MKT Capstone final
Which of the following statements about marketing is true?
) It can help create jobs in the economy by increasing demand for goods and services.
________ goods constitute the bulk of most countries’ production and marketing efforts.
Car rental firms, hair dressers, and management consultants provide ________.
The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________.
5) The “Malaysia, Truly Asia” ad campaign that showcased Malaysia’s beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing.
7) ________ are basic human requirements, while ________ are the ways in which those requirements are satisfied.
C) Needs; wants
6) In Walt Disney’s Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________.
8) When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank’s desire for the home theater and the jacuzzi is an example of a(n) ________.
9) When companies measure the number of people who are willing and able to buy their products, they are measuring ________.
10) A(n) ________ need is one that the consumer is reluctant or unwilling to explicitly verbalize.
11) A(n) ________ need is a need that the consumer explicitly verbalizes.
12) Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.
B) value proposition
13) During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________.
A) target markets
14) ________ reflects a customer’s judgment of a product’s performance in relation to his or her expectations.
15) The value of an offering is described as ________.
D) the sum of the tangible and intangible benefits and costs to customers
16) When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ________.
E) position its product
17) If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________.
A) service channel
18) The ________ is the channel stretching from raw materials to components to final products that are carried to final buyers.
c) supply chain
19) The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________.
20) The ________ includes the actors involved in producing, distributing, and promoting an offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.
D) task environment
21) In an attempt to create greater competition and growth opportunities, countries often ________.
C) deregulate industries
22) Rising promotion costs and shrinking profit margins are the result of ________.
E) heightened competition
23) Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries. This is called ________.
C) industry convergence
24) The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels.
25) In response to threats from such companies as AOL, Amazon.com, Yahoo!, eBay, E*TRADE, and dozens of others, established manufacturers and retailers became “brick-and-click” oriented by adding online services to their existing offerings. This process is known as ________.
26) When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________.
27) Disintermediation via the Internet has resulted in ________.
E) greater consumer buying power
28) Each of the following is true about the Internet’s impact on the way business is conducted today, EXCEPT one. Identify the exception.
D) It has facilitated mass marketing but not the sale of customized products.
29) Kotler and Casoline suggested eight factors that marketers must keep in mind in order to deal with risk and uncertainty. Which of the following statements are they most likely to agree with when the environment is uncertain?
B) Companies should push aggressively for the market share of their competitors.
30) What are customer touch points?
C) all direct or indirect interactions between the customer and the company
31) Which of the following holds that consumers prefer products that are widely available and inexpensive?
B) the production concept
32) The ________ concept holds that consumers will favor offerings with the best quality, performance, or innovative features.
33) Which of the following categories of goods and services is most likely to require an aggressive use of the selling concept?
B) unsought goods
34) As a major steel manufacturer, SteelMakers Inc. focuses on having the most efficient manufacturing processes in place. The company believes that its competitive edge lies in its ability to offer the best prices. They also maintain an excellent distribution network that ensures wide availability of their products. SteelMakers has a ________.
B) production orientation
35) Webmax Inc. produced and marketed cameras. After considerable research and development, they developed a new digital camera that had an array of new features. Webmax was so sure about the new offering that they even reduced their marketing budget. What sort of orientation does Webmax have toward the marketplace?
B) product orientation
36) Rick Johnson trains his company’s sales force to go after the consumer. He repeatedly asks his team to bear in mind the essential fact that it is the sales team’s responsibility to rouse the consumer’s interest and make him feel that he needs the product. A true salesman is one who can convert an indifferent consumer walking into the store into a new customer. Johnson believes in the ________ concept.
37) Marketers at Johnny Inc. believe in putting their customers ahead of everything else. Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction. Johnny Inc. follows the ________ concept in doing business.
38) The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products.
39) The marketing concept holds that ________.
A) a firm should find the right products for its customers, and not the right customers for its products
40) ________ is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
B) Holistic marketing
41) What are the four broad components of holistic marketing?
C) relationship, integrated, internal, and performance marketing
42) ________ marketing aims to build mutually satisfying long-term collaboration with key constituents, such as customers, employees, suppliers, distributors, and other marketing partners, in order to earn and retain their business.
43) The ultimate outcome of relationship marketing is a unique company asset called the ________, consisting of the company and its supporting stakeholders.
C) marketing network
44) Which of the following is most consistent with the integrated marketing approach?
C) All communication to consumers must deliver a consistent message irrespective of the medium.
45) Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles, especially senior management?
C) internal marketing
46) Financial accountability and social responsibility marketing are elements of ________.
A) performance marketing
47) Companies are recognizing that much of their market value comes from ________, particularly their brands, customer base, employees, distributor and supplier relations, and intellectual capital.
C) intangible assets
48) The ________ holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being.
C) social responsibility marketing concept
49) Joanna owns a chain of fast-food joints. As the chain became more and more successful, she decided to contribute a share of her profits each year to support cancer research. This is an example of ________.
C) cause-related marketing
50) McCarthy classified marketing activities into the four Ps of the marketing mix. These four Ps stand for ________.
E) product, price, promotion, and place
51) Incorporating the holistic view of marketing, the four Ps of the marketing mix can be updated to ________.
D) people, processes, programs, and performance
52) Which of the following reflects the “people” component of the marketing mix?
E) the internal marketing of the firm
53) Which of the four new Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing?