Marketing Exam 1- Practice Questions – Flashcards

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What are the elements of the marketing mix?
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Product, Price, Place and promotion
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What can be marketed?
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Goods, services, people, places, and ideas
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What refers to 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?
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Marketing
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What is the marketer's strategic toolbox used to create a desired response among a set of predefined customers?
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Marketing mix
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What type of marketing occurs when a firm markets goods from one organization to another?
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Business-To-Business marketing
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When marketing adds value by ensuring consumers the type of product they want, where and when they want it, the firm is creating ____________?
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Utility
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Historically, what was the original approach to marketing?
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Production concept
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The triple-bottom-line orientation that has, in recent years, become a marketing process to improve the organizations capability to offer quality is based on what bottom lines?
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Financial, social and environmental lines
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What era was it when Henry Ford was able to own 60% of the new-car market through developing new efficiencies in manufacturing
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The Production Era
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Total Quality Management is a management philosophy that involves all employees from the assembly line onward in continuous product quality improvement. In the? 1990s, this management approach was associated with what type of? orientation?
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Consumer orientation
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The triple bottom line has resulted in a new way of long-term thinking which is called what?
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Societal marketing concept
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Ford employs about 200? ___________ analytics experts to help them analyze information and make better? decisions, such as making sure the right car is available when a customer with a specific profile visits a particular dealership.
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Big data
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When a firm or marketing organization offers customers a superior value and capability that other competitors cannot? match, it has a? ____________.
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Distinctive competency through the value chain
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The first element in the value chain an organization offers customers is the __________________.
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Inbound logistics
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From a customer value? perspective, a marketing team may be challenged to convince customers that the? _________________ is superior to products available from competitors.
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value proposition
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?Coca-Cola's capability to command 50 percent of the? world's soft-drink business is related to its? ________________________ in distribution and marketing communications.
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Distinctive competency
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When a customer purchases an iPad at the local Apple? store, the support team called Geniuses provides assistance to the customer with any product issues. The Geniuses team plays what role in the value? chain?
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Service
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As more and more consumers are using social networks and? ______________ to evaluate? businesses, marketing professionals in the hospitality industry may be inclined to consistently monitor web sites such as TripAdvisor for reviews.
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Consumer-generated content
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Value Chain
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series of activities involved in? designing, producing,? marketing, delivering, and supporting any product
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A? ___________ is a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
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Market segment
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The marketing plan is a document that describes the? organization's assessment of several elements of the market environment and one element of its competitive? advantage, which includes? _________________.
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The organization's capabilities- tell what the firm can do to meet the needs of customers as part of its marketing plan
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The? _____________ is a document that describes the marketing? environment, outlines the marketing objectives and? strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
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Marketing plan
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?__________ represents the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts.
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Target Market
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Although? Ford, General? Motors, and BMW are all part of the larger auto? market, each firm may attempt to attract customers whose needs differ from the larger market. This is an example of establishing a? _________________.
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Market segmentation
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Marketers may focus their marketing plans and efforts around a distinct segment of consumers identified as the ____________.
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Target market
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When would the fear appeal not work?
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The fear appeal arouses little or no anxiety, meaning consumers
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Sex appeals can be seen as offensive to some people. The tendency of people to take offense to such ads is an example of what?
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Selective Interpretation
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When consumers choose to watch specific TV shows or read certain magazines they are exhibiting in what?
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Selective exposure
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The Marlboro brand was successfully repositioned to the male blue collar market by linking the brand to the image of the American cowboy. The success of this strategy is generally attributed to the power of:
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Classical conditioning
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Consumer advocacy groups fear that beer ads that continuously portray its consumption in 'festive' party settings may lead children to equate having fun with drinking. This fear is tied to a belief that children are more susceptible to the power of:
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Classical conditioning
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Although humor appeals for low involvement products (e.g. 'grocery store products') may yield some 'affect referral,' the primary learning theory responsible for generating brand name recall probably is:
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Iconic Rote Learning
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Which of the following best reflects the concept of 'exchange' in marketing? A. Trading values between exchange partners B. Delivering want satisfaction to markets C. Generating profits from sales D. Creating synergistic marketing mixes E. All of the above.
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E- all of the above
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Which of the following 'utilities' is least likely to be created solely by the marketing function in the firm?
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Form ???
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Attaching an attractive life style to a product via advertising is generally an attempt to create ____________ utility.
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Image
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The combination of product, price, promotion, and distribution is generally referred to as _____________.
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Marketing Mix
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A measure or expression of the value (in terms of money, goods, or services) of a good or service is most closely associated with which component of the marketing mix?
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Price
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A good, service, or idea that offers a bundle of tangible and intangible attributes to satisfy customers' wants & needs is most consistent with which element of the marketing mix ?
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Product
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About? 25% of the? $18 trillion in world trade is not conducted in? dollars, but is? bartered, and it is referred to as? ________.
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Countertrade
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Firms follow a? four-step approach to decide whether they will become part of the global market. The third step is a critical one determining the appropriate? ________ strategy.
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Market-entry
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?______________________ occurs when countries trade goods by using other items instead of cash.
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Countertrade
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A firm is considering going global and is determining if it should standardize or localize its market strategy. These tasks are at which step of the going global? decision-making process?
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Step 4
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_________________________ is the flow of goods and services among different countries —the value of all the exports and imports of the? world's nations.
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World trade
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Today, we see increasing growth in world trade with world exports of merchandise increasing from? $12 trillion in 2009 to nearly? ______________ in 2012.
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$18 trillion
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Mercosur, the? EU, and? NAFTA, which contribute to the flow of goods and services? globally, are considered? ________.
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Economic communities
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When a government employs? embargoes, quotas, and tariffs on foreign goods entering the? country, it is exhibiting? ________.
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protectionism
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The main function of? _______________ is to ensure that trade flows as? smoothly, predictably, and freely as possible.
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World Trade Organization? (WTO)
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?_________________ is an extreme quota that prohibits commerce and trade with a specified country altogether.
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Embargo
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The U.S. belongs to which of the following economic? communities?
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NAFTA
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The? ____________________ economic community represents 490 million? consumers, over 300 million of whom use the euro as their currency.
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EU
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One of the most commonly used indicators of a? country's economic health is the? ________.
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GDP (gross domestic product)
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Which of the following factors is an economic aspect of the of the? firm's environmental? scanning?
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General System of Preferences? (GSP)
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The total? _________ of the United States was? $16.72 trillion, which includes the total dollar value of goods and services it produces within its borders in a year.
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GDP
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In? 2009, the U.S. economy experienced falling? demand, employment, and income. Which phase of the business cycle was the country? experiencing?
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Recession
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The airline industry requires substantial investments in equipment or technology to produce a product. As a? result, there are a relatively small number of? sellers, each holding substantial market? share, in a market with many buyers. Because there are few? sellers, the actions of each directly affect the others. This is an example of? a(n) __________.
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oligopoly
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Brazil has recently tightened its? ________________ regarding the manufacture and assembly of wind turbines. Under these? rules, a minimum of? 70% of the steel plates and? 100% of the cement used to build the towers must be of Brazilian origin.
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local content rules
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Of the three levels of business? planning, the most? long-range portion is? ________.
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Strategic planning
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When a firm has multiple products and services to? market, it often creates individual units in distinct business? areas, which are referred to as? ________.
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Strategic business units (SBU's)
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A? ________ is a document that describes the marketing? environment, outlines the marketing objectives and? strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
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Marketing plan
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?________ refers to a managerial decision process that matches an? organization's resources and capabilities to its market opportunities for? long-term growth and survival.
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Strategic planning
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?________ is the second level of planning that involves developing detailed plans for strategies and tactics for the short? term, supporting an? organization's long-term strategic plan.
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Functional planning
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?________ is the third level of planning in which focus is placed on? day-to-day execution and include detailed? annual, semiannual, or quarterly plans.
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Operational planning
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A marketing manager uses portfolio analysis to determine how to manage different? products, brands, and SBUs the firm has. The category that is known as a? ________ offers the greatest profits that can be used to fund other? products, brands, and SBUs.
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Cash cow
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Which growth strategy do marketers employ to increase sales with existing products to existing markets such as current users and? ex-users?
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Market penetration
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In step 2 of the strategic planning? process, a firm conducts a? ________, which enables the organization to develop strategies that make use of what the firm does best in seizing opportunities for? growth, while at the same time avoiding external threats that might hurt the? firm's sales and profits.
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SWOT Analysis
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In the first step of the strategic planning? process, a firm creates a? ________, which is a formal statement in an? organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its? customers, products, and resources.
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Mission statement
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Marvel Entertainment would be considered a? ________ on? Disney's BCG? growth-market share matrix because it creates films such as The Avengers that dominant market share and generate large? revenues, but require large amounts of funding to keep up with production and promotion demands.
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Star
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If Dannon were to aggressively promote its Activia yogurt with probiotics in an effort to increase sales of existing products to existing markets such as current? users, nonusers, and users of competing brands within a? market, the company would be using a? ________ strategy.
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Market penetration
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Step 2 in the marketing planning process involves? ________, which is specific to the? firm's brands,? sizes, product? features, and other? marketing-mix elements.
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Setting marketing objectives
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Developing the marketing? program, also known as? a(n) ________, includes assigning responsibility for each part of the? plan, developing a? timeline, creating a marketing? budget, and then measuring and controlling the program.
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Action plan
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?________ is step 4 of the market planning process. At this? stage, a firm assesses the potential demand for its products-and decides whether it is able to create a sustainable competitive advantage in the marketplace.
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Select a target market and the best marketing mix strategy.
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With respect to the 'Unidimensional' theory
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Your affective associations with the object
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Creating attitudes for new products generally requires attempting to first structure the consumer's
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Cognitions for the object
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Consumers' life styles' are generally considered to be an outgrowth of their 'self concepts' T or F?
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T
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Since 'self concept' is difficult, if not impossible, to measure, marketers substitute measures of:
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Life style
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What step is this of the market planning? process? A firm performs a situation analysis by analyzing the marketing environment.
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Step 1
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What step sets marketing objectives that are specific to the? firm's brands,? sizes, product? features, and other related marketing mix elements.
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Step 2
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What step is focused on implementing the marketing plan and setting the controls to monitor the progress of the plan compared to the marketing objectives.
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Step 4
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Every morning Pete buys a newspaper from the vending machine located just outside of his office building. What kind of utility is this?
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Time, place, and possession utility
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Wilson Farms grows some of the finest strawberries in Florida. Customers come from miles away to pick its succulent berries. Last year, its owner increased its production ability by almost 50 percent. The farm owner assumed that customers would pick Wilson Farms' strawberries because the berries were of good quality and reasonably priced. Andover Farms is acting as if it is in the product-orientation stage of marketing thought. T or F
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False
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Which of the following statements best reflects the adoption of the societal marketing concept by a manufacturer of disposable diapers?
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The manufacturer has initiated a diaper recycling program in conjunction with a consumer education program to make consumers more aware of the potential environmental hazards associated with such products.
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Bates Manufacturing produces some of the finest furniture in North Carolina. Buyers world-wide attend furniture shows to view Bates' newest creations. Last year, management increased its production capacity by almost 20 percent, assuming that increased capacity would lead to substantial cost reductions that would allow Bates to further lower its prices. Management assumed that buyers choose its furniture due to its high quality and reasonable prices. Bates Manufacturing is acting as if it is in the _____________ stage of marketing thought.
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Production-oreintation
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Barbara has opened a small business. She is selling a bottled mixture of hot and mild peppers, stuffed green olives and spices. The product is distributed by mail. So far, no promotion other than word-of-mouth has been needed. For only $4.75, you can buy a pint jar of the mixture that you can use on everything from chili to Chinese food. The preceding describes the ______________ for Barbara's company.
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Marketing Mix
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T or F: Although many activities are essential to a company's growth, marketing is the only one that directly produces revenue.
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True
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"A total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets to achieve organizational objectives" is the text's definition of:
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Marketing
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What is Ford's philosophy? what concept?
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Production concept
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What is GM's philosophy? what concept?
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Marketing concept
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Build a better mousetrap is what concept?
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Product concept
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Firms engaged in a MOA are least likely to pursue a __________________ opportunity if they wish to remain within the bounds of their firm's current mission.
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Diversification
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A target market is anyone who buys the good or service being marketed: T or F
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F
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If the owner of a children's day-care center were to answer the question, "what business are you in?" with the statement, "We nurture children and provide them with a homelike environment that keeps their separation anxieties to a minimum", it would be an example of a market-oriented mission statement.: T or F
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T
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Innovative software traditionally defined its mission as 'developing innovative spread-sheet applications.' Consultants hired by Innovative Software argue that the firm is defining its mission too narrowly, from a 'product perspective.' To avoid falling into the trap of 'marketing myopia,' how would you recommend that Innovative Software redefine its mission?
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Focus on software solutions for meeting a range of customer's applications-related needs.
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Haggar Apparel, one of the United States' largest producers of ready-made custom-fit suits, has responded to the dress-down trend at work by adding jeans and a "relaxed, yet tailored" line of suits called City Casuals. Haggar anticipates that its current customers will be the primary consumers of the new line. According to the product-market matrix, Haggar Apparel is pursuing an opportunity of:
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Product development
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______ is a good example of a field experiment.
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test marketing
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Why would a marketing researcher use a survey rather than some other tool to gather research data?
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It is a good way to gather information first-hand about people's beliefs and attitudes.
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The Postal Service gathered 800,000 names and addresses of people who took an interest in their mail service. This collection of names and addresses is an example of a(n):
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Database
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The observation method for gathering research data is most effective for:
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Determining how people act while waiting in a bank line.
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One of the biggest mistakes in marketing research is to:
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Collect primary data before exhausting the information available from secondary sources.
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If the owners of Six Flags over Georgia want to know where the amusement park's patrons are coming from, they could send an employee out to collect the state names from the license plates of cars parked in the Six Flags' parking lot. This is an example of the ___________ method of gathering marketing research.
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Observation
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Gatorade staffers monitor social-media posts 24 hours a day, hoping what they see and learn will help the company more effectively promote its new G-Series of drinks and other products. Staffers may actually engage with consumers via social media to make product suggestions, or stimulate added discussion of its products. Gatorade clearly is collecting valuable information via this activity. Gatorade's use of social media in this manner probably is best considered what form of research?
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Observation research
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George just bought a new car. He like d the speed that comes with a Camaro Z28, but he also liked the luxury of the Lexus. He purchased the Honda Accord because it seemed to combine some of the luxury of the Lexus and some of the speed of Camaro. Even after making his purchase, George wondered if he had missed something by not buying one of the other cars. George experienced cognitive dissonance: T or F
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T
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Which of the following best suggests the major distinction between classical conditioning and iconic rote learning as applied to advertising?
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Classical conditioning is used to generate a direct affective response to the brand; iconic rote learning attempts to create top-of-mind awareness for the brand - an emotional response to the brand is not intended.
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Which of the following statements about the buying decision process used by consumers is true?
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Some stages of the process may be skipped.
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When Don went to the bookstore to see if his physics textbook was in stock, he walked by the magazine rack and saw the new copy of Mother Earth News. He picked the magazine up and bought it without any prior planning. Buying the magazine was an example of _______ buying
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Impulse buying
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