PRE-ASSESSMENT: MARKETING FUNDAMENTALS PDKO WGU – Flashcards
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Which actions represent the facilitating functions of marketing? Buying and selling Transporting and storing Consuming and disposing Standardizing and grading
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Standardizing and grading
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A sporting goods company is developing a marketing plan. Which two statements represent the strategic level for this plan? The company leadership wants to inspire people to get outdoors more often. The company leadership seeks to expand distribution to retail specialty shops. The company leadership organizes nature hikes that depart from participating retailers. The company leadership uses personal contacts with retailers to increase sales.
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The company leadership wants to inspire people to get outdoors more often. The company leadership seeks to expand distribution to retail specialty shops.
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An outdoor clothing company is revising its marketing plan and wants to emphasize sales promotion strategies. Which goal of this marketing plan is considered strategic? Enhance dealer effectiveness Place in-store product displays Attend recreational sporting events Advertise on lifestyle-oriented websites
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Enhance dealer effectiveness
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A home improvement store has a cooler that contains soft drinks and other beverages at its checkout lanes. The company believes this is a way to increase profits, while providing a better shopping experience for its customers. Which type of utility is being provided here? Time Form Place Ownership
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Place
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A large clothing manufacturer wants to begin offering athletic apparel in a market that is already dominated by two well-known companies. The new manufacturer will impact the other two companies' market share. Which of Porter's five forces will the two well-known companies experience? Threat of new entrants Bargaining power of buyers Threat of substitute products Bargaining power of suppliers
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Threat of new entrants
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A group of small, independent grocery store owners have come together to negotiate better prices for meat products from suppliers. Which of Porter's five forces do the store owners represent to the meat suppliers? Threat of new entrants Bargaining power of buyers Threat of substitute products Bargaining power of suppliers
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Bargaining power of buyers
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What is an advantage of using first-mover strategy? Companies reduce their risk. Companies capture the greatest market share. Companies recognize changes in customer needs. Companies avoid complacency in pre-market innovation.
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Companies capture the greatest market share.
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A new clothing company is trying to penetrate the department store market by offering its clothing at a cost to customers that is lower than expected. The intent is to build a loyal customer base. Which element of the marketing mix does this represent? Price Purchasing Promotion Distribution
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Price
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Company A, a medical supply company, offers low prices and free shipping on any sized order. However, the company has noticed that one of its competitors, Company B, has a larger market share, despite higher prices. Upon investigating further, Company A realizes that Company B has a trained sales team that visits each client to close its sales. What is the marketing mix element that company B emphasizes over company A? Price Product Promotion Distribution
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Promotion
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An automotive company uses the same car chassis in manufacturing both regular and high luxury brands. Which potential strength occurs with this platform manufacturing design? Lower development costs Increased product diversity Lower cannibalization rates Increased compatibility changes
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Lower development costs
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A large retail company competes against other low-cost, big-box retailers. The company pays its employees significantly higher hourly wages than other big-box retailers and manages to be highly profitable. This company receives industry recognition for its wage policy. How can the company capitalize on this strength using a SWOT analysis? Use the strength as a retention strategy Use the strength to gain new distribution Use the strength as a price reduction strategy Use the strength to increase product demand
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Use the strength as a retention strategy
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The owner of a sandwich shop is trying to increase business. There is a grocery store with a deli nearby. The sandwich shop owner decides to advertise by using flyers at area schools and businesses. Which type of competition does this illustrate? Pure Oligopolistic Indirect Monopolistic
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Indirect
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A pharmaceutical firm has developed a new weight loss drug. The product is very different from other options offered by competitors. How will this environmental factor impact the marketing strategy? Celebrity endorsement will be needed Insurance companies will need to state coverage Competitive advantage needs to be exploited R;D costs need to be factored in pricing
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Competitive advantage needs to be exploited
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An auto manufacturing company is preparing for the launch of a new car model that will target middle-income buyers with families. The company is concerned about economic factors since consumer interest rates have begun to increase. Which marketing action should the company take to address this situation? The company should offer additional features. The company should offer unsecured financing. The company should offer 0% financing. The company should offer manufacturer's rebates.
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The company should offer 0% financing
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A new morning drive radio show is looking for a way to get attention in its market with a series of outrageous stunts. Which two social media platforms should the radio station use to generate viral content? Choose 2 answers A video sharing website to spread the station's content to users outside of its local listening area A blogging website to discuss the radio station's stunts An online social networking website to enable users to send and read messages about the radio station's stunts A bookmarking website to disperse images and other multimedia content
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A video sharing website to spread the station's content to users outside of its local listening area An online social networking website to enable users to send and read messages about the radio station's stunts
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What gives users a place that provides virtual communities through which people can share information, post opinions, and increase relationships with customers? Blogging websites Bookmarking websites Media sharing websites Social networking websites
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Social networking websites
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What allows marketers to communicate short messages to engage with stakeholders? Blogging websites Image sharing websites Microblogging websites Bookmarking websites
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Microblogging websites
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A florist seeks to increase revenue from weddings. The owner has decided that paying an Internet search engine to optimize its placement in search results will bring more traffic to the florist's website. Which content aspect of social media marketing will help this strategy? Banner ads Targeted keywords Shareworthy texts and images Organizational and brand focus
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Targeted keywords
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A medical device manufacturer is creating strategies to sell its complex product. The product needs to be demonstrated and exhibited for maximum effectiveness. Which aspect of social media will support this company's strategy? Banner ad placement Utilization of hashtags Search engine optimization Implementation of QR codes
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Implementation of QR codes
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What is the purpose of competitive analysis in a social media marketing plan? To explain the who, what, when, where and how To identify and target consumer market segments To describe overall marketing and economic conditions To evaluate the platforms and tools other companies select
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To evaluate the platforms and tools other companies select
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What will help a taxi company that wants to improve the process for customers arranging for rides? Mobile application Blogging website Media sharing website Social news website
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Mobile application
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When a customer orders a dog house online from a large pet supplies retailer, a purchase order is automatically generated and issued to the manufacturer. The manufacturer is able to access the shared system and generate an invoice, as well as input shipping information. Which e-business activity is being demonstrated by the shared system? Electronic data interchange E-tailing or virtual storefront Information gathering Business-to-consumer transaction
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Electronic data interchange
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Which e-marketing capability enables conversations with customers to increase the value of their online shopping experience? Integrated marketing Right-time marketing Interactive marketing Personalized marketing
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Interactive marketing
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A car rental company has a website allowing customers to make advance reservations, verify car availability, and check pricing. How does the website help the rental company influence consumers? By using a global reach Through personalization By using right-time marketing Through integrated marketing
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By using right-time marketing
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Which e-business challenge is alleviated by the use of encryption? Price gouging The quality of products Channel conflict The security of payment
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The security of payment
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Which interpersonal role do children have in a family's consumer behavior? They reinforce autonomy. They create societal opinion leaders. They reinforce the gender normative roles They can make the decisions more collaborative.
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They can make the decisions more collaborative.
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Which interpersonal factor will greatly influence a family's decision to buy a new car? Motive Attitude Self-concept Social status
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Social status
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Consumers' ideal selves provide a personal set of objectives that drive buying behavior. What impact does appealing to the ideal self have on consumers' purchasing behavior? It aligns with individual aspirations. It creates a sense of psychological closure. It satisfies a feeling of belonging. It provides consumers with the motivation to be regular buyers.
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It aligns with individual aspirations.
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A consumer has selected a brand of television to purchase. Because this brand is high-priced, the consumer goes online to research the best price. Which step in the consumer decision process does this situation represent? Purchase act Evaluation of alternatives Post-purchase evaluation Problem or opportunity recognition
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Evaluation of alternatives
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After conducting research, what will the consumer do next as part of the consumer decision process? Evaluate the alternatives Purchase the item Recognize the opportunity Compare problem to purchase
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Evaluate the alternatives
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A business sells appliances to individual customers. To increase revenue, the owner is revising the business strategy to also sell directly to retailers. How will the purchase decisions of these retailers differ from the purchase decisions of individual consumers? Purchase decisions of consumers require longer time frames. Purchase decisions of retailers require fewer decision makers. Purchase decisions of retailers require more complex decisions. Purchase decisions of consumers require detailed specifications.
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Purchase decisions of retailers require more complex decisions.
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A gas station owner has decided to add a fresh fruit stand to the convenience store. Because the owner does not want to rely too heavily on a limited number of suppliers, the owner is considering obtaining the fruit from several local farmers. What type of influence is impacting the owner's purchase decision? Intrapersonal Interpersonal Environmental Organizational
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Organizational
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Which type of market is designed by a company for a specific group of people? Macro Global Target Monopolistic
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Target
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A financial services firm wants to develop marketing materials targeted toward new college graduates. Which segmentation approach will meet the firm's needs? Differentiated marketing Concentrated marketing Psychographic marketing Undifferentiated marketing
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Concentrated marketing
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What is one of the four steps in the marketing segmentation process? Developing a relevant profile for each segment Defining the purchasing power of a target market Conducting a focus group with the target demographic Analyzing a market using psychographic methodology
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Developing a relevant profile for each segment
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What is the purpose of positioning a product or service? It reveals the financial position of competitors. It differentiates products from competitors. It communicates product quality to consumers. It identifies demand of potential new consumers.
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It differentiates products from competitors.
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A hospital's marketing department believes that increasing both television and newspaper advertising will increase the hospital's market share and, in turn, will increase the hospital's revenue. Which market research step has been described? Creating a research design Defining the research problem Evaluating possible alternatives Formulating a research hypothesis
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Formulating a research hypothesis
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A popular soft drink manufacturing company wants to determine if the taste of a soft drink is affected by a new sugar substitute compared to the existing sweetener. A group of participants are asked to assess the taste of the soft drink with the existing sweetener and with the new sugar substitute. The results are compared to determine if a difference exists in the taste between the two types of sweeteners. Which research method is used? Survey methods Observation methods Controlled experiment Interpretive experiment
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Controlled experiment
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A software game manufacturer conducted research to improve a new game. This research involved meeting with small numbers of volunteer gamers to gather feedback about the game. The moderator recorded their feedback about how to enhance the game's features. Which data collection method did the manufacturer use? Focus groups Electronic surveys Online reviews Feedback from social network websites
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Focus groups
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What is a characteristic of services? They are tangible. They are intangible. They are cheaper than a good. They are more expensive than a good.
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They are intangible
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What is a characteristic of services? They are limited to certain age ranges. They involve the customer for distribution. They involve more expenses in comparison to goods. They are more difficult to acquire in comparison to goods.
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They involve the customer for distribution
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Which classification of business products used in marketing includes regular expenses a firm incurs in its daily operations? Raw materials MRO supplies Business services Accessory equipment
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MRO supplies
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Which aspect of a product mix pertains to the number of product lines that a company sells? Width Depth Length Weight
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Width
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At which stage of the product life cycle is informative advertising critical? Growth Decline Maturity Introduction
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Introduction
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During which phase of the product life cycle does a company try to get new consumers to adopt its new products? Growth Decline Maturity Introduction
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Introduction
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Which type of product do consumers purchase after comparing them to competing products? Specialty Shopping Unsought Convenience
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Shopping
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Which entity is considered a marketing intermediary? Producer End-user Consumer Middleman
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Middleman
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How does the offering of coupons impact a company's strategic marketing plan? It lowers the cost of its products It promotes its products to consumers It reduces production costs of its products It makes products more profitable to retailers
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It promotes its products to consumers
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Which marketing channel is used for products with large unit sales where transportation only accounts for a small percentage of the total cost? Producer to agent to business user Producer to wholesaler to business user Producer to agent to retailer to consumer Producer to wholesaler to retailer to consumer
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Producer to agent to business user
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A vice president of marketing is planning to use one wholesaler and one distributor for the products in China. Which intensity level of distribution does this represent? Physical Intensive Selective Exclusive
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Exclusive
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Which type of conflict occurs between channel members at the same marketing level? Gray Vertical Horizontal Intermediary
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Horizontal
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In which type of vertical marketing system does a single owner run an organization at each stage of the marketing channel? Corporate Integration Contractual Administered
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Corporate
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Which element of a distribution system is concerned with the location of stock? Warehousing Transportation Inventory control Customer service
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Warehousing
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How does marketing communications differ from integrated marketing communications? Marketing communications provides advertising across a variety of media. Marketing communications delivers messages that are specific to a brand. Marketing communications addresses relationships between buyers and sellers. Marketing communications communicates messages directly to external consumers.
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Marketing communications addresses relationships between buyers and sellers.
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A marketing manager is promoting a line of handbags by having a character in a feature film use the handbags and by posting a picture of the celebrity using the handbag on social media websites. Which two promotional mix elements are being used? Choose 2 answers Publicity Advertising Sales promotion Product placement
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Publicity Product placement
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An ad agency proposed a commercial for a home security system using a model in a swimsuit. What is the advertising appeal being used? Sex Fear Humor Logic
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Sex
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An advertising team for an upscale clothing line wants to add web content that will allow customers to watch and comment on an interview with the popular designer. Which advertising strategy is the advertising team considering? Interactive Associative Cooperative Comparative
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Interactive
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Which advertising objective is effective during both the growth stage and early part of the maturity stage of the product life cycle? Inform Remind Convince Persuade
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Persuade
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A local chocolate company manager wants to attract new customers and decides to use social media instead of broadcast media. Which factor is this manager emphasizing? Type of product Product life cycle Availability of budget Nature of the market
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Availability of budget
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Cosmetics companies offer products through specialized placement in drug stores. Which sales channel is this an example of? Field selling Inside selling Consultative selling Over-the-counter selling
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Over-the-counter selling
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Which selling activity describes a product's major features and relates them to customers' problems? Presenting Prospecting Approaching Handling objections
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Presenting
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A customer schedules an in-home appointment with a local flooring company. After walking through the house with the representative, the customer decides to purchase tile flooring for both bathrooms. The material is delivered and installed. After the project is completed, the representative reaches out to ensure the customer is satisfied. Which type of selling style is this an example of? Inside selling Prospective selling Relationship selling Consultative selling
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Consultative selling
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A computer company sells flat-screen computers of equal quality to Company A on January 1 and to Company B on January 2. The computer company charges both companies $1,000 per computer. Which legal act applies to this situation? Lanham Act Wheeler-Lea Act Clayton Antitrust Act Robinson-Patman Act
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Robinson-Patman Act
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An airline sets lower fares in new markets. The airline desires to increase market share. What is the airline's initial pricing objective? Volume Prestige Profitability Meeting competition
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Volume
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A farmer selling apples at a farmers' market assesses competing apple sellers and notes that all the apples are approximately the same in color and quality. Which method for determining the price will the farmer use? Potential supply Potential demand Targeted return method Customary pricing method
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Potential demand
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A hurricane devastates the Gulf of Mexico where many oil refineries are located. Gas stations are accused of price gouging based on people's fear. Which price determination method is being used by these gas stations? Average costs Limited supply Elastic demand Customary pricing
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Limited supply
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Which pricing strategy is being used when the best prices on budget items are provided without using markdowns or coupons to move merchandise? Full-cost Cost-plus Incremental-cost Everyday low prices
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Everyday low prices
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Which market structure does a store compete in if it sells well-differentiated products at brick-and-mortar stores? Oligopoly Monopoly Pure competition Monopolistic competition
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Monopolistic competition
