Quizzes 1-4 – Flashcards
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rough measure of how society values particular goods or services in the market place
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Prices
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Advertise how a product meets customers' needs.
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A firm with a marketing orientation is MOST likely to:
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Sam's Club Members
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Which of the following would not engage in the process of marketing?
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anyone who doesn't practice the marketing concept.
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"Production Orientation" refers to the attitudes of:
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The text considers five "eras" of marketing evolution. These five eras in logical order:
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Simple Trade, Production, Sales, Marketing Department, Marketing Company.
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The universal functions of marketing include buying, selling, transporting, storing
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standardization and grading, financing, risk taking, and marketing information.
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Which of the following is NOT likely to be found in a company with a marketing orientation?
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The company sells whatever it can make.
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Concerning the "universal functions of marketing," which of the following statements is FALSE:
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None of these statements are falce
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The Primary purpose of the transporting and storing functions of marketing is to overcome:
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Spatial separation
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The term "Economies of Scale" means that:
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The cost of a product goes down as a company produces larger numbers of it.
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Catalogs, point-of-purchase materials, and free samples are all examples of:
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sales promotion
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The _____ area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted.
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Place
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In the marketing mix, the customer is:
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the target for the marketing mix
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A "channel of distribution":
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is any series of firms (or individuals) from producer to final user or consumer.
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____ is the total stream of purchases that a customer could contribute to the company over the length of the relationship.
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Customer lifetime value
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A target market and a related marketing mix make up a:
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Marketing Strategy
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Which of the following is NOT one of the four variables in a marketing mix?
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Payment
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A college of business developed online programs to help its alumni learn the latest marketing practices. The college is thinking about:
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Customer Lifetime Value
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A firm's "marketing mix" decision areas would NOT include:
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People
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_____ refers to offering new or improved products for present markets:
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Product development
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Which of the following laws is primarily concerned with product warranties?
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Mangnuson- Moss Act
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Gross National Income (GNI):
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is affected by economic conditions and the productivity of workers in the country.
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A first step in evaluating marketing opportunities is to:
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consider the objectives and resources of the firm.
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The Federal Trade Commission Act of 1914 focuses on:
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Unfair methods of competition
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Which of the following laws focuses on price discrimination on goods of "like grade and quality" without cost justification?
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Robinson-Patman Act
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In a ________________ situation, competitors offer very similar products which customers see as close substitutes, and managers just compete with lower and lower prices as profit margins shrink.
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pure competition
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In the short run, a marketing manager usually cannot control:
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Any of these environments are uncontrollable in the short run.
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Product warranties are the focus of the __________ Act
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Magnuson- Moss
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When setting objectives for the whole firm, TOP MANAGEMENT should:
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Involve the marketing manager in the objective setting process.
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The Federal Trade Commission Act of 1914 is primarily concerned with:
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unfair methods of competition
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"Too much" aggregating in market segmenting:
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Leaves the firm vulnerable to competitors
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Which of the following criteria should a marketing manager use when segmenting a broad product-market?
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The segments should be substantial - big enough to be profitable and operational useful for identifying customers and deciding on marketing mix values. The people within a market segment should be as homogenous as possible with respect to the segmenting dimensions and their likely response to marketing mix variables. The people in different market segments should be as heterogenous as possible with respect to the segmenting dimensions and their likely response to marketing mix variables.
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Which is the first step in market segmentation?
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Naming a broad product-market of interest to the firm.
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Which of the following is a BEHAVIORAL segmenting dimension?
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Needs
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The combined target market approach:
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Tries to improve the general appeal of a firm's basic marketing mix rather than tailor it to meet the strongly felt needs of some people.
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When doing "positioning," a marketing manager should:
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rely on how customers think about proposed and/or existing brands in a market.
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The marketing management team for dada motors brainstormed a variety of solutions to the problem of how to transport people in the world. This process came during the_______ step in the market segmentation process.
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Disaggregating
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Brainstorming is an important part of the _________ step in the seven-step approach for segmenting product-markets.
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"Identifying potential customers needs"
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A "market" consists of :
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a group of potential customers with similar needs who are willing to exchange something of value to sellers offering various ways of satisfying customer needs. "All of these are correct"
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According to the text, segmenting should be viewed as a _____ process
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"Clustering" or aggregating
