Marketing 6th Edition by Dhruv Grewal – Test Bank Sample Questions Instant Download With Answers Chapter 02 Test Bank
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Define a marketing strategy. Topic: Supply Chain Management Feedback: Operational excellence is achieved through efficient operations and excellent supply chain and human resource management.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: In most cases, a single strategy, such as low prices or excellent service, is not sufficient to build a sustainable competitive advantage. Firms require multiple approaches to build a “wall” around their position that stands as high as possible.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: Elements of the Marketing Plan Feedback: It is not always necessary to go through the entire process for every evaluation. For instance, a firm could evaluate its performance in Step 5, and then go directly to Step 2 to conduct a situation audit without redefining its overall mission.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: The Mission Statement Feedback: A mission statement is a broad description of a firm’s objectives and the scope of activities it plans to undertake.
TRUE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: A sustainable competitive advantage is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. iTunes made the iPod so easy to use that it was difficult for other MP3 players to compete, even at lower prices. Over time, some competitors have created similar tools, but it has been difficult enough to copy that these competitors have never really caught up.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Steps in Market Segmentation Feedback: STP stands for segmentation, targeting, and positioning.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: The components of a SWOT analysis are strengths, weaknesses, opportunities, and threats.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: SWOT Analysis Feedback: After identifying its target segments, a firm must evaluate each of its strategic opportunities. Firms typically are most successful when they focus on opportunities that build on their strengths relative to those of their competition.
FALSE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: A recession is an external factor with possible negative results, so it is a threat.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Setting Prices Feedback: As part of the exchange process, a firm provides a product or a service, or some combination thereof, and in return, it gets money. Value-based marketing requires that firms charge a price that customers perceive as giving them a good value for the product they receive.
TRUE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: Business Portfolio Analysis Feedback: A strategic business unit is a division of the firm that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: Strategic Marketing Planning Feedback: Planning processes can move back and forth between the steps as needed.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: This is a product development strategy. A market development strategy offers existing products and services to new customers.
TRUE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: The BCG Matrix Feedback: The Sansa has low relative market share in a low-growth market, which is the definition of a dog.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: Elements of the Marketing Plan Feedback: In the implementation phase, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP). They then are responsible for implementing the marketing mix using the four Ps.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Marketing Metrics Feedback: Relative market share might be used as a metric to evaluate a firm’s performance compared to its competitors.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: The four major growth strategies are market penetration, product development, market development, and diversification.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: A sustainable competitive advantage comes from doing things that add value and that are not easily imitated by competitors. The other options do not achieve this objective.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: The four overarching strategies are locational excellence, customer excellence, operational excellence, and product excellence.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: The Ritz-Carlton clerk went to extra trouble to offer excellent customer service, which is one way to pursue a customer excellence strategy.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: A customer excellence macro strategy, which is one way to pursue a sustainable competitive advantage, focuses on retaining loyal customers and excellent customer service. Amazon’s latest attempt to shore up and enhance its competitive barriers by introducing a home service marketplace that may help it achieve a lasting, powerful advantage, is an example of customer excellence.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Viewing customers with a lifetime value perspective rather than on a transaction-by-transaction basis is key to modern customer retention programs.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: This is a good example of a potential sustainable competitive advantage based on customer service (i.e., a customer excellence strategy). A sustainable competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: An operational excellence strategy depends on efficiency throughout the supply chain in order to keep costs low.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Supply Chain Management Feedback: Some of the potential answers here represent unethical (and potentially illegal) behavior. The best answer is far simpler—this type of operational excellence helps create a sustainable competitive advantage by keeping costs low.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: The example shows that competitors strive to copy good ideas. But that doesn’t mean innovation is pointless—being the first to do something can still give you an advantage if you do it best, or if you innovate in ways that are difficult to imitate. What this example shows is that you cannot come up with a single idea, stay with it long term, and expect to sustain a competitive advantage. You must always look for new sources of advantage.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: Strategic Marketing Planning Feedback: Customers around the world know Pepsi and consider it a primary “go-to” brand if they want a refreshing drink. This positioning reflects Pepsi’s careful targeting and marketing mix implementation.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Elements of the Marketing Plan Feedback: Carla is dealing with implementation of the marketing mix—price cuts (price), advertising (promotion), and distribution changes (place).
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-02 Describe the elements of a marketing plan. Topic: SWOT Analysis Feedback: SWOT analysis is part of the planning phase.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Satisfied customers, if this satisfaction leads to loyalty, are a source of sustainable competitive advantage.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Simply cutting prices is probably the easiest strategic move for a competitor to copy. In contrast, creating an efficient supply chain that lowers your costs, allowing you to pass on those savings to customers in the form of price cuts, can create a sustainable competitive advantage.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: The other items listed could help the retailers develop or evaluate a plan to achieve a sustainable competitive advantage, but on their own they will not be enough. Small retailers usually cannot compete with larger competitors on price. But they might survive by offering services their customers value (and are willing to pay extra to get), by offering specialty products not carried by larger retailers, or by locating in places where the larger stores don’t want to (or can’t) locate.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: The internal components of a SWOT analysis are strengths and weaknesses.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: The external components of a SWOT analysis are opportunities and threats.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: The management of the just-in-time system is an internal issue; if it is being done badly, that makes it a weakness.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: Expansion of trade agreements is an external factor that could be favorable for firms to take advantage of. An external positive factor is an opportunity.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-03 Analyze a marketing situation using SWOT analyses. Topic: SWOT Analysis Feedback: For parts companies, Ford’s actions represent external factors. A possible cutback in orders is a negative factor. An external negative factor is a threat.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Steps in Market Segmentation Feedback: With STP, the firm first divides the marketplace into subgroups or segments, determines which of those segments it should pursue or target, and finally decides how it should position its products and services to best meet the needs of those chosen targets. Business mission development and SWOT analysis take place before STP analysis starts, and targeting and positioning are later stages in STP analysis.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Target Markets Feedback: Walmart was probably trying to attract customers who didn’t shop there because they wanted to buy organic products. These customers represented a different market segment for Walmart.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Target Markets Feedback: Stacy was created to help Celestial’s marketers understand its major target market segment. The segment is more than just a demographic. It includes elements of Stacy’s behavior (reading instead of TV). Stacy isn’t Celestial’s positioning—rather, the company needs to position its products to help women like Stacy understand the value Celestial products can offer them.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Target Markets Feedback: A key component of target marketing is the evaluation of potential target segments’ attractiveness.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Positioning Feedback: Positioning is the creation of a clear, distinct understanding of what the product does or represents compared to competitors. Celebrity endorsers are often used to convey this message.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Positioning Feedback: This is the definition of positioning, which is the final activity in STP analysis.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Positioning Feedback: Packaging, colors, labels, and fonts all contribute to the consumer’s impressions of a product and to their understanding of what it offers. This is therefore part of the product’s positioning.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Positioning Feedback: Firms typically are most successful when they focus on opportunities that build on their strengths relative to those of their competition.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Positioning Feedback: These firms are positioning themselves against the competition, emphasizing their local presence in order to suggest that this local experience helps them do a better job of serving consumers.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-04 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Topic: Steps in Market Segmentation Feedback: Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups might be a market segment consisting of consumers who respond similarly to a firm’s marketing efforts.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Product Value Creation Feedback: The product the students buy—a degree—is enhanced by the ability to find a good job after graduation. Thus, this additional investment is related to the product value.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Pricing Strategy Feedback: Value-based marketing is related to customers’ perceived value. If a price is set too high, it will not generate much volume. If a price is set too low, it may result in lower-than-optimal margins and profits. Therefore, price should be based on the value that the customer perceives.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: The Four Ps Feedback: Place refers to getting products to customers when and where they need/want them. This is what electronic downloading of e-books offers.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Role of Promotion Feedback: The value proposition is the value of the firm’s offering, as explained to the target market. Promotion is responsible for communicating this value proposition via a variety of media.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: IMC Feedback: Integrated marketing communications (IMC) represents the promotion P of the four Ps. It encompasses a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to provide clarity, consistency, and maximum communicative impact.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Role of Promotion Feedback: Ads displayed in search engines are an example of promotion.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Elements of the Marketing Plan Feedback: Craig should still evaluate performance, even if results were good. There’s always a chance that he was successful due to luck, not due to the quality of his plan. There’s also a chance that he did well, but that he could have done even better with a stronger plan.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Elements of the Marketing Plan Feedback: The starting point for evaluating performance is to compare goals to actual performance and, for any goals not met, to review implementation programs looking for explanations.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Elements of the Marketing Plan Feedback: Once the causes of above- or below-goal performance are understood, firms can decide how the marketing plan should be adjusted. Some of the other answers might be true in some cases, but not in every case.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Elements of the Marketing Plan Feedback: The manager should seek to understand the differences in implementation programs between the different stores. Perhaps she will find that the successful stores did things the other stores didn’t. While studies of national trends might offer interesting and useful information for the overall planning process, to understand the difference between stores she needs to focus at a local level.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: The Marketing Plan Feedback: Monique has chosen a target market, determined positioning strategies, and developed marketing mixes. She now has to consider available resources and determine how they will be allocated across the different options available for implementation.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-05 Outline the implementation of the marketing mix as a means to increase customer value. Topic: Elements of the Marketing Plan Feedback: Lamar should already have considered a strategy shift in an earlier step of the planning process, and should have evaluated the impact of Disney World and of possible government regulation in a situation analysis. After STP analysis, he should be considering his implementation plan for the four Ps and deciding how to allocate resources. In this case, he could invest equally in all four stores, or he could adjust his allocations according to the situation at each store.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: Business Portfolio Analysis Feedback: In general, marketing resources are allocated to SBUs or product lines. The corporate level is too high unless it is a very small company with just a single product line, and the sales representative level is generally too low.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: Product Line Feedback: This is the definition of a product line.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: The BCG Matrix Feedback: A company’s relative share of a market is determined by comparing its market share to market shares of competitors.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: The BCG Matrix Feedback: The BCG matrix uses market growth rate on the vertical axis and relative market share on the horizontal axis. The other factors are not unimportant—they are simply not part of BCG portfolio analysis.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: The BCG Matrix Feedback: Cash cows are product lines with high relative market share as the result of past investment, but in low-growth markets. They typically generate excess cash that can be used to support other product lines.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: The BCG Matrix Feedback: A product with high relative market share in a high-growth market, in BCG analysis, is called a star. Stars typically require investment in order to continue to grow and to maintain or improve their market positions.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: The BCG Matrix Feedback: Dogs can be worth keeping if they assist with the sales of another more successful product.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-06 Summarize portfolio analysis and its use to evaluate marketing performance. Topic: Strategic Marketing Planning Feedback: While the steps of the process are often executed in order, sometimes a firm may jump from a later step back to an earlier one to make adjustments. Metrics are established later in the process. And while the planning process may help managers think more clearly, irrational plans can still be developed.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: The four growth strategies are market penetration, market development, product development, and diversification.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: Adrienne is trying to sell more of her current products to current customers, which is a market penetration strategy.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: This is the definition of a market development strategy.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: Since Quitman wants to sell an existing product to new customers, this is a market development strategy.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: When Marvel launched several successful series on Netflix, including and , it employed a product development strategy.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: This is a market development strategy because the military is a new type of customer, but H&R’s current offerings would be used.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: By restricting the ability of lawyers and other professionals to easily expand their businesses across state lines, states are preventing these professionals from selling existing services to new customers. These would be market development opportunities.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: A product development strategy offers a new product or service to a firm’s current target market.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: A market penetration strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers. Such a growth strategy might be achieved by attracting new consumers to the firm’s current target market or encouraging current customers to patronize the firm more often or buy more merchandise on each visit.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: The agent is trying to sell new types of insurance to a current customer, which is a product development strategy.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-07 Describe how firms grow their business. Topic: Developing a Competitive Strategy Feedback: A diversification strategy introduces a new product or service to a market segment that currently is not served.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Zara has established an advantage that is difficult to copy—this is a sustainable competitive advantage.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Superior service is a key facet of a customer excellence strategy.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: By refusing to consider competitive offerings and staying in a long-term relationship with the salon, Anita is demonstrating loyalty to her stylist and salon. If the salon has a large number of loyal customers due to the quality of its service, that could be considered a sustainable competitive advantage, but one loyal customer isn’t enough to establish that.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Taking a lifetime value view of customer relationships demonstrates that profits through the entire relationship matter more than short-term profitability. While it is true that STP should not be rushed, this is not the focus of customer retention programs. Maximizing profits at the expense of relationships is almost the opposite of customer retention programs, since it focuses on quick profits at the possible expense of larger profits in the long run. The other two incorrect choices may be true in a few instances but they are often not true; customer excellence can be extremely difficult to achieve, and customer retention does not necessarily demand high levels of spending.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Feedback: Customer retention programs recognize that it is often worth spending something in the short term to keep a customer in the long term. This approach looks at the value of the customer relationship on a lifetime basis instead of considering only the current transaction.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Define a marketing strategy. Topic: Developing a Competitive Strategy Chapter 04 Test Bank
FALSE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: Conscious marketing entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services. It encompasses four overriding principles: 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.
FALSE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: Business ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: Marketing ethics examines ethical situations that are specific to the domain of marketing, including societal, global, or individual consumer issues. They can involve societal issues such as the sale of products or services that may damage the environment, global issues such as the use of child labor, or individual consumer issues such as misrepresenting a product in advertising or marketing dangerous products.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: The four overriding principles of conscious marketing include: 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.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: Key corporate social responsibility (CSR) stakeholders include employees, customers, the marketplace, and society.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: This is an example of sustainability. According to the U.S. Environmental Protection Agency, “Sustainability is based on a simple principle: Everything that we need for our survival and well-being depends, either directly or indirectly, on our natural environment.” Therefore, sustainable actions, including sustainable marketing, allow “humans and nature [to] exist in productive harmony, that permit fulfilling the social, economic and other requirements of present and future generations.”
FALSE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Corporate Social Responsibility Feedback: Corporate social responsibility (CSR) differs from conscious marketing in that CSR reflects a mechanistic view of business.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Role of Ethics in Marketing Feedback: From a conscious marketing perspective, social responsibility is at the core of the business through the higher purpose and viewing the community and the environment as stakeholders.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: This is an example of a CSR program.
FALSE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: The first step in ethical decision making is to identify the issue.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: The Golden Rule test asks the question, “Would I like to be on the receiving end of this action and all its potential consequences?”
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Ethical Issues in Marketing Feedback: It is possible to be socially responsible yet unethical, which describes this particular company. Its failure to meet its agreements demonstrates ethical issues; however, its community support shows social responsibility.
TRUE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: When companies voluntarily embrace CSR, they appeal not only to their shareholders, but also to their primary stakeholders—including their own employees, consumers, the marketplace, and society at large. In this case, the company would be supporting a charity that helps society at large.
FALSE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Corporate Social Responsibility Feedback: This is an example of corporate social responsibility, as it is a voluntary action designed to help the community at large. While ethical firms are more likely to be socially responsible, the two do not always go hand in hand.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: Corporate social responsibility refers to voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: Among the key differences between conscious marketing and CSR, we can highlight the unique view on shareholders that is absolutely critical to conscious marketing.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Stakeholders effect on Marketing Strategy Feedback: Stakeholders typically include the firm’s employees and their families, customer groups, members of the community, the environment, and the firm’s partners and competitors.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Brainstorming occurs after the firm has identified the stakeholders and their issues and gathered all available data.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Identifying issues is the first step in the ethical decision-making framework.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: At one point, a popular view held that the only responsibility of a business was to its shareholders, so its only purpose was to make a profit. In many parts of the world, that view has been supplanted with the idea that companies must consider their responsibilities to a wider range of stakeholders who make up society.
FALSE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: Firms identify potential target markets and ways to deliver the four Ps to them in the implementation phase.
TRUE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: Control is the final stage of the strategic marketing planning process.
TRUE AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Ethical Issues in Marketing Feedback: Sometimes a firm’s choice of target market and how it pursues this target market can lead to charges of unethical behavior. In this case, Grey Poupon’s questionable behavior occurred during the implementation phase.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: The most basic corporate social responsibility to employees is to ensure a safe working environment, free of threats to their physical safety, health, or well-being.
FALSE AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Stakeholders effect on Marketing Strategy Feedback: This most directly impacts customers, although if it increases sales of the products it could impact shareholders down the road.
FALSE AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: Business ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce. Marketing ethics, in contrast, examines ethical situations that are specific to the domain of marketing, including societal, global, or individual consumer issues.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-01 Define conscious marketing. Topic: Ethical Issues in Marketing Feedback: Conscious marketing encompasses these four overriding principles: 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.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: Marketing ethics, not buisiness ethics, is concerned with societal issues such as the sale of products or services that may damage the environment and global issues such as the use of child labor.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-01 Define conscious marketing. Topic: Ethical Issues in Marketing Feedback: These are examples of ethical issues of concern to marketers. Even in a firm with a strong ethical climate, some business opportunities that arise may raise ethical concerns and need to be considered in the context of the firm’s ethical values.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple stakeholders including the ranchers that supply the food, its customers, and animal welfare groups.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: The ethical-decision making metric includes the following tests: Publicity, moral mentor, admired observer, transparency, person in the mirror, and golden rule.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-06 Describe how ethics constitute an integral part of a firm’s conscious marketing strategy. Topic: Role of Ethics in Marketing Feedback: The American Marketing Association (AMA) provides a detailed, multipronged “Statement of Ethics” that can serve as a foundation for marketers, emphasizing that “As marketers . . . we not only serve our organizations but also act as stewards of society in creating, facilitating and executing the transactions that are part of the greater economy.”
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: This question applies to the admired observer test.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: With strong leadership, marketers can introduce conscious marketing at the beginning of the planning process by including statements in the firm’s mission or vision statements. For example, the mission statement for natural skin care company Burt’s Bees is to “create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you.”
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: In the planning stage, the firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly and how the firm plans to balance the needs of its various stakeholders.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Corporate Social Responsibility Feedback: Corporate social responsibility sees limited overlap between the business and society, and between business and the planet. All of the other statements describe conscious marketing.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Analyze Difficulty: 3 Hard Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Corporate Social Responsibility Feedback: Conscious marketing recognizes that business is a subset of society, and that society is a subset of the planet. The other statements reflect corporate social responsibility.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Role of Ethics in Marketing Feedback: When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming conscious marketers.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-06 Describe how ethics constitute an integral part of a firm’s conscious marketing strategy. Topic: Role of Ethics in Marketing Feedback: A firm that embodies conscious marketing is both socially and ethically responsible.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 04-06 Describe how ethics constitute an integral part of a firm’s conscious marketing strategy. Topic: Ethical Issues in Marketing Feedback: Withholding or destroying information that could hurt a company’s sales or image is considered unethical.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-06 Describe how ethics constitute an integral part of a firm’s conscious marketing strategy. Topic: Ethical Decision Making Feedback: To avoid potentially unethical behaviors, conscious marketing seeks to align the short-term goals of each employee with the long-term, overriding goals of the firm.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-06 Describe how ethics constitute an integral part of a firm’s conscious marketing strategy. Topic: Role of Ethics in Marketing Feedback: To avoid unethical situations causing problems for a firm, it is important that the short-term goals of each employee be aligned with the long-term goals of the firm.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-06 Describe how ethics constitute an integral part of a firm’s conscious marketing strategy. Topic: Role of Ethics in Marketing Feedback: A strong ethical climate and social responsibility often (though not always) go hand in hand.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: After the marketing firm has identified the stakeholders and their issues and gathered the available data, all parties relevant to the decision should come together to brainstorm any alternative courses of action. These might include halting the market research project, making responses anonymous, or instituting training on the AMA Code of Ethics.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: If scores tend to be in the “Yes” area, then the situation is not ethically troubling. If, in contrast, scores tend to be in the “No” area , it is ethically troubling. If scores are scattered or are in the “Maybe” area, executives need to step back and reflect on how they wish to proceed.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 04-03 Differentiate between conscious marketing and corporate social responsibility. Topic: Corporate Social Responsibility Feedback: Enron was exhibiting unethical behavior through its financial manipulation, while at the same time demonstrating social responsibility through its charitable donations.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Corporate social responsibility is separate from the ethical decision-making framework.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Identifying potential ethical issues is the first step in the ethical decision-making process.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Hisaoki failed to identify possible ethical issues in advertising alcoholic beverages at an event for children.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Stakeholders effect on Marketing Strategy Feedback: The primary stakeholders are the employees whose retirement programs are changing.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-01 Define conscious marketing. Topic: Role of Ethics in Marketing Feedback: The impact of the CEO’s behavior reached beyond his company, affecting members of the community who formerly benefited from the work of the Heritage Foundation.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: A firm’s responsibilities to society associated with the demands, expectations, requirements, and desires of various stakeholders.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: The school board has completed the first two steps of the ethical decision-making framework. The third step is to assemble the stakeholders to brainstorm for alternatives.
AACSB: Teamwork Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: All relevant parties should participate in brainstorming and evaluation.
AACSB: Teamwork Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: It is too soon to make a choice—at this point, the involved parties should brainstorm and then evaluate alternatives.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Although all stakeholders should be involved in the earlier steps of the process, company leaders and managers review and refine alternatives, leading to the final step.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: The purpose of the earlier stages of the process is to identify stakeholders’ issues and generate possible solutions. The final stage is to weigh this information and select the alternative that does the best job of addressing the issues.
AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Apply Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: Perhaps the chosen course of action is not truly the best choice. By reexamining the alternatives, the firm may find a better choice.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: There are four steps in the framework for ethical decision making. Step 1 is identifying issues. Step 2 is gathering information and identifying stakeholders. Step 3 is brainstorming alternatives. Step 4 is choosing a course of action.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Stakeholders effect on Marketing Strategy Feedback: This question evaluates the outcome of marketing decisions, which takes place in the control phase.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: General Mills is evaluating its performance, which is a part of the control phase.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Ethical Issues in Marketing Feedback: The implementation phase is where the marketing mix is implemented, and is thus the place where the use of sweatshop labor becomes a public issue.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: During the planning phase, marketers will decide what level of commitment to its ethical policies and standards it is willing to declare publicly. It is during this phase that ethical statements in the firm’s mission or vision statements can be incorporated.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: The firm assesses its performance regarding ethics during the control phase.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: If Alicia has concerns arising out of her personal ethics, she needs to pause and ask more questions before making a go/no-go decision.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: One definition describes CSR as context-specific actions and policies, taking stakeholders’ expectations into account, to achieve what is referred to as the triple bottom line: economic, social, and environmental performance.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: When using the ethical decision-making framework, the first step is to identify the issues. The next three steps are to gather information, brainstorm/evaluate alternatives, and finally to choose a course of action. Toyota, in issuing its recall, had chosen a course of action.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: TOMS shoes is engaged in corporate social responsibility by making shoes available to children in need.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: Firms should begin establishing an ethical climate at the planning phase by including ethical statements in the firm’s mission or vision statements.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: During the implementation phase, the company can discuss targeting decisions and implementing the marketing mix appropriately to minimize this risk. Perhaps safe use of the ladder should be emphasized in marketing communications, or perhaps steps should be taken to discourage certain consumers from buying these ladders.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: It is too late to recall the meat—it has been consumed or discarded long ago—so emergency action is neither possible nor necessary. The company should begin the ethical decision-making framework by identifying all issues raised by this situation. This should happen before attempting to choose a course of action.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-01 Define conscious marketing. Topic: Corporate Social Responsibility Feedback: Which is the more important corporate objective: making a profit or protecting customers, employees, and the broader needs of society and the environment? This question underlies a primary dilemma that marketers have long faced.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: Obeying the law when it comes to minimum wage and safety isn’t sufficient to be considered socially responsible—the firm is simply behaving legally. Using recyclable materials would be a socially responsible practice, but it serves society (the environment), not specifically employees. By ensuring fair pay practices, though, Apple would be treating its employees in a socially responsible manner.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: Obeying the law when it comes to safety isn’t sufficient to be considered socially responsible—the firm is simply behaving legally. Using recyclable materials would be a socially responsible practice, but it serves society (the environment), not specifically customers. Similarly, fair pay practices serve employees, not specifically customers. Apple can exhibit socially responsible behavior toward customers by treating their personal information with respect.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility Feedback: Most of these are reasonable social responsibility initiatives, but serve stakeholders other than channel partners. By choosing a socially responsible coffee bean supplier and paying a fair price, Starbucks behaves in a socially responsible manner toward its suppliers, who are part of the supply chain.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-02 Describe what constitutes marketing’s greater purpose. Topic: Corporate Social Responsibility Feedback: Corporate social responsibility generally entails voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Stakeholders effect on Marketing Strategy Feedback: When companies embrace conscious marketing, they appeal not only to their shareholders but also to all of their key stakeholders.
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard Learning Objective: 04-01 Define conscious marketing. Topic: Ethical Decision Making Feedback: For corporate leaders, their firm’s ability to balance the needs of various stakeholders—while building and maintaining consumer trust by conducting ethical, transparent, clear transactions that have a positive impact on society and the environment—must be of paramount importance.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-07 Identify the four steps in ethical decision making. Topic: Ethical Decision Making Feedback: The ethical decision-making metric poses a set of questions to help make ethical business decisions. All of the questions listed are part of the metric except for wondering if an action will help further one’s career.
AACSB: Ethics Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Role of Ethics in Marketing Feedback: During the control phase of the strategic marketing planning process, managers must be evaluated on their actions from a conscious marketing perspective. Systems must be in place to check whether each conscious marketing issue raised in the planning process was actually successfully addressed. Essay Questions
The initiative would need to be discussed during the implementation phase, which is when firms identify potential markets and discuss how to successfully deliver the four Ps. AACSB: Ethics Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-05 Explain how conscious leadership can produce a conscious culture in the firm. Topic: Ethical Decision Making
If a company decides to support the United Way, it must ensure that the charities it supports will benefit the firm’s various stakeholders identified in Exhibit 4.3 (employees and their families, current and potential customers, partners, competitors, the community, and the environment). AACSB: Analytical Thinking Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Stakeholders effect on Marketing Strategy
A number of options could be considered, but the student should focus on ways in which the distributor could serve the different stakeholders identified in Exhibit 4.3 (employees and their families, current and potential customers, partners, competitors, the community, and the environment). As the company is a beer distributor, the student can bring in issues associated with alcoholic consumption and/or recycling and green marketing considerations. AACSB: Analytical Thinking Blooms: Analyze Difficulty: 3 Hard Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility
The student should include questions addressing the ways in which the firm serves the various stakeholder groups identified in Exhibit 4.3 (employees and their families, current and potential customers, partners, competitors, the community, and the environment). AACSB: Analytical Thinking Blooms: Apply Difficulty: 3 Hard Learning Objective: 04-04 Describe the ways in which conscious marketing helps various stakeholders. Topic: Corporate Social Responsibility
Although CSR is an important element of conscious marketing, it is not the same thing. The student should cite examples from Exhibit 4.2: How |
All of the following are questions posed in the ethical decision-making metric except
Postagens relacionadas
direito autoral © 2024 mesadeestudo Inc.
