MKT 390 FINAL STUDY GUIDE
ethics - Answers - an identifiable problem, situation, or opportunity requiring a choice
among several actions that must be evaluated as right or wrong, ethical or unethical
marketing mix variable - Answers - ethical issue examples
product - Answers - - failing to disclose risks associated with a product
- failing to disclose information about a product's function, value, or use
- failing to disclose information about changes in the nature, quality, or size of a product
price - Answers - - price fixing
- predatory pricing
- failing to disclose the full price of a purchase
place - Answers - - failing to live up to the rights and responsibilities associated with
specific intermediary roles
- manipulating the availability of a product
- using coercion to force other intermediaries to behave in a certain way
promotion - Answers - - false or misleading advertising
- using manipulative or deceptive sales promotions, tactics, and publicity
- offering or accepting bribes in personal selling situations
choice - Answers - personal morals, social consensus, potential consequences,
probability of harm, number affected, extent of problems, top management actions, time
until consequences
The time until the consequences will affect the type of choice we make in an ethical
dilemma. - Answers - true
Before a company can meet its LEGAL obligations, it must first meet its _____
obligations. - Answers - economic
Can advertising a product as 'green' backfire? - Answers - yes, some people think it is
not as effective as an industrial product
social responsibility - Answers - an organization's obligation to maximize its positive
impact and minimize its negative impact on society
corporate social responsibility - Answers - 1-philantropic
2-ethical
3- legal
4-economic
pyramid
,strategic philanthropy - Answers - - cause related marketing
- green marketing
marketing citizenship - Answers - The adoption of a strategic focus for fulfilling the
economic, legal, ethical, and philanthropic social responsibilities expected by
stakeholders.
customers - Answers - • - positive product evaluation
• - customer loyalty
• - positive word-of-mouth
• - long-term relationships
• - enhanced corporate reputation
firms - Answers - reduce the costs of:
• - legal violations
• - civil litigation
• - damaging publicity
marketing channels members - Answers - • - long-term partnerships
• - trusting relationships
employees - Answers - • - improved self-concept
• - increased commitment and motivation
• - reduced absenteeism and turnover
• - trust in co-worker relationships
marketing environment - Answers - a set of forces, some controllable and some
uncontrollable, that influence the ability of a business to create value and attract and
serve customers.
Environmental scanning - Answers - The process of collecting information about forces
in the
marketing environment
methods - Answers - Observation
Secondary sources
Market research
Environmental analysis - Answers - The process of assessing and interpreting
information
gathered through environmental scanning Is the information accurate?
Is the information consistent?
Is the information significant?
Is the information relevant?
, Responding to Environmental Forces - Answers - - Proactive approach
- reactive approach
Reactive approach - Answers - -Passive view of environment as uncontrollable
-Current strategy is cautiously adjusted to accommodate environmental changes
Proactive approach - Answers - -Actively attempts to shape and influence environment
-Strategies are constructed to overcome market challenges and take advantage
of opportunities
swot analysis - Answers - internal- harmful/harmful
-strengths- weaknesses
external-
- opportunties- threats
What would be a strength in SWOT analysis? - Answers - Internal resources
competitive forces - Answers - economic, political, competitive, legal, technology,
sociocultural
Competitive rivalry
within an industry - Answers - Threat of substitute products,Bargaining power of
customers,Threat of new entrants,Bargaining power of suppliers
types of competitors - Answers - brand, form, industry, generic
brand - Answers - market products with similar features and benefits to the same
customers at similar prices
industry - Answers - compete in the same product class, but their products have
different features, benefits, and prices
form - Answers - provide very different products that solve the same problem or satisfy
the same basic customer need
generic - Answers - compete for the limited financial resources of the same customers
monitoring competition - Answers - Helps determine competitors' strategies and their
effects on firm's own strategies
- Answers - -Guides development of competitive advantage and adjusting firm's
strategy
• Provides ongoing information about competitors
• Assists in maintaining a marketing orientation
ethics - Answers - an identifiable problem, situation, or opportunity requiring a choice
among several actions that must be evaluated as right or wrong, ethical or unethical
marketing mix variable - Answers - ethical issue examples
product - Answers - - failing to disclose risks associated with a product
- failing to disclose information about a product's function, value, or use
- failing to disclose information about changes in the nature, quality, or size of a product
price - Answers - - price fixing
- predatory pricing
- failing to disclose the full price of a purchase
place - Answers - - failing to live up to the rights and responsibilities associated with
specific intermediary roles
- manipulating the availability of a product
- using coercion to force other intermediaries to behave in a certain way
promotion - Answers - - false or misleading advertising
- using manipulative or deceptive sales promotions, tactics, and publicity
- offering or accepting bribes in personal selling situations
choice - Answers - personal morals, social consensus, potential consequences,
probability of harm, number affected, extent of problems, top management actions, time
until consequences
The time until the consequences will affect the type of choice we make in an ethical
dilemma. - Answers - true
Before a company can meet its LEGAL obligations, it must first meet its _____
obligations. - Answers - economic
Can advertising a product as 'green' backfire? - Answers - yes, some people think it is
not as effective as an industrial product
social responsibility - Answers - an organization's obligation to maximize its positive
impact and minimize its negative impact on society
corporate social responsibility - Answers - 1-philantropic
2-ethical
3- legal
4-economic
pyramid
,strategic philanthropy - Answers - - cause related marketing
- green marketing
marketing citizenship - Answers - The adoption of a strategic focus for fulfilling the
economic, legal, ethical, and philanthropic social responsibilities expected by
stakeholders.
customers - Answers - • - positive product evaluation
• - customer loyalty
• - positive word-of-mouth
• - long-term relationships
• - enhanced corporate reputation
firms - Answers - reduce the costs of:
• - legal violations
• - civil litigation
• - damaging publicity
marketing channels members - Answers - • - long-term partnerships
• - trusting relationships
employees - Answers - • - improved self-concept
• - increased commitment and motivation
• - reduced absenteeism and turnover
• - trust in co-worker relationships
marketing environment - Answers - a set of forces, some controllable and some
uncontrollable, that influence the ability of a business to create value and attract and
serve customers.
Environmental scanning - Answers - The process of collecting information about forces
in the
marketing environment
methods - Answers - Observation
Secondary sources
Market research
Environmental analysis - Answers - The process of assessing and interpreting
information
gathered through environmental scanning Is the information accurate?
Is the information consistent?
Is the information significant?
Is the information relevant?
, Responding to Environmental Forces - Answers - - Proactive approach
- reactive approach
Reactive approach - Answers - -Passive view of environment as uncontrollable
-Current strategy is cautiously adjusted to accommodate environmental changes
Proactive approach - Answers - -Actively attempts to shape and influence environment
-Strategies are constructed to overcome market challenges and take advantage
of opportunities
swot analysis - Answers - internal- harmful/harmful
-strengths- weaknesses
external-
- opportunties- threats
What would be a strength in SWOT analysis? - Answers - Internal resources
competitive forces - Answers - economic, political, competitive, legal, technology,
sociocultural
Competitive rivalry
within an industry - Answers - Threat of substitute products,Bargaining power of
customers,Threat of new entrants,Bargaining power of suppliers
types of competitors - Answers - brand, form, industry, generic
brand - Answers - market products with similar features and benefits to the same
customers at similar prices
industry - Answers - compete in the same product class, but their products have
different features, benefits, and prices
form - Answers - provide very different products that solve the same problem or satisfy
the same basic customer need
generic - Answers - compete for the limited financial resources of the same customers
monitoring competition - Answers - Helps determine competitors' strategies and their
effects on firm's own strategies
- Answers - -Guides development of competitive advantage and adjusting firm's
strategy
• Provides ongoing information about competitors
• Assists in maintaining a marketing orientation
