Chapters 1 through 5

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Conteporary Marketing 15th Edition Boone/Kurtz

Utility

The want satisfying power of a product is

Exchange process

Occurs when two or more parties exchange someting of value

Sellers Market

Occurs when buyers outnumber sellers or product supply

Buyers Market

Occurs when there are more sellers (or products) than buyers

Relationship Marketing

Describes the current era in the history of marketing

Marketing Myopia

Results from managements failure to recognize the scope of its business

Not for Profit Organizations

The American Cancer Society in the private sector and The Department of Natural Resources in the public sector are examples of

Person Marketing

An advertisement for a U.S. Senate candidate is an example of

Place Marketing

An advertisement titled "Ski Vermont" is an example of

Event Marketing

The promotion of music concerts and movies is referred to as

Organization Marketing

Many not-for-profits utilize____ in order to influence people to accept their goals or contribute in some way

Transaction-based Marketing

Refers to buyer and seller exchanges characterized by limited communication and little or no ongoing relationships between the parties

Lifetime Value of a Customer

The___ equals the revenues and benefits a customer brings to an organization minus expenses to attract and maintain the relationship

Mobile Marketing

The growth of wireless technology has given rise to a new marketing strategy called

Interactive Marketing

Buyer-seller communications in which the customer controls the amount and type of information received from a marketer is called

Social Marketing

The use of online social media as a communications channel for marketing messages is known as

One-to-One Marketing

A customized marketing program designed to build long term relationships with individual customers

Buzz Marketing

"Word of mouth" advertising that has grown in effectiveness with the advent of the Internet is called

Strategic alliances

For-profit and not-for-profit organizations often form

Whole Salers

Are intermediaries that operate between producers and resellers

Ethics

The moral standards of behavior expected by a society

Social Responsibility

Corporations that voluntarily recycle paper, glass and electronic practice____

Marketing

Organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Production orientation

Business philosophy stressing effciency in producing a quality product with the attitude toward marketing that "a good product will sell itself"

Sales orientation

Assues that customers will resist purchasing NON ESSENTIAL GOODS, the task of personal selling and advertising is to persuade to buy

Marketing Concept

Companywide consumer orientation with the objective of achieving long run success

Bottom line

Reference to overall company profitability

Cause Marketing

Identificaiton and marketing of a social issue, cause or idea to selected target markets like childhood obesity

Strategic alliances

Partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market

Exchange functions

Buying and selling

Sustainable products

Products that can be produced, used and disposed of with minimal impact on the environment

Define marketing and explain how it creates utilility

Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholeders. It creates time, place, and ownership utilities

What three factors have forced marketers to embrace a global marketplace?

International agreements are negotiated to expand trade among nations. The growth of technology is bringing previously isolated countries into the market place. The interdependence of the world's economies is now a reality.

What is the major distinction between the production era and sales era?

During the production era, business people believed that quality products would sell themselves. But during the sales era, emphasis was placed on selling-persuading people to buy.

What is the marketing concept

A companywide consumer orientation with the objective of achieving long-term success.

Describe the relationship era of marketing

Focusus on building long-term, vaule-added relationships over time with customers and suppliers.

Give an example of how a firm can avoid marketing myopia

A firm can find innovative ways to reach new markets with existing goods and services.

Why do for-profit and not-for profit organizations sometimes form alliances?

to promote each other's causes and offereings. For-profits do so as part of their social responsiblity efforts.

Convenience stores and vending machines are responsible for creating all the following utilities except:

form utility

Which of the following statements concerning the global marketplace is false?

The global marketplace is growing owing to the talent shortage in the home countries of national companies.

The marketing philosophy summarized by the pharse" a high quality product will sell itself" is characteristic of the____ era

Production era

Approximately what percentage of new product ventures end in failure?

More than 80 percent

A company produces a high-quality product, with a maximus monthyly output of 10,000 units. Production levels are constant and the company relies on its marketing department to find customers for its output. This approach is consistent with which era in marketing history?

Sales era

Assume you want to increase the number of customers by applying the marketing concepts. Which of the following strategies would be most consistent with this approach?

Target Markets

The business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them is known as:

consumer orientation

In the relationship era, firms focus on

long-term relationships with customers and suppliers

An alliance between a not-for profit and a for-profit organization:

Often benefits both parties

The term "bottom line" is a reference to

overall company profitability

All of the following are examples of nontraditional marketing excepts___ marketing

Political

You receive a flyer urging you to attend a rally for a local political candidate. You're asked to bring a can of food for the local food bank as the "price of admission". This is a combination of___ and ____ marketing respectively?

person;cause

Some Florida drivers have license plates that say "Save the Manatee". This is an example of___ marketing

cause

Many hotel chains offer free stays and other perks to repeat customers. This is an example of:

relationship marketing

Interactive marketing refers to:

buyer-seller communication in which the customer controls the amount and type of information received from a marketer.

By converting indifferent customers into loyal ones through relationship marketing, companies can:

generate repeat sales

Relationship marketing focuses more attention on___ customers because new customers are__ to acquire compared to existing customers

existing; more expensive

All of the following statements about strategic alliances are correct EXCEPT:

strategic alliances can only be formed between a for-profit and not-for profit organization

Financing is one of the___ functions of marketing

facilitating

Which of the following is a facilitation function of marketing

Standardization and grading

By contributing to local scholarships and community programs, which type of behavior is Target Stores exhibiting?

Social responsiblilty

Planning

Is the process of anticipating future events and conditions and determining the best way to achieve organizational objectives.

Marketing planning

process involves implementing planning activities devoted to achieving marketing objectives.

Strategic planning

is the process of determining an organizations's primary objectives and adopting courses of action that will achieve these objectives.

Tactical planning

Planning that guides the implementation of activites designed to meet primary objectives is called?

Mission

The essential purpose that differentiates one company from another

Marketing mix

The blending of the four strategy elements to fit the needs and preferences of a specific target market.

Porter's Five Forces

identifies competitive forces that influence planning strategies.

First mover strategy

The__ argues that the first company to offer a product will be the long-term winner

SWOT analysis

___is an important planning tool to determine an organization's strengths and weaknesses

Strategic window

Limited periods during which the key requirements of a market and the resources and skills of an organization best fit together is called

Product strategy

Involves decisions concerning the goods and services to be offered by a firm

strategic business unit

NBC is a___of General Electric

Question marks

achieve low market shares in high growth markets

market share

In the BCG matrix, the position of an SBU along the horizontal axis indicates its____ relative to those of competitors in the industry

annual growth rate

In the BCG matrix, the position of an SBU along the vertical axis indicates the____

Porter's Five Forces

The threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products and rivalry among competitors

second mover strategy

theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace

strategic business units (SBU's)

key business unit within diversified firms

stars

generate considerable income

dogs

generate little profits

what is the SWOT acronym stand for

strengths, weaknesses, opportunities and threats

what are the two components of every marketing strategy?

The target market and the marketing mix variables

Identify the four strategic elements of the marketing mix

Consists of product, distribution, promotion and pricing strategies

What are the 5 dimensions of the marketing environment?

Competitive, political-legal, economic, technological, and social-culture factors

Relationship marketing can help a company:

by creating long-term, cost-effective links with the individual customers and suppliers for a mutual benefit

Long-term plans focusing on those organizational objectives that will significantly affect a firm for five or more years are usually referred to as ___ plans

strategic plans

If Chevrolet was planning to introduce a sports car powered by a hydrogen-oxygen fuel cell when the price of gas in the U.S. reached $4 per gallon, this would be best described as an___ plan

strategic plan

Compared to other organization personnel, more time is devoted to long-range strategic planning by:

top management

Supersavers Market, a small grocery store chain, is working on its tactical plans. The personnel most involved in this operational planning process would be?

middle management, such as the merchandising and advertising managers

The planning process begins with?

writing the mission statement

The basic objectives or goals of an organization are derived from its

mission statement

In SWOT analysis, situations where organization are unable to capitalize on opportunities because of internal limitations are referred to as:

constraints

An example of a firms weakness discovered by a SWOT analysis might be

inadequate financing capabilities

An example of a threat to a firm discovered by a SWOT analysis might be:

the presence of cost advantages due to advanced technology

Those limited occasions when the key requirements of a market and the particular competencies of a firm best fit together constitute:

a strategic window

The group of people to whom a firm directs it s marketing efforts and ultimately its merchandise is known as:

target market

Jenny has been appointed marketing manager for Sparkling Cleaning Products. Her job focuses on decisions involving customer service, package, design, brand names and warranties. The element of the marketing strategy on which Jenny will work is most likely:

product strategy

Decisions about distribution strategy involve challenges such as

which marketing channels to adopt

Which of the following terms best fits the activity of promotion?

communicating between buyers and sellers

The marketing mix decisions which are closely regulated and subject to public scruntiny usually relate to____ strategy

pricing

All of the following are part of the marketing environment except:

product factors

A firm has decided to alter its pricing and promotional strategies in response to lower than forcasted job growth and declining personal incomes. The firm is responding to changes in its____ environment

economic

Carmen is a marketer for a global consumer products company. She is working on a promtional campaign designed for a foreign market and is ensuring the promotional campaign is clearly understood by the nations's consumers and does not inadvertently offend anyone. Carmen is being influenced by the country's____ environment

social-culture

As chief executive of Stalwart Shipfitting Company, a diversified producer of marine supplies and equipment, John needs a method for spotting promising product lines that warrant commitment of additional resources as well as those that should be removed from the first product portfolio. A good choice for this firm would be:

strategic business units

In a(an) ____ firms evaluate their products and divisions to determine the strongest and weakest

portfolio analysis

The quadrant of the BCG marke share/market growth matrix that represents both a high market share and a high rate of market growth includes the:

stars

The product manager for a new mousetrap informs the board of directors at its annual meeting that the product has been classified as a "dog" according to the BCG market share/market growth matrix. The means the product:

should be withdrawn from the market or sold off as quickly as possible.

A(n)___ is an Internet formum that allows users to post and read messages on a specific topic

electronic bulletin board

A(n)__is a secure network used for e-marketing and accessible through the firm's Web site by external customers, suppliers, or other authorized users

extranet

A(n)__ is a secure Web site in which a company and its suppliers share data related to e-marketing

private exchange

electric procurement

is the use of the internet by organizations to solicit bids and purchase goods and services from suppliers

electronic shopping cart

file that holds items the online shopper has chosen to buy

bot

is a search program that checks hundreds of different Web sites for information and brings it back to the sender

Encoding sensitive data for safer transmission over the Internet is called

encryption

electronic signature

An electronic identificatiton that allows legal contracts such as home mortgages and insurance policies to be executed online

A(n)___ is an electronic barrier between a company's internal network and the Internet that limits access into and out of the network

firewall

phishing

is a high-tech scam that uses authentic looking email or pop up messages to get unsuspecting victims to reveal personal information.

vishing

is a scam that collects personal information through voice response systems

A market process for returning or exchanging at a store that were purchased on the Internet is called

reverse logistics

spam

the popular name for junk e-mail

e-marketing

is the strategic process of creating, distributing, promoting, and pricing goods and services to target market over the Internet or through digital tools

A__is a Web page that serves as a publicly accessible personal journal

blog

A__is a Web page anyone can edit

wiki

A__is online audio or video files that can be downloaded to other digital services

podcast

Brief marketing message that appears before expected video content is known as

preoll video ad

search marketing

is an arrangement by which a marketer pays a fee to have their firm's Web site or ads pop up

The percentage of people who click on a banner ad is called the__

click-through rate

e-business

refers to conducting business via internet

business-to-business (B2B) e-marketing

Use of the Internet for business transactioons between organizations

References to the Internet's global reach have to do with its:

ability to communicate inexpensively with consumers anywhere at any time

How is online marketing different from e-marketing

Online marketing is limited to interactive computer systems, while e-marketing encompasses technologies not involving computers

By enabling the coordination of all promotional activites to produce a unified, customer-focused promotional message, e-marketing helps reach consumers through:

integrated marketing

The advantages of using Internet technology for business to business transactions are all of the following except:

fail-proof and secure payment methods

B2B e-marketing has been shown to:

make it possible for marketers to find new markets and customers

Which of the following statements about B2C e-marketing is true

B2C e-business involves online sale of services as much as physical goods

An online store where customers can view and order merchandise is called

electronic storefront

A(n)___ is a software program that allows online shoppers to compare the price of a particular product offered by several online retailers

shopping bot

When you are welcomed back by name to a Web site you've shopped at before and offered products suited specifically to your tastes or price range, you are targeted by:

personalized marketing

Which of the following categories of products have early online sellers focused on offering to customers?

Airline tickets

Whic of the following ways should an online retailer adopt to build customers trust?

Prominently displaying a privacy policy

Cookies

refer to software used by online companies to automatically collect data from the Interent browsers in order to track their customers' shopping and viewing habits

Which of the following measures is taken by Internet companies to indicate their promis to disclose how they collect personal data and what they do with the customer information?

Displaying the TRUSTe logo on their Web sites

The term___ is used to describe retailers without traditional stores or catelogs

pure-play

Channel conflicts can be defined as

conflicts among manufactors, wholesalers and retailers

Seth reads an online tour journal from his favorite musician. Fans can post comments or occasionally ask question of the musician. This online journal is an example of a(n)

electronic bulletin board

Which of the following is the most common form of Internet advertising?

Banner ad

SunDay Holidays paid a fee to Google.com to display their ads when a user enters a keyword related to holidays or vacations offered by Sunday Holidays. The link that appears on Google when a user types in a related keyword is called:

a sponsored link

The first step in creating an effective Web site is to:

understand the purpose of the site.

Web-to-store shoppers are a group of consumers who:

look up information on the Web and purchase the item in the store

The click-through rate is a measure of the:

percentage of people presented with a banner ad who click on it.

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