MKT 300: Exam 1 Practice Questions – Flashcards
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Marketing is the process of...
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creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
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Distribution, price, promotion, and product are all elements of...
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the marketing mix
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____ are the focal point of all marketing activities
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Customers
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In which of the following situations is the marketer selling an idea, rather than a service or good?
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The Green Party holds a press conference to let the public know its views on capital punishment.
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The ______ variable of the marketing mix relates to activities used to inform individuals or groups about the organization and its products.
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promotion
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The marketing plan is...
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a written document detailing activities to be performed to implement and control marketing actions
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The process of putting marketing strategies into action is called...
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marketing implementation
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An organizations goals should be based on its _____, which is a long term view or vision of what the organization wants to become.
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mission statement
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Groups of individuals and/or organizations that need products in a product class and have the ability, willingness, and authority to purchase those products are called...
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markets
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Procter & Gamble's superb marketing distribution skills and R&D capabilities in five core technologies (fats, oils, skin chemistry, surfactants, and emulsifiers) have enabled it to build a strong reputation in the marketplace and drive down competition. It can be said that these skills and capabilities are examples of Procter & Gamble's...
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core competencies
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To monitor changes in the marketing environment effectively, marketers must engage in...
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environmental scanning and analysis
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Most marketers operate in a competitive environment of either...
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oligopoly or monopolistic competition
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Which of the following is a characteristic of pure competition?
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Large number of sellers
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Which of the following is a characteristic of the prosperity stage of the business cycle?
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Total income is relatively high
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The amount of money left after payment of taxes that is used by individuals for spending on purchase of basic necessities, and savings is referred to as...
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disposable income
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Employees, customers, communities, and investors are all considered ________ in relation to marketing.
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stakeholder
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All companies have a responsibility to _________ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.
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be profitable
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The term __________ refers to the principles and standards that define acceptable conduct in marketing as determined by various stakeholders.
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marketing ethics
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The practice of linking products to a particular social cause on an ongoing or short-term basis is known as...
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cause-related marketing
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________ refers to the potential for the long-term well-being of the nature environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies.
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Sustainability
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Marketing research is a process designed to gather information...
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not currently available to decision makers.
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An overall plan for obtaining the information needed to address a research problem or issue is called the...
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research design
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_______ is the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
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Marketing research
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The marketing research process begins with...
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locating and defining the problem.
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For the purpose of marketing research, Joe picked up the telephone directory and just selected a few numbers from it to from his sample. Joe is using _____ sampling to select the participants for his research.
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random
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To find a target market, a firm can use the....
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undifferentiated strategy, the concentrated strategy, and the differentiated strategy.
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Age, rate of product use, location, and gender are all examples of common...
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segmentation variables.
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A _______ market consists of purchasers and household members who intend to use or benefit from the purchased products and do not buy products for the main purpose of making profit.
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consumer
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____________ is the process of dividing a total market into groups of people with similar product needs in order to design a marketing mix that matches those needs.
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Market segmentation
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Which of the following is a geographic variable for segmentation of a market?
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City size
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An unplanned buying behavior resulting from a powerful urge to buy something immediately is called...
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impulse buying
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The 5 major stages of consumer buying decision process, in order, are:
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problem recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation
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Emma looks at her watch and realizes it has stopped. She knows that the watch is old and that she will have to buy a new one. Emma is in the _______ stage of consumer buying decision process.
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problem recognition
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The group of brands that a buyer views as possible alternatives is known as the...
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evoked set
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_______ describes the tendency of people to reject information that is inconsistent with their beliefs, even when presented with information to the contrary.
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Selective distortion
