Unit 1 Exam Flashcards
(15 cards)
To calculate lifetime value, a company would estimate the amount of money a person would spend with the company over a lifetime and then subtract what it will cost the company to maintain this relationship. True/False
True
The marketing mix is the marketer’s strategic toolbox.
True/False
True
A firm has a competitive advantage when it is able to outperform the competition, providing customers with a desired benefit not provided by the competition.
True
The pricing element of the marketing mix always involves monetary exchanges.
False
Business-to-business marketing represents greater total sales than business-to-consumer marketing.
True
Like financial metrics, sustainability metrics are standardized.
False
A truly sustainable marketing strategy should actually reduce prices in the long-term because it encourages more efficiency and less waste.
True
On the Upper West Side of Manhattan, there are hundreds of independent restaurants offering different specialties, services, and prices. The market for restaurants in this neighborhood is in a state of monopolistic competition.
True
Poland has a growing middle class and boasts a large skilled labor force. Poland is most likely categorized as a developing country.
True
SeaFood Family markets its frozen seafood products to the domestic United States market and to several Central American countries. The price of SeaFood Family’s products varies from country to country, as regional distributors set the price based on each market. This is an example of ethnocentric pricing.
False
A firm’s pricing strategy includes plans for prices for the final consumer as well as pricing that the firm will charge wholesalers and retailers.
True
To ensure attainability, marketers increasingly try to state objectives in general terms.
False
Product development strategies emphasize both new products and new markets.
False
As Europe’s leading distributor of building materials in the high-growth building industry, Cie de Saint-Gobain of France is an example of a cash cow.
False
The market planning process should be completed before the strategic planning process begins.
False
