Knowledge Check Worksheet
MKT 571 Knowledge Checks
Contents
Week 1: Marketing Strategies 2
Concept: Scope/Definition of Marketing 2
Concept: Environmental Scanning 2
Concept: Marketing Research Process 3
Concept: Strategic/Tactical Tools 3
Concept: Using Secondary Data and Data Mining 4
Concept: Forecasting Demand 5
Week 2: Consumer Analysis 5
Concept: Buying Decision Process 5
Concept: Psychographic and Behavioral Segmentation 6
Concept: Positioning Strategies 6
Concept: Changes in Sociocultural Environment 7
Concept: Selecting a Target Market 7
Concept: Perceptual Maps 8
Concept: Value Proposition 8
Week 3: Product Mix 9
Concept: Challenges of Product Development 9
Concept: Managing the PLC 9
Concept: Choosing the Correct Commercialization Method 10
Concept: Product Level and Customer Value 10
Concept: Methods of Differentiation 11
Concept: Product Mix and Systems 11
Concept: Service Mix 12
Week 4: Pricing and Distribution 12
Concept: Setting the Price 12
Concept: Price Adaptation 13
Concept: Global Market Entry Methods 13
Concept: Push/Pull Strategies and Managing the Channel 14
Concept: Challenges of E-Commerce 14
Concept: Channel Alternatives 15
Concept: Channel Systems/Value Networks 15
Week 5: Marketing Communication, Branding, and Customer Loyalty 16
Concept: Effective Media Selection 16
Concept: Managing Company Image 16
Concept: Crisis Management 17
Concept: Creating Customer Value and Satisfaction 17
Concept: Market Strategies for Leaders, Challengers, Followers, and Niches 18
Concept: Optimum Marketing Communication Mix 19
Concept: Relationship Marketing 19
Week 6: Performance and Legal/Ethical Issues 20
Concept: Components of a Marketing Audit 20
Concept: Marketing with Corporate Responsibility 20
Concept: Ethical/Legal PR 21
Concept: Selecting the Appropriate Metrics and Levels, Types, and Responsibilities of Marketing Control 21
Concept: Challenges of Performing a Marketing Audit 22
Concept: Marketing Control Tactics 22
Concept: Determining the Global Marketing Mix 23
Week 1: Marketing Strategies
Ch. 1 of Marketing Management, 14e
Ch. 3 of Marketing Management, 14e
Ch. 4 of Marketing Management, 14e
Ch. 5 of Marketing Management, 14e
Ch. 2 of Marketing Management, 14e
Concept: Scope/Definition of Marketing
|Details |
|Marketing is considered both an art and a science. How do the 4 Ps, or marketing mix, help us bridge the gap between |
|art and science? |
| |
|a. Marketing is involved with price as the major factor. |
|b. Marketing focuses on sales as the primary goal. |
|c. Marketing is about advertising. |
|d. Marketing balances the need for data with that of creativity. |
|Correct Answer Feedback: d |
| |
|The four Ps, also known as the marketing mix, help people working in marketing to modulate the balance between data |
|and creativity. A product’s pricing, for example, might be problematic when a product is not selling despite excellent|
|advertising. A marketing person needs to be able to sift through data and make any changes, including those that |
|affect creativity, to change how the product or service plays in the marketplace. |
|Reading: |
| |
|Ch.1 of Marketing Management |
|“The Scope of Marketing” pp. 5–9 |
|“The Importance of Marketing” pp. 3–12, |
|“Updating The Four Ps” pp. 25–27 |
Concept: Environmental Scanning
|Details |
|Which of the following elements of sociocultural environment can be associated with the growing demand for social |
|surrogates like social networking sites, television, and so on? |
| |
|a. Views of ourselves |
|b. Views of organizations |
|c. Views of others |
|d. Views of nature |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: c |
| |
|How we perceive others and how others perceive us can be influenced by what we see on television, YouTube, and other |
|social networking sites. |
|Reading: |
| |
|Ch. 3 of Marketing Management |
|“The Sociocultural Environment, pp. 78–80 |
|“The Economic Environment” pp. 77–78 |
Concept: Marketing Research Process
|Details |
|Wabash Bank would like to understand if there is a relationship between the advertising or promotion it does and the |
|number of new customers the bank gets each quarter. What type of research is this an example of? |
| |
|a. Causal |
|b. Secondary |
|c. Exploratory |
|d. Qualitative |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: a |
| |
|Causal research means that something has an effect or a cause on something else. In this case, the marketing manager |
|would want to know if advertising caused the number of new bank accounts to increase. |
|Reading: |
| |
|Ch. 4 of Marketing Management |
|“Step 1: Define the Problem, the Decision Alternatives, and the Research Objectives” pp. 99–100 |
|“The Marketing Research Process” pp. 99–114 |
Concept: Strategic/Tactical Tools
|Details |
|Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge |
|point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the |
|form of low prices. This strategy is best described as |
| |
|a. integrative growth |
|b. overall cost leadership |
|c. differentiation |
|d. market development |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: b |
| |
|By offering products more efficiently at a lower cost, organizations are practicing the strategy of low-cost leadership.|
|These costs result in savings for consumers. |
|Reading: |
| |
|Ch. 2 of Marketing Management |
|“External Environment (Opportunity and Threat) Analysis” pp. 48–49 |
|“Business Unit Strategic Planning” pp. 47–54 |
Concept: Using Secondary Data and Data Mining
|Details |
|During the holidays, companies often provide gifts to customers. The more a client spends, the larger the gift, usually.|
|To segment customers in this way, for what purpose is this data being mined? |
| |
|a. To decide which customers should receive a new sales offer |
|b. To avoid serious customer mistakes |
|c. To deepen customer loyalty |
|d. To beat the competition to a sale |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: c |
| |
|To build relationships with customers, especially their best customers, businesses often reward them with gifts at the |
|holidays. This not only indicates appreciation for the business, but helps build customer loyalty as well. |
|Reading: |
| |
|Ch. 5 of Marketing Management |
|“Customer Databases and Database Marketing” pp. 143–146 |
|“Consumer Databases and Database Marketing” pp. 143–146 |
Concept: Forecasting Demand
|Details |
|Which market do customers who have purchased and are driving Audi automobiles represent? |
| |
|a. Available market |
|b. Potential market |
|c. Penetrated market |
|d. Target market |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: c |
| |
|Those who have already bought or are using a product, are considered to be part of the penetrated market. |
|Reading: |
| |
|Ch. 3 of Marketing Management |
|“The Measures of Market Demand” pp. 85–86 |
|“Forecasting and Demand Measurement” pp. 85–91 |
Week 2: Consumer Analysis
Ch. 8 of Marketing Management, 14e, Objective 2.1, 2.2, 2.3
Ch. 6 of Marketing Management, 14e, Objective 2.1
Ch. 10 of Marketing Management, 14e, Objective 2.4
Concept: Buying Decision Process
|Details |
|What is the second stage of the consumer buying process? |
| |
|a. Evaluation of alternatives |
|b. Purchase decision |
|c. Buyer satisfaction |
|d. Information search |
|Correct Answer Feedback: d |
| |
|This is the second step of the consumer buying process. Consumers gather information about available products or |
|services. |
|Reading: |
| |
|Ch. 6 of Marketing Management |
|“Stages in the Buying Process” pp. 166–167 |
|“Figure 6.4” p. 166, |
|“The Buying Decision Process: The Five-Stage Model” pp. 166–167, |
|“Information Search” p. 167, |
|“Summary” p. 177 |
Concept: Psychographic and Behavioral Segmentation
|Details |
|How many primary groups does VALS classify U.S. adults into based on personality traits and key demographics? |
| |
|a. Seven |
|b. Two |
|c. Eight |
|d. Nine |
|Correct Answer Feedback: c |
| |
|Strategic Business Insight developed the classification based on consumer buying habits. This is an eight-section |
|classification system. |
|Reading: |
| |
|Ch. 8 of Marketing Management |
|“Psychographic Segmentation” pp. 225–227 |
|“Psychographic Segmentation” pp. 225–229, |
|“Figure 8.1 The VALS Segmentation System: An Eight-Part Typology” p. 226 |
Concept: Positioning Strategies
|Details |
|Which other criteria helps make up the three criteria for a successful brand mantra: inspire, simplify, and : |
| |
|a. inflate |
|b create |
|c. infuse |
|d. communicate |
|Correct Answer Feedback: d |
| |
|“A brand manta is internal to the organization. It must be communicated within the organization to all employees” |
|(Kotler & Keller, 212, p. 287). |
|Reading: |
| |
|Ch. 10 of Marketing Management |
|“Constructing a Brand Positioning Bull’s-eye” p. 287 |
Concept: Changes in Sociocultural Environment
|Details |
|Which term describes the diverse needs of many ethnic market segments? |
| |
|a. Mass marketing |
|b. Multicultural marketing |
|c. Multifaceted marketing |
|d. Multidiversity marketing |
|Correct Answer Feedback: b |
| |
|Marketers often concentrate their efforts on ethnic groups that have specific needs and wants from the general mass |
|market. The marketers target these groups with products such as foods or personal care products. |
|Reading: |
| |
|Ch. 8 of Marketing Management |
|“Race and Culture” p. 222 |
|“Race and Culture” pp. 222–224, |
|“Table 8.4: Multicultural Market Reference” p. 223 |
Concept: Selecting a Target Market
|Details |
|What other dimension helps market segments be measurable, substantial, accessible, and differentiable? |
| |
|a. Actionable |
|b. Obtainable |
|c. Functional |
|d. Reasonable |
|Correct Answer Feedback: a |
| |
|“Segments must be actionable. This means they must be reachable by the marketer. They are able to develop programs which|
|meet the needs of the segment” (Kotler & Keller, 2012). |
|Reading: |
| |
|Ch. 8 of Marketing Management |
|“Effective Segmentation Criteria” p. 231 |
|“Table 8.6: Steps in the Segmentation Process” p. 231 |
Concept: Perceptual Maps
|Details |
|Which of the following would consumers associate closely with a brand? |
| |
|a. Points of reference |
|b. Brand attitudes |
|c. Customer focuses |
|d. Points-of-difference |
|Correct Answer Feedback: d |
| |
|Points-of-difference are attributes that consumers associate with a brand. They are often not able to find these same |
|attributes in another brand (Kotler & Keller, 2012, p. 280). |
|Reading: |
| |
|Ch. 10 of Marketing Management |
|“Points-of-Difference” p. 280 |
|“Marketing Insight: High Growth Through Value Innovation” p. 278 |
Concept: Value Proposition
|Details |
|Which other factor does an organization’s marketing strategy focus on: segmentation, targeting, and: |
| |
|a. perceptual mapping |
|b. positive marketing |
|c. positioning |
|d. possession |
|Correct Answer Feedback: c |
| |
|The acronym STP stands for strategy, targeting, and positioning. These are the cornerstones of marketing today. |
|Reading: |
| |
|Ch. 10 of Marketing Management |
|“Developing and Establishing a Brand Positioning” pp. 275–277, |
|“Entertainment Weekly” p. 276 |
Week 3: Product Mix
Ch. 20 of Marketing Management, 14e, Objective 3.1
Ch. 11 of Marketing Management, 14e, Objective 3.2
Ch. 12 of Marketing Management, 14e, Objective 3.3
Ch. 13 of Marketing Management, 14e, Objective 3.3
Concept: Challenges of Product Development
|Details |
|Which of the following is most closely related with the organic growth of an organization? |
| |
|a. Acquiring a product or service brand |
|b. Increasing the operational profitability |
|c. Increasing productivity of employees |
|d. Developing new products from within |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|There are a number of ways for a company to offer a new product or service. Organic growth refers to bringing a new |
|product to market that was developed or created internally. |
|Reading: |
| |
|Ch. 20 of Marketing Management |
|“Make or Buy” pp. 567–568 |
|“Types of New Products” pp. 568–570 |
Concept: Managing the PLC
|Details |
|Campbell Soups is a newly established company that specializes in preparing healthy but tasty food for children under |
|the age of 5. It is incurring huge production costs, nonexistent profits, and slow sales growth. The company is in the |
|________ phase of its life cycle. |
| |
|a. growth |
|b. introduction |
|c. maturity |
|d. decline |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: b |
| |
|The introduction period experiences a slow sales growth and nonexistent profit as a new product is introduced to the |
|market. |
|Reading: |
| |
|Ch. 11 of Marketing Management |
|“Product Life Cycles” p. 310 |
|“Product Life-Cycle Marketing Strategies” pp. 310–317 |
Concept: Choosing the Correct Commercialization Method
|Details |
|Poga International, a multinational beverage corporation, identifies that one of its competitors is launching an apple |
|flavored drink. The company decides to launch an apple flavor brand along with its competitor. What timing strategy is |
|used here? |
| |
|a. First entry |
|b. Parallel entry |
|c. Late entry |
|d. Exchange entry |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: b |
| |
|Parallel entry is the strategy of two companies launching similar products at the same time. |
|Reading: |
| |
|Ch. 20 of Marketing Management |
|“Commercialization” p. 588, |
|“When (Timing)” p. 588 |
Concept: Product Level and Customer Value
|Details |
|The five product levels constitute a ________. At each level more customer value is added. |
| |
|a. business model |
|b. customer-value hierarchy |
|c. value grid |
|d. demand chain |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: b |
| |
|The customer-value hierarchy, where value is added at each level value, includes the core benefit, basic product, |
|expected product, augmented product, and potential product. |
|Reading: |
| |
|Ch. 12 of Marketing Management |
|“Product Characteristics and Classifications” pp. 325–326 |
|“Product Levels: The Customer-Value Hierarchy” pp. 326–327 |
Concept: Methods of Differentiation
|Details |
|Which of the following is the level at which the product’s primary characteristics operate? |
| |
|a. Design |
|b. Conformance quality |
|c. Durability |
|d. Performance quality |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|The performance quality is level that the product operates, which may be low, average, high, or superior. This level |
|should be aligned with the target audience considering the competition and may not always be at the highest level. |
|Reading: |
| |
|Ch. 12 of Marketing Management |
|“Product Differentiation” p. 329 |
|“Product and Services Differentiation” pp. 328–332 |
Concept: Product Mix and Systems
|Details |
|Happy Home Products produces detergents, toothpaste, bar soap, disposable diapers, and paper products. This company has |
|a product ________ of five lines. |
| |
|a. type |
|b. length |
|c. class |
|d. width |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|The product width considers how many product lines the company offers. |
|Reading: |
| |
|Ch. 12 of Marketing Management |
|“Product Systems and Mixes” p. 336 |
|“Product Systems and Mixes” pp.336–338 |
Concept: Service Mix
|Details |
|Services high in ________ are those services that have characteristics the buyer normally finds hard to evaluate even |
|after consumption. |
| |
|a. search qualities |
|b. experience qualities |
|c. trial qualities |
|d. credence qualities |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|Services that are high in credence qualities have characteristics that are difficult to evaluate even after consumption.|
|Reading: |
| |
|Ch. 13 of Marketing Management |
|“Service Industries Are Everywhere” pp. 356–359 |
|“Categories of Service Mix” pp. 356–357 |
Week 4: Pricing and Distribution
Ch. 14 of Marketing Management, 14e
Ch. 15 of Marketing Management, 14e
Ch. 21 of Marketing Management, 14e
Concept: Setting the Price
|Details |
|When companies estimate the demand and costs associated with alternative prices, they will choose the price that |
|produces: |
| |
|a. lowest current profit |
|b. maximum current profit |
|c. break-even current profit |
|d. negative current profit |
|Correct Answer Feedback: b |
| |
|Many companies try to set a price that will maximize current profits by estimating the demand while choosing a price |
|that produces maximum current profit, cash flow, or rate of return on investment. This strategy assumes that a firm |
|knows its demands and cost functions which could be difficult to estimate. |
|Reading: |
| |
|Ch. 14 of Marketing Management |
|“Step 1: Selecting the Pricing Objective” pp. 389–390 |
|“Setting the Price” pp. 389–403 |
Concept: Price Adaptation
|Details |
|What form describes a buyer and seller directly exchanging goods with no money and no third party involved? |
| |
|a. Sale |
|b. Barter |
|c. Offset |
|d. Auction |
|Correct Answer Feedback: b |
| |
|In barters, the buyer and the seller directly exchange goods, with no money and no third party involved while a seller |
|receives some percentage of the payment in cash and the rest in products from a compensation deal. |
|Reading: |
| |
|Ch. 14 of Marketing Management |
|“Geographical Pricing (Cash, Countertrade, Barter)” p. 404 |
|“Adapting the Price” pp. 403–407 |
Concept: Global Market Entry Methods
|Details |
|What is a simple way to engage in international marketing? |
| |
|a. Travel abroad |
|b. Licensing |
|c. Communications |
|d. Cultural attainment |
|Correct Answer Feedback: b |
| |
|“Licensing is a simple way to engage in international marketing. The licensor issues a license to a foreign company to |
|use a manufacturing process, trademark, patent, trade secret, or item of value for a fee or royalty” (Kotler, 2012, p. |
|604). |
|Reading: |
| |
|Ch. 21 of Marketing Management |
|“Licensing” p. 604 |
|“Deciding How to Enter the Market” pp. 603–605 |
Concept: Push/Pull Strategies and Managing the Channel
|Details |
|What type of system does a firm employ to decide about the most critical decisions management faces? |
| |
|a. Marketing channel system |
|b. Pulling system |
|c. Pushing system |
|d. Advertising strategic system |
|Correct Answer Feedback: a |
| |
|A particular set of marketing channels that a firm employs—and decisions about it are among the most critical ones |
|management faces—is known as a marketing channel system. They not only serve markets, but they make markets. |
|Reading: |
| |
|Ch. 15 of Marketing Management |
|“The Importance of Channels” p. 416 |
|“Marketing Channels and Value Networks” pp. 415–418 |
Concept: Challenges of E-Commerce
|Details |
|What takes place when dealers purchase some or all of a product line? |
| |
|a. Full-line forcing |
|b. Part-line forcing |
|c. Half-line forcing |
|d. Forcing by brand |
|Correct Answer Feedback: a |
| |
|Full-line forcing is when producers of a strong brand sometimes sell it to dealers if they take some or all of the rest |
|of a product line. |
|Reading: |
| |
|Ch. 15 of Marketing Management |
|“Legal and Ethical Issues in Channel Relations” p. 438 |
|“E-Commerce Marketing Practices” pp. 438–441 |
Concept: Channel Alternatives
|Details |
|When the number of intermediaries are severely limited, this means an: |
| |
|a. inclusive distribution |
|b. exclusive distribution |
|c. strategic distribution |
|d. marketing distribution |
|Correct Answer Feedback: b |
| |
|Exclusive distribution means severely limiting the number of intermediaries. This is appropriate when the producer wants|
|to maintain control over the service level offered by resellers and often includes exclusive dealing arrangements. |
|Reading: |
| |
|Ch. 15 of Marketing Management |
|“Number of Intermediaries” pp. 424–425 |
|“Identifying Major Channel Alternatives” pp. 424–426 |
Concept: Channel Systems/Value Networks
|Details |
|What type of marketing system includes the producer, wholesaler(s), and retailer(s) acting as a unified system? |
| |
|a. Horizontal marketing system |
|b. Vertical marketing system |
|c. Triangular marketing system |
|d. Rectangular marketing system |
|Correct Answer Feedback: b |
| |
|A vertical marketing system includes the producer, wholesaler(s), and retailer(s) acting as a unified system, while a |
|conventional marketing channel only consists of independent producer, wholesaler(s), and retailer(s). |
|Reading: |
| |
|Ch. 15 of Marketing Management |
|“Channel Integration and Systems” pp. 431–436 |
|“Channel Integration and Systems” pp. 431–435 |
Week 5: Marketing Communication, Branding, and Customer Loyalty
Week 5 Textbook Readings
Ch. 12 of Marketing Management, 14e,
Ch. 17 of Marketing Management, 14e,
Ch. 18 of Marketing Management, 14e,
Ch. 11 of Marketing Management, 14e,
Ch. 5 of Marketing Management, 14e,
Concept: Effective Media Selection
|Details |
|________ is finding the most cost-effective media to deliver the desired number and type of exposures to the target |
|audience. |
| |
|a. Media scheduling |
|b. Content analysis |
|c. Media selection |
|d. Copy testing |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: c |
| |
|Media selection is the process of identifying the best approach to accomplish the objectives including the number and |
|type of exposures to those in the target market. |
|Reading: |
| |
|Ch. 18 of Marketing Management |
|“Deciding on Reach, Frequency, and Impact” p. 511 |
|“Deciding on Media and Measuring Effectiveness” pp. 510–519 |
Concept: Managing Company Image
|Details |
|Mountain Dew is a brand known for sponsorships of adventure events such as snowboarding and skateboarding competitions. |
|What is the most likely objective of Mountain Dew's sponsorship of these events? |
| |
|a. To enhance corporate image |
|b. To express commitment to the community or on social issues |
|c. To entertain key clients or reward key employees |
|d. To create perceptions of key brand image associations |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|Mountain Dew most likely is looking to create or reinforce customer perceptions about their brand with the association |
|of the event. |
|Reading: |
| |
|Ch. 18 of Marketing Management |
|“Events Objectives” pp. 524–525 |
|“Events and Experiences” pp. 524–527 |
Concept: Crisis Management
|Details |
|An insider trading crisis for an organization is what type of public relations crisis? |
| |
|a. Act of nature |
|b. Intentional event |
|c. Unintentional event |
|d. Act of upheaval |
| |
|Textbook/edition: This is PR: The Realities of Public Relations (11th ed.) |
|Correct Answer Feedback: b |
| |
|An act of insider trading is an example of a nonviolent, intentional public relations crisis for an organization. |
|Reading: |
| |
|Ch. 12 of This is PR: The Realities of Public Relations |
|“Anticipating a Crisis” pp. 314–315 |
Concept: Creating Customer Value and Satisfaction
|Details |
|When a consumer considers a product or service, he or she will choose whichever product or service delivers the highest |
| |
|a. customer-perceived value |
|b. customer-perceived cost |
|c. customer equity |
|d. customer lifetime value |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: a |
| |
|Customers will choose to purchase a product that they believe will offer the highest perceived value. |
|Reading: |
| |
|Ch. 5 of Marketing Management (14th ed.) |
|“Building Customer Value, Satisfaction, and Loyalty” pp. 123–132 |
Concept: Market Strategies for Leaders, Challengers, Followers, and Niches
|Details |
|When Starbucks introduced its Tazo Tea line to bring in new customers who had never gone to Starbucks because they don't|
|drink coffee, Starbucks was employing a ________ strategy. |
| |
|a. market-penetration |
|b. new-market segment |
|c. geographical-expansion |
|d. niche identification |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: b |
| |
|New-market segment strategy looks for potential demand from customers who have not used the product by overcoming |
|objections such as price, lack of features, or are simply unaware. |
|Reading: |
| |
|Ch. 11 of Marketing Management |
|“Expanding Total Market Demand” pp. 301–302 |
|“Competitive Strategies for Market Leaders” pp. 299–309 |
Concept: Optimum Marketing Communication Mix
|Details |
|Which of the following circumstances are best suited for the use of personal selling? |
| |
|a. When the products used are simple and easy-to-use |
|b. When there is minimal risk involved in buying or using the products |
|c. When the market has fewer and larger sellers |
|d. When prospective customers are spread across a wide geographic area |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: c |
| |
|Personal selling is used more in complex sales cycles with expensive products and in markets with fewer and larger |
|sellers. |
|Reading: |
| |
|Ch. 17 of Marketing Management |
|“Type of Product Market” p. 492 |
|“Deciding on the Marketing Communications Mix” pp. 490–494 |
Concept: Relationship Marketing
|Details |
|Rachel and Josh are on vacation in Hawaii. When they arrived at the hotel, they were offered chilled juice. Their |
|check-in formalities were handled by the staff. When they entered their room, they saw that chocolates had been placed |
|on the pillows and a flower arrangement on the table. The hotel's actions are an example of: |
| |
|a. customer lifetime value |
|b. customer perceived value |
|c. customer value analysis |
|d. a customer touch point |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|The hotel actions are all examples of a customer touch point where the customer encounters the brand in an effort to |
|maximize loyalty. |
|Reading: |
| |
|Ch. 5 of Marketing Management |
|“Customer Relationship Management” pp. 135–139 |
|“Cultivating Customer Relationships” pp. 134–143 |
Week 6: Performance and Legal/Ethical Issues
Week 6 Textbook Readings
Ch. 21 of Marketing Management, 14e,
Ch. 22 of Marketing Management, 14e,
Ch. 7 of This is PR: The Realities of Public Relations, 7e
Concept: Components of a Marketing Audit
|Question #1 |
|A ________ is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's |
|marketing environment, objectives, strategies, and activities, with a view to determining problem areas and |
|opportunities and recommending a plan of action to improve the company's marketing performance. |
| |
|a. marketing plan |
|b. marketing audit |
|c. market-based scorecard analysis |
|d. marketing metric |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: b |
| |
|A marketing audit is an examination and analysis of all marketing plans and initiatives and can be beneficial for both |
|companies in good health, as well as those experiencing weakness. |
|Readings: |
|Ch. 22 of Marketing Management |
| |
|“Table 22.10” pp. 644–645 |
|“Strategic Control” p. 643 |
Concept: Marketing with Corporate Responsibility
|Details |
|Rising customer expectations, evolving employee goals and ambitions, and tighter government legislation and pressure are|
|driving companies to: |
| |
|a. operate leaner manufacturing facilities |
|b. manage shorter supply chains |
|c. operate flatter organizations |
|d. practice a higher level of corporate social responsibility |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|These forces are driving companies to practice a higher level of corporate social responsibility. Social responsibility |
|considers the standards of business and marketing conduct. |
|Reading: |
| |
|Ch. 22 of Marketing Management |
|“Socially Responsible Marketing” pp. 629–640 |
|“Socially Responsible Marketing” pp. 629–640 |
Concept: Ethical/Legal PR
|Details |
|A PR practitioner may be subject to conspiracy in these situations: when the practitioner participates in illegal |
|action, counsels or guides the illegal policy, takes part in it, or |
| |
|a. cooperates to further illegal action |
|b. uncovers illegal action |
|c. imagines illegal policy may occur |
|d. unknowingly works with a corrupt agency |
|Correct Answer Feedback: a |
| |
|By cooperating to further illegal action, a PR practitioner may be subject to a conspiracy charge. |
|Reading: |
| |
|Ch. 7 of This is PR: The Realities of Public Relations |
|“Legal Problems: Civil and Criminal” p. 171 |
|“The Liabilities of Practicing PR” pp. 170–175 |
Concept: Selecting the Appropriate Metrics and Levels, Types, and Responsibilities of Marketing Control
|Details |
|________ is the process by which firms assess the effects of their marketing activities and programs and make necessary |
|changes and adjustments. |
| |
|a. Marketing control |
|b. Marketing implementation |
|c. Test marketing |
|d. Market watch |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: a |
| |
|Marketing control is the process of examining and analyzing the impact of marketing-related efforts as well as making |
|adjustments. |
|Reading: |
| |
|Ch. 22 of Marketing Management |
|“Marketing Implementation and Control” pp. 640–643 |
|“Marketing Control” p. 641, |
|“Appendix” pp. 652–657 |
Concept: Challenges of Performing a Marketing Audit
|Details |
|A marketing audit is typically best conducted by a(n) |
| |
|a. self-audit |
|b. internal department |
|c. outside consultant |
|d. internal marketing executive |
|Correct Answer Feedback: c |
| |
|An outside consultant will not only be unbiased, but also have familiarity in the industry and the needed time to devote|
|to conducting a thorough review. |
|Reading: |
| |
|Ch. 22 of Marketing Management |
|“The Marketing Audit” p. 643 |
|“The Marketing Audit” p. 643 |
Concept: Marketing Control Tactics
|Details |
|Marketing effectiveness rating instruments and marketing audits are approaches to: |
| |
|a. annual-plan control |
|b. profitability control |
|c. efficiency control |
|d. strategic control |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: d |
| |
|The marketing audit and marketing effectiveness rating instruments are used in the strategic control. This area may also|
|include marketing excellence review and social responsibility review. |
|Reading: |
| |
|Ch. 22 of Marketing Management |
|“Marketing Control” p. 641 |
Concept: Determining the Global Marketing Mix
|Details |
|Straight extension of the product means |
| |
|a. introducing the product to the foreign market without any changes to the product |
|b. introducing the product to the foreign market with major changes to the product |
|c. introducing a customized product to the foreign market with a new marketing strategy |
|d. introducing a customized product to the foreign market with existing marketing strategy |
| |
|Textbook/edition: Marketing Management (14th ed.) |
|Correct Answer Feedback: a |
| |
|A straight extension is when the product is introduced in a foreign market without any changes to the product or |
|communication strategy. |
|Reading: |
| |
|Ch. 21 of Marketing Management |
|“Product Adaptation Strategies” pp. 608–609 |
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