question

1) ________ refers to the benefits a customer receives from purchasing a good or service. A) Satisfaction B) Demand C) Want D) Promotion E) Value

answer

Value

question

2) Which of the following is NOT a marketing field? A) supply-channel management B) accounting C) brand management D) advertising E) new product planning

answer

...

question

3) A(n) ________ is the ultimate user of a good or service. A) stakeholder B) market C) target market D) marketer E) consumer

answer

consumer

question

ch. 2 1) A business plan ________. A) is a document that outlines marketing strategies B) identifies how a company will measure and control specific marketing strategies C) is another name for a marketing plan D) includes the decisions that guide the entire organization or its business units E) is another name for a SWOT analysis

answer

includes the decisions that guide the entire organization or its business units

question

2) A(n) ________ is a document that describes the marketing environment, outlines the marketing objectives and strategies, and identifies how the company will implement and control those strategies. A) marketing plan B) communications plan C) business plan D) operational plan E) financial plan

answer

marketing plan

question

3) A ________ is a firm's set of written standards of behavior to which everyone in the organization must subscribe and which establish standards for how the organization interacts with its stakeholders. A) civil law B) strategic plan C) code of ethics D) marketing plan E) business plan

answer

code of ethics

question

4) ________ is the managerial decision process that matches the organization's resources and capabilities to its market opportunities for long-term growth. A) Operational planning B) Strategic planning C) Portfolio analysis D) SWOT analysis E) Corporate culture

answer

Strategic planning

question

5) SBU stands for ________. A) strategic buying utilities B) successful business utilities C) strategic business units D) standard business units E) successful business units

answer

strategic business units

question

6) Areas of business within a firm that are different enough to have their own missions, business objectives, resources, managers, and competitors are referred to as ________. A) strategic business units B) market development units C) market penetration units D) standard business units E) competitive intelligence units

answer

strategic business units

question

7) The marketing plan is a type of ________. A) day-to-day plan B) code of ethics C) strategic plan D) independent plan E) functional plan

answer

functional plan

question

8) If Xerox had continued to define its ________ in terms of just producing copy machines instead of providing "document solutions," the shift to electronic documents would have left the company in the dust. A) return on marketing investment B) portfolio analysis C) SWOT analysis D) mission E) external environment

answer

mission

question

9) The second step in strategic planning is to ________. A) formalize a mission statement B) establish the business portfolio C) set SBU and department-level objectives D) set organizational objectives E) assess the organization's internal and external environments

answer

assess the organization's internal and external environments

question

10) Analysis of a firm's internal environment identifies the firm's ________. A) strengths and weaknesses B) strengths and opportunities C) opportunities and threats D) weaknesses and threats E) strengths and threats

answer

strengths and weaknesses

question

11) A firm's internal business environment does NOT include ________. A) its employees B) its corporate culture C) its products D) its technologies E) elements of the legal environment

answer

elements of the legal environment

question

12) Analysis of the external environment of an organization identifies the organization's ________. A) strengths and weaknesses B) strengths and opportunities C) opportunities and threats D) weaknesses and threats E) strengths and threats

answer

opportunities and threats

question

13) Each year, Honeywell asks every department manager to rate his or her department's strengths and weaknesses as well as those of the other departments with which the department interacts. Then each department manager is asked what he or she sees as the greatest threats and opportunities for the company. Honeywell is asking its department managers to engage in a(n) ________. A) SWOT analysis B) portfolio analysis C) market analysis D) functional planning session E) compatibility assessment

answer

SWOT analysis

question

14) Within a larger corporation, each SBU ________. A) has its own business portfolio B) has access to equal resources C) has separate shareholders D) is a separate profit center E) is dependent upon central management for a mission statement

answer

is dependent upon central management for a mission statement

question

15) A(n) ________ is a tool management uses to assess the potential of a firm's business portfolio. It helps management decide how to allocate resources among the firm's current SBUs. A) SWOT analysis B) portfolio analysis C) value chain D) operational plan E) compatibility assessment

answer

portfolio analysis

question

16) The growth-market share matrix developed by the Boston Consulting Group (BCG) is a type of ________. A) SWOT analysis B) portfolio analysis C) value chain D) situational analysis E) compatibility assessment

answer

portfolio analysis

question

17) According to the BCG growth-market share matrix, ________ are strategic business units with products that have a dominant market share in a high-growth market. A) problem children B) exclamation points C) cash cows D) stars E) question marks

answer

stars

question

18) According to the BCG growth-market share matrix, ________ are strategic business units with products that have a dominant market share in a low-growth market. A) dogs B) exclamation points C) cash cows D) stars E) question marks

answer

cash cows

question

19) According to the BCG growth-market share matrix, ________ are strategic business units with products that have low market shares in fast-growth markets. A) dogs B) exclamation points C) cash cows D) stars E) question marks

answer

question marks

question

20) According to the BCG growth-market share matrix, ________ are strategic business units with products that have a small share of a slow-growth market. A) dogs B) exclamation points C) cash cows D) stars E) question marks

answer

dogs

question

21) An SBU fits into the ________ category of the BCG model when sales have been steady and the firm has a large market share. A) problem child B) dog C) cash cow D) star E) question mark

answer

cash cow?

question

22) Which of the following is a limitation of the BCG matrix? A) It doesn't help managers determine which SBUs need investment to grow. B) It doesn't help managers determine which SBUs should be dropped from the portfolio. C) It focuses on the future of the market rather than current conditions. D) It doesn't tell managers the best ways to make growth happen. E) It can't be used by corporations with multiple SBUs.

answer

...

question

23) A growth strategy that attracts users of competitive brands is called a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development

answer

market penetration

question

24) When McDonald's purchased Donato's Pizza and a controlling interest in Chipotle Mexican Grills, the company was pursuing a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development

answer

diversification

question

25) The ________ provides managers with four different fundamental marketing strategies: market penetration, market development, product development, and diversification. A) BCG growth-market share matrix B) portfolio analysis C) strategic plan D) SWOT analysis E) product-market growth matrix

answer

product-market growth matrix

question

26) When General Mills urged consumers to lower their cholesterol by eating Cheerios twice a day over the course of six weeks, the aim was to increase usage among current customers. General Mills used a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development

answer

market penetration

question

27) ________ strategies emphasize both new products and new markets to achieve growth. A) Diversification B) Market penetration C) Market development D) Product development E) Cash cow

answer

Diversification

question

28) The first step of the marketing planning process involves closely examining the ________. A) marketing strategies B) product development process C) marketing controls D) marketing environment E) functional plan

answer

marketing environment

question

29) Which step in developing a marketing plan includes an analysis of the marketing environment? A) situation analysis B) development of marketing objectives C) selection of a target market D) development of marketing strategies E) implementation of the marketing plan

answer

implementation of the marketing plan

question

30) The second step of the marketing planning process is to ________. A) perform a situation analysis B) set marketing objectives C) define a marketing mission D) identify a target market E) develop a marketing mix

answer

identify a target market

question

31) In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives. A) situation analyses B) strategic plans C) marketing objectives D) market development strategies E) marketing controls

answer

strategic plans

question

32) In the ________ step of the marketing planning process, decisions are made concerning what markets to target and what marketing mix strategies to use. A) perform a situation analysis B) develop marketing strategies C) implement the marketing plan D) control the marketing plan E) develop marketing metrics

answer

develop marketing strategies

question

33) In the ________ stage of marketing planning, marketers must determine how they want consumers to think of their product in comparison to competing products. A) develop a mission statement B) perform a situation analysis C) develop marketing strategies D) develop distribution strategies E) implement the plan

answer

develop marketing strategies

question

34) Southwest Airlines uses a ________ to target customers who could not previously afford air travel. A) pricing strategy B) market penetration strategy C) marketing metric D) distribution strategy E) mission statement

answer

pricing strategy

question

35) Marketers communicate a product's value proposition to the target market by implementing a ________. A) product segment B) promotional strategy C) pricing strategy D) distribution strategy E) marketing metric

answer

promotional strategy

question

36) Advertising, sales promotion, public relations, direct marketing, and personal selling are all part of the ________. A) target market strategy B) pricing strategy C) product strategy D) promotion strategy E) distribution strategy

answer

promotion strategy

question

37) Many airlines now encourage customers to purchase online "ticketless" flight reservations by charging a fee to those who purchase tickets at ticket counters. This is an example of a ________ strategy. A) distribution B) return on marketing investment C) marketing control D) product E) promotion `

answer

distribution

question

38) After marketing strategies are developed, the next step in marketing planning is ________. A) development of marketing objectives B) strategic planning C) implementation D) situation analysis E) pricing development

answer

implementation

question

39) ________ is the formal process of monitoring progress toward meeting marketing objectives. A) Corporate culture B) Control C) Implementation D) Situation analysis E) SWOT analysis

answer

Control

question

40) Making adjustments to the marketing plan is part of ________. A) SWOT analysis B) portfolio analysis C) implementation and control D) situation analysis E) return on marketing investment processes

answer

implementation and control

question

Ch 4: 1) A ________ is a process that determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to users. A) primary data collection system B) secondary data collection system C) competitive intelligence system D) marketing research project E) marketing information system

answer

marketing information system

question

2) Which of the following lists the three important components of a basic marketing information system (MIS)? A) competitive intelligence, internal records, and all sales personnel B) existing data, market researchers to gather more data, and the technology to convert those data into information C) managers at all levels, corporate culture, and internal data D) data, computer hardware and software, and output for marketing decision makers E) information resources, technical experts, and marketing managers

answer

data, computer hardware and software, and output for marketing decision makers

question

3) Frito-Lay's ________ gathers daily sales data and sorts it by product line and by region. The marketing managers use the data to evaluate the market share of different Frito-Lay products compared to one another and to competing snack foods in each region where the company does business. A) case study B) acquired database C) syndicated research D) marketing information system E) marketing intelligence system

answer

marketing information system

question

4) Data such as which of a company's customers buy which products, which items the company has in stock, and when the company ships items to its customer are all examples of ________. A) marketing intelligence B) acquired data points C) external primary data D) marketing research E) internal company data

answer

internal company data

question

5) Managers at a discount retailer's headquarters would use which of the following to access up-to-the-minute sales information obtained from the store's cash registers around the country in order to detect problems with products, promotions, and even the firm's distribution system? A) a company intranet B) secondary data C) a prediction market D) marketing intelligence E) sampling

answer

a company intranet

question

6) Which of the following is the method by which marketers collect available information about what is going on in the world that is relevant to their business? A) a marketing decision support system B) marketing management C) longitudinal research D) a marketing intelligence system E) data mining

answer

a marketing intelligence system

question

7) ________ is the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness. A) Marketing research B) Marketing management C) Competitive intelligence D) Marketing intelligence E) Internal marketing

answer

Marketing research

question

8) Which of the following is general information collected by specialized firms on a regular basis and then sold to other firms? A) syndicated research B) custom research C) competitive research D) perceptual tracking E) marketing decision support research

answer

syndicated research

question

9) A company reports on consumers' perceptions of more than 1,700 performers for companies that are interested in using a performer in their advertising. This type of report is an example of ________. A) syndicated research B) custom research C) case study research D) exploratory research E) primary research

answer

syndicated research

question

10) ________ is research a single firm conducts to provide answers to specific questions. A) Syndicated research B) Custom research C) Consumer data D) Perceptual tracking E) Internal data

answer

Custom research

question

11) To take advantage of the massive amount of data now available, sophisticated analysis techniques called ________ are becoming a priority for many firms. A) data mining B) prospecting C) cold calling D) data warehousing E) data tallying

answer

data mining

question

12) The process through which analysts sift through massive amounts of available data to identify unique patterns of behavior among different customer groups is called ________. A) causal research B) custom research C) longitudinal research D) data warehousing E) data mining

answer

data mining

question

13) Cellular providers who have begun signing deals with business partners wanting to market products based on specific phone users' locations and calling habits are participating in a new trend called ________. A) telemarketing B) data warehousing C) reality mining D) virtual mining E) prediction marketing

answer

reality mining

question

14) Which of the following is NOT one of the four main applications of data mining for marketers? A) customer retention B) customer acquisition C) customer abandonment D) competitive intelligence E) market basket analysis

answer

competitive intelligence

question

15) Companies are most likely to use data mining results identifying unprofitable customers for ________. A) customer retention B) customer loyalty C) customer acquisition D) customer abandonment E) market basket analysis

answer

customer abandonment

question

16) Which of the following is a true statement about the steps in the marketing research process? A) The research design should be determined before the problem is defined. B) The last step is to analyze and interpret the data. C) The first step is selecting a method of data collection. D) The first step is defining the research problem. E) The data must be collected before the sample can be designed.

answer

The first step is defining the research problem.

question

17) The marketing research process step of defining the research problem has three components: specifying the research objectives, identifying the consumer population of interest, and ________. A) placing the problem in an environmental context B) determining a budget for the research process C) selecting managers responsible for analyzing the data D) determining whether primary data will be needed E) deciding whether to hire a marketing research agency or to conduct the research in-house

answer

placing the problem in an environmental context

question

18) Which component of the marketing research process determines the consumer population that a company will study? A) the research design B) the sampling method C) the research objective D) the collection method E) the sampling design

answer

the research objective

question

19) Which of the following specifies exactly what information marketers will collect and what type of study they will do? A) the research objective B) the environmental context C) the sampling method D) the data collection method E) the research design

answer

the research design

question

20) Data that has been collected for some other purpose than to answer the question at hand is called ________. A) primary data B) secondary data C) mined data D) experimental data E) ethnographic data

answer

secondary data

question

21) Which of the following is information gathered directly from respondents in order to specifically address a question at hand? A) ethnographic observations B) experimental hypotheses C) primary data D) secondary data E) internal data

answer

primary data

question

22) Marketers would be most likely to use ________ to come up with ideas for new strategies and opportunities or to get a better understanding of a problem they are currently experiencing with a product. A) experimental research B) experiential research C) exploratory research D) causal research E) secondary research

answer

exploratory research

question

23) Which of the following is most likely to involve in-depth surveying or observation of a few consumers who fit the profile of the "typical" customer? A) data mining B) syndicated research C) exploratory research D) causal research E) descriptive research

answer

exploratory research

question

24) Which type of research generates nonnumeric results that provide detailed verbal or visual information about consumers' attitude? A) data mining B) qualitative research C) quantitative research D) causal research E) descriptive research

answer

qualitative research

question

25) Which of the following is true of focus groups? A) They are typically conducted in mall settings. B) They are a type of descriptive research. C) They are a type of one-on-one interview. D) They are used to gather exploratory data. E) They do not use a discussion leader.

answer

They are used to gather exploratory data. ?

question

26) A(n) ________ is a comprehensive examination of a particular firm or organization. A) focus group B) case study C) longitudinal study D) expert panel E) ethnographic study

answer

case study

question

27) Using ________, some marketing researchers participate in real-life consumer activities to get an understanding of how consumers actually use products. A) mechanical observation B) ethnography C) focus groups D) face-to-face interviews E) telephone interviews

answer

ethnography

question

28) Focus groups have become one of the major marketing research tools for getting insight into consumer thoughts and feelings. However, a researcher relying solely on focus groups would likely be most concerned about which of the following? A) finding a convenience sample B) generalizing the results to the rest of the population C) administering the questions D) orchestrating cooperation among participants E) generating qualitative data

answer

generalizing the results to the rest of the population

question

29) Descriptive research using a ________ design tracks the responses of the same sample of respondents over time. A) latitudinal B) cause-and-effect C) longitudinal D) cross-sectional E) hierarchical

answer

longitudinal

question

30) Marketers use ________ when they want to determine if a change in one thing is responsible for a change in something else. A) ethnography B) predictive techniques C) descriptive research D) causal research E) exploratory research

answer

causal research

question

31) Researchers design ________ to test predicted relationships among variables in a controlled environment. A) longitudinal assessments B) statistical models C) multidimensional scales D) experiments E) perceptual maps

answer

experiments

question

32) Which of the following is NOT an advantage of online questionnaires? A) speed B) low costs C) almost instantaneous results D) control over who respondents are E) no geographic restrictions

answer

control over who respondents are

question

33) Predictive technology used by e-marketers relies on which of the following? A) sophisticated brain scans revealing consumers' reactions to advertisements and products B) collecting data through people meters C) collecting qualitative information through online questionnaires D) drawing generalizations from professional respondents E) tracking the shopping patterns of large numbers of people

answer

tracking the shopping patterns of large numbers of people

question

34) ________ is the extent to which research actually measures what it was intended to measure. A) Flexibility B) Validity C) Responsiveness D) Reliability E) Representativeness

answer

Validity

question

35) ________ is the extent to which research measurement techniques are free of errors. A) Flexibility B) Validity C) Responsiveness D) Reliability E) Representativeness

answer

Reliability

question

36) Children are difficult subjects for market researchers because they have poor recall and often do not understand the questions they are asked. This brings into question the ________ of the survey. A) flexibility B) sampling C) responsiveness D) reliability E) representativeness

answer

reliability

question

37) The two main types of samples used by researchers are ________. A) reliable and nonreliable B) probability and nonprobability C) valid and invalid D) static and dynamic E) longitudinal and latitudinal

answer

probability and nonprobability

question

38) Which of the following is true about a probability sample? A) The observation method is used to select people who appear most willing to participate. B) Convenience is the key determinant of who participates. C) A researcher uses personal judgment to select participants. D) Every member of the population is included in the sample. E) Each member of the population has some known chance of being included in the sample.

answer

Each member of the population has some known chance of being included in the sample.

question

Ch. 7 1) People's diverse interests and backgrounds divide them into numerous groups with distinct needs and wants, a condition most accurately described as ________. A) market aggregation B) market positioning C) economic aggregation D) disintermediation E) market fragmentation

answer

market fragmentation

question

2) Marketers must balance the ________ of mass marketing with the ________ of offering each individual customer exactly what he wants. A) efficiency; effectiveness B) scale; positioning C) investment; cost D) cost; investment E) positioning; scale

answer

efficiency; effectiveness

question

3) Which of the following statements about the steps in the target marketing process is true? A) The first step in the target marketing process is setting marketing objectives. B) There are four steps in the target marketing process. C) The second step in the target marketing process is the identification of all segmentation variables. D) The final step in the target marketing process is positioning. E) The target marketing process is not related to positioning.

answer

The final step in the target marketing process is positioning.

question

4) What are the steps, in order, of the target marketing process? A) segmentation, positioning, targeting B) segmentation, targeting, and positioning C) targeting, segmentation, and positioning D) targeting, positioning, and segmentation E) positioning, segmentation, and targeting

answer

segmentation, targeting, and positioning

question

5) Which of the following is the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics? A) acculturation B) segmentation C) market fragmentation D) market aggregation E) positioning

answer

segmentation

question

6) The group of American consumers born between 1979 and 1994 are often called ________. A) baby busters B) the silent majority C) Generation Y D) tweens E) Generation X

answer

Generation Y

question

7) Which of the following is the most accurate generalization of members of Generation Y? A) Many people in this segment seem determined to have stable families after growing up as latchkey children. B) Members of this generation are currently responsible for the majority of new start-up businesses in the United States. C) Members of this generation were born in the years immediately following the end of World War II. D) Members of this generation are willing to spend money to stay young, healthy, and attractive. E) Members of this generation are more difficult to reach through television advertising than members of older generations are.

answer

Members of this generation are more difficult to reach through television advertising than members of older generations are.?

question

8) The supermarket sells boxes of pink diapers and blue diapers. This is an example of segmenting by ________. A) gender B) age C) ethnicity D) social class E) geocoding

answer

gender

question

The management practice of ________ involves actively seeking people of different races, sexes, ethnic groups, and religions in an organization's employees, customers, suppliers, and distribution channel partners. A) geodemography B) cultural diversity C) ethnic segmentation D) psychography E) social networking

answer

cultural diversity

question

10) Companies can customize Web advertising by ________ so that people who log on in different places will see ad banners for local businesses. A) geocoding B) geodemography C) geodiversity D) psychographics E) usage

answer

geocoding

question

11) The division of buyers into groups based on lifestyle or personality characteristics is ________ segmentation. A) behavioral B) psychographic C) values D) demographic E) needs

answer

psychographic

question

12) Which three primary consumer motivations are key to the VALS system? A) faith, family, and finances B) age, gender, and ethnicity C) place of usage, time of usage, and frequency of usage D) ideals, achievement, and self-expression E) income, education, and geographic location

answer

ideals, achievement, and self-expression

question

13) Markets can be segmented into group of nonusers, ex-users, potential users, heavy users, and moderate users of a product. This is an example of ________ segmentation. A) behavioral B) occasion C) demographic D) psychographic E) geocoding

answer

behavioral

question

14) The 80/20 rule is most directly related to ________ segmentation. A) demographic B) behavioral C) geodemographic D) socioeconomic E) psychographic

answer

behavioral

question

15) According to the long tail approach to selling, ________. A) the Internet provides fewer opportunities for segmenting markets B) companies can make the most money by focusing on the "bottom-of-pyramid" market C) companies should focus on the 20 percent of customers who purchase the greatest volume of their product D) companies should focus on the 80 percent of customers who purchase the greatest volume of their product E) companies can make money by selling small amounts of items that only a few people want

answer

companies can make money by selling small amounts of items that only a few people want

question

16) Which of the following is the best example of the long tail approach to selling? A) Nearly 20% of the videos delivered by Netflix are older or obscure titles from its vast collection of videos. B) Kraft Foods focuses on the 20% of U.S. households that purchase 80% of the Miracle Whip the company markets. C) Barnes & Noble stocks the most popular books and magazines in its retail stores. D) Google lets advertisers target certain ads to certain segments of search engine users. E) Staples segments its business-to-business markets based on sales volume.

answer

Nearly 20% of the videos delivered by Netflix are older or obscure titles from its vast collection of videos.

question

17) During tax season, you're likely to see more TurboTax ads on Google pages, even if you aren't searching for tax software. This is an example of ________ segmentation. A) geodemographic B) psychographic C) usage occasion D) demographic E) geocoding

answer

usage occasion

question

Chapter 1: 1) ________ refers to the benefits a customer receives from purchasing a good or service. A) Satisfaction B) Demand C) Want D) Promotion E) Value

answer

Value

question

2) Which of the following is NOT a marketing field? A) supply-channel management B) accounting C) brand management D) advertising E) new product planning

answer

accounting

question

3) A(n) ________ is the ultimate user of a good or service. A) stakeholder B) market C) target market D) marketer E) consumer

answer

consumer

question

4) ________ is 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. A) Demand satisfaction B) Competitive advantage building C) Marketing D) Total Quality Management E) Value chain management

answer

Marketing

question

5) ________ is about delivering value to everyone who is affected by a transaction. A) Demand B) Competitive advantage C) Marketing D) Exchange E) The value chain

answer

Marketing

question

6) Buyers, sellers, investors, and community residents are all considered ________ in a company. A) stakeholders B) shareholders C) consumers D) value chain members E) social marketers

answer

stakeholders

question

7) When a gap exists between a consumer's actual state and some ideal or desired state, the consumer has a ________. A) benefit B) demand C) need D) value E) utility

answer

need

question

8) A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced. A) benefit B) demand C) value D) utility E) want

answer

want

question

9) A ________ is the outcome that motivates a customer's buying behavior. A) benefit B) demand C) value D) need E) want

answer

benefit

question

10) A customer's desire for a product coupled with the buying power or resources to obtain that product is called a ________. A) benefit B) demand C) need D) stake E) service

answer

demand

question

11) To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product. A) demand center B) audience C) value proposition D) marketplace E) market

answer

market

question

12) All of the following are forms of utility created by marketing processes except ________. A) form utility B) place utility C) time utility D) possession utility E) price utility

answer

price utility

question

13) ________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown. A) Form B) Place C) Time D) Possession E) Price

answer

Form

question

14) Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of a ________ utility. A) form B) place C) time D) possession E) price

answer

time

question

15) For an exchange to occur, ________. A) at least two people or organizations must be willing to make a trade, and each must have something the other wants B) there must be one winner and one loser C) someone must make a financial profit D) the item must be tangible E) time utility must be created

answer

at least two people or organizations must be willing to make a trade, and each must have something the other wants

question

16) In which kind of market would a production orientation be most successful? A) a buyer's market in which supply exceeds demand B) a market in which there are more sellers than buyers C) a seller's market in which demand is greater than supply D) a market that sells only intangible products E) no market

answer

a seller's market in which demand is greater than supply

question

17) Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business. A) consumer B) marketing C) selling D) societal E) relationship

answer

selling

question

18) A ________ orientation is a management philosophy that focuses on ways to satisfy customers' needs and wants. A) consumer B) promotion C) selling D) production E) quality

answer

consumer

question

19) In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following? A) sustainability B) the production orientation C) the selling orientation D) manufacturing on demand E) instapreneurship

answer

sustainability

question

sustainability

answer

the financial bottom line, the social bottom line, and the environmental bottom line

question

21) ________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. A) Value propositioning B) Customer relationship management (CRM) C) Differential benefit development D) Sales orientation E) Value chain management

answer

Customer relationship management (CRM)

question

22) ________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm. A) Value propositioning B) Customer relationship management (CRM) C) The social marketing concept D) A sales orientation E) Value chain management

answer

The social marketing concept

question

23) A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs. A) the selling orientation B) the production orientation C) Total Quality Management D) sustainability E) return on investment

answer

...

question

24) Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers? A) greenwashing B) green marketing C) triple bottom line orientation D) social marketing E) social networking

answer

green marketing

question

25) ________ are intangible products that we pay for and use but never own. A) Consumer goods B) Services C) Industrial goods D) E-commerce products E) Value products

answer

Services

question

26) ________ are the tangible products that individuals purchase for personal or family use. A) Consumer services B) Consumer goods C) E-services D) E-products E) Industrial goods

answer

...

question

27) ________ marketing is the marketing of goods and services from one organization to another. A) Distributive B) Consumer C) Customer D) Business-to-business E) Target

answer

Business-to-business

question

28) ________ is the buying and selling of products over the Internet. A) Consumer-generated marketing B) Consumer relationship management C) E-commerce D) Social marketing E) Social networking

answer

E-commerce

question

29) When companies calculate the lifetime value of a customer they look at ________. A) how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future B) the positive word of mouth about the product that the customer can spread among her family, friends, and acquaintances C) the lifetime expectancy of the product the customer purchased D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company

answer

how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future

question

30) A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product. A) value proposition B) production orientation C) value chain D) marketing concept E) market position

answer

value chain

question

31) In addition to marketing activities, the ________ includes business functions such as human resource management and technology development. A) value chain B) marketing mix C) utility function D) customer relationship management process E) market position

answer

value chain

question

32) Social networking is an integral part of which of the following? A) the triple bottom line orientation B) lifetime value of a customer C) the value chain D) Web 2.0 E) Web 1.0

answer

Web 2.0

question

33) ________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal. A) Total Quality Management B) Sustainability C) Return on investment D) Marketing E) The open source model

answer

Marketing

question

34) 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. A) marketing mix B) marketing plan C) value proposition D) value chain E) open source model

answer

marketing plan

question

35) ________ is the process of thinking strategically about the big picture and where the firm and its products fit within it. A) The marketing mix B) Total Quality Management C) Marketing planning D) Customer relationship management E) Value proposition creation

answer

Marketing planning

question

36) A ________ is a distinctive 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. A) market segment B) popular culture C) mass market D) market mix E) market position

answer

market segment

question

37) A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts. A) social network B) market convergence C) subculture D) value chain E) target market

answer

target market

question

38) A market position refers to ________. A) the organization's decision to use no more than two elements of the marketing mix B) the location where the organization sells its products C) the specific means the organization uses to distribute its products D) how the target market perceives a product in relation to competitors' products E) the strategic planning and execution of the marketing mix

answer

how the target market perceives a product in relation to competitors' products

question

39) The Four Ps are ________. A) price, product, place, and promotion B) price, profit, production, and possession C) product, production, possession, and promotion D) product, promotion, price, and profit E) place, production, process, and profit

answer

price, product, place, and promotion

question

40) Which of the following is a true statement about the Four Ps of the marketing mix? A) A decision about one of the Ps affects every other marketing-mix decision. B) Product is always the most important of the Four Ps. C) Place is typically the least important of the Four Ps. D) The Four Ps have little effect on a product's market position. E) The Four Ps are used to determine a product's target market.

answer

A decision about one of the Ps affects every other marketing-mix decision.

question

41) Which of the following is part of the product element of the marketing mix? A) a quality discount B) a store coupon C) a newspaper advertisement D) the packaging E) publicity releases

answer

the packaging

question

42) ________ is the assignment of a product's value, or the amount the consumer must exchange to receive the offering. A) Promotion B) Price C) Benefit D) Need E) Utility

answer

Price

question

43) The ________ element of the marketing mix communicates the value proposition using forms such as personal selling, advertising, coupons, and publicity. A) production B) place C) price D) distribution E) promotion

answer

promotion

question

44) Which element of the marketing mix is most closely associated with a company's supply chain? A) production B) place C) price D) profit E) promotion

answer

place

question

Ch 3: 1) Marketers need to understand the ________ environment of a country from two perspectives: the overall level of development of a country and the current stage of its business cycle. A) political and legal B) sociocultural C) economic D) technological E) natural

answer

economic

question

2) The most commonly used measure of economic health of a country is the country's ________. A) gross domestic product (GDP) B) gross national product (GNP) C) exchange rate D) cost of living E) Big Mac Index

answer

gross domestic product (GDP)

question

3) ________ measures the value of all goods and services produced by a country's individuals or organizations, whether within the country's borders or not. A) Gross national product (GNP) B) The inflation rate C) Gross domestic product (GDP) D) The business cycle E) Economic infrastructure

answer

Gross national product (GNP)

question

4) In most cases, which of the following is true about a least developed country (LDC)? A) It has an economy based on agriculture. B) It is by definition landlocked. C) It has a viable middle class. D) It has high literacy levels. E) It has an advanced economic infrastructure.

answer

It has an economy based on agriculture.

question

5) Which of the following is NOT among the largest of the world's developing countries? A) Brazil B) Russia C) India D) Canada E) China

answer

Canada

question

6) A severe recession is a depression, a period in which prices fall but there is little demand because few people have money to spend and many are out of work. This condition is part of ________. A) the competitive environment B) the business cycle C) the technological environment D) demographics E) social norms

answer

the business cycle

question

7) Which of the following occurs when prices and the cost of living rise while money loses its purchasing power? A) prosperity B) recovery C) inflation D) deflation E) a depression

answer

inflation

question

8) ________ income is the amount of money an individual has left to spend after paying for necessities such as housing, utilities, food, and clothing. A) Discretionary B) Gross product C) Standard of living D) Inflationary E) Competitive

answer

Discretionary

question

9) Through ________ competition, competitors offer different products, attempting to satisfy the same consumers' needs and wants. A) discretionary income B) product C) brand D) monopolistic E) oligopolistic

answer

product

question

10) The YMCA and Gold's gym engage in ________ competition when they both try to attract customers to buy their fitness center services. A) discretionary income B) product C) brand D) monopolistic E) oligopolistic

answer

brand

question

11) In a(n) ________ structure, one seller controls a market. A) monopoly B) oligopoly C) monopolistic competition D) perfect competition E) natural competition

answer

monopoly

question

12) In a(n) ________ structure, there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers. A) monopoly B) oligopoly C) monopolistic competition D) perfect competition E) natural competition

answer

oligopoly

question

13) In a(n) ________ structure, there are many sellers, each having slightly different products and each having only a small share of the market. A) monopoly B) oligopoly C) monopolistic competition D) perfect competition E) natural competition

answer

monopolistic competition

question

14) In a(n) ________ structure, there are many small sellers, each having similar products, and each unable to have a significant impact on the quality, price, or supply of a product. A) monopoly B) oligopoly C) monopolistic competition D) perfect competition E) natural competition

answer

perfect competition

question

15) Firms are constantly scanning the ________ environment in search of ideas and trends that can spark their own research efforts. Sometimes an idea can transform an industry, such as transistors revolutionizing the field of consumer electronics. A) political and legal B) sociocultural C) economic D) technological E) natural

answer

technological

question

16) The ________ was developed to eliminate monopolies and to guarantee free competition. A) Sherman Antitrust Act B) Clayton Act C) Robinson-Patman Act D) Wheeler-Lea Act E) Lanham Trademark Act

answer

Sherman Antitrust Act

question

17) The ________ Act (1914) created the regulatory body that enforces laws against deceptive advertising and product labeling regulations. A) Federal Trade Commission B) Lanham Trademark C) Fair Packaging and Labeling D) Consumer Products Safety Commission E) Robinson-Patman

answer

Federal Trade Commission

question

18) The ________, a United States regulatory agency, enforces laws and regulations on foods, drugs, cosmetics, and veterinary products. Marketers of pharmaceuticals must get approval from this agency before introducing products to the market. A) Food and Drug Administration B) Environmental Protection Agency C) Federal Communications Commission D) Federal Trade Commission E) Consumer Product Safety Commission

answer

Food and Drug Administration

question

19) The ________ environment refers to the characteristics of a society, the people who live in the society, and the culture that reflects the values and beliefs of the society. A) political and legal B) sociocultural C) economic D) technological E) natural

answer

sociocultural

question

20) ________ are statistics that measure aspects of population, such as size, age, and gender. A) Demographics B) Norms C) Cultural dimensions D) Standards E) Mores

answer

Demographics

question

21) In a(n) ________ culture, people tend to subordinate their personal goals to those of a stable community. A) collectivist B) individualist C) democratic D) demographic E) ethnocentric

answer

collectivist

question

22) In a(n) ________ culture, people tend to attach more importance to personal goals than to the needs of the larger community. A) collectivist B) individualist C) democratic D) demographic E) sociocultural

answer

individualist

question

23) Specific rules that dictate what is acceptable or unacceptable within a society are referred to as ________. A) demographics B) cultural values C) cultural dimensions D) social norms E) ethnocentric standards

answer

ethnocentric standards

question

24) ________ is the belief that one's own norms and the products made in one's own country are superior. A) Nationalization B) Ethnocentrism C) Domestication D) Expropriation E) Democratization

answer

Ethnocentrism

question

25) After exporting, the next level of commitment a firm can make to a foreign market is a contractual agreement. Two of the most common types of such agreements are ________. A) contract manufacturing and contract marketing B) contract manufacturing and strategic alliances C) joint ventures and franchising D) warehousing and financing E) licensing and franchising

answer

licensing and franchising

question

26) In a ________, a firm gives another firm the right to produce and market its product in a specific country or region in return for royalties on goods sold. A) licensing agreement B) strategic alliance C) joint venture D) marketing mix alliance E) direct investment

answer

licensing agreement

question

27) Franchising is a form of ________. A) importing B) tactical alliance C) licensing D) joint venture E) direct investment

answer

licensing

question

28) Which of the following is true about the market entry strategy of direct investment? A) It allows a foreign firm to take advantage of a domestic company's political savvy and market position. B) It relies on export merchants to analyze the local market. C) It provides the lowest level of risk for a firm. D) It relies on intermediaries to represent the company in a target country. E) It provides the lowest level of control for a firm.

answer

It allows a foreign firm to take advantage of a domestic company's political savvy and market position.

question

29) When considering the Four Ps in international marketing, advocates of ________ focus on the similarities among cultures and argue that basic needs and wants are the same everywhere. A) nationalization B) standardization C) localization D) expropriation E) ethnocentricism

answer

standardization

question

30) When considering the Four Ps in international marketing, advocates of ________ focus on the unique characteristics of cultures and argue for products and promotional messages tailored to each culture. A) nationalization B) standardization C) localization D) expropriation E) ethnocentricism

answer

localization

question

18) Business-to-business marketers who look at the size of firms in terms of total sales or number of employees are using ________ to segment their market. A) organizational psychographics B) organizational demographics C) organizational culture D) behavior variables E) usage variable

answer

organizational demographics

question

19) Which of the following is the process of evaluating and selecting the most viable market segment to enter? A) segmentation B) differentiation C) targeting D) market mixing E) positioning

answer

targeting

question

20) A(n) ________ would probably include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product. A) geocode B) NAICS classification C) segment profile D) internal market audit E) customer guide

answer

segment profile

question

21) Mass marketers such as Walmart often ignore market segment differences and target the whole market with one offer. What is this approach to targeting? A) undifferentiated targeting B) differentiated targeting C) target marketing D) concentrated targeting E) mass customization

answer

undifferentiated targeting

question

22) Which of the following best explains why a company would adopt an undifferentiated targeting strategy when there is so much evidence of the benefits of a differentiated strategy? A) to more efficiently focus on its CRM strategy B) to remove the need for disintermediation C) to move a product to the next stage of its product life cycle D) to take advantage of economies of scale E) to reach the underserved "bottom-of-pyramid" consumers

answer

to take advantage of economies of scale

question

23) Using a ________ targeting strategy, a company develops one or more products for each of several customer groups with different product needs. A) fragmented B) homogeneous C) custom D) differentiated E) mass customization

answer

differentiated

question

24) When a firm offers one or more products to a single segment, it is using a ________ strategy. A) fragmented B) homogeneous C) custom marketing D) mass customization E) concentrated targeting

answer

concentrated targeting

question

25) An industrial manufacturer that works with one or a few large clients and develops products that only these clients will use is most likely to implement a(n) ________ strategy. A) undifferentiated targeting B) homogeneous C) custom marketing D) bottom-of-pyramid E) differentiated targeting

answer

custom marketing

question

26) Using ________, a company modifies a basic good or service to meet the needs of a specific individual customer. A) undifferentiated targeting B) positioning C) custom marketing D) mass customization E) differentiated targeting

answer

mass customization

question

27) ________ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition. A) Concentrated targeting B) Positioning C) Benefit segmentation D) Mass customization E) Customerization

answer

Positioning

question

28) Which of the listed choices is NOT a positioning task? A) identifying a set of possible competitive advantages B) surveying frequent uses of the product C) analyzing competitors' positions D) finalizing the marketing mix E) evaluating responses to the marketing mix

answer

surveying frequent uses of the product

question

29) Superior image, unique product features, and better service are all examples of ________. A) brand personalities B) brand positions C) perceptual maps D) competitive advantages E) customer touchpoints

answer

brand personalities

question

30) A perceptual map is used to ________. A) compare and contrast consumer psychographic segments B) create consumer cross-tabulations for marketing research C) locate consumers within a primary metropolitan statistical area (PMSA) D) determine how consumers position products in relation to one another E) identify the critical stage of the targeting process for the marketer

answer

determine how consumers position products in relation to one another

question

31) A company's first step in customer relationship management should be to ________. A) rank its customers in terms of sales volume B) identify customers that cost the company money C) identify types of transactions and determine which will be abandoned D) identify customers and get to know them in as much detail as possible E) determine which aspect of the product will be customized to meet the individual needs of its

answer

identify customers and get to know them in as much detail as possible

question

32) Many marketing experts advocate ________ programs that allow a company to talk to individual customers and adjust elements of the marketing mix to satisfy the specific needs of each customer. A) customer relationship management B) psychographic segmentation C) transactional management D) B2B marketing E) C2C marketing

answer

customer relationship management

question

33) Which of the following statements about customer relationship management (CRM) programs is true? A) The success of a CRM program relies on its use of mass communication channels. B) CRM programs include information gathered from each customer touchpoint. C) Internet technology is a barrier to the successful implementation of CRM programs. D) To succeed, all companies should engage in CRM every time they interact with a customer. E) Only consumer marketers can benefit from the use of CRM programs.

answer

...

question

34) Which of the following is not a focus of customer relationship management? A) customer prioritization B) share of customer C) lifetime value of the customer D) customer equity E) undifferentiated targeting

answer

undifferentiated targeting

question

35) The ________ is the potential profit generated by a single customer's purchase of a firm's products over the customer's lifetime. A) lifetime value of a customer B) priority of a customer C) segmentation of a customer D) share of a customer E) equity of a customer

answer

lifetime value of a customer

question

36) ________ is the financial value of a customer throughout the lifetime of the customer relationship. A) Share of customer B) The customer perceptual map C) CRM D) Customer equity E) The 80/20 rule

answer

Customer equity

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