question

Which of the following statements is true of marketing? a. It is more of a philosophy rather than an organization function. b. It is focused on just selling goods, services, and/or ideas. c. It rewards the seller and not the buyer of a transaction. d. It focuses on delivering value and benefits to customers.

answer

It focuses on delivering value and benefits to customers.

question

Researchers at Fresnas Inc. invented a new form of glass that filters harmful rays of sunlight and blocks heat. Without researching the market conditions, Fresnas Inc. went ahead and manufactured windshields with the new glass. It hopes that customers will like its new product. In this scenario, Fresnas Inc. has adopted a _____. a. sales orientation b. production orientation c. market orientation d. societal marketing orientation

answer

production orientation

question

Identify a true statement about production-oriented firms. a. They do not focus on their internal capabilities. b. They lack an understanding of the needs and wants of the marketplace. c. They focus on their customers and have quick cycle times. d. They determine what products their customers want and then produce them.

answer

They lack an understanding of the needs and wants of the marketplace

question

Which of the following is a similarity between a production orientation and a sales orientation? a. Both ignore the importance of assessing a firm's internal capabilities. b. Both lack an understanding of the needs and wants of the marketplace. c. Both place little emphasis on the assessment of manufacturing plants and facilities. d. Both fail in a market where demand exceeds supply.

answer

Both lack an understanding of the needs and wants of the marketplace.

question

Which of the following statements is true of the marketing concept? a. It states that an organization should satisfy customer wants and needs while meeting organizational objectives. b. It overlooks the importance of understanding the competitive arena and strengths and weaknesses of competition. c. It states that firms should give maximum importance to aggressive promotional and advertising activities. d. It states that marketing solely means selling things and collecting money.

answer

It states that an organization should satisfy customer wants and needs while meeting organizational objectives.

question

23. Which of the following strategies is most closely associated with the societal marketing orientation? a. Competing in the market b. Fostering opportunism c. Using clean energy sources d. Increasing overhead production costs

answer

Using clean energy sources

question

Unlike the personnel in market-oriented firms, the personnel in sales-oriented firms: a. tend to be inward looking. b. focus on making what the market wants. c. enhance individuals' and society's long-term best interests. d. determine the needs of both the final buyer and intermediaries.

answer

tend to be inward looking.

question

Which of the following statements is true of customer relationship management? a. It involves targeting the average customer or everybody. b. It involves establishing and tracking customer interactions with a company. c. It considers all customers as one large group that should be targeted with a single promotional strategy. d. It is used by sales-oriented firms to convince customers to buy their products.

answer

It involves establishing and tracking customer interactions with a company.

question

In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share. a. problem child b. dog c. star d. cash cow

answer

cash cow

question

In the portfolio matrix, a _____ has low growth potential and a small market share. a. question mark b. problem child c. star d. dog

answer

dog

question

When a company defines its mission statement based on its short-term objectives, it is said to be suffering from _____. a. marketing myopia b. marketing inertia c. marketing dissonance d. marketing blockage

answer

marketing myopia

question

Which of the following strategies can enable companies to gain a cost competitive advantage? a. Removing frills from products b. Focusing on serving marginal customers c. Eliminating reverse engineering efforts d. Developing additional exclusive functional departments

answer

Removing frills from products

question

In the context of SWOT—internal strengths (S), weaknesses (W), external opportunities (O), and threats (T)—analysis, which of the following can be considered as a strength of an organization? a. Imitable products and services b. A new unserved market c. A superior production technology d. Increased taxes on products

answer

A superior production technology

question

An effective marketing objective: a. is qualitative rather than quantitative. b. is compared to a benchmark. c. is written independently of the mission statement. d. is written after a marketing plan is drafted.

answer

is compared to a benchmark

question

Which of the following statements is true about a niche strategy? a. Only large companies can implement a niche strategy. b. Companies that adopt a niche strategy have only a small number of customers. c. Only the companies that do not have competitors can adopt a niche strategy. d. Companies that adopt a niche strategy can only gain a price advantage over competitors.

answer

Companies that adopt a niche strategy have only a small number of customers.

question

Which of the following examples illustrates a niche strategy? a. Libra Inc., a motor company, using new production techniques to achieve economies of scale b. Alpha Electronics deciding to dissolve one of its strategic business units c. Venus Inc. selling products similar to the ones available in the market d. Relish, a confectionery store, selling handcrafted chocolates in only one city

answer

Relish, a confectionery store, selling handcrafted chocolates in only one city

question

Drafi Arts Corp. makes and sells original handicraft goods. The management of the company has been successfully using a niche strategy for many years. In this case, which of the following is most likely to be true of Drafi Arts Corp.? a. It serves only a limited geographic market. b. It offers products at a lower price than that of the competition. c. It develops products that are similar to those of its competitors. d. It lowers costs by removing frills and options from its products.

answer

It serves only a limited geographic market.

question

According to Ansoff's strategic opportunity matrix, both product development and diversification entail creating new products. a. True b. False

answer

true

question

Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following is most likely to happen? a. Magnira Inc. will enter markets that are already served by separate companies. b. Magnira Inc. will target existing customers rather than new customers. c. Magnira Inc. will create new products for the markets it has penetrated. d. Magnira Inc. will move away from its core capabilities, and it will traverse a range of change.

answer

Magnira Inc. will enter markets that are already served by separate companies.

question

_____ tells us that costs decline at a predictable rate as experience with a product increases. a. A market opportunity analysis (MOA) b. An experience curve c. Marketing myopia d. Ansoff's strategic opportunity matrix

answer

An experience curve

question

a. Apcon Mobiles Inc.'s entry into unfamiliar markets is likely to be risky. b. Apcon Mobiles Inc. follows a product development strategy. c. Apcon Mobiles Inc.'s strategy can be implemented by using customer databases. d. Apcon Mobiles Inc.'s entry into a market with high competition is likely to be successful.

answer

Apcon Mobiles Inc.'s entry into unfamiliar markets is likely to be risky

question

The activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large

answer

Marketing

question

A philosophy that focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace

answer

Production orientation

question

The belief that people will buy more goods and services if aggressive sales techniques are used and that high sales results in high profits

answer

Sales orientation

question

The idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

answer

Marketing concept

question

A philosophy that assumes that a sale does not depend on an aggressive salesforce but rather on a customer's decision to purchase a product it is synonymous with the marketing concept

answer

Market orientation

question

The idea that an organization exists not only to satisfy customer wants and needs and to me organizational objectives but also to preserve or in hands individuals and societies long-term best interest

answer

Societal marketing orientation

question

A companywide business strategy designed to optimize profitability revenue and customer satisfaction by focusing on highly defined and precise customer groups

answer

Customer relationship management

question

The managerial process of creating and maintaining a fit between the organizations objectives and resources in the evolving market opportunities

answer

Strategic planning

question

Market strategy that tries to increase market share among existing customers

answer

Market penetration

question

In marketing strategy that entails attracting new customers to existing products

answer

Market development

question

A marketing strategy that entails the creation of new products for present markets

answer

Product development

question

A strategy of increasing sales by introducing new products into new

answer

Diversification

question

A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate

answer

Portfolio matrix

question

In the portfolio matrix a business unit that is a fast growing market leader

answer

Star

question

In the portfolio matrix a business unit that generates more cash than it needs to maintain its market share

answer

Cash cow

question

In the portfolio matrix a business unit that shows rapid growth but poor profit margins

answer

Problem child

question

In the portfolio matrix a business unit that has low growth potential and a small market share

answer

Dog

question

The process of Anticipating future events in determining strategies to achieve organizational objectives in the future

answer

Planning

question

Designing activities relating to marketing objectives and he changing marketing environment

answer

Marketing planning

question

A written document that act as a guide book of marketing activities for the marketing manager

answer

Marketing plan

question

A statement of the firms business based on the careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

answer

Mission statement

question

Defining a business in terms of goods and services rather than in terms of the benefits customer seek

answer

Marketing myopia

question

Identifying internal strengths and weaknesses and also examining external opportunities and threats

answer

Swot analysis

question

Being the low-cost competitor in the industry while maintaining satisfactory profit margins

answer

Cost competitive advantage

question

Curves that show costs declining a predictable rate as experience with the product increases

answer

Experience curves

question

The provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition

answer

Product differentiation competitive advantage

question

The advantage achieved want to firm seeks to target and effectively serve a small segment of the market

answer

Niche competitive advantage

question

And advantage that cannot be copied by the competition

answer

Sustainable competitive advantage

question

A statement of what is to be accomplished through marketing activities

answer

Marketing objectives

question

The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets

answer

Marketing strategy

question

The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these markets segments

answer

Market opportunity analysis

question

Products place promotion and pricing

answer

Marketing mix

question

The process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives

answer

Implementation

question

Gauging the extent to which the marketing objectives have been achieved during the specific time.

answer

Evaluation

question

Provides the mechanisms for evaluating marketing results in light of the plans objectives and for correcting the actions that do not help the organization reach those objectives within budget guidelines

answer

Control

question

A thorough systematic periodic evaluation of the objectives and strategies structure and performance of the marketing organization

answer

Marketing audit

marketing chap 1 and 2 – Flashcards

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