A company salesforce may be structured according to which of these?
Answer:
customer
product
geographical
A company salesforce may be structured according to which of these?
The practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships is known as ______.
The practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships is known as ______.
Answer: key accountant management
Salespeople can be a good source of ________; they are often encouraged to ask customers about competitors' strategies.
Salespeople can be a good source of ________; they are often encouraged to ask customers about competitors' strategies.
Answer: competitive intelligence
The first question in ______ is whether the company should use its own salesforce or if it should use independent agents such as manufacturer's representatives.
The first question in ______ is whether the company should use its own salesforce or if it should use independent agents such as manufacturer's representatives.
Answer: organizing the saleforce
What task of salesforce management specifies what is to be achieved?
What task of salesforce management specifies what is to be achieved?
Answer: setting objectives
What are two tasks that occur during the sales plan formulation process?
What are two tasks that occur during the sales plan formulation process?
Answer:
setting objectives
developing account management policies
Which are primary functions of sales management?
Which are primary functions of sales management?
Answer:
sales plan formulation
salesforce evaluation
sales plan implementation
Which two are decisions that are made as part of organizing the salesforce?
Which two are decisions that are made as part of organizing the salesforce?
Answer:
How many company salespeople should be employed?
Should company salespeople be grouped by geography, customer type, or product
A critical concern in the presentation stage is handling ________, excuses for not making a purchase commitment or decision.Selling objectives are often ______.
A critical concern in the presentation stage is handling ________, excuses for not making a purchase commitment or decision.Selling objectives are often ______.
Answer: input and output related
The sales ________ is a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed.
The sales ________ is a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed.
Answer: plan
The ________ stage of the the personal selling process includes ensuring proper delivery and installation, and that any difficulties in the use of the product are addressed.
The ________ stage of the the personal selling process includes ensuring proper delivery and installation, and that any difficulties in the use of the product are addressed.
Answer: follow up
The ________ stage offers a prime opportunity for a salesperson to solidify the buyer-seller relationship through great service quality.
The ________ stage offers a prime opportunity for a salesperson to solidify the buyer-seller relationship through great service quality.
Answer: follow up
The ________ stage of the selling process is the most difficult because the salesperson must interpret a prospect's body language, statements and questions about a purchase.
The ________ stage of the selling process is the most difficult because the salesperson must interpret a prospect's body language, statements and questions about a purchase.
Answer: closing
A critical concern in the presentation stage is handling ________, excuses for not making a purchase commitment or decision.
A critical concern in the presentation stage is handling ________, excuses for not making a purchase commitment or decision.
Answer: objections
With consultative selling, the salesperson ______.
With consultative selling, the salesperson ______.
Answer: can help the customer come up with a novel solution to the problem
Adjusting one's presentation to fit the selling situations, such as knowing when to offer solutions and when to ask for more information is a need-satisfaction presentation format known as ______ selling.
Adjusting one's presentation to fit the selling situations, such as knowing when to offer solutions and when to ask for more information is a need-satisfaction presentation format known as ______ selling.
Answer: adaptive or partnership
The closing stage of the personal selling process involves obtaining _______ from the customer to make a purchase.
The closing stage of the personal selling process involves obtaining _______ from the customer to make a purchase.
Answer: commitment
The need to handle objections of the buyer occurs in the ______ stage of the sales process.
The need to handle objections of the buyer occurs in the ______ stage of the sales process.
Answer: presentation
With ________ selling, the salesperson is an expert on problem recognition and resolution, and novel solutions often arise, thereby creating unique value for the customer.
With ________ selling, the salesperson is an expert on problem recognition and resolution, and novel solutions often arise, thereby creating unique value for the customer.
Answer: consultive
The ________ presentation format emphasizes probing and listening to identify needs and interests of prospective buyers.
The ________ presentation format emphasizes probing and listening to identify needs and interests of prospective buyers.
Answer: need-satisfaction
Which two are selling styles that are common for the need-satisfaction presentation format?
Which two are selling styles that are common for the need-satisfaction presentation format?
Answer:
adaptive selling
consultative selling
With the stimulus-response presentation format, the salesperson ______.
With the stimulus-response presentation format, the salesperson ______.
Answer: tries one appeal after another, hoping to hit the right button
With the need-satisfaction presentation format, the salesperson ______.
With the need-satisfaction presentation format, the salesperson ______.
Answer: tailors the presentation to highlight specific benefits that are valued by the prospect
Adjusting one's presentation to fit the selling situations, such as knowing when to offer solutions and when to ask for more information is a need-satisfaction presentation format known as ______ selling.
Adjusting one's presentation to fit the selling situations, such as knowing when to offer solutions and when to ask for more information is a need-satisfaction presentation format known as ______ selling.
Answer: adaptive
The ________ sales presentation can be advantageous for novice salespeople or when the differences in prospects are unknown, but it lacks flexibility and spontaneity.
The ________ sales presentation can be advantageous for novice salespeople or when the differences in prospects are unknown, but it lacks flexibility and spontaneity.
Answer: canned
With the formula selling presentation format, the salesperson ______.
With the formula selling presentation format, the salesperson ______.
Answer: provides information in an accurate, thorough, and step-by-step manner
Which presentation format is most consistent with the marketing concept and relationship building?
Which presentation format is most consistent with the marketing concept and relationship building?
Answer: need satisfaction
With the stimulus-response presentation format, the salesperson ______
With the stimulus-response presentation format, the salesperson ______
Answer: tries one appeal after another, hoping to hit the right button
With canned sales presentation, the salesperson ______.
With canned sales presentation, the salesperson ______.
Answer: uses a memorized, standardized message for every prospect
The ________ presentation format assumes information must be provided in an accurate, thorough, and step-by-step manner to inform the prospect.
The ________ presentation format assumes information must be provided in an accurate, thorough, and step-by-step manner to inform the prospect.
Answer: formula selling
Which are formats for sales presentations?
Which are formats for sales presentations?
Answer:
Stimulus-response
Formula selling
Need-satisfaction
The ________ presentation format assumes that given the right suggestion by a salesperson, the prospect will buy.
The ________ presentation format assumes that given the right suggestion by a salesperson, the prospect will buy.
Answer: stimulus response
A meeting designed to convert a prospect into a customer by creating a desire for the product is known as the ________ stage of the personal selling process.
A meeting designed to convert a prospect into a customer by creating a desire for the product is known as the ________ stage of the personal selling process.
Answer: presentation
An initial meeting between the salesperson and a prospect designed to stimulate interest and building a foundation for a working relationship is known as the ________ stage of the personal selling process.
An initial meeting between the salesperson and a prospect designed to stimulate interest and building a foundation for a working relationship is known as the ________ stage of the personal selling process.
Answer: approach
Stimulus-response, formula selling, and need-satisfaction are formats for ______.
Stimulus-response, formula selling, and need-satisfaction are formats for ______.
Answer: sales presentation
Social selling and cold calling are forms of ______.
Social selling and cold calling are forms of ______.
Answer: lead generation
Which two statements characterize the presentation stage of the personal selling process?
Which two statements characterize the presentation stage of the personal selling process?
Answer:
It is the core of the order-getting selling process.
The objective is to convert a prospect into a customer.
The stage of the personal selling process in which salespeople obtain additional information about a prospect and decide on the best method for an initial meeting is known as ______.
The stage of the personal selling process in which salespeople obtain additional information about a prospect and decide on the best method for an initial meeting is known as ______.
Answer: preapproach
Because accepted practice for establishing rapport, greetings, and even the exchange of business cards can vary widely around the world, the ________ stage of the personal selling process requires special attention in international sales.
Because accepted practice for establishing rapport, greetings, and even the exchange of business cards can vary widely around the world, the ________ stage of the personal selling process requires special attention in international sales.
Answer: approach
The stage of the personal selling process in which potential customers are searched for and qualified is known as ______.
The stage of the personal selling process in which potential customers are searched for and qualified is known as ______.
Answer: prospecting
What two activities are included in the preapproach stage of the personal selling process?
What two activities are included in the preapproach stage of the personal selling process?
Answer:
gathering information about potential customers
deciding on the best method for an initial meeting
When a salesperson opens a phone book and calls a business that could potentially be a customer, the salesperson is generating leads through ______.
When a salesperson opens a phone book and calls a business that could potentially be a customer, the salesperson is generating leads through ______.
Answer: cold canvassing
Which three are considered to be types of prospects?
Which three are considered to be types of prospects?
Answer:
a qualified prospect
a prospect
a lead
Team selling typically includes which two persons as part of the team?
Team selling typically includes which two persons as part of the team?
Answer:
a sales engineer
a service representative
The prospecting stage of the personal selling process includes which two activities?
The prospecting stage of the personal selling process includes which two activities?
Answer:
qualifying potential customers
searching for potential customers
Salespeople use exhibits at trade shows and conferences, advertising that contains a toll-free number, and the Internet to ______
Salespeople use exhibits at trade shows and conferences, advertising that contains a toll-free number, and the Internet to ______
Answer: generate leads
Which two are forms of team selling?
Which two are forms of team selling?
Answer:
- conference selling
- seminar selling
In personal selling, the prospecting stage is the search for and qualification of ______.
In personal selling, the prospecting stage is the search for and qualification of ______.
Answer: potential customers
When a firm uses several people like a salesperson, a sales engineer, and a service representative to satisfy the various interests within a customer's buying center, it employs selling.
When a firm uses several people like a salesperson, a sales engineer, and a service representative to satisfy the various interests within a customer's buying center, it employs selling.
Answer: team
An insurance agent can provide a mix of plans to satisfy a buyer's needs depending on income, stage of the family's life cycle, and investment objectives, so this occupation is an example of a(n) ______.
An insurance agent can provide a mix of plans to satisfy a buyer's needs depending on income, stage of the family's life cycle, and investment objectives, so this occupation is an example of a(n) ______.
Answer: order getter
The primary function of missionary salespeople is to ______.
The primary function of missionary salespeople is to ______.
Answer: perform promotional activities and introduce new products
Best Buy's Geek Squad assists in the sales process by answering customers' technical questions. This is an example of ______.
Best Buy's Geek Squad assists in the sales process by answering customers' technical questions. This is an example of ______.
Answer: customer sales support
Which two statements are characteristic of order getting?
Which two statements are characteristic of order getting?
Answer:
It requires considerable product knowledge and sales training.
It involves a high degree of creativity and customer empathy.
The job of an order getter is to ______.
The job of an order getter is to ______.
Answer: identify prospective customers, provide them with information, and persuade them to
In the pharmaceutical industry, some salespeople work to persuade physicians to prescribe a firm's product, though no actual sales are made this way. This is an example of using ______.
In the pharmaceutical industry, some salespeople work to persuade physicians to prescribe a firm's product, though no actual sales are made this way. This is an example of using ______.
Answer: missionary salespeople
An inside ________ answers simple questions and completes transactions with customers, while an outside one may visit customers to replenish inventory stocks of resellers.
An inside ________ answers simple questions and completes transactions with customers, while an outside one may visit customers to replenish inventory stocks of resellers.
Answer: order taker
Which two would be considered customer sales support personnel?
Which two would be considered customer sales support personnel?
Answer:
missionary salespeople
sales engineers
Select the qualifications that are desired in an order-getting sales position.
Select the qualifications that are desired in an order-getting sales position.
Answer:
- customer empathy
- creativity
- high degree of product knowledge
An order ________ is a salesperson who identifies prospective customers, provides them with information, persuades them to buy, and follows up with them about the use of the product.
An order ________ is a salesperson who identifies prospective customers, provides them with information, persuades them to buy, and follows up with them about the use of the product.
Answer: getter
What are the two types of order takers?
What are the two types of order takers?
Answer: inside and outside
What is most essential in relationship selling?
What is most essential in relationship selling?
Answer: mutual respect and trust
In personal selling, an order taker typically processes what type of orders?
In personal selling, an order taker typically processes what type of orders?
Answer: routine orders and reorders
Select the three broad types of personal selling.
Select the three broad types of personal selling.
Answer:
customer sales support
order taking
order getting
Relationship selling uses trust and mutual respect between parties to cultivate ______.
Relationship selling uses trust and mutual respect between parties to cultivate ______.
Answer: long term customers
________ is defined as planning the selling program and implementing and evaluating the personal selling effort of the firm.
________ is defined as planning the selling program and implementing and evaluating the personal selling effort of the firm.
Answer: sales management
The job of an order-taker is to ______.
The job of an order-taker is to ______.
Answer: process routine orders for products that were already sold by the company
Salespeople at Medtronic, Inc., makers of heart pacemakers, are in the operating room for more than 90 percent of the procedures performed with their product and are on call 24 hours a day. This is an example of how salespeople provide ________ for customers.
Salespeople at Medtronic, Inc., makers of heart pacemakers, are in the operating room for more than 90 percent of the procedures performed with their product and are on call 24 hours a day. This is an example of how salespeople provide ________ for customers.
Answer: value
Personal selling includes order ______.
Personal selling includes order ______.
Answer: getting
Relationship selling involves which two in its focus on long-term customers?
Relationship selling involves which two in its focus on long-term customers?
Answer:
- trust
- mutual respect
Which two are goals of relationship selling?
Which two are goals of relationship selling?
Answer:
long-run customer value
long-term customers
Personal selling is a communication that is designed primarily to ______.
Personal selling is a communication that is designed primarily to ______.
Answer: influence a buyer's purchase decision
In what ways do salespeople add value for customers?
In what ways do salespeople add value for customers?
Answer:
- identifying creative solutions to problems
- easing the buying process
- providing follow-through after the sale
Although personal selling is an essential part of many firms' ________, it is more than just a communication tool.
Although personal selling is an essential part of many firms' ________, it is more than just a communication tool.
Answer: promotional mix
Ford Motor Company has found that consumers vary in regards to what they are looking for from an automobile. Ford uses ________ to address these different needs of customers in the retail environment.
Ford Motor Company has found that consumers vary in regards to what they are looking for from an automobile. Ford uses ________ to address these different needs of customers in the retail environment.
Answer: personal selling
In addition to sales positions, many other occupations have an element of personal selling, typically when the job involves ______.
In addition to sales positions, many other occupations have an element of personal selling, typically when the job involves ______.
Answer: customer contact
Select the activities that are part of sales management.
Select the activities that are part of sales management.
Answer:
evaluating the performance of individual salespeople
recruiting and training salespeople
____ is the two-way flow of communication between a buyer and a seller, often in a face-to-face encounter, that is designed to influence a person's or a group's purchase decision.
____ is the two-way flow of communication between a buyer and a seller, often in a face-to-face encounter, that is designed to influence a person's or a group's purchase decision.
Answer: personal selling
________ is a useful vehicle for communication with present and potential buyers, making it part of a firm's promotional mix.
________ is a useful vehicle for communication with present and potential buyers, making it part of a firm's promotional mix.
Answer: personal selling
Select two of the major roles that personal selling serves in a firm's overall marketing effort.
Select two of the major roles that personal selling serves in a firm's overall marketing effort.
Answer:
- a means to satisfy the needs of both buyers and the firm in an exchange
- the only personal contact a customer may have with the firm
Which occupations are likely to include an element of personal selling at some point?
Which occupations are likely to include an element of personal selling at some point?
Answer:
- a banker
- a tax accountant
- an HR manager
The focus of sales management includes ______ and ______.
The focus of sales management includes ______ and ______.
Answer:
- evaluating the personal selling effort
- planning the selling program
Acting on deviations, both positive and negative, is an important part of what phase in the strategic marketing process?
Acting on deviations, both positive and negative, is an important part of what phase in the strategic marketing process?
Answer: evaluation
What four items are shown on a Gantt chart?
What four items are shown on a Gantt chart?
Answer:
- the person(s) responsible for completing the task
- the tasks to be completed
- the date to finish the task
- what is to be delivered
Obtaining and assembling sufficient human and financial resources to execute a successful marketing program takes place in which step of the strategic marketing process?
Obtaining and assembling sufficient human and financial resources to execute a successful marketing program takes place in which step of the strategic marketing process?
Answer: implementation
Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process?
Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process?
Answer: implementation
What tool, used during the implementation phase of the strategic marketing process, helps identify which tasks can be done concurrently and which tasks must be done sequentially?
What tool, used during the implementation phase of the strategic marketing process, helps identify which tasks can be done concurrently and which tasks must be done sequentially?
Answer: a Gantt chart
A key task in the implementation phase of the strategic marketing process is to obtain resources. What two resources are needed to execute the marketing program successfully?
A key task in the implementation phase of the strategic marketing process is to obtain resources. What two resources are needed to execute the marketing program successfully?
Answer:
human resources
financial resources
Which two items are part of the implementation phase of the strategic marketing process?
Which two items are part of the implementation phase of the strategic marketing process?
Answer:
- obtaining resources
- designing the marketing organization
Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process?
Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process?
Answer: the marketing program
A cluster of benefits that an organization promises customers (or segments) to satisfy their needs is a ______.
A cluster of benefits that an organization promises customers (or segments) to satisfy their needs is a ______.
Answer: customer value proposition
An effective customer value proposition meets which three criteria?
An effective customer value proposition meets which three criteria?
Answer:
- It details points of difference.
- It details specific benefits in clear terms.
- It is relevant.
To what does "strength" refer in SWOT analysis?
To what does "strength" refer in SWOT analysis?
Answer: favorable internal attributes of a firm
Which is a possible opportunity for a firm that makes and sells organic frozen products in the United States?
Which is a possible opportunity for a firm that makes and sells organic frozen products in the United States?
Answer: an increasing demand for organic frozen food in overseas markets
Inexperienced managers would be considered a(n) ______ in a SWOT analysis?
Inexperienced managers would be considered a(n) ______ in a SWOT analysis?
Answer: weakness
Which tool serves as an effective summary of a situation analysis?
Which tool serves as an effective summary of a situation analysis?
Answer: SWOT analysis
Your firm manufactures cleaning solutions under the brand name EZ Clean. Which of the following would be a strength for your firm?
Your firm manufactures cleaning solutions under the brand name EZ Clean. Which of the following would be a strength for your firm?
Answer: The brand name EZ Clean is well-known.
______ refer to the favorable internal attributes of the firm.
______ refer to the favorable internal attributes of the firm.
Answer: Strengths
When marketers _____, they take into account the fact that customers are different, customers change, competitors change and react, and organizational resources are limited.
When marketers _____, they take into account the fact that customers are different, customers change, competitors change and react, and organizational resources are limited.
Answer: enter into the strategic marketing process
To what does "opportunity" refer in SWOT analysis?
To what does "opportunity" refer in SWOT analysis?
Answer: favorable aspects of the external environment
In a SWOT analysis, strengths and weaknesses are ________, and opportunities and threats are ________.
In a SWOT analysis, strengths and weaknesses are ________, and opportunities and threats are ________.
Answer: internal; external
An organization uses ______ to allocate its marketing mix resources to reach its target markets.
An organization uses ______ to allocate its marketing mix resources to reach its target markets.
Answer: the strategic marketing process
Step 1 of the planning phase in the strategic marketing process involves ______.
Step 1 of the planning phase in the strategic marketing process involves ______.
Answer: performing a situation analysis using SWOT
Select the four principles that underlie the strategic marketing process.
Select the four principles that underlie the strategic marketing process.
Answer:
- Organizational resources are limited.
- Customers are different.
- Customers change.
- Competitors change and react.
What are the three phases of the strategic marketing process?
What are the three phases of the strategic marketing process?
Answer:
- evaluation
- planning
- implementation
A diversification strategy, one of four possible market-product strategies included in diversification analysis, introduces a ______ product to a ______ market.
A diversification strategy, one of four possible market-product strategies included in diversification analysis, introduces a ______ product to a ______ market.
Answer: new; new
The product development strategy involves marketing a ______ product or service to a ______ market for the organization.
The product development strategy involves marketing a ______ product or service to a ______ market for the organization.
Answer: new; current
Among the four growth opportunities in diversification analysis, which is the most risky?
Among the four growth opportunities in diversification analysis, which is the most risky?
Answer: diversification
A market development strategy can be defined as selling ______.
A market development strategy can be defined as selling ______.
Answer: existing products to new customers
The ______ strategy offers a new product or service to a firm's existing market.
The ______ strategy offers a new product or service to a firm's existing market.
Answer: product development
Which marketing strategy would use advertising to encourage existing customers to buy more of a product each time they visit a store?
Which marketing strategy would use advertising to encourage existing customers to buy more of a product each time they visit a store?
Answer: market penetration
Andy's Auto Detailing decides to open a second shop in a neighboring town. In doing so, the company is using which marketing strategy?
Andy's Auto Detailing decides to open a second shop in a neighboring town. In doing so, the company is using which marketing strategy?
Answer: market development
A market penetration strategy attempts to increase sales of present products among ______.
A market penetration strategy attempts to increase sales of present products among ______.
Answer: existing customers
In a BCG portfolio analysis, relative market share is determined by taking a company's sales and dividing it by the sales of ______.
In a BCG portfolio analysis, relative market share is determined by taking a company's sales and dividing it by the sales of ______.
Answer: the largest firm in the industry
Business portfolio analysis and diversification analysis help an organization to answer what important strategic question?
Business portfolio analysis and diversification analysis help an organization to answer what important strategic question?
Answer: Where do we want to go for growth?
A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is called ______.
A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is called ______.
Answer: diversification analysis
The BCG business portfolio analysis relies on two elements to produce four unique product categories. What are these two elements?
The BCG business portfolio analysis relies on two elements to produce four unique product categories. What are these two elements?
Answer:
relative market share
market growth rate
In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to the organization's best growth opportunities.
In ______ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to the organization's best growth opportunities.
Answer: portfolio
Identifying which three items allow an organization to determine where it is at the present time, as it begins to set a strategic direction?
Identifying which three items allow an organization to determine where it is at the present time, as it begins to set a strategic direction?
Answer:
- Competitors
- Customers
- Competencies
Core competencies are an organization's ______.
Core competencies are an organization's ______.
Answer: special capabilities, including skills, technologies, and resources that distinguish it from other organizations
A ______ is a visual display of the essential information related to achieving a marketing objective.
A ______ is a visual display of the essential information related to achieving a marketing objective.
Answer: marketing dashboard
A marketing ________ is a road map for the marketing actions of an organization for a specific future time period.
A marketing ________ is a road map for the marketing actions of an organization for a specific future time period.
Answer: plan
What are the two ways that organizational strategies most often vary?
What are the two ways that organizational strategies most often vary?
Answer:
- by a strategy's level in the organization
- by the offerings an organization provides to its customers
The ratio of sales revenue of a firm to the total sales revenue of all firms in the industry, including the firm itself is referred to as ______.
The ratio of sales revenue of a firm to the total sales revenue of all firms in the industry, including the firm itself is referred to as ______.
Answer: market share
To help define its business, an organization can start by ______.
To help define its business, an organization can start by ______.
Answer: looking at the set of organizations that sell similar offerings
________ convert an organization's mission and business into long- and short-term performance targets.
________ convert an organization's mission and business into long- and short-term performance targets.
Answer: Goals
Organizational ______ vary depending on organizational level and the offerings an organization provides to its customers.
Organizational ______ vary depending on organizational level and the offerings an organization provides to its customers.
Answer: strategies
In defining one's business, one should avoid a(n) ________ definition that is not focused on customer ________.
In defining one's business, one should avoid a(n) ________ definition that is not focused on customer ________.
Answer: narrow; needs
A goal can be defined as ______.
A goal can be defined as ______.
Answer: a statement of a task to be achieved
In defining a business firms should focus on ______.
In defining a business firms should focus on ______.
Answer: its customers and their needs
The purpose of a mission statement is to ______.
The purpose of a mission statement is to ______.
Answer: state an organization's function in society
The clear, broad, underlying industry category or market sector of an organization's offering defines its ______.
The clear, broad, underlying industry category or market sector of an organization's offering defines its ______.
Answer: business
True or false: An organization's core values typically do not change much over time.
True or false: An organization's core values typically do not change much over time.
Answer: True
An organization sets its direction based on ______.
An organization sets its direction based on ______.
Answer:
its specific goals
the business it is in
A ______ outlines an organization's function in society and identifies its customers, markets, products, and technologies.
A ______ outlines an organization's function in society and identifies its customers, markets, products, and technologies.
Answer: mission statement
An organization's core values are best described as the
An organization's core values are best described as the
Answer: enduring principles that guide its conduct over time.
What are the three key elements of a visionary organization?
What are the three key elements of a visionary organization?
Answer:
- specify a foundation
- set a direction
- formulate strategies
Randall is trying to determine if it is feasible for his company to open a second location. In order to help him make a decision, Randall has assembled a small group of people from different departments—finance, production, marketing, and human resources—as well as his main supplier to study this idea and give Randall feedback. This group is referred to as a ______.
Randall is trying to determine if it is feasible for his company to open a second location. In order to help him make a decision, Randall has assembled a small group of people from different departments—finance, production, marketing, and human resources—as well as his main supplier to study this idea and give Randall feedback. This group is referred to as a ______.
Answer: cross-functional team
The marketing department, finance department, human resources department, and information systems department all operate at the ______ level of an organization.
The marketing department, finance department, human resources department, and information systems department all operate at the ______ level of an organization.
Answer: functional
Which statement is true of an organization's core values?
Which statement is true of an organization's core values?
Answer: They should inspire and motivate employees to take productive action.
A small group of people from different departments who are mutually accountable to accomplish a task or common goals is known as a(n) ______.
A small group of people from different departments who are mutually accountable to accomplish a task or common goals is known as a(n) ______.
Answer: cross-functional team
A key role of the marketing department is to "look outward." What four actions help to achieve this objective?
A key role of the marketing department is to "look outward." What four actions help to achieve this objective?
Answer:
- Implementing marketing program actions
- Evaluating marketing actions against set goals
- Listening to customers
- Developing offerings
What is the best way the marketing department can perform its key role of looking outward?
What is the best way the marketing department can perform its key role of looking outward?
Answer: by listening to customers
The functional level is made up of ________, which provide specific and focused strategic direction.
The functional level is made up of ________, which provide specific and focused strategic direction.
Answer: departments
In an organization, what function takes place at the corporate level?
In an organization, what function takes place at the corporate level?
Answer: directing the overall strategy for the organization
A strategy can be defined as ______.
A strategy can be defined as ______.
Answer: an organization's long-term course of action allowing it to achieve its goals
The overall strategy for the entire organization is set at the ______.
The overall strategy for the entire organization is set at the ______.
Answer: corporate level
What are the three levels of strategy in organizations?
What are the three levels of strategy in organizations?
Answer:
corporate level
strategic business unit level
functional level
A business firm seeks ________ while a(n) ________ organization may seek other goals like operational efficiency or customer satisfaction.
A business firm seeks ________ while a(n) ________ organization may seek other goals like operational efficiency or customer satisfaction.
Answer: profit; nonprofit
A(n) ______ is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
A(n) ______ is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
Answer: strategic business unit (SBU)
A large health products manufacturer has three distinct divisions: first aid products, oral care products, and foot care products. Each of these divisions has a specific strategy to target a specific market. These three divisions are referred to as ______.
A large health products manufacturer has three distinct divisions: first aid products, oral care products, and foot care products. Each of these divisions has a specific strategy to target a specific market. These three divisions are referred to as ______.
Answer: strategic business units (SBUs)
Which is an example of deceptive pricing?
Which is an example of deceptive pricing?
Answer: a bait and switch to lure customers into the store to sell them a higher priced product
Proving the practice of ________ is difficult because it must be shown that there was an explicit attempt to destroy a competitor with the use of a low price.
Proving the practice of ________ is difficult because it must be shown that there was an explicit attempt to destroy a competitor with the use of a low price.
Answer: predatory pricing
Under the Robinson-Patman Act, promotional allowances can be legally offered to buyers when the seller ______.
Under the Robinson-Patman Act, promotional allowances can be legally offered to buyers when the seller ______.
Answer: does so on an equal basis to all buyers distributing the seller's product
Price deals that ________ fall into the category of deceptive pricing.
Price deals that ________ fall into the category of deceptive pricing.
Answer: mislead consumers
When using predatory pricing, a firm sets a very low price for one or more of its products in order to
When using predatory pricing, a firm sets a very low price for one or more of its products in order to
Answer: drive its competition out of business
Deceptive pricing is illegal under the ______.
Deceptive pricing is illegal under the ______.
Answer: Federal Trade Commission Act
When two or more competitors explicitly or implicitly set prices, this practice is called ________ price fixing.
When two or more competitors explicitly or implicitly set prices, this practice is called ________ price fixing.
Answer: horizontal
Despite the Sherman Act and its implications for price fixing, a "manufacturer's suggested retail price" (MSRP) is
Despite the Sherman Act and its implications for price fixing, a "manufacturer's suggested retail price" (MSRP) is
Answer: illegal only when enforced through coercion.
Charging different prices to different buyers for goods of like grade and quality is known as ______.
Charging different prices to different buyers for goods of like grade and quality is known as ______.
Answer: price discrimination
Price differentials under the Robinson-Patman act are legal under what two circumstances?
Price differentials under the Robinson-Patman act are legal under what two circumstances?
Answer:
when price differences attempt to meet competitors' prices and do not injure competition
when price differences result from changing market conditions
Under which of the following circumstances is it legal to charge different prices to different customers?
Under which of the following circumstances is it legal to charge different prices to different customers?
Answer:
When the price differences do not lessen competition
When the price differences are due to changing market conditions
The practice of colluding with other firms to set prices is called ______.
The practice of colluding with other firms to set prices is called ______.
Answer: price fixing
Price fixing is the conspiracy among firms to ______.
Price fixing is the conspiracy among firms to ______.
Answer: set prices for a product
Vertical price fixing might occur between ______.
Vertical price fixing might occur between ______.
Answer: a manufacturer and a retailer in the same channel
True or false: A "manufacturer's suggested retail price" is illegal only when a manufacturer enforces the practice by coercion.
True or false: A "manufacturer's suggested retail price" is illegal only when a manufacturer enforces the practice by coercion.
Answer: True
If a firm sells the same product to different buyers at different prices, it may be considered ________.
If a firm sells the same product to different buyers at different prices, it may be considered ________.
Answer: price discrimination
When a manufacturer offers a grocery retailer an extra amount of free product for including this product in weekly advertising and in-store sales, this is considered a ________ allowance.
When a manufacturer offers a grocery retailer an extra amount of free product for including this product in weekly advertising and in-store sales, this is considered a ________ allowance.
Answer: promotional
Walmart promotes that its average price for products will be lower than the competition. Walmart is able to offer low prices to its customers when its suppliers utilize ________, minimizing expensive promotional allowances.
Walmart promotes that its average price for products will be lower than the competition. Walmart is able to offer low prices to its customers when its suppliers utilize ________, minimizing expensive promotional allowances.
Answer: everyday low pricing
When a seller pays the cost of loading a product onto a vehicle and transfers title to the buyer at this time, so that the buyer responsible for the remainder of the transportation costs, it is known as ______.
When a seller pays the cost of loading a product onto a vehicle and transfers title to the buyer at this time, so that the buyer responsible for the remainder of the transportation costs, it is known as ______.
Answer: FOB origin pricing
What are two general methods for quoting prices related to transportation costs?
What are two general methods for quoting prices related to transportation costs?
Answer:
Uniform delivered pricing
FOB origin pricing
_______ promises to reduce the average price to consumers while minimizing promotional allowances that cost manufacturers billions of dollars every year.
_______ promises to reduce the average price to consumers while minimizing promotional allowances that cost manufacturers billions of dollars every year.
Answer: Everyday low pricing
A cash discount expressed in the form "3/10" on an invoice means that ______.
A cash discount expressed in the form "3/10" on an invoice means that ______.
Answer: a 3 percent discount is available if the invoice is paid in 10 days
Geographic adjustments to prices are used to ______.
Geographic adjustments to prices are used to ______.
Answer: reflect the cost of transportation of products from seller to buyer
_______ are made by manufacturers to list prices to reflect the cost of transportation of the products from seller to buyer.
_______ are made by manufacturers to list prices to reflect the cost of transportation of the products from seller to buyer.
Answer: Geographical adjustments
Instead of offering a ________ allowance to retailers, some manufacturing companies like P&G have chosen to use an everyday low pricing (EDLP) strategy.
Instead of offering a ________ allowance to retailers, some manufacturing companies like P&G have chosen to use an everyday low pricing (EDLP) strategy.
Answer: promotional
The practice of replacing promotional allowances with lower manufacturer list prices is known as ________ pricing.
The practice of replacing promotional allowances with lower manufacturer list prices is known as ________ pricing.
Answer: everyday low
The firm's goal in offering a trade discount is to ______.
The firm's goal in offering a trade discount is to ______.
Answer: reward wholesalers and retailers for marketing functions
_____ discounts are also known as functional discounts.
_____ discounts are also known as functional discounts.
Answer: Trade
Cash discounts are offered because they encourage customers to ______.
Cash discounts are offered because they encourage customers to ______.
Answer: pay their bills quickly
Reductions off the list price offered to resellers in the marketing channel on the basis of where they are in the channel and the marketing activities they are expected to perform in the future are called ______ discounts.
Reductions off the list price offered to resellers in the marketing channel on the basis of where they are in the channel and the marketing activities they are expected to perform in the future are called ______ discounts.
Answer: trade
The firm's goal in offering a cash discount is to ______.
The firm's goal in offering a cash discount is to ______.
Answer: encourage customers to pay their bills quickly
Customers are encouraged to buy a larger number of a single product when a firm offers _______.
Customers are encouraged to buy a larger number of a single product when a firm offers _______.
Answer: quantity discounts
A ________ quantity discount is based on the amount purchased in a single order, and encourages a large individual purchase.
A ________ quantity discount is based on the amount purchased in a single order, and encourages a large individual purchase.
Answer: noncumulative
What type of quantity discount is likely to encourage repeat buying by a single customer?
What type of quantity discount is likely to encourage repeat buying by a single customer?
Answer: cumulative
______ quantity discounts apply to the repeated purchases of a particular product over a given time period, typically a year.
______ quantity discounts apply to the repeated purchases of a particular product over a given time period, typically a year.
Answer: Cumulative
A price war entails ______.
A price war entails ______.
Answer: successive price cutting by competitors to increase or maintain their competitive position
Discounts, allowances, and geographic adjustments are considered ________ that affect the list or quoted price.
Discounts, allowances, and geographic adjustments are considered ________ that affect the list or quoted price.
Answer: special adjustments
Cumulative and noncumulative are the two general kinds of ______ discounts.
Cumulative and noncumulative are the two general kinds of ______ discounts.
Answer: quantity
FedEx encourages companies to ship a large number of packages at one time by offering a ________ quantity discount.
FedEx encourages companies to ship a large number of packages at one time by offering a ________ quantity discount.
Answer: noncumulative
When a manufacturer produces several products that are substitutes for one another and others that complement these products, it should use ______.
When a manufacturer produces several products that are substitutes for one another and others that complement these products, it should use ______.
Answer: product-line pricing
Select the three special adjustments that are often made to the list or quoted price
Select the three special adjustments that are often made to the list or quoted price
Answer:
geographical adjustments
discounts
allowances
A reduction from the list price that a seller gives a buyer as a reward for some activity of the buyer that is favorable to the seller is referred to as ______.
A reduction from the list price that a seller gives a buyer as a reward for some activity of the buyer that is favorable to the seller is referred to as ______.
Answer: a discount
When Lexmark sells a laser printer for slightly below its cost, but prices its ink-jet printers with a large profit margin that makes up for the loss on the laser printers, it is using ______.
When Lexmark sells a laser printer for slightly below its cost, but prices its ink-jet printers with a large profit margin that makes up for the loss on the laser printers, it is using ______.
Answer: product-line pricing
A one-price policy means there is one price for ______.
A one-price policy means there is one price for ______.
Answer: all buyers of the product
Which of the following would probably be an example of loss-leader pricing?
Which of the following would probably be an example of loss-leader pricing?
Answer: selling a carton of eggs for $0.99 which is way below cost
Successive price cutting by competitors to increase or maintain their unit sales or market share is known as ______.
Successive price cutting by competitors to increase or maintain their unit sales or market share is known as ______.
Answer: a price war
Setting a price with no variation for product buyers is called a ________ policy.
Setting a price with no variation for product buyers is called a ________ policy.
Answer: one-price
Setting different prices for products depending on individual buyers and purchase situations is called a ________ policy.
Setting different prices for products depending on individual buyers and purchase situations is called a ________ policy.
Answer: dynamic-price
A ________ policy is also known as fixed pricing.
A ________ policy is also known as fixed pricing.
Answer: one-price
Fixed-price and dynamic-price are the two options when choosing a price ______.
Fixed-price and dynamic-price are the two options when choosing a price ______.
Answer: policy
A ________ policy is also known as dynamic pricing.
A ________ policy is also known as dynamic pricing.
Answer: flexible-price
When a marketing manager sets prices for all items in a product line, seeking to produce a profit for the entire line but not necessarily each product, it is known as ______.
When a marketing manager sets prices for all items in a product line, seeking to produce a profit for the entire line but not necessarily each product, it is known as ______.
Answer: product-line pricing
What are the two options when choosing a price policy?
What are the two options when choosing a price policy?
Answer:
fixed-price
dynamic-price
For some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price, ________ pricing is used.
For some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price, ________ pricing is used.
Answer: customary
Rolex takes pride in emphasizing that it makes one of the most expensive watches you can buy, which is an example of ______.
Rolex takes pride in emphasizing that it makes one of the most expensive watches you can buy, which is an example of ______.
Answer: above-market pricing
The purpose of using low prices in a loss-leader pricing strategy is to ______.
The purpose of using low prices in a loss-leader pricing strategy is to ______.
Answer: attract customers that will hopefully buy other products too, at higher margins
When using competition-oriented pricing approaches, price setters stress ______.
When using competition-oriented pricing approaches, price setters stress ______.
Answer: what "the market" is doing
Customary pricing entails ______.
Customary pricing entails ______.
Answer: setting a price at a certain level based on factors like tradition or a standardized channel of distribution
When an organization deliberately prices a product above the prices set for competing products, to entice those customers for whom pricing doesn't matter, the firm is engaging in ______.
When an organization deliberately prices a product above the prices set for competing products, to entice those customers for whom pricing doesn't matter, the firm is engaging in ______.
Answer: above-market pricing
For a special promotion, retail stores may deliberately sell a product below its customary price to attract customers, in hopes that they buy other items with large markups, in an approach known as ________ pricing.
For a special promotion, retail stores may deliberately sell a product below its customary price to attract customers, in hopes that they buy other items with large markups, in an approach known as ________ pricing.
Answer: loss-leader
Adding a fixed percentage or fixed fee to the total costs for a product is known as ________ pricing.
Adding a fixed percentage or fixed fee to the total costs for a product is known as ________ pricing.
Answer: cost-plus
Assuming that unit costs for a good or service will drop by some predictable percentage as production increases, and passing these savings along to the consumer in the form of reduced prices is known as ________ pricing.
Assuming that unit costs for a good or service will drop by some predictable percentage as production increases, and passing these savings along to the consumer in the form of reduced prices is known as ________ pricing.
Answer: experience curve
If firms set prices with specific consideration of firms challenging them directly for customers, they have adopted a ________ approach to pricing.
If firms set prices with specific consideration of firms challenging them directly for customers, they have adopted a ________ approach to pricing.
Answer: competition-oriented
Cost-plus pricing entails ______.
Cost-plus pricing entails ______.
Answer: summing total units costs and adding a fixed percentage or fee to arrive at a price
Experience curve pricing entails ______.
Experience curve pricing entails ______.
Answer: reducing prices in a systematic way over time based on the learning effect
________-oriented approaches to pricing set the price to reflect the way the marketer wants consumers to interpret prices relative to competitor's offerings.
________-oriented approaches to pricing set the price to reflect the way the marketer wants consumers to interpret prices relative to competitor's offerings.
Answer: Competition
By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approach.
By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approach.
Answer: profit-oriented
Assuming that unit costs for a good or service will drop by some predictable percentage as production increases, and passing these savings along to the consumer in the form of reduced prices is known as ________ pricing.
Assuming that unit costs for a good or service will drop by some predictable percentage as production increases, and passing these savings along to the consumer in the form of reduced prices is known as ________ pricing.
Answer: experience curve
Which two are profit-oriented approaches to setting a price?
Which two are profit-oriented approaches to setting a price?
Answer:
target return pricing
target profit pricing
Adding a fixed percentage to the cost of all items in a specific product class is known as ________ pricing.
Adding a fixed percentage to the cost of all items in a specific product class is known as ________ pricing.
Answer: standard markup
Organizations choosing competitor-oriented approaches to set prices might use which two pricing strategies?
Organizations choosing competitor-oriented approaches to set prices might use which two pricing strategies?
Answer:
loss-leader pricing
customary pricing
Cost-oriented approaches to pricing consider which three things in the setting of a product's price?
Cost-oriented approaches to pricing consider which three things in the setting of a product's price?
Answer:
Overhead
Profit
Production costs
Standard markup pricing entails ______.
Standard markup pricing entails ______.
Answer: adding a fixed percentage to the cost of all items in a specific product class
Adding a fixed percentage or fixed fee to the total costs for a product is known as ________ pricing.
Adding a fixed percentage or fixed fee to the total costs for a product is known as ________ pricing.
Answer: cost-plus
The marketing of two or more products in a single package price is known as ________ pricing.
The marketing of two or more products in a single package price is known as ________ pricing.
Answer: bundle
Because the weather in April is often cold and rainy, not as many fans attend major league baseball games. Knowing this, some teams will price tickets for games in April much lower than games played during the summer months. This is an example of ________ pricing.
Because the weather in April is often cold and rainy, not as many fans attend major league baseball games. Knowing this, some teams will price tickets for games in April much lower than games played during the summer months. This is an example of ________ pricing.
Answer: yield management
Pricing approaches that consider the production and marketing costs and then add enough to cover direct expenses, overhead, and profit are ______ approaches.
Pricing approaches that consider the production and marketing costs and then add enough to cover direct expenses, overhead, and profit are ______ approaches.
Answer: cost-oriented
Yield management pricing is ______.
Yield management pricing is ______.
Answer: a complex approach that continually matches demand and supply to customize the price for a service
What is a characteristic of bundle pricing?
What is a characteristic of bundle pricing?
Answer: Consumer value is enhanced by not having to make separate purchases.
In target pricing, ______.
In target pricing, ______.
Answer: manufacturers deliberately adjust the composition of a product to achieve the estimated price that consumers are willing to pay for it.
Charging different prices for a product in order to maximize revenue for a set amount of capacity at any given time is known as ________ pricing.
Charging different prices for a product in order to maximize revenue for a set amount of capacity at any given time is known as ________ pricing.
Answer: yield management
In ________ pricing, an organization estimates what consumers are willing to pay for a product, and works backward, accounting for markups by retailers and wholesalers, to determine what it can charge for the product.
In ________ pricing, an organization estimates what consumers are willing to pay for a product, and works backward, accounting for markups by retailers and wholesalers, to determine what it can charge for the product.
Answer: target
In ________ pricing, an organization sets a price a few dollars or cents under an even number, such as at $3.99.
In ________ pricing, an organization sets a price a few dollars or cents under an even number, such as at $3.99.
Answer: odd-even
Bundle pricing refers to ______.
Bundle pricing refers to ______.
Answer: the marketing of two or more products in a single package price.
A characteristic feature of a prestige demand curve is that as price is lowered, the curve turns back to the left toward its initial level. Why is this so?
A characteristic feature of a prestige demand curve is that as price is lowered, the curve turns back to the left toward its initial level. Why is this so?
Answer: because of reduced demand
Sears offers a Craftsman radial saw for $499.99 rather than $500, using a(n) ________ pricing approach.
Sears offers a Craftsman radial saw for $499.99 rather than $500, using a(n) ________ pricing approach.
Answer: odd-even
A marketing manager uses price lining when he ______.
A marketing manager uses price lining when he ______.
Answer: sells several groups of the same type of product, with each group priced at different specific pricing points
Odd-even pricing is used to ________, although overuse of this approach may mute its effect.
Odd-even pricing is used to ________, although overuse of this approach may mute its effect.
Answer: increase demand for products
In penetration pricing, the initial price of the product is set ______.
In penetration pricing, the initial price of the product is set ______.
Answer: low, to appeal to the mass market
When a line of products is priced at a number of different specific pricing points, the ______ strategy is being used.
When a line of products is priced at a number of different specific pricing points, the ______ strategy is being used.
Answer: price lining
Prestige pricing means the organization deliberately prices a product ________ so that ________ consumers will be attracted to the product and buy it.
Prestige pricing means the organization deliberately prices a product ________ so that ________ consumers will be attracted to the product and buy it.
Answer: high; quality-conscious
The ability to attract price sensitive customers and discourage competitors from entering a market make which pricing strategy appealing?
The ability to attract price sensitive customers and discourage competitors from entering a market make which pricing strategy appealing?
Answer: penetration
Select all of the following that are benefits of a penetration pricing strategy.
Select all of the following that are benefits of a penetration pricing strategy.
Answer:
- production costs drop with increased volume
- discourages competitors
- potential to gain market share
_______ pricing is seen as the exact opposite of skimming pricing when introducing a new product.
_______ pricing is seen as the exact opposite of skimming pricing when introducing a new product.
Answer: Penetration
Marketers who use ______ to signal the quality of an item, must be careful not to drop the price of the product below the point where customers become skeptical of its quality and refuse to purchase it.
Marketers who use ______ to signal the quality of an item, must be careful not to drop the price of the product below the point where customers become skeptical of its quality and refuse to purchase it.
Answer: prestige pricing
In what way does the demand curve for prestige pricing differ from the typical demand curve?
In what way does the demand curve for prestige pricing differ from the typical demand curve?
Answer: There is a point below which a reduced price reduces sales volume, resulting in a backwards C-shaped curve.
For ________ pricing to be effective, there must be sufficient customers willing to buy the product at a high initial price, they should interpret the high price as signifying high quality, and the high price should not attract competition.
For ________ pricing to be effective, there must be sufficient customers willing to buy the product at a high initial price, they should interpret the high price as signifying high quality, and the high price should not attract competition.
Answer: skimming
Organizations using ________ pricing set the initial price low for the introduction of the new product to appeal immediately to the mass market.
Organizations using ________ pricing set the initial price low for the introduction of the new product to appeal immediately to the mass market.
Answer: penetration
Demand-oriented pricing approaches weigh which factors most heavily?
Demand-oriented pricing approaches weigh which factors most heavily?
Answer: expected customer tastes and preferences
In what pricing strategy are prices lowered in a series of steps with the demand by those who really desire the product being satisfied at the highest prices?
In what pricing strategy are prices lowered in a series of steps with the demand by those who really desire the product being satisfied at the highest prices?
Answer: skimming pricing
______-oriented pricing approaches weigh factors underlying expected customer tastes and preferences more heavily than other factors.
______-oriented pricing approaches weigh factors underlying expected customer tastes and preferences more heavily than other factors.
Answer: Demand
Penetration, price lining, and bundle pricing are all types of what pricing approach?
Penetration, price lining, and bundle pricing are all types of what pricing approach?
Answer: demand-oriented
When a new product appeals to those segments of consumers who are willing to pay a high initial price to have an innovation first, marketers should use a ________ pricing strategy.
When a new product appeals to those segments of consumers who are willing to pay a high initial price to have an innovation first, marketers should use a ________ pricing strategy.
Answer: skimming
Which is an example of a demand-oriented approach to setting an approximate price?
Which is an example of a demand-oriented approach to setting an approximate price?
Answer: skimming pricing
How does a skimming pricing strategy approach price setting?
How does a skimming pricing strategy approach price setting?
Answer: Prices are set high initially and then lowered in a series of steps.
Organizations can be most effective using skimming pricing under which two conditions?
Organizations can be most effective using skimming pricing under which two conditions?
Answer:
The customer understands and highly values the product.
The product is protected by patent.
Common approaches to pricing are oriented around which four elements?
Common approaches to pricing are oriented around which four elements?
Answer:
demand
cost
competition
profit
Demand-oriented, cost-oriented, profit-oriented, and competition-oriented are four approaches used to set ______.
Demand-oriented, cost-oriented, profit-oriented, and competition-oriented are four approaches used to set ______.
Answer: approximate price levels
An effective ________ displays on a computer screen the actual results that vary significantly from plans, which alerts managers to potential problems and may ultimately lead to improved marketing ROI.
An effective ________ displays on a computer screen the actual results that vary significantly from plans, which alerts managers to potential problems and may ultimately lead to improved marketing ROI.
Answer: marketing dashboard
Which are deviations that should be identified by the marketing manager during the evaluation phase of the strategic management process?
Which are deviations that should be identified by the marketing manager during the evaluation phase of the strategic management process?
Answer:
actual results exceed goals
actual results fall short of goals
Market share, retention rate, sales per square foot, and cost per click are all examples of ______ that can be analyzed to improve marketing ROI.
Market share, retention rate, sales per square foot, and cost per click are all examples of ______ that can be analyzed to improve marketing ROI.
Answer: marketing metrics
The application of modern measurement technologies to understand, quantify, and optimize marketing spending is known as ______.
The application of modern measurement technologies to understand, quantify, and optimize marketing spending is known as ______.
Answer: marketing ROI
Cases where actual results of marketing actions fall short of goals in the strategic plan and cases where the results exceeded the goals would both be considered ______.
Cases where actual results of marketing actions fall short of goals in the strategic plan and cases where the results exceeded the goals would both be considered ______.
Answer: deviations
Quantitative goals and specific marketing metrics were developed in an earlier stage of the strategic marketing process in order to do what during the evaluation phase?
Quantitative goals and specific marketing metrics were developed in an earlier stage of the strategic marketing process in order to do what during the evaluation phase?
Answer: identify deviations
Identifying results that deviate from plans to diagnose their causes and take new actions is known as ______.
Identifying results that deviate from plans to diagnose their causes and take new actions is known as ______.
Answer: management by exception
In the evaluation phase of the strategic marketing process, a deviation wherein the actual results fall short of goals requires ________ action, while one in which the results exceed goals requires _________.
In the evaluation phase of the strategic marketing process, a deviation wherein the actual results fall short of goals requires ________ action, while one in which the results exceed goals requires _________.
Answer: corrective; exploitation of the unforeseen opportunity
Marketing ROI is the application of modern ______.
Marketing ROI is the application of modern ______.
Answer: measurement technologies to understand, quantify, and optimize marketing spending
Having a program champion improves the ________ of marketing programs.
Having a program champion improves the ________ of marketing programs.
Answer: implementation
A marketing manager interprets the marketing dashboard information using ______.
A marketing manager interprets the marketing dashboard information using ______.
Answer: management by exception
A category manager is responsible for ______.
A category manager is responsible for ______.
Answer: an entire product line
Which two are central to the evaluation phase of the strategic marketing process?
Which two are central to the evaluation phase of the strategic marketing process?
Answer:
taking corrective actions
comparing results with planned goals to identify deviations
A ________ manager has responsibility for an entire product line, and attempts to reduce the possibility of one brand's actions hurting another brand in the same category.
A ________ manager has responsibility for an entire product line, and attempts to reduce the possibility of one brand's actions hurting another brand in the same category.
Answer: category
When a marketing organization uses a combination of market-based groupings and product groupings to implement its plans, it results in a ______.
When a marketing organization uses a combination of market-based groupings and product groupings to implement its plans, it results in a ______.
Answer: matrix organization
Comparing results with plans and taking action regarding deviations are part of which phase of the strategic marketing process?
Comparing results with plans and taking action regarding deviations are part of which phase of the strategic marketing process?
Answer: Evaluation
Which two are needed to identify deviations from a marketing plan?
Which two are needed to identify deviations from a marketing plan?
Answer:
specific marketing metrics
quantifiable goals
The changing role of the chief marketing officer (CMO) indicates that this person is now required to understand which two elements?
The changing role of the chief marketing officer (CMO) indicates that this person is now required to understand which two elements?
Answer:
the changing characteristics of the global consumer segments served
the role of digital media and mobile marketing in integrated marketing efforts
Which are divisional groupings for marketing organizations, used to implement plans and achieve objectives?
Which are divisional groupings for marketing organizations, used to implement plans and achieve objectives?
Answer:
market-based groupings
geographical groupings
product line groupings
Managers in ________ positions, such as the senior marketing manager for a product group, have the authority and responsibility to issue orders to people who report to them.
Managers in ________ positions, such as the senior marketing manager for a product group, have the authority and responsibility to issue orders to people who report to them.
Answer: line
People in ________ positions have the authority and responsibility to advise people in line positions but cannot issue direct orders to them.
People in ________ positions have the authority and responsibility to advise people in line positions but cannot issue direct orders to them.
Answer: staff
If a product manager has the authority to issue orders to the marketing assistant that works for him or her, this is an example of a(n) ______ position.
If a product manager has the authority to issue orders to the marketing assistant that works for him or her, this is an example of a(n) ______ position.
Answer: line
Having a program champion improves the ________ of marketing programs.
Having a program champion improves the ________ of marketing programs.
Answer: implementation
If the Director of Marketing Research can advise other directors but cannot give them direct orders, this is an example of a(n) ________ position.
If the Director of Marketing Research can advise other directors but cannot give them direct orders, this is an example of a(n) ________ position.
Answer: staff
Scheduling precise tasks and deadlines, fostering open communication, and avoiding paralysis by analysis should assist an organization's ________ of marketing plans.
Scheduling precise tasks and deadlines, fostering open communication, and avoiding paralysis by analysis should assist an organization's ________ of marketing plans.
Answer: implementation
Today, the senior executive responsible for a firm's marketing activities is most often called a ______.
Today, the senior executive responsible for a firm's marketing activities is most often called a ______.
Answer: chief marketing officer
What helps to overcome "paralysis by analysis" in the implementation of a marketing program?
What helps to overcome "paralysis by analysis" in the implementation of a marketing program?
Answer: a bias for action
Why is open communication so important in the implementation of a marketing plan?
Why is open communication so important in the implementation of a marketing plan?
Answer:
It assists in finding creative solutions for problems from anywhere.
It makes people willing to reveal problems.
As it pertains to implementation, "paralysis by analysis" is the tendency to ______.
As it pertains to implementation, "paralysis by analysis" is the tendency to ______.
Answer: excessively analyze a problem instead of taking action
What are two guidelines for improving the implementation of a marketing plan as it relates to communication?
What are two guidelines for improving the implementation of a marketing plan as it relates to communication?
Answer:
solicit help from others in order to solve the problem
bring attention to the problem as soon as it is discovered
A(n) ________ could be due to a poor plan or poor implementation.
A(n) ________ could be due to a poor plan or poor implementation.
Answer: failed marketing plan
A product or program champion is ______.
A product or program champion is ______.
Answer: able to cut the red tape within an organization and move the program forward
What strategy emphasizes the simultaneous pursuit of product or marketing program differentiation and lower cost in newly configured industries and markets?
What strategy emphasizes the simultaneous pursuit of product or marketing program differentiation and lower cost in newly configured industries and markets?
Answer: blue ocean strategy
Some start-up firms may have failed because, while they had good ideas for delivering products to customers' doors, they had problems with ________ involving inventory, warehouses, and physical distribution.
Some start-up firms may have failed because, while they had good ideas for delivering products to customers' doors, they had problems with ________ involving inventory, warehouses, and physical distribution.
Answer: implementation
Which are emphasized today, as companies try to more effectively implement their strategic marketing plans?
Which are emphasized today, as companies try to more effectively implement their strategic marketing plans?
Answer:
allowing for marketing actions to be frequently assessed and adjusted
making sure planning activities are shared throughout the organization
Which are guidelines for improving the implementation of marketing programs?
Which are guidelines for improving the implementation of marketing programs?
Answer:
have a responsible program champion
communicate goals and the means of achieving them
Which two are characteristic of effective marketing plans?
Which two are characteristic of effective marketing plans?
Answer:
use a base of facts and valid assumptions
be simple, but clear and specific
A Western Union marketing plan failed because it didn't reflect the impact of deregulation and competitors' actions on business, which illustrates which of the following problems?
A Western Union marketing plan failed because it didn't reflect the impact of deregulation and competitors' actions on business, which illustrates which of the following problems?
Answer: The plan may be based on poor assumptions about environmental forces.
Which two are typically responsible for the failure of a marketing plan?
Which two are typically responsible for the failure of a marketing plan?
Answer:
a poor plan or strategy
implementation problems
According to a survey of business executives, about 40 percent of a strategy's potential is lost due to ______.
According to a survey of business executives, about 40 percent of a strategy's potential is lost due to ______.
Answer: poor implementation
Which two are guidelines for developing an effective marketing plan?
Which two are guidelines for developing an effective marketing plan?
Answer:
Make the plans controllable and flexible.
Set measurable, achievable goals.
The strategic management process can be plagued by which of the following problems?
The strategic management process can be plagued by which of the following problems?
Answer:
Planners and their plans may have lost sight of their customers' needs.
Too much time may be spent creating plans that are too complex to implement.
How does a firm decrease costs according to the four action grid?
How does a firm decrease costs according to the four action grid?
Answer: by eliminating and reducing prevailing industry factors that are no longer necessary
In which activities would companies engage under a blue ocean strategy?
In which activities would companies engage under a blue ocean strategy?
Answer:
combine complementary products and services
look across traditional industry boundaries
create new buyer and user experiences to fashion new industries
A ________ strategy requires products to have significant points of difference to target one or only a few market segments.
A ________ strategy requires products to have significant points of difference to target one or only a few market segments.
Answer: differentiation focus
Which could be part of a cost focus strategy?
Which could be part of a cost focus strategy?
Answer:
targeting a narrow range of market segments
offering lower prices than competitors
What two questions would be asked by a firm looking to increase differentiation according to the four action grid?
What two questions would be asked by a firm looking to increase differentiation according to the four action grid?
Answer:
What factors should be created that an industry has never offered?
Which factors should be raised or improved well above an industry standard?
A blue ocean strategy would suggest that companies ______.
A blue ocean strategy would suggest that companies ______.
Answer: reimagine the marketplace
IKEA sells inexpensive furniture that requires self-assembly by cost-conscious customers. IKEA is using a ________ strategy.
IKEA sells inexpensive furniture that requires self-assembly by cost-conscious customers. IKEA is using a ________ strategy.
Answer: cost focus
Campbell's Soup has been able to lower its prices because of product development and supply chain systems for its products that have wide appeal. Campbell's is using a ________ strategy.
Campbell's Soup has been able to lower its prices because of product development and supply chain systems for its products that have wide appeal. Campbell's is using a ________ strategy.
Answer: cost leadership
In which activities would companies engage under a blue ocean strategy?
In which activities would companies engage under a blue ocean strategy?
Answer:
- look across traditional industry boundaries
- combine complementary products and services
- create new buyer and user experiences to fashion new industries
A ________ strategy involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments.
A ________ strategy involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments.
Answer: cost focus
A ________ strategy focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments.
A ________ strategy focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments.
Answer: cost leadership
A ________ strategy requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology, or superior service to charge a higher price while targeting a broad array of market segments.
A ________ strategy requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology, or superior service to charge a higher price while targeting a broad array of market segments.
Answer: differentiation
A differentiation focus strategy requires products to have significant points of difference to ______.
A differentiation focus strategy requires products to have significant points of difference to ______.
Answer: target a single or a few target markets
Select two ways that firms can seek competitive advantage, according to a generic business strategy?
Select two ways that firms can seek competitive advantage, according to a generic business strategy?
Answer:
- differentiating itself by developing points of difference in its product offerings
- becoming the low-cost producer in the markets in which it competes
A cost leadership strategy focuses on lowering product prices while ______.
A cost leadership strategy focuses on lowering product prices while ______.
Answer: targeting a broad array of market segments
In a generic business strategy, competitive scope refers to ______.
In a generic business strategy, competitive scope refers to ______.
Answer: whether a company has a broad target or a narrow one
Which could be part of a differentiation strategy?
Which could be part of a differentiation strategy?
Answer:
- targeting a broad array of market segments
- offering exemplary customer service
- developing cutting edge new products
What are two marketing planning frameworks that help executives make important resource allocation decisions?
What are two marketing planning frameworks that help executives make important resource allocation decisions?
Answer:
- generic business strategies
- blue ocean strategies
Which two statements are true of a generic business strategy?
Which two statements are true of a generic business strategy?
Answer:
- It can be used to achieve a competitive advantage.
- It may be used for any product in any industry.
In addition to the source of competitive advantage, a firm's ________ is identified in the determination of a generic business strategy.
In addition to the source of competitive advantage, a firm's ________ is identified in the determination of a generic business strategy.
Answer: competitive scope
A(n) ________ business strategy is one that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage.
A(n) ________ business strategy is one that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage.
Answer: generic
How long is the typical time frame for the long-range marketing plan?
How long is the typical time frame for the long-range marketing plan?
Answer: two to five years
According to a generic business strategy framework, lower cost and differentiation are the two sources of ________.
According to a generic business strategy framework, lower cost and differentiation are the two sources of ________.
Answer: competitive advantage
Annual marketing plans place a heavy emphasis on which elements?
Annual marketing plans place a heavy emphasis on which elements?
Answer:
- elements of the marketing mix
- segmentation, targeting and positioning
- revenue and expense projections
Which would be considered an output metric for innovation?
Which would be considered an output metric for innovation?
Answer: revenue growth due to new products or services
Generic business strategies and blue ocean strategies are examples of ______.
Generic business strategies and blue ocean strategies are examples of ______.
Answer: marketing planning frameworks
Marketing ________ are often either annual or long-range.
Marketing ________ are often either annual or long-range.
Answer: plans
The number of R&D projects would be considered a(n) ______.
The number of R&D projects would be considered a(n) ______.
Answer: input metric for innovation
Modern marketing recognizes the need for data-driven decision making and the importance of choosing and displaying the right ________ on dashboards so managers can quickly view the results.
Modern marketing recognizes the need for data-driven decision making and the importance of choosing and displaying the right ________ on dashboards so managers can quickly view the results.
Answer: marketing metrics
Which topics would be covered by long-range marketing plans?
Which topics would be covered by long-range marketing plans?
Answer:
marketing decisions covering product additions and deletions
new marketing initiatives that will be carried out in the next two years
Who typically develops annual marketing plans?
Who typically develops annual marketing plans?
Answer: a marketing or product manager
Measuring the effectiveness of marketing activities has become a central focus in many organizations, operationalized through the use of quantitative goals and ______.
Measuring the effectiveness of marketing activities has become a central focus in many organizations, operationalized through the use of quantitative goals and ______.
Answer: marketing metrics
For managers to make use of share points for resource allocation decisions, they must estimate ______.
For managers to make use of share points for resource allocation decisions, they must estimate ______.
Answer:
- possible cannibalization effects on other products
- the revenues associated with each point of market share
- the market share for the product
_____ provide(s) feedback in order to help improve decisions and actions in earlier phases of the strategic marketing process.
_____ provide(s) feedback in order to help improve decisions and actions in earlier phases of the strategic marketing process.
Answer: Corrective action memos
Which practices has research shown to really matter in the pursuit of business excellence?
Which practices has research shown to really matter in the pursuit of business excellence?
Answer:
build and maintain a flexible, flat organization
devise a clear, focused strategy
develop and maintain a performance-oriented culture
A guideline for optimal resource allocation is to devote resources in the way that ______.
A guideline for optimal resource allocation is to devote resources in the way that ______.
Answer: maximizes incremental revenues over incremental costs
What is the general shape of the sales response function?
What is the general shape of the sales response function?
Answer: an s-shape
Percentage points of market share are known as ______.
Percentage points of market share are known as ______.
Answer: share points
The shape of the sales response function indicates that additional funds for marketing are best spent ______.
The shape of the sales response function indicates that additional funds for marketing are best spent ______.
Answer: near the middle of the curve
Choosing to use one's limited business funds and staff efforts in the way that provides the largest excess of incremental revenues over incremental costs is a guideline for ______.
Choosing to use one's limited business funds and staff efforts in the way that provides the largest excess of incremental revenues over incremental costs is a guideline for ______.
Answer: resource allocation
_____ provide(s) feedback in order to help improve decisions and actions in earlier phases of the strategic marketing process.
_____ provide(s) feedback in order to help improve decisions and actions in earlier phases of the strategic marketing process.
Answer: Corrective action memos
Which two contribute to the difficulty in accurately measuring the impact of multichannel marketing?
Which two contribute to the difficulty in accurately measuring the impact of multichannel marketing?
Answer:
- the task of assigning credit to various channels for their roles
- the large amount of data collected about all stages of the purchase decision process
Successful multichannel marketing seeks to provide a(n) ______ customer experience through consumer touchpoints and messages across channels.
Successful multichannel marketing seeks to provide a(n) ______ customer experience through consumer touchpoints and messages across channels.
Answer: consistent
Which three of these are identified in a cross-channel consumer journey map?
Which three of these are identified in a cross-channel consumer journey map?
Answer:
- the consumer touchpoints that are outside the control of the company
- the links between communication and delivery channels across all stages of the purchase decision process
- the communication and delivery channels engaged by cross-channel consumers
What are the two most popular showrooming product categories?
What are the two most popular showrooming product categories?
Answer:
consumer electronics
home appliances
Which is recommended for effective use of multichannel marketing?
Which is recommended for effective use of multichannel marketing?
Answer:
Channels should be mutually reinforcing.
Channels should convey a consistent customer experience.
What tool is most helpful to multichannel marketers because it details the time and place consumers and companies engage to exchange information, provide service, or handle buying transactions?
What tool is most helpful to multichannel marketers because it details the time and place consumers and companies engage to exchange information, provide service, or handle buying transactions?
Answer: consumer journey maps
_______ occurs when a marketer uses information from cookies to direct online advertising to online shoppers whose profiles suggest they would be interested.
_______ occurs when a marketer uses information from cookies to direct online advertising to online shoppers whose profiles suggest they would be interested.
Answer: Behavioral targeting
For the Minnesota Twins baseball team, the games they play in April and early May are not as well attended as the games they play in the summer, simply because the weather can be rainy and cold. For these games, the organization might price the tickets lower than games played in the summer. This is an example of ______.
For the Minnesota Twins baseball team, the games they play in April and early May are not as well attended as the games they play in the summer, simply because the weather can be rainy and cold. For these games, the organization might price the tickets lower than games played in the summer. This is an example of ______.
Answer: dynamic pricing
Showrooming is the practice of a consumer ______.
Showrooming is the practice of a consumer ______.
Answer: visiting a retail store to inspect merchandise but then purchasing online
When a consumer makes an online purchase directly through social media without using a company's website, it is considered ______.
When a consumer makes an online purchase directly through social media without using a company's website, it is considered ______.
Answer: social commerce
Dynamic pricing is most often used for ______.
Dynamic pricing is most often used for ______.
Answer: time-sensitive items
Social commerce is ______.
Social commerce is ______.
Answer: the use of social networks for browsing and buying products
Behavioral targeting uses information from ________ to direct online advertising to consumers whose profiles suggest they would be interested in it.
Behavioral targeting uses information from ________ to direct online advertising to consumers whose profiles suggest they would be interested in it.
Answer: cookies
Which day of the week is the busiest online shopping day?
Which day of the week is the busiest online shopping day?
Answer: Wednesday
Behavioral targeting is the practice of ______.
Behavioral targeting is the practice of ______.
Answer: using information from cookies for directing online advertising from marketers to online shoppers
Which items can companies track through the use of cookies?
Which items can companies track through the use of cookies?
Answer:
- a user's visit to other websites
- a user's visit to its website
Electronic junk mail or unsolicited e-mails are also referred to as ______.
Electronic junk mail or unsolicited e-mails are also referred to as ______.
Answer: spam
A digitally enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites and blogs is called ______ marketing.
A digitally enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites and blogs is called ______ marketing.
Answer: viral
Dynamic pricing is _______.
Dynamic pricing is _______.
Answer: the practice of changing price in real time based on supply and demand
Spam can be described as ______.
Spam can be described as ______.
Answer: unsolicited emails
A customer who is pleased with a purchase may post a positive review on any number of social media sites, generating what is known as ______.
A customer who is pleased with a purchase may post a positive review on any number of social media sites, generating what is known as ______.
Answer: buzz
A website that takes more than ______ to download will more likely see consumers abandon their effort.
A website that takes more than ______ to download will more likely see consumers abandon their effort.
Answer: 8 seconds
A web community can be ______.
A web community can be ______.
Answer: hosted by a company or an independent group
The practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer is referred to as ______.
The practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer is referred to as ______.
Answer: customerization
A ______ is a popular form of communication because it provides an online forum for a wide variety of subjects ranging from politics to car repair.
A ______ is a popular form of communication because it provides an online forum for a wide variety of subjects ranging from politics to car repair.
Answer: blog
What are the two dimensions of choice as it relates to reasons consumers shop and buy online?
What are the two dimensions of choice as it relates to reasons consumers shop and buy online?
Answer:
product and service selection
assistance in making choices
The eight-second rules refers to a time restriction for ______.
The eight-second rules refers to a time restriction for ______.
Answer: website downloads
Customerization uses ______ and ______ to expand the exchange environment beyond a transaction to make the shopping and buying an enjoyable, personal experience.
Customerization uses ______ and ______ to expand the exchange environment beyond a transaction to make the shopping and buying an enjoyable, personal experience.
Answer:
choiceboards
personalization systems
Websites that offer online chat rooms where prospective buyers can ask questions and receive answers in real time is the shopping and buying dimension known as ______.
Websites that offer online chat rooms where prospective buyers can ask questions and receive answers in real time is the shopping and buying dimension known as ______.
Answer: choice assistance
In the navigation of a website, the eight-second rule refers to ______.
In the navigation of a website, the eight-second rule refers to ______.
Answer: the belief that customers will abandon their efforts if downloads exceed this time
Convenience, cost, and choice are among the reasons that consumers
Convenience, cost, and choice are among the reasons that consumers
Answer: shop and buy online.
It is estimated that ____ percent of online consumers account for ___ percent of the total online sales.
It is estimated that ____ percent of online consumers account for ___ percent of the total online sales.
Answer: 20; 69
Electronic shopping agents that search websites to compare prices and product or service features are called ______.
Electronic shopping agents that search websites to compare prices and product or service features are called ______.
Answer: bots
Which of the following are true of online consumers?
Which of the following are true of online consumers?
Answer:
They are likely to be younger than the general population.
They are more affluent and better educated than the general population.
Which two are among the reasons that consumers typically shop and buy online?
Which two are among the reasons that consumers typically shop and buy online?
Answer:
control
customization
The product/service category that accounts for the highest percentage of online purchases is ______.
The product/service category that accounts for the highest percentage of online purchases is ______.
Answer: apparel and accessories
Which two design elements are included in every website?
Which two design elements are included in every website?
Answer:
content
context
As a group, online consumers tend to be ________ than the general US population.
As a group, online consumers tend to be ________ than the general US population.
Answer: more affluent
When a company posts a link to its Twitter and Facebook pages on its website, it is an example of which design element?
When a company posts a link to its Twitter and Facebook pages on its website, it is an example of which design element?
Answer: connection
The website design element that allows transactions to take place is ______.
The website design element that allows transactions to take place is ______.
Answer: commerce
A website that emphasizes the actual sale of products and services must include which design elements?
A website that emphasizes the actual sale of products and services must include which design elements?
Answer:
context
commerce
content
As part of the communication element, many websites use sophisticated computer programs called ______ which mimic human conversation using artificial intelligence.
As part of the communication element, many websites use sophisticated computer programs called ______ which mimic human conversation using artificial intelligence.
Answer: chatbots
The ______ element of website design refers to the network of linkages between a company's website and other sites.
The ______ element of website design refers to the network of linkages between a company's website and other sites.
Answer: connection
The commerce element of a well-designed website design allows customers to ______.
The commerce element of a well-designed website design allows customers to ______.
Answer: conduct sales transactions quickly and easily
When Coca-Cola creates a website within its website called MyCoke.com where consumers can create a profile, and exchange thoughts, ideas, and more among themselves, it has developed what is called a __________.
When Coca-Cola creates a website within its website called MyCoke.com where consumers can create a profile, and exchange thoughts, ideas, and more among themselves, it has developed what is called a __________.
Answer: virtual community
Which design element involves moving items around to reflect a consumer's priorities or selecting topics of interest to them?
Which design element involves moving items around to reflect a consumer's priorities or selecting topics of interest to them?
Answer: customization
For a company like Dell, an example of the communication capability the Internet allows is ______.
For a company like Dell, an example of the communication capability the Internet allows is ______.
Answer: direct interaction with a human customer representative while shopping
When a company posts a link to its Twitter and Facebook pages on its website, it is an example of which design element?
When a company posts a link to its Twitter and Facebook pages on its website, it is an example of which design element?
Answer: connection
What does personalization mean in the context of interactive marketing?
What does personalization mean in the context of interactive marketing?
Answer: generating content on a marketer's website that is customized to your needs
In terms of the context, what are the two orientations of website design?
In terms of the context, what are the two orientations of website design?
Answer:
functionally-oriented
aesthetically-oriented
The design element that refers to a site's ability to modify itself to, or be modified by and for, each individual user is called ______.
The design element that refers to a site's ability to modify itself to, or be modified by and for, each individual user is called ______.
Answer: customization
The seven web design elements that drive the customer experience include which of these?
The seven web design elements that drive the customer experience include which of these?
Answer: commerce
A website that shows you a selection of athletic shoes based on your previous views of other shoes is using ______ to be responsive to your personal needs.
A website that shows you a selection of athletic shoes based on your previous views of other shoes is using ______ to be responsive to your personal needs.
Answer: personalization
The element of website design that refers to the website's aesthetic appeal and the functional look and feel of the site's layout and visual design is ______.
The element of website design that refers to the website's aesthetic appeal and the functional look and feel of the site's layout and visual design is ______.
Answer: context
Today, the quality of the ______ delivered by a company is the standard by which a meaningful marketspace presence is measured.
Today, the quality of the ______ delivered by a company is the standard by which a meaningful marketspace presence is measured.
Answer: customer experience
When a firm sends a direct e-mail to a customer, the firm might let the customer "opt-out" of the mailing list. This marketing practice is called ______.
When a firm sends a direct e-mail to a customer, the firm might let the customer "opt-out" of the mailing list. This marketing practice is called ______.
Answer: permission marketing
Personalization allows customers to
Personalization allows customers to
Answer: generate the desired information on a seller's website to meet individual needs.
In creating an online ___________, companies attempt to manage all of the interactions with the customer, from initial view of the home page through purchase.
In creating an online ___________, companies attempt to manage all of the interactions with the customer, from initial view of the home page through purchase.
Answer: customer experience
The activity that involves two-way buyer-seller electronic communication in a computer-mediated environment is called ______.
The activity that involves two-way buyer-seller electronic communication in a computer-mediated environment is called ______.
Answer: interactive marketing
Which is the best example of permission marketing?
Which is the best example of permission marketing?
Answer: While buying a product on Amazon.com the customer can check a box that will allow Amazon to e-mail to the customer future special offerings.
The process that automatically groups consumers with similar buying intentions, preferences, and behaviors and predicts future purchases is called ______.
The process that automatically groups consumers with similar buying intentions, preferences, and behaviors and predicts future purchases is called ______.
Answer: collaborative filtering
A website that shows you a selection of athletic shoes based on your previous views of other shoes is using ______ to be responsive to your personal needs.
A website that shows you a selection of athletic shoes based on your previous views of other shoes is using ______ to be responsive to your personal needs.
Answer: personalization
When Facebook allows you to upload a picture of yourself and to show your preferences to your friends, Facebook is leveraging the _____ capability of the Internet.
When Facebook allows you to upload a picture of yourself and to show your preferences to your friends, Facebook is leveraging the _____ capability of the Internet.
Answer: individuality
Netflix is able to suggest movies for its existing customers based on their previous viewing and ratings, through the use of ______.
Netflix is able to suggest movies for its existing customers based on their previous viewing and ratings, through the use of ______.
Answer: collaborative filtering
Interactivity refers to the capability on the Internet that allows firms to ______.
Interactivity refers to the capability on the Internet that allows firms to ______.
Answer: listen and respond to customer needs
Interactivity and ________ are two important capabilities of the Internet in the ______ relationship.
Interactivity and ________ are two important capabilities of the Internet in the ______ relationship.
Answer: individuality; buyer-seller
A(n) ________ allows a customer to design a personalized product via the Internet and helps the company become more knowledgeable about the customer.
A(n) ________ allows a customer to design a personalized product via the Internet and helps the company become more knowledgeable about the customer.
Answer: choiceboard
What statement is true regarding digital natives?
What statement is true regarding digital natives?
Answer: Digital natives primarily sell online, though some have retail stores.
One of the greatest marketspace opportunities is creating form utility, such as the ability of _______.
One of the greatest marketspace opportunities is creating form utility, such as the ability of _______.
Answer: consumers to customize or personalize a product
Individuality in a buyer-seller relationship means that marketers must treat customers as individuals and empower them to ______.
Individuality in a buyer-seller relationship means that marketers must treat customers as individuals and empower them to ______.
Answer:
- have a say in the kind of products and services they buy
- influence the timing and extent of the buyer-seller interaction
- have a say in the information they receive
The capability that allows firms to listen to their customers, answer their requests, and build relationships is called ______.
The capability that allows firms to listen to their customers, answer their requests, and build relationships is called ______.
Answer: interactivity
What are the two capabilities of the Internet that promote and sustain customer relationships?
What are the two capabilities of the Internet that promote and sustain customer relationships?
Answer: interactivity and individuality
What are two examples of possession utility that are provided in the marketspace?
What are two examples of possession utility that are provided in the marketspace?
Answer:
- instant delivery of tickets purchased to a movie or concert
- immediate access to confirmation of a hotel reservation
The ______ is a digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings.
The ______ is a digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings.
Answer: digital marketspace
If a small specialty retail shop that sells handmade goods wants to increase its business, the cheapest and quickest way to improve accessibility for customers would be to
If a small specialty retail shop that sells handmade goods wants to increase its business, the cheapest and quickest way to improve accessibility for customers would be to
Answer: sell its products on a website like Etsy.
Luxury fashion designers prefer which outlet for selling their products?
Luxury fashion designers prefer which outlet for selling their products?
Answer: Retail stores
_________ companies, though they operate online today, originated as brick-and-mortar stores in the traditional marketplace.
_________ companies, though they operate online today, originated as brick-and-mortar stores in the traditional marketplace.
Answer: Legacy
The Internet allows consumers to access information on-demand about products. This is an example of which kind of marketing utility?
The Internet allows consumers to access information on-demand about products. This is an example of which kind of marketing utility?
Answer: place and time
A ______ is an Internet company that has its origins in the marketspace.
A ______ is an Internet company that has its origins in the marketspace.
Answer: digital native
Over 90 percent of __________ merchandise is sold exclusively through retail stores; that is, many of these companies have decided not to participate in the marketspace.
Over 90 percent of __________ merchandise is sold exclusively through retail stores; that is, many of these companies have decided not to participate in the marketspace.
Answer: luxury fashion
What company would be considered a legacy company in the marketspace?
What company would be considered a legacy company in the marketspace?
Answer: Walmart
The ______ is a digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings.
The ______ is a digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings.
Answer: digital marketspace
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