question

Good marketing is not a random activity.

answer

True.

question

The group of firms that makes and delivers a given set of goods and/or services is called a supply chain.

answer

True.

question

When a tee shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing?

answer

Production-oriented.

question

Marketing involves all of the following EXCEPT:

answer

Production scheduling.

question

Which of the following is a core aspect of marketing?

answer

Making product, place, promotion, and price decisions.

question

Brian is struggling with the choice of publishing his new book, "How to cook Polish Barbeque" as an e-book or a paperback. Brian is addressing which core marketing aspect?

answer

Making product decisions.

question

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing.

answer

C2C.

question

Joseph is about to graduate near the top of his class and has been looking at some forward-thinking firms. He had expected the job market to be tight, but found that some firms were using employment marketing to attract the candidates they want and need. He noticed these firms used all of the following approaches EXCEPT:

answer

Assuming that the right candidates will learn about the firm and apply for jobs without any encouragement.

question

Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era.

answer

Sales-oriented.

question

Firms and organizations use customer relationship management to:

answer

All of these.

question

Marketing was once an afterthought to:

answer

Production.

question

After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Benjamin an order. Benjamin was providing the important marketing function of:

answer

Engaging customers and developing long-term relationships.

question

Marketing provides the critical function of __________ when companies expand globally.

answer

Understanding customers.

question

A friend of yours comments, "I'm starting my own business. I have a perfect product that no one else can touch, but I have no use for marketing. That's just for the mega-corporations." Which of the following arguments would you NOT use in talking about marketing?

answer

Marketing isn't essential now, but it will be in a year or two when the product takes off.

question

People who initiate, organize, operate and assume the risk of a business venture are called:

answer

Entrepreneurs.

question

If a radio station holds an online contest in which you must log on to their website and submit personal details such as name, phone number and email in order to participate, the radio station is:

answer

Offering an exchange.

question

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

answer

Place.

question

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

answer

Market-oriented.

question

It is not always necessary to go through all the steps in the marketing planning process.

answer

True.

question

Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.

answer

False.

question

If a firm wants to develop a sustainable competitive advantage, it should:

answer

Examine its operations and customer relations to identify significant things competitors cannot easily copy.

question

Which of the following is LEAST likely to provide a sustainable competitive advantage?

answer

Lowering prices.

question

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's:

answer

Opportunities and threats.

question

In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n):

answer

Threat.

question

Recently, Walmart announced it would begin selling organic food products. In doing so, Walmart is probably trying to:

answer

Attract a different market segment.

question

The idea of value-based marketing requires firms to charge a price that:

answer

Captures the value customers perceive that they are receiving.

question

E-books, in addition to being an alternative product form, provide __________ value creation since they can be downloaded via the Internet immediately when they are needed.

answer

Place.

question

The first objective in the Evaluate Performance phase of the marketing planning process is to:

answer

Review implementation programs and results using metrics.

question

Understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm's goals:

answer

Enables firms to make appropriate adjustments.

question

In most companies, marketing resource allocation decisions are made at the SBU or ___________ level of the firm.

answer

Product line.

question

Heather has been assessing a number of her firm's products using the Boston Consulting Group approach to portfolio analysis. She has been trying to assess the strength in a particular market and is looking at the sales of the product and the overall market as well as the sales of competitors. Heather is trying to determine:

answer

The product's relative market share.

question

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ____________ growth strategies.

answer

Market development.

question

Marketers who design and offer new products and services to their existing customers are pursuing a ____________________ growth strategy.

answer

Product development.

question

One example of a customer loyalty program is:

answer

A "frequent diner" card at a restaurant, offering a free appetizer for every $100 in food purchases.

question

In mid-2010, Hewlett-Packard Company (HP) acquired Palm Computing, Inc., a manufacturer of personal devices and smart phones. Before deciding to acquire the company, strategic planners at HP spent time thinking about how Palm and HP would "fit" together, and how the acquisition might change HP's core goals and objectives. The strategic planners were engaged in the ____________ step of the strategic marketing planning process.

answer

Define the business mission.

question

In a SWOT analysis, increasing gasoline prices would represent a potential ______ for manufacturers of electric cars.

answer

Opportunity.

question

Abercrombie & Fitch, a hip clothing retailer, includes a "Share it!" button on its website. This button encourages an Abercrombie customer to post a link to a product page (perhaps showing a new style of jeans) on Facebook or Twitter. Abercrombie & Fitch hopes that the customer's friends (who are probably very much like current customers) will click the link, visit the page, and make purchases. This is an example of a ______ growth strategy.

answer

Market penetration.

question

3M involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. 3M is pursuing a ______ growth strategy.

answer

Product development.

question

Value creation through Place decisions for a consumer product involves:

answer

Making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to.

question

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to:

answer

Evaluate performance and make adjustments.

question

The three elements of the consumer's immediate environment are the company, competition, and corporate partners.

answer

True.

question

As director of a small art gallery, one of Frederica's major concerns is the preferences of the people who buy her artists' work. Frederica recognizes that the center of her marketing efforts is:

answer

Her target customers.

question

Yvonne knows her firm must look at everything they do from a consumer's point of view. One major difficulty is that a consumer's __________ change(s) over time.

answer

Needs, wants, and ability to purchase.

question

When you register your telephone number with the Do Not Call Registry you are responding to a need for:

answer

Privacy.

question

In the immediate marketing environment, one key factor that affects the consumer is:

answer

The firm itself.

question

Yuri is considering a new promotional campaign in which he will compare his products to those of his competitors. Before initiating the promotional campaign, Yuri will likely assess his competitors' strengths, weaknesses, and:

answer

Likely reaction to Yuri's promotional activities.

question

Marketers know that, compared to high school graduates who are working full-time, college students:

answer

Spend their disposable income differently.

question

Marketers in the United States are paying increasing attention to ethnic groups because:

answer

Approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.

question

Laura finds that she spends very little time face to face with her family and friends. Most of her communication is done through text messages on her mobile/cell phone and Facebook. Laura probably is part of which generational cohort?

answer

Generation Y.

question

Which of these is a macroenvironmental factor?

answer

Cultural factors.

Marketing Exam 1 (Chapters 1,2,4). – Flashcards

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