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

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Good marketing is not a random activity.
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True.
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The group of firms that makes and delivers a given set of goods and/or services is called a supply chain.
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True.
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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?
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Production-oriented.
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Marketing involves all of the following EXCEPT:
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Production scheduling.
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Which of the following is a core aspect of marketing?
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Making product, place, promotion, and price decisions.
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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?
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Making product decisions.
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Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase __________ marketing.
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C2C.
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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:
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Assuming that the right candidates will learn about the firm and apply for jobs without any encouragement.
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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.
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Sales-oriented.
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Firms and organizations use customer relationship management to:
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All of these.
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Marketing was once an afterthought to:
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Production.
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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:
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Engaging customers and developing long-term relationships.
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Marketing provides the critical function of __________ when companies expand globally.
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Understanding customers.
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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?
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Marketing isn’t essential now, but it will be in a year or two when the product takes off.
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People who initiate, organize, operate and assume the risk of a business venture are called:
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Entrepreneurs.
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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:
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Offering an exchange.
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Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
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Place.
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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?
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Market-oriented.
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It is not always necessary to go through all the steps in the marketing planning process.
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True.
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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.
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False.
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If a firm wants to develop a sustainable competitive advantage, it should:
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Examine its operations and customer relations to identify significant things competitors cannot easily copy.
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Which of the following is LEAST likely to provide a sustainable competitive advantage?
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Lowering prices.
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Samantha is charged with assessing her company’s external environment as part of a SWOT analysis. Samantha will study her company’s:
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Opportunities and threats.
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In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n):
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Threat.
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Recently, Walmart announced it would begin selling organic food products. In doing so, Walmart is probably trying to:
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Attract a different market segment.
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The idea of value-based marketing requires firms to charge a price that:
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Captures the value customers perceive that they are receiving.
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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.
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Place.
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The first objective in the Evaluate Performance phase of the marketing planning process is to:
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Review implementation programs and results using metrics.
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Understanding the causes of performance, regardless of whether that performance exceeded, met, or fell below the firm’s goals:
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Enables firms to make appropriate adjustments.
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In most companies, marketing resource allocation decisions are made at the SBU or ___________ level of the firm.
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Product line.
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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:
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The product’s relative market share.
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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.
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Market development.
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Marketers who design and offer new products and services to their existing customers are pursuing a ____________________ growth strategy.
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Product development.
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One example of a customer loyalty program is:
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A “frequent diner” card at a restaurant, offering a free appetizer for every $100 in food purchases.
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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.
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Define the business mission.
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In a SWOT analysis, increasing gasoline prices would represent a potential ______ for manufacturers of electric cars.
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Opportunity.
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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.
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Market penetration.
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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.
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Product development.
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Value creation through Place decisions for a consumer product involves:
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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.
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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:
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Evaluate performance and make adjustments.
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The three elements of the consumer’s immediate environment are the company, competition, and corporate partners.
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True.
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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:
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Her target customers.
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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.
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Needs, wants, and ability to purchase.
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When you register your telephone number with the Do Not Call Registry you are responding to a need for:
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Privacy.
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In the immediate marketing environment, one key factor that affects the consumer is:
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The firm itself.
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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:
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Likely reaction to Yuri’s promotional activities.
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Marketers know that, compared to high school graduates who are working full-time, college students:
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Spend their disposable income differently.
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Marketers in the United States are paying increasing attention to ethnic groups because:
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Approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups.
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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?
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Generation Y.
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Which of these is a macroenvironmental factor?
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Cultural factors.

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