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mktg principles of marketing

Questions and Answers of MKTG Principles Of Marketing

Coffee is a global drink loved by so many. From the simple espresso in Italy to the cinnamon added in Mexico, coffee is a global beverage. The origins of coffee date back to the ninth century. Legend
During this course, you will develop a marketing plan as part of a semester-long project. The marketing plan that you develop will build throughout the course over nine chapters of this textbook.The
Taking college courses is a huge step forward in your professional development. But there are additional activities that can also impact your self-awareness and provide credentials sought by
Is it OK for companies to profile customers and predict their purchase behavior? Every time you, as a consumer, visit a website, your “cookies” are gathered and used to better understand your
In 2016, Amazon announced it was building its own logistics and shipping business in an effort to put the brakes on rising delivery costs. The overall goal was to deliver Amazon packages as well
Because relationships are so important in marketing, multiple tools have been developed to help manage customer relationships. Many technological advances assist marketers in their efforts.
All consumers have needs and wants. You likely felt a state of deprivation this morning—hunger—and decided what you wanted to eat for breakfast. Do a bit of research to discover how your
Your roommate in the dorm talks on his cell phone incessantly while you’re trying to study. Since you’re a broke college student and it’s too cold to walk to the library, you decide to explore
According to the US Centers for Disease Control and Prevention, the birthrate is falling in communities around the world. In the United States, the birthrate fell by 4 percent in 2020, an all-time
A person can be a product. Please give an example of this.
Why do some marketers prefer to follow the 4Ps (product, price, place, and promotion) of marketing and others might prefer to follow the new pattern of the 5Ms (minds, minutes, machinery, materials,
The marketing mix has been compared to a toolbelt. In other words, successful marketers can devise an appropriate marketing mix by combining the right blend of tools: product, price, place, and
Why is capturing customer lifetime value so important? Choose a retailer, and apply this concept as a way to explain, in part, its profitability and long-term viability in the marketplace.
During the societal marketing concept, ________.a. customers’ wants and needs were first identified as essentialb. trustfulness, honesty, and transparency became most importantc. promotional
Which of the following accurately represents the evolution of marketing?a. Production, product, sales, marketing, societalb. Product, sales, production, marketing, societalc. Marketing, production,
During which marketing era concept would companies not only produce products but also try to persuade customers through advertising and personal selling to purchase those products?a. Production
Which of the marketing eras or concepts is most closely related to sustainability and environmental consciousness?a. Production conceptb. Marketing conceptc. Societal marketing conceptd. Sales concept
The product concept focuses on ________.a. the quality of the product a company intends to sellb. the operations of manufacturing the product a company intends to sellc. the selling strategies a
You want to target a market more narrowly than simply using demographic data. You are also considering segmenting on people’s attitudes and interests. Which domain of the macroenvironment is most
Which of the domains of the macroenvironment are most likely to be responsible for cutting-edge innovations?a. Economicb. Technologicalc. Political and legald. Social and cultural
If you wanted to fill a gap in the marketplace, you would have to carefully consider ________ to see what is already available on the market.a. the competitionb. the customersc. the publicd. the
________ consist of third-party sellers such as retailers, wholesalers, and other resellers in the distribution channel.a. Suppliersb. Market intermediariesc. Partnersd. Customers
The extent to which the supply chain adds value to our marketing strategy is best addressed by our evaluation of which of the 5Ms?a. Materialsb. Moneyc. Machineryd. Minutes
You’re a marketer trying to determine which trade shows you might want to include in your marketing mix. Which element of the marketing mix would address this concern?a. Productb. Pricec. Placed.
DiJuan, a marketer for a soft drink company, ensures that his company’s products are available in numerous locations—vending machines, convenience stores, restaurants, and supermarkets. Which
Which of the 4Ps of marketing focuses on how and where to deliver the product to the consumer most likely to buy it?a. Productb. Pricec. Placed. Promotion
Which of the 4Ps focuses on determining how much consumers would be willing to pay for a product or service?a. Productb. Pricec. Placed. Promotion
Which of the following is NOT one of the 4Ps of marketing?a. Productb. Pricec. Placed. Positioning
At which step in the marketing process would the lifetime values to a company’s customers be considered?a. Developing a customer-driven marketing strategyb. Delivering high customer valuec. Growing
The total potential profits a company earns from its current and potential customers is known as ________.a. customer equityb. the value propositionc. customer valued. the marketing process
Which of the following is not an external interested party?a. Employeesb. Customersc. Suppliersd. Society
Which of the following provides the most complete definition of marketing?a. Marketing creates value.b. Marketing is made up of every process involved in moving a product or service from your
Coca-Cola’s mission is to refresh the world, and to that end, it has ensured that you can buy a Coke product at numerous locations—vending machines, convenience stores, restaurant fountains,
Which of the following best describes a satisfactory exchange process?a. One that allows the seller to incur the highest profit possibleb. One that allows the buyer to pay the lowest price possiblec.
________ is/are the benefit(s) to the customer or consumer relative to the cost of the product or service.a. Valueb. The exchange processc. Stated needsd. Expectations
Which of the following terms refers to the promised value of a product or service?a. Valuationb. Value proposalc. Value assessmentd. Value proposition
In the exchange process, the ________ is the individual who purchases the product or service, and the ________ is the individual who actually uses the product or service.a. buyer; sellerb. buyer;
________ needs are those that provide the “wow” factor in a customer’s purchase.a. Statedb. Realc. Unstatedd. Delight
A program that offers discounts and special incentives designed to attract and retain customers is called a ________.a. customer loyalty programb. sweepstakesc. discount pland. CRM software
Which type of customer relationship management (CRM) system would pool data from outside companies and organizations in order to create even better experiences for their customers?a. Customer loyalty
In “SMART goals,” what does the “R” stand for?a. Relatableb. Rationalc. Requiredd. Realistic
Which of the following best describes a gap analysis?a. A statement that answers the question, Where do we see the business going?b. An internal analysis of the company to identify inherent
What do you call the plans, actions, objectives, and goals that outline how a business will compete in its chosen markets?a. Mission statementb. Vision statementc. Gap analysisd. Strategy
Which of the following strategies covers the entire organization when the business includes multiple divisions or operating units?a. Functional strategyb. Strategic business unit strategyc.
Which of the following defines the reason why the business exists?a. Vision statementb. Mission statementc. Gap analysisd. Goals and objectives
Which strategy involves the creation of new or improved products to replace existing ones in order to improve a company’s competitive position and sales?a. Market developmentb. Product
Sanjay is creating a SWOT analysis for the vegan restaurant he owns in a small college town. Until recently, there has been only one competitor in the vegan market, but that restaurant has recently
Hoffman Enterprises has a portfolio of businesses in a wide variety of unrelated industries. One of its strategic business units (SBUs) has high market share in a low-growth industry. How would this
What key metrics does the BCG matrix use to show the relative attractiveness of different offerings?a. Market share and market growth rateb. Market size and market sharec. The ratio of dogs to cash
Marcus is preparing a SWOT analysis for the health club he owns. One of the factors he has identified is the fact that the health club is the only facility in the area that offers water aerobics
In which section of the marketing plan would you include a competitive analysis and discussion of the company’s top competitors?a. Positioningb. Target marketc. Mission statementd. Current
In which section of the marketing plan would you identify key internal and external influences on the company’s current position?a. Objectives and issuesb. SWOT analysisc. Buyer personasd. Current
What is a perceptual map, and how is it used?a. A perceptual map indicates the relative strength of competitors in the market segment.b. A perceptual map indicates the relative market share and
In a SWOT analysis, which factors are internal to the organization?a. Strengths and opportunitiesb. Weaknesses and threatsc. Strengths and weaknessesd. Opportunities and threats
In which section of the executive summary of a marketing plan would you describe the current marketplace and industry sectors within which you sell your products or services and the innovations
Why is it important to track customer satisfaction?a. We don’t need to; we already have their money.b. Customer referrals can be a powerful promotional tool.c. Customer acquisition can be
The observation is made that a single data point in isolation is not very useful. What can we do with a KPI data point to make it useful?a. Compare the KPI data point with a related goal/objective
You’ve emailed a customer satisfaction survey to 20,000 customers and received 1,825 responses. Of those 1,825 responses, the ratings came back as:• 500 very satisfied• 300 satisfied• 1,025
How frequently should we monitor KPIs?a. Continuouslyb. Monthly when the financial statements are producedc. Annually when the yearly financial statements are producedd. When things just don’t
What are key performance indicators (KPIs)?a. Industry economic forecasts gathered during external analysisb. A collection of all the detailed statistics we can find regarding firm performancec. A
When adventurer Dan Buettner set off around the world, riding his bike and visiting far-off destinations, he put a way of living into motion. Through the study of various communities around the
Complete the following information about the company and products/services you chose to focus on as you develop the marketing plan throughout the course. You may need to conduct research in order to
Consider the city where you live. Why do you live there? Why have businesses chosen to locate there? Call your Chamber of Commerce and ask to speak to the chamber director or marketing director. Ask
There are many brands that recognize the benefits of hiring brand ambassadors. Red Bull is one of these brands. Because college students constitute a major portion of its target market, Red Bull
Disney is an example of a diversified company. Its success is based upon founder Walt Disney’s artistic abilities and years of successful strategic planning. Answer the following questions:A. Why
Go to Clorox’s website and review the company’s primary products (https://openstax.org/r/clorox).Complete a SWOT matrix for Clorox that lists at least three strengths, weaknesses, opportunities,
Like Clorox and Zoom, Peloton was poised to the seize market opportunities created by the COVID-19 pandemic and stay-home mandates ordered by cities and states. Research Peloton and construct a
What are SMART goals, and why are they important in strategic planning?
Personas are especially helpful as marketers consider the ________ for their products and are most commonly used when developing promotional materials.
Why is perceived value important in price setting?
Your university annually evaluates the current and possible value of its strategic business units (SBUs). The university may examine its majors as SBUs, or it may examine each college, school, or
The decisions and actions people undertake to buy products or services for personal use are known as ________.a. the consumer marketb. the buyer’s black boxc. consumer buying behaviord. complex
You’re at the grocery store buying potato chips for a barbeque you’re having this weekend. You normally buy Lay’s potato chips, but you notice that Ruffles are on sale, so you pick up a few
Samantha sees a TV commercial announcing that a mattress she’s been considering is on sale through the holiday weekend and makes plans to visit the store the next day in order to take advantage of
In the buyer’s black box, external stimuli that are planned and created by the producer and/or seller are known as ________ stimuli.a. economicb. marketingc. technologicald. social
You’re considering buying a widescreen TV. You’ve researched different features, looked up and reviewed models on the Internet, and even asked a few friends for their recommendations. What type
Attitudes are a composite of a consumer’s beliefs, feelings about, and ________ toward a product or service.a. predispositionsb. behavioral intentionsc. preconceived notionsd. attributions
The tendency of people to interpret information in a way that supports what they already believe is known as ________.a. cognitive dissonanceb. selective attentionc. selective retentiond. selective
Jazmine purchases a wireless alarm system for her apartment. According to Maslow’s hierarchy of needs, which level of needs does this purchase reflect?a. Physiologicalb. Safety/securityc.
Traditionally, in China, the bride’s wedding gown is red because the color is associated with good luck, happiness, and prosperity. Which influence on consumer buying behavior does this
You’re at the shopping mall looking for a new pair of shoes when you smell the wonderful aroma of freshly baked pretzels. Before you know it, you’ve bought a giant pretzel with cheese sauce. What
Nathan and his husband have decided to purchase a new car. They have narrowed their list to a few models and visited a few dealerships to see the models and test-drive them. Which stage of the
What is a heuristic?a. It is the mental conflict that occurs when a person’s behaviors and beliefs do not align.b. It is a mental shortcut that allows people to solve problems and make judgments
Jason is considering buying a new laptop computer. He is researching different models based on factors like the processor, the hard drive capacity and speed, RAM, operating system, and price. He has
Ra’Shana’s car broke down on the way to work, and she realizes that she needs to quickly find a repair shop to take care of her vehicle. Which stage of the consumer decision process model does
Janelle and her sister are planning a reception for their parents’ 50th wedding anniversary. They have looked at several venues, comparing size, location and accommodations, photo opportunities,
During high school and college, Lisa worked in an upscale retail boutique. On the mornings Lisa opened the store, she grew to love the deep, rich smell of the coffee that would permeate the air from
Have you ever wondered where analysts gather consumer behavior data and how they make sense of it? One way to find out is to ask someone who currently does this job. Using LinkedIn, conduct a search
Delve into McDonald’s, a company mentioned at the beginning of this chapter. Does McDonald’s have an environmental sustainability statement? If so, list evidence showing how McDonald’s carries
One way consumers evaluate alternatives is by identifying the “bundle of attributes” of a product or service. Assume that you’re in the market for a new smartphone. What would that bundle of
Research has shown that consumers’ buying behavior changes over time, reflecting their age or stage of the family life cycle. Visit Salesfloor.com and read the summaries
You just locked your door and are heading out to get a haircut. How do these two needs—safety through the locked door and esteem through the haircut—fit with Maslow’s hierarchy of needs? Why is
Provide a recent example of a purchase you made and describe your progress through the stages of the consumer decision process model.
Businesses send you thousands of marketing messages each day through the radio, TV, Internet, billboards, and bus benches. You sort through these messages, perhaps unconsciously, and decide which
You belong to many membership groups. You might be a member of the college soccer team or sing in a choir. Right now, you likely aspire to join the group of college graduates. Why is it so important
What sort of purchasing behavior do you, as a student, exhibit? Do you stop by a convenience store and buy a soda on the way to class? This is convenience shopping behavior, and the business is
DaVonte has a home repair business. He goes to a home improvement store to purchase a large quantity of lumber for his next repair project. While he is there, he picks up batteries for the smoke
Many of the world’s high-tech companies are located in Silicon Valley, California, including the headquarters of more than 30 businesses in the Fortune 1000. Which difference between B2B and B2C
Alejandro is a salesperson for a company that manufactures electrosurgical units. He calls on hospitals in his sales region to familiarize the buying centers in the hospitals with the benefits of his
Jason, a purchasing agent for an electronics firm, places an order with a supplier for diodes to be used in the manufacturing process. This is an example of a transaction in the ________ market.a.

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