FREE AND STUDY GAMES ABOUT EXAM 1

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FREE AND STUDY GAMES ABOUT EXAM 1

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -28 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: · What is the definition of marketing?

Answer:

• An organizational function and a set of processes for creating, capturing, communicating, and

delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.Question 2: · List the four macro strategies that can help a firm develop a sustainable competitive advantage.

Answer:

• Locational, Customer, Operational, and Product Excellence

Question 3: Provide a specific example of a conscious marketing firm that considers the needs of each of its stakeholders.

Answer:

• An example that includes elements of the employees, customers, the marketplace, and society.

Patagonia or REI are perfect examples.

Question 4: Markets must be segmented for any marketing strategy to be effective. This is because from the identified segments, the firm will choose one or more target markets. The choice of target market will then determine how which of these concepts are designed?

Answer:

• Four Ps (product, price, place, promotion)

Question 5: · What are the five drivers of social media engagement described in the Wheel of Social Media Engagement?

Answer:

• connected, network, information, dynamic and timeliness

Question 6: · Value creation is the central activity of marketing. Which is not a benefit to the firm from engaging in value creation and the ongoing process of identifying value-adding options for consumers?

Answer:

• The firm is able to sell fewer products.

Question 7: · Does providing a good value mean selling at a low price?

Answer:

• No, value-based marketing is about creating strong products and services.

Question 8: · What are the 4Es?

Answer:

• Excite customers with relevant offers.
• Educate them about the offering.
• Help them experience products, whether directly or indirectly.
• Give them an opportunity to engage with the firm's digital marketing activities

Question 9: Identify the steps in the ethical decision-making framework.

Answer:

• Stage 1 - identify issues
• Stage 2 - gather info and identify stakeholders
• Stage 3 - Brainstorm and evaluate alternatives
• Stage 4 - choose a course of action

Question 10: · What are the seven types of customer motivations for using mobile apps?

Answer:

o 1) Me time o 2) Socialize o 3) Shop o 4) Accomplish o 5) Prepare

• 6) Discover
• 7) Self Express

Question 11: · What are the 4 components of the marketing mix?

Answer:

• p's - product, price, place, promotion

Question 12: What are the criteria for being a conscious marketer?

Answer:

• Recognition of marketing's greater purpose, consideration of stakeholders and their interdependence,

the presence of conscious leadership creating a corporate culture, and the understanding that decisions are ethically based.

Question 13: · Marketing is about satisfying ___ and ___

Answer:

needs and wants

Question 14: · What are the various eras of marketing?

Answer:

• PRODUCTION, SALES, MARKETING, CURRENT VALUE BASED ERA

Question 15: Is Walmart a conscious marketer, or is it a practitioner of CSR?

Answer:

• Most students will consider Walmart a practitioner of CSR and not a conscious marketer.

Question 16: · What are the various components of a marketing strategy?

Answer:

• identifies (1) a firm's target market(s), (2) a related marketing mix (its four Ps), and (3) the bases on

which the firm plans to build a sustainable competitive advantage.Question 17: What is the difference between conscious marketing and corporate social responsibility?

Answer:

Although CSR is an important element of conscious marketing, it is not the same thing. The coming of conscious marketing organizations is a complex effort. And for some firms, it may prove virtually impossible to achieve Question 18: What ethical questions should a marketing manager consider at each stage of the marketing plan?

Answer:

• Planning phase
• Implementation phase
• Control phase

Question 19: · How is advertising intent guidance provided to influencers?

Answer:

• The FTC publishes recommendations to help influencers engage in ethical marketing such as

mentioning endorsements or using #ad in their posts.Question 20: In what way does corporate social responsibility differ from conscious marketing?

Answer:

• Corporate social responsibility is one part of conscious marketing.

Question 21: · Which strategy is the riskiest?

Answer:

Diversification

Question 22: · What is STP?

Answer:

Segmentation, targeting, and positioning (STP).