Warmup chapters

docx

School

Central Washington University *

*We aren’t endorsed by this school

Course

350

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by SargentMask12009

CHAPTER 1: 1. Which of the following is included in a broad definition of marketing? Creating customer value, building customer relationships, and engaging customers . 2. The first step of the marketing process is to understand the marketplace, which includes customer needs and wants . 3. Which of the following correctly identifies the five core customer and marketplace concepts? Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets. 4. Which of the following represent market offerings? Products, services, information, and experiences . 5. To design a winning marketing strategy, what are the two important questions a marketing manager must answer? What customers will we serve? How can we serve these customers best? 6. Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? The marketing concept . 7. What are the two keys to building lasting customer relationships? Superior customer value and satisfaction . 8. A company rarely gets 100 percent of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called share of customer . 9. Which of the following enhances how marketers learn about and interact with customers? Big data and marketing analytics . 10. The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create a smoothly integrated marketing strategy and mix . CHAPTER 2: 1. The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities? Strategic planning . 2. What is the correct sequence of the steps in the strategic planning process? Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies . 3. Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry . 4. The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid? Market penetration, market development, product development, and diversification .

5. Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as the marketing concept, focuses on creating customer value and building profitable relationships with important consumer groups. 6. Suppliers, distributors, and customers compose a company's external value delivery network. 7. Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes. 8. What are the variables in a company's marketing mix? Product, price, place, and promotion . 9. What are the five marketing management functions used to manage the marketing process? Analysis, planning, implementation, organization, and control. 10. A SWOT is a part of which marketing management function? Analysis . CHAPTER 3: 1. Which of the following is NOT one of the components of a company's microenvironment? Cultural forces . 2. Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company? Competitive forces . 3. Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity? The demographic environment . 4. Which of the following consists of factors affecting buying power and patterns? The economic environment . 5. Which of the following is an important trend in the natural environment of which marketers should be aware? Shortages of raw materials . 6. According to the text, technological forces are perhaps the most dramatic forces affecting today's marketing strategies. 7. Changes in the political and social environment have focused greater emphasis on ethics and socially responsible actions. 8. The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the cultural environment . 9. What advice would you give a firm about how to respond to the changing marketing environment? Whenever possible, take a proactive approach to the environment . 10. Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being proactive . CHAPTER 4: 1. Today's marketers see information not only as a tool for input for better decision-making, but also as an important strategic asset and marketing tool .

2. Companies need meaningful customer insights so they can produce superior value for their customers . 3. A marketing information system consists of the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. 4. What are the three general sources from which marketers can obtain information? Internal data, marketing intelligence, and marketing research . 5. What is the correct sequence of the four steps of the marketing research process? Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings . 6. There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives? Exploratory research, descriptive research, and causal research . 7. Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to practice customer relationship management . 8. Marketing information is of no value until it is used for what purpose? To make better marketing decisions . 9. Two major public policy and ethical issues in marketing research are intrusions on consumer privacy and misuse of research findings . 10. Which of the following is NOT true regarding international marketing research? The cost of international research is lower . CHAPTER 5: 1. Which of the following correctly defines the consumer market? Individuals and households that buy goods and services for personal consumption . 2. Which of the following is NOT among the major factors influencing consumer buying behavior? Commercial . 3. Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process? Post-purchase behavior . 4. The relationship between the consumer's expectations and the product's perceived performance determines whether the buyer is satisfied or dissatisfied with a purchase. 5. What are the five stages of the consumer adoption process, in the correct sequence? Awareness, interest, evaluation, trial, and adoption . 6. In the broadest sense, a new product marketer must research characteristics influencing the rate of adoption when developing a new product and a marketing program. 7. Which of the following statements regarding the business market is correct? Many sets of business purchases are made for one set of consumer purchases .

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

8. Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following, which is NOT one of those key questions? Is price a major factor or is the buying center price sensitive? 9. What are the eight steps in the business buying decision process, in the correct sequence? Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review . 10. Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price? general need description . 11. Technology advances have made B-to-B online purchasing possible. This is called e- procurement . 12. What is the mistaken assumption that business-to-business companies often make about digital and social media? That digital and social media are useful primarily to consumer products and services companies . CHAPTER 6: 1. What is market segmentation? Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes . 2. Differentiation is part of a company's decision on how it will create market offerings to deliver superior customer value. 3. Major variables used to segment consumer markets include which of the following? Geographic, demographic, psychographic, and behavioral . 4. Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets? Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics . 5. To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors? Compatibility with company mission and vision . 6. In which targeting strategy does a firm go after a large share of one or a few smaller segments? Concentrated marketing . 7. Once market segments have been selected, the company then must decide on differentiation and positioning strategy . 8. The value proposition is a brand's full positioning or the full mix of benefits on which the brand is positioned.

CHAPTER 7: 1. Which of the following is the correct definition of a product? A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need . 2. Which of the following correctly describes the classifications into which products and services fall? Consumer products and industrial products . 3. Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions? Product attributes, branding, packaging, labeling, and product support services . 4. The totality of a company's product lines and items offered to customers is known as its product mix . 5. Services are characterized by four key aspects: services are intangible, inseparable, variable, and perishable . 6. When marketers create services marketing strategies, they understand they must execute on external marketing but also develop internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers . 7. When a company builds a brand, it needs to make important decisions regarding the brand. Of the following, which is NOT one of those decisions? Brand licensing opportunities . 8. Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the service? Brand equity . CHAPTER 8: 1. Acquisitions and new product development are the two ways firms can obtain new products. 2. A new product may fail for many reasons. Which of the following is NOT one of them? Rapid market acceptance . 3. New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria? Idea screening . 4. At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives? Business analysis . 5. All products have a life cycle. The sales of a typical product follow an S-shaped curve , which is made up of five stages. 6. Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management? Maturity .

7. Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility? Product differentiation and positioning . 8. Which of the following statements regarding the marketing of international products and services is correct? Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets . CHAPTER 9: 1. Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges? Costs . 2. Marketers use three major pricing strategies: customer value-based pricing, cost-based pricing, and competition-based pricing . 3. Marketers must consider external considerations in establishing pricing. Which of the following represents those external considerations? The nature of the market and demand and other environmental factors . 4. A company's pricing strategy is affected by internal factors such as overall marketing strategy, objectives, marketing mix, and other organizational considerations . 5. A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the company using? Market-skimming pricing . 6. Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share? Market-penetration pricing . 7. Of the following, which is NOT one of the product-mix pricing situations? Penetration pricing . 8. When Microsoft or Apple sells software as a package, it is engaging in what type of pricing? Product bundle pricing . 9. How do companies apply pricing strategies to accommodate differences in customer segments and situations? They apply a variety of price adjustment strategies . 10. Companies have to think carefully when considering price changes. They must consider which of the following? Buyer and competitor reactions . 11. Of the following, which is core element of our free-market economy? Price competition . 12. When companies treat customers fairly and make certain they understand pricing and pricing terms, this leads to building strong and lasting customer relationships . CHAPTER 10: 1. Intermediaries are used by most producers to bring products to market. These intermediaries are known as marketing channels .

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

2. Marketing channels perform many key functions. Which of the following is NOT one of those key functions? Manufacturing . 3. Which of the following is TRUE regarding new types of channel organizations? They provide stronger leadership and improved performance . 4. Which of the following statements is true regarding channel organization? Channel members are dependent on each other for the overall success of the channel . 5. What are the four steps to designing marketing channels, in the correct order? Analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating the alternatives . 6. When designing marketing channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are intensive, exclusive, and selective distribution. 7. Which of the following statements is TRUE regarding the selection of qualified channel members? Producers vary in their ability to attract qualified marketing intermediaries . 8. Most companies today see their intermediaries as first-line customers and focus on partner relationship management to forge long-term relationships with channel members. 9. The four major functions of marketing logistics are warehousing, inventory management, transportation, and logistics information management . 10. Which of the following statements regarding marketing logistics is NOT TRUE? Companies are placing less emphasis on logistics and more on constraining costs . CHAPTER 11: 1. Which of the following sets of characteristics correctly classifies retailers? Amount of service offered, the breadth and depth of product lines, relative prices they charge, and how they are organized . 2. Which of the following correctly describes omni-channel retailing? Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping . 3. Which of the following statements about the omni-channel buyer is NOT correct? Omni- channel buyers do not need the bricks-and-mortar environment in which to shop . 4. Omni-channel retailing goes beyond just helping in-store customers as they cross-shop on mobile devices and requires carefully integrating the entire range of available shopping channels . 5. Attracting and holding customers presents great challenges and decision points for retailers. Of the following, which is NOT one of the areas in which they face major decisions? Social media and visibility decisions . 6. Of product and services assortment, price, promotion, and place, which plays one of the most important roles in aligning target markets and positioning? Place .

7. Which of the following statements about major retail trends is NOT true? The green movement has not quite taken hold . 8. The trend of retail convergence has resulted in different types of retailers now selling the same products at the same prices to the same consumers. 9. The three major groups of wholesalers are merchant wholesalers, brokers and agents, and manufacturers' and retailers' branches and offices . 10. The only reason for a wholesaler to exist is to add value by increasing the efficiency and effectiveness of the entire marketing channel. CHAPTER 12: 1. Advertising, public relations, personal selling, sales promotion, and direct and digital marketing are the five promotion mix tools used by marketers to communicate customer value. 2. Which of the following statements is true regarding the promotion mix? The entire marketing mix must be coordinated for greatest impact . 3. Marketers now have access to fragmented media and promotion mixes to reach diverse audiences. To prevent creating a communications hodgepodge, what must marketers do? Adopt the concept of integrated marketing communications . 4. Which of the following statements is correct regarding marketing communications today? Advertisers are now able to engage smaller customer segments with more personalized, interactive content . 5. What are the four important decisions made when developing an advertising program? List them in order. Setting objectives, setting the budget, developing strategy, and evaluating effectiveness . 6. International marketers and advertisers face challenges not encountered domestically. The most basic issue concerns the amount of adaptation required for the unique characteristics of various country markets . 7. Companies use public relations to build good relations with consumers, investors, the media, and their communities. 8. Which of the following statements about public relations is correct? The lines between advertising and public relations are becoming more blurred . CHAPTER 13: 1. Personal selling can be very effective in complex selling situations because it involves interpersonal interactions and engagement between salespeople and individual customers. 2. Which of the following statements about personal selling is correct? Many customers are unable to distinguish the salesperson from the company . 3. Which of the following identifies the six major sales force management steps in the correct order? Designing sales force strategy and structure, recruiting and selecting

salespeople, training salespeople, compensating salespeople, supervising and motivating salespeople, and evaluating salespeople . 4. Four sales force structures that companies use in sales force design are territorial, product, customer, and complex . 5. Social selling is the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance. 6. Which of the following is a drawback to social selling? Some things cannot be presented over the internet . 7. At which stage in the selling process does a salesperson attempt to learn as much as possible about the organization (what it needs, who is involved in the buying) and its buyers (their characteristics and buying styles)? Preapproach . 8. Closing a sale with a particular customer is a short-term ________ orientation, but the selling process must also take a ________ orientation and look at the long term. transactional; relationship . 9. In general, sales promotion campaigns should be customer relationship building . 10. rebates, coupons, price packs, and samples are promotional tools that can be used to attract consumers. CHAPTER 14: 1. _______________________ permits companies to tailor offers and content to needs and interests of carefully defined segments, which in turn helps develop long-lasting customer relationships as well as resulting in immediate responses. Direct marketing . 2. Which of the following is a benefit of direct and digital marketing for buyers? Sense of brand engagement and community . 3. Traditional direct marketing tools and new digital marketing tools are the main forms of direct and digital marketing. 4. Which of the following is correct regarding most firms' direct marketing efforts? Traditional tools are still heavily used and very important . 5. Which of the following has changed customers' notions of convenience, speed, price, product information, service, and brand interactions? The digital age . 6. Viral marketing is the digital version of word-of-mouth marketing and the type of marketing in which marketers usually have little control over where messages end up. 7. According to the text, what is one of the biggest advantages of social media? Engagement and social sharing capabilities . 8. Which form of direct and digital marketing do companies use to engage customers anywhere, anytime during the buying and relationship-building processes? Mobile marketing . 9. Which of the following statements regarding traditional direct marketing forms is correct? Marketers use both outbound and inbound telemarketing .

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

10. According to the text, what is perhaps the toughest public policy issue now confronting the direct marketing industry? Invasion of privacy . CHAPTER 15: 1. U.S. companies looking to enter a foreign country must first understand the international trade system . 2. Industrial structure and income distribution are the two economic factors that reflect the country's attractiveness as a market. 3. Companies may enter foreign markets in several different ways. Which method gives a company the least control but also the least risk? Exporting . 4. Direct investment is the market entry strategy that has the greatest amount of commitment, risk, control, and profit potential. 5. There are two extremes for global marketing strategies. At one extreme is ________ global marketing, and at the other is ________ global marketing. standardized; adaptive. 6. What is the advice most international marketers suggest regarding globally standardized strategies and adaptive marketing tactics? Strike a balance between globally standardized strategies and adaptive marketing mix tactics . 7. Most companies establish an export department when first deciding on a global marketing organization. 8. Geographical organizations, world product groups, or international subsidiaries are the three alternative ways an international division's operating units can be organized. CHAPTER 16: 1. Sustainable marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. 2. The sustainable marketing concept focuses on socially and environmentally responsible actions , unlike the marketing concept, which focuses on fulfilling day-to- day needs of customers. 3. High prices, deceptive practices, high-pressure selling, shoddy or unsafe products, planned obsolescence, and poor service to disadvantaged consumers represent which of the following? Marketing's impact on individual consumer welfare . 4. Creating false wants and too much materialism, too few social goods, and cultural pollution represent which of the following? The impact of marketing on society . 5. Consumerism is an organized social movement intended to strengthen the rights and power of consumers relative to sellers.

6. What are the four areas of environmental sustainability that affect marketing strategy? Pollution prevention, product stewardship, new clean technology, and sustainability vision . 7. Consumer-oriented marketing, customer value marketing, innovative marketing, sense-of-mission marketing, and societal marketing are the five guiding principles of sustainable marketing. 8. Which of the following is a correct statement about the sustainable marketing concept? A company's marketing should support the best long-run performance of the marketing system . 9. Many companies are now establishing guidelines and policies helping managers deal with marketing ethics. Of the following, which is a correct statement regarding these actions? Ethics and social responsibility require a total corporate commitment . 10. The American Marketing Association has developed a code of ethics for marketers based on three ethical norms. What are these norms? Do no harm, foster trust in the marketing system, and embrace ethical values .

Warmup chapters

Related Documents