Marketing one- Reynolds – Flashcards
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The development and spread of new ideas, goods, and services for the marketplace is called...
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innovation.
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From a micro view, marketing
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d. is a set of activities performed by an individual organization to satisfy its customers..
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Marketing could NOT take place without:
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c. two or more parties who are willing to exchange something for something else.
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Marketing is NOT needed in a ______________ economy.
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c. pure subsistence
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Exchange between producers and consumers is more difficult in an advanced economy because of:
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E ALL OF THE ABOVE
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The universal functions of marketing include buying, selling, transporting, storing,
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c. standardization and grading, financing, risk taking, and marketing information
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In a ____ the individual decisions of the many producers and consumers make the macro- level decisions for the whole economy.
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c. market-directed economy
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The text discusses the evolution of business through five "eras." Which of the following is not one of these eras?
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a. Diversification era.
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An organization practicing ______ aims all its efforts at satisfying its customers—at a profit.
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a. the marketing concept
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The three basic ideas in the "marketing concept" are:
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d. customer satisfaction, total company effort, profit.
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Which of the following statements about customer value is true?
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a. Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
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Concerning marketing ethics:
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d. All of the above are true
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The marketing management process is the process of:
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d. All of the above
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A marketing strategy
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a. specifies a target market and a related marketing mix.
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The difference between target marketing and mass marketing is that target marketing
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c. focuses on specific customers, while mass marketing aims at an entire market.
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The "four Ps" of a marketing mix are:
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d. Product, Place, Promotion, and Price.
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"Product" is concerned with:
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d. All of the above might be involved.
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The ______ area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted.
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c. Place
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The _____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the "right" product.
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b. promotion
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The Price area of the marketing mix: a. Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices. b. Does not involve estimating consumer reaction to possible prices. c. Requires an understanding of discounts and allowances. d. Both A and C.
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d. Both A and C.
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Which one of the fours P's are the most important
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e. None of the above--all contribute to one whole.
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A "marketing plan":
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c. includes the time-related details for carrying out a marketing strategy.
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A "marketing program":
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a. blends all of a firm's marketing plans into one big plan.
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_____ help(s) innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
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c. Breakthrough opportunities
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______ means that a firm has a marketing mix that the target market sees as better than a competitor's mix.
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a. Competitive advantage
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_______ means the marketing mix is distinct from and better than what is available from a competitor.
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c. Differentiation
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A SWOT analysis includes:
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E all of the above
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_____ means trying to increase sales by selling present products in new markets.
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b. Market development
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International opportunities should be considered by managers because:
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D all of the above
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Marketing managers should remember that there are many variables in the ____________ that affect strategy planning.
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d All of the above
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All of the following are part of the direct market environment except:
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b. the technological environment.
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A mission statement .
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b. sets out the organization's basic purpose for being.
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With regard to a firm's resources (when searching for attractive opportunities):
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b. lack of financial strength is often a barrier to entry.
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The __________ environment affects the number and types of competitors a marketing manager must face--and how they might.
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a. competitive
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In monopolistic competition,
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c. each competitor tries to get control in its "own" target market.
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___________ ___________ are the firms that are considered to be the organization's closest challengers.
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c. Competitive rivals
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The economic environment
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a. can change very rapidly.
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Underlying any economic environment is technology which affects
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a. how the economy's resources are converted to output.
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"Nationalism" is an issue in the ______________ environment.
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c. political
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A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ________environment.
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d. legal
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The languages people speak, the type of education they have, and their religious beliefs are examples of the
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c. cultural and social environment.
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A firm's product-market screening criteria for evaluating existing plans and possible new opportunities should consider
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D all of the above
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Between 2010 and 2025, population in the U.S. is projected to grow about _____percent.
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A. 15
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Most Americans live in ________ areas.
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a. urban
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Gross domestic product (GDP) is
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a. the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.
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Which of the following is true?
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c. Baby Boomers refer to the generation born from 1946 to 1964.
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Evaluating opportunities in international markets is uniquely challenging for managers because
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a. international variables are confusing and unfamiliar to outsiders.
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