Principles of Marketing Exam 1,2 &3

Companies such as​ P&G, Walmart, and Levi Strauss have recognized the growing​ ________ in the U.S. population by targeting specially designed​ products, ads, and promotions to appeal to one or more​ ethnic, racial, or​ lifestyle-based groups.
diversity
Each company department can be thought of as a link in the​ company’s internal​ ________.
value chain
Nike states that it wants to​ “bring inspiration and innovation to every athlete in the​ world.” This is​ Nike’s _________.
market-oriented mission statement
Following the Great​ Recession, U.S. consumers have now adopted a​ back-to-basics sensibility in their lifestyles and spending patterns that will likely persist for years to come. Marketers in all​ industries, in​ turn, are looking for ways to offer​ today’s more financially frugal buyers greater​ value, an approach known as​ ________.
value marketing
In response to a recent online hoax that went​ viral, McDonald’s quickly issued statements disclaiming a widely distributed​ “pink goop” photo and noting that McNuggets were made using only boneless white breast meat chicken in a process that never produces anything remotely resembling the weird pink substance. This case is an example of a firm taking a​ ________ stance toward its marketing environment.
proactive
One challenge that marketers face regarding the macroenvironment is that​ ________.
changes in this environment are often unforeseeable and uncontrollable
Ben​ & Jerry’s frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben​ & Jerry’s​ using?
Product development
Damage caused by the recent earthquake and tsunami in Japan had a devastating effect on the ability of Japanese companies such as Sony and Toyota to meet worldwide demand for their products. This is an example of how the​ ________ can impact marketing decision making.
natural environment
The most important actors in the​ company’s microenvironment are​ ________.
customers
Companies like​ IBM, Walmart, and Intel now look beyond economic gain​ and, in their marketing strategies they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy?
The societal marketing concept
Mary is hungry and chooses to go to McDonalds for a salad.​ Mary’s hunger is a​ _____ and her choice of a salad is a​ _____.
need; want
Demands differ from wants in which​ way?
It is the actual buying power a consumer has that enables him to fulfill his needs
One important reason that business legislation is enacted is to​ ________.
protect consumers from unfair business practices
The actual and potential buyers in a market share which of the following​ characteristics?
They share a particular need and or want
A​ firm’s strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four​ Ps?
Product, price,​ place, promotion
To create value for​ customers, marketers must improve the performance of the​ ______, which includes partnering with​ suppliers, distributors, and customers.
value delivery network
In​ 2005, Proctor and Gamble purchased​ Gillette, makers of shaving​ products, and added these to the existing​ P&G portfolio. Which growth strategy did​ P&G use in acquiring​ Gillette?
Diversification
According to the BCG​ matrix, ______ are​ high-share, high-growth products. When the market growth​ slows, these products become​ ________.
stars; cash cows
To capture value from​ consumers, marketers must​ ______.
create value for consumers
Once a marketing plan is​ written, the manager has to convert the plan into actions that actually accomplish the strategic marketing objectives. The process of​ ______________________ addresses the​ who, where,​ when, and how of the marketing plan.
marketing implementation
​_______ are the form human needs take as they are shaped by culture and individual personality.
Wants
The total combined lifetime value of a​ company’s current and potential customers is called​ ______.
customer equity
Ford offers a wide variety of cars that range from around​ $14,000 to over​ $54,000. This reflects which economic​ factor?
Income distribution
A​ ____________________ is a statement of the​ organization’s purpose—what it wants to accomplish in the larger environment.
mission statement
The first step of the marketing process involves companies working to​ ____________.
gain a better understanding of their customers
If Apple introduced a marketing strategy designed to encourage new groupslong dash—such as seniorslong dash—to visit its stores for the first​ time, this would be an example of a​ ________ growth strategy.
market development
The organization needs to turn its mission statement into detailed supporting objectives for each level of management. The next step after setting the mission statement is to​ ____________________________.
set company objectives and goals
Marketing managers have in their control four variables known as the four Ps. These four variables do not include the​ __________.
portfolio
The​ ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
marketing concept
As part of the​ microenvironment, ________ form an important link in the​ company’s overall customer value delivery network. They provide the resources needed by the company to produce its goods and services.
suppliers
What are the main components of a marketing​ plan?
An executive​ summary, situation​ analysis, objectives,​ strategy, action​ programs, budgets, and controls
The process of dividing a broad market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate products or marketing​ programs, is known as​ ________.
segmentation
​Disney’s MagicBand RFID bracelet enables guests to enter a park or​ attraction, buy dinner or​ souvenirs, or even unlock their hotel room with a flick of the wrist. This is an example of how the​ ________ is impacting customer experiences and marketing decision making
technological environment
Which of the following steps in the strategic planning process is not done at the corporate​ level?
Planning marketing strategies
The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of​ _________.
market targeting