question

Marketing is basically selling and advertising.

answer

False: it is a part of it.

question

Actually making goods or performing services is called marketing.

answer

False: is production

question

Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price, is an example of a production activity.

answer

false

question

According to the text, marketing means "selling" or "advertising."

answer

false

question

Marketing activities should begin with potential customer needs, not with the production process.

answer

true

question

Intermediaries specialize in trade and production.

answer

false: Rather than production.

question

E-Commerce refers to exchanges between individuals and organizations-and the activities that facilitate those exchanges-based on applications of information technology.

answer

true

question

Marketing costs go down and customer satisfaction goes up in all exchanges handled by e-commerce.

answer

false

question

The simple trade era was a time when families traded or sold their "surplus" output to local distributors who sold these goods to other consumers or distant distributors.

answer

true

question

The "marketing concept" means that a firm emphasizes attracting new customers above all other objectives.

answer

false

question

From a micro view, which of the following is the best example of marketing? -North Korea unveils a new five-year production plan. -China and the U.S. agree on a new trade agreement. -Cb The American Red Cross seeks more blood donors. -The Internet makes it possible for firms to reach customers in other countries. -None of these is a good example.

answer

The Internet makes it possible for firms to reach customers in other countries.

question

When consumers do not know where to buy a product or what it costs and the product's producer does not know where its target market is located, this is an example of: -separation of information. -discrepancy of quantity. -separation of ownership. -discrepancy of assortment. -separation in time.

answer

separation of information.

question

Which of the following is the best example of management thinking during the "production era"? -The more we advertise a product the more we can sell -we need to increase our sales effort-to sell what we can produce -if we can produce it customers will buy it -we need to be selective and produce what cust. want -the lower we price a product the more we can sell

answer

if we can produce it customers will buy it

question

During the sales era -families traded/sold surplus output to local distributors -characteristic mgt. thinking said "if we can make it it will sell" -all marketing activities were brought under the control of 1 dept. -increased competition made firms focus on winning customers -marketing people did both short-run and long-run marketing planning.

answer

characteristic mgt. thinking said "if we can make it it will sell"

question

The marketing concept says that a business firm should: -aim all its efforts at meeting society's need-regardless of profitablitiy -aim all its efforts at satisfying its customers-at a profit -sell those products which it can make at lowest cost. -place heavy emphasis on developing new products. -treat advertising and selling as its priority

answer

aim all its efforts at satisfying its customers-at a profit

question

Concerning marketing ethics: -indiv. develop moral standards based on their own values -opinions about what's right/wrong vary from 1 society to another. -the prevailing practice of most businesspeople is to be fair and honest. -marketing ethics has its critics -all of these are correct

answer

all these are correct

question

Strategic planning is a top management job that includes planning only for marketing. T/F

answer

False: planning for marketing and production, finance, human resources, and other areas.

question

Marketing strategy planning is the process of deciding how best to sell the products the firm produces. T/F

answer

false

question

A target market consists of a group of consumers who are usually quite different. T/F

answer

false: a similar group

question

A marketing mix consists of the uncontrollable variables which a company puts together to satisfy a target market. T/F

answer

false: controllable variables

question

Target marketing aims a marketing mix at some specific target customers. T/F

answer

true

question

Mass marketing means focusing on some specific customers, as opposed to assuming that everyone is the same and will want whatever the firm offers. T/F

answer

false: focuses on everyone

question

The mass marketing approach is more production-oriented than marketing-oriented. T/F

answer

true

question

The terms marketing and mass marketing mean the main thing.T/F

answer

false

question

The four P's are Product, Price, Promotion, Personnel.T/F

answer

False

question

The four P's of the marketing mix are Product, Position, Promotion, and PriceT/F

answer

False

question

The four P's of the marketing mix are People, Price, Products, and Promotion.T/F

answer

False

question

Product, Place, Promotion and Price are the four major variable (decision areas) in a firms marketing mix.T/F

answer

True

question

The Product area of the marketing mix may involve a service and/or a physical good which satisfies some customers' needs.T/F

answer

true

question

A channel of distribution is any series of firms or individuals that participate in the flow of products from producer to final user or consumer.T/F

answer

true

question

Personal selling involves direct personal communication to get the sale, but personal attention is seldom required after the sale.T/F

answer

false: personal attention is required after the sale.

question

Advertising is any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.T/F

answer

true

question

Personal selling and advertising are both forms of sales promotion.T/F

answer

false

question

According to the text, Promotion is the most importance of the "four Ps"T/F

answer

false: all contribute as a whole

question

A marketing plan and a marketing strategy mean the same thing.T/F

answer

false: a marketing strategy is apart of the marketing plan

question

A marketing plan is a written statement of a marketing strategy and the time-related details for carrying out the strategy.T/F

answer

true

question

A "marketing program" blends all of a firm's marketing plans into one "big" plan.T/F

answer

true

question

Customer lifetime value involves a financial analysis that considers all of a customer's purchases over their lifetime.T/F

answer

true

question

When a salesperson considers not only the sale they are making today, but all potential future sales to a customer, the salesperson recognizes a customer's lifetime value.T/F

answer

true

question

A firm with a "competitive advantage" has a marketing mix that the target market sees as better than a competitor's mix.T/F

answer

true

question

A SWOT analysis is one way to zero in on a marketing strategy that is well-suited to the firm.T/F

answer

true

question

The letters in "SWOT analysis" are an abbreviation for the first letter of the words "special weapons or tactics."T/F

answer

false

question

The external market environment doesn't play role in the marketing strategy planning process because it exists outside of the company.T/F

answer

false

question

Market penetration means trying to increase sales of a firm's present product in its present markets--probably through a more aggressive marketing mix.T/F

answer

true

question

Marketing managers almost always find that opportunities in international markets are less profitable than in domestic markets.T/F

answer

false

question

The marketing management process is the process of: -planning marketing activities -implementing marketing plans -controlling marketing plans -all of these

answer

all of these

question

____ is the managerial process of developing and maintaining a match between an organization's resources and its market oppurtunities. -strategic mgt planning -target marketing -mass marketing -resource allocation -marketing control

answer

strategic mgt planning

question

Define target marketing -a production-oriented approach to marketing -considers everyone to be a potential customer -essentially the same as marketing -assumes that everyone is the same -specifies some particular group of customers

answer

specifies some particular group of customers

question

"product" is concerned with: -branding -packaging and warranty -physical goods -services -all of these might be involved with product

answer

all of these might be involved with product

question

"Place" is NOT concerned with: -who handles storing and transporting -when and where products are wanted -telling the target market what products are available/where -kinds of intermediaries needed to reach customers -channels of distribution

answer

telling the target market what products are available/where

question

"Promotion" is NOT concerned with: -creating billboard ads -designing new products -publicity -television commercials -personal selling

answer

designing new products

question

Personal selling lets the salesperson adapt the firm's marketing mix to a specific customer. This is an aspect of which marketing mix variable? -price -promotion -place -product

answer

promotion

question

Define sales promotion: -lets the salesperson adapt the firm's marketing mix to each potential customer -the main form of advertising -tries to help the personal selling and mass selling people - is free -consists of both advertising and personal selling

answer

consists of both advertising and personal selling

question

A "marketing plan" is -marketing program -marketing strategy -marketing strategy plus the time-related details for carrying it out -target market and a related marketing mix -a plan that contains the necessary operational decisions

answer

marketing strategy plus the time-related details for carrying it out

question

____ refers to putting marketing plans into operation. -delivery -implementation -operational planning -strategy planning -control

answer

implementation

question

____ is the total stream of purchases that a customer could contribute to the company oer the length of the relationship. -customer value -return on customer -customer equity -target return -customer lifetime value

answer

customer lifetime value

question

Which of the following statements regarding marketing strategies is FALSE? -it's useful to think of the marketing strategy planning process as a narrowing-down process. -these strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. -developing successful marketing strategies doesn't need to be a hit-or-miss proposition -these strategies require decsions about the specific customers the firm will target and the marketing mix the firms will develop to appear to that target market. -most companies implement more than one marketing strategy and realted marketing plan at the same time.

answer

these strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm.

question

Define SWOT analysis -seeks to improve strategy planning by "scanning for warnings, omens, and tips" about competitors' plans -is not necessary if competitors have already entered the market -defends against potential competitive threats by planning specific "safeguards, weapons, or tactics" -should help a manager develop a strategy that leads to a competitive advantage. - none of these apply

answer

none of these apply

question

The most risky and challenging oppurtunities usually involve: -market development -product development -diversification -market penetration -all of these are similar in terms of risk

answer

diversification

question

A mission statement sets out the strengths and weaknesses of a firm as well as the opportunities and threats that it faces. T/F

answer

false: SWOT analysis

question

Competitive barriers are the conditions that make it possible for a firm to compete in a market.T/F

answer

false

question

The internet is a powerful way to get information about competitors.T/F

answer

true

question

In the United States, the Consumer Product Safety Commission sets and enforces product safety standards.T/F

answer

true

question

GDP income measures can give the impression that people in less-developed nations have more income than they really do.T/F

answer

true

question

Gen X is smaller in numbers as compared to the boomers that came before.T/F

answer

true

question

Changes in the cultural and social environment tend to come about quickly.T/F

answer

false: come quickly

question

The profit potentials of alternative strategic plans can be evaluated at the same time only if the plans are very similar.T/F

answer

false

question

All of the following are part of the direct market environment EXCEPT: -customers -competitors -the company itself -technological environment

answer

technological environment

question

In a firm's hierarchy of objectives, the top-level objectives that guide all other objectives are known as: -R&D obj. -company obj -price obj -personal selling obj -marketing obj

answer

company obj

question

Which of the following would NOT be a marketing strength for a local coffee shop? -a well-recognized brand -a patented coffee blend -estbsh. realtions with local businesses -access to large amt(s) of capital from a long-term relationship with a local bank. -Counter staff that knows and understands customer preferences

answer

access to large amt(s) of capital from a long-term relationship with a local bank.

question

A(n) ___ is a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied -resource combination -sustainable competitive advantage -objective-centered adv -competitor analysis plan competitor matrix

answer

sustainable competitive advantage

question

Which of the following is not a basic kind of market (competitive) situation? -pure competition -oligopoly -capitalistic competition -monopolisitic competition -monopoly

answer

capitalistic competition

question

___ refers to market situation where one firm completely controls a broad product-market. -monopoly -oligopoly -pure competition -monopolistic competition -collectivistic competition

answer

monopoly

question

Which of the following observations is NOT TRUE of monopolistic competition? -a number different firms offer markting mixes that at least some customers see as different -marketing managers try to differentiate very similar products by relying on other elements of the marketing mix. -each competitor tries to get a monopoly in its own target market. -most marketing managers in developed economies do not face monopolistic competition -competition exists because some customers see various alternative as substitues

answer

most marketing managers in developed economies do not face monopolistic competition

question

A ___ is an organized table that compares the strengths and weaknesses of a company with those of its competitive rivals. -competitive adv -competitor matrix -insight table -positioning graph -competitor analysis

answer

competitor matrix

question

A marketing manager may ethically and actively seek information about current or potential competitors by -searching a firm's public website -waiting at a landfill for compeititors' trash to find copies of confidential company reports -using a computer "hackers" to break into a competitor's computer network. -hiring people form competing firms and then asking them confidential information about the competitor. -spying on competitors to obtain trade secrets.

answer

searching a firm's public website

question

Rising costs and inflation are part of the uncontrollable _____ environment. -technological -economic -legal -cultural and social

answer

economic

question

Define interest rates -often change with changes in the economy -affect customer marekts, but not business customers. - usualy decrease during periods of inflation -do not directly affect the total price borrowers must pay for loans. -don't affect the prices buyers pay

answer

often change with changes in the economy

question

The ___ refers to how much one country's money is worth in another country's money. -monetary value -exchange rate -dollar value -net worth -purchasing power

answer

exchange rate

question

Which of the following statements about nationalism is NOT TRUE? -nationalism can be limiting in international markets -A "buy american" policy refers nationalistic attitudes in the US -Nationalistic feelings can block all marketing activity in some international markets. -Nationalistic feelings always reduce sales. -Nationalism emphasizes one country's interest before everything else.

answer

Nationalistic feelings always reduce sales.

question

NAFTA: -is a free trade pact between the US canada and mexico -is a long-term proposition -has already eliminated most trade barriers with Mexico -All are correct

answer

All are correct

question

The Sherman Act sought to: -prevent monopolies or conspirancies in restraint of trade -est. the Federal Consumer Protection Agency -Eliminate price differences among different competing suppliers -prevent fraud on the internet

answer

prevent monopolies or conspirancies in restraint of trade

question

The Clayton Act specifically aims at: -tying contracts -price discrimination by manufacturers -exclusive dealing contracts limiting a buyer's sources of supply -all of these are correct

answer

all of these are correct

question

Which of the following laws is primarily concerned with product warranties? -the sherman act -the robinson-patman act -the federal trade commission act -the magnuson-moss act -there are no laws regulating product warranties

answer

the magnuson-moss act

question

The Pure Food and Drug Act: -was the first consuer protection law -was passed by congress in 1906 -shifted the focus from "let the buyer beware" -bans the shipment of unsanitary products -all of these are correct

answer

all are correct

question

Gross Domestic Product (GDP): -is affected by economic conditions and the productivity of workers in the country -usually rises when there are bad economic conditions in an economy -is the amount of new capital invested in business in a year -the total cost of producing all goods and services in a year -the total market value of goods and services consumed in an economy in a year

answer

is affected by economic conditions and the productivity of workers in the country

question

All of the following are examples of quantitative components of screening criteria that are used to narrow down to marketing strategies EXCEPT: -market share -number of units sold -strengths of the company -annual projected sales dollars -projected profit

answer

strengths of the company

question

A market is a group of two or more sellers who offer substitute ways of satisfying customer needs.T/F

answer

false

question

The main difference between a "product-market" and a "generic market" is whether customer needs are similar or different.T/F

answer

false

question

The definition of a product-market includes a product type while the definition of a generic market does not include a product type.T/F

answer

true

question

Market segmentation says that target marketers should develop one good marketing mix aimed at a fairly large market.T/F

answer

false

question

"Homogenous within" means that the customers in a market segment should be as similar as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions. T/F

answer

true

question

A "substantial" market segment is one which is big enough to be profitable.T/F

answer

true

question

A personality trait like moodiness is a good example of an "operational" segmenting dimension.T/F

answer

false

question

The more heterogenous a firm's target market becomes. the more likely the firm will see competition form an innovative segmenter.T/F

answer

true

question

Market segmentation applies only to consumer goods and services; it cannot be applied to business products.T/F

answer

false

question

A firm involved in international marketing should pay even more attention to segmenting than a firm that sells only in the united states.T/F

answer

true

question

The seven step approach to market segmentation uses a SWOT analysis.T/F

answer

true

question

In the 7 step approach to market segmentation, it is best to identify the relevant needs of all potential customers BEFORE trying to form homogenous submarkets.T/F

answer

true

question

Clustering techniques try to find similar patterns within sets of data.T/F

answer

true

question

A "market" consists of: -customers who are willing to exchange something of value -a group of ptoential customers with similar needs -sellers offering various ways of satisfying customer needs -all of these are correct

answer

all are correct

question

When identifying a company's market, managers need to avoid the mistake of: -finding out what customers need -thinking of a market as a group of customers with similar needs who will exchange money for goods -trying to identify specific target markets within a general market -describing their markets solely in terms of the products they sell -thinking of the issue from the customer's point of view

answer

describing their markets solely in terms of the products they sell

question

In a generic market -sellers offer various, often diverse, ways of satisfying broadly similar needs -consumers are offered various close substitute ways of satisfying needs -everything is the same as in a product-market -customers have very diverse needs -sellers produce unbranded products

answer

sellers offer various, often diverse, ways of satisfying broadly similar needs

question

A ____ market is a market with broadly similar needs and sellers offering various-and often diverse-ways of satisfying those needs. -plannes -target -central -generic -relevant

answer

generic

question

Which of the following is LEAST likely to compete in the same generic market with ther others? -garlic powder -pepper -tobasco sauce -salt -potato chips

answer

potato chips

question

Which of the following is LEAST likely to compete in the same generic market with the others? --long-stem roses - a tomato -champagne -a greeting card -a telegram

answer

a tomato

question

Which of the following is NOT true of a product-market? -competing suppliers offer close substitutes to satisfy needs -customers in a product-market have very similar needs -very different types of products may compete for consumer dollars -naming product-markets includes consideration of where the customers are -none fo these alternatives is true

answer

very different types of products may compete for consumer dollars

question

When segmenting markets, why can't managers simply choose one or two demographic characteristics around which to define their target group? -it puts marketers at risk of discrimination lawsuits -customer behavior is too complex to be explained in terms of just one or two demographic characterisitics -demographic characteristics do not influence buying behaviors -it will fail to produce a homogenous group -market segments must be based on three or more dimensions to be valid

answer

customer behavior is too complex to be explained in terms of just one or two demographic characterisitics

question

______ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes. -market positioning -market segmentation -mass marketing -diversification -strategic planning

answer

market segmentation

question

Which of the following statements about market segmentation is NOT true? -it starts by segmenting broad product-markets -it involves naming broad product-markets -a market grid with submarkets can be visual aid to market segmentation -it segments broad product-markets in order to develop suitable marketing mixes

answer

it starts by segmenting broad product-markets

question

According to the text, segmenting: -is a disaggregating or "breaking down" process -assumes that each person should be treated as a separate target market -assumes that all customers can be clustered into profitable market segments -is an aggregating process -uses scientific rules to decide how many submarktets exist

answer

is an aggregating process

question

Market segmentation:

answer

tries to identify homogenous submarkets within product-market

question

Saying that a "good" product-market segment should be substantial means:

answer

it should be large enough to be profitable

question

A target marketer who uses two different marketing mix strategies to make two separate appeals to office tablet computer users and home tablet computer users is applying:

answer

the multiple target market approach

question

Which of the following statements about "segmenting" and "combining" is true?

answer

a combiner tries to meet the demand in several segments

question

Target market dimensions should influence all the following strategy decisions except:

answer

which industry a firm should choose

question

The MOST USEFUL dimensions for segmenting markets are:

answer

brand familiarity and consumption patterns

question

BEHAVIORAL (rather than DEMOGRAPHIC) segmenting dimensions include: -type of problem solving -kind of shopping -brand familiarity -benefits sought. -all are behavioral dimensions

answer

all are behavioral dimensions

question

Which of the following is a consumer market demographic dimension? -sex -age -occupation -education -all are ex of consumer mkt demographic dimension

answer

all are ex of consumer mkt demographic dimension

question

When major airlines target business travelers because they travel often and typically pay at least 3 times the price of a ticket as leisure travelers, these airlines are segmenting the market primarily on: -income -education -rate of use -ethnicity -age

answer

rate of use

question

_______ segmenting dimensions to help decide whether a person might be a potential customer-but not which specific products or brands that person might buy. -determining -qualifying -operational -customer-related -situation-related

answer

qualifying

question

________ segmenting dimensions are those which actually affect a person's purchase of a specific product type or brand in a product-market. -determining -qualifying -operational -customer-related -situation-related

answer

determining

question

Which of the following is MOST LIKELY to be a DETERMINING dimension with respect to purchase of a particular brand of coffee? -taste -income -age -sex -none of these

answer

taste

question

Alpine Auto Repair keeps a record of customer oil changes and sends a reminder postcard to its customers when it's time for the next oil change. This is an example of a _____ system. -customer relationship management -qualifying dimensions -a positioning matrix -geographical targeting -clustering

answer

customer relationship management

question

When a customer orders a book at Amazon.com, the online retailer recommends related books that have been purchased by other customers who bought that book. Amazon is using a(n): -aggregating approach -CRM database -clustering approach -disaggregating approach -generic market

answer

CRM database

question

Define "positioning": -applies to new products-but not existing products -helps strategy planners see how customers view competitors' offerings -is concerned with obtaining the best shelf space in retail outles -is useful for combining but not fot segmenting -eliminates the need for judgement in strategy planning

answer

helps strategy planners see how customers view competitors' offerings

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