71 Questions
What is a critical skill that marketers must possess to make good marketing decisions?
Customer awareness
What problem can offering too many options lead to for some companies?
They can't specialize, leaving them vulnerable to competition
In the situation described, what most accurately describes Spiro's demand for the Ducati Monster?
Spiro needed transportation and wanted a motorcycle. The salesperson influenced his demand for a Ducati
What best differentiates the production orientation from the sales orientation?
The number of competitive products available
The difference between a sales orientation and a production orientation is that the sales orientation
focuses on persuading customers
A company that is committed to reducing its carbon footprint by becoming more eco-friendly is engaging in which market orientation?
Social
The information Delta Airlines' Frequent Flyer Program gathers from their customer relationship management enables them to
strengthen the relationship between the airline and the customer
Warby Parker's goal of giving away one pair of glasses for each pair of glasses sold is an example of which marketing orientation?
Social
A company's inability to keep disinfectants stocked in stores during a pandemic is an example of a weakness in which marketing orientation?
Production
Which of the following is a good example of a company having a social orientation?
Tom's Shoes ships a free pair of shoes to a child in a third world country for each pair sold in the United States
________ is the managerial process of creating and maintaining plans of action to facilitate profitable exchanges with customers.
Marketing strategy
A company must consider what present and future customers might want in an exchange by developing
a mission statement
Once a marketer has differentiated a product, a powerful way to communicate the value of the product to the customer is
the brand
During which one of the steps in developing a marketing strategy would the marketer collect feedback to institute modifications to the strategy?
Evaluate
A ________ is a subgroup within an organization that decides its own strategy and has its own customers.
strategic business unit
What is a key factor in ensuring the success of a marketing idea?
Being tested
What do successful marketers have to understand associated with a particular exchange for a group of customers?
Perceived value
What is typically used as a measure of performance when measuring marketing outcomes?
Sales
Which of the following is NOT relevant to managing exchanges with customers?
Development of a significant social media presence
Which statement is valid in managing exchanges between a company and its customers?
The two parties have conflicting goals
In Hector's scenario, what is the best advice for him?
Hector should define his target market and provide better tacos than his competitors to create perceived value
Which task would be irrelevant to someone developing a marketing plan for a new product?
Deciding if the new product is appropriate for your company to market
Which marketing orientation is focused on customer relationship marketing?
Market
What does customer relationship marketing enable companies to do?
Build relationships with the target market to increase repeat sales
What part of marketing orientation involves the effective use of social media?
Market
What should a firm's mission focus on, according to the text?
Making customers their mission
What should marketing guide the firm's mission to ensure?
Its existing and potential future customers
Which company is an exception to the statement, 'lower price is seldom a sustainable competitive advantage'?
Walmart
What defines a true competitive advantage according to the text?
Can't be easily copied by competitors
What should Paul be doing first for his small import business, based on the text?
Setting specific marketing goals
What can a too narrow approach in goal setting lead to, according to the text?
Marketing myopia
What concept does Jennifer fail to understand, based on the text?
Product differentiation
In a small marketing department, what would Ethan most likely be working on based on his background in graphic arts?
The brand
In Gillette's pricing strategy, what step does selling the razor at or below cost but having a high mark-up on blades exemplify?
Implementing the plan using specific marketing tools and tactics
The failure of Marriott and Hilton to recognize Airbnb's disruption is an example of what, based on the text?
Marketing myopia
Apart from asking how a firm will be different from its competitors, what other question does differentiation require according to the text?
How will this difference help offer more value to your target market?
What is a common misconception about marketing?
Marketing is equivalent to sales and advertising
Which of the following is NOT one of the 4 Ps of marketing?
Perception
What do simple trade and bartering involve?
Swapping one product or service for another
What most accurately describes marketing?
Marketing is a complex, for-profit enterprise undertaken primarily by skilled professionals
What mistake did Elsa make when beginning her business?
She did not consider the perceived value of her cookies versus those of other vendors
What do marketers offer different combinations of benefits called?
Value propositions
What does the Philosophy of Marketing encompass?
Managing exchanges that maximize the benefits for both the company and the customers
What accurately describes the philosophy of marketing?
Conflict goals underlie each exchange
What do P2P users refer to as benefits in the scenario described?
Value propositions
What is the customers' perceived value in monetary terms in Gloria's scenario?
$1.29
What accurately describes marketing research?
A good marketing plan is the foundation for good marketing research
What did Elsa fail to do when she started her Etsy store?
Consider the perceived value of her cookies versus those of other vendors
What is GEICO's unique selling proposition reflected in?
Promotion
Which element of the marketing mix is commonly used for tracking current marketing performance?
Marketing dashboard
What is a key objective that Burger King set for the new Fish Filet Sandwich?
Plan implementation
In what way would the particular issue with Pepsi's controversial advertisement have surfaced?
Communication and reporting protocols
What is the main responsibility assigned to Trevor in creating an online tool to monitor marketing performance?
Dashboard
What safeguard is commonly used by companies to help deal with implementation issues?
Setting expectation levels for each activity
What element on the marketing dashboard would a marketing manager pay the most attention to during the early days of a new social media campaign's launch?
Hourly visitors
What is the least impacted element of GEICO's marketing mix by their business model?
$Product
What does a marketing audit aim to uncover?
The root cause of a marketing problem.
What was Pepsi apologizing for in the news posting from April 5, 2017?
A controversial ad featuring Kendall Jenner.
What is commonly used by companies to track current marketing performance?
The marketing dashboard.
What type of safeguard is used by companies to help deal with implementation issues?
The setting of expectation levels for each activity.
In the context of marketing, which pair of factors does SWOT analysis involve?
Strengths and weaknesses
What is TRUE about marketers and social and digital media?
Traditional advertising remains effective in addition to social and digital media.
Under what condition should marketing activities be included in the marketing plan?
Only if the activities relate to specific marketing objectives.
When researching trends in the marketplace for a new product, which element is Steven likely working on?
Situation analysis
From a marketing perspective, what element has Amanda missed while developing her marketing plan?
A timeline
What should the family retail business consider first when transitioning from setting goals to implementation, according to Julie?
Product, as it is what the rest will be built on.
What is Toyota CEO Katsuaki Watanabe's announcement an example of?
A goal
What do each of the four elements of a company's marketing mix aim to create or communicate to the consumer?
$Value$
Which slogan is an example of marketing an idea?
$You Can't Buy Love, but You Can Rescue a Dog$
What does Nicole need to expand her understanding of marketing to realize about her internship tasks?
Place.
What is the primary differentiator for Home Depot when comparing it to Lowe's?
Product assortment and availability.
Test your knowledge of marketing mix and the use of social and digital media in marketing. Answer questions about reaching customers, promotion, and the effectiveness of traditional advertising.
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