50 terms

marketing final part 1 of 4

The four Ps comprise the marketing mix, which is the ______________ set of activities that the firm uses to respond to the wants of its target markets.
controllable set
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on:
how different customers perceive the value of her services.
Delivering the value proposition is also known as:
supply chain management
Every Christmas season, Anheuser-Busch runs television ads featuring Clydesdale horses in a winter scene. These ads focus on the promotional goal of __________ consumers about Budweiser, the company's brand of beer.
The evolution of marketing progressed along the following continuum:
production, sales, marketing, value-based marketing
Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant to improve benefits to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or:
improve products and services at the same cost.
As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven principle of:
sharing information across the organization.
Even though they operate from out-of-the-way airports and offer few extra services, discount airlines like Ryanair and EasyJet have been successful. Consumers obviously consider:
the benefit of lower prices to be greater than the cost of reduced services and less convenience.
After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that:
lifetime profitability of relationships matters more than profits from each transaction.
Franco uses a database software system to remind him when his customers should be ready to re-order his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be "in the buying mode." Franco's system is part of:
customer relationship management
Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to:
divide the marketplace into subgroups
After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in:
target marketing
Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.
For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25-50 year old, educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented
target market segment
effective marketing doesnt just happen it is
if starbucks decided to start selling organic meals to corporate eating facilities it would be pursuing a diversification strategy
itunes software is often credited for the success of the apple ipod mp3 player because it made the ipod easier to use than competing plyers. this is an example of sustainable competitive advantage
Sandisk's MP3 player product line (called the Sansa) has a low relative market share. The MP3 player market is expected to decline over the next few years. In BCG portfolio analysis, the Sansa would be considered a dog.
Carla has been directed by her regional marketing manager to cut prices on seasonal items, submit an ad in the local paper, and tell distributors to reduce deliveries for the next month. Which step of the strategic marketing planning process is Carla engaged in?
implement marketing mix and resources
When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her ten-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of:
customer excellence
Craig sees that his company's quarterly sales and profits are significantly above projections and says thats great lets keep doing what we've been doing. craig is ignoring the ______ step of the marketing process
evaluation performance
_____ involves the process of defining the marketing mix variables so that target customers have a clear distinctive understanding of what a product does or represents in comparisons competing products
Walmarts strong supplier relations and efficient supply chain have helped the firm achieve operational excellence
successful firms focus their efforts on satisfying customer needs that
match their core competencies
Ryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Ryan's firm must look at everything it does:
from a customers point of view
demographic profiles of customers provide an easily understood "snapshot" of the typical consumer in target markets
Firms that provide materials, transportation, advertising, accounting and other goods and services, helping a firm create value for its customers are called:
corporate partners
the difference between a firms immediate marketing environment and its macroenvironment is taht the macroenvironment is
political candidates are notorious for appealing to the different beliefs and values of groups of potential voters in different regions of the country. these politicians are appealing to the differences in
regional culture
when marketers look at advertising media they often begin with viewer or listener profiles such as age, income, gender, and race. they then compare the media profile with their target audience. these marketers are using_____ to see if the media "fits" with their advertising agenda
marketers in the united state are paying increasing attention to ethnic groups because
approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups
by offering environmentally responsible products green marketers:
add value that the other products do not have
Recent advances in technology allow manufacturers distributors and retailers to track production distribtuion and sales. these advances help the firm to
meet inventory needs
successful firms focus their efforts on satifsying customer needs that match their core competencies
The centerpiece of the marketing environment analysis framework is
a firms macroenvironment includes all of the following except
_______________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
brand equity
Zappos is a successful online shoe company. One of the difficulties in running a shoe company is the need to have significant _____________, a large number of items in each product line
product line depth
A(n) ________________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.
A __________________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.
product line
The complete set of all products offered by a firm is called its:
product mix
A product is ____________________ that can be offered through a voluntary marketing exchange.
anything of value to consumers
A product is ____________________ that can be offered through a voluntary marketing exchange.
that asks two questions at once
When the market research problem is not clearly defined, a researcher will likely engage in __________________ research.
The major advantage of primary data collection is that
can be tailored to meet the specific research needs
Marketers often race too quickly into research studies to collect __________________ data because it is designed to address their specific questions, while _____________ data may exist that can sufficiently address the marketer's questions at a much lower cost.
Joe is reviewing secondary data his company collected about seasonal variation in consumer spending. The advantages of using this data include that:
it can be quickly accessed at a relatively low cost
A marketing research project often begins with a review of the relevant _____________ data
Once a marketing researcher is ready to move beyond preliminary insights to specific, informed questions, the researcher is ready to conduct:
conclusive resarch
Commercial research firms like ACNielsen, J. D. Power, and Simmons Market Research Bureau are sources of:
syndicated data