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Marketing Management
M1: S1-S2
| Question | Answer |
|---|---|
| What is relevant to everyone across business functions and helps you land a job or promotion by marketing your “personal brand”? | Marketing |
| What is highly visible by nature because advertising and sales promotion are seen by all and marketing metrics gauge performance to drive results? | Marketing |
| What is more than buzzwords even if it is often viewed as a “necessary evil” with too many quick-fix approaches? | Marketing |
| What field needs to be positioned as a respectable field? | Marketing |
| What is a central function and set of processes essential to any enterprise, where leading and managing the facets is a core business activity? | Marketing |
| Who said there is only one valid definition of business purpose, to create a customer, and that the business enterprise has two and only two business functions: marketing and innovation? | Peter Drucker, circa 1954 |
| Who said marketing is so basic that it cannot be considered a separate function within the business because it is the whole business seen from the customer’s point of view? | Peter Drucker, circa 1973 |
| Which definition says marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large? | American Marketing Association (2007) |
| What includes internal and external groups when defining marketing? | Marketing’s Stakeholders |
| What type of marketing considers members of society at large as stakeholders? | Societal marketing |
| What type of marketing is environmentally friendly and connected to sustainability, or meeting needs without harming future generations? | Green marketing |
| What is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits? | Value |
| What occurs when people give up something of value to them for something else they desire to have? | Exchange |
| What requires at least two parties, something of value, capability of communication and delivery, freedom to accept or reject, and belief that dealing with the other party is appropriate or desirable? | For exchange to take place |
| Which stage of marketing roots and evolution had customized products and one-to-one marketing? | Pre-Industrial Revolution |
| Which orientation focused on maximizing mass production through an assembly line and assumed customers will go to the producer? | Product Orientation |
| Which orientation says salespeople need to push the product because production capacity increased post-WW1, competitors flooded the market, and firms needed increased sales volume and profitability? | Sales Orientation |
| What concept emerged after World War II because of pent-up demand for consumer goods and services, a focus on family and getting back to normal, increased production, and sophisticated marketing research? | Marketing Concept |
| What spread in the 1960s and 70s and led to allowing the market to decide what products it wanted, giving rise to marketing planning? | Marketing concept |
| What mid-1960s framework is also called the 4 Ps and includes Product, Price, Place, and Promotion? | Marketing Mix |
| What are Product, Pricing, Place, Promotion, Physical Evidence, People, and Processes? | 7Ps of Marketing |
| What refers to the tangible or intangible goods or services offered by a company to meet customer needs or desires, including the design, features, quality, and branding of the product? | Product |
| What involves determining the right price for the product or service that aligns with the target market, positioning, and business objectives? | Pricing |
| What refers to the channels and locations used to make the product or service available to customers, including distribution channels, market coverage, inventory management, and logistics? | Place |
| What involves communication and promotion activities used to create awareness, generate interest, and persuade customers to purchase the product or service? | Promotion |
| What refers to the tangible elements that customers encounter when interacting with a product or service, such as packaging, store layout, or website design? | Physical Evidence |
| What refers to the employees and personnel who interact with customers and deliver the product or service? | People |
| What refers to the internal processes and systems used by a company to deliver the product or service to customers? | Processes |
| Which orientation clearly communicates how the firm's products are from competitors? | Differentiation Orientation |
| Which orientation is the implementation of the marketing concept and includes customer orientation, where the customer is at the core? | Market Orientation |
| Which orientation focuses on customer retention and CRM driving customer satisfaction and loyalty? | Relationship Orientation |
| Which approach advocates a learning relationship so that the firm can offer customized products and services, including mass customization? | One-to-one Marketing |
| Which global experience stage refers to marketing activities that target a specific country or region and adapt strategies to the cultural, economic, legal, and political environments of a particular foreign market? | Foreign marketing |
| Which global experience stage refers to marketing activities that span multiple countries or regions and adapt to differences in consumer behavior, market conditions, and cultural norms across countries? | International Marketing |
| Which global experience stage refers to marketing activities that are standardized across multiple countries or regions while still acknowledging local cultural and other differences? | Global Marketing |
| What companies have no direct foreign marketing but may still do business with international customers through intermediaries, limited direct contact, or unsolicited incidental orders? | Companies w/ No Foreign Marketing |
| What companies follow existing customers into foreign markets and develop local distribution and service representation by using local intermediaries or establishing a direct sales force? | Companies w/ Foreign Marketing |
| What firms begin to manufacture products outside the home market, see global markets as essential to corporate growth, and establish an international business division or unit? | International Marketing Firms |
| What firms view the world as a single market with many different segments, get 50% or more of revenue from international markets, and see segments that may or may not align with country boundaries? | Global Marketing Firms |
| What markets have produced growth for the past 25 years and are expected to provide 75% of growth, mainly China and India? | Emerging Markets |
| What consists of a group of countries that create formal relationships for mutual economic benefit through lower tariffs and reduced trade barriers? | Multinational Regional Market Zones |
| What means deciding which countries to enter by considering risk, costs, long-term investments, competition, target market size and growth, investment size, profitability timing, and company resources? | Select the Global Market |
| What selection process views competition, target market size and growth rate, size of investment, and how long it will take to become profitable? | Identify Selection Criteria |
| What asks whether the company has the personnel, managerial, and financial resources to enter the market? | Company Review |
| What global market strategy requires minimal investment and risk and makes up 10% of all global economic activity? | Exporting |
| What has increased both domestic and international sales through credit cards, other payment systems, and global delivery systems like FedEx, UPS, and DHL? | Internet |
| Who provide expertise in global shipping? | Exporters |
| Who know local market conditions best? | Distributors |
| What is expensive but needed with technology or high-end industrial products? | Direct sales force |
| What market entry strategy uses non-equity relationships with another company, often in the target country? | Contractual Agreements |
| What may be required by law when direct importing is restricted or when the company has limited financial resources? | Licensing |
| What agreements allow the firm to retain control of quality and offer low capital investment, rapid expansion, and local market knowledge? | Franchising agreements |
| What spread risk of foreign investment among partners? | Strategic Alliances |
| What allow companies to enter markets that would be closed because of legal restrictions or cultural barriers and are formed by two or more companies that share management duties and hold equal equity positions? | International Joint Ventures |
| What market entry strategy is the riskiest strategy but offers potential for long-term growth? | Direct Foreign Investment |
| What becomes more complicated with added layers of authority and differences in global time zones, requiring clearly defined protocols? | Decision-making authority |
| What affects resource allocation and personnel? | Degree of centralization |
| What can be centralized, decentralized, or regionalized? | Organizational structure |
| What structure works for firms with a broad, diverse range of products? | Global product lines |
| What structure builds autonomous regional organizations and works well when local government relationships are critical? | Geographic regions |
| What structure is a hybrid of global product lines and geographic regions and is used by most global firms? | Matrix structure |
| What product choice means no changes in the product and no extra R&D or manufacturing costs? | Direct product extension |
| What product choice means the product is changed to meet local market needs and legal requirements, with product changes ranging from regional to city levels? | Product adaptation |
| What product choice takes a discontinued product from one market and introduces it into another? | Backward product invention |
| What product choice creates new products for new markets? | Forward product invention |
| What is viewed differently around the world? | Quality |
| What is a challenge with brand names, product colors, and features? | Fitting the product to the culture |
| What decisions reflect either a global, regional, or local brand? | Brand strategy decisions |
| What is the positive or negative perception of the product based on the producing country? | The country-of-origin effect |
| What include costs, capital, control, average, character, and continuity? | Channel Factors |
| What communication method requires companies to be sensitive in selecting, hiring, and training their global sales force to accommodate local business cultures? | Personal Selling |
| What communication method may need to stimulate consumer trial and purchase more outside the U.S.? | Sales promotion |
| What communication method has become more important because of the expansion of global communications? | Public relations |
| What pricing approach assigns one price for products in every global market, with examples including oil and diamonds? | One-World price |
| What pricing approach reflects the response to competitors in the local area? | Local-Market Conditions Price |
| What pricing approach does not reflect local conditions and is based on cost plus-final markup? | Cost-based price |
| What includes product export costs, tariffs, import fees, taxes, exchange-rate fluctuations, and middlemen and transportation costs? | Price Escalation |
| What refers to the practice of charging less than actual costs or less than the product price in the company’s home markets? | Dumping |
| What involves the unauthorized diversion of branded products into global markets? | Gray Marketing |
| Who divert products from low-price to high-price markets and are often authorized distributors? | Gray markets distributors |
| What are essential for ethical decision making? | Ethical leadership, culture, and policies |
| What is key to establishing and maintaining customer relationships? | Ethics in marketing |
| What are the baseline for marketing ethics? | Legal requirements |
| Which marketing mix element ensures privacy, non-discriminatory segmentation, safe products/materials, safe production, and honored warranties? | Marketing Mix: Product |
| Which marketing mix element requires disclosing the full price to customers before purchase, avoiding unethical pricing practices, and fully disclosing any bundled pricing before purchase? | Marketing Mix: Price |
| Which marketing mix element requires no unfair pressure on channel members, no manipulative sales techniques, data privacy and confidentiality, and no undue pressure on customers to purchase unnecessary products? | Marketing Mix: Distribution |
| Which marketing mix element requires no deception or misrepresentation in marketing communications to stakeholders and no high-pressure or manipulative sales techniques in salespeople or advertising? | Marketing Mix: Marketing Communications |
| What do most companies today create to define the company’s values? | code of ethics |
| What code refers to six values, the American Marketing Association’s code of ethics? | - Honesty - Responsibility - Fairness - Respect - Transparency - Citizenship |
| What is a ratio of benefits to costs as viewed from the eyes of the beholder, the customer? | Value |
| What is one of the 4 major types of Utility related to form? | Form Utility |
| What is one of the 4 major types of Utility related to time? | Time Utility |
| What is one of the 4 major types of Utility related to place? | Place Utility |
| What is one of the 4 major types of Utility related to ownership? | Ownership Utility |
| Catchy and entertaining advertisements are not the only factor that determines the success of a marketing campaign. | True |
| Pushy salespeople are not the focus of modern marketing, which emphasizes relationships and value. | True |
| Spamming customers with irrelevant and unsolicited messages is not ethical or effective marketing. | True |
| Celebrity endorsements alone do not determine a successful marketing campaign. | True |
| Making false or exaggerated product claims is not ethical and harms brand credibility. | True |
| Marketing is not the sole responsibility of the marketing department. | True |
| Marketing is not limited to just advertising. | True |
| Marketing is broader than just selling and focuses on long-term relationships. | True |
| Marketing is not only about hype but also about value and trust. | True |
| Marketing is not inherently unethical and can be a force for good. | True |
| Marketing is not limited to marketers alone but involves the whole organization. | True |
| Marketing is not just a cost center but an investment that can generate returns. | True |
Created by:
lykieee