MKT 210 EXAM 1 – Flashcards
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Which of the following is not an element of a firm's marketing mix?
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people
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Jane and Henry are debating who all their potential customers are, who share the need for their product and are willing and able to buy it. Jane and Henry are debating:
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who there market is
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A market-oriented company with the proper concept of exchange understands a market to be:
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all potential customers with a particular need willing and able to engage in exchange to meet the need
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Normally, when one party to an exchange is actively seeking someone to engage in the exchange, the one seeking the exchange is called a
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marketer
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and/or services to create exchanges is
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marketing management
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The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At that time, the firm offering these kits would likely be using the ______concept
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product
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Texas Instruments, one of the first producers of handheld calculators, put a great deal of effort into expanding production of calculators to drive down the cost and thus expand the market. This is most indicative of the __________ concept
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production
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The old adage, "Build a better mousetrap and the world will beat a path to your door," is a ______concept
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product
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Which of the following should not be considered one of the controllable elements in a firm's marketing strategy
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the economic environment
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The marketing mix tool that is the most difficult to modify in the short run is: a price.
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place and channels of distribution
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The set of controllable tactical marketing tools-product, price, place, and promotion that the firm blends to produce the response it wants in the target market
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marketing mix
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The American Marketing Association defines marketing as "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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true
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Big M marketing refers to the strategic, long-term, firm-level commitment to investing in marketing
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true
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If you have a Monopoly you do not have to do any marketing
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false
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Value may be defined as the ratio of bundled benefits received to the cost incurred by the customer to receive those benefits. ____________ is not thought of as one of the costs
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customer satisfaction
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Henry Ford is well known to business students for creating the assembly line that enabled mass production of the Model T. This is often cited as an example of the _____________
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product orientation
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The goal of the Marketing Manager is to maximize customer satisfaction
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false
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Creating, communicating, delivering and exchanging offerings that have value may be thought of as ___________________
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The marketing mix or 4 Ps
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Value focuses on _____________________
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A. Product design B. Branding and positioning C. Attention to service D. Pricing E. All of the above*
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A. Product design B. Branding and positioning C. Attention to service D. Pricing E. All of the above*
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true
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The simple 1950-style version of the marketing concept has been enhanced with more details about the customer orientation, relationship orientation, one-to-one marketing, mass customization, and the return on marketing investment
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true
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The modern marketing concept can be stated as a philosophy of competition in which the organization's goal (e.g., profit) is achieved by identify and targeting a group of profitable customers with relatively homogenous needs and wants and delivering the desired solutions and satisfactions to those customers through an integrated marketing mix more efficiently and more effectively than the competitors
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true
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_____________ is not part of the marketing mix
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manufacturing
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High tech media options like cell phones and the internet have had a huge impact on the ________ aspect of marketing
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promotion
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The long-term objective of strategic marketing is ____________
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Profitability through building a customer-oriented organization
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Today many CEOs and shareholders expect to measure results of marketing efforts because ___________
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Marketing metrics today are designed to assign specific results to specific marketing programs
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Marketing misnomers occur because many people think of marketing as __________.
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A. Pushy salespeople B. Advertising and celebrity spokespersons C. The firm's department of advertising D. Overstated product claims E. All of the above
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The benefits of a product or service must include all types of utility
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true
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Starbucks is known to have shops located across the street from each other. It appears that the coffee shop chain is offering place utility
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true
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Firms should not be concerned that satisfied customers will switch to another brand
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false
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A Star in the BCG portfolio model is one that has high profitability with profitability being measured as Return on Investment (ROI)
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true
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In the BCG portfolio model a SBU characterized as having a high market growth and a high market share is predicted to have a return on investment and is classified as a star
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true
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The original purpose of the BCG model was to help senior executives of large corporations to allocate resources among strategic business units that make up the organization
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true
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According to the BCG matrix, a business that is classified as a star has high growth and low market share.
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false
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Linda imports fine art paintings and photographs that she sells to hotels. When the dollar is weak against foreign currencies, she struggles to cover her costs. Business has increased 400% in the last five years. With additional resources, she believes she can expand into the profitable hospital and nursing home markets. According to the BGC matrix, Linda's business is a dog
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false
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A mission statement does not include a discussion of the firm's strategic vision.
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false
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Market penetration strategies allow for the firm to invest additional resources to have existing customers consume new products
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false
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Market development strategies allow for the firm to introduce existing products to new customers, often including international markets.
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true
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Mammoth Foods, a major agricultural corporation, recently purchased MJS Organic Foods Co. MJS was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Most like, MJS would be classified as a ___________ under the Boston Consulting Group model.
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star
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Lately the demand for building materials has dropped due to the slow down in new housing construction. Wood-O Corp. is thinking of closing its fine wood division that produces mahogany and cherry lumber for building cabinets and other applications. Most likely the fine wood division would be classified as a ____________.
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problem child
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________________ is not considered an adequately defined objective objective
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to be the leader in our field
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A strategic business unit (SBU) is one which can be visualized as
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having a distinct mission. B. having its own competition. C. controlling its own resources. D. being planned independently of the other businesses. E. all of the above
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High growth, high share businesses or products appear in the Boston consulting group growth-share matrix as:
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stars
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XYZ Corp is attempting to generate additional sales of its present products by promoting them more aggressively to its present customers. XYZ Corp is engaging in
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market penetration
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Which of the following would be a mistake in dealing with a portfolio of SBUs: A requiring each SBU to produce the same rate of return
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A requiring each SBU to produce the same rate of return. B insufficient milking of cash cows. C continually reinvesting in dogs. D maintaining too many question marks. E all of the choices listed above are mistakes
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) ABC Corp is attempting to generate additional sales of its present products by promoting them more to new types of customers. XYZ Corp is engaging in:
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market development
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The collection of businesses and SBU's that make up the company comprise its:
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business portfolio
