[GET] Marketing Chapter 3 Test Answers
Why are environmental scanning and analysis important to marketers? Describe consumerism. Analyze some active consumer forces in your area. What is social responsibility? Why is ethics an important consideration in marketing decisions? CASE 3. Which...
[FREE] Marketing Chapter 3 Test Answers
Explain the role each major actor plays. Answer: Within the company, marketing management takes other groups into account, such as top management, finance, research and development, purchasing, operations, and accounting. Decisions made and...
Multiple Choice Questions
A the macroenvironment B the microenvironment C the marketing environment D the demographic environment E the global environment Answer: B Diff: Page Ref: 66 Skill: Concept Objective: 2 Which of the following terms is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers? A the marketing environment B the cultural environment C strategic planning D target markets E the marketing mix Answer: A Diff: Page Ref: 66 Skill: Concept Objective: 3 You are directed to study the demographic, economic, natural, technological, political, and cultural factors that are larger societal forces affecting your company What are you studying?
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MKT 6301-Chapter 3
A business B reseller C wholesale D consumer E retail Answer: B Diff: Page Ref: 69 Skill: Concept Objective: 18 Your marketing department is currently researching the size, density, location, age, and occupations of your target market Which environment is being researched? How these trends affect companies? Answer: The natural environment shows three major trends: shortages of certain raw materials, higher pollution levels, and more government intervention in natural resource management Environmental concerns create marketing opportunities for alert companies As concern about global warming and other environmental issues continues to grow, more and more consumers are demanding environmentally responsible products Companies who heed these demands will benefit, as environmentally responsible actions are today linked with good business Diff: Page Ref: 81 AACSB: Analytic Skills Skill: Application Objective: Why is the technological environment such a dramatic force in today's market?
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Answer: The technological environment changes rapidly, as evidenced by all of the technologies that are widespread today-such as cell phones, laptops, digital cameras, etc. How does this affect marketers? A baby boomers reaching their peak earning and spending years B Gen Xers displacing the lifestyles of baby boomers C Millennials beginning to assert their buying power D the changing structure of the American family E the growing ethnic diversity of the country Answer: A Diff: Page Ref: 71 AACSB: Analytic Skills Skill: Application Objective: If there is one overall lesson to be learned from the opening Xerox scenario, what would it be? Answer: More and more large retailers have tremendous bargaining power with suppliers; the "giants" often set their own terms and can shut the manufacturer out of large markets Diff: Page Ref: 68 AACSB: Analytic Skills Skill: Application Objective: What are two potential drawbacks of creating separate products and marketing programs for each generation?
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Marketing 7th Grewal © 2021 Test Bank And Solution Manual
Answer: Baby boomers are more likely to retire later and to work more after retiring; instead of seeing themselves as getting older, the baby boomers see this as another new phase of life with opportunities for reinvention Diff: Page Ref: 71 AACSB: Multicultural and Diversity Skill: Application Objective: Why might marketers want to target segments of the population based on lifestyles rather than age groups? Answer: Too much might be assumed about people in the same age group, and grouping people by lifestyle may eliminate some of the inaccurate assumptions made regarding age Diff: Page Ref: 75 AACSB: Analytic Skills Skill: Application Objective: How might geographic shifts in population impact marketers? Answer: People in different regions buy differently If tastes and preferences are taken with consumers as they disperse geographically at increasing rates, predicting specific consumption patterns in certain geographic areas may become difficult over time Diff: Page Ref: 76 AACSB: Analytic Skills Skill: Application Objective: In terms of ethnic and racial makeup, why is the United States today more accurately characterized as a "salad bowl" than a "melting pot"?
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International Marketing Chapter 3
Answer: Marketers who help to develop solutions to these problems can gain the advantage of becoming market leaders, as increasingly strict environmental regulations can be expected in the United States and elsewhere Environmentally responsible actions will help a company's public image; they will also help to create a more sustainable market Diff: Page Ref: AACSB: Ethical Reasoning Skill: Application Objective: One purpose of government regulation is to protect consumers from unfair business practices List two areas in which this may occur Answer: Some firms, if left to their own devices, may produce shoddy products, mislead consumers in their advertising, or deceive consumers through packaging and pricing in order to increase profits Diff: Page Ref: 84 AACSB: Ethical Reasoning Skill: Application Objective: How might a marketer act in a socially responsible way toward the general public?
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Chapter 3 Marketing
Give an example of each Answer: A core belief is a stronger, overall belief; an example might be a strong work ethic A secondary belief is more open to change; an example might be one's idea that a strong work ethic can be maintained even while working only part-time Diff: Page Ref: 87 AACSB: Reflective Thinking Skill: Application Objective: Why is it important for marketers to understand people's views of themselves? Answer: People select and use products and services as a means of self-expression; knowledge of these self-views will help marketers position their products to be most attractive to target markets Diff: Page Ref: 88 AACSB: Analytic Skills Skill: Application Objective: What steps might a marketer take to shift from a reactive stance to the marketing environment to a more proactive stance?
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Chapter 3 Know Your Market
Bargaining Power of Buyers Bargaining Power of Suppliers By analyzing these five forces, a company can develop a better understanding of its key strengths and weaknesses, as well as the trends which present the biggest opportunities and threats. Figure The Five Forces of Competition from Porter Threat of Entry The environment within which a company operates is heavily influenced by the ease with which competition can enter the market. Markets with high barriers to entry have a low threat of entry by competitors and vice versa. There are a number of factors that influence the relative threat of entry into an industry. Economies of Scale — where economies of scale exist potential entrants must either enter the market on a large scale, risking retaliation from existing firms, or enter on a smaller scale and suffer a cost disadvantage.
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Marketing Chapter 3
Product Differentiation — strong brand and customer loyalty toward existing companies is difficult for a potential entrant to overcome. For instance, the Trus Joist Silent Floor System had this sort of brand recognition and loyalty from builders in some markets. Capital Requirements — high capital requirements make entry into a market more difficult. These capital requirements might be for items beyond plant and equipment, such as customer credit and inventories. Historically in Scandinavia, it was so easy to enter the sawmilling industry that when markets were attractive, new sawmills were created. This relative ease of entry resulted in a highly competitive marketplace for sawmillers. Switching Costs — the one-time costs associated with switching from one supplier to another are typically low for commodity products, but increases as the product becomes more tailored to specific customers.
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Essentials Of Marketing
For example, a home center that has developed a proprietary lumber grade with a specific supplier will face costs of training a new supplier on the details of its specific grade if it wishes to switch. Access to Distribution Channels — intermediaries may be hesitant to carry products from new entrants. The forest industry has seen a large move toward disintermediation. Those intermediaries that have been left out in the disintermediation process will be anxious to support new entrants. However, those that are serving large suppliers may not be accessible at all. Cost Disadvantages Independent of Scale — patents or other forms of proprietary technology, access to raw materials, and company location can all impact the relative advantage open to a potential entrant.
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Idoc - Pub - Test Bank Principles Of Marketing 13e By Kotler Chapter 3
Rivalry among Existing Firms Some industries are known to be more highly competitive than others. Most sectors of the forest industry are mature, with relatively low growth rates, which results in high levels of competition and rivalry. A long list of factors can impact the level of competition and rivalry among firms in an industry: Many equally balanced competitors — no one firm controls the dynamics of the marketplace, so competitors will be constantly looking for an edge against the others, resulting in intense rivalry.
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COURSE STUDY GUIDE OF MARKETING MANAGEMENT
Slow industry growth — companies must steal market share from competitors rather than relying on overall market growth. Thus, softwood lumber manufacturers that wish to gain market share cannot rely on the growth of the marketplace, they must go and take share from the competition. High fixed costs — this creates pressure for companies to maintain full capacity, and cut prices when necessary; this characterizes the situation historically in many sectors of the paper industry. Lack of differentiation or switching costs — if products within a sector are similar, buyers are likely to make product choices based simply on low price; this naturally creates significant price competition among suppliers. Capacity increases come in large increments — capacity is often added in large increments, requiring a high level of investment and contributing to high fixed costs in the paper sector.
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Excel Quizlet Chapter 2
High exit barriers — exit barriers exist when a high level of investment makes getting out of an industry or market costly for a company. This could result from specialized or high value assets such as those in the paper sector. It could also result from the need to carry a specific business as a compliment to another part of the company.
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Multiple Choice Quiz
This has been the case for many paper companies that see the lumber business as a necessary but not attractive component of their business portfolio. Pressures from Substitute Products Substitute products are products which serve the same function or meet the same need for the customer. For instance, engineered wood I-joists are substitutes for solid sawn 2x10s and 2x12s, just as plastic lumber is often a substitute for treated radius edge decking. In the paper industry, there has been significant concerns about electronic media and its potential for serving as a substitute for various types of paper. Thus far, however, while electronic media has reduced demand for newsprint, online shopping has increased demand for packaging and the move towards a paperless society anticipated by some has not materialized. In the final analysis, substitutes that should be of particular concern are those that are exhibiting trends of improved price performance, products which are produced by industries earning high profits, and those produced by industries with deep pockets.
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Principles Of Marketing (13th Edition)
Paper companies supplying food packaging have customers who are gaining a worldwide presence, and the power that comes with increasing size. One way paper companies are trying to deal with buyer power is by becoming bigger themselves in order to effectively supply worldwide buyers. Large retailers e. This situation provides a significant incentive for the buyer to look for low prices and to negotiate aggressively. The product being purchased is an undifferentiated commodity. In this situation, the buyer will likely buy from whichever supplier offers the lowest price. The buyer faces few switching costs. The buyer operates in a low-profit industry. This creates greater need to lower purchasing costs. The product being purchased has little importance in the quality of the final product.
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Multiple-choice: Marketing Basic Trivia Quiz Questions!
The buyer has full information about the supplier and the marketplace. Bargaining Power of Suppliers The bargaining power of suppliers largely parallels the power of the buyer, though in the opposite direction. Suppliers are more powerful when the following conditions exist: There are few suppliers and the supplying industry is more concentrated than the industry to which it sells. There are few competitive substitute products. The buying industry is not an important customer group. The supplier has the ability to integrate forward. Of course, if the environment were static, no changes in strategy would ever be necessary — the company could define a proper set of goals, objectives, and plans, and would not need to continually analyze and appraise these strategies. Hence, continuous monitoring of the environment is necessary in order to modify and update strategies. According to Webster [4] there are three distinct elements of the environment that are relevant for the marketing strategist: Those parts of the environment that cannot be influenced by the firm economic, political, social and legal forces Competition within the markets selected by the company.
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Marketing Test 1 Chapter 3
Therefore, the ability to acquire, store, share, integrate, and apply knowledge is considered the most important capability for creating competitive advantage. When knowledge is emphasized as an important resource for a company, it is the role of marketing to assure that the company not only possesses sufficient information about the marketing environment, but also makes this information available in a user-friendly format. This is part of the integrative function of marketing. Knowledge management has been defined in various ways in the literature, but most definitions contain several common factors, including: Managing information, knowledge, and company experiences Creating and capturing knowledge Using knowledge to enhance organizational performance [6] , [7] Information technology provides a pipeline and storage system for the exchange of knowledge.
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Chapter 3: Test 1 - MKT 305
However, knowledge management is not only about computers, connectivity, and databases. An equally important aspect is face-to-face interaction of employees and social relationships that result in the exchange of ideas and knowledge among members of the organization. That is our aim in the following sections. Traditionally, the external environment is analyzed using a PEST approach, which represents the political, economic, social, and technological aspects of the environment. Although our approach contains similar components as those in traditional textbooks, it goes into more depth and detail. Our Information Environment Model is portrayed in Figure , where it can be seen in the context of marketing planning. The model has been created, tested, and used in numerous market analyses, both at the University and company level. It has served as a frame of reference for market environment analyses supporting the marketing development projects of Finnish forest industry companies.
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Marketing Test Bank Chapter 7 Customer Driven Marketing Strategy
In these projects market analyses have produced market and customer information to be used in marketing plans structured according to the IMMP. The model is designed to fit different approaches and levels of marketing planning. Various information blocks in the model are emphasized depending on the planning situation. It is up to the user which blocks are included and how they are stressed. It is often difficult for the marketing researcher or planner, especially a beginner, to know what sort of information should be collected. This leads us to the most important aspect of the model — measurement.
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Marketing Chapter 3 And 4 Questions Flashcards - 1medicoguia.com
To be able to use the model to produce information concerning markets and customers, we must find a way to measure the concepts of the model. For instance, it is too general to say that demand must be measured; we must define exactly what aspects of demand will be measured. It is easier to understand theoretical concepts when one knows how they can be implemented and measured in practice. In the following sections, we provide an example of how the elements in the IEM can be measured. Note that there are numerous ways to measure the model, and the most appropriate method will depend on the context of the specific planning situation. Recall that the information environment of forest products marketing can be divided into two major categories: the Macro and Micro Environments Figure Macro environment information is central in corporate planning of investments and acquisitions as well as at the highest levels of marketing planning.
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Marketing Chapter 3 Test Questions
Analysis typically uses an econometric approach. This sort of information is also used in the policy planning of the whole forest sector. Figure The Information Environmental Model The Micro Environment contains information concerning the behavior of customers, competitors, and distribution systems. Although the marketing channels used by the company are a part of its own marketing system, the company must adjust to the general distribution structure of the markets. Thus, the distribution system is considered part of the marketing environment. Information regarding the marketing environment is acquired through marketing research, using secondary material and empirical surveys.
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Multiple Choice Quiz | Online Resources
Individual customers and competitors are the likely targets of the research. Gathering customer information for marketing planning typically involves conducting customer surveys and interviews. If the IEM is not sufficiently detailed for constructing customer surveys, a separate frame of reference appropriately describing customer behavior is necessary. The measures of this separate frame show exactly what information about customers will be produced. At the end of the chapter we present an example how to use the IEM and how a separate frame of customer behavior is connected to it. The more advanced the marketing planning, the more important the role of information about the Micro Environment. For example, customer-oriented marketing is needed when demand is slowing or when the needs of customers become more specialized. Intensifying competition also requires advanced marketing.
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Take The True/False Quiz Questions On Marketing! Trivia
Information dealing with both Macro and Micro Environments is needed for strategic marketing decisions. Information concerning the Micro Environment is a major factor when planning marketing structures, functions, and action plans. In the earlier mentioned surveys targeting Finnish paper and wood industry companies, the importance of various types of information in marketing planning was investigated. The questions were based on operationalizations of various main blocks of the IEM. The following is a ranked list showing order of importance of various information areas in marketing planning. Future supply.
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Chapter 3. Marketing Research
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Chapter 3 Marketing | 1medicoguia.com
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Chapter 3 Know Your Market | Social Enterprise Toolkit
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International Marketing Chapter 3
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Marketing Chapter 3 Test Answers
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