Principles of Marketing Exam 1 TEST

One facet of marketing is that it is
A philosophy that stresses customer satisfaction
A business is concerned with many day to day activities. Some of the most important of these activities are the planning and development of a product, its ability to communicate value, its pricing policy and the distribution strategy. These activities are all a part of:
The American Marketing Association’s definition of marketing
Includes creating, communicating delivering & exchanging offerings that have value for customers, clients, partners, and society at large
The ________ orientation assumes people will buy more if aggressive selling techniques are used.
A company adhering to the marketing concept will likely take which of the following steps if it learned that its customers were dissatisfied with its products?
Conduct research to determine if its customers needs have changed
A company that wants to implement a market orientation would need to:
Do all of the activities listed, which are???
Best Buy has become the nation’s largest specialty retailer by focusing on the customer’s needs and wants. This philosophy is at the heart of a(n) _________ orientation
____________ is defined as the relationship between benefits & the sacrifice necessary to obtain those benefits
Customer value
The U.S. Postal Service (USPS) argues that its express service is comparable to what is offered by Fed Ex and that its prices are much lower. Yet, FedEx dominates with more than a 45% share of the express-delivery market. Which of the following statements describes this situation?
FedEx is perceived as offering greater customer value
96% of USAA home insurance policy holders report that USAA representatives meet their commitment in calling back customers quickly about claims The most likely result of USAA;s efforts is
Customer satisfaction
_________ is a strategy that focuses on keeping & improving relationships with current customers
Relationship marketing
A market oriented firm defines its business in terms of:
The benefits its customers seek
One of the reasons given for the decline of the passenger rail industry in the U.S. is that the industry defined its mission as train and not transpiration sources. The railroad industry failed to:
Define its mission in terms of the benefits its customers seek
______ is the managerial process of creating & maintaining a fit between the organization’s objectives & resources & the evolving market opportunities
Strategic planning
Since gas prices have soared & consumers have cut back on their spending on new trucks & SUVs, Ford Motor Corporation is transforming several of its plants to create small cars. Ford has engaged in:
Strategic planning
Subgroups of a single business/ collection of related businesses within a larger organization are referred to as:
Strategic business units
_______ is a marketing strategy that create new products for present markets
Product development
A written document that acts a guidebook of marketing activities for the marketing manager is known as the
Marketing plan
The focus of an organization’s mission statement should be on:
The market it wishes to serve
By defining its business as “printing books” instead of “empowering imaginations,” a children’s book publishing company would more than likely experience
Marketing myopia
________ is defined as the collection & interpretation of info about future events & relationships that may affect the organization
Environmental scanning
iTunes has a(n) ___________ as they have exclusive agreements with some of the most sought after music corporation that other digital music stores do not have
Sustainable competitive advantage
Of the following what is the most useful objective for Purina cat food?
To increase sales of Purina brand cat food by 15% over 2010 sales of $300 million
The ______ is the unique blend of product, place, promotion & pricing strategies designed to produce mutually satisfying exchanges with a target market
Marketing mix
_______ refers to the moral principles or values that generally govern the conduct of an individual of a group
________ are the rules people develop as a result of cultural values & norms
Ethical development can be thought as having three levels. The most basic, childlike level is the _____ stage
Preconventional morality
Hallie is a calculating, self-centered salesperson. She never engages in relationship marketing. She looks on any sales situation as a “win-lose” situation, and she believes any legal method she can use is justified when she wins. Hallie is most likely at the ______ stage of ethical development.
Preconventional morality
Corporate social responsibility is defined as the:
Business’ concern for society’s welfare
For every home built by Habitat for Humanity, Whirlpool Corporation has given & continues to give free kitchen appliances to the deserving family. This donation of appliances is an example of how companies assume their:
Corporate social responsibility
______ is the idea that socially responsible companies will outperform their peers by focusing on the world’s social problems & viewing them as opportunities to build profit & help the world at the same time
The fact that many people believe that businesses should focus on making a profit & leave social & environmental issues to nonprofit organizations is:
One of the arguments against social responsibility
At the most basic level, a firm must be profitable. What level of the pyramid of corporate social responsibility is this?
The movement to develop & market products designed to minimize negative effects on the physical environment or to improve the environment is known as:
Green marketing
A(n) ______ is a defined group that managers feel is most likely to buy a firm’s product
Target market
Many people in the U.S. choose to drink light beer b/c they value thin & fit bodies. In Europe, light beers have had little success b/c flavor is valued more highly. For international beer manufactures, this difference illustrates how ________ influence(s) marketing
Social factors
What do self-sufficiency, upward mobility, work ethic, and conformity have in common?
These are 3 of the core values that influence lifestyles in the U.S.
Which of the following events has had the greatest effect on marketing?
The increased use of social media by people & businesses
Which of the following represents the largest group of consumers in the U.S.?
Gen Y
Which demographic category represents the lowest percentage of the U.S. population, but had the highest family income?
Asian Americans
__________ is the primary determinant of a person’s eating potential
Recession, inflation, and consumers’ incomes are the ______ factors of greatest concern to most marketers.
After-tax income is referred to as
Disposable income
_________ is measured by comparing income to the relative cost of a set standard of goods & services in different geographic areas
Purchasing power
_________ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
A period of economic activity characterized by negative growth, which reduces demand for goods & services, is called a(n)

Get access to
knowledge base

MOney Back
No Hidden
Knowledge base
Become a Member