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Knowledge Check MKT/571 Version 7 MKT 571 Knowledge Checks Contents Week 1: Marketing Strategies ....................................................................................................................... 2 Concept: Scope/Definition of Marketing .................................................................................................... 2 Concept: Environmental Scanning ............................................................................................................ 2 Concept: Marketing Research Process ..................................................................................................... 3 Concept: Strategic/Tactical Tools .............................................................................................................. 3 Concept: Using Secondary Data and Data Mining .................................................................................... 4 Concept: Forecasting Demand .................................................................................................................. 5 Week 2: Consumer Analysis ......................................................................................................................... 5 Concept: Buying Decision Process ........................................................................................................... 5 Concept: Psychographic and Behavioral Segmentation ........................................................................... 6 Concept: Positioning Strategies ................................................................................................................ 6 Concept: Changes in Sociocultural Environment ...................................................................................... 7 Concept: Selecting a Target Market .......................................................................................................... 7 Concept: Perceptual Maps ........................................................................................................................ 8 Concept: Value Proposition ....................................................................................................................... 8 Week 3: Product Mix ..................................................................................................................................... 9 Concept: Challenges of Product Development ......................................................................................... 9 Concept: Managing the PLC ..................................................................................................................... 9 Concept: Choosing the Correct Commercialization Method ................................................................... 10 Concept: Product Level and Customer Value ......................................................................................... 10 Concept: Methods of Differentiation ........................................................................................................ 11 Concept: Product Mix and Systems ........................................................................................................ 11 Concept: Service Mix ............................................................................................................................... 12 Week 4: Pricing and Distribution ................................................................................................................. 12 Concept: Setting the Price ....................................................................................................................... 12 Concept: Price Adaptation ....................................................................................................................... 13 Concept: Global Market Entry Methods .................................................................................................. 13 Concept: Push/Pull Strategies and Managing the Channel .................................................................... 14 Concept: Challenges of E-Commerce ..................................................................................................... 14 Concept: Channel Alternatives ................................................................................................................ 15 Concept: Channel Systems/Value Networks........................................................................................... 15 Week 5: Marketing Communication, Branding, and Customer Loyalty ...................................................... 16 Concept: Effective Media Selection ......................................................................................................... 16 Concept: Managing Company Image ...................................................................................................... 16 Concept: Crisis Management .................................................................................................................. 17 Concept: Creating Customer Value and Satisfaction .............................................................................. 17 Concept: Market Strategies for Leaders, Challengers, Followers, and Niches ....................................... 18 Concept: Optimum Marketing Communication Mix ................................................................................. 19 Concept: Relationship Marketing ............................................................................................................ 19 Week 6: Performance and Legal/Ethical Issues ......................................................................................... 20 Concept: Components of a Marketing Audit............................................................................................ 20 Concept: Marketing with Corporate Responsibility ................................................................................. 20 Concept: Ethical/Legal PR....................................................................................................................... 21 Concept: Selecting the Appropriate Metrics and Levels, Types, and Responsibilities of Marketing Control ..................................................................................................................................................... 21 Concept: Challenges of Performing a Marketing Audit ........................................................................... 22 Concept: Marketing Control Tactics ........................................................................................................ 22 Concept: Determining the Global Marketing Mix ..................................................................................... 23 Copyright © 2012 by University of Phoenix. All rights reserved. 1 Knowledge Check MKT/571 Version 7 Week 1: Marketing Strategies Ch. 1 of Marketing Management, 14e Ch. 3 of Marketing Management, 14e Ch. 4 of Marketing Management, 14e Ch. 5 of Marketing Management, 14e Ch. 2 of Marketing Management, 14e Concept: Scope/Definition of Marketing Details Marketing is considered both an art and a science. How do the 4 Ps, or marketing mix, help us bridge the gap between art and science? a. Marketing is involved with price as the major factor. b. Marketing focuses on sales as the primary goal. c. Marketing is about advertising. d. Marketing balances the need for data with that of creativity. Correct Answer Feedback: d The four Ps, also known as the marketing mix, help people working in marketing to modulate the balance between data and creativity. A product’s pricing, for example, might be problematic when a product is not selling despite excellent advertising. A marketing person needs to be able to sift through data and make any changes, including those that affect creativity, to change how the product or service plays in the marketplace. Reading: Ch.1 of Marketing Management “The Scope of Marketing” pp. 5–9 “The Importance of Marketing” pp. 3–12, “Updating The Four Ps” pp. 25–27 Concept: Environmental Scanning Details Which of the following elements of sociocultural environment can be associated with the growing demand for social surrogates like social networking sites, television, and so on? a. Views of ourselves b. Views of organizations c. Views of others d. Views of nature Textbook/edition: Marketing Management (14th ed.) Copyright © 2012 by University of Phoenix. All rights reserved. 2 Knowledge Check MKT/571 Version 7 Correct Answer Feedback: c How we perceive others and how others perceive us can be influenced by what we see on television, YouTube, and other social networking sites. Reading: Ch. 3 of Marketing Management “The Sociocultural Environment, pp. 78–80 “The Economic Environment” pp. 77–78 Concept: Marketing Research Process Details Wabash Bank would like to understand if there is a relationship between the advertising or promotion it does and the number of new customers the bank gets each quarter. What type of research is this an example of? a. Causal b. Secondary c. Exploratory d. Qualitative Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: a Causal research means that something has an effect or a cause on something else. In this case, the marketing manager would want to know if advertising caused the number of new bank accounts to increase. Reading: Ch. 4 of Marketing Management “Step 1: Define the Problem, the Decision Alternatives, and the Research Objectives” pp. 99–100 “The Marketing Research Process” pp. 99–114 Concept: Strategic/Tactical Tools Details Copyright © 2012 by University of Phoenix. All rights reserved. 3 Knowledge Check MKT/571 Version 7 Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as a. integrative growth b. overall cost leadership c. differentiation d. market development Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: b By offering products more efficiently at a lower cost, organizations are practicing the strategy of low-cost leadership. These costs result in savings for consumers. Reading: Ch. 2 of Marketing Management “External Environment (Opportunity and Threat) Analysis” pp. 48–49 “Business Unit Strategic Planning” pp. 47–54 Concept: Using Secondary Data and Data Mining Details During the holidays, companies often provide gifts to customers. The more a client spends, the larger the gift, usually. To segment customers in this way, for what purpose is this data being mined? a. To decide which customers should receive a new sales offer b. To avoid serious customer mistakes c. To deepen customer loyalty d. To beat the competition to a sale Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: c To build relationships with customers, especially their best customers, businesses often reward them with gifts at the holidays. This not only indicates appreciation for the business, but helps build customer loyalty as well. Reading: Ch. 5 of Marketing Management “Customer Databases and Database Marketing” pp. 143–146 “Consumer Databases and Database Marketing” pp. 143–146 Copyright © 2012 by University of Phoenix. All rights reserved. 4 Knowledge Check MKT/571 Version 7 Concept: Forecasting Demand Details Which market do customers who have purchased and are driving Audi automobiles represent? a. Available market b. Potential market c. Penetrated market d. Target market Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: c Those who have already bought or are using a product, are considered to be part of the penetrated market. Reading: Ch. 3 of Marketing Management “The Measures of Market Demand” pp. 85–86 “Forecasting and Demand Measurement” pp. 85–91 Week 2: Consumer Analysis Ch. 8 of Marketing Management, 14e, Objective 2.1, 2.2, 2.3 Ch. 6 of Marketing Management, 14e, Objective 2.1 Ch. 10 of Marketing Management, 14e, Objective 2.4 Concept: Buying Decision Process Details What is the second stage of the consumer buying process? a. Evaluation of alternatives b. Purchase decision c. Buyer satisfaction d. Information search Correct Answer Feedback: d This is the second step of the consumer buying process. Consumers gather information about available products or services. Copyright © 2012 by University of Phoenix. All rights reserved. 5 Knowledge Check MKT/571 Version 7 Reading: Ch. 6 of Marketing Management “Stages in the Buying Process” pp. 166–167 “Figure 6.4” p. 166, “The Buying Decision Process: The Five-Stage Model” pp. 166–167, “Information Search” p. 167, “Summary” p. 177 Concept: Psychographic and Behavioral Segmentation Details How many primary groups does VALS classify U.S. adults into based on personality traits and key demographics? a. Seven b. Two c. Eight d. Nine Correct Answer Feedback: c Strategic Business Insight developed the classification based on consumer buying habits. This is an eight-section classification system. Reading: Ch. 8 of Marketing Management “Psychographic Segmentation” pp. 225–227 “Psychographic Segmentation” pp. 225–229, “Figure 8.1 The VALS Segmentation System: An Eight-Part Typology” p. 226 Concept: Positioning Strategies Details Which other criteria helps make up the three criteria for a successful brand mantra: inspire, simplify, and : a. inflate b create c. infuse d. communicate Correct Answer Feedback: d “A brand manta is internal to the organization. It must be communicated within the organization to all employees” (Kotler & Keller, 212, p. 287). Copyright © 2012 by University of Phoenix. All rights reserved. 6 Knowledge Check MKT/571 Version 7 Reading: Ch. 10 of Marketing Management “Constructing a Brand Positioning Bull’s-eye” p. 287 Concept: Changes in Sociocultural Environment Details Which term describes the diverse needs of many ethnic market segments? a. Mass marketing b. Multicultural marketing c. Multifaceted marketing d. Multidiversity marketing Correct Answer Feedback: b Marketers often concentrate their efforts on ethnic groups that have specific needs and wants from the general mass market. The marketers target these groups with products such as foods or personal care products. Reading: Ch. 8 of Marketing Management “Race and Culture” p. 222 “Race and Culture” pp. 222–224, “Table 8.4: Multicultural Market Reference” p. 223 Concept: Selecting a Target Market Details What other dimension helps market segments be measurable, substantial, accessible, and differentiable? a. Actionable b. Obtainable c. Functional d. Reasonable Correct Answer Feedback: a “Segments must be actionable. This means they must be reachable by the marketer. They are able to develop programs which meet the needs of the segment” (Kotler & Keller, 2012). Copyright © 2012 by University of Phoenix. All rights reserved. 7 Knowledge Check MKT/571 Version 7 Reading: Ch. 8 of Marketing Management “Effective Segmentation Criteria” p. 231 “Table 8.6: Steps in the Segmentation Process” p. 231 Concept: Perceptual Maps Details Which of the following would consumers associate closely with a brand? a. Points of reference b. Brand attitudes c. Customer focuses d. Points-of-difference Correct Answer Feedback: d Points-of-difference are attributes that consumers associate with a brand. They are often not able to find these same attributes in another brand (Kotler & Keller, 2012, p. 280). Reading: Ch. 10 of Marketing Management “Points-of-Difference” p. 280 “Marketing Insight: High Growth Through Value Innovation” p. 278 Concept: Value Proposition Details Which other factor does an organization’s marketing strategy focus on: segmentation, targeting, and: a. perceptual mapping b. positive marketing c. positioning d. possession Correct Answer Feedback: c The acronym STP stands for strategy, targeting, and positioning. These are the cornerstones of marketing today. Reading: Ch. 10 of Marketing Management “Developing and Establishing a Brand Positioning” pp. 275–277, “Entertainment Weekly” p. 276 Copyright © 2012 by University of Phoenix. All rights reserved. 8 Knowledge Check MKT/571 Version 7 Week 3: Product Mix Ch. 20 of Ch. 11 of Ch. 12 of Ch. 13 of Marketing Management, 14e, Objective 3.1 Marketing Management, 14e, Objective 3.2 Marketing Management, 14e, Objective 3.3 Marketing Management, 14e, Objective 3.3 Concept: Challenges of Product Development Details Which of the following is most closely related with the organic growth of an organization? a. Acquiring a product or service brand b. Increasing the operational profitability c. Increasing productivity of employees d. Developing new products from within Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d There are a number of ways for a company to offer a new product or service. Organic growth refers to bringing a new product to market that was developed or created internally. Reading: Ch. 20 of Marketing Management “Make or Buy” pp. 567–568 “Types of New Products” pp. 568–570 Concept: Managing the PLC Details Campbell Soups is a newly established company that specializes in preparing healthy but tasty food for children under the age of 5. It is incurring huge production costs, nonexistent profits, and slow sales growth. The company is in the ________ phase of its life cycle. a. growth b. introduction c. maturity d. decline Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: b The introduction period experiences a slow sales growth and nonexistent profit as a new product is introduced to the market. Copyright © 2012 by University of Phoenix. All rights reserved. 9 Knowledge Check MKT/571 Version 7 Reading: Ch. 11 of Marketing Management “Product Life Cycles” p. 310 “Product Life-Cycle Marketing Strategies” pp. 310–317 Concept: Choosing the Correct Commercialization Method Details Poga International, a multinational beverage corporation, identifies that one of its competitors is launching an apple flavored drink. The company decides to launch an apple flavor brand along with its competitor. What timing strategy is used here? a. First entry b. Parallel entry c. Late entry d. Exchange entry Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: b Parallel entry is the strategy of two companies launching similar products at the same time. Reading: Ch. 20 of Marketing Management “Commercialization” p. 588, “When (Timing)” p. 588 Concept: Product Level and Customer Value Details The five product levels constitute a ________. At each level more customer value is added. a. business model b. customer-value hierarchy c. value grid d. demand chain Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: b The customer-value hierarchy, where value is added at each level value, includes the core benefit, basic product, expected product, augmented product, and potential product. Copyright © 2012 by University of Phoenix. All rights reserved. 10 Knowledge Check MKT/571 Version 7 Reading: Ch. 12 of Marketing Management “Product Characteristics and Classifications” pp. 325–326 “Product Levels: The Customer-Value Hierarchy” pp. 326–327 Concept: Methods of Differentiation Details Which of the following is the level at which the product’s primary characteristics operate? a. Design b. Conformance quality c. Durability d. Performance quality Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d The performance quality is level that the product operates, which may be low, average, high, or superior. This level should be aligned with the target audience considering the competition and may not always be at the highest level. Reading: Ch. 12 of Marketing Management “Product Differentiation” p. 329 “Product and Services Differentiation” pp. 328–332 Concept: Product Mix and Systems Details Happy Home Products produces detergents, toothpaste, bar soap, disposable diapers, and paper products. This company has a product ________ of five lines. a. type b. length c. class d. width Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d The product width considers how many product lines the company offers. Copyright © 2012 by University of Phoenix. All rights reserved. 11 Knowledge Check MKT/571 Version 7 Reading: Ch. 12 of Marketing Management “Product Systems and Mixes” p. 336 “Product Systems and Mixes” pp.336–338 Concept: Service Mix Details Services high in ________ are those services that have characteristics the buyer normally finds hard to evaluate even after consumption. a. search qualities b. experience qualities c. trial qualities d. credence qualities Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d Services that are high in credence qualities have characteristics that are difficult to evaluate even after consumption. Reading: Ch. 13 of Marketing Management “Service Industries Are Everywhere” pp. 356–359 “Categories of Service Mix” pp. 356–357 Week 4: Pricing and Distribution Ch. 14 of Marketing Management, 14e Ch. 15 of Marketing Management, 14e Ch. 21 of Marketing Management, 14e Concept: Setting the Price Details When companies estimate the demand and costs associated with alternative prices, they will choose the price that produces: a. lowest current profit b. maximum current profit c. break-even current profit d. negative current profit Copyright © 2012 by University of Phoenix. All rights reserved. 12 Knowledge Check MKT/571 Version 7 Correct Answer Feedback: b Many companies try to set a price that will maximize current profits by estimating the demand while choosing a price that produces maximum current profit, cash flow, or rate of return on investment. This strategy assumes that a firm knows its demands and cost functions which could be difficult to estimate. Reading: Ch. 14 of Marketing Management “Step 1: Selecting the Pricing Objective” pp. 389–390 “Setting the Price” pp. 389–403 Concept: Price Adaptation Details What form describes a buyer and seller directly exchanging goods with no money and no third party involved? a. Sale b. Barter c. Offset d. Auction Correct Answer Feedback: b In barters, the buyer and the seller directly exchange goods, with no money and no third party involved while a seller receives some percentage of the payment in cash and the rest in products from a compensation deal. Reading: Ch. 14 of Marketing Management “Geographical Pricing (Cash, Countertrade, Barter)” p. 404 “Adapting the Price” pp. 403–407 Concept: Global Market Entry Methods Details What is a simple way to engage in international marketing? a. Travel abroad b. Licensing c. Communications d. Cultural attainment Correct Answer Feedback: b “Licensing is a simple way to engage in international marketing. The licensor issues a Copyright © 2012 by University of Phoenix. All rights reserved. 13 Knowledge Check MKT/571 Version 7 license to a foreign company to use a manufacturing process, trademark, patent, trade secret, or item of value for a fee or royalty” (Kotler, 2012, p. 604). Reading: Ch. 21 of Marketing Management “Licensing” p. 604 “Deciding How to Enter the Market” pp. 603–605 Concept: Push/Pull Strategies and Managing the Channel Details What type of system does a firm employ to decide about the most critical decisions management faces? a. Marketing channel system b. Pulling system c. Pushing system d. Advertising strategic system Correct Answer Feedback: a A particular set of marketing channels that a firm employs—and decisions about it are among the most critical ones management faces—is known as a marketing channel system. They not only serve markets, but they make markets. Reading: Ch. 15 of Marketing Management “The Importance of Channels” p. 416 “Marketing Channels and Value Networks” pp. 415–418 Concept: Challenges of E-Commerce Details What takes place when dealers purchase some or all of a product line? a. Full-line forcing b. Part-line forcing c. Half-line forcing d. Forcing by brand Correct Answer Feedback: a Full-line forcing is when producers of a strong brand sometimes sell it to dealers if they take some or all of the rest of a product line. Copyright © 2012 by University of Phoenix. All rights reserved. 14 Knowledge Check MKT/571 Version 7 Reading: Ch. 15 of Marketing Management “Legal and Ethical Issues in Channel Relations” p. 438 “E-Commerce Marketing Practices” pp. 438–441 Concept: Channel Alternatives Details When the number of intermediaries are severely limited, this means an: a. inclusive distribution b. exclusive distribution c. strategic distribution d. marketing distribution Correct Answer Feedback: b Exclusive distribution means severely limiting the number of intermediaries. This is appropriate when the producer wants to maintain control over the service level offered by resellers and often includes exclusive dealing arrangements. Reading: Ch. 15 of Marketing Management “Number of Intermediaries” pp. 424–425 “Identifying Major Channel Alternatives” pp. 424–426 Concept: Channel Systems/Value Networks Details What type of marketing system includes the producer, wholesaler(s), and retailer(s) acting as a unified system? a. Horizontal marketing system b. Vertical marketing system c. Triangular marketing system d. Rectangular marketing system Correct Answer Feedback: b A vertical marketing system includes the producer, wholesaler(s), and retailer(s) acting as a unified system, while a conventional marketing channel only consists of independent producer, wholesaler(s), and retailer(s). Copyright © 2012 by University of Phoenix. All rights reserved. 15 Knowledge Check MKT/571 Version 7 Reading: Ch. 15 of Marketing Management “Channel Integration and Systems” pp. 431–436 “Channel Integration and Systems” pp. 431–435 Week 5: Marketing Communication, Branding, and Customer Loyalty Week 5 Textbook Readings Ch. 12 of Marketing Management, 14e, Ch. 17 of Marketing Management, 14e, Ch. 18 of Marketing Management, 14e, Ch. 11 of Marketing Management, 14e, Ch. 5 of Marketing Management, 14e, Concept: Effective Media Selection Details ________ is finding the most cost-effective media to deliver the desired number and type of exposures to the target audience. a. Media scheduling b. Content analysis c. Media selection d. Copy testing Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: c Media selection is the process of identifying the best approach to accomplish the objectives including the number and type of exposures to those in the target market. Reading: Ch. 18 of Marketing Management “Deciding on Reach, Frequency, and Impact” p. 511 “Deciding on Media and Measuring Effectiveness” pp. 510–519 Concept: Managing Company Image Details Copyright © 2012 by University of Phoenix. All rights reserved. 16 Knowledge Check MKT/571 Version 7 Mountain Dew is a brand known for sponsorships of adventure events such as snowboarding and skateboarding competitions. What is the most likely objective of Mountain Dew's sponsorship of these events? a. To enhance corporate image b. To express commitment to the community or on social issues c. To entertain key clients or reward key employees d. To create perceptions of key brand image associations Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d Mountain Dew most likely is looking to create or reinforce customer perceptions about their brand with the association of the event. Reading: Ch. 18 of Marketing Management “Events Objectives” pp. 524–525 “Events and Experiences” pp. 524–527 Concept: Crisis Management Details An insider trading crisis for an organization is what type of public relations crisis? a. Act of nature b. Intentional event c. Unintentional event d. Act of upheaval Textbook/edition: This is PR: The Realities of Public Relations (11th ed.) Correct Answer Feedback: b An act of insider trading is an example of a nonviolent, intentional public relations crisis for an organization. Reading: Ch. 12 of This is PR: The Realities of Public Relations “Anticipating a Crisis” pp. 314–315 Concept: Creating Customer Value and Satisfaction Details Copyright © 2012 by University of Phoenix. All rights reserved. 17 Knowledge Check MKT/571 Version 7 When a consumer considers a product or service, he or she will choose whichever product or service delivers the highest a. customer-perceived value b. customer-perceived cost c. customer equity d. customer lifetime value Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: a Customers will choose to purchase a product that they believe will offer the highest perceived value. Reading: Ch. 5 of Marketing Management (14th ed.) “Building Customer Value, Satisfaction, and Loyalty” pp. 123–132 Concept: Market Strategies for Leaders, Challengers, Followers, and Niches Details When Starbucks introduced its Tazo Tea line to bring in new customers who had never gone to Starbucks because they don't drink coffee, Starbucks was employing a ________ strategy. a. market-penetration b. new-market segment c. geographical-expansion d. niche identification Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: b New-market segment strategy looks for potential demand from customers who have not used the product by overcoming objections such as price, lack of features, or are simply unaware. Reading: Ch. 11 of Marketing Management “Expanding Total Market Demand” pp. 301–302 “Competitive Strategies for Market Leaders” pp. 299–309 Copyright © 2012 by University of Phoenix. All rights reserved. 18 Knowledge Check MKT/571 Version 7 Concept: Optimum Marketing Communication Mix Details Which of the following circumstances are best suited for the use of personal selling? a. When the products used are simple and easy-to-use b. When there is minimal risk involved in buying or using the products c. When the market has fewer and larger sellers d. When prospective customers are spread across a wide geographic area Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: c Personal selling is used more in complex sales cycles with expensive products and in markets with fewer and larger sellers. Reading: Ch. 17 of Marketing Management “Type of Product Market” p. 492 “Deciding on the Marketing Communications Mix” pp. 490–494 Concept: Relationship Marketing Details Rachel and Josh are on vacation in Hawaii. When they arrived at the hotel, they were offered chilled juice. Their check-in formalities were handled by the staff. When they entered their room, they saw that chocolates had been placed on the pillows and a flower arrangement on the table. The hotel's actions are an example of: a. customer lifetime value b. customer perceived value c. customer value analysis d. a customer touch point Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d The hotel actions are all examples of a customer touch point where the customer encounters the brand in an effort to maximize loyalty. Reading: Ch. 5 of Marketing Management “Customer Relationship Management” pp. 135–139 “Cultivating Customer Relationships” pp. 134–143 Copyright © 2012 by University of Phoenix. All rights reserved. 19 Knowledge Check MKT/571 Version 7 Week 6: Performance and Legal/Ethical Issues Week 6 Textbook Readings Ch. 21 of Marketing Management, 14e, Ch. 22 of Marketing Management, 14e, Ch. 7 of This is PR: The Realities of Public Relations, 7e Concept: Components of a Marketing Audit Question #1 A ________ is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company's marketing performance. a. marketing plan b. marketing audit c. market-based scorecard analysis d. marketing metric Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: b A marketing audit is an examination and analysis of all marketing plans and initiatives and can be beneficial for both companies in good health, as well as those experiencing weakness. Readings: Ch. 22 of Marketing Management “Table 22.10” pp. 644–645 “Strategic Control” p. 643 Concept: Marketing with Corporate Responsibility Details Copyright © 2012 by University of Phoenix. All rights reserved. 20 Knowledge Check MKT/571 Version 7 Rising customer expectations, evolving employee goals and ambitions, and tighter government legislation and pressure are driving companies to: a. operate leaner manufacturing facilities b. manage shorter supply chains c. operate flatter organizations d. practice a higher level of corporate social responsibility Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d These forces are driving companies to practice a higher level of corporate social responsibility. Social responsibility considers the standards of business and marketing conduct. Reading: Ch. 22 of Marketing Management “Socially Responsible Marketing” pp. 629–640 “Socially Responsible Marketing” pp. 629–640 Concept: Ethical/Legal PR Details A PR practitioner may be subject to conspiracy in these situations: when the practitioner participates in illegal action, counsels or guides the illegal policy, takes part in it, or a. cooperates to further illegal action b. uncovers illegal action c. imagines illegal policy may occur d. unknowingly works with a corrupt agency Correct Answer Feedback: a By cooperating to further illegal action, a PR practitioner may be subject to a conspiracy charge. Reading: Ch. 7 of This is PR: The Realities of Public Relations “Legal Problems: Civil and Criminal” p. 171 “The Liabilities of Practicing PR” pp. 170–175 Concept: Selecting the Appropriate Metrics and Levels, Types, and Responsibilities of Marketing Control Copyright © 2012 by University of Phoenix. All rights reserved. 21 Knowledge Check MKT/571 Version 7 Details ________ is the process by which firms assess the effects of their marketing activities and programs and make necessary changes and adjustments. a. Marketing control b. Marketing implementation c. Test marketing d. Market watch Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: a Marketing control is the process of examining and analyzing the impact of marketingrelated efforts as well as making adjustments. Reading: Ch. 22 of Marketing Management “Marketing Implementation and Control” pp. 640–643 “Marketing Control” p. 641, “Appendix” pp. 652–657 Concept: Challenges of Performing a Marketing Audit Details A marketing audit is typically best conducted by a(n) a. self-audit b. internal department c. outside consultant d. internal marketing executive Correct Answer Feedback: c An outside consultant will not only be unbiased, but also have familiarity in the industry and the needed time to devote to conducting a thorough review. Reading: Ch. 22 of Marketing Management “The Marketing Audit” p. 643 “The Marketing Audit” p. 643 Concept: Marketing Control Tactics Details Copyright © 2012 by University of Phoenix. All rights reserved. 22 Knowledge Check MKT/571 Version 7 Marketing effectiveness rating instruments and marketing audits are approaches to: a. annual-plan control b. profitability control c. efficiency control d. strategic control Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: d The marketing audit and marketing effectiveness rating instruments are used in the strategic control. This area may also include marketing excellence review and social responsibility review. Reading: Ch. 22 of Marketing Management “Marketing Control” p. 641 Concept: Determining the Global Marketing Mix Details Straight extension of the product means a. introducing the product to the foreign market without any changes to the product b. introducing the product to the foreign market with major changes to the product c. introducing a customized product to the foreign market with a new marketing strategy d. introducing a customized product to the foreign market with existing marketing strategy Textbook/edition: Marketing Management (14th ed.) Correct Answer Feedback: a A straight extension is when the product is introduced in a foreign market without any changes to the product or communication strategy. Reading: Ch. 21 of Marketing Management “Product Adaptation Strategies” pp. 608–609 Copyright © 2012 by University of Phoenix. All rights reserved. 23