MKTG 409 Exam 1

communicating, delivering, value
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Terms in this set (67)
production, sales, and market orientationsThe three marketing management philosophies are _______.productionIn a _______ orientation, companies believe that a good product will sell itself.Investing in an information system to discover customers' real needsWhat is the first step for marketers in implementing the marketing concept?collect information about customers and create marketing promotions and communications specific to groups of consumersBroadly speaking, customer relationship management (CRM) allows marketers to _______.determine what customer needs and wants are and develop products to fit those needsThe first step of relationship marketing is to _______.Marketing knowledge enhances consumer awareness.Which reason regarding why marketing is important to our global economy supports the idea that, as a consumer, you will better understand the buying process?Marketing is important to business and the economy.Which reason regarding why marketing is important to our global economy supports the idea that marketing is performed by everyone in an organization?MarketingThe Process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with stakeholders in a dynamic environmentCustomersThe purchasers of organizations' products; the focal point of all marketing activitiesTarget Marketa specific group of customers on whom an organization focuses its marketing effortsMarketing MixFour marketing variables- product, price, distribution, and promotion- that a firm controls to meet the needs of customers within its target marketProducta good, a service, or an ideaValuea customer's subjective assessment of benefits relative to costs in determining the worth of a productExchangesThe provision or transfer of goods, services, or ideas in return for something of valueStakeholdersConstituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomesMarketing environmentThe competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mixMarketing ConceptA managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goalsMarket OrientationAn organization-wide commitment to researching and responding to customer needsRelationship Marketingestablishing long-term, mutually satisfying buyer-seller relationshipsGreen Marketinga strategic process involving stakeholder assessment to create meaningful, long-term relationships with customers while maintaining, supporting, and enhancing the natural environmentenvironmental scanningThrough a process called _______, marketers collect and evaluate information about the marketing environment.environmental analysisAssessing and interpreting the information found in environmental scanning is called ________.Passive or reactive, ProactiveA _______ approach is when an organization accepts the environmental forces as uncontrollable, and a ______ approach is when an organization tries to influence or shape the environmental forces.competitionA firm's ________ is other firms that market products which are similar to or can be substituted for its products.Product competitorsWhich of the following compete in the same product class but market products with different features, benefits, and prices?Brand competitorsmarket products that are similar in features, benefits, and price.Generic competitorssell different products that can solve the same problem.Total budget competitorscompete for the same limited financial resources of a competitor's customers.OligopolyWhich of the following types of competitive structure often exists because of the difficulty and expense of entering a market?disposable income________ income is the amount of money left after paying taxes.-Credit -Income -WealthWhich of the following are financial sources of buying power?prosperityUnemployment is low and total income is highrecoveryUnemployment begins to decline, disposable income increases, and the consumers' willingness to buy increasesDepressionUnemployment is very high, wages are low, and there is very little disposable incomeRecessionemployment rises and total buying power declinesLegal and regulatory forcesWhich of the following is most closely related to the political forces of the marketing environment?Lobbying and campaign contributionsProactive marketers often seek to influence the political forces of the environment through ________ and _________.Lanham Act (1946)Provides protections for and regulation of brand names, brand marks, trade names, and trademarks.Sherman Antitrust Act (1890)Calls monopolizing or attempting to monopolize a misdemeanor.Federal Trade Commission Act (1914)Created the Federal Trade Commission and gave it investigatory powers to be used in preventing unfair methods of competition.Consumer Goods Pricing Act (1975)Prohibits the use of price-maintenance agreements among manufacturers and resellers in interstate commerce.Robinson-Patman Act (1936)The _______ prohibits price discrimination in sales to wholesalers, retailers, or other producers.Federal Trade Commission (FTC)Which of the following regulatory agencies has the greatest influence over marketing activities?National Advertising Review Board (NARB).________ considers cases in which an advertiser challenges issues raised by the National Advertising Division (NAD) about an advertisement.TechnologyWhich of the following is the application of knowledge and tools to solve problems and perform tasks more efficiently?technology assessmentThrough a procedure known as _______, managers try to foresee the effects of new products and processes on their firms' operations, on other business organizations, and on society.DemographicsChanges in a population's ________ characteristics such as age, income, race, and ethnicity can lead to changes in that population's consumption of products.relating to health, nutrition, family, and the natural environmentThe major source of cultural values is the citizenshipSocially responsible organizations strive for _______ by adopting a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities that their stakeholders expect of them.Economic and legalWhich responsibilities are the most basic aspects of social responsibility?SustainabilityWhich of the following is the potential for the long-term well-being of the natural environment, including all biological life, as well as the interaction among nature and individuals, organizations, and business strategies?Right to be informedconsumers should have access to and the ability to review all information about a product before buyingRight to safetymarketers have a responsibility not to market a product that they know could harm consumersRight to chooseconsumers should have access to a variety of products at competitive pricesRight to be heardconsumers' interests will receive full consideration while making government policy and consumers will receive fair treatment when they complain to marketers about productsEthics and social responsibility_______ relates to individual and group decisions about what is right and wrong in a particular situation, whereas _______ deals with the total effect of marketing decisions on society.accepatableIf other organizational members approve of the activity and it is legal and customary within the industry, chances are that the activity is ________ from both an ethical and a social responsibility perspective.