MRKT 303 Exam 1 – Flashcards

Unlock all answers in this set

Unlock answers
question
​A company that sets its goals and strategies based on what its current equipment can manufacture, what its engineering can design, and what the company itself can do best has _____orientation.
answer
Production
question
Defines its mission in terms of the benefits its customers seek.
answer
A market-oriented firm:
question
Building long-term customer relationships.
answer
A sales-oriented firm places minimal emphasis on:
question
Extensively uses personal selling and advertising.
answer
A sales-oriented firm:
question
Libra Electronic Inc. has launched a new range of light-weight vacuum cleaners with enhanced features. Before developing the product, Libra Electronic conducted a thorough study about customer requirements. The company also studied the quality of its competitors' vacuum cleaners. Based on insights about customer wants and competitor strengths and weaknesses, Libra Electronic has designed vacuum cleaners that can be clearly distinguished from other brands. Libra Electronic most likely has a _____ orientation.​
answer
Market
question
Researchers at PPG Industries Inc. spent considerable time, effort, and money developing a bluish windshield that would let in filtered sunlight but block out heat. PPG had not conducted market research before deciding to design the windshield. Moreover, the windshield is priced higher compared to the other brands. The company has now introduced the windshield in the market and is hoping that the customers will like it. PPG most likely has aNo_____orientation.​
answer
​Production
question
Which of the following is a difference between a market-oriented firm and a sales-oriented firm?
answer
Unlike a market-oriented firm, a sales-oriented firm targets its products at the average customer. A market-oriented organization aims at specific groups of people.
question
Which of the following questions which companies consider is best aligned with the production orientation philosophy?
answer
What can our engineers design? A production orientation means that management assesses its resources and asks these questions: "What can we do best?" "What can our engineers design?" "What is easy to produce, given our equipment?"
question
A company can gain a cost competitive advantage by:
answer
Reorganizing functional departments into cross-disciplinary teams.
question
A distinguishing feature of the product/service differentiation competitive advantage is _____.​
answer
having a strong brand image
question
A marketing mix typically involves:
answer
distribution strategies.
question
Cost competitive advantage can be achieved by:
answer
avoiding marginal customers.
question
In the context of SWOT analysis, a strength of an organization can be:
answer
superior production technology.
question
In the context of a marketing mix, the product strategy involves:
answer
Warranty
question
In the context of marketing mix, promotion includes:
answer
Public Relation Activities
question
In the portfolio matrix, a _____ is in a low-growth market, but the product has a dominant market share; it is an SBU that generates more money than it needs to maintain its market share.​
answer
Cash-Cow
question
MaxNutri sells cookies and nutrition bars. The marketers at MaxNutri are trying to come up with a new and attractive packaging design for its cookies. In this scenario, MaxNutri is working on its _____ strategy.​
answer
product
question
Revel Inc., a cell phone manufacturer, launched its new range of smartphones that could only be purchased on the company's official Web site and not at retail outlets. This limitation may be attributed to the _____ element of Revel's marketing mix.​
answer
Distribution
question
Strategic planning:
answer
should be based on creativity
question
Synergy Corp. is large seller of energy-efficient bulbs that uses extensive promotional strategies to stimulate sales. Synergy has noticed that a competitor is doing well and is steadily gaining a large market share. The marketers at Synergy want to counter the competitor immediately by increasing the sales of its bulbs. What quick step can Synergy take to stimulate the sales of its products?
answer
Change the pricing strategy
question
The heart of the marketing mix is the:
answer
product offering and product strategy
question
The price component of a marketing mix is:
answer
a competitive weapon for companies.
question
The product in the marketing mix:
answer
includes company image.
question
Thompson Crayons Ltd. is a manufacturer of crayons and colored pencils in Rhodia. The company has started packaging their products in vibrant colored boxes, as opposed to brown boxes used in the past, in order to increase their sales. In this scenario, Thompson Crayons Ltd. is using a _____ strategy.
answer
product differentiation
question
Varion Air offers its customers a complementary air ticket on the purchase of three business class tickets. Varion Air's strategy best represents the ____ element of its marketing mix.
answer
promotion
question
Which of the following actions is closely associated with the niche strategy?
answer
Choosing a target market that is not crucial for the success of major competitors
question
Which of the following can be considered as a business opportunity in the context of SWOT analysis?
answer
Favorable government regulations
question
Which of the following considered by marketers is most closely related to distribution strategies?
answer
How can we effectively store raw materials?
question
Code of ethics:
answer
should not be too detailed. Codes that are too detailed encourage employees to substitute rules for judgment. For instance, if employees are involved in questionable behavior, they may use the absence of a written rule as a reason to continue behaving that way, even though their conscience may be telling them to stop
question
Delta Inc. is a large organization that believes in serving the community it operates in. The organization conducts several campaigns about health awareness and also provides donations to nonprofit organizations working on such causes. Delta is illustrating _____.​
answer
​corporate social responsibility
question
In order to combat U.S. corporations' use of illegal payments and bribes in international business dealings, Congress enacted:
answer
the Foreign Corrupt Practices Act.
question
Marketers are most likely to recognize an action as unethical when:
answer
there is a greater degree of agreement among managerial peers that the action is harmful.
question
Nutri Star Corp. is a large food manufacturing corporation which is more profitable that its competitors. The company uses only organically grown grains and fruits. Nutri Star also promotes organic farming and helps nonprofit agencies who focus food and nutrition causes. The company has now decided launch a campaign that aimed at promoting healthy eating habits among youth. Nutri Star is most likely to have adopted the concept of _____.​
answer
​sustainability
question
The stakeholder theory of corporate social responsibility:
answer
considers the management of an organization as one of the stakeholders.
question
Which of the following statements is true about cause-related marketing?
answer
Any marketing effort for social or other charitable causes can be referred to as cause-related marketing.
question
Which of the following statements is true about the sustainability theory of social responsibility?
answer
It states that focusing on the world's social and responsible problems will help corporations outperform their peers
question
Baby boomers:
answer
have many health care expenses.
question
Gen Xers:
answer
spend more on food than any other cohort.
question
Governments can help all businesses by_____.​
answer
​protecting the interests of the society at large
question
Millenials:
answer
are now more in number than baby boomers
question
Which of the following is true of individuals belonging to the baby boom generation?
answer
They are willing to change brands and try new things
question
Which of the following statements is true about Generation Y?
answer
Its members are tech savvy but still use traditional media
question
Which of the following statements is true about the Great Recession?
answer
It began with the collapse of inflated housing prices.
question
Which of the following statements is true of members of Generation X?
answer
They were hit hard by the Great Recession
question
Cuisine Royale, a restaurant chain, has introduced many Asian and Mexican dishes in the menu. This was done because the top management had recognized that the number of their customers from minority groups was increasing. This scenario illustrates how _____ factors influence marketing decisions. Select one:
answer
​demographic
question
The Federal Trade Commission's Bureau of Competition _____.
answer
​seeks out and challenges anti-competitive conduct in the marketplac
question
A company is said to be a direct foreign investor in another country if it:
answer
acquires an active ownership of marketing facilities in that country.
question
Many people fear world trade because it:
answer
causes some people to lose their jobs due to production shifts abroad.
question
Once marketing managers have determined a global product and promotion strategy, they can select the remainder of the marketing mix. However, entry into many developing nations presents special pricing problems because:
answer
there is a lack of mass purchasing power.
question
One of the factors in the external environment that has become more evident in the past decade is the:
answer
shortage of natural resources.
question
Which of the following is a difference between product invention and product adaptation?
answer
Product invention involves drastically changing an existing product, while product adaptation involves slightly altering a basic product
question
Which of the following is true of globalization?
answer
It expands economic freedom and increases the living standards of people.
question
Which of the following stages in the development of multinationals is characterized by multinational firms setting up foreign subsidiaries to handle sales in a country?
answer
Stage two
question
​Currency markets operate under a system in which the prices of different currencies move up or down based on the demand for and supply of each currency. This is the system of _____.
answer
​floating exchange rates
question
​In the context of global marketing, when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity, it is known as a _____.
answer
​joint venture
question
​_____ is a fast-growing way to conduct global business in which all or part of the payment for goods or services is in the form of other goods and services.
answer
​Countertrade
question
____ is the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter.
answer
​Dumping
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New