question

________ is an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating

answer

Marketing

question

A company achieves _______ for itself by creating value for customers. A) utility B) needs C) profits D) a brand E) a marketing concept

answer

profits

question

A for-profit firm delivers _________ in exchange for money from consumers. A) demand B) value C) perceived need D) perceived want E) need

answer

value

question

According to your text, modern marketing has its roots in all BUT which of the following? A) anthropology B) economics C) psychology D) sociology E) statistics

answer

anthropology

question

Which of the following is the satisfaction received from owning or consuming a product or service? A) utility B) demand C) valuation D) want E) equity

answer

utility

question

Which of the following is most likely to happen when a consumer does not perceive that a product has utility? A) The customer will not buy the product. B) The customer will research the product before buying it. C) The customer will buy the product without conducting research. D) The customer will have a perceived need for the product. E) The customer will not be influenced by marketing.

answer

the customer will not buy the product

question

___________ are not necessities to meet urgent requirements A) Needs B) Wants C) Demands D) Utilities E) Equities

answer

needs

question

_______ are desires for things that are not essential A) Needs B) Wants C) Demands D) Values E) Equities

answer

wants

question

________ is an individual's financial capacity to buy what she wants. A) Value B) Demand C) Social need D) Utility E) Exchange

answer

demand

question

A __________ is a promise to deliver to a consumer specific benefits associated with a product or service. A) brand B) perceived need C) demand D) value E) utility

answer

brand

question

Which of the following groups is the ultimate judge of a product's utility? A) marketers B) management C) consumers D) suppliers E) government agencies

answer

consumers

question

a firm can use marketing to attempt to transform a(n) ______ into a perceived need for the firm's product or service. A) brand B) equity C) utility D) want E) demand

answer

want

question

if a brand creates a perception of greater value through effective marketing, which of the following will be the most likely result? A) increased sales revenue B) decreased customer lifetime value C) decreased utility D) increased need E) decreased demand

answer

increased sales revenue

question

_________ are items that are used for personal use A) Services B) Demands C) Products D) Promotions E) Utilities

answer

products

question

_____ are items that are used and not retained by a consumer A) Services B) Demands C) Products D) Promotions E) Utilities

answer

services

question

An organization that wants to encourage more tourist visits to certain location is most likely to use which type of marketing? A) people B) cause C) place D) event E) idea

answer

place

question

a marketer who first identifies consumer needs and then creates value by providing products that satisfy those needs is practicing the __________ A) sales orientation B) marketing concept C) customer lifetime value concept D) production orientation E) social responsibility concept

answer

marketing concept

question

a(n) ___________ is created when a customer and business have ongoing interactions through the sales of a product or service A) utility B) marketing concept C) customer relationship D) exchange function E) facilitating function

answer

customer relationship

question

enabling meaningful, personalized communication between a business and its customers is most essential to which of the following? A) the marketing mix B) brand management C) customer relationship management D) the production orientation E) social responsibility

answer

customer relationship management

question

which of the following is most closely associated with customer relationship management? A) the creation of perceived needs B) mass marketing C) production and distribution efficiencies D) commitment to customer lifetime value E) idea and cause marketing

answer

commitment to customer lifetime value

question

when a company calculates _____, the company looks at how much profit expects to make from a particular customer, including each purchase he will make from the company now and in the future A) customer lifetime value B) customer relationship management C) utility D) the exchange function E) the marketing mix

answer

customer lifetime value

question

when a company practices the marketing concept, ___________ serve as the foundation for marketing activities A) profits B) customers C) efficiencies D) sales E) suppliers

answer

customers

question

LL Bean refers to the customer as "the most important person ever in this office." This attitude toward the customer is most closely associated with which of the following? A) the marketing concept B) the production orientation C) the sales orientation D) the social responsibility concept E) the value-added orientation

answer

the marketing concept

question

businesses use the marketing concept when they focus on ________. A) limiting the environmental impact of the company's products B) growing profit margins C) fulfilling the expectations of their customers D) efficiently distributing products to retailers E) creating promotional programs that will increase sales volumes

answer

fulfilling the expectations of their customers

question

Advertisements for products and services began appearing in American newspapers during the ____________ A) early 1700s B) mid 1800s C) post-Civil War era D) early twentieth century E) Great Depression

answer

early 1700s

question

sales opportunities in the US expanded most notably during which of the following time periods? A) the Revolutionary War B) the years immediately following the Revolutionary War C) World War I D) the Great Depression E) the 1930s

answer

the years immediately following the Revolutionary War

question

which of the following marketing orientations focuses primarily on improving efficiency? A) production orientation B) relationship orientation C) sales orientation D) consumer orientation E) social responsibility orientation

answer

product orientation

question

which marketing orientation focuses on creating demand and moving product inventory? A) production orientation B) social responsibility orientation C) consumer orientation D) sales orientation E) relationship orientation

answer

sales orientation

question

which of the following marketing orientations was prevalent during the years of the Great Depression? A) product B) social responsibility C) consumer D) sales E) relationship

answer

sales

question

A ___________ orientation is a marketing philosophy that focuses on ways to satisfy customers' unmet needs and wants. A) consumer B) promotion C) sales D) production E) social responsibility

answer

consumer

question

a business using a relationship orientation focuses on creating value-added relationships with ________. A) consumers only B) suppliers only C) government agencies only D) consumers and government agencies E) consumers and suppliers

answer

consumers and suppliers

question

A company that focuses on building value-added relationships is most likely to place the highest value on which of the following? A) cutting short-term costs B) building long-term relationships C) attracting one-time customers who are highly profitable D) building short-term relationships E) minimizing the need for communication between company and consumer

answer

building long-term relationships

question

which marketing orientation holds that firms should consider society as a whole as a stakeholder? A) relationship orientation B) sales orientation C) consumer orientation D) social responsibility orientation E) production orientation

answer

social responsibility orientation

question

during which of the following time periods was an increased focus on social responsibility in business most significant? A) the first decades of the twentieth century B) the Great Depression C) the 1950s D) the 1980s E) the 2000s

answer

the 2000s

question

AMA stands for _____________ A) the Advertising and Marketing Association B) the Advertising and Marketing Agency C) the Association of Market Advertisers D) the American Media Association E) the American Marketing Association

answer

the American Marketing Association

question

a company's process of creating value occurs _______ the selling process. A) before B) after C) during D) only before and during E) before, during, and after

answer

before, during and after

question

which of the following is one of the three main categories of marketing functions? A) innovation B) internal communication C) exchange D) publicity E) sales

answer

exchange

question

Risk-taking and the promise of servicing a product after purchase are examples of _______ functions. A) exchange B) facilitating C) consumer D) public E) physical

answer

facilitating

question

assembling and packaging are examples of _______ functions. A) exchange B) public C) consumer D) physical E) facilitating

answer

physical

question

selling and pricing are examples of ________ functions. A) exchange B) public C) consumer D) facilitating E) physical

answer

exchange

question

which of the following is NOT one of an organization's internal marketing participants? A) the marketing department B) the finance department C) the board of directors D) the customer E) the organization's president

answer

the customer

question

establishing a product portfolio, determining pricing, establishing distribution channels and creating promotions are all core _________ functions A) utility B) marketing C) management D) production E) customer relationship management

answer

marketing

question

which of the following functions is a marketing department LEAST likely to perform? A) defining the brand B) creating promotions C) securing financing D) creating a CRM process E) establishing distribution channels

answer

securing financing

question

the four Ps are...... A) price, product, place, and promotion B) the tactics used to connect services and products C) product, production, possession, and promotion D) the steps used to identify target markets E) the four classifications of consumer goods

answer

price, product, place and promotion

question

the set of marketing variables a firm uses to achieve its desired sales performance is called the.... A) promotion mix B) product mix C) marketing mix D) facilitating function E) CRM

answer

marketing mix

question

which of the following is NOT one of a company's external marketing participants? A) the government B) a competitor C) an investor D) a marketing research company E) the board of directors

answer

the board of directors

question

_______ can influence a company's marketing decisions by writing letters to management and attending shareholder meetings A) Investors B) Competitors C) Customers D) Government agencies E) Consumers

answer

investors

question

________ influence marketing by favorably presenting a company's products and services through the creation and placement of media content. A) Investors B) Competitors C) Consumers D) PR agencies E) Marketing research companies

answer

PR agencies

question

a customer shopping at a clothing store is also a(n) ______ of the store. A) utility B) stakeholder C) demand D) value E) supplier

answer

stakeholder

question

a successful business is most likely to view its marketing department as.... A) the accumulator of customer data B) the link between customers and the business C) the creator of all promotions D) an external shareholder E) a sales-oriented group

answer

the link between customers and the business

question

Ruth Terry is a realtor. In her ads, Terry offers the free use of a moving truck to every customer she helps either buy or sell a house. This free use of a moving truck is an example of...... A) the creation of value B) a perceived need C) a demand D) social responsibility E) customer lifetime value

answer

the creation of value

question

Gretchen is in the process of deciding which new car to buy. In comparing the miles per gallon, luxury features, safety features and style of three different models, Gretchen is considering each car's.... A) demand B) service C) utility D) marketing orientation E) marketing concept

answer

utility

question

which of the following is an example of a need? A) Cara prefers working out at an indoor gym. B) Aisha feels connected when she has her cellphone on. C) Adam is hungry. D) Shul has to complete his essay for tomorrow's class. E) Oliver is looking for a new pair of Nike running shoes.

answer

adam is hungry

question

which of the following is the best example of a want? A) Gerard must find a way to get from his apartment to work. B) Tomas decides to purchase new music for his iPod. C) Michele is looking for a new place to live after learning that her lease will expire next month. D) Marie has found a babysitter to watch her toddler son while she is at work. E) Jane is putting on a coat because it is cold outside.

answer

Tomas decides to purchase new music for his iPod

question

which of the following is the best example of a service? A) the medical examination Jonathon had yesterday B) the sheet music purchased by the piano teacher C) the software Monica purchased from a Web site D) the cleaning supplies purchased for the veterinarian's office E) the tee-shirt you got for running in a 5K race

answer

the medical examination Jonathon had yesterday

question

which of the following most closely reflects the marketing concept? A) "The supplier is king." B) "Marketing should be viewed as foraging and not gardening." C) "This is what I make; won't you please buy it?" D) "This is what I want; won't you please make it?" E) "Customers need to be told where they want to go."

answer

"this is what I want; won't you please make it?"

question

Amaya works in the marketing department of a national clothing retailer. Amaya's job involves identifying customers who are most likely to generate profits for her company and communicating with those customers in meaningful ways that will encourage them to shop in her company's stores more frequently and to purchase more items during each visit to the store. Amaya's job focuses on.... A) the physical function of marketing B) the sales orientation C) the production orientation D) perceived needs E) customer relationship management

answer

customer relationship management

question

stew leonard, the owner of a high successful regional supermarket chain, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he continues to live in the store's area. Stew Leonard's concern is an illustration of which of the following? A) a sales orientation B) a social responsibility orientation C) utility D) customer lifetime value E) a production orientation

answer

customer lifetime value

question

Henry Ford's philosophy was to improve the efficiency of assembling each Model-T automobile so that its cost could be reduced further for increased consumer affordability. This reflects the.....orientation A) marketing B) production C) sales D) consumer E) relationship

answer

production

question

Some fast-food restaurants offer tasty and convenient food that customers want at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook ________. A) the marketing concept B) perceived needs C) the production orientation D) social responsibility E) the sales orientation

answer

social responsibility

question

Ken works at his company's warehouse, where he makes sure that the correct shipments are delivered to the company's vendors on time. In his job, Ken is fulfilling the.....marketing function. A) communication B) physical C) facilitating D) exchange E) transaction

answer

physical

question

which of the following is an example of the exchange marketing function? A) Rachel collects customer data in order to identify the most profitable customer relationships. B) Ziv arranges financing terms for his company's business customers. C) Kelly supervises the processing and packaging of products before they leave her company's factory. D) Gus sets the price points for various items in his company's product line. E) Allison delivers her company's products to its customers.

answer

Gus sets the price points for various items in his company's product line

question

t/f: consumers are likely to unknowingly follow processes when making purchase decisions

answer

true

question

t/f: the idea of utility is borrowed from the study of psychology

answer

false

question

t/f: marketing is limited to physical products

answer

false

question

t/f: under the marketing concept, marketing and selling are synonymous

answer

false

question

t/f: the sales orientation holds that consumers will not buy enough of a company's products unless the company undertakes advertising and selling efforts

answer

true

question

t/f: a business that practices social responsibility focuses on following high ethical standards and improving society rather than generating profits

answer

false

question

t/f: a company that develops green marketing products is displaying a concern for social responsibility

answer

true

question

t/f: according to management guru Peter Drucker, the two basic functions of a business are advertising and sales

answer

false

question

t/f: only the marketing department is responsible for executing the marketing functions for a company

answer

false

question

t/f: the marketing mix includes production, price, promotion and packaging; this is known as the four P's of marketing

answer

false

question

t/f: other departments within a business are internal marketing stakeholders

answer

true

question

t/f: external marketing participants are not considered marketing stakeholders

answer

false

question

t/f: a company's customers are typically not able to influence the company's marketing decisions

answer

false

question

t/f: the marketing department within an organization relies entirely upon internal resources to develop the information needed to make marketing decisions

answer

false

question

t/f: one of a company's many external marketing participants is the government

answer

true

question

t/f: one difference between needs and wants is that needs are not influenced by marketers

answer

true

question

t/f: automobiles, haircuts, tutoring and lighting fixtures are all examples of tangible products

answer

false

question

t/f: Geoff is a brand manager for a line of hair styling products. He makes decisions about how and when to advertise the products. Geoff fulfills a facilitating marketing function

answer

false

question

______ is the task of developing and maintaining an overall company strategy for long-run survival and growth. A) Strategic planning B) Annual market planning C) Short-term planning D) Long-range planning E) Advertising

answer

strategic planning

question

________ involves adapting a firm to take advantage of opportunities in its constantly changing environment. A) Long-range planning B) Short-range planning C) Annual planning D) Strategic planning E) Environmental scanning

answer

strategic planning

question

Starbucks has an annual plan in place to deal with the company's current SBUs and their operations. However, as a growth-oriented firm, Starbucks is interested in both domestic and international markets. This requires Starbucks to constantly monitor the environment and adapt to the opportunities with which it is presented. To take advantage of its changing marketing opportunities, it is most important for Starbucks to have which of the following in place? A) value-delivery network B) mission statement C) supporting objectives D) profit analysis E) strategic plan

answer

strategic plan

question

the first step in strategic planning is to..... A) set objectives and goals B) develop the business portfolio C) define the company mission D) plan marketing strategies E) identify a problem

answer

define the company mission

question

which of the following is NOT a step in the strategic planning process? A) defining the company mission B) setting company objectives and goals C) designing the business portfolio D) planning marketing and other functional strategies E) identifying the company's culture

answer

identifying the company's culture

question

which of the following provides an answer to these questions: what is our business? who are our customers? what do our customers value? what should our business be? A) objectives and goals B) mission statement C) business portfolio D) marketing and functional strategies E) operational strategies

answer

mission statement

question

A vendor for Ford Motor Company received the following message from one of Ford's marketing managers: "As we move forward during the 21st century, it is incumbent upon us to inform you that Ford is committed to building profitable customer relationships by creating environmentally better cars and getting them to market faster at lower costs." The marketing manager is most likely referring to Ford's ________. A) vision statement B) market tactics C) business portfolio D) mission statement E) business objectives

answer

mission statement

question

______ should be market oriented and defined in terms of _________. A) Strategic plans; company needs B) Annual plans; product needs C) Long-range plans; company needs D) Mission statements; customer needs E) Objectives; customer needs

answer

mission statements; customer needs

question

A ___________ defines a business in terms of satisfying basic customer needs. A) market-oriented mission statement B) product-oriented mission statement C) technology-oriented mission statement D) environment-oriented mission statement E) strategic plan

answer

market-oriented mission statement

question

when the makers of a ballpoint pen state they are in the communication equipment business, they are defining their mission too.... A) narrowly B) realistically C) specifically D) broadly E) early

answer

broadly

question

All of the following are accurate guidelines for a company's mission statement EXCEPT.... A) A mission statement should be realistic. B) A mission statement should focus on sales or profits. C) A mission statement should fit the market environment. D) A mission statement should be specific. E) A mission statement should motivate employees.

answer

a mission statement should focus on sales or profits

question

which of the following is NOT a market-oriented business definition? A) "to provide a global trading platform where practically anyone can trade practically anything" B) "to sell tools and home repair and improvement items" C) "to deliver low prices every day" D) "to be the guardian of our customers' financial dreams" E) "to bring inspiration and innovation to every athlete in the world"

answer

to sell tools and home repair and improvement items

question

which of the following is NOT an example of a market-oriented mission statement? A) "We make the Internet buying experience fast, easy, and enjoyable." B) "We create customer connectivity anytime, anywhere." C) "We create fantasies." D) "We hold online auctions." E) "We empower customers to achieve the homes of our dreams."

answer

we hold online auctions

question

all of the following are examples of product-oriented mission statements, EXCEPT...? A) "At America Online, we provide online services." B) "At Disney, we run theme parks." C) "At Nike, we sell shoes." D) "At Revlon, we sell lifestyle and self-expression; success and status; memories, hopes, and dreams." E) "At Ritz-Carlton Hotels, we rent rooms."

answer

at Revlon we sell lifestyle and self-expression; success and status; memories, hopes and dreams

question

Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to be turned into detailed _________ that guide each level of the company. A) sets of strategies B) sets of tactics C) sets of product mixes D) supporting objectives E) sets of promotional tools

answer

supporting objectives

question

paul pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in..... A) defining the company's mission statement B) preparing a business portfolio C) portfolio analysis D) marketing planning E) marketing control

answer

portfolio analysis

question

The collection of businesses and products that make up a company is called its__________ A) strategic business unit B) mission statement C) strategic plan D) business portfolio E) operational factors

answer

business portfolio

question

Business portfolio planning involves two steps: _________ & ________ A) identifying SBUs; assessing the attractiveness of SBUs B) analyzing the current business portfolio; shaping the future business portfolio C) identifying internal strengths; identifying external opportunities D) conducting a SWOT analysis; establishing marketing controls E) identifying growth opportunities; evaluating growth opportunities

answer

analyzing the current business portfolio; shaping the future business portfolio

question

________ can be a company division, a product line within a division, or sometimes a single product or brand. A) A market B) The BCG C) An SBU D) A PLC E) A value delivery network

answer

an SBU

question

after management has identified the key businesses making up its company, what is the next step? A) identify businesses in which to invest B) assess the attractiveness of its SBUs C) decide whether to harvest any businesses D) complete short-range planning E) SBU identification

answer

assess the attractiveness of its SBUs

question

the best known product portfolio planning method was developed by ___________ A) Philip Kotler B) Harvard University C) the SRI Consulting Firm D) the Boston Consulting Group E) James P. Hess

answer

the Boston Consulting group

question

most portfolio analysis methods evaluate SBUs on two dimensions namely ________ and _________. A) market share; strength of the SBU's position B) market or industry growth rate; market or industry attractiveness C) market or industry attractiveness; strength of the SBU's position D) market growth rate; profits E) market penetration; market development

answer

market or industry attractiveness; strength of the SBU's position

question

In the Boston Consulting Group approach, ____________ provide(s) a measure of market attractiveness. A) relative market share B) SBUs C) cash cows D) market growth rate E) dogs

answer

market growth rate

question

In the Boston Consulting Group approach, _________ serve(s) as a measure of company strength in the market. A) relative market share B) SBUs C) cash cows D) market growth rate E) market segmentation

answer

relative market share

question

The BCG growth-share matrix classifies four types of SBUs. They are ___________, ___________, _________, and ___________. A) product; price; promotion; placement B) sales; market share; price; promotion C) stars; cash cows; question marks; dogs D) planning; organizing; leading; controlling E) market penetration; market development; product development; diversification

answer

stars; cash cows; question marks; dogs

question

in the BCG approach ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into _______. A) cash cows; stars B) question marks; dogs C) stars; question marks D) stars; cash cows E) dogs; cash cows

answer

stars; cash cows

question

_______ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment. A) Stars B) Cash cows C) Question marks D) Dogs E) Cats

answer

cash cows

question

When dealing with a _________, managers must decide whether to invest in it in an attempt to build it into a star or cash cow or whether to phase it out. A) star B) dog C) question mark D) cash cow E) cat

answer

question mark

question

In the BCG matrix, income from ________ can be used to help finance the company's question marks and stars. A) dogs B) SBUs C) cash cows D) sales revenue E) overseas operations

answer

cash cows

question

The four possible strategies that can be pursued for each SBU are building, holding, _______ and ______ A) harvesting; divesting B) promoting; selling C) downsizing; expanding D) diversifying; penetrating E) developing; growing

answer

harvesting; divesting

question

Which of the following does NOT accurately reflect a problem with the BCG matrix approach? A) It focuses on future planning. B) It can be costly to conduct. C) It can be time consuming to implement. D) It is difficult to define SBUs and measure market share and growth. E) It focuses on classifying current businesses.

answer

it focuses on future planning

question

Unlike strategic-planning efforts of the past, which were conducted primarily by senior managers, today's strategic planning is more ___________. A) short-term oriented B) decentralized C) limitation-free D) product-oriented E) centralized

answer

decentralized

question

Which department in a company carries the primary responsibility for achieving profitable growth? A) marketing B) finance C) operations D) human resources E) management

answer

marketing

question

Which of the following is a useful tool for identifying growth opportunities? A) the BCG matrix B) the business portfolio C) the product/market expansion grid D) the value chain E) the value delivery network

answer

the product/market expansion grid

question

Mountain Home Farms is now using the product/market expansion grid to develop strategies. The owners of the company have most likely found the grid to be quite useful for identifying__________ A) target markets B) growth opportunities C) key customers D) new products E) suppliers

answer

growth opportunities

question

Making more sales without changing a firm's products is _______ A) market development B) market growth C) market penetration D) product development E) market attractiveness

answer

market penetration

question

Disney is identifying and developing new markets for its theme parks. Disney is exploring possibilities for __________ A) market penetration B) market development C) downsizing D) diversification E) product development

answer

market development

question

If Under Armour the successful maker of moisture-wicking shirts and shorts, considered introducing a line of Under Armour fitness equipment, the company would be considering _________ A) marketing controls B) market development C) diversification D) market penetration E) product adaptation

answer

diversification

question

___________ entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy A) Market segmentation B) BCG C) Product line extension D) Downsizing E) Market redesign

answer

downsizing

question

Which of the following is NOT a reason that a firm might want to abandon products or markets? A) The market environment has changed, making a product less profitable. B) The firm has entered areas in which it does not have expertise. C) The economic climate is showing signs of recovery. D) The firm has grown too fast. E) The firm has not properly researched foreign markets which it has entered.

answer

the economic climate is showing signs of recovery

question

The marketing concept is best thought of as which of the following? A) a guiding philosophy for the company's marketing strategy B) a specific approach to building relationships with customers, vendors, and suppliers C) the overall purpose of the company D) the position the company's product holds in customers' minds E) the organization of the company's marketing department

answer

a guiding philosophy for the company's marketing strategy

question

Each department in a company that carries out value-creating activities can be thought of as a link in the company's _______. A) market development B) product development C) business portfolio D) value chain E) value delivery network

answer

value chain

question

As a company's different functions work to produce value for consumers, the marketing department of a firm should take the _________ point of view. A) employees' B) managers' C) stockholders' D) consumers' E) distributors'

answer

consumers'

question

Multinationals like Honda Motor Co. and Wal-Mart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient ________. A) business model B) low-cost operator C) product mix D) value-delivery network E) problem-solver

answer

value-delivery network

question

_________ is the marketing logic by which a company hopes to achieve profitable customer relationships. A) Price B) Being a low-cost operator C) A consistent product mix D) Marketing strategy E) Implementing a differentiation strategy

answer

marketing strategy

question

In a visual representation of the marketing process, which of the following should appear in the center? A) sales goals B) customer relationships C) company objectives D) customer retention rates E) competitors

answer

customer relationships

question

A sound marketing strategy begins with ____________ A) positioning B) customer analysis C) differentiation D) promotion E) SWOT analysis

answer

customer analysis

question

The process of customer-driven marketing involves ________, ________, ________, and ________. A) product; price; promotion; adaptation B) market segmentation; market targeting; differentiation; positioning C) marketing analysis; planning; implementation; feedback D) analysis; targeting; implementation; control E) problem identification; information search; decision; implementation

answer

Market segmentation; market targeting; differentiation; positioning

question

The process of dividing a market into distinct groups of buyers with different needs, characteristics or behaviors is called _________ A) market targeting B) positioning C) marketing strategy D) market segmentation E) market extension

answer

market segmentation

question

For Hyundai Corporation, customers who care primarily about the price of a car and its operating economy make up one ________. A) market position B) value network C) market segment D) customer extension E) value chain

answer

market segment

question

_______ involves evaluating each market segment's attractiveness and selecting one or more segments to enter. A) Market segmentation B) Product differentiation C) Market targeting D) Market mixing E) Positioning

answer

market targeting

question

Most companies today enter a new market by serving a _______; if this proves successful, they ______ A) single market segment; add segments B) multitude of segments; add more segments C) few segments; add more segments D) niche; differentiate E) target market; reposition

answer

single market segment; add segments

question

_________ is the place a product occupies in the consumer's mind relative to competitors' products A) Product placement B) Product position C) Market segmentation D) Market targeting E) Product promotion

answer

product position

question

Jill Reno has researched new markets and has decided which segments to enter. Next she should decide what ________ her company should occupy in those segments. A) position B) place C) rank D) rating E) percentage of space

answer

position

question

Effective positioning begins with _________ the company's marketing offer in order to give consumers more perceived value A) pricing B) aligning C) differentiating D) promoting E) placing

answer

differentiating

question

In the four Ps of the marketing mix, design, packaging, services and variety all fall under the category of _______ A) product B) price C) promotion D) place E) position

answer

product

question

The text suggests that instead of thinking of selling products, marketers would be wise to take the customer's view and think of ___________ A) providing convenience B) offering solutions to problems C) initiating two-way communication D) offering discounts E) connecting services and products

answer

offering solutions to problems

question

In the marketing management functions, a SWOT analysis should _______ a marketing plan. A) precede B) coincide with C) follow D) evaluate E) take priority over

answer

precede

question

In a SWOT analysis, which of the following would be considered a strength? A) internal limitations B) trends in the market C) favorable factors in the environment D) factors that challenge the company's performance E) internal resources

answer

internal resources

question

In a SWOT analysis, which of the following refers to factors in the external environment? A) strengths B) strategies C) weaknesses D) opportunities E) trends

answer

opportunities

question

To be successful at marketing, companies must effectively turn marketing planning into ________ A) marketing analysis B) marketing implementation C) marketing control D) marketing audits E) marketing budgeting

answer

marketing implementation

question

Under the ______ organizational format of marketing departments, different marketing activities are headed by a specialist such as a sales manager, advertising manager, marketing research manager or custom-service manager A) geographic B) product management C) market management D) customer-centered E) functional

answer

functional

question

Modern marketing departments are arranged in all of the following ways, EXCEPT which one? A) functional organization B) market management organization C) product management organization D) geographic organization E) strategic management organization

answer

strategic management organization

question

The __________ organizational format was first used by Procter and Gamble in 1929. A) functional B) market management C) geographic D) product management E) customer management

answer

product management

question

The _____ organizational system's main advantage is that the company is organized around the needs of specific market segments. A) product management B) market management C) geographic management D) vertical management E) functional management

answer

market management

question

An increasingly large number of firms are changing their organizational focus from _________ to ____________ A) product management; functional management B) product management; geographic management C) brand management; customer relationship management D) geographic management; functional management E) global management; regional management

answer

brand management; customer relationship management

question

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________ A) marketing control B) strategic control C) operating control D) developmental control E) efficiency

answer

marketing control

question

The marketing control process entails the following steps in order: setting goals, _________, evaluating performance, and _______ A) evaluating goals; measuring performance B) achieving goals; measuring performance C) taking corrective action; measuring performance D) measuring performance; taking corrective action E) taking corrective action; following up

answer

measuring performance; taking corrective action

question

Which of the following is NOT a step in the marketing control process? A) setting goals B) measuring performance C) taking corrective action D) defining the mission E) evaluating the causes of gaps between expected and actual performance

answer

defining the mission

question

Ensuring that the company achieves the sales, profits and other goals set out in its annual marketing plan is the purpose of _________ A) marketing control B) operating control C) strategic control D) anticipatory control E) a marketing audit

answer

operating control

question

_______ involves looking at whether a company's basic strategies are well matched to its opportunities. A) Operating control B) Market management organization C) Marketing control D) Strategic control E) Distribution

answer

strategic control

question

Which of the following is a toll for monitoring strategic marketing performance? A) a marketing plan B) a marketing dashboard C) a customer management organization D) a product differentiation E) a value delivery network

answer

a marketing dashboard

question

Which of the following measures the profits generated by investments in marketing activities? A) SWOT analysis B) marketing audits C) executive summaries D) marketing ROI E) budgets

answer

marketing ROI

question

Which of the following would NOT be a useful tool for determining marketing ROI? A) a marketing dashboard B) brand awareness C) market share D) SWOT analysis E) customer lifetime value

answer

SWOT analysis

question

Which of the following is NOT a customer-centered measure of marketing impact? A) customer management B) customer acquisition C) customer equity D) customer retention E) customer lifetime value

answer

Customer management

question

t/f: ABC fortunes has just developed a formal statement of its purpose. This firm has put together a mission statement

answer

true

question

t/f: mission statements should be realistic and general in nature

answer

false

question

t/f: mission statements should both fit the market environment and be motivating

answer

true

question

t/f: at America Online "we create customer connectivity, anytime, anywhere" is a product-oriented mission

answer

false

question

t/f: "At Nike, we sell shoes" is a market-oriented business definition

answer

false

question

t/f: a firm's mission statement should be the basis for both its business and marketing objectives

answer

true

question

t/f: the primary activity in strategic planning is goal setting

answer

false

question

t/f: when designing business portfolios, most companies are well advised to add a broad range of products and businesses to their organization

answer

false

question

t/f: In the BCG matrix "dogs" by definition are businesses and products that do not generate enough cash to maintain themselves

answer

false

question

t/f: more and more companies involve only upper-level management teams in strategic planning

answer

false

question

t/f: though companies need to grow to compete effectively and satisfy their stakeholders, growth itself should not be a company's objective

answer

true

question

t/f: the growth strategy of diversification involves offering modified or new products to current markets

answer

false

question

t/f: a company should consider downsizing when products of an SBU no longer fit the company's overall strategy

answer

true

question

t/f: the marketing department alone cannot produce superior value for customers

answer

true

question

t/f: a company's value chain is only as strong as its strongest link, or most effective department

answer

false

question

t/f: to improve its value delivery network, a company needs to examine the value chains of its suppliers and distributors

answer

true

question

t/f: the image of a product in the minds of consumers is called market segmentation

answer

false

question

t/f: a market segment consists of consumers who respond in different ways to a given set of marketing efforts

answer

false

question

t/f: holiday inn has divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called targeting

answer

false

question

t/f: a company with limited resources would likely decide to serve all segments of a market

answer

false

question

t/f: when a company positions its product, it must first identify possible customer value differences within a market segment that could be the basis of a competitive advantage for the product

answer

true

question

t/f: guided by marketing strategy the company designs a marketing mix made up of factors under its control: product, price, place and promotion

answer

true

question

t/f: in the four Ps of marketing mix, promotion refers solely to advertising

answer

false

question

t/f: one valid criticism of the four Ps concept is that services are not considered

answer

false

question

t/f: the four Ps concept takes the seller's view of the market

answer

true

question

t/f: the four marketing management functions are analysis, planning, implementation and control

answer

true

question

t/f: in SWOT analysis, strengths and weaknesses refer to a firm's internal environment, while opportunities and threats refer to the external environment

answer

true

question

t/f: through annual marketing planning the company decides what it wants to do with each business unit

answer

false

question

t/f: marketing planning is the task of selecting marketing strategies for each business, product, or brand in a company with the goal of helping the company attain its overall objectives

answer

true

question

t/f: the final step in the marketing control process is taking corrective action to erase any gaps between goals and performance

answer

true

question

Monsanto operates in many businesses, including pharmaceuticals and food products. The company defines its _________ as creating "abundant food and a healthy environment." A) strategy B) market development C) business portfolio D) mission E) value-delivery network

answer

mission

question

Kimball Gardens is a company that operates as two distinct businesses-one that sells lawn and garden products and one that markets booklets. Each business is called a ________. A) separate entity B) strategic business unit (SBU) C) matrix D) division E) business portfolio

answer

strategic business unit (SBU)

question

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. In order to increase market share, managers may decide to ___________ A) hold the pharmaceuticals division's share B) implement a harvest strategy C) use money from a cash cow to promote the pharmaceuticals division D) divest the SBU E) diversify the pharmaceutical division

answer

use money from a cash cow to promote the pharmaceuticals division

question

The Bank of New York bought Pershing, an off-shore investment firm with operations in India from Credit Suisse First Boston. The Bank of New York is pursuing a _____________ A) product development strategy B) downsizing strategy C) diversification strategy D) market penetration strategy E) product adaptation

answer

diversification strategy

question

Acme, Inc. has modified the production processes of its widgets and gadgets in order to tap into the Eastern European market. Acme is likely following a _________ strategy A) market penetration B) market development C) diversification D) harvesting E) product development

answer

market development

question

Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ____________ A) market development B) product development C) diversification D) market penetration E) product adaptation

answer

market penetration

question

Wal-Mart, the world's largest retailer, has successfully launched its stores in Mexico, Canada, the U.K., and Germany, and other nations. This is an example of how Wal-Mart is pursuing ________ as a growth strategy. A) market penetration B) product development C) demographic market development D) geographical market development E) diversification

answer

geographical market development

question

Wal-Mart relies on sound relationships with its low-cost suppliers in order to pass low prices on to consumers. Thus, forming a ________ is crucial to Wal-Mart's success. A) value delivery network B) growth-share matrix C) customer relationship management policy D) market concept philosophy E) diversification strategy

answer

value delivery network

question

TelStar Plastics is in the process of dividing a market into distinct groups of buyers with different needs, characteristics, and behaviors who might require separate products or marketing programs. Which of the following is this firm doing? A) market development B) market diversification C) market penetration D) market targeting E) market segmentation

answer

market segmentation

question

Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a(n) ________. A) target market B) market segment C) market D) market position E) undefined niche

answer

market segment

question

Paul Pendergraff is evaluating each market segment's attractiveness and is in the process of selecting one or more segments for his firm's product to enter. What is Paul doing? A) market targeting B) marketing segmenting C) marketing D) market positioning E) market penetrating

answer

market targeting

question

Favorite Memories specializes in serving market segments that major competitors overlook and ignore. Which of the following best describes Favorite Memories? A) market follower B) marketer challenger C) market seeker D) market nicher E) full market coverer

answer

market nicher

question

Saturn is "a different kind of company, a different kind of a car"; the Hummer is "like nothing else." These statements reflect a firm's ________. A) product portfolio B) target markets C) market positioning D) strategy E) market niche

answer

market positioning

question

Of the following, it is most important for marketers to develop ________ for their products. A) customer management organizations B) unique market positions C) market management organizations D) marketing ROI data E) marketing dashboards

answer

unique market positions

question

Environmental Service Company wants to practice effective positioning. To do so, the owners must ________ their marketing offering to give consumers more value than the services offered by competitors. A) differentiate B) promote C) advertise D) sell E) represent

answer

differentiate

question

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed? A) SWOT analysis B) business portfolio analysis C) executive summary D) marketing plan E) marketing mix

answer

SWOT analysis

question

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis? A) A company is more able to change a threat than a weakness. B) A company is more able to change a weakness than a threat. C) A company can be more negatively affected by a weakness than by a threat. D) A company can be more negatively affected by a threat than by a weakness. E) A company can more easily identify threats than weaknesses.

answer

a company is more able to change a weakness than by a threat

question

Emerson Studios, a chain of 25 portrait stores in five states, has organized its marketing organization into different marketing activities that are headed by specialists. What type of organization is this? A) geographic B) product C) organic D) functional E) market

answer

functional

question

Peter Cramer is constantly involved in evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained. Peter's current work is most accurately classified as ________. A) marketing control B) marketing planning C) strategic planning D) tactical planning E) strategic control

answer

marketing control

question

Juanita Castro is looking at whether her company's strategies are well matched to its opportunities. Juanita is utilizing...... A) marketing control B) operating control C) strategic control D) SWOT analysis E) marketing auditing

answer

strategic control

Marketing 3310 Test 1 (Ch. 1 & 2) – Flashcards

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