Marketing Chapter 1 Topic Marketing Eras Products Like Facebook And Twitter Are Changing How Firms

107. The document that marketers can use as a guide in ethical decision making called the Code of Ethics was developed by

the _______.

108. According to the AMA‘s Code of Ethics, to acknowledge the basic human dignity of all stakeholders represents the ethical

value of _______.

109. Large companies like Enron, WorldCom, and Arthur Andersen all failed due to their lack of ______.

110. There are _______ steps in the ethical decision-making framework.

111. Determining the facts in an unbiased manner is the ______ step in the ethical decision-making framework.

112. The ethical decision-making framework will be valuable only if you clearly understand the ______ that needs to be

addressed.

113. The question, Should jobs be outsourced to other members of the supply chain?, relates to the _______ element of the

marketing mix.

114. Charities, universities, and churches are all examples of _______ organizations.

115. In today’s tough job market, it is important to know how to ________ yourself effectively in order to reach the professional

goals you have set.

116. Marketing refers to advertising and selling a product.

117. In order to measure the value customers receive from a product, marketers need only look at the actual monetary outlay

the customer must produce in order to obtain the product.

118. Regardless of market conditions, over 80 percent of all new products fail in the marketplace.

119. Logistics is the process of coordinating the flow of money among members of the supply chain.

120. The production era continued until consumer demand could not keep up with the growth in production and new strategies

were needed to maximize success.

121. The sales orientation strategy is characterized by a customer orientation that focuses on customer satisfaction.

122. The marketing concept is a strategy that utilizes all aspects of marketing in order to persuade consumers to buy new

products and more of existing products.

123. The marketing concept strategy was short lived, giving way to what is the dominant strategy in today’s marketplace, that of

sales orientation.

124. Products like Facebook and Twitter are changing how firms interact with customers to better meet the needs of the

marketplace.

125. Marketers create value for customers when they develop products that allow consumers to satisfy their needs and wants

through exchange relationships.

126. In a marketing sense, there is really no difference between a need and a want.

127. When it comes to marketing products and services, marketers do not need to be concerned with any ethical implications of

their actions because the consumer bears the ultimate responsibility to determine whether or not a product is needed.

128. The marketing mix is also referred to as the four Ps of marketing.

129. The question, How much inventory should I have?, directly relates to the element of product.

130. Janie is looking to open a cupcake shop. She wants to make sure her shop is successful, so she hires a consultant to help

her determine the best location for her new business. In this example, the information given to Janie by the consultant is

considered a product.

131. Promotion is typically the easiest marketing mix element to change.

132. Promotion involves the activities a firm undertakes to make its product available to potential customers.

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133. Firms that use social media for promotion try to create content that attracts attention and encourages readers to share the

content with their social networks.

134. The interconnected nature of the world economy is referred to as internationalization.

135. NAFTA has had a negative impact on U.S. farmers because of the restrictions it imposes on exports, which has made trade

between countries more difficult for the farmers.

136. The small green gecko is part of the brand that differentiates GEICO’s auto insurance from that of other firms.

137. The practice of measuring, managing, and analyzing market performance is referred to as marketing analytics.

138. The AMA Code of Ethics is not necessarily something that marketers need to adhere to for every marketing approach.

139. When comparing ethical firms with the MSCI ACWI Index for the years 2007-2015, it was discovered that firms identified as

ethical were more profitable on the whole than the mix of companies included in the MSCI ACWI Index.

140. The first step in the ethical decision-making framework is to identify the ethical issue at hand.

141. Determining what default privacy settings should be built into a company website is an ethical issue that relates to the

product element of the marketing mix.

142. Since they are not in the business of generating revenue or making profits, nonprofit organizations do not need to rely on

marketing efforts to be successful.

143. Professionally speaking, the same marketing principles used in business settings can help you market yourself and help

you to reach your professional goals.

144. How do organizations create value for the customer?

145. How is the marketing concept different from the sales orientation strategy?

146. How are consumer wants different from consumer needs?

147. You are interested in selling your homemade crafts. You have chosen a retail location to sell your crafts. What other factors

in distribution (“place” from the marketing mix) do you need to consider besides the location?

148. You work in a jewelry store, and your supervisor has told you to decrease the price of a line of jewelry that is not selling well

in the hope that the remainder of the inventory will sell quickly. Why might this strategy be effective in selling the remaining units

of this jewelry line?

149. As an American small business owner, why would you want to think global in developing your marketing plan?

150. What is marketing analytics and how does it benefit marketers?

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Chapter 01 Test Bank Summary