MKT 340 Quiz #1-3 Review – Flashcards
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According to the five-step model of the marketing process, the first step in marketing is ________. A. capturing value from customers to create profits and customer equity B. constructing an integrated marketing program that delivers superior value C. building profitable relationships and creating customer delight D. understanding the marketplace and customer needs and wants E. designing a customer-driven marketing strategy
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D. understanding the marketplace and customer needs and wants
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Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________. A. consumers' brand experiences B. competitors' threats C. consumers' existing wants D. competitors' strengths E. consumers' future demands
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C. consumers' existing wants
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________ is the act of obtaining a desired object from someone by offering something in return. A. Targeting B. Segmentation C. Differentiation D. Exchange E. Positioning
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D. Exchange
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Which of the following concepts holds that consumers will favor products that are available and highly affordable? A. the marketing concept B. the product concept C. the societal marketing concept D. the selling concept E. the production concept
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E. the production concept
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The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A. marketing B. product C. production D. selling E. societal marketing
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A. marketing
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________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. A. Customer-driven B. Mass C. Sustainable D. Customer-driving E. Ambush
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C. Sustainable
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The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as ________. A. perceived-value management B. societal marketing C. customer relationship management D. partner relationship management E. enterprise resource planning
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C. customer relationship management
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Which of the following transforms marketing strategies into real values for consumers? A. share of customer B. customer equity C. the four P's of marketing D. a firm's value proposition E. customer satisfaction surveys
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C. the four P's of marketing
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Jeff Barkins is a conscientious marketing manager. Sometimes, Jeff and his staff are unclear what decisions to make when faced with moral dilemmas. Jeff and other managers could create broad guidelines that everyone in the organization must follow in the form of a ________. A. business value statement B. company mission statement C. company vision statement D. corporate marketing ethics policy E. financial statement
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D. corporate marketing ethics policy
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Which of the following best describes a company's business portfolio? A. the list of all the marketing activities in which the company invests B. the target segments of the company's various businesses C. the company's products or services in a particular market D. the collection of businesses and products that make up the company E. the company's strengths in terms of technology, people, and products
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D. the collection of businesses and products that make up the company
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Business portfolio analysis is defined as the process in which management ________. A. studies the products and strategies of competitors to improve the company's own products B. analyzes consumer feedback in order to better position the company's brand image C. assesses the attractiveness of an SBU's market and the strength of its position in the market D. segments the company's markets to reach target consumers effectively E. conducts marketing research to evaluate the company's marketing strategy
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C. assesses the attractiveness of an SBU's market and the strength of its position in the market
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Which of the following criteria does the Boston Consulting Group approach use to provide a measure of a company's strength in the market? A. relative market share B. return on marketing investment C. market sentiment D. market growth rate E. annual profit
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A. relative market share
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Which of the following statements is true in the context of the BCG growth-share matrix? A. Stars often need heavy investment to finance their rapid growth in a market. B. The positions of SBUs in the growth-share matrix rarely change over time. C. The income from one SBU cannot be used to support other business units. D. Dogs promise to be large sources of cash. E. Cash cows typically turn into stars.
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A. Stars often need heavy investment to finance their rapid growth in a market.
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With a market development strategy, a company aims to improve sales by ________. A. increasing advertising efforts to build brand image in its current market B. introducing a new variant of its product in a new market C. increasing sales efforts in its current market with its current products D. introducing its product in a new market without making any changes to the product E. selling a new product in its current market
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D. introducing its product in a new market without making any changes to the product
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Which of the following groups is included in both a company's value chain and its value delivery network? A. customers B. suppliers C. employees D. distributors E. competitors
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C. employees
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Which of the following best describes product positioning? A. differentiating a market offering to create superior customer value B. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers C. identifying consumer needs and creating a product to meet those needs D. evaluating each market segment's attractiveness and selecting one or more segments to enter E. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
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B. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market? A. promotion B. product C. price D. place E. position
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B. product
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To which of the following elements of the marketing mix do design, packaging, services, and features belong? A. product B. price C. promotion D. place E. people
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A. product
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Which of the following will most likely be included in the "place" component of a company's marketing mix? A. packaging B. sales promotion C. brand name D. inventory E. discounts
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D. inventory
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In a SWOT analysis, which of the following would be considered a weakness of a company? A. an unfavorable economic climate that discourages consumption B. the exit of a competitor from the market C. inflation that leads to higher prices of the company's products D. falling consumer interest in its products E. obsolete technologies used by the company
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E. obsolete technologies used by the company
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In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance. A. threats B. strategies C. weaknesses D. opportunities E. strengths
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A. threats
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Which of the following is part of the microenvironment of a firm's marketing environment? A. the political state of the country in which the firm exists B. the cultural forces that exist in a society C. the suppliers who work with the company D. the technological resources available to the company E. the different demographic trends in the market
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C. the suppliers who work with the company
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Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization. A. supply chain B. macroenvironment C. marketing intermediary network D. internal environment E. microenvironment
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B. macroenvironment
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According to the text, ________ are the most important actors in a company's microenvironment. A. stockholders B. employees C. suppliers D. resellers E. customers
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E. customers
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JJ Distributors Ltd. buys electronic products from manufacturers for wholesale and sells them to various retail outlets. To which of the following markets does JJ Distributors Ltd. directly cater? A. business markets B. reseller markets C. manufacturer markets D. supplier markets E. consumer markets
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B. reseller markets
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Which of the following is most likely a true statement about baby boomers? A. They are the first generation to have grown up with computers B. They constitute the largest demographic group in the United States. C. They were born between 1965 and 1976. D. They are the most educated generation of Americans. E. They are the wealthiest generation in U.S. history.
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E. They are the wealthiest generation in U.S. history.
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Which of the following has resulted from the increased educational levels of the U.S. population? A. lower acceptance of technological changes B. greater job growth for professional workers C. higher number of manufacturing jobs D. lower mobility of the U.S. population E. lower number of women in the workforce
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B. greater job growth for professional workers
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Subsistence economies are best defined as economies that ________. A. constitute rich markets for many different kinds of goods and services B. consume most of their own agricultural output and offer few market opportunities C. offer outstanding marketing opportunities for innovative technological products D. offer huge marketing opportunities for industrial goods E. export all their agricultural and industrial products
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B. consume most of their own agricultural output and offer few market opportunities
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In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. A. political B. cultural C. technological D. natural E. internal
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A. political
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Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment? A. They develop strategies to change the marketing environment. B. They take advantage of the opportunities provided by the environment. C. They take aggressive actions to affect the marketing environment. D. They view the marketing environment as a controllable element. E. They do not accept the marketing environment as it is.
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B. They take advantage of the opportunities provided by the environment.
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Which of the following demonstrates the real value of a company's marketing research and information system? A. the amount of data it generates B. the variety of contact methods it uses C. the tools it uses to gather information D. the quality of customer insights it provides E. the type of sampling plan it follows
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D. the quality of customer insights it provides
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Which of the following sources constitutes the internal database of a company? A. commercial online databases B. conversations on social media C. the company's sales records D. reports sold by market research firms E. the Web
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C. the company's sales records
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Which of the following statements regarding marketing intelligence is true? A. Marketing intelligence typically involves sensitive and confidential information kept out of the public domain. B. The advantage of using competitive intelligence is negligible as it is based only on internal sources of data. C. All marketing intelligence inputs are available at no cost to all potential users. D. Marketing intelligence is the systematic collection and analysis of publicly available information. E. Marketing intelligence efforts are more focused on gaining insights into a firm's consumers rather than its competitors.
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D. Marketing intelligence is the systematic collection and analysis of publicly available information.
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The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first? A. develop a research plan B. determine a research approach C. define the problem and objectives D. select a research agency to collect data E. conduct exploratory and descriptive research
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C. define the problem and objectives
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Which of the following is an advantage of primary data? A. They are less expensive to obtain than secondary data. B. They can be obtained quicker than secondary data. C. They can be accessed from existing information. D. They are more relevant than secondary data. E. They are more reflective of past problems
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D. They are more relevant than secondary data.
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Erica Jenson has a limited budget to conduct a market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period? A. telephone surveys B. personal interviews C. Internet-based surveys D. mail surveys E. focus group interviews
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C. Internet-based surveys
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A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively? A. online market research tools B. integrated marketing systems C. CRM systems D. internal survey methods E. quality assurance tools
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C. CRM systems
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Which of the following is a social factor that influences consumer buying behavior? A. family B. life-cycle stage C. economic situation D. personality E. occupation
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A. family
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Opinion leaders are also known as ________. A. lagging adopters B. leading adopters C. early mainstream adopters D. late mainstream adopters E. barnacles
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B. leading adopters
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Which of the following is a personal factor that influences a consumer's buying behavior? A. life-cycle stage B. motivation C. status D. family E. social networks
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A. life-cycle stage
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________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands. A. Selective retention B. Selective distortion C. Selective attention D. Restraint bias E. Subliminal perception
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A. Selective retention
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________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands. A. Selective retention B. Selective distortion C. Selective attention D. Restraint bias E. Subliminal perceptio
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A. Selective retention
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Simone bought two bottles of wine from two vineyards in Bordeaux. When asked for an opinion on the quality of the wines, she later mentioned that the Pontet Canet tasted like alcoholic grape juice, but the Chateau Margaux had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Simone's remarks reflect? A. information search B. situational analysis C. alternative evaluation D. purchase decision E. postpurchase behavior
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E. postpurchase behavior
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________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself. A. Latent innovators B. Early adopters C. Early mainstream adopters D. Lagging adopters E. Late mainstream adopters
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D. Lagging adopters
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Fred's faith in his favorite brand makes him consider new initiatives and products introduced by the brand. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community. Fred is best described as a(n) ________. A. lagging adopter B. innovator C. early adopter D. early mainstream adopter E. late mainstream adopter
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C. early adopter
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_______ is the degree to which an innovation may be tried on a limited basis. A. divisibility B. compatibility C. communicability D. relative advantage E. complexity
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A. divisibility
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Which of the following is true of business markets? A. The business marketer normally deals with far more but far smaller buyers than the consumer marketer does. B. Business markets generally involve far less money and items than do consumer markets. C. Business demand is derived demand as it ultimately derives from the demand for consumer goods. D. A small percentage decrease in consumer demand can cause a large increase in business demand. E. The total demand for business products is much affected by price changes in the short run.
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C. Business demand is derived demand as it ultimately derives from the demand for consumer goods.
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________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying separate products and services from several suppliers. A. Modified rebuy B. Straight rebuy C. New task buying D. Systems selling E. Supplier development
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D. Systems selling
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Which of the following statements about buying centers is true? A. The buying center is a fixed and formally identified unit within a buying organization. B. Roles in the buying center are specified in the organizational chart of a firm. C. The CEO of an organization is always the decision maker in a buying center. D. An individual's role in a buying center does not change with time. E. Some buying centers involve informal participants.
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E. Some buying centers involve informal participants.
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GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying process. A. problem recognition B. general need description C. product specification D. supplier search E. proposal solicitation
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E. proposal solicitation
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Zista, a boutique that caters to the clothing needs of women, manufactures two different lines of fashion wear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Zista most likely segments the consumer market based on ________ variables. A. geographic B. psychographic C. universal D. demographic E. behavioral
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D. demographic
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Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy? A. market segmentation, differentiation, positioning, and market targeting B. positioning, market segmentation, mass marketing, and market targeting C. market segmentation, market targeting, differentiation, and positioning D. market alignment, market segmentation, differentiation, and market positioning E. market recognition, market preference, market targeting, and market insistence
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C. market segmentation, market targeting, differentiation, and positioning
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Pediacertain Pet Supplies, a pet-food company, divides the pet market according to the pet owners' gender, occupation, income, and family life cycle. In this case, which of the following variables has the company used for market segmentation? A. geographic B. psychographic C. benefit D. demographic E. occasion
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D. demographic
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Firms that manufacture seasonal products target their consumers primarily through ________ segmentation. A. psychographic B. demographic C. income D. occasion E. age and life-cycle
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D. occasion
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Market segments that can be effectively reached and served are said to be ________. A. measurable B. accessible C. substantial D. actionable E. profitable
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B. accessible
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When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ________. A. measurable B. accessible C. substantial D. actionable E. observable
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A. measurable
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Market segments that can be effectively reached and served are said to be ________. A. measurable B. accessible C. substantial D. actionable E. profitable
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B. accessible
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When a market segment is large or profitable enough to serve, it is termed ________. A. measurable B. accessible C. substantial D. actionable E. differentiable
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C. substantial
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Which of the following is true of perceptual positioning maps? A. They are used by marketers to divide a market into smaller groups with distinct characteristics. B. They are used by marketers to identify supplier and retailer perceptions of a product. C. They are used to analyze consumer perceptions of a brand versus competing products. D. They are used to divide buyers into groups based on their perceived income and age. E. They are used to plot the geographic segments that a company needs to target.
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C. They are used to analyze consumer perceptions of a brand versus competing products.
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Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition. A. more-for-more B. more-for-the-same C. more-for-less D. all-or-nothing E. same-for-less
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A. more-for-more
