MM 4, 4th Edition Solutions manual and test bank Dawn Iacobucci
MM 4, 4th Edition Solutions manual and test bank Dawn Iacobucci Dawn Iacobucci Vanderbilt University
Instructor's ManualOnline Mini CasesPowerPointTest 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
- Understand the meaning of the term “marketing.”
- Explain the importance of marketing.
- 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.
|
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.
|
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.
|
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.
|
||||
|
||||
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
- 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
- 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
- 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
- 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
- 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 2nd 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.
