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https://uopcourses.com/category/mkt-575/ MKT 575 Final Exam Guide Typically, the difference between the planned marketing strategy and the strategy that actually takes place is: independent of marketing implementation. caused solely by changes in customer behaviors. typically caused by unexpected competitive activity. caused by managerial mistakes, not by changes in the firm’s internal or external environments. caused by the way the planned marketing strategy is implemented. is a broad concept that relates to an organization’s obligation to maximize its positive impact on society while minimizing its negative impact. Social responsibility Marketing ethics Social engineering Strategic philanthropy Corporate philanthropy A vision statement answers which of the following statements? How can we serve our target markets? What are our goals? Which is our market position? What do we want to become? What business are we in? Among the fundamental changes to marketing and business practice in today’s economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today’s economy? wholesalers customers market research firms retailers manufacturers All organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization’s mission and achieve desired goals and objectives. cross-functional goal corporate strategy corporate mission cross-functional strategy marketing strategy When a firm begins to charge high fees for additional services to non-profitable customers, it has determined that the __________ of those customers is too low to warrant added efforts at maintaining a relationship with them client value 80/20 value
relational value lifetime value market share With respect to the consumer buying process, __________ is perhaps the most important factor that affects the time, effort, and expense dedicated to the search for information. the consumer’s brand loyalty the degree of risk the consumer’s expertise the extent of product differentiation the degree of competition Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers. comparative product positioning branding perceptual marketing image marketing When a firm analyzes its objectives and performance, availability of resources, structural characteristics, and organizational culture, the firm is most likely examining its: external environment. mission statement. external environment. internal environment. strategic environment. Which of the following IS NOT a purpose of a marketing plan? It specifies the expected outcomes of the plan. It describes specific actions that are to take place. It explains the present and future situations of the organization. It explains how marketing activities mesh with other functional areas. It identifies resources needed to carry out the plan. Which of the following relationship strategies is most likely to be used by a health club as it tries to create social bonds with its clientele? family discount programs customer reminder notifications personalized training membership programs Coupons In times past, developing and implementing the “right” marketing strategy was all about __________. In today’s economy, however, that emphasis has shifted to developing strategies that attract and retain customers over the long term. conducting extensive research to discover customer needs aggressive direct selling in order to maximize sales volume making products of moderate quality that could be sold at the lowest possible price making the highest quality product creating a large number of transactions in order to maximize the firm’s market share In the competitive sports drink market, Gatorade pays very close attention to the activities of Powerade, a major __________ competitor that markets drinks that are similar in features and benefits. direct total budget product brand generic Branding strategy involves much more than developing a clever brand name or brand mark. To be truly effective, a brand should succinctly capture the total offering in a way that:
clearly ties the brand name together with the brand mark. utilizes at least 5 brand attributes. clearly distinguishes it from competiting offerings. associates the brand with a customer emotion such as happiness or love. answers a question in the customer’s mind. Many large firms, such as Walmart, Home Depot, Lowe’s, and Barnes & Noble, have been accused of predatory pricing because their business practices have put many local, mom-andpop firms out of business. In reality, these large firms are not necessarily guilty of predatory pricing. Why? Because the courts have found little evidence that predatory pricing has occurred. Because the weak marketing activities of the local firms are to blame. Because the large firms have efficient cost structures and lower variable costs. Because the large firms are more guilty of superficial discounting than predatory pricing. Because the large firms simply have stronger brand equity than local firms. Marketing implementation is critical to the success of any firm. Simply put, implementation refers to: deciding who will actually write the marketing plan. the process by which the marketing strategy will be developed. how the marketing plan will be put into action. the process by which employees learn about the marketing strategy. how the marketing plan will be approved by top management. All of the following are benefits of SWOT analysis EXCEPT: It can reduce costs associated with strategic planning It promotes collaboration and open information exchange It can synthesize and integrate diverse information Its structured nature ensures that data and information are correctly categorized. It is simple to use and requires no extensive training or skills. With respect to conducting a situation analysis, which of the following IS NOT one of the four important issues to keep in mind? Conducting a situation analysis is a challenging exercise. All bits of data are relevant no matter how minor they may seem. The benefits of analysis must outweigh the costs. Data are not the same as information. Analysis alone is not a solution. What might be the problem with only taking the customer’s perspective? Taking a customer perspective involves a lot of costs and resources. Adopting a customer perspective doesn’t usually translate into insightful information. Customers do not see behind the scenes to understand the firm’s characteristics. Customers often take a generic analysis of the organization. The information is more constructive than descriptive. If you purchase a notebook computer from Dell, you will note several brand insignias on the outside, such as Dell, Intel, and Microsoft Windows. What type of branding strategy does this example represent? brand licensing co-branding brand collaboration brand affinity co-marketing In terms of SWOT analysis, when does a strength become a capability of the firm? when the strength cannot be copied by competitors when the strength can be supported by sufficient resources when the strength can be tied to satisfying a customer need when the strength can be connected to a second strength when the strength stands alone without any corresponding weaknesses Which of the following IS NOT a challenge associated with being ethical and socially responsible?
Most employees perceive that the values of honesty, respect, and trust do not apply to the workplace. When personal values are inconsistent with the configuration of values held by the work group, ethical misconduct may increase. A person’s experiences and decisions at home, in school, and in the community may be quite different from the experiences and the decisions he or she has to make at work. Individuals who have limited business experience often find themselves required to make sudden decisions concerning marketing’s gray areas. Business decisions involve complex and detailed discussions in which correctness may not be so apparent. Which of the following is the best example of a brand mark? WD-40 Nike’s swoosh 7-Eleven BMW Honda From the viewpoint of the consumer buying process what is the difference between a need and a want? Needs are based on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need. Needs are absolute necessities, whereas wants are discretionary. Needs focus on specific elements of a product’s quality, whereas wants are related to the “extras” that add value to the product Needs are related to specific products, whereas wants occur only when the consumer has the ability to purchase the product. Needs and wants are essentially the same, except that consumers will pay more for products they need. Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth: assessment of the organization’s resources.. strategy for achieving growth. statement of the organization’s competitive advantages. statement of goals and objectives. situation analysis Which of the following changes occurring in today’s economy has NOT been caused by the growth of the Internet? rising prices for most products shifting demand patterns privacy and security concerns increase in product selection audience and media fragmentation One of the links between strategic planning and marketing implementation is interdependency which refers to the fact that the strategic planning process depends entirely on marketing implementation. both strategy and implementation must adapt to environmental changes. both strategy and implementation must constantly evolve. the marketing plan affects how it will be implemented, and implementation affects the marketing plan. strategic planning cannot occur without marketing implementation, and vice versa. The consumer buying process begins when: marketing research discovers a new, untapped market segment. merchants offer goods and services for sale. consumers begin to seek information about an upcoming purchase. a manufacturer develops a new product. consumers recognize that they have unsatisfied needs.
Although mass media audiences are becoming increasingly fragmented media fragmentation does have a major advantage. What is this advantage? It is much easier to measure feedback from mass media audiences. Consumers are now highly susceptible to online advertising. It now costs less to reach a mass audience. It is now easier to reach small, highly targeted audiences. Consumers are now much more receptive to television advertising. __________ is defined as a business philosophy aimed at defining and increasing customer value in ways that motivate customers to remain loyal. Customer relationship management Lifetime value management Customer orientation Market orientation Retention management