Principles of Marketing Exam 1 TEST

question

One facet of marketing is that it is
answer

A philosophy that stresses customer satisfaction
question

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:
answer

Marketing
question

The American Marketing Association’s definition of marketing
answer

Includes creating, communicating delivering & exchanging offerings that have value for customers, clients, partners, and society at large
question

The ________ orientation assumes people will buy more if aggressive selling techniques are used.
answer

Sales
question

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?
answer

Conduct research to determine if its customers needs have changed
question

A company that wants to implement a market orientation would need to:
answer

Do all of the activities listed, which are???
question

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
answer

Market
question

____________ is defined as the relationship between benefits & the sacrifice necessary to obtain those benefits
answer

Customer value
question

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?
answer

FedEx is perceived as offering greater customer value
question

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
answer

Customer satisfaction
question

_________ is a strategy that focuses on keeping & improving relationships with current customers
answer

Relationship marketing
question

A market oriented firm defines its business in terms of:
answer

The benefits its customers seek
question

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:
answer

Define its mission in terms of the benefits its customers seek
question

______ is the managerial process of creating & maintaining a fit between the organization’s objectives & resources & the evolving market opportunities
answer

Strategic planning
question

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:
answer

Strategic planning
question

Subgroups of a single business/ collection of related businesses within a larger organization are referred to as:
answer

Strategic business units
question

_______ is a marketing strategy that create new products for present markets
answer

Product development
question

A written document that acts a guidebook of marketing activities for the marketing manager is known as the
answer

Marketing plan
question

The focus of an organization’s mission statement should be on:
answer

The market it wishes to serve
question

By defining its business as “printing books” instead of “empowering imaginations,” a children’s book publishing company would more than likely experience
answer

Marketing myopia
question

________ is defined as the collection & interpretation of info about future events & relationships that may affect the organization
answer

Environmental scanning
question

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
answer

Sustainable competitive advantage
question

Of the following what is the most useful objective for Purina cat food?
answer

To increase sales of Purina brand cat food by 15% over 2010 sales of $300 million
question

The ______ is the unique blend of product, place, promotion & pricing strategies designed to produce mutually satisfying exchanges with a target market
answer

Marketing mix
question

_______ refers to the moral principles or values that generally govern the conduct of an individual of a group
answer

Ethics
question

________ are the rules people develop as a result of cultural values & norms
answer

Morals
question

Ethical development can be thought as having three levels. The most basic, childlike level is the _____ stage
answer

Preconventional morality
question

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.
answer

Preconventional morality
question

Corporate social responsibility is defined as the:
answer

Business’ concern for society’s welfare
question

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:
answer

Corporate social responsibility
question

______ 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
answer

Sustainability
question

The fact that many people believe that businesses should focus on making a profit & leave social & environmental issues to nonprofit organizations is:
answer

One of the arguments against social responsibility
question

At the most basic level, a firm must be profitable. What level of the pyramid of corporate social responsibility is this?
answer

Economic
question

The movement to develop & market products designed to minimize negative effects on the physical environment or to improve the environment is known as:
answer

Green marketing
question

A(n) ______ is a defined group that managers feel is most likely to buy a firm’s product
answer

Target market
question

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
answer

Social factors
question

What do self-sufficiency, upward mobility, work ethic, and conformity have in common?
answer

These are 3 of the core values that influence lifestyles in the U.S.
question

Which of the following events has had the greatest effect on marketing?
answer

The increased use of social media by people & businesses
question

Which of the following represents the largest group of consumers in the U.S.?
answer

Gen Y
question

Which demographic category represents the lowest percentage of the U.S. population, but had the highest family income?
answer

Asian Americans
question

__________ is the primary determinant of a person’s eating potential
answer

Education
question

Recession, inflation, and consumers’ incomes are the ______ factors of greatest concern to most marketers.
answer

Economic
question

After-tax income is referred to as
answer

Disposable income
question

_________ is measured by comparing income to the relative cost of a set standard of goods & services in different geographic areas
answer

Purchasing power
question

_________ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
answer

Inflation
question

A period of economic activity characterized by negative growth, which reduces demand for goods & services, is called a(n)
answer

recession

Get instant access to
all materials

Become a Member