q1

Which of the following is the most important key to successful​ marketing?

satisfying consumer needs

Which of the following is also referred to as marketing communication​?

promotion

A process of determining just how much value an​ organization's marketing activities create and their impact on the bottom line is known as​ \________.

accountability

With the increased use of blogs and social​ media

\________ is expected to become more important than branded content marketing strategies of the past.

Which of the following is an event that a company hosts to thank its loyal​ customers?

brandfest

Which of the following BEST describes a distinctive competency of a​ firm?

a capability that is superior to the competition

A​ \________ includes all possible customers in a market.

mass market

Which of the following describes the ultimate user of a good or​ service?

consumer

Which of the following terms is defined by the​ activity

set of​ institutions

A​ customer's overall assessment of his or her interaction throughout the entire process of​ finding

buying

A product can be all of the​ following

except​ a(n) \________.

​\________ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.

promotion

Which of the following is used by firms to outline marketing objectives and​ strategies

and identify who is responsible for carrying out each part of the​ strategy?

​\________ refers to the availability of the product to the customer at the desired time and location.

place

Intangible products that are paid for and​ used

but not owned are known as​ \________.

The shifting balance from tangible goods to intangible services has marketing leaders adopting​ \________ as a guiding principle.

service-dominant logic

The​ \________ marketing concept states that marketers must satisfy​ customers' needs in ways that also benefit society while they still deliver a profit to the firm.

societal

If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the​ world

that company is engaging in​ \________ marketing.

ROMI stands for​ \________ and indicates how much value an​ organization's marketing activities create.

return on marketing investment

Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in​ \________ marketing.

mobile

Companies and their customers working together to develop products that meet customer needs is known as​ \________.

co-creation of value

A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as​ a(n) \________.

value proposition

Which of the following is the formula for calculating the lifetime value of a​ customer?

the amount a person will spend MINUS the cost to acquire the customer and maintain the relationship

An edge that a firm has over its competitors that allow it to have higher​ sales

higher​ profits

​Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of​ a(n) \________ competency.

distinctive

Suppose a restaurant in a small community offers breakfast options 24 hours a​ day

but none of the competition even offers breakfast options. This would be an example of​ a(n) \________ benefit.

The activities involved in​ designing

producing

The concept that under the right​ circumstances

groups are smarter than the smartest individuals in them is referred to as​ \________.

​\________ is the process whereby marketers understand an unmet customer​ need

figure out what is missing in the​ market

Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long​ term?

business planning

​\________ is the execution of the elements of a plan based on goals and objectives to bring about a desired future.

strategy

Which of the following is the document that describes the marketing​ environment

outlines the marketing objectives and​ strategy

Which of the following refers to a managerial decision process that matches an​ organization's resources and capabilities to its market opportunities for​ long-term growth and​ survival?

strategic planning

Which of the following refers to individual units within a firm that operate like separate​ businesses

with each having its own​ mission

Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role​ (job title) in the​ organization

when it comes to business​ planning

Which of the following planning processes focuses on developing detailed plans for​ day-to-day activities that carry out an​ organization's functional​ plans?

operational planning

A​ firm's \________ is what it aspires to do or to be in the future.

vision

Which of the following terms refers to a formal statement in an​ organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its​ customers

products

Which of the following is the process of assessing the​ firm's internal and external​ environments?

situation analysis

The core attributes embraced by a firm that most closely reflect its culture are known as its​ \________.

organizational values

A document that describes the marketing​ environment

outlines the marketing objectives and​ strategy

If you own a small retail shop and you put ads in the local​ paper

put flyers on doors in every​ neighborhood

A distinctive group of customers within a larger market who have some similarity but whose needs differ from other customers is known as a​ \________.

market segment

Which of the following is defined as the flow of goods and services among different
countries—the
total value of all the exports and imports of the​ world's nations?

world trade

The​ \________ consisted of a series of​ anti-government protests and uprisings in a number of Arab countries that were largely aided by new social media​ tools

gave hope to many that dictatorships in countries in the Middle East would become democracies and bring a better life to peoples of the countries.

Which of the following replaced the General Agreement on Tariffs and Trades​ (GATT) and sets global rules of trade between​ nations?

World Trade Organization

Which of the following terms refers to limitations set by a government on the amount of a product allowed to enter or leave a​ country?

quota

The price of one​ country's currency in terms of another​ country's currency is known as the​ \________.

exchange rate

How do countries benefit by being members of economic​ communities?

trade policies are coordinated and there are fewer restrictions on imports and exports

Which of the following countries make up the economic community known as​ USMCA?

Canada

Which of the following is the MOST commonly used measure of a​ country's economic​ health?

GDP

An economy experiencing falling​ demand

employment

Which term refers to the process of gathering and analyzing publicly available information about​ rivals?

competitive intelligence

In which competitive macroenvironment do athletic shoe manufacturers such as​ Nike

New​ Balance

Why is it important to begin establishing your personal brand while you are still in​ college?

a personal brand will help you determine what you want to do

Which of the following refers to the availability of resources that make doing business in another country​ possible?

economic infrastructure

Which of the following refers to a form of protectionism that stipulates a certain proportion of a product must consist of components supplied by industries in the host country or economic​ community?

local content rules

Which of the following terms indicates ways to​ dress

how to​ speak

Which of these does the chapter identify as the biggest human rights problem in the​ world?

slavery

What is the term for the buyer belief that products of certain other countries are superior to similar products made in​ one's own​ country?

consumer xenocentrism

Which term refers to a market entry strategy involving two or more firms creating a new​ entity

allowing the partners to pool their resources for common​ goals?

Which of the following market entry strategies involves an agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for​ royalties?

licensing agreement

If a firm offers the same product for domestic and foreign​ markets

the company is demonstrating which type of product​ strategy?

Which term refers to items that are imported without the consent of the trademark​ holder?

gray market goods

​\________ occurs when someone voluntarily offers payments to get an illegal advantage.

bribery

Which of the following occurs when someone in authority extracts payment under​ duress?

extortion

Which of the following is one of the goals of the American Marketing​ Association?

to promote high standards of ethical norms and values

What part of the sustainable marketing mix involves producing more environmentally friendly​ products

such as electric​ automobiles?

Within the food​ industry

a growing trend is​ locavorism

In the operational planning process

using marketing metrics to monitor how the plan is working is the \__________ step.

What is the third step in the market planning process?

develop marketing strategies

Which growth strategy is designed to increase sales of existing products to current customers

nonusers

In operational planning

who is responsible for the planning?

According to the BCG growth-market share matrix

\__________ are strategic business units (SBUs) with products that have a dominant market share in high-growth markets.

Functional planning is \__________.

a decision process that concentrates on developing detailed plans for strategies and tactics for the short term

A plan that focuses on the day-to-day execution of the marketing plan is known as \__________.

an operational plan

According to the BCG growth-market share matrix

question marks are strategic business units (SBUs) with \__________.

What happens during the establish the business portfolio step of strategic planning?

decisions are made about how to best allocate resources across a company's strategic business (SBUs) to ensure growth for the entire company

What is a SWOT analysis?

an analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment

What is a marketing plan?

a document that describes the marketing environment

A market development strategy \__________.

introduces existing products to new markets

\__________ planning is a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival.

strategic

A diversification strategy \__________.

emphasizes both new products and new markets to achieve growth

A process that entails measuring actual performance

comparing this performance with the established marketing objectives

The \__________ step in the strategic planning process is to evaluate the internal and external environment.

second

What is the first step in market planning?

perform a situation analysis

What is an action plan?

an individual support plan included in a marketing plan that provides the guidance for implementation and control of the various marketing strategies within the plan

Which of the following describes the external environment?

the uncontrollable elements outside an organization that may affect its performance either positively or negatively

Which of the following describes a mission statement?

a description of the overall purpose of the organization and what it intends to achieve in terms of its customers

What is the second step in the operational planning process?

use marketing metrics to monitor how the plan is working

marketing mix

a combination of the product itself

Four Ps

product

promotion

coordination of a marketer's communication efforts to influence attitudes or behavior

place

the availability of the product to the customer at the desired time and location

channel of distribution

series of firms or individuals that facilitates the movement of a product from producer to final customer

consumer goods

tangible products that individual consumers purchase for personal or family use

industrial goods

goods that individuals or organizations buy for further processing or for their own use when they do business

marketing concept

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability

demand

customers' desires for product coupled with the resources needed to obtain them

market

all customers and potential customers who share a common need that can be satisfied by a specific product