Final

Question 0

Satisfied wants by converting inputs into a finished product

Answer 0

Form utility

Question 1

Is an organizational function and a set of processes for creating, communicating, and delivering value to customers.

Answer 1

Marketing

Question 2

The successful marketing campaign “what happens in Vegas stays in Vegas” is an example of what??

Answer 2

Place marketing

Question 3

Is the process of using strategies to satisfy customer needs.

Answer 3

Marketing concept

Question 4

Henry ford’s famous quote that customers could have any color car they wanted best reflects marketing attitudes during what era.

Answer 4

Production

Question 5

Comfo-Rester furniture buys wood, padding, upholstery, and other inputs, and then cuts, sees and assembled these materials in a way that results in high quality, comfortable chairs and sofa. This process creates what type of utility?

Answer 5

Form

Question 6

Stay-Inn is a chain of hotels that locates their properties near major highway off-ramps. This is an example of a business providing

Answer 6

place utility

Question 7

is the process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value.

Answer 7

Customer relationship management

Question 8

Many firms develop a formal _____ to answer the question: who is your target market and how do you plan to reach them?

Answer 8

marketing plan

Question 9

_____ segmentation is a vital starting point for most marketers.

Answer 9

Demographic

Question 10

Big Bull Energy Drink focuses its marketing on young males engaged in athletics who are seeking thrills. It advertises its product at skateboard parks and ski resorts. This customer group that Big Bull clearly focuses its marketing efforts toward represents the _____.

Answer 10

target market

Question 11

A well-chosen target market embodies the following characteristics

Answer 11

size, profitability, accessibility and limited competition

Question 12

Decisions about advertising, publicity, and product placement are all part of the firm’s _____ strategy in its marketing _____.

Answer 12

promotion; mix

Question 13

Marketers can actively influence the _____, but they usually are unable to control the _____

Answer 13

marketing mix; external environment

Question 14

_____ refers specifically to how people act when buying goods and services for personal consumption.

Answer 14

Consumer behavior

Question 15

_____ involves gathering, interpreting, and applying information to uncover opportunities and challenges.

Answer 15

Market research

Question 16

According to the textbook, using scanner data from retail sales is an example of

Answer 16

secondary research

Question 17

Primary data is _____ and _____ to gather than secondary data

Answer 17

costlier; less difficult

Question 18

Define customer relationship management. Identify and explain how it impacts the consumer

Answer 18

The ongoing process requiring, maintaining, and growing profitable customer relationships by delivering match value. Customer Relationship Management works best when marketers combine marketing communication with one on one personalization

Question 19

Define, compare, and contrast customer satisfaction and customer loyalty. List and describe the two most common pitfalls marketers fall into when trying to achieve customer satisfaction

Answer 19

Customer Satisfaction: when customers perceive that a good or service delivers value above and beyond their expectations. Customer satisfaction is key to a business growing.
-Customer Loyalty: Is the payoff for delivering value and satisfaction.

Question 20

Two Most Common Pitfalls

Answer 20

1. Value could lead to disappointment if the produce/ service does not meet expectations.
2. If the expectations aren’t high enough, customers will not be willing to try your product or service. If the customer isn’t satisfied they will not be loyal so they will not buy or talk about your business to other people.

Question 21

_____ is the paid integration of branded products in movies and on television

Answer 21

Product placement

Question 22

_____ is the nonpersonal, paid communication a company places to influence consumer purchases

Answer 22

Advertising

Question 23

_____ stimulates immediate sales activity through specific short-term programs aimed at either consumers or distributors

Answer 23

Sales promotion

Question 24

_____ offer consumers immediate price reductions

Answer 24

Coupons

Question 25

In its broadest sense, _____ refers to an organization’s ongoing efforts to create positive relationships with its consumers, employees, suppliers, the community, the general public, and the government.

Answer 25

public relations

Question 26

The stage of the selling process where the salesperson actually asks the customer to make the purchase is known as

Answer 26

closing

Question 27

With their extended hours and numerous locations in a given community, 7-Eleven stores offer _____ to consumers, who find it easy to stop in and make this type of purchase

Answer 27

convenience products

Question 28

We see the Nike Swoosh on athletic shoes, as well as on an assortment of athletic apparel for almost every sport. Lately, the company has begun branching out into several entirely new product categories, such as MP3 players. This indicates that Nike has decided to pursue a strategy of

Answer 28

brand extension

Question 29

Stop and Shop Inc. is a discount grocery store that sells a variety of fruit and vegetable brands, including Libby’s, Green Giant, and Dole. Recently, Stop and Shop has started selling its own version of the same products. The Stop and Shop brand is referred to as a

Answer 29

private label or store brand

Question 30

List and describe the four different categories of consumer products, and provide at least one example to illustrate each category

Answer 30

Speciality: Product consumer wants (car, video game system)
Convience: there just for convience (Gum, candy, soda)
Shopping: comparable product (Milk, water, food)
Unsought: Product no one looks for (Funeral services)

Question 31

Explain the difference between a product line and a product mix. Provide an example of each

Answer 31

Product line:A set of related products sold by a single company. (shoes)
The product mix of a company, which is generally defined as the total composite of products offered by a particular organization, consists of both product lines and individual products.(athletic shirts with shoes). For example nike started with shoes and once they started getting bigger and doing better they started making clothing like shirts and shorts.

Question 32

_____ is the achievement of the goals of an organization through planning, organizing, leading, and controlling organizational resources.

Answer 32

Management

Question 33

_____ is determining organizational goals and action plans for how to achieve those goals. In other words, it means figuring out where the business wants to go, and how to get there.

Answer 33

Planning

Question 34

_____ involves determining a structure for both individual jobs and the overall organization

Answer 34

Organizing

Question 35

_____ means directing, inspiring, and motivating individuals to achieve organizational goals.

Answer 35

Leading

Question 36

_____ involves measuring organizational performance and making adjustments as needed

Answer 36

Controlling

Question 37

_____ managers believe that employee intellectual capacity is underutilized and that employees can be motivated with a variety of rewards.

Answer 37

Theory Y

Question 38

Nursing jobs normally have a high level of _____ due to the fact that the work that nurses perform has a major impact on the welfare of others.

Answer 38

task significance

Question 39

_____ planning normally is performed by middle managers and typically has a one-year time frame.

Answer 39

Tactical planning

Question 40

First line managers focus on _____ planning, applying plans to daily, weekly, and monthly operations

Answer 40

operational

Question 41

SWOT is the acronym for

Answer 41

strengths, weaknesses, opportunities, and threats

Question 42

Top-level managers focus on _____, while middle managers focus on _____.

Answer 42

strategic planning; tactical planning

Question 43

The degree of _____ relates directly to the source of power and control within an organization

Answer 43

centralization

Question 44

_____ refers to the number of people a manager supervises.

Answer 44

Span of control

Question 45

_____ means breaking workers into logical groups.

Answer 45

Departmentalization

Question 46

_____ departmentalization divides employees into groups based on areas of expertise, such as marketing, finance, and engineering.

Answer 46

Functional

Question 47

Firms that want to be more responsive to the needs of customers tend to adopt a more _____ organization.

Answer 47

decentralized

Question 48

_____ leaders hoard decision-making power for themselves and typically issue orders without consulting their followers.

Answer 48

Autocratic

Question 49

Define management. List and define the four functional responsibilities of management.

Answer 49

Planning to achieve the goal
leading the people to achieve goals
Achieving goals of an organization.
Organizing the resources to achieve the goal
controlling the companies resources

Question 50

Discuss how planning functions integrate with management hierarchy’s levels of responsibility.

Answer 50

It allows the people under the manager to become happy and produce more product. Happy people more productivity.

Question 51

What does SWOT stand for? Explain the purpose of a SWOT analysis

Answer 51

strengths, weaknesses, opportunities, and threats.

To oversee projects and make sure everything is on track.