Podcast
Questions and Answers
What is a critical skill that marketers must possess to make good marketing decisions?
What is a critical skill that marketers must possess to make good marketing decisions?
- Demographic analysis
- Customer awareness (correct)
- Marketing math
- Interpersonal skills
What problem can offering too many options lead to for some companies?
What problem can offering too many options lead to for some companies?
- It's difficult to keep track of inventory and re-order as certain items are sold out
- They can't specialize, leaving them vulnerable to competition (correct)
- Your target market, by definition, prefers limited options
- Suppliers to the company can get confused and send incorrect shipments
In the situation described, what most accurately describes Spiro's demand for the Ducati Monster?
In the situation described, what most accurately describes Spiro's demand for the Ducati Monster?
- Spiro demanded transportation, wanted a Ducati, but had no need for a motorcycle
- Spiro needed transportation and wanted a motorcycle. The salesperson influenced his demand for a Ducati (correct)
- Spiro needed transportation. His demand for a Ducati was controlled by the salesperson at the dealership
- Spiro needed transportation, wanted a motorcycle, but had no demand for a Ducati
What best differentiates the production orientation from the sales orientation?
What best differentiates the production orientation from the sales orientation?
The difference between a sales orientation and a production orientation is that the sales orientation
The difference between a sales orientation and a production orientation is that the sales orientation
A company that is committed to reducing its carbon footprint by becoming more eco-friendly is engaging in which market orientation?
A company that is committed to reducing its carbon footprint by becoming more eco-friendly is engaging in which market orientation?
The information Delta Airlines' Frequent Flyer Program gathers from their customer relationship management enables them to
The information Delta Airlines' Frequent Flyer Program gathers from their customer relationship management enables them to
Warby Parker's goal of giving away one pair of glasses for each pair of glasses sold is an example of which marketing orientation?
Warby Parker's goal of giving away one pair of glasses for each pair of glasses sold is an example of which marketing orientation?
A company's inability to keep disinfectants stocked in stores during a pandemic is an example of a weakness in which marketing orientation?
A company's inability to keep disinfectants stocked in stores during a pandemic is an example of a weakness in which marketing orientation?
Which of the following is a good example of a company having a social orientation?
Which of the following is a good example of a company having a social orientation?
________ is the managerial process of creating and maintaining plans of action to facilitate profitable exchanges with customers.
________ is the managerial process of creating and maintaining plans of action to facilitate profitable exchanges with customers.
A company must consider what present and future customers might want in an exchange by developing
A company must consider what present and future customers might want in an exchange by developing
Once a marketer has differentiated a product, a powerful way to communicate the value of the product to the customer is
Once a marketer has differentiated a product, a powerful way to communicate the value of the product to the customer is
During which one of the steps in developing a marketing strategy would the marketer collect feedback to institute modifications to the strategy?
During which one of the steps in developing a marketing strategy would the marketer collect feedback to institute modifications to the strategy?
A ________ is a subgroup within an organization that decides its own strategy and has its own customers.
A ________ is a subgroup within an organization that decides its own strategy and has its own customers.
What is a key factor in ensuring the success of a marketing idea?
What is a key factor in ensuring the success of a marketing idea?
What do successful marketers have to understand associated with a particular exchange for a group of customers?
What do successful marketers have to understand associated with a particular exchange for a group of customers?
What is typically used as a measure of performance when measuring marketing outcomes?
What is typically used as a measure of performance when measuring marketing outcomes?
Which of the following is NOT relevant to managing exchanges with customers?
Which of the following is NOT relevant to managing exchanges with customers?
Which statement is valid in managing exchanges between a company and its customers?
Which statement is valid in managing exchanges between a company and its customers?
In Hector's scenario, what is the best advice for him?
In Hector's scenario, what is the best advice for him?
Which task would be irrelevant to someone developing a marketing plan for a new product?
Which task would be irrelevant to someone developing a marketing plan for a new product?
Which marketing orientation is focused on customer relationship marketing?
Which marketing orientation is focused on customer relationship marketing?
What does customer relationship marketing enable companies to do?
What does customer relationship marketing enable companies to do?
What part of marketing orientation involves the effective use of social media?
What part of marketing orientation involves the effective use of social media?
What should a firm's mission focus on, according to the text?
What should a firm's mission focus on, according to the text?
What should marketing guide the firm's mission to ensure?
What should marketing guide the firm's mission to ensure?
Which company is an exception to the statement, 'lower price is seldom a sustainable competitive advantage'?
Which company is an exception to the statement, 'lower price is seldom a sustainable competitive advantage'?
What defines a true competitive advantage according to the text?
What defines a true competitive advantage according to the text?
What should Paul be doing first for his small import business, based on the text?
What should Paul be doing first for his small import business, based on the text?
What can a too narrow approach in goal setting lead to, according to the text?
What can a too narrow approach in goal setting lead to, according to the text?
What concept does Jennifer fail to understand, based on the text?
What concept does Jennifer fail to understand, based on the text?
In a small marketing department, what would Ethan most likely be working on based on his background in graphic arts?
In a small marketing department, what would Ethan most likely be working on based on his background in graphic arts?
In Gillette's pricing strategy, what step does selling the razor at or below cost but having a high mark-up on blades exemplify?
In Gillette's pricing strategy, what step does selling the razor at or below cost but having a high mark-up on blades exemplify?
The failure of Marriott and Hilton to recognize Airbnb's disruption is an example of what, based on the text?
The failure of Marriott and Hilton to recognize Airbnb's disruption is an example of what, based on the text?
Apart from asking how a firm will be different from its competitors, what other question does differentiation require according to the text?
Apart from asking how a firm will be different from its competitors, what other question does differentiation require according to the text?
What is a common misconception about marketing?
What is a common misconception about marketing?
Which of the following is NOT one of the 4 Ps of marketing?
Which of the following is NOT one of the 4 Ps of marketing?
What do simple trade and bartering involve?
What do simple trade and bartering involve?
What most accurately describes marketing?
What most accurately describes marketing?
What mistake did Elsa make when beginning her business?
What mistake did Elsa make when beginning her business?
What do marketers offer different combinations of benefits called?
What do marketers offer different combinations of benefits called?
What does the Philosophy of Marketing encompass?
What does the Philosophy of Marketing encompass?
What accurately describes the philosophy of marketing?
What accurately describes the philosophy of marketing?
What do P2P users refer to as benefits in the scenario described?
What do P2P users refer to as benefits in the scenario described?
What is the customers' perceived value in monetary terms in Gloria's scenario?
What is the customers' perceived value in monetary terms in Gloria's scenario?
What accurately describes marketing research?
What accurately describes marketing research?
What did Elsa fail to do when she started her Etsy store?
What did Elsa fail to do when she started her Etsy store?
What is GEICO's unique selling proposition reflected in?
What is GEICO's unique selling proposition reflected in?
Which element of the marketing mix is commonly used for tracking current marketing performance?
Which element of the marketing mix is commonly used for tracking current marketing performance?
What is a key objective that Burger King set for the new Fish Filet Sandwich?
What is a key objective that Burger King set for the new Fish Filet Sandwich?
In what way would the particular issue with Pepsi's controversial advertisement have surfaced?
In what way would the particular issue with Pepsi's controversial advertisement have surfaced?
What is the main responsibility assigned to Trevor in creating an online tool to monitor marketing performance?
What is the main responsibility assigned to Trevor in creating an online tool to monitor marketing performance?
What safeguard is commonly used by companies to help deal with implementation issues?
What safeguard is commonly used by companies to help deal with implementation issues?
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?
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?
What is the least impacted element of GEICO's marketing mix by their business model?
What is the least impacted element of GEICO's marketing mix by their business model?
What does a marketing audit aim to uncover?
What does a marketing audit aim to uncover?
What was Pepsi apologizing for in the news posting from April 5, 2017?
What was Pepsi apologizing for in the news posting from April 5, 2017?
What is commonly used by companies to track current marketing performance?
What is commonly used by companies to track current marketing performance?
What type of safeguard is used by companies to help deal with implementation issues?
What type of safeguard is used by companies to help deal with implementation issues?
In the context of marketing, which pair of factors does SWOT analysis involve?
In the context of marketing, which pair of factors does SWOT analysis involve?
What is TRUE about marketers and social and digital media?
What is TRUE about marketers and social and digital media?
Under what condition should marketing activities be included in the marketing plan?
Under what condition should marketing activities be included in the marketing plan?
When researching trends in the marketplace for a new product, which element is Steven likely working on?
When researching trends in the marketplace for a new product, which element is Steven likely working on?
From a marketing perspective, what element has Amanda missed while developing her marketing plan?
From a marketing perspective, what element has Amanda missed while developing her marketing plan?
What should the family retail business consider first when transitioning from setting goals to implementation, according to Julie?
What should the family retail business consider first when transitioning from setting goals to implementation, according to Julie?
What is Toyota CEO Katsuaki Watanabe's announcement an example of?
What is Toyota CEO Katsuaki Watanabe's announcement an example of?
What do each of the four elements of a company's marketing mix aim to create or communicate to the consumer?
What do each of the four elements of a company's marketing mix aim to create or communicate to the consumer?
Which slogan is an example of marketing an idea?
Which slogan is an example of marketing an idea?
What does Nicole need to expand her understanding of marketing to realize about her internship tasks?
What does Nicole need to expand her understanding of marketing to realize about her internship tasks?
What is the primary differentiator for Home Depot when comparing it to Lowe's?
What is the primary differentiator for Home Depot when comparing it to Lowe's?
