The want satisfying power of a product is
Occurs when two or more parties exchange someting of value
Occurs when buyers outnumber sellers or product supply
Occurs when there are more sellers (or products) than buyers
Describes the current era in the history of marketing
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
An advertisement for a U.S. Senate candidate is an example of
An advertisement titled "Ski Vermont" is an example of
The promotion of music concerts and movies is referred to as
Many not-for-profits utilize____ in order to influence people to accept their goals or contribute in some way
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
The growth of wireless technology has given rise to a new marketing strategy called
Buyer-seller communications in which the customer controls the amount and type of information received from a marketer is called
The use of online social media as a communications channel for marketing messages is known as
A customized marketing program designed to build long term relationships with individual customers
"Word of mouth" advertising that has grown in effectiveness with the advent of the Internet is called
For-profit and not-for-profit organizations often form
Are intermediaries that operate between producers and resellers
The moral standards of behavior expected by a society
Corporations that voluntarily recycle paper, glass and electronic practice____
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
Business philosophy stressing effciency in producing a quality product with the attitude toward marketing that "a good product will sell itself"
Assues that customers will resist purchasing NON ESSENTIAL GOODS, the task of personal selling and advertising is to persuade to buy
Companywide consumer orientation with the objective of achieving long run success
Reference to overall company profitability
Identificaiton and marketing of a social issue, cause or idea to selected target markets like childhood obesity
Partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market
Buying and selling
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:
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
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?
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?
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:
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
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?
Some Florida drivers have license plates that say "Save the Manatee". This is an example of___ marketing
Many hotel chains offer free stays and other perks to repeat customers. This is an example of:
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
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?
Is the process of anticipating future events and conditions and determining the best way to achieve organizational objectives.
process involves implementing planning activities devoted to achieving marketing objectives.
is the process of determining an organizations's primary objectives and adopting courses of action that will achieve these objectives.
Planning that guides the implementation of activites designed to meet primary objectives is called?
The essential purpose that differentiates one company from another
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
___is an important planning tool to determine an organization's strengths and weaknesses
Limited periods during which the key requirements of a market and the resources and skills of an organization best fit together is called
Involves decisions concerning the goods and services to be offered by a firm
strategic business unit
NBC is a___of General Electric
achieve low market shares in high growth markets
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
generate considerable income
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
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
Compared to other organization personnel, more time is devoted to long-range strategic planning by:
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
In SWOT analysis, situations where organization are unable to capitalize on opportunities because of internal limitations are referred to as:
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:
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:
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
All of the following are part of the marketing environment except:
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
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
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
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:
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
A(n)__ is a secure Web site in which a company and its suppliers share data related to e-marketing
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
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
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
is a high-tech scam that uses authentic looking email or pop up messages to get unsuspecting victims to reveal personal information.
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
the popular name for junk e-mail
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
A__is a Web page anyone can edit
A__is online audio or video files that can be downloaded to other digital services
Brief marketing message that appears before expected video content is known as
preoll video ad
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__
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:
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
A(n)___ is a software program that allows online shoppers to compare the price of a particular product offered by several online retailers
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:
Which of the following categories of products have early online sellers focused on offering to customers?
Whic of the following ways should an online retailer adopt to build customers trust?
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
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?
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.
is the process of collecting information about the external marketing environment
Attainment of organizational objectives by predicting and influencing the marketing environment is called
The__ is the interactive process that occurss in the marketplace among marketers of directly competive products
A market condition where relatively few producers compete because barriers restrict entry is called
__is the straegy of developing products more quickly than other firms
Ignorance of laws, ordinances, and regulations or noncompliance with them can result in__
Factors that influence consumer buying power are part of the__
__is the sum of all goods and services produced by a nation in a year
gross domestic product
Rising prices caused by excess demand and increases in the costs of raw materials, component parts, human resources, or other factors of production is referred to as__
__is the amount of money people have to spend after buying necessities such as food, clothing, and housing
Historically, periods of major innovation have been accompanied by dramatic increases in__
__is the process of reducing consumer demand for a good or service to a level that a firm can supply
__consists of a social force designed to aid and protect consumers
Marketers' standards of condut and moral values are called
Invasion of __ has become a critical issue in marketing research
__consists of actions which have the enhancement of society's welfare as a primary objective
Marketers sometimes use__ to intentionally offer products with limited durability
Toyota's promotion of cars using hybrid technology is an example of__
__involves campaigns that encourage people to adopt socially beneficial behaviors such as safe driving, eating more nutritious food, or improving the working conditions of people half a world away.
socially responsible marketing
Marketers must take into account external environment when creating a marketing strategy. These include all of the following except the___ environment
The goal of ___ is to analyze information and decide whether the identified trends represent significant opportunities or pose major threats to the company
Friums & You, a Canadian firm, together with its subsidiaries, manufactors and markets snacks, confectionary, and quick meal products worldwide. They have been trying to set up business in China. As per Chinese laws, Friums & You will have to be involved in a ___ to start operations in Chine
Which of the following statements is true regarding monopolies?
It is enjoyed by few organizations as sole suppliers of a good or service
Marketers must constantly monitor their competitors' products, prices, distribution, and promotional efforts because:
new product offerings by a competitor may require adjustments to one or more components of the firms marketing mix
Which of the following has ended total monoply protection for most utilities like natural gas, electricity, water, and cable Tv service?
What is the significance of the ENERGY STAR to marketers?
Consumers prefer environmentally friendly cheaper alternatives.
Why do many large firms maintain in-house legal departments?
In order to cope up with vast, complex, changing political-legal environment
Identify the latest regulatory frontier:
Luring customers to provide personal information is called__
What was the prime reason behind the formation of regulations aimed at protecting competitors?
Indepentent merchants felt the need for legal protection against competition from larger chain stores
Which act prohibits price discrimination in sales to wholesalers, retailers, or other producers?
The Council of Better Business Bureaus is a national organization devoted to consumer service and__
Which of the following consits of factors that influence consumer buying power and marketing strategies?
During which phase in the business cycle to marketers consider lowering prices and increasing promotions that include special offers to stimulate demand?
The Robinson family bought a car as they were offered a no-interest financing option. The family's annual vacation was also booked through a discount travel firm Expedia.com. The family has purchasing power, but they are preferring to spend their money cautiously like most families of the country. The above stated instances indicated whichh stage of the business cycle?
Which of the following usually indicates a strong economy?
Growth in services such as banking and restaurants
___are used by the federal government to control extreme fluctuations in the business cycle that can lead to a depression
Monetary and fiscal policies
Which term is used to describe the amount of money available with people after buying necessities such as food, clothing, and housing?
__can cause a damaging downward spiral, causing a freefall in business profits, lower returns on most investments, and widespread job layoffs
It has been seen in the United States that major innovations often lead to:
increased standard of living
The four basic consumer rights are the right to be informed, the right to be heard, the right to be safe, and:
the right to choose freely
Which of the following ethical issues is associated with product?
___is the process through which the ultimate buyers make purchasing decisions about a product or service
A(n)___ describes the values, beliefs, preferences and tastes handed down from one generation to the next
The___describes the tendency of people to conform to majority rule
People or an institution whose opinions are valued and to whom a person looks for guidance is called a
A(n)___is a trendsetter who purchases new products before others in a group, and then influences others in their purchases
A(n)__ is an imbalance between a consumers actual and desired states
An inner state that directs a person toward the goal of satisfying a need is a
___is the meaning that a person attributes to incoming stimuli
__is the human tendency to perceive a complete message given an incomplete amount of stimuli
Motivating the purchasing decision by eliciting either conscious or subconscious emotions is called
A persons enduring favorable or unfavorable evaluation, emotion, or action toward some object or idea is a
__is knowledge or skill that is acquired as a result of experience
A persons multifaceted picture of himself or herself is called
A(n)___ is one with high levels of potential social or economic consequences
high-involvement purchase decision
The numer of alternatives the consumer actually considers in the purchasing decision is the
Imbalance between beliefs and attitudes that occurs after an action or decision is taken is called
__is rapid consumer problem solving in which no new information is considered
routinized response behavior
A situation in which the consumer invests only a small amount of time and energy is called
limited problem solving
Kurt Lewin's theory of consumer behavior asserts that consumer behavior is a function of personal factors and their interaction with:
The broadest environmental determinant of consumer behavior is:
Education, individualism, freedom, health, and volunteerism are some of the:
core values of U.S. culture
Which groups establish vaules and behaviors they deem appropriate for their members, those values and behaviors are called group__
The relative position of individual within a group is called__
Peer pressure is closely related to which purchasing behavior concept?
Reference groups have a greater impact on the purchasing decision when the:
purchase is unique and conspicuous
The single group within society that is most vulnerable to reference group influence is
children, who base most of their buying decisions on outside influences
A newly married couple is looking to rent an apartment. The decision is likely to be:
The personal determinants of consumer behavior include:
an individuals needs and motives
A person who is satisfying the most basic level of needs is operating at which level of Maslow's Hierarchy of Needs?
The needs of fulfillment, realizing one's own potential, and fully using one's talents and capabilites are examples of___needs
Peoples' perception of an object or event result from an interaction between their:
stimulus and individual factors
Food manufactures often set up tables in grocery stores where customers can sample featured products. The goal of this type of promotion is to influence the___ component of attitude
An advertisement that creates warm feelings of goodwill toward the advertiser and its products is altering which component of attitude?
The process of applying a series of rewards and reinforcements to permit more complex consumer behavior to evolve is known as
While making purchasing decisions, consumers are likely to buy products they believe will move them closer to their___self
The looking-glass self is defined as:
the way an individual thinks others see him or her
High-involvment decisions typically involve___ and ____ products
In which of the following steps of the consumer decision making process, the marketer tries to help prospective buyers identify and recognize potential problems or needs?
Problem or opportunity recognition
Product features that consumers consider while choosing among alternatives are known as:
the evaluative criteria
Marketers can influence the outcome of the evaluation stage of the consumer purchase decision process by:
identifying which evaluative criteria are important to the individual, and pointing out which brand best meets those criteria
When a consumer begins to feel dissatisfied with a product or service recently purchased, the anxiety they feel is called
The post purchase evaluation of the consumer decision process attempts to measure the:
consumer satisfaction with the purchase
Which of the following consumer problem-solving behaviors requires the least effort
Routinized response behavior
When a product is unique or difficult to categorieze, the thought process involved in a purchase decision is known as:
extended problem solving