350 Final

Organizations who win the prestigious Baldridge award are recognized for approaching marketing with a ___________ perspective.

Total Business

Which of the following is an obstacle that organizations with societal orientations might face, according to the lecture? Select all that apply

Meeting customer performance expectations and Justifying premium prices

Jane purchases a coat that is 30% off on sale at a local clothing retailer that promotes a 30-day return policy. When she gets home and tries the coat on with her other clothes. Jane realizes that she does not really like the fit. She takes the coat back to the retailer, but the customer service employee says that the 30 day return policy does not apply to sale items. Jane is furious that this information was not provided to her at the time of purchase. What condition for exchange did the retailer not meet?

Clear communication and delivery of terms

A salesperson for a tractor manufacturer is meeting, with a potential customer, a tractor retailer in a new market. The salesperson spends most of the conversation talking about the tractor's features-size, color, and price-instead of focusing on the tractor's benefits- long life compared to other tractor competitors and positive reviews that previous customers have provided. What concept describes the salesperson's ineffective approach?

Marketing Myopia

Many Amazon sellers offer two different ways for customers to purchase products: a one-time purchase or a monthly subscription at a discounted rate. What customer stage would the subscription option be seeking to optimize?

Retention

Magic Makers sells children's magicians kits. Each magic kit comes with paper instructions and how-to guides for magic tricks to help customers make the most of their experience with the company's products. Customers can also watch Magic Maker's youtube videos to see magic trick demonstrations. Magic Makers is trying to optimize what customer process?

Adoption

Companies with market orientations/philosophies tend to rely on aggressive promotions to achieve high sales

False

Better Place Brands is a collection of eCommerce coffee and apparel brands. Each brand is associated with a particular dog breed. (e.g. Boxy Browns coffee is associated with boxers). Better Place Brands donates 20% of all product sales to charitable organizations for the namesake dog breed. What type of orientation/philosophy does better place brands have?

Societal

Vivint is a company that sells solar panels for home energy sourcing and management. Over the past few years, customers complained that the company's salespeople were engaging in aggressive promotion to sell the products instead of truly helping customers. For example, Vivint sold a 25 year old solar panel contract to a 91 year old woman who died a month after the contract was signed. What type of orientation-philosophy do these com[lainst describe?

Sales

Which of the following is an overall goal of marketing, according to the lectures? Please select all that apply

Create Value

Strategic planning is typically only required when the company wants to design a new product.

False

Pet Shed is a pet grooming business that offers a loyalty program to its customers. Program members earn points toward a free grooming service for each completed transaction. After 6 grooming transactions are completed. The members has enough points for a free grooming service as long as the service is redeemed withing the next 3 months. The loyalty program is to encourage existing customers to buy more of the company's existing grooming services. Based on this scenario. Pet Shed is engaging in which strategy from Ansoff's opportunity matrix?

Market penetration

Which of the following is NOT part of the implementation stage of the marketing plan?

SWOT/Situation analysis

A widget producer sells boxes of widgets. All boxes have one dozen widgets each, and customers $3.99 per box, regardless of how many boxes they purchase. For example, a business customer who purchases 20 boxes will pay the same amount per box as an individual customer who purchases 1 box. What type of targeting strategy is the widget producer using?

Undifferentiated

Anheuser-Busch, maker of Budweiser and other beer brands, developed a zero-carb beer named Next, which is aimed at younger, health- conscious beer drinkers. These customers already drink Anheuser-Bush brands but expressed an interest in a "healthier" option. Which type of innovation does this scenario describe?

Core innovation

Which of the following is a characteristic of strategic business units (SBUS)?

SBUs have control over their own resources.

According to the BCG Matrix, brand/SBUs with low market share dominance and high growth are known as __________

Problem children/question marks

Companies earn product.service differentiation competitive advantages when they are efficient enough to change low prices for their products as compared with competitors

False

A local pet products store partners with the Humane Society for a fundraising campaign. For 2 months, the store will donate 5% of all sales proceeds to the Humane Society. This is an example of _________.

Cause-related marketing.

Ethics are situations specific and time oriented

Flase

Benefit Corporations allow businesses to....

Balance economic goals with environmental and/or social goals.

Companies should avoid self-regulating unless federal law requires them to.

False

According to the lectures, which of the following best reflect conscious consumerism?

A consumer buys a pair of shoes from Tom's, a company that donates a pair of shoes to people in need for every purchase.

_____________ proposes that businesses who engage in socially responsible marketing practices will outperform their competitors that do not.

Sustainability theory

Which of the following would BEST represent a breach of the Foreign Corrupt Practices Act?

A U.S based company pays an entry fee to froeign government officials in exchange for access to a goriegn market.

Which of the following is NOT a characteristic of a code of ethics?

A code of ethics should only include information about legal issues employees should watch out for.

Which of the following is a characteristic of the CFBAI?

Participation in the CFBAI is voluntary for its members.

Which of the following represents a mode of social control?

Active consumers ,Laws. Self-regulation

Which of the following is NOT a demographic factor that international marketers should consider?

Language

Which of the following BEST reflects ethnocentrism

A salesperson for a U.S based company shakes a Japanese customer's hand, although the Japanese custom is to bow when greeting in business meetings.

When country A's imports from Country B are greater than country A's exports to country B. country A is experiencing a ___________.

Trade deficit

Many U.S steel sellers have asked the government to investigate Marquis, a foreighn competitor in the industry. The U.S \steel sellers are accusing Marquis of __________ or exporting products to U.S. customers at a price that is lower than prices in its own home market.

Dumping

Shawn has an Apple Iphone with a broken screen. Instead of taking his phone to an official apple store for repairs, he goes to a local electronics shop to have his screen replaced. This could be considered _____________ transaction.

Gray Market

Elite power Tools is a U.S. based company that sells products to U.S. Canadian and European customers. When international customers place orders online, Elite ships products to them from its U.S. warehouse. Which method of entering international markets is best being described by the scenario?

Exporting

Home stay in a U.S. based hotel brand with location in the U.S. and Canada Canadian Homestay location are operated by Canadian managers/owners who pay a fee to the company for the right to operate under the HomeStay name and business model. Which method of international market entry is best described in this scenario?

Licensing

Apple owns and operates retail stores all over the world. For example, Apple's recent new rental locations include Kawasaki, Japan, and Mexico city, Mexico. Apple does not partner with international companies, but instead maintains ownership in these markets. Which method of entering the international market is best described in this scenario?

Direct investment

The government of Fauna placed a maximum of 300 tons for coconut imports between July 1, 202 and September 30, 2020. The government of Faun is using a(n)________ in this scenario

Absolute quota

Feel better a U.S. based pharmaceutical company pays an independent (not owned by Feel Better) company in India to produce its medicine. The Indian company sends the finished product to feel better, who markets it under the Feel Better brand name. Which method of entering the international market is best described in this scenario?

Contract manufacturing

Sherry takes a vacation for one week each year. She enjoys getting away from the stress of everyday life and relaxing. What kind of value does taking a vacation provide?

Hedonic

For most people buying a car is a high-involvement purchase. The high ticket price large assortment of model options and long-term nature of the investment usually means that car buyers will spend a lot of time researching and considering their options. This would be ane example of an ________________ decision- making situation.

Extensive

Athena loves her dogs. No matter what she has going on she always ensures they are all well taken care of. Because of her love for her dogs, Atena dedicates a lot of effort when selecting the best pet food and toys for them. Athena exhibits ________ involvement with her dogs and ____________ with the pet food and toys she purchases.

Enduring, product

People who "showroom" tend to sample products in physical stores and purchase them online later to get a better deal. This would be an example of which type of involvement?

Shopping

Kenya is taking 15 hours of college courses this semester. She does not enjoy some of her coursework, but she knows that it is required in order to finish her degree. What kind of value does Kenya receive from doing her coursework?

Utilitarian

Maria is planning to buy her next car from a local dealership because she expects to get great service from businesses in her hometown. Expecting great service represents Maria's ______ value of the local dealership.

Perceived

Jackie does not gamble at the casino because the chances that she loses money are really high and she wants to avoid that Jackie exhibits a _________ regulatory focus.

Prevention

A business professionals association reaches out to Angelique, asking if she would like to join. Angelique declines the offer because the group has a reputation for being snobby and not inviting hardworking small business owners that are not wealthy. For Angelique, the association represents a(n) ________ reference group

Non-aspirational

Merrick is a new entrepreneur in Small Town. There is an entrepreneurs' association in Small Town, and Merrick hopes that a member will invite her to join. For merrick, the entrepreneurs' association represents a(n) _____________ reference group.

Aspirational

Slapjacks, a large chain of pancake houses, is opening a location in Smalltown, USA. This location would....

be considered a new product because it is new to the Oxford market.

Refresh, a bottled sports drink producer, has added new minerals and vitamins to its existing products. The revised sports drink would...

be considered a new product.

During the introduction stage of the product life cycle, the communication challenge for unfamiliar products is stimulating ________________ demand, which is the demand for a product category in general.

primary

Some products, such as vintage cars, sell at higher prices today than when they were in production, even though they have reached the decline phase of the product life cycle. Why would this be the case?

Niche markets have developed, and supply is limited.

Which of the following would affect the accuracy of sales revenue projections in the business analysis phase of the new product development process? Select all that apply.

Overall economic/environmental trends, Newness of the product, Nature of the competition

Concept tests are typically only conducted after a product prototype has been created.

False

Which of the following would NOT be considered a source of new product ideas?

All of these would be considered sources of the new product ideas

Which of the following BEST reflects "customer onboarding", based on the lectures?

HubSpot, a provider of search engine optimization software, hosts workshops to help new customers use and derive value from its products.

Chips Ahoy is a chocolate chip cookie producer that purchases and combines cookie ingredients to create a finished product. What type of utility does chips ahoy provide in the marketing channel?

form

A grocery store has a display promoting holiday baking, inducing brown sugar, chocolate chips, flour, and cookie decorations. The goal of the display is to encourage shoppers to pick up multiple items they will need for their baking projects. What concept id best described in this scenario?

shopper solution

Retailers, wholesalers/distributors, and agents/brokers would be found in ________________ marketing channels.

indirect

Bases on the lecture, retailers an be classified based on all of the following except

return policies

Jack is thinking about buying an iPhone 10 at the smartphone store. The frontline employee he is talking to tells him that it would be a great idea to also purchase an insurance plan, in case the iPhone is damaged. The technique the frontline employee is using is

suggestion

7-Eleven is a convenience store brand with locations across the united states. Each 7-eleven location is run by people who pay for the right to operate under the brand's business model. Based on the lecture, 7-eleven would be classified as

franchise

Fast, a vehicle manufacturer, is suing Furious, another vehicle manufacturer. Fast claim that Furious is using a Fast design patent without the right to do so. This would be an example of _____, based on the lecture.

horizontal channel conflict

A ground coffee producer acquired one of its coffee bean suppliers in order to have more control over its production process. This would be an example of ______, based on the lecture.

vertical integration

Everyday products such as deodorant and paper towels are made available to customers in many places for purchase. This is an example of ___________ distribution intensity.

intensive

A jewelry manufacturer only allows two or three retailers in any given area to carry its products. The jewelry manufacturer limits the number of approved retailers in order to manage the costs of distributing its products nd to avoid conflict among retailers in those areas. This would be considers an example of _____________ distribution intensity.

selective.

Nimisha considers herself to be an opinion leader in the beauty products industry. She loves finding new cosmetics and telling other people about her favorite ones. Nimisha would be best described as a(n) _______ according to the lectures

early adopter

Sue hesitated to get an air fryer because she didn't want to learn how to use a new cooking product. She recently decided to purchase one because all of her friends have air fryers, and her brother keeps talking about what a great experience he's had with it. Sure would best be described as a(n) _____________ according to the lectures.

late majority

Which of the following BEST reflects "customer onboarding" based on the lecture?

Hubspot, a provider of search engine optimization software, hosts workshops to help new customers use and derive value from its products.

Some products, such as vintage cars, sell at higher prices today than when they were in production, even though they have reached the decline phase of the product life cycle. Why would this be the case?

Niche markets have developed, and supply is limited

Concept tests are typically only conducts after a product prototype has been created.

false

Which of the following would NOT be considers a source of new product ideas?

distributors, customers, and competitors

Which of the following would affect the accuracy of sales revenue projections in the business analysis phase of the new product development process?

newness of the product, overall economic/ environmental trends, and nature of the competition

During the introduction stage of the production life cycle, the communication challenge for unfamiliar products is stimulating _____________ demand, which is the demand for a product category in general

primary

Pet Shed is a local pet grooming service. In the past, the Pet Shed only offered in-house grooming, and customers would bring their pets to the business location for services. Recently, Pet Shed started offering "Zoom Groom," a mobile service through which Pet Shed employees travel to customer homes and provide a quick pet wash. Pet Shed offered Zoom Groom to earn new customers who want convenient grooming services without having to carry their pets to the business location. These customers had not used Pet Shed in the past. Based on this scenario, Pet Shed is using a ________ strategy from Ansoff's Opportunity Matrix.

diversification.

Companies earn product/ service differentiation competitive advantages when they are efficient enough to charge low prices for their products as compared with competitors.

false

According to BCG Matric, brand/ SBUs with low market shar dominance and high growth are known as

problem child

When conducting a SWOT/ situation analysis, marketers should consider _________, which are _________ factors that can influence marketing strategy.

threats/ external

Which of the following is part of the implementation stage of the marketing plan?

establishing timelines

A widget producer sells boxes of widgets. All boxes have one dozen widgets each, and customers pay $3/99 per box, regardless of how many boxes they purchase. For example, a business customer who purchases 20 boxes will pay the same amount per box as an individual who purchases 1 box. What type of targeting strategy is the widget producer using?

undifferentiated

Which of the following is a characteristic of strategic business units (SBUs)?

own competitors

Strategic planning is an ongoing process

true

Anheuser-Busch, maker of Budwiser and other beer brands, developed a zero-carb beer named Next, which is aimed at younger, health-conscious beer drinkers. These customers already drink Anheuser-Busch brands but expressed an interest in a "healthier" option. Which type of innovation does this scenario describe?

core

Rashida considers herself to be an influencer in the beauty products industry. She loves finding new cosmetics and telling other people about her favorite ones. Rashida would be best described as a(n)______, according to the lectures.

early adopter

Stephen loves being the first to discover and use new products in the technology industry. He gets personal value from being in the know, but he does not care about telling other people about the new products he is using. Stephen would best be described as a(n)_______, according to the lectures.

innovator

Xena bought a princess costume one week before Halloween and wore it to her friend's Halloween party on October 31st. An hour after arriving at the party, the sequins started falling off, and her rhinestone fell out of her tiara. Although the costume store did not provide a written guarantee about the expected life of the costume. Xena believes that anyone would expect a costume to stay intact for more than an hour. If Xena returns the costume to the store, she would probably rely on a(n) ______ as justification for getting her money back.

implied warranty

Rashida considers herself to be an influencer in the beauty products industry. She loves finding new cosmetics and telling other people about her favorite ones. Rashida would be best described as a(n) ______, according to the lectures.

early adopter

Sue hesitated to get an air fryer because she didn't want to learn how to use a new cooking product. She recently decided to purchase one because all of her friends have air fryers, and her brother keeps talking about what a great experience he's had with it. Sue would be best described as a(n) _______, according to the lectures.

Late majority

Stephen loves being the first to discover and use new products in the technology industry. He gets personal value from being in the know, but he does not care about telling other people about the new products he is using. Stephen would best be described as a(n) _______, according to the lectures.

Innovator

Xena bought a princess costume one week before Halloween and wore it to her friend's Halloween party on October 31st. An hour after arriving at the party, the sequins started falling off, and her rhinestone fell out of her tiara. Although the costume store did not provide a written guarantee about the expected life of the costume. Xena believes that anyone would expect a costume to stay intact for more than an hour. If Xena returns the costume to the store, she would probably rely on a(n) ______ as justification for getting her money back.

Implied warranty

7-eleven is a convenience store brand with locations across the United States. Each 7-eleven location is run by people who pay for the right to operate under the brand's business model. Based on the lecture, 7-eleven would be classified as ________

franchise.

Publix is a grocery retailer with locations around the Southeastern United States. The company's headquarters is located in Lakeland, Florida, and Publix corporation owns all of its grocery locations. Publix would best classify as __________, based on the lecture.

Chain store

Feel Better Pharmacy has a cold and flu display on its retail floor. The display includes a collection of products, such as cough drops and tissues, that a shopper might need to treat cold and flu symptoms. The cold and flu display represents _________ co-branding.

complementary

When selecting a test market city, a researcher should look for a city:

where the demographics and purchasing habits mirror the overall market for the product

During the introduction stage of the product life cycle, the communication challenge for unfamiliar products is stimulating __________ demand, which is the demand for a product category in general.

Primary demand

During the growth stage of the product life cycle, the communication challenge is stimulating ______ demand, which is the demand for one brand of product over another brand of product.

Selective demand

Recently, Ferrero, an Italian company that makes chocolate candy, purchased the Keebler and Famous Amos cookie brands from Kellogg. What new product category do these acquisitions represent for Ferrero?

New product line

Some products, such as baseball cards and vinyl records, sell at higher prices today than when they were in production, even though they have reached the decline phase of the product life cycle. Why would this be the case?

Not as much produced

Concept test should NOT be conducted unless a product has been created.

FALSE

Which of the following BEST reflects "product marketing", based on the lectures?

Which of the following would NOT be considered a source of new product ideas?

All (customers, competitors, distributors)