question

While working at 3M, Windorski and his team observed and questioned students about how they used their textbooks, took notes, wrote term papers, and reviewed for exams, primarily in order to:

answer

Discover a potentially new way to satisfy student needs by creating a new product.

question

Which of the following statements about the study of marketing is most accurate?

answer

You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.

question

Marketing refers to:

answer

The activity for creating, communicating, delivering, and exchanging offering that benefit the organization, its stakeholders, and society at large.

question

Which of the following statements about stakeholders is most accurate?

answer

The organization doing the marketing, suppliers, shareholders, employees, and consumers are all potential stakeholders. Ultimately all of society should benefit

question

To serve both buyers and sellers, marketing seeks to (blank) and satisfy the needs and wants of prospective customers

answer

Discover

question

A student wants to buy a cell phone so she can share pictures with her friends, and an insurance claims adjuster wants to buy a cell phone to document accident reports. If they both purchase the same model phone, which statement is most accurate?

answer

Both the adjuster and student are potential customers because in their own way, they both benefit from the product.

question

Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to to this process is the idea of exchange. To marketing people exchange refers to the:

answer

Trade of thing of value between buyer and seller so that each is better off after the trade.

question

A local college of business offers an outstanding business school education. Cali pays the tuition to attend and earns her MBA with a concentration in Supply Chain Management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange?

answer

Yes, because paying tuition was exchanged for knowledge that directly led to Cali's fulfilling, new job.

question

Which of the following statements about marketing departments is most accurate?

answer

The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

question

The two central concerns of marketing are:

answer

Discovering and satisfying needs.

question

The first objective in marketing is to discover the (blank) of prospective customers.

answer

Needs.

question

To avoid new-product failure, Robert M. McMath, a new-product expert:

answer

Suggests focusing on customer benefits and learning from the past.

question

A factor that might doom a product is referred to as a(n) (blank).

answer

Showstopper.

question

Which of the following statements best defines needs and wants?

answer

Needs occur when a person feels physiologically deprived of something, and wants are determined by a person's knowledge, culture, or personality.

question

A want refers to:

answer

A felt need that is shaped by a person's knowledge, culture, or individual personality.

question

A (blank) is a need that is shaped by a person's knowledge, culture, and personality.

answer

Want

question

Marketing discovers consumers needs by:

answer

Using extensive preliminary research.

question

People with both the desire and ability to buy a specific offering are referred to as a (blank):

answer

Market

question

The most likely market for cosmetic dentistry (which can cost $15,000 for straightening and whitening) is:

answer

Anyone who has the time, the money, and the desire to undergo procedures.

question

Target market refers to:

answer

One or more specific groups of potential consumers toward which an organization directs its marketing program.

question

A local university offers business courses for a specific target market composed of people who currently work, who want to take refresher courses, or work towards a higher degree. Which of the following would be the most effective way to communicate with the target market, bearing in mind that communication must be both effective and economical?

answer

Advertise in the local newspaper.

question

The element of the marketing mix that describes a good, service, or idea to satisfy the consumer need is:

answer

Product

question

The element of the marketing mix that describes what is exchanged for a product is:

answer

Price

question

The element of the marketing mix that describes a means of communication between the seller and buyer is:

answer

Promotion

question

The element of the marketing mix that describes a means of getting the product to the customer is:

answer

Place

question

The four Ps are commonly know as:

answer

The marketing mix or controllable factors.

question

The marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem are referred to as the:

answer

Marketing mix

question

The marketing mix elements are called (blank) because they are under the jurisdiction of the marketing department in an organization:

answer

Controllable factors

question

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as:

answer

Environmental forces

question

Environmental forces refer to:

answer

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.

question

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price is called:

answer

Customer value

question

Which of the following statements about customer value is most accurate?

answer

Quality, price, convenience, on-time delivery, and both before-sale and after-sale service are all elements used to create unique benefits to targeted buyers.

question

Wal-Mart, Southwest Airlines, and Costco have all been successful offering consumers:

answer

The best price.

question

Marriott, Land's End, and Home Depot deliver customer value by providing its:

answer

Best service

question

The linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits is referred to as:

answer

Relationship marketing

question

Which of the following statements about relationship marketing is most accurate?

answer

Relationship marketing is more effective when there is a personal, ongoing relationship between individuals.

question

A business traveler joined the Starwood Preferred Guest Program in order to earn points each time he stayed overnight in a Westin or Sheraton hotel. Once he has accumulated enough points, he can trade his points for a free night's stay. As a member of this program, the traveler receives periodic updates on new hotels and learns of ways to earn additional points. The marketing term that best describes this scenario is:

answer

Relationship marketing

question

Marketing program refers to:

answer

A plan that integrates the marketing mix to provide a good, service or idea to prospective buyers.

question

The purpose of the introduction of a 3M inventor's Post-it Flag highlighter was to:

answer

Capitalize on previous successes and extend the 3M product line

question

In the life of a firm, the (blank) era, covered the years from the 1920s to the 1960s.

answer

Sales

question

If you wanted a new pair of shoes during the Civil War, you traced the outline of your foot on a piece of paper and gave it to the shoemaker. There was no distinction between right and left foot because you wanted your shoes as quickly as possible, and the shoemaker knew you would buy them even if they just "sort of" fit. This is an example of a transaction that would have occurred in the (blank) era in U.S. business history.

answer

Production

question

Imagine a confectionary company has introduced a new nutty candy bar during the 1930s (the sales era). Which of the following statements would you most likely expect management to make if sales were much lower than expected?

answer

Let's put more aggressive salespeople in the field.

question

In the 1960s, marketing became the motivating force among many American firms and the (blank) dawned.

answer

Marketing concept era

question

Marketing concept refers to:

answer

The idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals.

question

Which of the following terms best describes the marketing concept era?

answer

Consumer oriented

question

Which era of U.S. business history does the following statement best describe? "We are in the business of satisfying the needs and wants of consumers."

answer

The marketing concept era

question

Marketing concept refers to:

answer

The idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals.

question

An organization that focuses its efforts on continuously collecting information about customers' needs and competitors' capabilities, sharing this information across departments, and using the information to create customer values is said to:

answer

Have a market orientation

question

Today's (blank) era is one in which firms seek continuously to satisfy the high expectations of customers.

answer

Customer relationship

question

Customer Relationship Management refers to:

answer

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace primary encounters.

question

In marketing, an offering refers to:

answer

A product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants.

question

A (blank) is a privately owned organization that serves its customers in order to earn a profit:

answer

Business firm

question

The reward to a business firm for the risk it undertakes in marketing its offerings is referred to as:

answer

Profit

question

A (blank) is a nongovernmental organization that serves its customers but does not have profit as an organizational goal

answer

Nonprofit organization

question

An example of a nonprofit organization is:

answer

The American Red Cross

question

Industry refers to:

answer

Organizations that create same offerings.

question

The terms used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as:

answer

Strategy

question

Large organizations are extremely complex. They usually consist of (blank) organizational level(s) whose strategy is linked to marketing.

answer

Three

question

The level in an organization where top management directs overall strategy for the entire organization is referred to as the:

answer

Corporate level

question

In recent years, many large firms have changed the title of the head of marketing from vice president of marketing to:

answer

Chief marketing officer

question

A subsidiary, division, or unit of an organization that directs overall strategy for the organization that markets a set of related products to a clearly defined group of customers is referred to as a(n):

answer

Strategic business unit

question

Which of the following statements regarding the strategic business unit level is most accurate?

answer

The strategic direction is more specific at the strategic business unit level than at the corporate level.

question

People in the finance and the human resources departments traditionally operate at what overall organizational level?

answer

Functional level

question

On the northern tip of Goose Island in the Chicago River sits the William Wrigley Jr. Company's Global Innovation Center. Here Wrigley can create new products-a joint effort by some 250 full-time food scientists, researchers, and marketers. The people who work in this center are most likely members of:

answer

Cross-functional teams

question

Today's visionary organization uses key elements to (1) establish a foundation and (2) (blank) using (3) its strategies that enable it to develop and market its offerings successfully

answer

Sets a direction

question

The clear, broad, underlying industry or market sector of an organization's offerings is referred to as:

answer

Business

question

An organization foundation can be broken into three key elements. They are:

answer

Core values, mission, and organizational culture.

question

Core values refer to:

answer

The fundamental, passionate, and enduring principles that guide its conduct over time.

question

The term that links the employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers of an organization is:

answer

Stakeholders

question

Often used interchangeably with "vision" a(n) (blank) statement frequently has an inspirational theme.

answer

Mission

question

By understanding its business, an organization can take steps to define its (blank), a statement of the organization's functions in society, often identifying its customers, markets, products, and technologies, often used interchangeably with vision.

answer

Mission statement

question

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among members of an organization is referred to as its:

answer

Organizational culture

question

Which of the following statement regarding organizational culture is most accurate?

answer

When corporations merge organizational cultures can collide

question

Since its launch, Netflix has changed its "business model" in order to:

answer

Respond to changing consumer demand and the evolution of new technologies.

question

Lands' End ships each order within 48 hours and its guarantee is the best in the world-"Guaranteed.Period." These actions by Lands' End are most likely examples of (blank) goals.

answer

Customer satisfaction

question

A(n) (blank) is the visual display on a single computer screen of the essential information related to achieving a marketing objective.

answer

Marketing dashboard

question

A measure of the quantitative value or trend of a marketing activity or result is referred to as a:

answer

Marketing metric

question

The primary purpose of a marketing metric is to:

answer

Measure the quantitative value of a marketing activity

question

Marketing plan refers to:

answer

A road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

question

Which of the following statements regarding a marketing dashboard is most accurate?

answer

Marketing dashboards provide graphic displays of a product category's performance, such as sales, cost of sales, and percent margin.

question

An organization's special capabilities, including skills, technology, and resources that distinguish it from other organizations and that provide value to its customers are referred to as:

answer

Competencies

question

Rhone-Poulenc is an international French company that produces and markets a variety of chemicals and pharmaceuticals. Due to the resources it makes available to its scientists and researchers, the company has a number of Nobel Prize winners working in its laboratories. This ability to attract some of the finest minds in the world to its workforce is an example of a(n):

answer

Competency

question

Competitive advantage refers to:

answer

A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

question

Although now a part of Sears, Lands' End was primarily know as a catalog retailer. This means that traditional department stores, mass merchandisers, specialty shops, and other catalog retailers are considered to be:

answer

Lands' End's competition

question

Business portfolio analysis refers to:

answer

A technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments.

question

The Boston Consulting Group (BCG) use (blank) to quantify performance measures and growth targets to analyze its clients' SBUs as though they were a collection of separate investments

answer

Business portfolio analysis

question

In the Boston Consulting Group (BCG) model analysis of a firm's strategic business units, or SBUs, the horizontal axis reflects the:

answer

Relative market share

question

The primary purpose of business portfolio analysis is to:

answer

Determine the appeal of each SBU or offering and then determine the amount of cash, if any, each should receive.

question

SBUs with a high share of high-growth markets that may not generate enough cash to support their own demanding needs for future growth are referred to as:

answer

Stars

question

SBUs with a low share of slow-growth markets-they may generate enough cash to sustain themselves, but they do not hold the promise of ever becoming real winners for the firm are referred to as:

answer

Dogs

question

SBUs with dominant shares of slow-growth markets that provide cash to cover the organization's overhead and to invest in other SBUs are referred to as:

answer

Cash cows

question

Several years ago, Black & Decker purchased General Electric's small appliances product line. Black & Decker purchased the line it because it needed the cash infusion from a product line that had a dominant market share. The small-appliance industry is a slow-growth one. The small appliances product line is most likely a (blank).

answer

Cash cow

question

In its business portfolio analysis, an organization's SBUs often start as (blank) and then become (blank).

answer

Question marks; stars

question

One of the strengths inherent in the use of the BCG portfolio analysis is the fact that it:

answer

Forces firms to assess their SBUs in terms of relative market share and industry growth rate.

question

The marketing strategy to increase sales of current product in existing markets is referred to as:

answer

Market penetration

question

The marketing strategy to sell existing products to new markets is referred to as:

answer

Market development

question

The marketing strategy of developing new products and selling them in new markets is referred to as:

answer

Market diversification

question

In (blank) there is no change in either the basic product line or the markets served. Increased sales are generated by selling either more product through better promotion or distribution or by selling the same amount of product at a higher price.

answer

Market penetration

question

What are the steps involved in the planning phase of the strategic marketing process?

answer

Situation (SWOT) analysis; market-product focus and goal setting; and marketing program development

question

Step one in the planning phase of the strategic marketing process is:

answer

The situation analysis

question

Step three in the planning phase of the strategic marketing process is:

answer

The marketing program

question

The acronym "SWOT" stands for:

answer

Strengths, weaknesses, opportunities, and threats.

question

Aggregating prospective buyers into groups or segments that 1) have common needs and 2) will respond similarly to a marketing action is referred to as:

answer

Market segmentation

question

At which step of the planning stage of the strategic marketing process does a firm develop its marketing mix?

answer

Marketing program

question

The four major elements of the implementation phase of the strategic marketing process include (1) obtaining resources, (2) designing the marketing organization, (3) developing schedules, and (4):

answer

Executing the marketing program designed in the planning phase.

question

A marketing strategy is the means by which a marketing goal is to be achieved. Two factors that usually characterize a marketing strategy are:

answer

A specified target market and a marketing program to reach it.

question

There were four steps in the GPS revolution. First new technologies were developed and became readily available; second, (blank); third, competitive forces developed new products and services; and finally consumer changed becoming "geo-enthusiasts"

answer

Regulatory changes were made allowing cell phone frequencies and former military technologies available for commercial use.

question

Environmental scanning refers to:

answer

Continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

question

The social forces of the environment include the (blank) of the population and its values. Changes in these forces have a dramatic impact on marketing strategy.

answer

Demographic characteristics

question

The term demographic refers to:

answer

The description of a population according to selected characteristics such as age, gender, ethnicity, and income.

question

Which of the following regarding baby boomer is most accurate?

answer

Baby boomers are important to the consumer market because of their increased earnings and participation in the workforce.

question

Generation X is the label often given to:

answer

Persons born between 1965 and 1976.

question

This generation is know as a savvy and demanding group of consumers who feel personally responsible for making a difference in the world. They also have an extraordinary optimism about their potential fame and fortune:

answer

Members of generation y

question

A major regional shift in the U.S. population toward (blank) states is under way

answer

Western and southern

question

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races are referred to as:

answer

Multicultural marketing programs

question

Economy refers to:

answer

The income, expenditures, and resources that affect the cost of running a business and household.

question

In an inflationary economy the cost to produce and buy products (blank) as prices (blank)

answer

Escalates; increase

question

A sudden drop in the average consumer income would be an example of which environmental factor?

answer

Economic

question

Component's of a consumer's income include:

answer

Gross, disposable, and discretionary incomes.

question

Gross income refers to:

answer

The total amount of money made in one year by a person, household, or family unit.

question

Disposable income refers to:

answer

The money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.

question

If taxes rise at a faster rate than income does, consumers most likely:

answer

Feel the pinch of less disposable income and try to economize

question

Discretiionary income refers to:

answer

The money that remains after paying for taxes and necessities.

question

Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services is referred to as:

answer

Electronic commerce

question

In marketing the four basic forms of competition refer to:

answer

Pure competition, monopolistic competition, oligopoly, and pure monopoly.

question

The form of competition in which every company has similar product is referred to as:

answer

Pure competition

question

Paul Avery is a salesperson at the only Ford automobile dealership in Wausau, Wisconsin. However, there are several other auto dealership in town, offering both domestic and foreign cars and trucks. Paul works hard to keep his customers satisfied because he knows that if his customers are unhappy, they can simply buy a car from one of the many othe comparable dealers in Wausau. This is an example of:

answer

Monopolistic competition

question

The major retailers of online music include iTunes Store, Napster, e-Music, Zune Marketplace, Rhapsody, Yahoo Music Unlimited, and Wal-Mart.com. The online music industry is an example of a(n):

answer

Oligopoly

question

In marketing, the form of competition that occurs when only one firm sell the product is referred to as:

answer

Pure monopoly

question

Small businesses generate (blank) of all new jobs annually and (blank) of the GDP:

answer

60-80%; 50%

question

Consumerism refers to:

answer

The grassroots movement started in the 1960s to increase the influence power, and rights of consumers in dealing with institutions.

question

The four major elements of the implementation phase of the strategic marketing process include: 1) obtaining resources, 2) designing the marketing organization, 3) developing schedules, and 4):

answer

Executing the marketing program designed in the planning phase.

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