Intro to marketing/bus 360

Choose the statements about differentiation that are true. (Check all that apply.)

True differentiation occurs when customers see the firm's offering as being better with regard to all four Ps. Differentiation can only occur if one or more of the four Ps is done better than the competition. Offering a lower price than the competition—while being similar on the other three Ps—would be a source of differentiation.

False

True or false: The ability to satisfy an economic need is independent of how much money a consumer has available.

According to the case, which of the following are true about Under Armour?

Under Armour's core products face competition from strong competitors. Under Armour's products include its HeatGear and ColdGear product lines. Its first shirts sold for three to five times the cost of a T-shirt.

Which of the following makes international marketing attractive? (Check all that apply.)

Unfavorable trends at home Favorable trends in other countries

The processes of buying, selling, shipping, storing, financing, and risk-taking are components within the ______ functions of marketing.

Universal

Which of the following statements are true about a market-directed macro-marketing system? (Check all that apply.)

It overcomes discrepancies and separation between producers and consumers. The universal functions of marketing enhance its effectiveness. It efficiently and effectively connects heterogeneous supply with heterogeneous demand.

Which of the following variables contribute to the cultural and social environment?

Language Religious beliefs Education level Clothing styles

Which of the following are potential concerns about international opportunities? (Check all that apply.)

Laws can be different in other countries. Some countries have instability because of political or social issues. Cultural differences can create problems.

Which of the following are reasons for studying marketing? Multiple select question.

We are all consumers, so we should learn about buying and selling. Because marketing costs can be an important part of a product's price, we should know what we are paying for. Marketing helps ensure that the things we buy are available when we need them.

A S.W.O.T. analysis helps a company figure out which four of the following? (Check all that apply.)

Weaknesses Opportunities Threats Strengths

Target marketing classifies a marketing mix as

appealing to a selected group of people.

A person's views towards things that reflect a like or dislike are called ______.

attitudes

A marketing manager attempting to segment a market using two demographic characteristics is likely to fail because ______.

customer behavior cannot be explained using such narrow segmenting criteria

A regional population ______ typically creates stronger competition among firms in the area.

decline

The term "mass marketer" is used to

describe large firms that aim at specific groups.

Marketing managers at Chicago South Loop Hotel know that some customers drive into downtown Chicago and worry about the cost of parking. For these customers, manner of arrival might be a in choosing a particular hotel for their next trip to the Windy City. So Chicago South Loop Hotel offers free parking to encourage this segment to choose its hotel.

determining dimension

When a marketing mix has an element that sets it apart from those of the competition, it is said to have

differentiation.

Customers and competitors are within the ______ market environment and must be considered during marketing strategy planning.

direct

Really new product innovations tend to ______.

disrupt old ways of doing things

The broad possibilities available in the market strategy planning process include market development, market penetration, product development, and

diversification.

People who thoroughly research and compare products in order to make the most satisfying purchases are called ______.

economic buyers

The general behavioral principles that marketing managers can use to better understand a specific target market are called _____.

frameworks

The total value of all of the goods and services produced within a country in a given year is known as ______.

gross domestic product

According to this case, which of the following are true about iRobot?

iRobot sells Roombas priced from about $300 to $1,100. iRobot has new products that mow lawns, clear gutters and scrub pools.

The ______ dimension of a strategic planning grid helps managers determine whether a product-market plan is a good idea.

industry attractiveness

Most companies experience losses during the market ______ phase due to high levels of promotional spending, sharing information about the product, and low sales. All of these are important since most target customers are not aware of the product.

introduction

Marketing will be beneficial to you, as a student, because _____.

it will help you to promote yourself

When a person has a first experience riding a roller coaster and becomes ill, a decision to ride a roller coaster in the future is not likely. This is an example of ______.

learningvx

In pure competition, customers see the different available products as close substitutes. Many marketing managers compete by ______.

lowering prices and sacrificing profits

Explicitly stating that a firm will market to business customers rather than unaffiliated consumers is an important aspect of a manager's ______ since this clearly establishes the markets in which the firm will compete.

market definition

Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?

market development

The activities in a firm that try to identify customer needs and focus the flow of goods or services in the firm in order to meet those needs is called

marketing

Which of the following involves meeting the goals of an organization by anticipating customer needs and ensuring that the organization's products or services can help satisfy those needs?

marketing

An (Blank, blank) is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy

marketing plan

Firms need a hierarchy of objectives, moving from company objectives to ______.

marketing objectives

An organization's ______ combines multiple marketing plans into a single, large plan.

marketing program

The market for breakfast cereals includes many brands and marketing mixes that some customers see as different despite their similarities in terms of ingredients and branding. The breakfast cereal market can be described as ______.

monopolistic competition

Gross domestic product is a widely used measure of _____.

national income

marketing spurs innovation

new ideas, goods, and services

Customers can perceive differences based on

only one important element of the marketing mix.

A "good" market segment should be _____ in that the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables.

operational

A company that is working to increase customer purchases of its current products in its current market is trying to achieve market

penetration.

If the makers of GreenLeaf Tea provide free bottles of the drink at the Boston Marathon for those participating in the race, the company is fulfilling a _____ need.

physiological

Regional economic groupings such as the North American Free Trade Agreement are likely to promote similar ______ environments among member countries.

political

Effective marketing should start with:

potential customer needs.

Positioning analysis is a ______-oriented approach.

product

Four P's

product, place, price, promotion

The "four Ps" of the marketing mix are

product, place, promotion, and price.

What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process? (Check all that apply.)

Market penetration Market development Diversification Product development

Which of the following are reasons why marketing can be important for future employment? (Check all that apply)

Marketing can help in getting a job. Marketing can help in selling your ideas in a new job.

Which of the following statements are true about the usefulness of studying marketing? (Check all that apply.)

Marketing concepts can help "sell" yourself to a potential employer Marketing offers many interesting jobs

Which of the following are the moral standards for marketing activities?

Marketing ethics

Which of the following statements about the marketing functions from a micro viewpoint is true?

Marketing functions can be shared among firms in various ways.

Which of the following are true with respect to marketing and production? (Check all that apply.)

Marketing investigates what the future needs of customers might be. Marketing starts with the potential needs of customers.

Select all that apply Which of the following statements about marketing are correct? (Check all that apply.)

Marketing is more than just persuading customers. Marketing builds relationships with customers.

What are the two parts of a marketing strategy? (Check all that apply.)

Marketing mix Target market

Which of the following is not a criticism of marketing?

Marketing reduces discrepancies of assortment.

What are three components of the promotion element? (Check all that apply.)

Mass selling Sales promotion Personal selling

Some businesses avoid using new technology because they don't understand it, while other companies immediately use every new technology without assessing its value. Both of these approaches can steer a company into a ______ way of thinking.

production-oriented

marketing metrics

profits, revenues, costs

To be most effective, marketing should:

provide direction for production and finance. interpret customer's needs.

Rest is a (blank) need; power is a (blank) need

psychological psychological

Sales of an individual product or brand will ______ follow the product life-cycle pattern.

rarely

After analyzing environmental trends and the firm's resources and objectives, marketing managers should develop ______ to narrow down the number of strategic choices.

screening criteria

The single target market approach involves ______.

selecting one homogeneous market segment as a target market

Marketing managers

should seek attractive opportunities.

In the ______ era, any extra food or other goods that families produced was traded to local distributors.

simple trade

Marketing evolution

simple trade era, production era, sales era, marketing department era, marketing company era

What managerial process involves cultivating and keeping a relationship that matches an organization's resources with its market opportunities?

strategic management planning

The use of scientific advancements to help convert resources into goods and services is also known as ______.

technology

According to the product-market definition, a customer type refers to _____.

the expected end user of a product, regardless of who purchases the product

In a market-directed economy, the macro-level decisions of the economic system are ______.

the sum of individual decisions by producers and consumers

A group of people can be considered a market if ______. (Check all that apply.)

they have similar needs they are willing to exchange something of value to satisfy their needs

Marketing requires that ______.

two or more parties be willing to engage in an exchange

A marketing exchange is ___.

usually part of an ongoing relationship

Customer _______ refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.

value

If online shoe retailer Zappos offers superior customer value, what is the sequence of benefits Zappos can hope to obtain? Start with the first benefit Zappos will attain after it offers superior customer value.

zappos attracts more customers zappos satisfies its customers zappos keeps more of its customers zappos increases sales to its present customer zappos builds a profitable customer relationships

Which of the following are true with respect to exchange in marketing? (Check all that apply.)

Sellers offer to exchange something that meets a need. Marketing involves a willingness of at least two parties to engage in exchange.

The universal functions of marketing include which of the following? (Check all that apply.)

Selling Market information Storing

Product is concerned with which of the following in the marketing mix? (Check all that apply.)

Service Branding Installation

Which of the following statements about marketing strategy are true? (Check all that apply.)

Strategies include identifying both a target market and a marketing mix. The needs of the target market should drive decisions on the marketing mix.

Which of the following are true with respect to target marketing? (Check all that apply.)

Target marketing fulfills the selected group's needs better than mass marketing. Target marketing can mean big profits and big markets.

Under English and U.S. common law systems, a seller is required to do which three of these things? (Check all that apply.)

Tell the truth Stand behind the firm's product Uphold contracts

Which of the following reflect how a company adopting a production orientation would operate? (Check all that apply.)

The company sells whatever product offering it is able to produce. Customer service is required only to handle and reduce customer complaints. Advertising emphasizes product features.

Customer satisfaction

The extent to which a firm fulfills a consumer's needs, desires, and expectations.

Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop? (Check all that apply.)

The firm's objectives and available resources help determine the appropriate criteria to use. These criteria are useful in figuring out the markets in which a firm wants to compete.

According to this case, which of the following are among the keys to the success of the Apple iPhone?

The iPhone addresses many customer needs. Apple anticipated customers' needs.

Select all that apply Which of the following statements are true with respect to marketing and nonprofit organizations? (Check all that apply.)

The marketing objective for a nonprofit organization may be to increase membership. Government agencies can be customers of nonprofit organizations. The clients of a nonprofit organization may be consumers or business firms.

Which of the following aspects should a company evaluate in order to determine its strengths and weaknesses? (Check all that apply.)

Employee knowledge Production capability and flexibility Market demands Current products

For some goods and services, the cost of marketing accounts for about half of what the consumer pays for them. True / false question.

True

According to the case, which of the following are part of Under Armour's product assortment?

Backpacks Bottoms Shoes

Product is concerned with which of the following in the marketing mix? (Check all that apply.)

Branding Service Installation

Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?

Breakthrough opportunities

Which of the following are true of market segmentation? (Check all that apply.)

A major reason for market segmentation is to help a manager truly understand customers. Managers use segmentation to help them figure out which groups of customers to serve.

Which of the following statements about the marketing strategy planning process are true? (Check all that apply.)

A marketing strategy begins with an evaluation of customers, competitors, and company. The marketing strategy process starts broadly and then narrows down.

Which of these statements regarding population trends is accurate?

About 80% of U.S. residents live in urban areas.

Which of the following is most crucial for entering an attractive market?

Access to capital

Production

Actually making goods or performing services

According to this case, Cirque du Soleil does which of the following to build long-term relationships with customers?

Added apps to keep its most avid customers informed Advertises to get customers to that first show

What is true for firms considering international opportunities?

Advances in transportation make it cheaper to ship around the world.

According to this case, which of the following is true about Apple's efforts in China?

Apple's competitors, Huawei and Xiaomi, have done a better job adapting products for the Chinese market.

What is a reflection of how economic factors are related to psychological influences?

Consumer confidence

Which of the following are activities of government in a market-directed economy?

Creating regulations to govern trade Enforcing contracts Ensuring that producers deliver the level of quality they promise

According to this case, when Cirque du Soleil evaluates ideas for new shows, it considers the show's:

Creativity Ability to pay back development costs Likelihood of becoming a blockbuster Uniqueness

Market definitions for both a product market and a generic market have which of the following in common?

Customer needs, customer type, and geographic area

Which of the following typically occur in the market introduction stage of the product life cycle? (Check all that apply.)

Customers are not seeking the product. Sales are low. Firms inform customers about the product.

Matthew received a pacemaker to help the arrhythmia he is experiencing with his heart. The pacemaker provides a continual stream of information that is monitored by specialists at the heart clinic and if they notice any indicators of concern, they contact Matthew and he reports to the clinic for assessment. What is helping the heart clinic improve the quality of care Matthew is receiving?

Data

What three things are measured when considering a company's triple bottom line?

Environmental impact Social outcomes Economic results

Which of the following activities are part of the basic approach to competitor analysis? (Check all that apply.)

Evaluate the strengths and weaknesses of your target market and marketing mix. Understand how your marketing mix compares to your competitors' offerings and strategy. Identify existing and potential competitors.

Samson Inc. faced tough competition in the U.S. motorcraft market. What steps might the company take to improve the bottom line? (Check all that apply.)

Expand overseas Cut costs

Which of the following are examples of marketing strengths that might be enjoyed by the Coca Cola Company? (Check all that apply.)

Experienced sales force Recognizable branding Good relationships with retailers

True or false: Generic markets focus primarily on product type.

False

True or false: Marketing managers find breakthrough opportunities or competitive advantage by using their strengths to take on competitors with similar strengths.

False

According to the iRobot case, which of the following are among the keys to the success of the development of Roomba?

Focus groups indicated it needed a vacuum in addition to sweeper brushes. The product appealed to a wide target market—people who hate to vacuum. New-product developers took the customers' perspective.

Which of the following are the basic ways of viewing marketing? (Check all that apply.)

From a macro view, as a function of society From a micro view, as a function carried out by companies

The people born between 1965 to 1977 are referred to as ______.

Generation X

The people born from 1978 to 1994, who are sometimes called Millennials, are referred to as ______.

Generation Y

Which of the following are benefits of having an understanding of marketing?

Helping you to be more effective in your job Seeing how marketing relates to a variety of human activities Giving you ideas about how to sell your ideas in a new job

What is the best way to describe a targeted market segment?

Homogeneous

Which of the following are examples of economic needs? (Check all that apply.)

Improvement of earnings Economy of purchase Dependability in use Efficiency in operation

According to the Nike case, which of the following are among the keys to Nike's success? (check all that apply)

Innovative new products Signing popular athletes to endorse products

Which of the following would likely be considered costs, as opposed to benefits, to people purchasing a new car? (Check all that apply.)

Interest charges to finance the car Waiting three weeks for delivery The price they pay

Which of the following is a market specialist whose role in the exchange process is to focus on trade?

Intermediary

Which of the following are true of a successful product-market? (Check all that apply.)

It helps focus and sharpen a firm's marketing strategy. It is defined as the scope of the market in which a firm will compete.

Which two of the following describe a marketing program? (Check all that apply.)

It includes more than one marketing strategy. It implements several marketing strategies at once.

Which of the following are true statements about the marketing concept and nonprofit organizations? (Check all that apply.)

Nonprofit organizations should have an agreed-upon measure of long-run success.Nonprofits face competition for the resources and support they need.

Promotion is concerned with which of the following within the marketing mix? (Check all that apply.)

Number of salespeople Contests

Which of the following is not in the circular model that leads to building superior customer relationships?

Only the marketing department should satisfy customers.

What is the purpose of a S.W.O.T. analysis?

Picks out a firm's weak and strong points, as well as any potential opportunities or threats the firm might face

What are the specific steps in the marketing management process? (Check all that apply.)

Planning marketing activities Controlling marketing plans Directing implementation of marketing activities

Order the steps of the marketing management process starting with the first step and ending with the last.

Planning marketing activities Directing implementation of marketing activities Controlling marketing plans

Which of the following are used to promote marketing ideas?

Political parties Entrepreneurs Charities

Which of the following are part of the "marketing mix"? (Check all that apply.)

Product Promotion

Place is concerned with which of the following in the marketing mix? (Check all that apply.)

Product storage Channel type

What type of segmenting dimensions involves whether a customer can be considered part of a product-market?

Qualifying

How common are monopoly situations in market-directed economies?

Relatively rare

Which two of the following describe a market-directed macro-marketing system? (Check all that apply.)

Relies on the universal marketing functions Overcomes discrepancies of assortment and quantity

Which of the following are part of the role of a macro-marketing system? (Check all that apply.)

To help ensure that the society's objectives are met To get products to consumers at the right time, place, and price To match heterogeneous supply and heterogeneous demand

Which of the following could be "breakthrough opportunities" for a candy company? (Check all that apply.)

The opportunity to purchase a well-known and respected brand name A patented formula that customers love and competitors could not copy

Which of the following factors do marketing managers consider when evaluating the industry attractiveness dimension of a product-market plan? (Check all that apply.)

The potential environmental impact of the plan The types and amount of competition in the industry Market size and rate of growth

Which of the following statements about marketing functions are true? (Check all that apply.)

The universal functions may be shared across multiple organizations. All the universal functions of marketing must be performed well or the macro-marketing system will be harmed.

Which of the following statements about Generation Y are true?

They are relatively comfortable with technology. They are health conscious.

In a market-directed economy, which of the following describes the role of the price of goods and services?

To act as a rough measure of value

To use technology in the best possible way, marketing managers must ______.

begin with customer needs

A person's opinion that is not necessarily action-oriented is called a(n) ______.

belief

Charlie thinks the new soda tastes like cough medicine. This is an example of a(n) _____.

belief

The relevant market that a firm has for finding opportunities should be _____ the firm's present product-market.

bigger than

To achieve effective market segmentation, markets should first disaggregate the needs of customers. This means the company should _____.

break apart all possible needs into some generic markets

The two goals of a marketing exchange are to:

build an ongoing relationship with the customer. determine future production needs.

According to this case, Nike introduced its Nike+ apps for smartphones in part to:

build long-term relationships with customers

In nonprofit organizations, the marketing concept ______.

can be a challenge because support may not come directly from satisfied "customers"

Margo's company plans to reposition the high-end trail bike it introduced last year. This will involve _____.

changing customer perceptions

Managers should set marketing objectives within the framework of larger ______.

company objectives

Marketing will be most successful if it:

coordinates with production, accounting, and financial activities.