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Chapter 1: Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of __________. A. Not engaging customers B. Developing innovative products. C. Satisfying customer needs D. Telling customers what they need E. Eliminating promotion

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C. Satisfying customer needs

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Chapter 1: What is the key to building lasting customer relationships? A. Marketing on the web B. Selling products at a discount C. Offering everyday low prices D. Creating superior customer value and satisfaction E. Creating unique products that competitors do not offer

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D. Creating superior customer value and satisfaction

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Chapter 1: In marketing terms, what is a market? A. The set of actual and potential buyers of a product or service B. The products that are sold to customers C. A company's current customers D. A retail establishment E. All sellers of a product or service

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A. The set of actual and potential buyers of a product or service

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Chapter 1: The total combined lifetime value of a company's current and potential customers is called __________. A. Market share B. Customer retention C. Customer equity D. Share of customer E. Customer loyalty

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C. Customer equity

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Chapter 1: Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation? A. The selling concept B. The marketing concept C. The product concept D. The production concept E. The societal marketing concept

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B. The marketing concept

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Chapter 1: What are the 4 Ps of marketing? A. Product, price, place, promotion B. Product, price, people, packaging C. Product, price, promotion, profit D. Product, people, price, promotion E. Product, promotion, price, packaging

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A. Product, price, place, promotion

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Chapter 1: You are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________. A. Need; Want B. Want; Demand C. Demand; Want D. Need; Demand E. Want; Need

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A. Need; Want

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Chapter 1: Companies such asIBM, Walmart, and Google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy? A. The marketing concept B. The production concept C. The selling concept D. The societal marketing concept E. The product concept

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D. The societal marketing concept

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Chapter 1: __________ is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. A. Objective value B. Satisfaction C. Demand D. Customer-perceived value E. Exchange

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D. Customer-perceived value

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Chapter 1: Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features? A. The production concept B. The product concept C. The selling concept D. The societal marketing concept E. The marketing concept

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B. The product concept

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Chapter 2: What is the overall goal of marketing strategy? A. To identify competitors, suppliers, and publics B. To position and differentiate the product C. To segment the market and target specific segments D. To create customer value and build profitable relationships E. To develop the marketing mix

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D. To create customer value and build profitable relationships

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Chapter 2: What are the two measurements used in the BCG matrix to classify strategic business units? A. Relative market share; market growth rate B. Market growth rate; return on investment (ROI) C. Market growth rate; degree of competitiveness D. Relative market share; number of products the company produces E. Relative market share; return on investment (ROI)

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A. Relative market share; market growth rate

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Chapter 2: Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of __________. A. The 4 Ps B. Packaging C. The marketing mix D. Market targeting E. Positioning

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D. Market targeting

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Chapter 2: In portfolio analysis, a company must identify __________, which are key businesses that make up the company. A. Potential future businesses B. Marketing intermediaries C. Competitors D. Functional departments E. Strategic business units

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E. Strategic business units

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Chapter 2: When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy? A. Product development B. Divesting C. Market development D. Market penetration E. Diversification

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E. Diversification

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Chapter 2: Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)? A. Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI. B. Marketers are increasingly using customer-centered measures of ROI which include brand awareness, sales, and market share. C. One reason ROI is used is because it is very easy to measure. D. There is a consistent definition of ROI used by marketers. E. One measure of ROI is sales generated by investments in marketing activities.

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A. Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.

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Chapter 2: Effective positioning is based on __________. A. Choosing which segments to profitably serve with a market offering B. Differentiation C. Identifying groups of consumers with similar needs D. Eye level in-store shelf space E. Market share

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B. Differentiation

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Chapter 2: To grow sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent? A. Diversification B. Market penetration C. Market development D. Product development E. Divesting

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B. Market penetration

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Chapter 2: The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) __________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) __________. A. Opportunity; Threat B. Opportunity; Strength C. Threat; Strength D. Opportunity; Opportunity E. Strength; Opportunity

answer

B. Opportunity; Strength

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Chapter 2: According to the growth-share matrix, __________ are high-share, high-growth products. When the market growth slows these products become __________. A. Question marks; Cash cows B. Cash cows; Stars C. Stars; Cash cows D. Cash cows; Dogs E. Question marks; Stars

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C. Stars; Cash cows

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Chapter 3: Which of the following correctly lists marketing intermediaries? A. The company itself, competitors, suppliers, and customer markets B. Suppliers, competitors, resellers, and publics C. Resellers, physical distribution firms, customer markets, and competitors D. Resellers, physical distribution firms, marketing services agencies, and financial intermediaries E. Resellers, physical distribution firms, marketing services agencies, and customer markets

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D. Resellers, physical distribution firms, marketing services agencies, and financial intermediaries

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Chapter 3: Which of the following correctly lists actors in a company's microenvironment? A. Publics, demographics, suppliers, competitors B. Suppliers, marketing intermediaries, competitors, culture C. The economy, publics, competitors, suppliers D. Competitors, marketing intermediaries, suppliers, publics E. Suppliers, marketing intermediaries, technology, publics

answer

D. Competitors, marketing intermediaries, suppliers, publics

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Chapter 3: Demography studies statistics that include __________. A. Age, gender, government regulation, and race B. The economy, technology, family, and age structure of the population C. Age, gender, race, and occupation D. Population size, density, income distribution, and culture E. Age, race, income distribution, and lifestyle

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C. Age, gender, race, and occupation

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Chapter 3: P&G launched their "Tide Loads of Hope" program, which provides mobile laundromats to families in disaster-stricken areas. P&G washes, dries, and folds clothes for these families free of charge. This is an example of __________. A. Adhering to government regulation B. Being socially irresponsible C. Environmental sustainability D. Cause-related marketing E. Putting profits ahead of social responsibility

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D. Cause-related marketing

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Chapter 3: Which of the following is true regarding the technological environment? A. The pace of technological change is slowing down. B. Companies must keep up with changes in technology or risk being left behind. C. Changes in technology are always beneficial to consumers and society. D. As products and technology become more complex, safety becomes less of a concern. E. Government regulation has no impact on applying new technologies to products.

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B. Companies must keep up with changes in technology or risk being left behind.

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Chapter 3: The __________ consists of larger societal forces that affect how a company engages and serves its customers. A. Macro-environment B. Competitive environment C. Business environment D. Micro-environment E. Customer environment

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A. Macro-environment

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Chapter 3: One important reason that business legislation is enacted is to __________. A. Provide legal guidelines for businesses and marketers without actually enforcing them B. Protect consumers from unfair business practices C. Ensure that competition is unregulated D. Ensure that companies make profits E. Remove legal regulations from a free market economy

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B. Protect consumers from unfair business practices

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Chapter 3: Which of the following statements regarding the current demographic environment is correct? A. The ethnic diversity of the U.S. population should remain stable in the years to come. B. The combined size of the Millennials and Gen Z has resulted in the U.S. population getting younger. C. The LGBT community is not an attractive target for marketers. D. There are few differences between different generational groups. E. The U.S. population is rapidly getting older.

answer

E. The U.S. population is rapidly getting older.

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Chapter 3: Which of the following statements regarding generational marketing is correct? A. Marketers need to form more precise age-specific segments within each generational group. B. Marketers see Gen Z as one homogenous group. C. Marketers see baby boomers as one homogenous group. D. Each generation is typically at the same socioeconomic level. E. The most effective way to segment by age is to use birth date as the basis.

answer

A. Marketers need to form more precise age-specific segments within each generational group.

question

Chapter 3: The most important actors in the company's microenvironment are __________. A. Publics B. The company itself C. Customers D. Competitors E. Suppliers

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C. Customers

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Chapter 4: Which of the following statement regarding competitive marketing intelligence is correct? A. Monitoring a competitor's website is unethical. B. The goal of competitive marketing intelligence is to improve strategic decision making. C. Companies should not be concerned about competitor's accessing publicly available information about them. D. Marketing intelligence information is not available from the U.S. government. E. Marketing intermediaries are not a good source of competitive marketing intelligence

answer

B. The goal of competitive marketing intelligence is to improve strategic decision making.

question

Chapter 4: You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in a(n) __________. A. Individual interview B. Focus group interview C. Experiment D. Ethnographic study E. Immersion group

answer

B. Focus group interview

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Chapter 4: Which of the following best describes a marketing information system (MIS)? A. The company databases which store information B. The marketing team that makes decisions based on customer insights C. The hardware, software, and networks that are used in collecting and analyzing data D. People and procedures that are used to manage information to generate and validate actionable customer and market insights E. Data obtained from the Internet that is used to gain customer insights

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D. People and procedures that are used to manage information to generate and validate actionable customer and market insights

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Chapter 4: Competitive marketing intelligence uses __________ data sources. A. Competitor's internal B. Private C. Expensive D. Internal E. Publicly available

answer

E. Publicly available

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Chapter 4: To develop needed information, marketing information systems utilize __________. A. Marketing managers, information users, and internal databases B. Internal databases, big data, and market research C. Internal databases, marketing intelligence, and marketing research D. Internal databases, marketing research, and marketing managers E. Marketing intelligence, marketing research, and the marketing environment

answer

C. Internal databases, marketing intelligence, and marketing research

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Chapter 4: Which of the following is an advantage to using internal databases for information? A. Internal information sources are easy to manage. B. They can be accessed quickly and cheaply. C. The information stored in internal databases is always current. D. Internal information is in a form that is useful for making marketing decisions. E. Internal information is accurate and complete.

answer

B. They can be accessed quickly and cheaply.

question

Chapter 4: Which of the following statements about online research is correct? A. It is more expensive to conduct online research than using mail, phone, or personal interviews. B. Online surveys generally have higher response rates than those conducted by mail or phone. C. Experiments cannot be conducted online. D. The Internet is especially well suited to qualitative research. E. Online research is only feasible for large companies.

answer

B. Online surveys generally have higher response rates than those conducted by mail or phone.

question

Chapter 4: After defining the problem and objectives, what is the next step in the marketing research process? A. Report the findings. B. Implement the plan. C. Analyze the data D. Collect the data E. Develop the research plan.

answer

E. Develop the research plan

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Chapter 4: Defining the problem and research objectives is the __________ step in the marketing research process. A. Fifth B. First C. Fourth D. Second E. Third

answer

B. First

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Chapter 4: What are the three types of research objectives? A. Exploratory, descriptive, and causal B. Exploratory, descriptive, and definitive C. Exploratory, formal, and casual D. Exploratory, causal, and experimental E. Causal, experimental, and hypothetical

answer

A. Exploratory, descriptive, and causal

question

Chapter 5: Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption? As this characteristic increases, the rate of adoption is slower. A. Compatibility B. Complexity C. Communicability D. Relative advantage E. Divisibility

answer

B. Complexity

question

Chapter 5: Which adopter category consists of opinion leaders who adopt new ideas early but carefully? A. Innovators B. Lagging adopters C. Early adopters D. Late mainstream E. Early mainstream

answer

C. Early adopters

question

Chapter 5: A purse company's ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the cast is a(n) __________. A. Social network B. Subculture C. Opinion leader D. Membership group E. Reference group

answer

E. Reference group

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Chapter 5: Which of the following statements regarding the buyer decision process is correct? A. The nature of the product has no effect on the buyer decision process. B. The buyer decision process consists of four stages. C. Consumers may, in some situations, skip steps in the buyer decision process. D. Consumers tend to take the same amount of time going through the stages of the buyer decision process. E. Consumers go through all stages of the buyer decision process for every purchase situation.

answer

C. Consumers may, in some situations, skip steps in the buyer decision process.

question

Chapter 5: People can be classified into adopter categories. Which two categories are the first to adopt a new product idea? A. Early adopters and the early mainstream B. Early mainstream and the late mainstream C. Innovators and the early mainstream D. Innovators and early adopters E. Early adopters and lagging adopters

answer

D. Innovators and early adopters

question

Chapter 5: Dissonance-reducing buying behavior would result from which of the following conditions? A. High involvement and significant differences between brands B. Low involvement and few differences between brands C. Any buying situation with significant differences between brands D. Low involvement and significant differences between brands E. High involvement and few differences between brands

answer

E. High involvement and few differences between brands

question

Chapter 5: Which of the following correctly defines the consumer market? A. Consumers and the businesses who sell to them B. Manufacturers, resellers, and consumers C. Individuals and households that buy goods and services for personal consumption D. Consumers and the resellers who consumers buy their products from E. Consumers who spend more than $5,000 yearly on goods and services

answer

C. Individuals and households that buy goods and services for personal consumption

question

Chapter 5: What is the correct order of the five stages in the buyer decision process? A. Need recognition, information search, evaluation of alternatives, the purchase decision, and post-purchase behavior B. Need recognition, the purchase decision, information search, evaluation of alternatives, and post-purchase behavior C. Information search, need recognition, evaluation of alternatives, the purchase decision, and post-purchase behavior D. Information search, evaluation of alternatives, need recognition, the purchase decision, and post-purchase behavior E. Evaluation of alternatives, information search, need recognition, the purchase decision, and post-purchase behavior

answer

A. Need recognition, information search, evaluation of alternatives, the purchase decision, and post-purchase behavior

question

Chapter 5: What is the correct order of the five stages of the new product adoption process? A. Awareness, interest, trial, evaluation, adoption B. Awareness, interest, evaluation, trial, adoption C. Awareness, interest, trial, adoption, evaluation D. Awareness, evaluation, interest, trial, adoption E. Interest, awareness, evaluation, trial, adoption

answer

B. Awareness, interest, evaluation, trial, adoption

question

Chapter 5: Which of the following statements regarding habitual buying behavior is correct? A. In these types of purchases buyers see significant differences between brands. B. In these types of purchases buyers search extensively for information. C. In these types of purchases buyers are highly committed to one brand. D. In these types of purchases buyers carefully weigh their choices. E. In these types of purchases marketers often use price and sales promotion as incentives for purchase

answer

E. In these types of purchases marketers often use price and sales promotion as incentives for purchase

Marketing 3501 (Exam 1_Homework_Chapters 1-5) – Flashcards

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