question

According to the text, marketing means:

answer

much more than selling and advertising.

question

Marketing

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provides direction for production

question

Which of the following is NOT a reason for you to study marketing?

answer

marketing involves actually making the goods that people need.

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The development and spread of new ideas, goods, and services for the marketplace is called:

answer

innovation

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The universal functions of marketing include buying, selling, transporting, storing,

answer

standardization and grading, financing, risk taking, and marketing information

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A large advertising agency is planning a national promotion to introduce a new type of MP3 player. Which of the universal functions of marketing is it performing?

answer

selling

question

Collaborators

answer

facilitate or provide one or more of the marketing functions other than buying or selling.

question

Which of the following practices would suggest the Acme Tools practices a marketing orientation:

answer

sets inventory levels with customer requirements and costs in mind.

question

Customer Value

answer

Both A and D are true.

question

Concerning Marketing Ethics:

answer

All the above are true. (I,O,T)

question

The text considers five "eras" of marketing evolution. Which of the following shows the logical order in which these eras occur?

answer

Simple trade, production, sales, marketing department, marketing company

question

During the sales era

answer

increased competition made firms focus on winning customers

question

A company where the marketing people do both short-run and long-range planning is operating in the

answer

marketing company era

question

An organization practicing______aims all its efforts at satisfying its customers-at a profit.

answer

the marketing concept

question

A firm with a marketing orientation:

answer

sells what it can make easily.

question

The three basic tasks of ALL managers, according to the text, are:

answer

planning, implementation, and control

question

The marketing management process:

answer

includes the on-going job of planning marketing activities

question

A marketing strategy

answer

Specifies a target market and a related marketing mix.

question

"Target marketing," in contrast to "mass marketing,"

answer

is limited to small market segments.

question

The "four PS" of marketing mix are:

answer

Product, Place, Promotion, and Price

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"Product" is NOT concerned with:

answer

wholesale price.

question

"Place" is NOT concerned with:

answer

sales reps.

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___ is the difference between the firm's revenues and the total costs it runs up to make those sales.

answer

Profit

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It best to think of "breakthrough opportunities" as opportunities which:

answer

help innovators develop hard-to-copy marketing mixes.

question

___ means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

answer

Competitive advantage

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___ means that the marketing mix is distinct from and better than what is available from a competitor.

answer

Differentiation

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A S.W.O.T. analysis includes:

answer

all of the above

question

When a firm tries to increase sales by selling its present products in new markets, this is called:

answer

market development

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___ means trying to increase sales of a firm's present products in it's present markets.

answer

Market penetration

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___ means moving into totally different lines of business, perhaps entirely unfamiliar products, markets, or even levels in the production-markets system.

answer

Diversification

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The direct market environment

answer

includes customers, the company, and competitors

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A mission statement

answer

sets out the organization's basic purpose for being

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Which of the following statements about company objectives is True?

answer

Company objectives should be compatible with each other.

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A first step in evaluating marketing opportunities is to:

answer

consider the objectives and resources of the firm

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The number and types of competitors a marketing manager must face--and how they might behave--is called the ______ environment.

answer

competitive

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Which of the following is not a basic kind of market (competitive) situation?

answer

capitalistic competition

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In the short run at least, which of the following is usually beyond the control of the marketing manager?

answer

all of the above (P,E,C,C)

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In monopolistic competition,

answer

one firm completely controls a broad product-market

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The economic environment

answer

includes changes in interest rates and inflation

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The economies of the world are connected and changes in one economy quickly affect others. One key reason for this it that:

answer

the amount of international trade is increasing

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Regarding the current legal environment facing U.S. marketing managers:

answer

all of the above

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When evaluating the potential of possible opportunities (product-market strategies), a marketing manager should:

answer

evaluate each oppurtunity over the life of the project, since short-term losses may hide long-term profitability

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The return-on-investment approach to evaluating possible product-market strategic plans is useful when:

answer

...

question

The first and most important question to ask when evaluating product-market opportunities is:

answer

the transfer of technology from one part of the world to another is automatic

question

Which of the following statements about the technological environment is NOT TRUE?

answer

...

question

A ___ is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services.

answer

market

question

A generic market

answer

...

question

A "product-market" is a market in which:

answer

sellers off very close substitutes ways of satisfying potential customers' needs.

question

Compared to a product-market, a generic market:

answer

Is more narrowly defined

question

The first step in market segmentation should be:

answer

defining some broad product-markets where you may be able to operate profitably

question

The main difference between naming broad product-markets and market segmentation is:

answer

naming involves breaking down markets, while segmentation involves aggregating customers with similar needs

question

Market Segmentation:

answer

tries to identify homogenous sub markets within a product-market

question

Saying a "good" product-market segment should be substantial means

answer

it should be large enough to be profitable

question

The first step in the seven-step approach for segmenting product-markets is to

answer

select the broad product-market

question

Which of the following is LEAST likely to compete in the same generic market with the others?

answer

Tabasco Sauce

question

Combiners (as opposed to segmenters):

answer

try to increase the size of their markets by combining two or more market segments

question

___ aim at one or more homogenous segments and try to develop a different marketing mix for each segment.

answer

segmenters

question

Segmenting, in contrast to combining:

answer

tries to identify homogeneous sub markets and develop different marketing mixes for each sub market

question

Segmenting dimensions

answer

help guide marketing mix planning

question

Analysis of demographic dimensions:

answer

can be used along with analysis of other dimensions to identify attractive target markets.

question

According to projections, the population of ___ is likely to grow by 15% between 2010 and 2025.

answer

US

question

The total market value of goods and services provided in a country's economy per year by both residents and non residents of the country is:

answer

GDP

question

Unlike the GDP, the GNI

answer

includes the income earned by residents who do not own resources in that nation

question

A company trying to market its products in a country that has a low literacy rate would be will advised to:

answer

uses symbols, colors, and other nonverbal means of communication

question

People from different ethnic groups

answer

may be influenced by very different cultural variables

question

About ___ percent of the U.S. population in African American.

answer

15

question

Ethnic markets are becoming more important to marketers because

answer

the number of ethnic consumers is growing at a much faster rate than the overall society

question

Compared to U.S. averages, the birthrate of Hispanic Americans is:

answer

Higher

question

The larges and fastest growing ethnic minority group in the United States is composed of:

answer

Hispanics

question

Which of the following U.S. household structures has the largest percentage of population?

answer

singles living home

question

The composition of U.S. households is such that:

answer

single-adult households account for 27 percent of all households.

question

Empty nesters

answer

are people whose children are grown and who are now able to spend their money in other ways

question

When looking at demographic dimensions, marketers should:

answer

recognize that demographics can be very useful for estimation the market potential of possible target markets.

question

Which of the following observations concerning different measures of national income is TRUE?

answer

...

question

"Positioning":

answer

helps strategy planners understand how customers think about various brands or products in relation to each other.

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