Mktg 303 Exam Review

The local art gallery is using customer relationship management to build loyalty among its customers. By keeping information on customers' preferences and using it to inform them about new products and target them with special promotions, the gallery is actively managing and nurturing its relationships with customers. This approach helps to build trust, satisfaction, and loyalty among customers, ultimately leading to repeat business and long-term relationships.

The explanation for the correct answer, positioning strategy, is that the marketer's efforts in packaging, colors, labels, and fonts are all aimed at positioning the product in the minds of the customers. The goal is to create a distinct and desirable image for the product that sets it apart from competitors and appeals to the target market. This positioning strategy helps to shape the perception and value of the product in the eyes of the customers.

Marketing involves all of the activities mentioned in the options except for production scheduling. Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through creating value and conducting exchanges. It includes efforts by individuals and organizations to promote and sell products or services. Production scheduling, on the other hand, is a part of the operations management function that focuses on planning and organizing the production process.

The given question describes an era where the customer became the focus of marketing efforts, indicating a shift towards meeting customer needs and preferences. This era is known as the market-oriented era.

Implementing new software to improve communication with suppliers would support and enhance an operational excellence macro strategy because it would streamline the supply chain process and improve efficiency. Effective communication with suppliers is crucial for operational excellence as it allows for better coordination, faster response times, and improved inventory management. This would ultimately lead to cost savings, increased productivity, and better overall performance for the company.

Marketers in the United States are paying increasing attention to ethnic groups because approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups. This means that these ethnic groups will have a significant impact on the overall population and consumer market. Therefore, marketers need to understand and cater to the needs and preferences of these groups in order to effectively target and engage with them.

Integrated marketing communications refers to the practice of using multiple communication disciplines, such as advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media, in combination to effectively communicate a value proposition to the customer. This approach ensures that all marketing communications are consistent and work together to create a unified and cohesive message for the target audience.

The likely reason for viewers of the World Series to see ads for beer and cars, and viewers of the Academy Awards broadcast to see ads for clothing and hair care products is due to differing demographic data for potential and past viewers. Marketers analyze the demographics of their target audience and tailor their advertising accordingly. For example, the World Series may attract a predominantly male audience who are more likely to be interested in beer and cars, while the Academy Awards may have a more diverse audience who are more interested in clothing and hair care products.

Marketers monitor the economic situation to understand how it may impact their target markets. They typically monitor changes in purchasing power, interest rates, inflation, and currency exchange rates. These factors directly affect consumer behavior and purchasing decisions. However, age is not an economic factor and does not directly impact the economic situation. While age may influence consumer preferences and behavior, it is not a factor that marketers would monitor when analyzing the economic situation.

Understanding the causes of performance, regardless of whether it exceeded, met, or fell below the firm's goals, enables firms to make appropriate adjustments. By analyzing the factors that contributed to the performance, firms can identify areas of improvement or areas that need to be changed. This allows them to adapt their marketing plan and strategies accordingly, ensuring that they are better equipped to achieve their goals in the future.

Placing a Facebook ad would allow Nike to specifically target Facebook users who have mentioned tennis in their profiles. By using Facebook's ad targeting options, Nike can set specific criteria such as interests, demographics, and behaviors to reach users who have indicated an interest in tennis. This method ensures that the ad is shown to a relevant audience who are more likely to engage with the new line of tennis shoes.

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the production-oriented era of marketing. This era focused on mass production and efficiency, with little emphasis on customer preferences or customization. Ford's statement reflects the limited options available to customers, highlighting the company's focus on producing large quantities of a standardized product. This approach prioritized production efficiency and cost reduction over meeting individual customer needs or desires.

Trey operates as if he were in the value-based marketing era because he considers the costs versus the benefits associated with the different options available to his customers. This approach focuses on delivering superior value to customers by understanding their needs and preferences and offering products and prices that align with their thinking. It prioritizes customer satisfaction and aims to create long-term relationships with customers based on mutual value.

The correct answer is "identify issues." Hisaoki's company failed to anticipate and recognize the potential problem of displaying alcoholic beverage logos at a sporting event for children with disabilities. They did not identify the issue beforehand, which led to the criticism in the letter to the editor.

If Sodexo were to begin selling individual frozen meals in supermarkets, it would be pursuing a diversification growth strategy. Diversification refers to entering a new market with new products that are unrelated to the company's current offerings. In this case, Sodexo would be expanding its business by entering the retail market with frozen meals, which is different from its current focus on managing food service facilities. This strategy allows the company to reach new customers and potentially increase its revenue streams by tapping into the consumer packaged goods industry.

Media-sharing sites such as YouTube or Flickr are social media tools that allow marketers to encourage customers to engage with the firm and experience its products. These platforms provide a space for marketers to share videos or images that showcase their products or services, allowing customers to interact with the content and gain a better understanding of what the firm has to offer. By encouraging engagement and providing an opportunity for customers to experience the products, marketers can build a stronger connection with their target audience and potentially drive sales.

The term "latchkey children" refers to children who were often left unsupervised at home after school because their parents were working. This phenomenon was most prevalent during the 1970s and 1980s, which aligns with the Generation X cohort. Baby Boomers were born between 1946 and 1964, while Generation Y (also known as Millennials) refers to those born between the early 1980s and mid-1990s. Generation Z refers to individuals born after the mid-1990s. Therefore, Generation X is the correct answer.

Business ethics is concerned with distinguishing between right and wrong actions and decisions in a business setting, as well as any special duties or obligations that apply to persons engaged in commerce. It also involves broad and well-established moral and ethical principles that might arise in a business setting. However, it does not specifically focus on societal issues such as the sale of products or services that may damage the environment.