Chapter 1
A critical component of the marketing mix because customers are concerned about benefits, roles, and costs.
What is price?
Employees, people, customers, community, competitors, suppliers, government, shareholders
What are stakeholders?
When consumers purchase selected books at its stores and online, Barnes & Noble directs part of that revenue toward programs that support literacy. This is an example of
What is cause marketing?
Products must be available at the right time and in appropriate locations.
What is place?
This is the most common surname, or family name, in the United States. Appearing in more than 2.4 million US citizens names
What is Smith?
This relates to activities used to inform and persuade to create a desired response.
What is promotion?
A marketing dashboard shows sales performance by SBU, which is an example of a ________
What is a marketing metric?
A formal statement of ethical principles and rules of conduct that an organization and its stakeholders aim to abide by
What is a code of ethics?
A long-term view, or vision, of what an organization strives to become.
What is the mission statement?
This shoe company, founded on January 25, 1964, was originally known as "Blue Ribbon Sports"
Who is Nike?
A specific group of customers on whom an organization focuses its marketing efforts.
What is a target market?
A cluster of benefits that an organization promises to its customers in order to satisfy their needs
What is a customer value proposition?
A moral philosophy that considers that an individual has a duty to follow universal principles of right and wrong, regardless of the outcome
What is moral idealism?
Other firms that market products that are similar to or can be substituted for a firm’s products in the same relative geographic area.
What are competitors?
This game studio is the creator and developer of the Red Dead Redemption and GTA series
Who is Rockstar Games?
The four primary marketing activities that a firm can control to meet the needs of customers within its target market
What is the marketing mix?
This is the beginning phase of the strategic marketing process which includes a SWOT analysis and setting direction for future marketing activities
What is the planning phase?
This right, included in the Consumer Bill of Rights, means that marketers have an obligation to give consumers complete and accurate information regarding products and services
What is the Right to be Informed?
This is the ratio of sales revenue of the firm to the total sales revenue of all of the firms in the industry. Expressed as a percentage
What is market share?
This US state is the westernmost state in the country
What is Alaska?
The uncontrollable forces that affect a marketing decision. Consists of social, economic, technological and competitive
What are environmental forces?
Meeting a rigorous set of standards for social and environmental performance, accountability, and transparency earns a company this certification
What is a B-Corp certification?
The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
What is the triple bottom line?
The example, given in class, of Keurig improperly promoting its k-cups as being recyclable at stations in Canadian provinces is an example of this
What is greenwashing?
Acrophobia is the fear of this, and is the third most common phobia in the world, affecting approximately 6% of all people
What is the fear of heights?