MARK 201 HW

all of the homework for MARK 201

Marketing refers to the

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers.

discover

All of these are factors required for marketing to occur except

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

Marketers often discover consumer needs by

conducting effective marketing research.

Product, price, promotion, and place are all components of

the marketing mix.

Feeding America is an organization that partners with food banks, food pantries, and local food programs to bring food to people facing hunger in the United States. Feeding America is an example of a

nonprofit organization.

The ________ of the Federal Trade Commission is “Protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.”

mission statement

Organizations can be divided into three types:

for-profit, nonprofit, and government.

An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is a

strategy.

In general, a visionary organization asks which three types of questions to specify its foundation, set a direction, and formulate strategies?

why, what, how

The purpose of environmental scanning is to

identify and interpret trends in the marketplace.

Marengo Equestrian is an online store that sells clothing, accessories, and home décor for horse enthusiasts. The keys to its success include knowing customers' changing tastes, providing something different than other online retailers, and having a founder who connects directly with customers on Facebook. In addition, because horse enthusiasts love to try new products, Marengo’s management has started curating custom seasonal boxes, based on customer-selected preferences. The least important environmental force to Marengo Equestrian at this time is likely to be

regulatory.

Many large consulting firms are beginning to sponsor "women-only" networking events. The purpose of these events is to offer an opportunity for women in management to network with other businesswomen, either as clients, mentors, or protégés. This is an example of which environmental force?

social

Microsoft has moved to a subscription-based model for its software. Microsoft 365 comes in a variety of personal and business plans, with different features at different price points. A personal user can buy an annual or monthly subscription, and businesses can choose from several annual subscription options. Which type of environmental force does this example best align with?

economic

In part because of the growing availability of 5G networks, customers are replacing their smartphones with new models or brands, even if their current phones still work, so they can take advantage of higher speeds for all their tasks. This increase in demand is due mostly to changes in ________, an environmental force.

technology

Ethics refers to the

moral principles and values that govern the actions and decisions of an individual or group.Correct

In marketing, the set of values, ideas, and attitudes that are learned and shared among members of a group is known as

culture.

Making counterfeit copies of Chanel bags, Louis Vuitton clothing, and other international brands is pervasive in some countries because laws protecting intellectual property are unclear and sporadically enforced. A business introducing a product into such a country needs to know that its ________ may lead to trademark infringements.

societal culture and norms

Gap Inc. ended its relationship with 23 foreign production facilities due to code violations. Several closings occurred because of the use of child labor. In response to these events, Gap Inc. created a large team whose purpose is to travel worldwide to ensure compliance with its Code of Vendor Conduct. This is an example of

social responsibility.

Profit responsibility refers to the

duty of a firm to maximize profits for its owners or stockholders.

The actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions, are known as

consumer behavior.

The stages a buyer passes through in making choices about which products and services to buy are known as the

purchase decision process.

The second stage in the consumer purchase decision process involves gathering facts about possible choices and may include internal and external sources. This stage is called

information search.

Consumers that have positive experiences at each stage of the purchase decision process are more likely to

continue engaging in the buying process.

During which stage of the purchase decision process would you go into the bathroom and notice that you need a new tube of toothpaste?

problem recognition

________ buyers include all buyers in a nation except ultimate consumers.

Organizational

The mission of the Internal Revenue Service (IRS) is to "provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all." Which type of organizational buyer is the IRS?

government agency

The marketing of products and services to companies, governments, or nonprofit organizations for use in the creation of products and services that they can produce and market to others is known as

business-to-business marketing.

Which statement most accurately describes organizational buyers?

They buy products and services for their own use or for resale.

All of these are organizational buyers except

ultimate consumers.

Which statement about the global perspective on world trade is most accurate?

China, the United States, and Germany far outpace other countries in terms of imports and exports.

The monetary value of all products and services produced in a country during one year is known as the

gross domestic product.

_______ is the focus on creating economic, cultural, political, and technological interdependence among individual national institutions and economies.

Globalization

The practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas is known as

protectionism.

Which statement about the emergence of a networked global marketspace is most accurate?

A networked global marketspace enables the exchange of products, services, and information from sellers anywhere to buyers anywhere at any time and at a lower cost.