MKT Study Guide Ch1-4 (43-84)

The external market environment doesn’t play role in the marketing strategy planning process because it exists outside of the company.T/F
false
Market penetration means trying to increase sales of a firm’s present product in its present markets–probably through a more aggressive marketing mix.T/F
true
Marketing managers almost always find that opportunities in international markets are less profitable than in domestic markets.T/F
false
The marketing management process is the process of -planning marketing activities -implementing marketing plans -controlling marketing plans -all of these all of these
all of these
____ is the managerial process of developing and maintaining a match between an organization’s resources and its market oppurtunities. -strategic mgt planning -target marketing -mass marketing -resource allocation -marketing control
strategic mgt planning
Define target marketing -a production-oriented approach to marketing -considers everyone to be a potential customer -essentially the same as marketing -assumes that everyone is the same -specifies some particular group of customers
specifies some particular group of customers
“product” is concerned with: -branding -packaging and warranty -physical goods -services -all of these might be involved with product
all of these might be involved with product
“Place” is NOT concerned with: -who handles storing and transporting -when and where products are wanted -telling the target market what products are available/where -kinds of intermediaries needed to reach customers -channels of distribution
telling the target market what products are available/where
“Promotion” is NOT concerned with: -creating billboard ads -designing new products -publicity -television commercials -personal selling
designing new products
Personal selling lets the salesperson adapt the firm’s marketing mix to a specific customer. This is an aspect of which marketing mix variable? -price -promotion -place -product
promotion
Define sales promotion: -lets the salesperson adapt the firm’s marketing mix to each potential customer -the main form of advertising -tries to help the personal selling and mass selling people – is free -consists of both advertising and personal selling
consists of both advertising and personal selling
A “marketing plan” is -marketing program -marketing strategy -marketing strategy plus the time-related details for carrying it out -target market and a related marketing mix -a plan that contains the necessary operational decisions
marketing strategy plus the time-related details for carrying it out
____ refers to putting marketing plans into operation. -delivery -implementation -operational planning -strategy planning -control
implementation
____ is the total stream of purchases that a customer could contribute to the company oer the length of the relationship. -customer value -return on customer -customer equity -target return -customer lifetime value
customer lifetime value
Which of the following statements regarding marketing strategies is FALSE? -it’s useful to think of the marketing strategy planning process as a narrowing-down process. -these strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. -developing successful marketing strategies doesn’t need to be a hit-or-miss proposition -these strategies require decsions about the specific customers the firm will target and the marketing mix the firms will develop to appear to that target market. -most companies implement more than one marketing strategy and realted marketing plan at the same time.
these strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm.
Define SWOT analysis -seeks to improve strategy planning by “scanning for warnings, omens, and tips” about competitors’ plans -is not necessary if competitors have already entered the market -defends against potential competitive threats by planning specific “safeguards, weapons, or tactics” -should help a manager develop a strategy that leads to a competitive advantage. – none of these apply
none of these apply
The most risky and challenging oppurtunities usually involve: -market development -product development -diversification -market penetration -all of these are similar in terms of risk
diversification
A mission statement sets out the strengths and weaknesses of a firm as well as the opportunities and threats that it faces. T/F
false: SWOT analysis
Competitive barriers are the conditions that make it possible for a firm to compete in a market.T/F
false
The internet is a powerful way to get information about competitors.T/F
true
In the United States, the Consumer Product Safety Commission sets and enforces product safety standards.T/F
true
GDP income measures can give the impression that people in less-developed nations have more income than they really do.T/F
true
Gen X is smaller in numbers as compared to the boomers that came before.T/F
true
Changes in the cultural and social environment tend to come about quickly.T/F
false: come quickly
The profit potentials of alternative strategic plans can be evaluated at the same time only if the plans are very similar.T/F
false
All of the following are part of the direct market environment EXCEPT: -customers -competitors -the company itself -technological environment
technological environment
In a firm’s hierarchy of objectives, the top-level objectives that guide all other objectives are known as: -R&D obj. -company obj -price obj -personal selling obj -marketing obj
company obj
Which of the following would NOT be a marketing strength for a local coffee shop? -a well-recognized brand -a patented coffee blend -estbsh. realtions with local businesses -access to large amt(s) of capital from a long-term relationship with a local bank. -Counter staff that knows and understands customer preferences
access to large amt(s) of capital from a long-term relationship with a local bank.
A(n) ___ is a marketing mix that customers see as better than a competitor’s mix and cannot be quickly or easily copied -resource combination -sustainable competitive advantage -objective-centered adv -competitor analysis plan competitor matrix
sustainable competitive advantage
Which of the following is not a basic kind of market (competitive) situation? -pure competition -oligopoly -capitalistic competition -monopolisitic competition -monopoly
capitalistic competition
___ refers to market situation where one firm completely controls a broad product-market. -monopoly -oligopoly -pure competition -monopolistic competition -collectivistic competition
monopoly
Which of the following observations is NOT TRUE of monopolistic competition? -a number different firms offer markting mixes that at least some customers see as different -marketing managers try to differentiate very similar products by relying on other elements of the marketing mix. -each competitor tries to get a monopoly in its own target market. -most marketing managers in developed economies do not face monopolistic competition -competition exists because some customers see various alternative as substitues
most marketing managers in developed economies do not face monopolistic competition
A ___ is an organized table that compares the strengths and weaknesses of a company with those of its competitive rivals. -competitive adv -competitor matrix -insight table -positioning graph -competitor analysis
competitor matrix
A marketing manager may ethically and actively seek information about current or potential competitors by -searching a firm’s public website -waiting at a landfill for compeititors’ trash to find copies of confidential company reports -using a computer “hackers” to break into a competitor’s computer network. -hiring people form competing firms and then asking them confidential information about the competitor. -spying on competitors to obtain trade secrets.
searching a firm’s public website
Rising costs and inflation are part of the uncontrollable _____ environment. -technological -economic -legal -cultural and social
economic
Define interest rates -often change with changes in the economy -affect customer marekts, but not business customers. – usualy decrease during periods of inflation -do not directly affect the total price borrowers must pay for loans. -don’t affect the prices buyers pay
often change with changes in the economy
The ___ refers to how much one country’s money is worth in another country’s money. -monetary value -exchange rate -dollar value -net worth -purchasing power
exchange rate
Which of the following statements about nationalism is NOT TRUE? -nationalism can be limiting in international markets -A “buy american” policy refers nationalistic attitudes in the US -Nationalistic feelings can block all marketing activity in some international markets. -Nationalistic feelings always reduce sales. -Nationalism emphasizes one country’s interest before everything else.
Nationalistic feelings always reduce sales.
NAFTA: -is a free trade pact between the US canada and mexico -is a long-term proposition -has already eliminated most trade barriers with Mexico -All are correct
All are correct
The Sherman Act sought to: -prevent monopolies or conspirancies in restraint of trade -est. the Federal Consumer Protection Agency -Eliminate price differences among different competing suppliers -prevent fraud on the internet
prevent monopolies or conspirancies in restraint of trade
The Clayton Act specifically aims at: -tying contracts -price discrimination by manufacturers -exclusive dealing contracts limiting a buyer’s sources of supply -all of these are correct
all of these are correct
Which of the following laws is primarily concerned with product warranties? -the sherman act -the robinson-patman act -the federal trade commission act -the magnuson-moss act -there are no laws regulating product warranties
the magnuson-moss act