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If a firm's salesforce pressures potential customers to purchase services they cannot afford or need, but they require that salesforce to work one week a year for Habitat for Humanity, that firm is
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In what way does corporate social responsibility differ from conscious marketing?
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Exam 1
Essentials of Marketing
| Question | Answer |
|---|---|
| If a firm's salesforce pressures potential customers to purchase services they cannot afford or need, but they require that salesforce to work one week a year for Habitat for Humanity, that firm is | o Unethical yet socially responsible. |
| In what way does corporate social responsibility differ from conscious marketing? | o Corporate social responsibility is one part of conscious marketing. |
| Identify the steps in the ethical decision-making framework. | o Stage 1 - identify issues o Stage 2 - gather info and identify stakeholders o Stage 3 - Brainstorm and evaluate alternatives o Stage 4 - choose a course of action |
| What ethical questions should a marketing manager consider at each stage of the marketing plan? | o Planning phase o Implementation phase o Control phase |
| Provide a specific example of a conscious marketing firm that considers the needs of each of its stakeholders. | o An example that includes elements of the employees, customers, the marketplace, and society. Patagonia or REI are perfect examples. |
| What is the difference between conscious marketing and corporate social responsibility? | Although CSR is an important element of conscious marketing, it is not the same thing. The coming of conscious marketing organizations is a complex effort. And for some firms, it may prove virtually impossible to achieve |
| Is Walmart a conscious marketer, or is it a practitioner of CSR? | o Most students will consider Walmart a practitioner of CSR and not a conscious marketer. |
| What are the criteria for being a conscious marketer? | o Recognition of marketing's greater purpose, consideration of stakeholders and their interdependence, the presence of conscious leadership creating a corporate culture, and the understanding that decisions are ethically based. |
| Markets must be segmented for any marketing strategy to be effective. This is because from the identified segments, the firm will choose one or more target markets. The choice of target market will then determine how which of these concepts are designed? | o Four Ps (product, price, place, promotion) |
| On the other hand, the growth strategy that involves the firm attempting to grow by attracting a new market to its existing products is called what? | o Market development |
| · How is advertising intent guidance provided to influencers? | o The FTC publishes recommendations to help influencers engage in ethical marketing such as mentioning endorsements or using #ad in their posts. |
| · Downloading a chapter of a new book before buying it or listening to a few seconds of a song before purchasing it are examples of which aspect of the 4E framework? | o Experience the product |
| · What are the seven types of customer motivations for using mobile apps? | o 1) Me time o 2) Socialize o 3) Shop o 4) Accomplish o 5) Prepare o 6) Discover o 7) Self Express |
| · What are the five drivers of social media engagement described in the Wheel of Social Media Engagement? | o connected, network, information, dynamic and timeliness |
| · What are the 4Es? | o Excite customers with relevant offers. o Educate them about the offering. o Help them experience products, whether directly or indirectly. o Give them an opportunity to engage with the firm's digital marketing activities |
| · Which strategy is the riskiest? | Diversification |
| · What type of strategy is growing the business from existing customers? | o Product development and market penetration |
| · What are the four growth strategies? | o Market penetration o Product development o Market development o Diversification |
| · Value creation is the central activity of marketing. Which is not a benefit to the firm from engaging in value creation and the ongoing process of identifying value-adding options for consumers? | o The firm is able to sell fewer products. |
| · What is STP? | Segmentation, targeting, and positioning (STP). |
| · List the four macro strategies that can help a firm develop a sustainable competitive advantage. | o Locational, Customer, Operational, and Product Excellence |
| · What are the various components of a marketing strategy? | o identifies (1) a firm's target market(s), (2) a related marketing mix (its four Ps), and (3) the bases on which the firm plans to build a sustainable competitive advantage. |
| · Which of the following is not a function of marketing's value creation process? | o Capturing value, delivering value, communicating value, exchanging value |
| · Does providing a good value mean selling at a low price? | o No, value-based marketing is about creating strong products and services. |
| · What are the various eras of marketing? | o PRODUCTION, SALES, MARKETING, CURRENT VALUE BASED ERA |
| · What are the 4 components of the marketing mix? | 4 p's - product, price, place, promotion |
| · Marketing is about satisfying ___ and ___ | needs and wants |
| · What is the definition of marketing? | o An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. |
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jefferycwilliams765