question

Chapter 1 The practice of marketing has an impact on customers, the firm, the market, and society in general. Which of the following is NOT a core aspect of marketing?

answer

Ensuring that financial statements correctly reflect the value of the firm's brands.

question

Chapter 1 Customers give up things they value—for example, money, information or time—to a firm in return for goods, services and ideas. This process is called

answer

a marketing exchange.

question

Chapter 1 The four P's comprise the ________________, which is the controllable set of activities that the firm uses to respond to the wants of its target markets.

answer

marketing mix

question

Chapter 1 ______________ are intangible customer benefits that are produced by people or machines, and cannot be separated from the producer.

answer

Services

question

Chapter 1 The goal of _____________ is to inform, persuade or remind potential buyers about a good or service to influence their opinions and elicit a response.

answer

promotion

question

Chapter 1 Marketing firms become more value driven by focusing on four activities. Which of the following is NOT one of those activities?

answer

They concentrate on making a profit above all else.

question

Chapter 1 Customers seek benefits and will consider trade-offs among them, while also considering costs. In value-based marketing, the marketer must

answer

find opportunities to meet as many needs as possible while also keeping costs down.

question

Chapter 1 Firms that focus on the lifetime profitability of their relationships with their customers as opposed to how much money they make in each transaction operate under a _______ orientation.

answer

relational

question

Chapter 1 The group of firms that make and deliver a given set of goods and services is known as the

answer

supply chain.

question

Chapter 1 As identified in the text, Marketing is important for all of the following reasons EXCEPT

answer

marketers advise the human resource department on the right type of employees to hire.

question

Chapter 2 Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a

answer

sustainable competitive advantage.

question

Chapter 2 Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ______________ if its products have high perceived value and effective branding or positioning.

answer

product excellence

question

Chapter 2 A document that analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four P's, action plans, and pro forma financial statements is known as

answer

a marketing plan.

question

Chapter 2 Of the five steps to the strategic marketing planning process, which step usually comes first?

answer

Define the business mission

question

Chapter 2 A SWOT analysis is part of a firm's situation audit. SWOT is an acronym for

answer

strengths, weaknesses, opportunities, and threats.

question

Chapter 2 Steve has been working his way through the five steps in the development of a marketing plan. He has examined the firm's business mission and objectives and developed a SWOT analysis in some detail. Before he can implement the marketing mix, he must begin identifying market segments that his company could pursue. In target marketing, Steve will:

answer

evaluate each potential segment's attractiveness.

question

Chapter 2 When marketers execute pricing, promotion, place and product strategies, they are in the ___________________ phase of marketing planning.

answer

implementation

question

Chapter 2 Kathy has been assigned the task of assembling information to monitor whether the plans that were implemented are achieving what they are supposed to. She will look at both performance and financial measures. She will use a series of _____________, which are measuring systems that quantify a trend, dynamic, or characteristic.

answer

metrics

question

Chapter 2 Brian heard his unit described as a cash cow. At first, he wasn't sure he liked that, but felt better about it when he learned it meant

answer

his unit has excess resources that can be spun off to other business units that need it.

question

Chapter 2 Which of the following is one of the four major growth strategies marketers typically pursue?

answer

Market development

question

Chapter 3 According to your text, at what point did the concept of social media start to become more serious and professional?

answer

after Y2K and the bursting of the dot-com bubble

question

Chapter 3 A firm seeks to obtain insights and information from customer relationship management and/or loyalty programs so it can provide personalized offers aimed at exciting its targeted customer. In doing so, the firm is most likely attempting to make sure its offer

answer

is relevant.

question

Chapter 3 Jared likes to be on the cutting edge of technology and is usually the first of his friends to obtain the newest products available. Social media gives him the opportunity to post and share his creative ideas. In the world of social media, Jared would be considered

answer

a creator.

question

Chapter 3 Which professional site allows users to post to question-and-answer forums as well as post personal intellectual property, such as presentations they have given?

answer

question

Chapter 3 Approximately what percentage of those people who have smartphones actually make purchases from these devices?

answer

50 percent

question

Chapter 3 When stores like Target work with vendors to create exclusive in-store items, or advertise a policy to match retail pricing, they are most likely trying to combat any damage that could result from the use of _____ apps.

answer

Price check

question

Chapter 3 Which of the following accurately represents the three-stage process of social media engagement?

answer

listen, analyze, do

question

Chapter 3 Camille was shopping online for a new pair of dress boots. The first website she clicked on only offered hiking boots and not the dress boots she was looking for, so Camille left that site immediately and continued on her search. Under which metric for analyzing online activity would marketers categorize Camille's activity?

answer

bounce rate

question

Chapter 3 Katrina has a blog on which she writes her opinion about the latest fashions. Her blog is read by almost everyone in her network and she often sways people by her opinions. Which measure of individual social media effectiveness does this refer to?

answer

influence

question

Chapter 3 Fenton graduated with a marketing degree and is working in the marketing department for a major retailer. He has now decided he'd like to work in the firm's social media division. Ideally, he would like to be responsible for handling corporate forums and blogs, increasing traffic to the firm's website and broadening the firm's community. Fenton is most likely hoping to secure a job as a

answer

community manager.

question

Chapter 4 Instead of having to choose between making a profit or doing good for society, companies can combine __________ and _____________ to do both while building a solid corporate reputation.

answer

ethics; corporate social responsibility

question

Chapter 4 When asked in a survey whether they had seen any unethical behavior among their colleagues, chief marketing officers cited that they had observed all the following EXCEPT

answer

kickbacks to corporate buyers from supply chain vendors.

question

Chapter 4 According to the American Marketing Association, the specific values to which marketers should aspire include honesty, responsibility, fairness, respect, openness and

answer

citizenship.

question

Chapter 4 Firms with ______________ tend to be more socially responsible.

answer

strong ethical climates

question

Chapter 4 Which of the following is NOT a step in The Ethical Decision-Making Framework?

answer

consult appropriate regulatory officials

question

Chapter 4 What does the Ethical Decision-Making Metric (Exhibit 4.4) offer the marketer?

answer

a framework for looking at multiple dimensions of an issue in order to choose an appropriate course of action

question

Chapter 4 When developing a marketing strategy, ethics should

answer

be considered throughout the process, using different questions at different stages.

question

Chapter 4 __________________ refer(s) to the actions of a firm to address a wide range of social, environmental and ethical interactions with its community. Though somewhat controversial, these actions are significant in that the company undertakes them voluntarily, and the firm realizes that these actions can be profitable, too.

answer

Corporate social responsibility

question

Chapter 4 According to your text, the most basic corporate social responsibility to employees is to

answer

ensure a safe working environment.

question

Chapter 4 Current and retired employees, customers, and suppliers are all considered to be part of a firm's

answer

stakeholders.

question

Chapter 5 A good marketer can identify potential opportunities by paying close attention to customer needs and continuously monitoring

answer

the business environment in which the company operates.

question

Chapter 5 A firm's macro-environment includes _____________ factors, which the marketer cannot _______________.

answer

external; control

question

Chapter 5 The _____________ is the center of all marketing efforts.

answer

consumer

question

Chapter 5 Which of the following is NOT a macro-environmental factor?

answer

the firm's competitors

question

Chapter 5 __________ is the shared meanings, beliefs, morals, values, and customs of a group of people.

answer

Culture

question

Chapter 5 Compared to other groups, members of the _______________ generational cohort are more likely to marry and buy homes later in life, are more cynical, are shopping savvy and are considered to be astute consumers.

answer

Generation X

question

Chapter 5 Which of the following is NOT an important trend, as outlined in your text, that marketers must monitor in the macro-environment?

answer

red/blue marketing in election years

question

Chapter 5 Consumers' privacy concerns led to enactment of the

answer

Federal Trade Commission's Do Not Call registry.

question

Chapter 5 Marketers must consider the political and regulatory environment, which may have a profound impact on competition, promotion, product safety and the operation of the marketplace. Key players in this environment include all of the following EXCEPT

answer

stock exchanges.

question

Chapter 5 Market research firms can provide information indicative of human population segments such as age, gender, race and income. This information can provide marketers with a "snapshot" of the typical consumer in a specific target market and are collectively referred to as

answer

demographics.

question

Chapter 6 Marketers often use principles and theories from sociology and psychology to

answer

decipher many consumer choices and develop basic strategies for dealing with their behavior.

question

Chapter 6 _______ describes the steps that consumers go through before, during, and after making purchases.

answer

The consumer decision process mode

question

Chapter 6 The consumer decision process begins when

answer

customers recognize that they have an unsatisfied need.

question

Chapter 6 Once a consumer recognizes he or she would like to go from a needy state to a different, desired state, the consumer decision process continues with

answer

internal and external searches for information.

question

Chapter 6 Marketers would like to be in the consumer's _________ set for a purchase decision, but even more, they would like to be in the consumer's _________ set.

answer

retrieval; evoked

question

Chapter 6 Peter could attend any of several universities. He has high grades and test scores and is a star athlete at his high school. He has been approached by recruiters from several schools, all of whom talk about opportunities in their athletic programs, the quality of their academics, and the potential for scholarships. Despite all this attention, Peter will only consider local universities because his girlfriend is still in high school. For his college choice, Peter is using a _____ rule.

answer

noncompensatory decision

question

Chapter 6 The final step of the consumer decision process is _______, which is of particular interest to marketers because it entails actual rather than potential customers.

answer

postpurchase behavior

question

Chapter 6 Maslow's Hierarchy of Needs is a powerful tool for marketers to

answer

explain different kinds of motives consumers have and use.

question

Chapter 6 The term "perception" refers to

answer

the process by which individuals select, organize, and interpret information.

question

Chapter 6 Consumer purchases may be affected by perceived or actual ______________, which refer to the way consumers spend their time and money.

answer

lifestyles

question

Chapter 7 Business-to-business marketing refers to selling goods or services to all of the following EXCEPT

answer

consumers.

question

Chapter 7 Paul bought a laptop computer for personal use—mainly gaming—and another one for use in his consulting business. How would you classify his purchases?

answer

The first was a B2C purchase, and the second was B2B.

question

Chapter 7 Which of the following is NOT a type of reseller?

answer

Manufacturer

question

Chapter 7 The B2B buying process is similar to the B2C process, though it differs in many ways. For example, the B2B equivalents of the Information Search and Alternative Evaluation steps of the B2C buying process are

answer

more formal and structured.

question

Chapter 7 Your firm has recently completed your response to an RFP from a large manufacturer. Your team's next step will be to

answer

wait for the manufacturer to analyze the proposal.

question

Chapter 7 The end of the B2B buying process does not end with the receipt of the purchased goods or services. Most companies will

answer

assess performance of the selected vendor.

question

Chapter 7 Sylvia supervises the print shop in a large nonprofit organization. Her machine operators frequently complain to her about a particular piece of equipment that continually malfunctions. After she made a formal request to replace the equipment, she was asked to serve on a committee to advise the CFO on the kind of new equipment to purchase. Sylvia is most likely taking on the role of _____ in this buying center.

answer

Initiator

question

Chapter 7 Organizational culture reflects the values, traditions and customs that guide employee's behavior. In the context of the buying center, there are a number of recognized cultures of critical importance to B2B marketers. Which of the following is NOT one of these buying cultures?

answer

Ethical

question

Chapter 7 For which of the following buying situations is the buying decision most likely to be quite simple?

answer

a straight rebuy

question

Chapter 7 Which type of buying center uses one person to make a decision but solicits input from others before doing so?

answer

consultative

question

Chapter 8 ________ refers to the processes by which goods, services, capital, people, information, and ideas flow across national borders.

answer

Globalization

question

Chapter 8 ______ is the most widely used measure of market potential of an economy.

answer

GDP

question

Chapter 8 Firms use economic analysis to help determine the relative attractiveness of various marketing opportunities. These analyses include all the following EXCEPT evaluating

answer

working capital.

question

Chapter 8 Eduardo is working on creating a marketing mix for his firm's business-to-business products, and he is looking at government action. He is concerned that some foreign governments may place limits on the quantity of his products that can be imported. What kind of government action is Eduardo worried about?

answer

quotas

question

Chapter 8 Which of the following is one of Hofstede's cultural dimensions?

answer

time orientation

question

Chapter 8 Which of the following sequences correctly lists the least risky to the riskiest global entry strategy?

answer

exporting, strategic alliance, direct investment

question

Chapter 8 Based on predicted growth rates, which of the following countries is expected to become the world's fifth largest economy within a few years?

answer

Brazil

question

Chapter 8 Direct investment

answer

offers a firm control over the foreign enterprise and the highest potential return.

question

Chapter 8 In comparison to the marketing mix for domestic firms, the global marketing mix

answer

includes all of the Four P's—Product, Price, Place and Promotion.

question

Chapter 8 The major challenge in developing a global communication strategy is

answer

identifying the elements that need to be adapted to be effective in the global marketplace.

question

Chapter 9 The Segmentation, Targeting and Positioning Process is not always linear, but the final stage is to

answer

identify and develop a positioning strategy.

question

Chapter 9 Your text outlines a number of segmentation methods a firm may choose to utilize. Which of the following is NOT one of the choices

answer

sociological segmentation

question

Chapter 9 Marketers like Benetton want their ads to appeal to one's ________, suggesting to consumers "I'm like them, so I should buy their products."

answer

self-concept

question

Chapter 9 Best Years Travel targeted consumers living in New York City who were over 50 years of age. Best Years Travel was using ________ segmentation.

answer

geodemographic

question

Chapter 9 One reason Forever Green Lawn Service invests in retention by using ______ segmentation is because finding new customers is costly.

answer

loyalty

question

Chapter 9 Once a marketer has selected potential market segments for a product or service, he or she can evaluate each segment to determine if customers in the segment will react similarly and positively to the firm's offering. In doing so, the marketer is evaluating if the segment is

answer

responsive.

question

Chapter 9 Which of the following would NOT be used in calculating the profitability of a segment?

answer

variable costs

question

Chapter 9 When selecting a target market, a marketer should

answer

match the firm's competency with a market segment's attractiveness.

question

Chapter 9 Firms using a(n) _______ targeting strategy, target several market segments with a different offering for each.

answer

differentiated

question

Chapter 9 Once segmentation and targeting have been completed, the marketer turns to ________, often using a perceptual map to display graphically the customers' perceptions of the product and of its competitors' products.

answer

positioning

question

Chapter 10 When marketers systematically collect, record, analyze, and interpret data in order to aid in decision making, they are engaged in

answer

marketing research.

question

Chapter 10 ______ uses a variety of statistical analysis tools to uncover previously unknown patterns in data or relationships among variables.

answer

Data mining

question

Chapter 10 Which of the following is NOT included in the American Marketing Association's guidelines for marketing research?

answer

supporting efforts to overcome consumers' concerns about privacy.

question

Chapter 10 One of the most important issues marketers must address before beginning a marketing research project is whether or not

answer

senior management is willing to abide by the results.

question

Chapter 10 Scanner data, U.S. Census data, internal company data and Internet background research are all examples of ______ data.

answer

secondary

question

Chapter 10 The major advantage of ________ data is that it can be tailored to meet specific marketing research needs.

answer

primary

question

Chapter 10 Jerry is designing an online survey questionnaire. When designing the questionnaire, Jerry should

answer

use language respondents are familiar with.

question

Chapter 10 The disadvantages to secondary research are that it may not be precisely relevant to the information that is needed, the data sources may be biased and

answer

the methodologies for collecting data may not be appropriate.

question

Chapter 10 Commercial research firms such as Symphony IRI Group, J.D. Power and Associates and ACNeilsen all provide data that marketers can purchase. This type of data is known as _____ data.

answer

syndicated

question

Chapter 10 Joe, the owner of a local hardware store, is in the process of going through his customer's purchase histories to determine if they purchase certain types of products together on a regular basis, so he can then market those products more effectively. What activity is Joe engaged in?

answer

data mining

Principles of Marketing Midterm – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards