MKTG mini test 1

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In Marketing in the News, we heard that one Super Bowl advertiser will feature Serena Williams, soccer player Abby Wambach, rapper T-Pain, baseball’s Randy Johnson, skater Tony Hawk and actor Harvey Keitel. What brand is using these celebrity spokespersons?
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BMW’s Mini
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When it comes to the Importance of Marketing at Time Warner Business Services, Don Kosec says:
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Marketing is very important and its main goal is to drive sales
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In Marketing in the News, we heard that there’s a boom in American whiskey right now, led by bourbon. Which of the following is NOT a characteristic of consumers who are at the heart of this movement?
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They are localized in big cities.
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Which of the following statements would MOST LIKELY be heard at the functional level of an organization?
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“We plan to implement a Facebook advertising initiative within 90 days.”
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The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. “Dogs” are located in which quadrant of the BCG growth-share matrix?
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lower right quadrant
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The level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities is referred to as the
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strategic business unit level.
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Effective marketing benefits society because it
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enhances competition, which improves the quality of products and services and lowers their prices.
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More than half of all new businesses fail within __________ years of their launch.
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five
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The Boston Consulting Group (BCG) uses __________ to quantify performance measures and growth targets to analyze its clients’ SBUs as though they were a collection of separate investments.
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business portfolio analysis
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I hear the jingle of an ice truck in my neighborhood and rush out to get some Ben & Jerry’s ice cream. What type of utility is the ice cream truck providing to me?
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Place Utility — It provides value to me by bringing the ice cream to me
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In Marketing in the News, we heard that Coca-Cola has launched a massive new ad campaign. The campaign focuses on:
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Actually, it UNITES all of these brands under one slogan
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Which of the following statements best distinguishes between consumer needs and wants?
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Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person’s knowledge, culture, or personality.
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In keeping with its business mission, Ben & Jerry’s
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believed that “people should get their fair share of the pie” and as a result practices Fair Trade-certified sourcing.
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As shown in the ad above, U.S. Bank delivers customer value by providing its customers with the best
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customer service.
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Product development refers to the marketing strategy of
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selling new products to current markets.
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Which era of U.S. business history does the following statement best describe? “We are in the business of satisfying the needs and wants of consumers while achieving our own goals.”
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the marketing concept era
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The five major environmental forces in a marketing decision are
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social, technological, economic, competitive, and regulatory.
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In Marketing in the News, we heard that the average cost of a 30-second slot during Super Bowl 50 is up 11% this year to:
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$5 million
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Which of the following is NOT a requirement for Marketing to occur?
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Only one of the parties has something of value
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We have several video guest lecturers for the class. One of these is Michele Skinn, Director of the Fisher. Titus Foundation. Which of the following best describes her organization?
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Not for Profit — Services
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Which Marketing Management philosophy assumes that customers want the most quality, performance, and features?
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Product Concept
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Initially, Facebook targeted which consumer market segment?
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college students
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Organizational strategies vary in two ways, depending on
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(1) the strategy’s level in the organization and (2) the offerings an organization provides to its customers.
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The Boston Consulting Group (BCG) uses business portfolio analysis to quantify performance measures and growth targets to analyze its clients’ strategic business units (SBUs)
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as if each were a separate investment.
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TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following groups of people would be the MOST LIKELY target market for TUMI brand briefcases?
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executives
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The process of taking wool off sheep and using it to make soft sweaters shows how manufacturing can create __________ utility.
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form
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Which of the following statements about marketing activities is MOST ACCURATE?
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The marketing department works closely with other departments and employees to implement an organization’s marketing activities.
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I am working on my marketing class at 2 a.m. when I decide I REALLY want some ice cream. Most stores are closed, but the local Walmart Supercenter is open 24/7. I am able to get some Ben & Jerry’s there. What form of utility did the Walmart provide?
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Time Utility — by being open at 2 a.m. Walmart has made the product available when I wanted it
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According to the lecture, which of the following elements are necessary for there to be a Market?
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MAD — Money , Authority, and Demand
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The Dream, an artist for Def Jam, wrote “Shorty is a Ten”, which is successful. Def Jam supports him and his second single “I Love Your Girl” is ALSO successful. From the BCG portfolio perspective, what is happening to The Dream?
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He is moving from a Question Mark to a Star
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An organization’s competencies include all of the following EXCEPT:
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profit
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The primary purpose of a marketing metric is to
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measure the quantitative value of a marketing activity.
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An organization’s special capabilities, including skills, technology, and resources that distinguish it from other organizations and provide customer value, are referred to as
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competencies.
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In keeping with its business mission, Ben & Jerry’s
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committed to buying its milk and cream from a dairy cooperative that guarantees the supplies are bovine growth hormone free.
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All of the following are true about marketing EXCEPT:
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Marketing persuades people to buy the “wrong” things.
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Strategy refers to
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an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.
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Dan Muller, President of Distribution and Services at Timken explained to us that Timken’s Mission used to be “World-wide Leader in Bearings and Steel.” They revised this to be “Improving Customer Performance.” Was this a good move?
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Yes, because it allows them to “think out of the box” about how to provide value to their customers.
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We have several video guest lecturers for the class. One of these is Don Kosec, with Time Warner. Which of the following best describes his organization?
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Business to Business (B2B) — Service
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To avoid new-product failure, new-product expert Robert M. McMath suggests
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focusing on customer benefits and learning from the past.
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Today’s visionary organization uses three key elements to: (1) specify its foundation; (2) set a direction; and (3) __________.
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formulate strategies
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Regarding goals and objectives, which of the following statements would be MOST ACCURATE?
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Objectives convert an organization’s mission and business into long- and short-term performance targets.
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People in the finance and the human resources departments traditionally operate at what organizational level?
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functional level
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A college student is taking a full course load, working 20 hours per week, and still has to take out a student loan to cover tuition. One day, he sees a classmate driving a new Lexus LFA sports coupe (price: $375,000) and feels he just has to have one for himself. What factor is MOST LIKELY to prevent a successful marketing exchange between the student and the local Lexus dealer located in an affluent suburb about 20 miles from his university?
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The student does not have the resources to qualify for a $375,000 auto loan.
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Which of the following statements best describes a good?
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Goods are physical objects.
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In Marketing in the News, we heard that Axe brand is running a new ad campaign. The key message of this campaign is:
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its time to shed traditional ideas of masculinity (“be yourself”).
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Which Marketing Management philosophy assumes that in order to succeed the organization must determine and satisfy consumers’ needs wants and desires in a way that maintains or improves the consumer’s well-being?
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Societal Marketing Concept
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GoToMeeting.com creates a television commercial in which they show people who are frustrated with having to waste time and money to travel to meetings. Instead, they can use GoToMeeting.com and connect over the internet. What is being marketed in this commercial?
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A Service
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What score will be recorded for your mini-test?
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The highest score you receive
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Ben & Jerry’s is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry’s social mission is to operate the company in a way that actively recognizes the central role that business plays in society by
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initiating innovative ways to improve the quality of life locally, nationally and internationally.
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A marketing plan is developed during which phase of the strategic marketing process?
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planning
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Bill McDermott is co-CEO of SAP, which is a company that sells expensive enterprise resource planning software to large and mid-sized companies. McDermott operates at the __________ level of his organization.
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corporate
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Evergreen Air Center is the world’s biggest parking lot for unwanted aircraft. Airlines pay a monthly fee from $750 to $5,000 to mothball their unneeded airplanes at this site. Its location is on 1,600 acres of Arizona desert near Tucson. The Southwest climate of dry, warm air serves as a cheap and effective airplane preservative against rust. Evergreen’s location is a(n)
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competency
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The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets. This statement deals with which part of the marketing mix?
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product
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Which of the following is NOT a part of the basic concept of Marketing?
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Provide an outlet for engineering’s new ideas
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Visa creates an emotional evoking ad for the Olympics emphasizing the success of athletes at the games and suggesting that their success reflects the success of all humanity. The tag line is “GO WORLD” and they close with the statement that Visa is the only card accepted at the Olympics. In this ad, what is the focus of the message?
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An Idea — we should all appreciate and be united by the athletes at the games….”Go World”
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In Marketing in the News, we heard that in its Super Bowl 50 ads, Bud Light will:
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inject more fun and comedy into its ads.
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Consider the photo above of Apple’s iPod. Apple entered the MP3 player market with its iPod device in 2001. Today, Apple sells four iPod product lines (classic, nano, shuffle, and touch). By 2014, Apple had a 70 percent share of this market. However, global MP3 music player unit sales over the past few years have fallen dramatically and are expected to decline further by 2016 as smartphones continue to replace MP3 devices. In addition, MP3 sales may be adversely impacted with the expected launch of wearable digital watches. Apple’s iPod SBU appears to be a __________.
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cash cow
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When Starbucks announced that it would release a new single-serve Verismo high-pressure brewing machines sale in its U.S. outlets, it was using a __________ strategy.
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product development
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An organization with a market orientation
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focuses its efforts on: (1) continuously collecting information about customers’ needs; (2) sharing this information across departments; and (3) using it to create customer value.
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Figure 2-4 shown above represents which type of analysis?
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business portfolio analysis
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In a BCG growth-share matrix, a relative market share of 10× at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor, whereas a relative market share of 0.1× at the right end of the scale on its horizontal axis means that
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the SBU has only 10 percent of the share of its largest competitor.
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A nongovernmental organization that serves its customers but does not have profit as an organizational goal is referred to as a
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nonprofit organization.
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A current method of seeing the essential information marketing managers need on a single computer screen is called:
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Marketing Dashboards
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Which type of Marketing Management philosophy works when demand exceeds supply or when the product cost is too high?
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Production Concept
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The American Red Cross created a series of advertisements to encourage people to donate blood. After viewing an ad, Amanda went to the local Red Cross office and donated a pint of her blood. Amanda returned home feeling happy that she had performed a good deed. Did an exchange occur in a marketing sense?
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Yes, because the donated blood was exchanged for a feeling of satisfaction.
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Firms such as General Electric, Marriott, and Facebook have achieved great success by putting a huge effort into implementing the marketing concept, giving their firms a
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market orientation.
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The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.
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price
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In Figure 1-5 above, letter “B” represents which era in U.S. business history?
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sales era
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Which of the following statements about marketing is MOST ACCURATE?
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You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.
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In marketing, the idea of exchange refers to
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the trade of things of value between buyer and seller so that each is better off after the trade.
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In Marketing in the News, we heard that there’s a boom in American whiskey right now, led by bourbon. We heard that, for some consumers, mainstream bourbon brands have become:
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“lifestyle badges” signaling their personal style.
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Which of the following would NOT be an environmental factor affecting the organization?
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Quality control problems on a production machine
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As noted in lecture (and in the text) there is a “new” definition of Marketing created by the American Marketing Association. The instructor indicates that:
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There is a bit of controversy about the definition and whether marketing should worry about society at large
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Which of the following is NOT an objective of the course:
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To give you an understanding of the ways to raise capital for the organization
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Showstoppers refer to
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factors that might doom a product in the marketplace.
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Which of the following groups would be the LEAST LIKELY target market for a company producing canned food in single serving sizes?
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school kitchens
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According to the textbook, Starbucks provides its customers with the best
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products/services.
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With today’s smartphones, one can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved new features are added with each smartphone introduced by Apple, Samsung, BlackBerry, and the like. As a result, existing customers often want to replace their existing smartphones with new models or brands every two years when their contracts expire. This increase in demand is due mostly to changes in __________, an environmental force.
answer

technology
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Which of the following is an example of time utility?
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Goodwill that has a 24-hour drop off box for clothing donations
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Designing a car is expensive and time-consuming even with the use of computers because of the difficulty of getting all the varied departments that are to work together. Mercedes-Benz created a unique centralized web-based system that cuts the design and production process by at least two years, thus providing customer value. This is an example of a(n)
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competency.
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According to the lecture, in the electronic retail industry, Best Buy has done better than Circuit City because:
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Best Buy has provided customer satisfaction and value with good services
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According to the lecture (and the text), what do we call the tools that marketers have to satisfy consumers’ needs, wants, and desires?
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The Marketing Mix
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According to the lecture, what company provides a good example of the application of the Societal Marketing Concept?
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Patagonia
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Which of the following products mentioned in Chapter 1 of the textbook failed in the marketplace?
answer

Dr. Care toothpaste
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Which of the following statements about the marketing concept era is MOST ACCURATE?
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During the marketing concept era, companies tried to satisfy the needs of consumers while also achieving their goals.
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At the functional level, the organization’s strategic direction becomes
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the most specific and most focused in terms of implementing the company’s goals.
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The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price is called
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customer value.
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Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as __________.
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goals
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In Figure 1-5 above, “A” represents which era in U.S. business history?
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production era
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In Marketing in the News, we heard that Verizon is giving away free data. The “condition” is that:
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the free time can only be used to watch specific ads/marketing messages.
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In Marketing in the News, we heard that a current trend is affecting Coach brand retail sales. What trend did we hear about?
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Handbags are losing their appeal for the target audience.
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According to Michelle Skinn, Director of the Fisher Titus Foundation, what is the “KEY” to marketing?
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Understanding the consumers’ motivation and wants.
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Cross-functional teams refer to
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a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals.
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A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation, is referred to as a
answer

competitive advantage.
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Business portfolio analysis refers to
answer

a technique that managers use to quantify performance measures and growth targets to analyze their firm’s strategic business units (SBUs) as though they were a collection of separate investments.
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Ben & Jerry’s is founded on and dedicated to a sustainable corporate concept of linked prosperity. Its mission consists of three interrelated parts: Ben & Jerry’s economic mission is to operate the company
answer

on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees.
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Maybelline runs a television commercial for “Great Lash” mascara. They show exciting scenes of New York City and of sexy women using the mascara. In this commercial, Maybelline is advertising:
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A Product — their mascara
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The Terrafugia Transition (see the photo above) is a flying car with an anticipated price of $279,000. A potential showstopper for this product is likely to be
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concern about damage caused in a small on-road fender bender might make it dangerous to fly.
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Many large consulting firms are beginning to sponsor “women-only” networking events. The purpose of these events is to offer an opportunity for women in management to network with other businesswomen, either as clients, mentors, or protégés. This is an example of which environmental force?
answer

social
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Which answer reflects (in order) a good, a service, and an idea that can be marketed?
answer

a toothbrush, laser teeth whitening, and dental hygiene
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All of the following current or prospective distribution channels for Chobani Greek Yogurt EXCEPT:
answer

vending machines.
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The BCG has given specific names and descriptions to the four resulting quadrants in its growth-share matrix based on the amount of cash they generate for or require from the organization. “Cash cows” are SBUs that are classified as having
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low market growth rates but high relative market shares.
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The four Ps are commonly known as
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the marketing mix or controllable factors.
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In Figure 2-4 shown above, SBUs found in quadrant “A” would be called __________.
answer

stars
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George Zimmer, the former CEO of Men’s Wearhouse, was known to the public as the bearded company pitchman who sells suits and sport coats on TV declaring, “You’ll like the way you look, I Guarantee it!” He also said that to be successful, “You’ve got to have a company that starts with trust and fairness.” Zimmer was attempting to establish a(n) ___________ for Men’s Wearhouse.
answer

organizational culture
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Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.
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a way for the parties to communicate
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All of the following statements about the overall marketing program for 3M’s Post-it® Flag Highlighters are true EXCEPT:
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In his first attempt, David Windorski, a 3M inventor, designed the Post-it® Flag Highlighter in exactly the right way to appeal to its target market.
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In Figure 2-4 shown above, SBUs found in quadrant “D” would be called __________.
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cash cows
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In Marketing in the News, we heard that U.S. Bank has launched its most extensive brand-building campaign to date. The focus is on:
answer

putting customers at the center of everything they do.
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Diversification refers to the marketing strategy of
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selling new products to new markets.
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A(n) __________ is a product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants.
answer

offering
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A new company projects that its sales will exceed its expenses within the first year of operation. This is an example of which type of goal?
answer

profit
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A marketing dashboard refers to
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the visual computer display of the essential information related to achieving a marketing objective.
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A nonprofit organization is
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a nongovernmental organization that serves its customers but does not have profit as an organizational goal.
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An organization’s foundation can be broken into three key elements:
answer

core values, mission/vision, and organizational culture.
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Quadrant “A” in Figure 2-5 above represents the marketing strategy of __________.
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market penetration
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With respect to the history of American business, the __________ era immediately followed the sales era.
answer

marketing concept
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On the northern tip of Goose Island in the Chicago River sits the William Wrigley Jr. Company’s Global Innovation Center. Here, Wrigley creates new products using a joint effort by some 250 full-time food scientists, researchers, and marketers. The people who work in this center are most likely members of a(n)
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cross-functional team.
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What is the marketing term for people, whether they are 80 years or 8 months old, who use products and services purchased for a household?
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ultimate consumers
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In Figure 1-3 above, “A” represents __________ and “B” represents __________.
answer

discovering consumer needs; satisfying consumer needs
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Two commonly used techniques to aid mangers with important decisions for setting a direction and allocating resources include __________ and __________ analysis strategies.
answer

business portfolio; diversification
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The linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit is referred to as
answer

relationship marketing.
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All of the following are departments in a typical organization
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a. finance. b. manufacturing. c. information systems. d. human resources.
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The clear, broad, underlying industry or market sector of an organization’s offerings is referred to as its __________.
answer

business
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The United Way of Greater Toronto (UWGT), like many charities, was sitting on a gold mine of donor data. Unfortunately, UWGT was not certain how to use that information to its greatest advantage. UWGT could blanket past donors with generic mailings, but it could not offer donors information that would convince them to donate to UWGT over other charities. Which of the following tools would be most useful for the nonprofit organization to use?
answer

a customer relationship management plan
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Diversification analysis refers to
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a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
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According to the lecture, Kanye West was one of Def Jam’s artists. He was a top rapper in the industry AND is a successful producer as well. His career is on the upswing in a high growth part of the music industry. For Def Jam, Kanye was a:
answer

Star
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According to Figure 2-3 above, the image shown is an example of a(n)
answer

marketing dashboard.
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With respect to the history of American business, the __________ era is when today’s firms continuously seek to satisfy the high expectations of customers.
answer

customer relationship
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Marketing refers to
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the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
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__________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization.
answer

A social entrepreneur
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The idea that individuals and organizations are accountable to a larger society is known as
answer

social responsibility.

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