MGT103 Final Exam | 39 Questions and
Essays with 100% verified Answers
Market segmentation - ✔ ✔ involves aggregating prospective buyers into groups
that (1) have common needs and (2) will respond similarly to a marketing action.
Product differentiation - ✔ ✔ is a marketing strategy that involves
a firm using different marketing mix activities to help consumers perceive
the product as being different and better than competing products.
Product positioning - ✔ ✔ is the
place an offering occupies in a consumer's mind on important attributes
relative to competitive products.
Ch 10: Product Classification - ✔ ✔ Convenience, Shopping product,
Specialty product, Unsought product.
Ch 9: New product fail because... - ✔ ✔ No Difference, No economical
access, Incomplete marketing analysis, Not satisfying customer needs
CH4: Explain the differences between legal and ethical behavior in marketing. - ✔
✔ A good starting point for understanding the nature and signifi-cance of ethics
is the distinction between the legality and the ethicality of marketing decisions.
Whereas ethics deal with per-sonal moral principles and values, laws are
society's values and standards that are enforceable in the courts. This distinction
can lead to the rationalization that if a behavior is within reasonable ethical and
legal limits, then it is not really illegal or unethical. Judgment plays a large role in
defining ethical and legal bound-aries in marketing. Ethical dilemmas arise when
acts or situa-tions are not clearly ethical and legal or unethical and illegal.
, CH4: Identify factors that influence ethical and unethical marketing decisions. -
✔ ✔ Four factors influence ethical marketing behavior. First, societal culture
and norms serve as socializing forces that dictate what is morally right and just.
Second, business culture and industry practices affect ethical conduct in both the
exchange relation-ships between buyers and sellers and the competitive behavior
among sellers. Third, corporate culture and expectations are often defined by
corporate ethics codes and the ethical behavior of top management and co-
workers. Finally, an individual's personal moral philosophy, such as moral idealism
or utilitari-anism, will dictate ethical choices. Ultimately, ethical behavior rests
with the individual, but the consequences affect many.
CH4: Describe the different concepts of social responsibility. - ✔ ✔ Social
responsibility means that organizations are part of a larger society and are
accountable to that society for their actions. There are three concepts of social
responsibility. First, profit responsibility holds that companies have a simple
duty: to maximize profits for their owners or stockholders. Second, stakeholder
responsibility focuses on the obligations an organization has to those who can
affect achievement of its objectives. Those constituencies include consumers,
employ-ees, suppliers, and distributors. Finally, societal responsibility focuses on
obligations that organizations have to the preserva-tion of the ecological
environment and the general public. Companies are placing greater emphasis on
societal responsi-bility today and are reaping the rewards of positive word of
mouth from their consumers and favorable financial performance.
Ch 4: Recognize unethical and socially irresponsible consumer behavior. -
✔ ✔ Consumers, like marketers, have an obligation to act ethically and
responsibly in the exchange process and in the use and dis-position of products.
Unfortunately, consumer behavior is spotty on both counts. Unethical consumer
behavior includes filing warranty claims after the claim period; misredeeming
coupons; pirating music, movies, and software from the Inter-net; and submitting
phony insurance claims, among other behaviors. Unethical behavior is rarely
Essays with 100% verified Answers
Market segmentation - ✔ ✔ involves aggregating prospective buyers into groups
that (1) have common needs and (2) will respond similarly to a marketing action.
Product differentiation - ✔ ✔ is a marketing strategy that involves
a firm using different marketing mix activities to help consumers perceive
the product as being different and better than competing products.
Product positioning - ✔ ✔ is the
place an offering occupies in a consumer's mind on important attributes
relative to competitive products.
Ch 10: Product Classification - ✔ ✔ Convenience, Shopping product,
Specialty product, Unsought product.
Ch 9: New product fail because... - ✔ ✔ No Difference, No economical
access, Incomplete marketing analysis, Not satisfying customer needs
CH4: Explain the differences between legal and ethical behavior in marketing. - ✔
✔ A good starting point for understanding the nature and signifi-cance of ethics
is the distinction between the legality and the ethicality of marketing decisions.
Whereas ethics deal with per-sonal moral principles and values, laws are
society's values and standards that are enforceable in the courts. This distinction
can lead to the rationalization that if a behavior is within reasonable ethical and
legal limits, then it is not really illegal or unethical. Judgment plays a large role in
defining ethical and legal bound-aries in marketing. Ethical dilemmas arise when
acts or situa-tions are not clearly ethical and legal or unethical and illegal.
, CH4: Identify factors that influence ethical and unethical marketing decisions. -
✔ ✔ Four factors influence ethical marketing behavior. First, societal culture
and norms serve as socializing forces that dictate what is morally right and just.
Second, business culture and industry practices affect ethical conduct in both the
exchange relation-ships between buyers and sellers and the competitive behavior
among sellers. Third, corporate culture and expectations are often defined by
corporate ethics codes and the ethical behavior of top management and co-
workers. Finally, an individual's personal moral philosophy, such as moral idealism
or utilitari-anism, will dictate ethical choices. Ultimately, ethical behavior rests
with the individual, but the consequences affect many.
CH4: Describe the different concepts of social responsibility. - ✔ ✔ Social
responsibility means that organizations are part of a larger society and are
accountable to that society for their actions. There are three concepts of social
responsibility. First, profit responsibility holds that companies have a simple
duty: to maximize profits for their owners or stockholders. Second, stakeholder
responsibility focuses on the obligations an organization has to those who can
affect achievement of its objectives. Those constituencies include consumers,
employ-ees, suppliers, and distributors. Finally, societal responsibility focuses on
obligations that organizations have to the preserva-tion of the ecological
environment and the general public. Companies are placing greater emphasis on
societal responsi-bility today and are reaping the rewards of positive word of
mouth from their consumers and favorable financial performance.
Ch 4: Recognize unethical and socially irresponsible consumer behavior. -
✔ ✔ Consumers, like marketers, have an obligation to act ethically and
responsibly in the exchange process and in the use and dis-position of products.
Unfortunately, consumer behavior is spotty on both counts. Unethical consumer
behavior includes filing warranty claims after the claim period; misredeeming
coupons; pirating music, movies, and software from the Inter-net; and submitting
phony insurance claims, among other behaviors. Unethical behavior is rarely
