Marketing 1-3 quizzes

Which of the following statements about customer value is true?

Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

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.

Place

From a micro view, marketing

is a set of activities performed by an individual organization to satisfy its customers.

Marketing is NOT needed in a ______________ economy.

pure subsistence

A firm's product-market screening criteria for evaluating existing plans and possible new opportunities should consider

the objectives of top management. trends in the market environment the firm's resources.

means trying to increase sales by selling present products in new markets.

Market development

Between 2010 and 2025, population in the U.S. is projected to grow about _____percent.

50

Exchange between producers and consumers is more difficult in an advanced economy because of:

All of the above

Concerning marketing ethics:

All of the above are true.

International opportunities should be considered by managers because:

All of the above.

The marketing management process is the process of:

All of the above.

___________ ___________ are the firms that are considered to be the organization's closest challengers.

Competitive rival.

Evaluating opportunities in international markets is uniquely challenging for managers because ?

Baby Boomers refer to the generation born from 1946 to 1964

_____ help(s) innovators develop hard-to-copy marketing strategies that will be very profitable for a long time

Breakthrough opportunities

The economic environment

Can change very rapidly.

_______ means the marketing mix is distinct from and better than what is available from a competitor.

Differentiation

The text discusses the evolution of business through five "eras." Which of the following is not one of these eras?

Diversification era.

The development and spread of new ideas, goods, and services for the marketplace is called:

Innovation

is defined as the performance of activities that seek to accomplish an organization's objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer.

Marketing

Which of the following statements best describes the modern view of marketing?

Marketing anticipates customer needs.

Which of the following is NOT a reason for you to study marketing?

Marketing involves actually making the goods that people need.

The Price area of the marketing mix:

None of the above--all contribute to one whole.

The "four Ps" of a marketing mix are:

Product, Price, Place, and Promotion

The Price area of the marketing mix:

Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices. Requires an understanding of discounts and allowances. d. Both A and C.

Marketing managers should remember that there are many variables in the ____________ that affect strategy planning

Variables in the economic, technological, competitive, cultural, social, political and legal environments affect strategy planning.

The most important variable in a firm's marketing mix is:

a. Product. b. Price. c. Price. d. Promotion. e. None of the above--all contribute to one whole.

A SWOT analysis includes:

a. strengths. b. weaknesses. c. opportunities. d. threats. e. All of the above.

A "marketing program":

blends all of a firm's marketing plans into one big plan.

A "marketing program":

blends several different marketing plans.

The __________ environment affects the number and types of competitors a marketing manager must face--and how they might.

competitive

_____ means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

competitive advantage

The languages people speak, the type of education they have, and their religious beliefs are examples of the

cultural and social environment

The three basic ideas in the "marketing concept" are:

customer satisfaction, total company effort, profit.

In monopolistic competition,

each competitor tries to get control in its "own" target market

Nationalism" is an issue in the ______________ environment.

economic

The difference between target marketing and mass marketing is that target marketing

focuses on specific customers, while mass marketing

Underlying any economic environment is technology which affects

how the economy's resources are converted to output.

A "marketing plan":

includes the time-related details for carrying out a marketing strategy.

With regard to a firm's resources (when searching for attractive opportunities):

lack of financial strength is often a barrier to entry.

A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ________environment.

legal

In a ____ the individual decisions of the many producers and consumers make the macro- level decisions for the whole economy.

market-directed economy

An organization practicing ______ aims all its efforts at satisfying its customers—at a profit.

marketing concept

"Product" is concerned with:

services and physical goods . b. developing products which will satisfy some customers' needs. c. designing, packaging, and branding new products. d. All of the above might be involved.

A mission statement

sets out the organization's basic purpose for being.

The universal functions of marketing include buying, selling, transporting, storing,

standardization and grading, financing, risk taking, and marketing information

All of the following are part of the direct market environment except:

the technological environment.

Marketing could NOT take place without:

two or more parties who are willing to exchange something for something else.

Most Americans live in ________ areas.

urban