Personal Finance

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The practice of marketing has an impact on customers, the firm, the market, and society in general. Which of the following is NOT a core aspect of marketing? Ensuring
that financial statements correctly reflect the value of the firm's brands.
Customers give up things they valuefor example, money, information, or timeto a firm in return for goods, services and ideas. This process is called a
marketing exchange.
The four P's comprise the ________________, which is the controllable set of activities that the firm uses to respond to the wants of its target markets. marketing mix
______________ are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Services
The goal of _____________ is to inform, persuade or remind potential buyers about a good or service to influence their opinions and elicit a response. promotion
Marketing firms become more value driven by focusing on four activities. Which of the following is NOT one of those activities? They concentrate on making a profit
above all else.
Customers seek benefits and will consider trade-offs among them, while also considering costs. In value-based marketing, the marketer must find opportunities to
meet as many needs as possible while also keeping costs down.
Firms that focus on the lifetime profitability of their relationships with their customers as opposed to how much money they make in each transaction operate under a
_______ orientation. relational
The group of firms that make and deliver a given set of goods and services is known as the supply chain.
As identified in the text, Marketing is important for all of the following reasons EXCEPT marketers advise the human resource department on the right type of
employees to hire.
Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a sustainable competitive advantage.
Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ______________ if its
products have high perceived value and effective branding or positioning. product excellence
A document that analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four P's, action plans, and pro
forma financial statements is known as a marketing plan.
Of the five steps to the strategic marketing planning process, which step usually comes first? Define the business mission
A SWOT analysis is part of a firm's situation audit. SWOT is an acronym for strengths, weaknesses, opportunities, and threats.
Steve has been working his way through the five steps in the development of a marketing plan. He has examined the firm's business mission and objectives and
developed a SWOT analysis in some detail. Before he can implement the marketing mix, he must begin identifying market segments that his company could pursue. In
target marketing, Steve will: evaluate each potential segment's attractiveness.
When marketers execute pricing, promotion, place and product strategies, they are in the ___________________ phase of marketing planning. implementation
Kathy has been assigned the task of assembling information to monitor whether the plans that were implemented are achieving what they are supposed to. She will look
at both performance and financial measures. She will use a series of _____________, which are measuring systems that quantify a trend, dynamic, or characteristic.
metrics
Brian heard his unit described as a cash cow. At first, he wasn't sure he liked that, but felt better about it when he learned it meant his unit has excess resources
that can be spun off to other business units that need it.
Which of the following is one of the four major growth strategies marketers typically pursue? Market development
According to your text, at what point did the concept of social media start to become more serious and professional? after Y2K and the bursting of the dot-com bubble
A firm seeks to obtain insights and information from customer relationship management and/or loyalty programs, so it can provide personalized offers aimed at exciting
its targeted customer. In doing so, the firm is most likely attempting to make sure its offer is relevant.
Jared likes to be on the cutting edge of technology and is usually the first of his friends to obtain the newest products available. Social media gives him the opportunity to
post and share his creative ideas. In the world of social media, Jared would be considered a creator.
Which professional site allows users to post to question-and-answer forums as well as post personal intellectual property, such as presentations they have given?
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