CH 1 & 2 Quiz

Firms that successfully generate, disseminate, and respond to market information are a) market-oriented. b) customer-oriented. c) information-oriented. d) satisfaction-oriented. e) competitive-oriented.

a) market-oriented.

An automaker is working on plans to address the electric vehicle market and is developing a marketing program to fulfill the needs of customers in this market. What type of planning is this? a) tactical planning b) market planning c) strategic planning d) local planning e) lower-level planning

a) tactical planning

Many firms have shifted to balanced strategic planning because traditional planning and measurement approaches are not able to capture: a) the value created by many of the organization's assets. b) real-time customer satisfaction metrics. c) key competitive information to drive marketing planning. d) either internal or external innovation. e) real-time financial performance metrics.

a) the value created by many of the organization's assets

Walmart's long-running strategic investments in logistics allow the retailer to operate with lower inventory costs than its competitors. This is called a a) resource advantage. b) competitive advantage. c) value-based advantage. d) relative advantage. e) marketing advantage.

b) competitive advantage.

Which of the following type of planning focuses on specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets ? a) strategic planning b) tactical planning c) customer analysis d) environmental planning e) marketing plan

b) tactical planning

Smartphone and mobile technology have reduced or replaced entire section of retail stores. How have marketers reacted as a result? a) Companies avoid a digital-first strategy. b) Marketers no longer sell consumable and household goods. c) Marketers now focus efforts on goods not easily replaced by digital and technology-enabled products. d) The varieties of products available have decreased. e) Efforts are now focused on targeting a true mass audience.

c) Marketers now focus efforts on goods not easily replaced by digital and technology-enabled products

What is a market? a) an electronic marketplace unbound by time or space b) something that the firm does better than its competitors c) a collection of buyers and sellers d) something that can be acquired via exchange to satisfy a need or a want e)one or more segments of individuals, businesses, or institutions toward which the firm's marketing efforts will be directed

c) a collection of buyers and sellers

Focusing on customers has not always been the hallmark of strategic planning. In fact, in the early twentieth century, firms tended to focus strictly on these two attributes rather than on developing relationships with customers. a) growth and corporate profits b) marketing research and new product development c) efficiency and quality d) marketing research and analysis e) sourcing and selling products

c) efficiency and quality

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth: a) statement of the organization's competitive advantages. b) strategy for achieving growth. c) situation analysis. d) statement of goals and objectives. e) assessment of the organization's resources.

c) situation analysis.

Why might an overly broad mission statement be problematic? a) It makes it harder to turn a profit. b) It limits business opportunities. c) It constrains the vision of the organization. d) It could lead a company to establish plans in areas where their strengths are limited. e) It will cause the firm to miss out on new opportunities.

d) It could lead a company to establish plans in areas where their strengths are limited.

Which of the following is TRUE of marketing strategy? a) Marketing strategy is easy to develop and implement. b) Marketing strategy draws from personal experience rather than data. c) Marketing strategy is immune to change. d) Marketing strategy is inherently people-driven. e)Marketing strategy is less important than in the past.

d) Marketing strategy is inherently people-driven.

In developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. What section of the marketing plan is the goals and objectives section tied closely to? a) marketing implementation b) situation analysis c) SWOT analysis d) evaluation and control e) executive summary

d) evaluation and control

Profit would be an example of a(n) a) mission statement. b) strength. c) operating philosophy. d) goal or objective. e) strategy.

d) goal or objective.

A customer's decision to purchase one product or group of products over another is primarily a function of: a) the convenience of acquiring the product or group of products. b) the product's price. c) the product's features relative to competing products. d) how well that choice will fulfill that person's needs and satisfy their wants. e) the availability of the product or group of products.

d) how well that choice will fulfill that person's needs and satisfy their wants.

Amazon capitalizes on faster and more innovative ways to deliver products directly to the customer. These decisions relate to which element of the marketing mix? a) market segmentation b) product c) promotion d) place (distribution) e) price

d) place (distribution)

Which of the following IS NOT a purpose of a marketing plan? a) It identifies resources needed to carry out the plan. b) It permits the monitoring of each action and its results. c) It describes specific actions that are to take place. d) It specifies the expected outcomes of the plan. e) It explains how marketing activities mesh with other functional areas.

e) It explains how marketing activities mesh with other functional areas.

Although it is increasingly difficult for marketers to reach a true mass audience due to audience and media fragmentation, media fragmentation does have a major advantage. What is this advantage? a) It is much easier to measure feedback from mass media audiences. b) There are now greater radio audience concentrations based on geographic location. c) Consumers now spend most of their time with a single medium d) Consumers are now much more receptive to radio advertising. e) It is now easier to reach small, highly targeted audiences.

e) It is now easier to reach small, highly targeted audiences.

A good marketing plan outline is consistent. What does it mean for a marketing plan to be consistent? a) The outline should be sufficient to ensure that information is not omitted. b) The outline should have the ability to be modified to fit the situation. c) The outline should flow in a logical manner. d) The outline should be consistent across firms in the same industry. e) The outline should have some connection to other functional area plans.

e) The outline should have some connection to other functional area plans.

In the relationship marketing approach, the ultimate goal of marketing is to: a) acquire new customers and complete a large number of exchanges. b) prohibit the customer from purchasing from competitors. c) make a profit. d) reduce costs associated with promotion. e) develop long-term customer relationships.

e) develop long-term customer relationships

A ride-sharing company reviews its customer data. Based on past sales, the company notices men in their 30s tend to spend more in the app and tip higher than other riders. The company decides to direct its marketing efforts toward this one segment. This segment is referred to as a a) target market. b) shareholder. c) competitive advantage. d) noncustomer. e) marketing channel.

target market