Marketing 2020 Exam 1

What percent of all civilian workers in the United States perform marketing activities?

25-33%

The final step in the marketing research process is ___________ A. reporting the research findings. B. interpreting research findings. C. making sure the marketing research was conducted in an ethical manner. D. putting the results into a written document that is technical and written in formal language. E. deciding what the next research project should investigate.

A.Reporting the research findings

After receiving final approval, Dana places the order and approves the transfer of payment.

Buyer

Which of the following is NOT a requirement or characteristic of a market? A. The need for a specific product in a specific product category B. The authority to buy a product C. The willingness to use buying power D. The ability to purchase a product E. A large number of people or organizations

E. A large number of people or organizations

Sam is a trusted manager who has vast knowledge of construction. He gives the purchasing department advice about what to look for.

Influencer

Which of the following statements about implementing an ethics and legal compliance program is false? A. It requires taking reasonable steps in response to violations of standards. B. It helps create a buffer zone on issues that could trigger serious legal complications for the company. C. It requires consistent enforcement of standards from the code of conduct. D. It rarely needs to be revised. E. It requires open communication.

It rarely need to be revised.

An organization's business goals should be derived from its A. strategic business plan. B. marketing strategy. C. marketing plan. D. mission statement. E. strategic plan.

Mission Statement

You got the go-ahead to hire new employees. You need to purchase more computers for them to use.

Straight Rebuy

You have just been promoted to vice president of marketing for your firm. Unlike your predecessor, you believe the firm can increase its sales in a market by focusing on more than one segment of the market. You recognize that doing so means your firm will incur higher production costs. Based on this information, which of the following targeting strategies are you advocating? A. An undifferentiated targeting strategy B. A broad-based targeting strategy C. A heterogeneous targeting strategy D. A differentiated targeting strategy E. A concentrated targeting strategy

D.A differentiated targeting strategy

Why would a company use the undifferentiated strategy? A. The undifferentiated strategy is expensive to implement but tends to produce the most sales. B. The market is made up of individuals or organizations with diverse need for products in a specific product class. C. The needs of individual consumers are dissimilar, and distinctive marketing mixes are required to satisfy them. D. The undifferentiated strategy is the one strategy that provides maximum satisfaction to the whole market. E. The needs of individual consumers in the target market for a specific product are similar, so the organization can satisfy most customers with a single marketing mix.

E.The needs of individual consumers in the target market for a specific product are similar,so the organization can satisfy most customers with a single marketing mix.

A firm has conducted market research & found that customer satisfaction with its product is quite high. Nonetheless, repurchase behavior is very low. The research design evidently has a problem with ___________ A. reporting findings. B. reliability. C. generalization. D. secondary data. E. validity

E.Validity

An undifferentiated targeting strategy does not target a single market with one marketing mix. T/F

False

In the strategic planning process, marketers conduct their SWOT analyses before developing corporate and business-unit strategies. T/F

False

Because the company gets a lot of bids, Martha screens salespeople before they can talk to the purchasing department.

Gatekeeper

United Airlines introduced a new "basic economy" seat category to better compete with discount airlines like Southwest and Spirit. Which of the following aspects of the marketing mix is United likely altering? A. Target market B. Distribution C. Promotion D. Price E. Product

Price

Product testing for reliability and quality helps to ensure a consumer's right to___________ A. performance. B. be heard. C. choose. D. safety. E. be informed.

Safety

The technique of sampling in marketing research is the process of selecting representative units from a total population (a sample) and being able to project the characteristics of the total population from the sample considered. T/F

True

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Value

A differentiated targeting strategy is when the organization targets two or more markets by developing a single marketing mix. T/F

false

Various stakeholders and ____ determine the acceptable standards of conduct involving ethics. A. the federal government B. the industry leader's ethics C. governmental agencies D. the organization's ethical climate E. various self-regulating bodies

the organization's ethical Climate

Crimson Hexagon is a marketing research company that markets primarily to consumer products organizations. Crimson Hexagon provides products that are most likely considered A. component parts. B. business services. C. MRO supplies. D. process ideas. E. installations.

B.Business Services

The main difference between marketing research and a marketing information system is that the MIS is an information-gathering process for specific situations whereas marketing research provides continuous data input. T/F

False

An accountant buys a supply of pencils to be used in calculating the taxes of other business firms. Based on this information, pencils in this case would be considered what type of product? A. Business B. Consumer C. Convenience D. Raw material E. Process materials

A.Business

During the maturity stage A. some competitors are forced out. B. limited advertising expenditures are required to maintain market share. C. product modifications are unnecessary. D. there is less emphasis on changing a product's price. E. marketing strategies are rarely altered.

A.Some competitors are forced out

The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also ___ A. produce high-quality products. B. increase sales. C. achieve the organization's goals. D. increase market share. E. coordinate its activities to increase production.

Achieve the organization's goals

Marketing research is best defined as _______________________ A. an intuitive process for making decisions based on personal knowledge and experience to take advantage of market opportunities. B. the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities. C. the collecting of data from secondary sources and internal documents. D. a framework for the day-to-day management and structuring of information gathered by marketers. E. the use of tools and methods to measure and interpret the effectiveness of a firm's marketing activities.

B. The systematic design

When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research. A. descriptive B. experimental C. exploratory D. analytical statistical E. conclusive

C.Exploratory

Depending on the length of time it takes them to adopt a new product, people can be divided into five major adopter categories: early adopters, early majority, late majority, laggards, and A. middle majority. B. late adopters. C. innovators. D. middle adopters. E. non-adopters.

C.Innovators

In order for the marketer to achieve effective market segmentation, which of the following conditions must exist? A. Consumers' needs for the product must be homogeneous. B. The segments must be small enough to manage effectively. C. The segment must have enough profit potential to justify the development of a separate marketing mix for the segment. D. It must be possible to do a regression analysis on potential segments. E. The firm must be able to sell effectively to the chosen segment with a specific sales price.

C.The segment must have enough profit potential to justify the development of a separate marketing mix for the segment.

Walmart's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers. A. strategic window B. organizational opportunity advantage C. market opportunity D. competitive advantage E. market requirement

Competitive Advantage

Southwest Airlines' planes are easily recognizable even when in the air due to their vibrant color scheme, striped tail, distinctive font, and striped heart. Southwest carries this color scheme and heart symbol throughout much of its communication—airport signs, print and television advertising, even its smartphone app. This use of color, font, and symbols to convey Southwest Airlines' personality is an example of a(n) A. mission statement. B. marketing plan. C. corporate identity. D. ethics statement. E. corporate logo.

Corporate Identity

Comcast uses a segmentation strategy for its cable TV packages based on market characteristics such as age, gender, or income. Which of the following category of segmentation variables is Comcast using? A. Psycho graphic B. Behavioristic C. Geographic D. Product-related E. Demographic

E.Demographic

Kroger is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Kroger is creating a____ A. Marketing Tactic. B. Corporate Strategy. C. Mix Strategy. D. Marketing Strategy. E. Target Design.

Marketing Strategy

Your facility has decided to upgrade to the newest model of Apple computers. You fill out an order to replace all your older models with new ones.

Modified Rebuy

Apple is pulling its products from a green-registry. This does not fit with San Francisco's emphasis on sustainability. You are told that the city will no longer do business with Apple and will use PCs from now on. When you need new computers, you contact Dell.

New Task