Marketing Management Midterm Flashcards
Which of the following is the primary reason for the shift in value propositions in today’s economy?
a. the power shift to mass merchandise retailers
b. declining brand loyalty
c. new sources of competitive advantage
d. the speed and efficiency of the Internet
e. the massive increase in product selection
the speed and efficiency of the Internet
The concept of “exchange” is fundamental to the definition of marketing. What is the best description of exchange?
The transfer of products that occurs among for-profit organizations.
The transfer of goods, services, or ideas in return for something of value.
The activities that are performed primarily by manufacturers and retailers
The transfer of products in return for monetary considerations.
The development of products, distribution channels, promotional strategies, and pricing objectives to satisfy customer requirements.
The transfer of goods, services, or ideas in return for something of value.
Products that are high in form utility:
are best able to transfer ownership or title from marketer to customer
have attributes or features that set them apart from the competition
are available where customers want them, which is typically wherever the customer happens to be or where the product needs to be
are available when customers want them.
e tangible rather than intangible.
have attributes or features that set them apart from the competition
________ is concerned with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets.
The marketing plan
Marketing
Tactical planning
Competitive intelligence
Strategic planning
Tactical planning
Which of the following has been cited as a major cause of declining brand loyalty in the United States?
Parity among competing products with respect to quality and value
Customers are much more willing to file lawsuits against problem firms
Customers see competing products in many industries as being virtually the same
Customer complaints and defections are at an all-time high.
Customers are much more educated and cynical than in the past
Customers see competing products in many industries as being virtually the same
As illustrated in the text, the strategic planning process begins with:
developing the organization’s goals and objectives.
an analysis of the firm’s internal, customer, and external environments.
developing business-unit strategy.
developing the marketing plan.
conducting a SWOT analysis.
an analysis of the firm’s internal, customer, and external environments.
What is wrong with the following mission statement?: “Our mission is to make all people happy by providing them with entertaining products.”
It says nothing about competition.
It is too focused on entertainment
It focuses on customer happiness (satisfaction), which has no place in a mission statement.
It does not mention the firm’s values
It is too broad (wide).
It is too broad (wide).
A firm’s competitive advantages cannot be fully realized unless:
the firm’s employees truly believe in the advantages.
competitors take them seriously
the firm has the financial resources to make them happen
target customers see the advantages as valuable
the government loosens its restrictions on the firm or industry
target customers see the advantages as valuable
The ________ is the handbook of marketing implementation, evaluation, and control
marketing plan
marketing strategy
marketing program
SBU strategy
strategic thrust
marketing plan
What is the primary theme of the Balanced Performance Scorecard approach to strategic planning?
organizational learning and growth are the keys to strategic planning
real-time customer satisfaction metrics are needed to achieve marketing goals and objectives
financial performance is only one of four key dimensions that should drive marketing planning
competitive information should drive the marketing plan
internal performance metrics are more important than financial performance
financial performance is only one of four key dimensions that should drive marketing planning
With respect to conducting a situation analysis, what does the phrase “Analysis alone is not a solution” mean?
Analysis must be combined with results to be most effective
Analysis must be backed up by sufficient financial resources.
Analysis cannot be continued indefinitely; it must end at some point
Analysis must be combined with managerial intuition and judgment.
Firms must analyze information; but action is the key to effective planning
Analysis must be combined with managerial intuition and judgment.
In the 5W model of customer analysis, what is the primary emphasis of the “Who?” question?
identifying the basic need-satisfying benefits provided by the firm’s products
identifying the situational influences that affect the customer buying process
determining the relevant characteristics that define target markets
assessing how customers consume and dispose of products
determining how the purchase and consumption of one product is related to other products
determining the relevant characteristics that define target markets
Which of the following is an example of a generic competitor for any sport utility vehicle?
luxury automobiles
trucks
motorcycles
minivans
luxury cruises
motorcycles
Advances in backstage technology usually affect marketing activities by:
making marketing activities more efficient and effective
clearing the way for entirely new product lines.
creating new opportunities in consumer markets.
making customers aware of new product features and benefits.
spawning entirely new industries that fulfill previously unmet needs.
making marketing activities more efficient and effective
Which of the following IS NOT a common problem in data collection during a situation analysis?
the expense of collecting data
organizing the data and information that is collected
an incomplete or inaccurate assessment of the situation
the time it takes to collect data
the growing scarcity of data and information
the growing scarcity of data and information
