MM 4, 4th Edition Solutions manual and test bank Dawn Iacobucci

MM 4, 4th Edition Solutions manual and test bank Dawn Iacobucci

•  
• | Print 

MM 4, 4th Edition Solutions manual and test bank Dawn Iacobucci Dawn Iacobucci Vanderbilt University

Instructor's Manual

Online Mini Cases

PowerPoint

Test Bank

 Angel 7.4 test bank

 Blackboard 6-7 test bank

 Blackboard CE4-6-8Vista test bank (formerly WebCT)

 Complete Instructor's Manual

 Complete Online Mini Cases

 Complete PowerPoints

 Complete Test Bank

 Instructor Prep Cards

 Test Bank Tagging Guidelines

Chapter 1 - Why is Marketing Management Important?

TRUE/FALSE

        1.   If you ask the average person, “What is marketing?” you might hear something like, “Marketers make people buy stuff they don’t need and can’t afford.”

ANS:   T                     DIF:     Moderate        REF:    Page 3            

NAT:   BUSPROG Analytic                          LOC:   DISC: Customer        

TOP:   Defining Marketing                           KEY:   Bloom's: Knowledge 

MSC:  MBA: Knowledge of human behavior & society

        2.   Marketing is defined as an exchange between a firm and its customers.

ANS:   T                     DIF:     Easy                REF:    Page 3            

NAT:   BUSPROG Communication              LOC:   DISC: Customer        

TOP:   Marketing is an Exchange Relationship                              

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of General Business Functions

        3.   Customers typically do not mind paying for purchases, if they like what they are purchasing.

ANS:   T                     DIF:     Moderate        REF:    Page 3            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Customer        

TOP:   Marketing is an Exchange Relationship                              

KEY:   Bloom's: Comprehension                 

MSC:  MBA: Knowledge of General Business Functions

        4.   John just purchased a new Honda Civic from the local Honda dealership. Even though John was happy and Honda made a profit, this was not a symbiotic relationship.

ANS:   F                     DIF:     Challenging    REF:    Page 3            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Customer        

TOP:   Marketing is an Exchange Relationship                              

KEY:   Bloom's: Application                       

MSC:  MBA: Knowledge of human behavior & society

        5.   Marketers try to figure out what customers want and then they try to figure out how to provide it and make money doing so.

ANS:   T                     DIF:     Moderate        REF:    Page 3            

NAT:   BUSPROG Analytic                          LOC:   DISC: Strategy          

TOP:   Marketing is an Exchange Relationship                              

KEY:   Bloom's: Comprehension                 

MSC:  MBA: Knowledge of General Business Functions

        6.   In an exchange, the customer wants something from the company but the company wants nothing from the customer.

ANS:   F                     DIF:     Easy                REF:    Page 3            

NAT:   BUSPROG Communication              LOC:   DISC: Customer        

TOP:   Marketing is an Exchange Relationship                              

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of human behavior & society

        7.   Most companies would agree that taking in profits is much more important than keeping customers happy.

ANS:   F                     DIF:     Challenging    REF:    Page 3            

NAT:   BUSPROG Analytic                          LOC:   DISC: Customer        

TOP:   Marketing is an Exchange Relationship                              

KEY:   Bloom's: Synthesis                            MSC:   MBA: Managing Human Capital

        8.   The term “market” sounds like it involves selling simple, tangible goods, but as you know, hardly anything can be marketed.

ANS:   F                     DIF:     Moderate        REF:    Page 3            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   Marketing is Everywhere                  KEY:   Bloom's: Comprehension

MSC:  MBA: Managing Strategy & Innovation      

        9.   Angela, who owns her own green cleaning service, is a marketer when she promotes her business to new clients.

ANS:   T                     DIF:     Challenging    REF:    Page 3            

NAT:   BUSPROG Analytic                          LOC:   DISC: Marketing Plan

TOP:   Marketing is Everywhere                  KEY:   Bloom's: Application

MSC:  MBA: Managing Strategy & Innovation      

      10.   Marketers help athletes, celebrities, and politicians with their images in their respective marketplaces (to fans and agents, intelligentsia, or the public).

ANS:   T                     DIF:     Easy                REF:    Page 3            

NAT:   BUSPROG Communication              LOC:   DISC: Promotion      

TOP:   Marketing is Everywhere                  KEY:   Bloom's: Knowledge 

MSC:  MBA: Knowledge of Media Communications & Delivery            

      11.   Some things that can be marketed include goods, services, experiences, events, and people.

ANS:   T                     DIF:     Easy                REF:    Page 3            

NAT:   BUSPROG Communication              LOC:   DISC: Promotion      

TOP:   Marketing is Everywhere                  KEY:   Bloom's: Knowledge 

MSC:  MBA: Knowledge of Media Communications & Delivery            

      12.   A marketer for the American Heart Association would be responsible for their push of the message to eat foods lower in fat.

ANS:   T                     DIF:     Challenging    REF:    Page 3            

NAT:   BUSPROG Communication              LOC:   DISC: Promotion      

TOP:   Marketing is Everywhere                  KEY:   Bloom's: Application

MSC:  MBA: Knowledge of Media Communications & Delivery            

      13.   These days we live in a truly product-oriented and product-empowered marketing world.

ANS:   F                     DIF:     Moderate        REF:    Page 5            

NAT:   BUSPROG Analytic                          LOC:   DISC: Product           

TOP:   Why is Marketing Management Important?                       

KEY:   Bloom's: Comprehension                 

MSC:  MBA: Knowledge of Technology, Design, & Production

      14.   Marketing can be used to educate the public.

ANS:   T                     DIF:     Easy                REF:    Page 5            

NAT:   BUSPROG Analytic                          LOC:   DISC: Product           

TOP:   Why is Marketing Management Important?                       

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of Technology, Design, & Production

      15.   Pfizer does not use direct-to-consumer ads to push their pharmaceutical drugs, as it is unlikely patients will ask their doctor for a particular brand name.

ANS:   F                     DIF:     Challenging    REF:    Page 5            

NAT:   BUSPROG Analytic                          LOC:   DISC: Product           

TOP:   Why is Marketing Management Important?                       

KEY:   Bloom's: Comprehension                 

MSC:  MBA: Knowledge of Technology, Design, & Production

      16.   Marketing shows the evolution of markets. This is the change from an industry just having production and sales to having true relationships with its customers.

ANS:   T                     DIF:     Moderate        REF:    Page 5            

NAT:   BUSPROG Analytic                          LOC:   DISC: Product           

TOP:   Why is Marketing Management Important?                       

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of Technology, Design, & Production

      17.   Many management gurus believe that marketing has succeeded so well that it really isn’t a function in an organization anymore.

ANS:   T                     DIF:     Easy                REF:    Page 5            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   Marketing and Customer Satisfaction is Everyone's Responsibility     

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of General Business Functions

      18.   R&D people don’t understand marketing because they are too concerned with making the latest and greatest invention.

ANS:   F                     DIF:     Challenging    REF:    Page 5            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   Marketing and Customer Satisfaction is Everyone's Responsibility     

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of General Business Functions

      19.   Marketers are under a lot of pressure to show results. There are a lot of marketing activities for which results can be measured.

ANS:   T                     DIF:     Moderate        REF:    Page 5            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   Marketing and Customer Satisfaction is Everyone's Responsibility     

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Knowledge of General Business Functions

      20.   One of the factors currently stressing marketers is the pressure to show results.

ANS:   T                     DIF:     Easy                REF:    Page 5            

NAT:   BUSPROG Analytic                          LOC:   DISC: Research         

TOP:   Marketing and Customer Satisfaction is Everyone's Responsibility     

KEY:   Bloom's: Knowledge                         MSC:   MBA: Operations Skills

      21.   In order for marketing to have an equal vote in company decisions, it needs to quantify the effectiveness of marketing programs. All other departments in a company translate progress into financial terms, and marketing needs to do this as well.

ANS:   T                     DIF:     Challenging    REF:    Page 6            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   Marketing and Customer Satisfaction is Everyone's Responsibility     

KEY:   Bloom's: Evaluation                         

MSC:  MBA: Knowledge of General Business Functions

      22.   Diana is the marketing vice president at Company ABC.  As she assesses any particular business problem or opportunity in terms of general analysis, she should review the 5Ps.

ANS:   F                     DIF:     Moderate        REF:    Page 6            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   The “Marketing Framework”: 5Cs, STP, and the 4Ps         

KEY:   Bloom's: Application                       

MSC:  MBA: Knowledge of General Business Functions

      23.   Marketing management is the overseeing of the processes of the 5Cs, STP, and 4Ps components.

ANS:   T                     DIF:     Easy                REF:    Page 6            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Marketing Plan

TOP:   The “Marketing Framework”: 5Cs, STP, and the 4Ps         

KEY:   Bloom's: Comprehension                 

MSC:  MBA: Managing Administration & Control

      24.   You’ll always be a step ahead of your competition if you simply think about your company.

ANS:   F                     DIF:     Moderate        REF:    Page 7            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Strategy          

TOP:   The “Marketing Framework”: 5Cs, STP, and the 4Ps         

KEY:   Bloom's: Comprehension                  MSC:   MBA: Strategic & System Skills

      25.   The 5Cs, STP, and 4Ps operate interdependently.

ANS:   T                     DIF:     Easy                REF:    Page 8            

NAT:   BUSPROG Analytic                          LOC:   DISC: Marketing Plan

TOP:   The “Marketing Framework”: 5Cs, STP, and the 4Ps         

KEY:   Bloom's: Knowledge                         MSC:   MBA: Managing Strategy & Innovation

      26.   STP stands for segmentation, targeting and positioning.

ANS:   T                     DIF:     Easy                REF:    Page 7            

NAT:   BUSPROG Analytic                          LOC:   DISC: Strategy          

TOP:   The “Marketing Framework”: 5Cs, STP, and the 4Ps         

KEY:   Bloom's: Knowledge                        

MSC:  MBA: Managing Decision-Making Processes

      27.   John is a marketer for Verizon. He puts together sales promotions and advertisements for a new cell phone. He is applying the “product” part of the 4Ps.

ANS:   F                     DIF:     Challenging    REF:    Page 7            

NAT:   BUSPROG Reflective Thinking        LOC:   DISC: Customer        

TOP:   The “Marketing Framework”: 5Cs, STP, and the 4Ps         

KEY:   Bloom's: Application                       

MSC:  MBA: Knowledge of human behavior & society

CHAPTER 1 – WHY IS MARKETING MANAGEMENT IMPORTANT?

KNOWLEDGE OBJECTIVES

1. Understand the meaning of the term “marketing.”
2. Explain the importance of marketing.
3. Introduce and provide an overview of the marketing management framework.

CHAPTER OUTLINE

• Defining Marketing
• Marketing is an Exchange Relationship
• Why is Marketing Management Important?
• The “Marketing Framework”: 5Cs, STP, and the 4Ps
• Managerial Recap

1. Defining Marketing

This section relates to knowledge objective #1

To the average person, the term marketing can have many different meanings. It can frequently mean advertising or personal selling. However, marketing is much more than just advertising and sales.

TEACHING NOTE: Referring to the class as a whole, ask students to identify the differences between sales, advertising, and marketing based on their understanding of these terms. Note student responses on a whiteboard and encourage a discussion by allowing students to agree or disagree with their classmates’ views. This activity will highlight the common misconceptions about marketing and will show that these three terms are not synonymous with one another.

 

2. Marketing is an Exchange Relationship

This section relates to knowledge objective #1

Marketing is defined as an exchange relationship between a firm and its customers wherein the customer wants something from the firm, and the firm wants something from the customer.

Figure 1.1 Marketing is an Exchange

This figure shows the interaction between buyers (customers) and sellers (firms), noting that firms offer benefits to customers and seek profits, while customers seek benefits and are willing to pay for them.

TEACHING NOTE: Students can be asked to provide examples of products of a particular brand that they have been using for a long time (at least a year) and explain the reasons for their continued loyalty. This exercise will help them understand the exchange relationship in marketing.

 

Figure 1.2 What We Can “Market”?

This figure shows that just about anything can be marketed, including services, nonprofit organizations, events, people (political campaigns), ideas, companies, and industries.

	TEACHING NOTE: Ask students to imagine that they are attending an interview for their dream job. How would they “sell themselves” to their prospective employer?

 

3. Why is Marketing Management Important?

This section relates to knowledge objective #2

Marketing can be involved with educating the marketplace. Its importance can be explained through its evolution from the production-focused stage to the sales-oriented stage, and finally the customer-oriented marketing world. Due to the current customer-oriented environment, firms understand the importance of creating and maintaining relationships with their customers.

Because of its importance, marketing has evolved from a function to an organization-wide philosophy. There are an ever increasing number of metrics to examine marketing’s effectiveness. However, many marketing programs remain somewhat difficult to quantify.

4. The Marketing Framework: 5Cs, STP and the 4Ps

This section relates to knowledge objective #3

This section identifies the 5Cs of marketing: customer, company, context, collaborators, and competitors. It then describes the STP (segmentation, targeting, and positioning) framework, followed by an explanation on the 4Ps of marketing, i.e. product, price, promotion, and place (distribution).

Figure 1.3 Marketing Framework

The figure lays out the 5Cs, STP, and 4Ps framework as a flow which is indicated by the direction of the arrows.

First, the 5Cs are examined by conducting a situation analysis. Then proceed to strategic marketing planning via STP. Finally, marketing tactics to execute the intended positioning are developed through a careful analysis of the 4Ps.

		TEACHING NOTE: Ask students to select a product and describe how they would segment the market and identify their target audience. They should also explain how they would position their product in the marketplace, to distinguish it from competitors’ offerings. This exercise will help students understand the STP process.
	TEACHING NOTE: Ask students to select a company of their choice and to identify its strengths and weaknesses. Then ask them to analyze the company’s context, customers, competitors, and collaborators. This activity will allow students to systematically understand the general and specific environments of business.

 

Book Layout

This section notes that the book will discuss the subject matter, keeping consumers as the focus. It also acknowledges the omnipresence of the Internet. The text is designed to get students to think like marketers and to understand that great marketing is based upon sound, logical thinking.

Learning from the Marketing Framework

Using Figure 1.3, every chapter begins with a “Managerial Checklist” of questions and issues that the reader can expect to understand better at the close of the chapter. Those questions are revisited at the end of the chapter in a list format called “Managerial Recap.”

The Flow in Each Chapter: What? Why? How?

Each topic in the text is presented from three angles:

·       What is it?

·       Why does it matter?

·         How should it be done?

4. Managerial Recap

Marketing is about trying to find out what customers would like, providing it to them, and doing so profitably. It facilitates a relationship between customers and a company. The marketing management framework—5Cs, STP, 4Ps—will structure the book and help you think methodically about the big picture of marketing.

SUGGESTED ANSWERS TO MARKETING PLAN QUESTIONS

Encourage students to download an Excel ® spreadsheet on the book’s website at www.cengagebrain.com that contains all of these Chapter 17 tables to assist them in developing a marketing plan. A set of marketing plan questions is provided in the Instructor’s Manual as a guide to help students develop a marketing plan as they take the course and work through the chapters. By chapter 17, all of the pieces will have come together and created a marketing plan if the students work through each section as they study each chapter. The Marketing Plan tear-out reference card in the student edition of MM serves as a chapter guide for the students to know when to fill out each section of the Marketing Plan.

Customer                                                                                            fill in descriptions here:

            Demographics (e.g., age, income, household composition, ZIP code):            Customer1

            Psychographics (e.g., attitude to product, to competition, to ads):            Customer2

            Buying behavior (e.g., frequency, only on sale, etc.):                       Customer3

            Current levels / measures of customer satisfaction:                         Customer4

            Do we have a loyalty program, efforts at CRM?                               Customer5

            Why don’t non-buyers buy?                                                               Customer6

            When our buyers buy, what channel do they prefer?                        Customer7

            When our buyers buy, do they seem to be price sensitive?              Customer8

            What changes have we seen over buyers, expect any in future?            Customer9

For illustrative purposes, the product will be an energy drink targeting women. Background: while there are in excess of 100 energy drinks on the market, few specifically target women. TAB is the only such drink regularly found in mainstream stores. Given the limited number of energy drinks targeting women and the fragmented nature of the market, such a product was deemed reasonable. General market information can easily be obtained through publicly available sources.

Marketing Plan for 2013 for Energy Drink for Women

Customer

General customer description:   young (under 40), middle income, single or with children, urban or suburban

Psychographic:        Women with active lifestyles and busy schedules

Usage:       may or may not currently drink energy drinks on an occasional basis, but may also drink coffee drinks (Starbucks iced caramel macchiato), if currently an energy drink consumer, may use energy drinks as a mixer with vodka.

Current levels/measures of customer satisfaction: unknown

Loyalty:      if currently use energy drinks, typically have a preferred brand – but are open to possible new alternatives. 

Why don’t nonbuyers buy:  Various reasons, lack of awareness, lack of interest, health concerns

Where do most users buy:   multiple outlets-grocery stores, convenience stores, warehouse clubs

Price-sensitivity:     energy drinks in general are not heavily discounting although discounting does exist (two for $)

What changes have we seen over buyers: main change in the market is increased variety, introduction of sugar-free varieties and continued erosion of market leader’s market share.

SUGGESTED ANSWERS TO DISCUSSION QUESTIONS

1. Before reading this chapter or beginning class, what did you expect marketing to be? Ask a family member, classmate or co-worker what they think marketing is. See if you can persuade them that marketing enhances a mutually beneficial exchange between a customer and a company.

Answer:

What you want to come out is a person or group who thinks marketing is unethical, and then the marketing students in the room to defend it. It’ll be a lively discussion. A nice way for a professor to close it is to give nonprofit marketing examples and social marketing examples.

BUSPROG: Reflective Thinking

Tier II: DISC: Marketing Plan

Tier III: MBA: Knowledge of general business functions

Bloom’s: Analysis

Topic: Defining Marketing

Difficulty: Moderate

2. What are examples of brands and companies you like? Why do you think you like them? What is a brand you can’t stand? Why not?

Answer:

They can mention whatever brands and firms they want. Get them to start thinking in terms of brand associations (attributes, images), as well as the source of those associations (advertising, celeb endorsers, friends using the brand).

BUSPROG: Reflective Thinking

Tier II: DISC: Marketing Plan

Tier III: MBA: Generative thinking

Bloom’s: Application

Topic: Marketing is an Exchange Relationship

Difficulty: Moderate

3. Think about a recent time when you bought something or tried to do so and you were treated poorly as a customer. What was the essential problem? If you ran the company, what would you do to ensure happier and more loyal customers?

Answer:

They can mention any experience, but certainly airlines will come up (so you have something prepared). Can say most customers/fliers are reasonable about weather delays etc., but want to be kept informed, not waiting without drinks, etc.

BUSPROG: Reflective Thinking

Tier II: DISC: Customer

Tier III: MBA: Knowledge of human behavior & society

Bloom’s: Application

Topic: Why is Marketing Management Important?

Difficulty: Moderate

4. List three brands you’re loyal to. List three things you tend to buy on sale. How are the product categories represented on these two lists different for you?

Answer:

Usually the primary difference is their customer involvement is greater for the “loyal” brands than the price-sensitive ones.

BUSPROG: Reflective Thinking

Tier II: DISC: Product

Tier III: MBA: Generative thinking

Bloom’s: Analysis

Topic: The “Marketing Framework”: 5Cs, STP, and the 4Ps

Difficulty: Moderate

5. What social problem do you think is the world’s biggest? Wars? Global warming? Resource imbalances? How could you start to solve a big social problem through marketing?

Answer:

This revisits question 1—take one of the problems, say global warming, and ask about its fundamental causes. One that will be mentioned in the class discussion will be car emissions, ask them to talk about what can be done, and what kind of behavior (and attitude) changes would this require, and how could a campaign be used to achieve these desired changes?

BUSPROG: Reflective Thinking

Tier II: DISC: Strategy

Tier III: MBA: Generative thinking

Bloom’s: Analysis

Topic: The “Marketing Framework”: 5Cs, STP, and the 4Ps

Difficulty: Moderate

SUGGESTED ANSWERS TO MINI-CASE: HOW TO ISSUE AN ATTRACTIVE CREDIT CARD

1.     Obviously these numeric qualities are important to customers, but customers are likely to interpret them as commodity-like. Many cards offer lots of benefits, and the bank would be naïve to assume that their managers know best, and that the customers would simply find these cards inherently desirable.

BUSPROG: Analytic

Tier II: DISC: Customer

Tier III: MBA: Managing decision-making process

Bloom’s: Application

Topic: Marketing and Customer Satisfaction is Everyone’s Responsibility

Difficulty: Moderate

2.     Students have to realize that their opinion doesn’t matter much, and they need to know what the customers will find attractive.

BUSPROG: Analytic

Tier II: DISC: Customer

Tier III: MBA: Managing decision-making processes

Bloom’s: Application

Topic: Marketing and Customer Satisfaction is Everyone’s Responsibility

Difficulty: Moderate

3.     The bank should collect information on consumers’ perceptions of the financial attributes, along with other potential card benefits.

BUSPROG: Analytic

Tier II: DISC: Research

Tier III: MBA: Managing decision-making processes

Bloom’s: Application

Topic: Marketing and Customer Satisfaction is Everyone’s Responsibility

Difficulty: Moderate

4.     It might be worth discussing whether to conduct focus groups or interviews, but the data that we’ll see in the marketing research chapter comes first from, surveys to screen the numerous combinations of these attributes (in a conjoint), and second from a field experiment conducted via direct marketing to further test the best of the combinations culled from the survey data (this is a 2^nd conjoint opportunity, in the marketing research chapter, as well).

BUSPROG: Analytic

Tier II: DISC: Research

Tier III: MBA: Managing decision-making processes

Bloom’s: Application

Topic: Marketing and Customer Satisfaction is Everyone’s Responsibility

Difficulty: Moderate

SUGGESTED ANSWERS TO ONLINE MINI-CASE: INSIGHT INTO CONSUMER DECISION MAKING

Various media equip consumers to make side-by-side comparisons of brands’ relative strengths (e.g., Consumer Reports, bizrate.com). These comparisons are not acclaimed from the manufacturer; a third party publishes them, so they’re perceived as objective and neutral. The table below is typical. This particular table compares leading SUVs on a number of criteria.

      Sometimes customers know just what they want: a particular brand or a particular feature. Sometimes their thoughts meander when considering possibilities; sometimes they’re rather systematic, such as using a procedure of elimination. Use the following table to simulate the thought processes of a consumer pondering an SUV purchase.