Midterm Flashcards
The four types of utility are
Form, Time, Place, Ownership
The exchange process is an activity in which two or more parties give something of value to each other to satisfy perceived needs. T/F
T
On account of their unselfish goals of serving society, not-for-profit organizations are not required to have marketing objectives. T/F
F
Many hotel chains offer free stays and other perks to repeat customers. This is an example of:
Relationship Marketing
Production orientation is a business philosophy that stresses on the importance of quantity of products rather than the quality of products. T/F
F
Fred Foods Inc. provides free cereals and biscuits to support a program that aims to end hunger in various emerging nations. This is an example of ___ marketing
Cause
A seller’s market is one in which there are more goods and services than people willing to buy them. T/F
F
As an official sponsor of the Olympics, The Coca-Cola Company engages in _____ marketing
Event
Tim Howard, the goal keeper for the U.S. Men’s soccer team, has just signed a major marketing deal with your company. You plan to utilize him in a variety of marketing campaigns leading up to the 2018 Men’s Soccer World Cup in Russia. Which one of the following categories of nontraditional marketing will you emphasize in this situation
Person marketing
Fame-us is a talent hunt agency focusing on the youth looking to enter Hollywood. As part of their marketing strategy, Fame-us generates time and place utility by:
Launching roadshows across cities and conduct talent hunts at campuses during Thanksgiving
Marketing Myopia is management’s ability to recognize the scope of its business. T/F
F
The ability to transfer title to goods or services from marketers to buyer is described as:
Ownership utility
Marketing of a product begins after it hits the shelf. T/F
F
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have values for customers, clients, partners, and society at large is called ____
Marketing
The emergence of the marketing concept can be linked to the shift from a seller’s market to a buyer’s market. T/F
T
The ______ is a companywide consumer orientation with the objective of achieving long-run success.
Marketing concept
Branches of the U.S. military sometimes show recruitment advertisements in cinemas featuring movies that are most likely to attract viewers of military age. This is an example of place market. T/F
F
Austin, TX is host to a popular festival, South by Southwest (SXSW) which recently celebrated its 30th anniversary. It has released dates for the new year and invites participants for the unique music, film, and interactive events or sessions from March 10th through 19th. Which category of nontraditional marketing would best characterize the marketing activities to attract attendees for the multi-day festival?
Event
Sally Myers, head of marketing at Sally’s Salon, serviced six new customers over the past two
weeks. Through a feedback form, Sally learned that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of
Word of mouth marketing
Ethics are:
the moral standards of behavior expected by society
If a company such as J.B. Trucking wanted to avoid marketing myopia, it should define its business as:
A provider of transportation solutions
Decisions involving transportation, warehousing, inventory control, and order processing relate to the ___ strategy component.
Distribution
You are the head of marketing for a technology company in Boston, and you are meeting with your company’s CEO to discuss a new market opportunity that you believe offers significant profit potential for the firm. You are anxious to launch an initiative to establish the firm’s presence in this new market as quickly as possible. However, your CEO is a bit more cautious about the potential in this market and would prefer that you take a more conservative approach to entering the market. In fact, your CEO would rather see what others do in the market before launching the firm’s initiative.
A second mover strategy
Tactical plans typically determine an organization’s primary strategic objectives and exclude short-term actions from their purview. T/F
F
An example of a threat to a firm discovered by a SWOT analysis might be:
The entry of new competitors in the industry
Strategic business units (SBUs) of a diversified firm have common managers, resources, objectives, and competitors. T/F
F
Which of the following best describes the activity of promotion?
Communicating between buyers and sellers
It can be said that the buying power enjoyed by customers has increased with Internet presence as the Internet provides detailed information that is not easily available elsewhere. T/F
T
Middle and supervisory-level managers spend less time as compared to CEOs on planning activities. T/F
T
A company’s plans that focus largely on its current and near-future activities and are determined by its middle level management are referred to as ____ plans
Tactical
A product strategy includes decisions about customer service, package design, brand names, trademarks, patents, and warranties. T/F
T
A statement such as “to hit the 300 employee mark by the end of the year” is typically a part of a mission statement. T/F
F
A bill passed by the government stipulates the mandatory use of revised engine mapping and particulate filters in the automobile industry. Which of the following factors of the marking environment as affected the automobile industry in this scenario?
Political-legal
H&M stores have grown quickly and established a high share of the market by targeting women
who like to wear the latest fashion trends and are price conscious. H&M determines their mix of product, pricing, promotion strategy, and retail store location based upon extensive research regarding consumer preferences and style trends. The identification of a target market and blending of marketing mix elements is known as the ________
Marketing strategy
The Internet has impacted business for a new firms by increasing the barriers to market entry. T/F
F
The BCG (Boston Consulting Group) matrix places strategic business units into which of the following four-quadrants
Stars, Cash Cows, Questions Marks and Dogs
As the senior vice-president of marketing, Naomi will be closely involved in her firm’s strategic planning. T/F
T
