A company with a _____ orientation assumes that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy
Term
False
Quiz 1 Question
Definition
Firms that make the most efficient use of buzz marketing claim that it is a “one-way” approach to building customer relationships.
Term
Target markets
Quiz 1 Question
Definition
Assume you want to increase the number of customers by applying the marketing concept. Which of the following strategies would be most consistent with this approach?
Term
False
Quiz 1 Question
Definition
The limitation of a strategic alliance is that it eliminates competitive advantage.
Term
facilitating
Quiz 1 Question
Definition
Financing is one of the _____ functions of marketing.
Term
True
Quiz 1 Question
Definition
Manufacturers engage in risk taking when they create goods and services based on research and their belief that consumers need them.
Term
False
Quiz 1 Question
Definition
The relationship era builds on the marketing era’s customer orientation by only focusing on maintaining relationships with customers.
Term
A mall being inaugurated by a popular commercial actor.
Quiz 1 Question
Definition
Which of the following is an example of person marketing?
Term
Firms gain credibility from their efforts to protect the environment.
Quiz 1 Question
Definition
What is the role of marketing in sustainability efforts?
Term
sustainable products.
Quiz 1 Question
Definition
Products that can be produced, used, and disposed of with minimal impact on the environment are called:
Term
product promotion
Quiz 2 Question
Definition
Newsletters, catalogs, and invitations to company-sponsored events are most closely associated with the marketing mix activity of:
Term
False
Quiz 2 Question
Definition
Relationship-building goals and strategies are seldom included in the plans of business firms.
Term
Star
Quiz 2 Question
Definition
Microsoft Windows generates considerable income for its parent company but is expensive to support. However, the expense is acceptable because Windows is the world's dominant operating system. Based on this information, Windows would be categorized under the BCG market share/market growth matrix as a:
Term
which marketing channels to adopt.
Quiz 2 Question
Definition
Decisions about distribution strategy primarily involve challenges such as:
Term
mission statement.
Quiz 2 Question
Definition
The basic objectives or goals of an organization are derived from its:
Term
strategic windows.
Quiz 2 Questions
Definition
The limited occasions when the key requirements of a market and the particular competencies of a firm best fit together are referred to as:
Term
True
Quiz 2 Questions
Definition
Toyota’s introduction of the hybrid-powered Prius is an example of how it has turned public concerns and legal issues about the natural environment into an opportunity.
Term
sustainable competitive advantage.
Quiz 2 Questions
Definition
All planning strategies have the goal of creating:
Term
distribution
Quiz 2 Questions
Definition
Maxwell has been promoted to an upper-level management position at QVC. He will be involved in matters relating to transportation media, order processing, and development of marketing channels. Maxwell is involved in developing _____ strategies for the marketing team.
Term
True
Quiz 2 Questions
Definition
Employees at middle-management levels engage themselves in business unit budgets and divisional policies and procedures.
Term
True
Quiz 3 Questions
Definition
The choice between pleasing all consumers and remaining profitable—thus surviving—defines one of the most difficult dilemmas facing business
Term
True
Quiz 3 Questions
Definition
Improved product quality and superlative customer service can help a company gain a competitive advantage in the marketplace.
Term
The antimonopoly period
Quiz 3 Questions
Definition
In which phase of U.S. government regulation were major laws such as the Sherman Antitrust Act, the Clayton Act, and the Federal Trade Commission Act passed to maintain a competitive environment?
Term
strategic alliance
Quiz 3 Questions
Definition
Friums & You, a Canadian firm, together with its subsidiaries, manufactures and markets snacks, confectionery, and quick meal products worldwide. The firm has been trying to expand its business into China. As Chinese laws require foreign firms to do business with local companies, Friums & You will have to be involved in a _____ to start operations in China.
Term
discretionary income
Quiz 3 Questions
Definition
The amount of money available with people after buying necessities such as food, clothing, and housing is referred to as _____.
Term
The Sherman Antitrust Act
Quiz 3 Questions
Definition
Which act prohibits restraint of trade and monopolization and identifies a competitive marketing system as a national policy goal?
Term
Cyberspace
Quiz 3 Questions
Definition
Which of the following is the newest regulatory frontier for federal and state regulators in the United States?
Term
business self-regulation
Quiz 3 Questions
Definition
The Council of Better Business Bureaus is a national organization devoted to consumer service and _____.
Term
higher standards of living.
Quiz 3 Questions
Definition
It has been seen that periods of major innovations often lead to:
Term
True
Quiz 3 Questions
Definition
One way the Federal Trade Commission can enforce laws is by issuing a consent order in which a firm accused of violations can agree to voluntary compliance without admitting guilt.
Term
“How do we engage the audience in a conversation?”
Quiz 4
Definition
Once marketers answer the question of who they are trying to reach by targeting their audience, they ask a second vital question in social media marketing:
Term
True
Quiz 4
Definition
Marketers generally view the goal of social media marketing as developing a conversation with potential customers.
Term
app
Quiz 4
Definition
ReadUp is a social media management software that allows its users to read free books available on the Internet and browse through various articles and international dailies for information. ReadUp can be regarded as a(n) _____.
Term
False
Quiz 4
Definition
The content programmer of a social news site decides which news postings get the most prominent display on the site.
Term
App
Quiz 4
Definition
A(n) _____ is a free or paid software download that links users to a wide range of goods and services, media and text content, social media platforms, search engines, and the like.
Term
True
Quiz 4
Definition
Marketing efforts aimed at creating brand awareness will have a broader target audience compared to those aimed at strengthening relationships with existing customers.
Term
False
Quiz 4
Definition
People who want to learn about a product and its features in detail are more likely to search out this information on Twitter, while those interested in a promotional event are more likely to follow Facebook.
Term
build relationships, including partnerships with other companies.
Quiz 4
Definition
In a B2B context, businesses use social media mainly to:
Term
True
Quiz 4
Definition
An effective social media marketing campaign should contain good keywords that the targeted audience are most likely to search for when looking for information about goods and services.
Term
A thorough understanding of the target audience
Quiz 4
Definition
Which of the following is the most essential requirement for developing the best strategies for a social media marketing campaign?
Term
False
Quiz 5
Definition
Newsgroups are commercial versions of Internet forums.
Term
electronic bulletin boards.
Quiz 5
Definition
Specialized online services that center on a specific topic or area of interest, such as white water rafting or stamp collection, are known as:
Term
False
Quiz 5
Definition
Majority of e-marketing activities are business-to-consumer transactions.
Term
True
Quiz 5
Definition
E-marketing can lead to copyright disputes when a site hosts content to which someone else holds the rights.
Term
among manufacturers, wholesalers, and retailers.
Quiz 5
Definition
Channel conflicts can be defined as conflicts:
Term
firewalls
Quiz 5
Definition
To prevent intrusions, companies install combinations of hardware and software called _____ to keep unauthorized Net users from tapping into private corporate data.
Term
pop-up
Quiz 5
Definition
Sandra is surfing the Web. After entering a popular site for attorneys, a separate window suddenly appears on the screen promoting a new line of legal software. This is an example of a _____ ad.
Term
B2C e-business involves online sale of services as much as physical goods.
Quiz 5
Definition
Which of the following statements about B2C e-marketing is true?
Term
Conversion rate
Quiz 5
Definition
The Metrics Group is a firm that helps companies improve the performance of their websites. The firm rates the effectiveness of the website based on the percentage of website visitors making purchases through the site. Which of the following measures is being used by the firm while assessing the effectiveness of the websites?
Term
True
Quiz 5
Definition
Increased capability of smart phones has boosted online retail sales.
Term
True
Quiz 6
Definition
Advertisements that utilize closure have a good chance of catching the attention of consumers as they try to complete the advertising message with a limited amount of stimuli.
Term
False
Quiz 6
Definition
The situation in which a consumer makes a purchase by rapidly choosing a preferred brand is referred to as limited problem solving.
Term
True
Quiz 6
Definition
Individuals who aspire to become members of a certain group most often adopt its standards of behavior and values.
Term
True
Quiz 6
Definition
The understanding of the consumer decision process can be used by marketers to change consumers’ attitudes about their products.
Term
Repeat purchase behavior
Quiz 6
Definition
Which of the following actions is shaped by the effective application of learning theory within the marketing strategy context?
Term
True
Quiz 6
Definition
Well-known luxury retailers offer unique or prestigious products at price ranges slightly lower than their premium brands to attract middle-class consumers aspiring to the upper-class.
Term
limited
Quiz 6
Definition
Cynthia and William enter Franklin’s Electronics to buy a television set. They had previously planned to replace their 10-year-old color set with a new model of the same brand but are surprised by the array of brands the store offers, each having a special feature. They decide to take their time and look at every type of TV Franklin’s has to offer. Cynthia and William are exhibiting _____ response behavior.
Term
True
Quiz 6
Definition
African Americans are part of every economic group in the United States.
Term
True
Quiz 6
Definition
The influence of reference groups is more significant in case of children, when compared to adults.
Term
belongingness
Quiz 6
Definition
Joining a local bowling league for social interaction is an attempt to meet _____ needs.
Term
True
Quiz 7
Definition
Group purchasing is an important factor in institutional markets as institutions often join cooperative associations to pool purchases for quantity discounts.
Term
True
Quiz 7
Definition
Poor service or poor delivery performance by a current supplier can provoke a modified rebuy decision from the customer.
Term
True
Quiz 7
Definition
Social goals influence governments to purchase goods and services from small firms and companies owned by minorities and women.
Term
True
Quiz 7
Definition
Organizational buyers tend to have much more precise and complex requirements for goods and services than ultimate consumers.
Term
The customer’s transaction history
Quiz 7
Definition
Which of the following factors is considered by marketers while segmenting business markets by purchase categories?
Term
Public administration
Quiz 7
Definition
Which of the following is one of the industry categories created by the Standard Industrial Classification system?
Term
True
Quiz 7
Definition
The Federal Trade Commission in the United States views reciprocal arrangements as attempts to reduce competition.
Term
Merchandisers
Quiz 7
Definition
_____ are trade sector buyers employed by organizations to secure needed products at the best possible prices.
Term
True
Quiz 7
Definition
Institutional markets are characterized by widely diverse buying practices.
Term
North American Industry Classification System.
Quiz 7
Definition
The system for grouping businesses that grew out of the NAFTA accord is known as the:
Term
Global
Quiz 8
Definition
When a firm uses a standardized marketing mix with minimal modifications in all of its domestic and foreign markets, it is known as a _____ marketing strategy.
Term
True
Quiz 8
Definition
Licensing is an attractive entry strategy for small firms as it does not involve capital outlays.
Term
True
Quiz 8
Definition
A noticeable trend toward multinational economic integration has developed since the end of World War II.
Term
False
Quiz 8
Definition
Revenue tariffs are usually higher than protective tariffs.
Term
True
Quiz 8
Definition
The product invention strategy helps a firm take advantage of unique foreign market opportunities.
Term
True
Quiz 8
Definition
A franchisee receives the right to sell the franchiser’s products and to use the franchiser’s name as well as a variety of marketing, management, and other services.
Term
True
Quiz 8
Definition
Nearly four of every five dollars in the United State’s gross domestic product comes from services such as banking, entertainment, business and technical services, retailing, and communications.
Term
Service
Quiz 8
Definition
Which of the following industries has seen a steady growth in the United States in the recent years with nearly 90 percent of Americans now working in it?
Term
FTAA
Quiz 8
Definition
The _____ is a proposed free-trade area stretching the length of the entire Western Hemisphere and designed to extend free trade benefits to additional nations in North, Central, and South America.
Term
remove all barriers to free trade among its members, and standardization of currencies and regulations.
Quiz 8
Definition
The goal of the EU, a multinational economic community is to:
Term
marketing concept
Definition
Companywide consumer orientation with the objective of achieving long-run success.
Term
relationship marketing
Definition
Development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit.
Term
Production, Sales, Marketing, Relationship, and Social
Definition
The different types of marketing eras
Term
social marketing
Definition
The use of online social media as a communications channel for marketing messages.
Term
sales orientation
Definition
Belief that consumers will resist purchasing nonessential goods and services, with the attitude toward marketing that only creative advertising and personal selling can overcome consumers’ resistance and persuade them to buy.
Term
production orientation
Definition
Business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that “a good product will sell itself.”
Term
strategic planning
Definition
Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives.
Term
tactical planning
Definition
Planning that guides the implementation of activities specified in the strategic plan.
Term
first mover strategy
Definition
Theory advocating that the company first to offer a product in a marketplace will be the long-term market winner.
Term
second mover strategy
Definition
Theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace.
Term
SWOT analysis
Definition
Review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
Term
BCG Matrix
Definition
A way to evaluate an organizations strategic business unit with a portfolio performance framework.
Term
environmental scanning
Definition
Process of collecting information about the external marketing environment to identify and interpret potential trends.
Term
antitrust
Definition
Laws designed to prevent restraints on trade such as business monopolies
Term
social media marketing plan
Definition
A formal document that identifies and describes goals and strategies, targeted audience, budget, and implementation methods, as well as tactics for monitoring, measuring, and managing the SMM effort.
Term
social media marketing (SMM)
Definition
The use of social media portals to create a positive influence on consumers or business customers toward an organization’s brand, products, public image, or website.
Term
e-marketing
Definition
Strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools.
Term
Kurt Lewin Theory
Definition
Classification scheme for influences on buying behavior
B=f(P,E)
This statement means that behavior(B) is a function(f) of the interactions of personal influences(P) and pressures exerted by outside environmental forces.
Term
Culture
Definition
Values, beliefs, preferences, and tastes handed down from one generation to the next.
Term
Asch Phenomenon
Definition
Surprising impact of groups and group norms on individual behavior
Term
business-to-business (B2B)
Definition
Organizational sales and purchases of goods and services to support production of other products, to facilitate daily company operations, or for resale.
Term
exchange rate
Definition
Price of one nation’s currency in terms of another country’s currency.
Term
global marketing strategy
Definition
Standardized marketing mix with minimal modifications that a firm uses in all of its domestic and foreign markets.
Term
ISO (International Organization for Standardization) certification
Definition
Internationally recognized standards that ensure a company’s goods, services, and operations meet established quality levels and its operations minimize harm to the environment.
Term
target market
Definition
Specific group of people a firm believes is most likely to buy its goods and services.
Term
geographic segmentation
Definition
Division of an overall market into homogeneous groups based on their locations.
Term
primary data
Definition
Information collected for a specific investigation.
Term
secondary data
Definition
Previously published information.
Term
Business products
Definition
Goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.
Term
False
Quiz 10
Definition
Researchers usually spend less time and money in gathering primary data compared to secondary data.
Term
True
Quiz 10
Definition
Test marketing a new product is expensive and communicates company plans to competitors prior to its full-scale introduction.
Term
True
Quiz 10
Definition
A sales forecast is an important tool for marketing control because it sets standards against which actual performance can be measured.
Term
Exponential smoothing
Quiz 10
Definition
_____ is a quantitative forecasting technique that assigns weights to historical sales data, giving the greatest weight to the most recent data.
Term
False
Quiz 10
Definition
Secondary data has the advantage of being more completely relevant to the research than primary data.
Term
True
Quiz 10
Definition
Videotaping consumers in action is gaining acceptance as an observational research technique.
Term
researchers select subsamples by a random process.
Quiz 10
Definition
A stratified sample differs from a quota sample as in a stratified sample:
Term
True
Quiz 10
Definition
Marketing research aids decision makers in analyzing data and in suggesting possible actions.
Term
True
Quiz 10
Definition
Personal interviews is usually the best means to obtain detailed information about consumers.
Term
Jury of executive opinion
Quiz 10
Definition
Carlos, CEO of Fresh Foods, wants a qualitative forecasting technique that is quick, inexpensive, and can be effectively used to forecast sales in the short run and for new product development. Which of the following techniques will best suit his purpose?
Term
They focus on developing a dependence between buyers and sellers.
Quiz 11
Definition
Which of the following is a feature of marketing efforts at the third level of relationship marketing continuum?
Term
False
Quiz 11
Definition
At the second level of relationship marketing continuum, the buyers and sellers develop a dependence on one another that continues to grow over time.
Term
True
Quiz 11
Definition
In the context of the relationship marketing continuum, the first-level relationship marketing programs typically rely on pricing and other financial incentives to motivate the customer into a buying relationship with a vendor.
Term
CPFaR
Quiz 11
Definition
Whirlpool and Sears are working in collaboration with each other in order to forecast, plan, and replenish the merchandise in the store. This strategy is referred to as:
Term
True
Quiz 11
Definition
In a buyer partnership, the supplier must meet the unique needs of the purchaser in order to make the relationship successful.
Term
False
Quiz 11
Definition
The level 1 purchasers on a company’s relationship marketing continuum receive specialized services and value-added benefits that may not be available from another firm.
Term
Purchasing a CRM system allows a firm to expand and customize, whereas hosted systems are more limited.
Quiz 11
Definition
Which of the following is true of customer relationship management systems?
Term
False
Quiz 11
Definition
As compared to happy customers, unhappy customers typically talk less about their buying experiences.
Term
True
Quiz 11
Definition
Successful internal marketing efforts create satisfied employees who spread positive word-of-mouth messages to relatives, friends, and acquaintances.
Term
True
Quiz 11
Definition
Quick-response merchandising is a just-in-time strategy that reduces the time merchandise is held in inventory, resulting in substantial cost savings.
Term
True
Quiz 12
Definition
A product line is a series of related products offered by one company.
Term
Services are inseparable from service providers.
Quiz 12
Definition
Which of the following is true of services?
Term
Companies cannot easily standardize services.
Quiz 12
Definition
Richard generally frequented Brewz, a coffeehouse chain, when he was in Florida. However, when his company shifted him to China, he found that the Brewz in Shanghai does not offer the same quality service as their coffee houses in Florida. Which of the following best explains this differential perception in service quality?
Term
False
Quiz 12
Definition
Price is generally the deciding factor in purchasing raw materials since the costs vary widely across markets.
Term
False
Quiz 12
Definition
Fad cycles are examples of traditional product lifecycles.
Term
False
Quiz 12
Definition
The U.S. service sector makes up only one-tenth of the nation’s economy.
Term
True
Quiz 12
Definition
In the maturity stage, heavy promotional outlays emphasize any differences still separating competing products, and brand competition intensifies.
Term
True
Quiz 12
Definition
In the case of shopping products, a store’s name and reputation have considerable influence on people’s buying behavior.
Term
During this stage differences between competing products diminish.
Quiz 12
Definition
Which of the following statements is true regarding the maturity stage of the product lifecycle?
Term
True
Quiz 12
Definition
The length of a product mix refers to the number of different products a firm sells.
