

To create the most ________ for someone like Gabby’s dad, coffee houses need to minimize their expenses and keep their prices down. Fancy furniture and free WiFi are simply not of interest to consumers who want a quick, inexpensive cup of coffee.

Customer value

The Coffee Collective is seeking to identify customers who want a unique coffee-drinking experience and are open to a loyalty rewards program. In doing so, the Coffee Collective is determining its

Marketing Segment

Mizuno designs and sells high-quality baseball gloves. Who benefits from the firm’s marketing activities for its gloves?

All stakeholder should benefit from mizunos marketing efforts even society at large

A local college of business offers an outstanding graduate business school education program. Jerome pays the tuition to attend and earns his MBA with a concentration in marketing management. Upon graduating, he is offered a high-paying, fulfilling position. Was this a marketing exchange?

Yes, because paying tuition was exchanged for knowledge that directly led to Jerome’s high-paying, fulfilling new job.

these are factors required for marketing to occur except which?

two or more parties (individuals or organizations) with the same wants

Which statement best distinguishes between consumer needs and wants?

Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person’s knowledge, culture, or personality.

Generational cohorts, racial and ethnic diversity, and culture are all considered part of _____ environmental forces.

Social

When Julie, the marketing executive for Hope Springs, determined that market segments existed with sufficient disposable income to pay a premium for bottled water, she determined this by examining _____ forces

economic

Marketspace, or the information exchange environment provided by digitized offerings as demonstrated by the ability of consumers to find water bottle filling stations for Hope Springs, is considered a trend within the _____ environment.

Technological

One of the important features of the _____ environment is the existence of protections for consumers that emerged during the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

Regulatory

During the interview process with both companies, Justin learns something about a new product that Big Box Co. is producing that will directly compete with Hope Springs. Because Justin learned about the ethics of _____ and what is unethical, he will not share this information during his interview with Hope Springs.

Competition

_____ focuses on Hope Springs' internally focused obligations to focus on the triple bottom line of people, planet, and profits.

Social Responsiblity

Local newspaper readership has declined significantly in recent years. Not only are traditional newspapers losing subscribers, but they are also losing advertisers. To combat these trends, many newspaper publishers now offer online versions of their printed newspapers. This is most likely a response to which environmental force?

Social, resulting form chanigng consumer preferences for informaiton delivered online

Oil prices have an impact on transportation costs for many types of products. Should oil prices change, the price consumers pay for products is often adjusted accordingly. Changing oil prices would be an example of a(n) ________ force.

Economic

The Electronic Signatures in Global and National Commerce Act makes digital signatures as valid as pen-and-ink signatures. This act created a demand for software and hardware that would collect, transmit, and receive digital signatures. This example indicates how ________ forces can work together in the marketing environment.

Technological and regulatory

AT&T, Verizon, and T-Mobile serve more than 95 percent of the subscribers in the U.S. wireless mobile phone market. Which form of competition characterizes this market?

Oligopoly

Dell Inc. learned that the lithium-ion batteries in its notebook computers posed a fire hazard to consumers. The company recalled 2.7 million batteries and gave consumers a replacement before any personal injuries resulted. Dell was most likely concerned with which Consumer Bill of Rights principle?

Right to safety

3M stopped production of a chemical it had made for more than 40 years when tests showed the chemical could be accumulated in human tissue, even though the products in which it was used had no known harmful health or environmental effect. The voluntary action by 3M is an example of

Moral Idealism

Which statement about social responsibility is most accurate?

Organizations are part of a larger society and are accountable to that society for their actions.

A key difference between cause marketing and a charitable contribution is

charitable donations are contributed at the sole discretion of the firm while the amount for cause marketing is directly affected by consumers’ purchases.

Given that Gabby is looking for a budget-priced flight home for holidays, she will need to determine which flight features are most important to her. She will do this during the ________ phase.

Alternative evaluations

Consumer socialization, passage through the family life cycle, and decision making within the household are three sources of ________ influences on consumer behavior.

Family

Extended Problem Solving

Limited problem solving

Routine problem solving

Problem Recognition

Gabby visits several nursing schools and talks to colleagues, counselors, and friends about them. These actions reflect which step of the consumer decision-making process?

Information Search

Gabby creates a matrix to help her weigh the pros and cons of the different schools she’s been researching. Using the data that she collected, she calculates an overall score for each of the schools she is considering. In which step of the consumer decision-making process does Gabby employ this model?

Evaluation of alternatives

When Maribel looked in her closet and said, “I don’t have anything to wear to the party this weekend,” she seems to be in which stage of the consumer purchase decision process?

Problem recogniition

Yuri has determined that he wants to buy an advanced hybrid vehicle, and a visit to Ford’s website reveals that the Ford Fusion Hybrid SE uses hybrid fuel technology with the latest in lithium-ion battery technology. Yuri is currently in which stage of the consumer purchase decision process for this type of automobile?

Information Search

Which statement concerning evaluative criteria is most accurate?

Consumers often have several criteria for evaluating a single product.

Sanjay was excited about his newly purchased laptop. It had all the features he wanted and was really fast with a great display for his gaming. In addition, the $1,200 price tag was reasonable. As Sanjay was taking the new computer out of the box, he saw an advertisement for a similar computer, on sale for only $1,000. Suddenly he began to doubt his purchase decision and worried that maybe he hadn’t gotten such a good deal. Sanjay was experiencing ________ .

Cognitive Dissonance

Manny is shopping for a bottle of wine. Instead of selecting his usual choice, he decides to buy a more expensive bottle of wine because he is giving it as a gift. This is an example of which situational influence?

purchase task

Aggregating potential car buyers into groups that have common needs and will respond in the same way to a marketing campaign is a process known as  

Market Segmentation

If automakers were to segment Justin based upon the type of active lifestyle he leads, this would be considered ________ segmentation.

psychographic

If automakers attempted to change the way Justin feels about the price of hybrid vehicles in comparison to the other vehicles he is considering, this would be an example of 

Product repoisioning

If Karen and Anika want to offer childcare services to young families and scheduling services for doctors’ appointments or insurance claims services for senior citizens, which target marketing strategy should they use?

Differentiated

If Karen and Anika want to offer comprehensive assistance to small business owners to help them achieve work-life balance, which target marketing strategy should they use?

Niche

One marketing action that can be taken to sell a single product or service to multiple market segments is to

Develop a separate promotional campaign

Selling a product to a different market segment usually requires a different marketing action that, in turn, means greater costs. If increased revenues don’t offset extra costs of this action, a marketer should

Combine segments

Procter & Gamble (P&G) decided to skip a generation of consumers when it began to market Old Spice deodorant. The target market consists of men aged 18 to 34 years old (Generation Y) who don’t remember the Old Spice brand sold to their grandfathers many years ago. P&G is using which type of segmentation variable?

Demographic

Magazines such as Condé Nast Traveler, Field & Stream, Golf Digest, and Fitness focus on how people live their lives, and thus all use a __________ segmentation strategy.

Psycho Graphic

College dorm residents frequently want to keep and prepare their own food and snacks to save money or have a late-night snack. However, their dorm rooms are often very short of space. MicroFridge marketers understand this and offer a single appliance with small refrigerator, freezer, microwave oven, smoke sensor, and a charging station for laptops and mobile phones targeted to these students. MicroFridge is using which basis of segmentation?

Behavioral Segmentation

Sociocultural Segmentation

Psychographic segmentation

Geographic segmentation

Behavioral segmentation

Socioeconomic segmentation

U.S. dairies, struggling to increase milk sales, tried to change the way adults thought about chocolate milk. The dairies wanted to __________ chocolate milk in the minds of adult consumers.

Reposition

One advantage of a market-product grid is that it can be used to

determine which target market segments to select and which product groupings to offer.

Product Extension strategy

Product adaptation strategy

product invention strategy

communication adaption strategy

dual adaption strategy

U.S. beer manufacturers want to increase exports of beer to Canada by lowering the price of U.S. beer in Canada. For this to happen, you advise your clients to ask the United States to approach Canada about

removing a tariff

The United States wants to protect its domestic sugar producers by limiting the supply of foreign sugar. Therefore, you advise your clients that they should suggest to the United States to

Impose a quota

If Joe to Go decides to produce its coffee beans domestically and sell them in India through a retail intermediary, this would be an example of 

indirect exporting

Five Bucks prefers to maintain greater control afforded by ________ and is willing to take on greater financial risk to continue its global expansion into India. By doing so, however, Five Bucks will also have to share the profits.

Joint venture

Recipco and Tradaq are both companies that connect international companies who want to barter the products they make for the products they need without using cash or credit. Recipco and Tradaq assist international companies in making

CounterTrades

Recently, the United States imposed a 35 percent tariff on Chinese tire imports in hopes of sustaining U.S. jobs in tire manufacturing. This addition of tariffs is an example of

increasing protectionism

Lever Europe, a division of Unilever, markets Snuggle fabric softener. But in 10 European countries, it uses seven brand names, including Kuschelweich in German, Coccolino in Italy, and Mimosin in France. These products also have different packages, different advertising programs, and occasionally different formulas. From this information, we can assume that Lever Europe uses a(n) ________ marketing strategy.

MultiDomestic

Tiffany & Co. knows that Japanese are superstitious about the number four. As a result, Tiffany sells its fine glassware and china in sets of five, not four, in Japan. Tiffany uses its knowledge of ________ to avoid connecting its products with the number four.

Culture symbols

In Detroit, a woman came back from lunch to find a nasty note on her Toyota Camry about failing to support the American economy in purchasing a vehicle made by a Japanese brand. The person who left the note is exhibiting

Consumer ethnocentrism

Culture semiotics

Protectionism

A firm’s profit potential and control over marketing activities is higher in a direct investment than in an exporting global market entry strategy. However, in a direct investment strategy, the firm also has increased ______ .

financial commitment and risk

GlaxoSmithKline PLC of Great Britain makes Breathe Right nasal strips. It sells the same product in many countries because customers all over the world will use them in the same way. This is an example of which type of global marketing product strategy?

Product extension

German car maker Mercedes-Benz owns and operates a factory in Vance, Alabama, that makes the M-Class sport-utility vehicle. This global market entry strategy is known as ________ and represents the greatest commitment a company can make to international sales.

Direct investment

How do you create customer value

Gaining loyal customer by providing unique value is the essence of successful marketing

Firm achieve customer relatinoshiop by creating connection with its customer throuhg careful coordination

Basic Research

Attempts to expand frontiers of knowledge but is not aimed at a specific busienss problem

Applied Research

Attempts to solve a specific problem such as developing new or improdved product or processes

Pure

understand how firms create customer value

Gaining loyal customer by providing unique vlaue is the essence of successful marketing