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A firm describes its overall goals and operational scope in its ORGANIZATIONAL CHART.
False (VISION STATEMENT)
Strategic planning has a critical impact on a firm's destiny because it provides SHORT-TERM direction for decision makers.
According to the BCG matrix, QUESTIONS MARKS achieve high market shares in high-growth markets.
Jeffrey, the marketing manager at Stille & Nyce HomeNeeds, conducts a survey to identify consumers who would require a new type of recliner and researches the best design for them. After this, it is the responsibility of Karen, the finance manager, to decide the pricing strategy for the new product.
The expanded concept of marketing activities permeates all functions in businesses and not-for profit organizations.
In the two final steps of the planning process, marketers put the marketing strategy into action; then they monitor performance to ensure that objectives are being achieved.
The planning process defines checkpoints at which the organization can compare actual performance with expectations to indicate whether current activities are close to achieving organizational objectives.
Firms that narrowly define their organizational goals can avoid the problem of marketing myopia.
A theater group promoting a performance to raise funds in the fight against cancer is an example of both cause marketing and event marketing.
The second step in the planning process is corporate development of the organization's objectives.
Statements such as "increase market share by 25 percent by 2009" or "open 50 to 75 new stores for each of the next five years" are typically part of mission statements.
According to relationship marketing, firms must apply higher standards of customer satisfaction to external customer relationships over intradepartmental relationships.
The planning process creates a blueprint that everyone in the organization must follow in order to achieve the organizational objectives.
Technology is changing the distribution methods of traditional print media. If corporations change their strategic plans to account for distribution variables in the marketing mix, there will be changes to the remaining three variables in the marketing mix, as well.
Marketing myopia occurs when management fails to recognize the scope of its business.
In the past, firms have viewed their suppliers as adversaries against whom they must fiercely negotiate prices, playing one off against the other.
Celebrities such as Tiger Woods and David Beckham use person marketing as a way to increase their value in the marketplace.
Manufacturers engage in risk taking when they create goods and services based on research and their belief that consumers need them.
A SWOT analysis helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
One reason for organizing into strategic business units (SBUs) is to help a company make decisions about which product lines warrant commitment of additional resources and which should be removed from the firm's portfolio.
An important difference between for-profit and not-for-profit organizations is that for-profits often market to multiple publics rather than a single public.
Surveys have shown that marketers overestimate the impact that cause marketing has on how the customer views the company. According to their observations, sales will not increase because a company is linked to a cause.
Some not-for-profit organizations, such as the Lance Armstrong Foundation, have adopted the marketing concept by partnering with for-profit companies, such as Nike, to promote the not-for-profit's message or image.o a cause.
According to the BCG matrix, marketers seek to rid themselves of their cash cows because those products hold low market shares in low-growth markets.
A restaurant that places signs along the interstate to advertise its location knows the signs will act as cues, and hunger will create a drive causing consumers to stop at the restaurant.
To cope with the complex and changing political-legal environment, many large business firms maintain in-house legal departments.
The strategies of time-based competition and first mover can be advantageous to companies that are most impacted by technology.
The United States and Europe are finding that cultural influences are growing less important in determining the purchasing behavior of consumers.
Marketers can induce customers to include their product in the evoked set by demonstrating how the product's benefits meet the consumer evaluative criteria.
Repurchasing the same brand of detergent during each trip to the grocery store is an example of limited problem-solving behavior by a consumer.
Resolving to buy a different brand in the future may reduce cognitive dissonance in the present.
Marketers are more concerned with the current status of consumer decisions than they are with the process of how these decisions change over time.
Technological advancement helps reduce prices and offers superior, cost-efficient distribution methods.
Social class is determined by a multitude of factors including wealth, IQ, and social connections.
The U.S. military has historically been a source of product innovation and many of its technologies have been adapted for the consumer markets.
It was not until the introduction of the Chevrolet Nova in Mexico that marketers realized "no va" in Spanish means "won't go." This linguistic error demonstrates how Chevrolet overlooked cultural differences in its product introduction.
A life insurance salesperson explaining the benefits of a policy to both husband and wife in a two-income family is perceiving the adoption of the policy to be a syncratic purchasing decision.
The Sherman Antitrust Act, the Clayton Act, and the Federal Trade Commission Act are evidence of federal commitment to maintain a competitive business environment in the United States.
In addition to planning for change, marketers must set goals to meet the concerns of customers, employees, shareholders, and members of the general public.
Perception is the meaning a person attributes to incoming stimuli gathered through the senses of hearing, taste, smell, touch, and sight.
The basic consumer rights expounded by President Kennedy in 1962 include "the right to be safe," referring to the idea that the goods and services people buy should not be injurious in normal use.
The consumer decision process is defined by six steps that move the consumer from the first step of need identification to the final step of purchasing the product.
The existing U.S. legal framework was constructed in a logical, systematic manner, resulting in a coherent and easily understood body of laws.
Blogs, social networking sites, and electronic bulletin boards are effective ways for a marketer to infiltrate the perceptual screens of consumers.
Promotions, the most direct link between a firm and its customers, are used to attract and retain customers. Hence, the ethical questions raised in such issues are nullified.
Marketers are finding new product opportunities with two-income families demanding goods and services that fill the need for convenience, health, safety and time constraints.
Consumers are often motivated to purchase a product in the hopes of filling a need.
The only inputs that affect a consumer's purchasing decisions are those provided by his or her psychological makeup.
Outboard motors that are sold in the United States primarily as recreational products may be sold in a foreign country as basic transportation equipment. Such a practice would constitute product adaptation in the foreign market.
Countertrading can be utilized as a way for a country to control its balance-of-trade problems.
Use of a straight extension marketing strategy usually results in economies of scale in production and marketing.
Some of the largest direct investments by foreign companies in the United States have occurred in the automobile industry.
Foreign governments are restricted by international law from supporting, assisting, or otherwise condoning domestic companies that attempt to dump product into the economies of other nations for the purpose of increasing sales, eliminating competition, or establishing a market presence.
The most profitable service exports for the United States are business and technical services, banking, retailing, entertainment, and communications.
Changing both the product and promotion strategy to fit a foreign market is called global adaptation.
False (product adaptation)
The World Trade Organization oversees GATT agreements, mediates disputes, and continues the effort to further reduce trade barriers throughout the world.
Modifying the control panel of a washing machine to accommodate cultures that read right to left would be considered a form of select product invention.
Import quotas set dollar volume limits on traded goods as a way to control the amount of product that enters a country.
Trade associations represent excellent sources of private data for particular industries, but these data are rarely made available to marketers.
Information found on the Internet is trustworthy as it is posted by people with in-depth knowledge of the subjects they are reporting on.
Today's marketing research follows sophisticated practices which are far removed from practices such as sieving through garbage.
An organization that provides a standardized set of data to its customers can be considered a type of limited-service supplier.
Guitar Center hypothesized that because of changing music trends, acoustic guitars would no longer be a best-selling item. This represents the first stage of the marketing research process.
Researchers rarely use an entire population for a study because it would not only be too costly, it would become a census.
Competitive intelligence is synonymous with business intelligence.
The low rates of Internet penetration in under-developed countries imply that mail survey remains the most common method for conducting primary marketing research outside the United States.
Test marketing a new product is expensive and communicates company plans to competitors prior to its full-scale introduction.
In forecasting, the short run is considered a period of two to three years, an intermediate period is four to seven years, while a long-term forecast is eight to ten years.
Secondary data has the advantage of being more completely relevant to the research than primary data.
Businesses may need to adjust their data collection methods for primary research in other countries since some methods do not easily transfer across national borders.
The jury of executive opinion and the Delphi technique are both forecasting methods that use the opinions of experts from outside the firm.
Firms usually decide whether to conduct a marketing research study internally or through an outside organization based on cost, reliability, and accuracy of the data collected by the outside firm.
Socially responsible marketing behavior can benefit organizations by ________.
building customer loyalty
The process of identifying, monitoring, and interpreting crucial trends and developments in the business world is known as ________.
The need to be accepted by people and groups important to an individual is a(n) ________ need in Maslow's Hierarchy.
Product adaption is a form of international strategy for which marketing mix component?
Collecting and managing information for marketing decision making is known as ________.
_______ segmentation divides a population into groups that have similar characteristics, values, and lifestyles
Most retailers identify their target market in terms of ________.
collecting and managing information for marketing decision making is known as
a reason that companies may decide to conduct market research activities internally is
during the marketing research process a marketer ________ to find solutions to marketing problems
creates a research design
marketing research methods that seek secondary data can use ______ as a resource in the data collection process
a _______ sampling is conducted when sub samples of different groups are randomly selected to participate in a research study.
use of focus group interviews is a popular technique for Gathering data to Aid in the _______ stage of the marketing research process
the use of online and internet-based surveys to collect primary data is growing in popularity because _______
all of the above
some research tools do not easily transfer across National boundaries. However, too. Collection methods that International Market researchers find useful are _______.
face-to-face interviews and interpretative research
computer technology is used in _______ systems for gathering and analyzing data to improve business strategy, tactics, and daily operations.
indirect competition occurs when businesses compete _______
among substitutable Goods
the availability of Labor in a market is an example of a ________ factor in the marketing environment
when inflation occurs within a business cycle, which of the following conditions exist
an increase in prices
marketing's ______ decisions raise many at the goal questions because they are the most direct link between a company and the consumer
the process of tactical planning includes
guiding the implementation of activities specified in the Strategic plan
a marketing research supervisor would have which type of planning responsibilities
marketers within a business unit contribute to the marketing planning process by
Gathering feedback to Monitor and adapt strategies
businesses that adopt a second mover strategy are hoping to
improve upon Innovative Market strategies
conducting a SWOT analysis is critical during what stage of the marketing planning process?
assessing resources, opportunities, and risks
which of the following factors is not a marketing mix variable
which dimension of the marketing environment has experienced the most dramatic and rapid changes in recent years
which marketing planning tool analyzes relative market share and Industry growth rate for strategic business units to determine marketing strategies appropriate to the business
in the history of marketing, the ______ era represent a crucial shift in management Philosophy from a seller's market perspective to a buyer's market
donations by a company to help communities recovering from disasters is a form of
relationship building in marketing begins
as the product idea is being generated
socially responsible marketing Behavior can benefit organizations by
building customer loyalty
firms can achieve effective customer relationships using customer relationship management software to
integrate customer preferences with operational functions
as the strength of commitment between two parties grows ______ becomes the primary focus
what type of marketing is used by some organizations to engage individuals with shared interest
business-to-business marketing concentrates on knee
goods and services purchased to support company operations
some relationship marketing efforts have begun to use customer advocacy to
develop active proponents of a product
consumer decision process
1. need recognition
2. information search
3. alternative evaluation
5. post purchase
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