Exam 1: An Overview of Strategic Marketing

Scenario 1.1 Use the following to answer the questions. Greensprings Cemetery in upstate New York offers a full service funeral and burial that is nontoxic to the environment. All materials used in the burial are natural and will decompose with no negative impact. Greensprings' service is relatively new in the United States, but services of this type are common in Great Britain. A typical burial in Greensprings' cemetery includes a casket made from bamboo, wicker, paper, or other natural material. There are no headstones of stone or concrete that will detract from the landscape, but trees and plants as "markers" are allowed. The cost for a burial at Greensprings is approximately $3,000, compared to about $6,000 at most traditional cemeteries. Although business was slow at first, Greensprings is now experiencing an increase in the number of burials, due to referrals and a newly-developed website. The owners of Greensprings were previously in the cemetery business and are active conservationists. They wanted to make their business more sustainable. After conducting research and finding that there were natural burial sites in Great Britain, they wanted to provide an alternative for other environmentally-conscious Americans like themselves. Refer to Scenario 1.1. Greensprings' main competitive advantage over traditional cemeteries comes from its attention to which element in the marketing mix?

From the company's perspective, there is a trade-off between increasing _______ for the customer and maximizing ________ from the transaction.

The marketing environment is the arena in which the marketer executes marketing strategies and techniques designed to build relationships with customers. It includes a host of forces that surround the customer and affects the marketing mix. The marketing environment:

Soda sales are declining as more consumers are concerned about their health. This represents a change in the __________. As a result, soda companies have begun releasing smaller sized sodas and sodas with less sugar.

Making modifications to packaging or brand names involves the ____ component of the marketing mix.

The Gap conducted marketing research to identify explanations for the sales declines their various retail stores (e.g., Gap, Banana Republic, and Old Navy) are experiencing across the United States. The research focused on understanding the shopping habits and desires of their target market-the Millennial generation. The results indicate that Millennials are more interested in supporting organizations that stand for something-or support a cause or contribute to providing social justice. The information can assist The Gap in reorganizing their company, developing new products, and communicating with their target audiences to be more effective. Based on this information, which orientation best applies to The Gap?

The marketing concept affects

Changing the hours of operation for a service business involves the ____ component of the marketing mix.

The distribution variable in a marketing mix is directed toward making products available in the quantities desired to as many target market customers as possible and keeping the total inventory, transportation, and storage costs as low as possible.

Define the term target market and provide an example for a product of your choice.

As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation.

Scott, a buyer for a medium-sized company, is assessing the value of competing software products for use in his firm. Which of the following would not be a customer benefit considered in his determination of this product's value?

The public is becoming more aware of how marketers' activities affect the welfare of consumers and society. As a result, more firms are working to

Sara is a flamenco dancer who wants to become a professional. Every time she has a performance, she places a flyer in the local community center and encourages her friends to tell others about the performance. Sara is engaging in marketing activities.

What is meant by the term marketing concept, and what departments of a company does it affect?

Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.

American Airlines' frequent-flyer program awards AAdvantage Miles to passengers when they fly with its airline. When passengers accumulate a certain amount of miles, they can redeem them to get discounts on flights. Why has American Airlines adopted this frequent-flyer initiative?

The marketing environment is a set of static, unchanging surroundings.

The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization.

When Ikea showcases rooms of furniture on its website, it lists each item in the room. However, if customers like all of the items, they can purchase them as a bundle, which costs consumers less than if they had purchased each item individually. Which of the following aspects of the marketing mix is Ikea likely altering?