Marketing 340 Practice Quiz Questions

Dylan bought a sport jacket from a retail store. Which type of transaction was Dylan participating in?

B2C

Which marketing activity is most directly served by the promotion element of the marketing mix?

Communicating Value

The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

Controllable

Marketing involves conducting exchanges, satisfying customer needs and wants, and

Creating Value

Nice 'n Easy sells handcrafted furniture. They have also recently begun offering appraisals of customers' antiques. Nice 'n Easy is

expanding from offering just goods to also offering services

Starbucks carefully crafts its offerings and advertising message, and it strategically sets prices and selects locations to appeal to its target market. These efforts represent Starbucks'

positioning strategy

Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's

product excellence

Curtis is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Curtis will likely attempt to either provide the same quality at a lower cost or

improve products and services at the same cost

To build relationships, firms focus on the ________ of the relationship, not how much money is made during each transaction.

lifetime profitability

Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online courses. These online programs are most likely pursuing which macro strategy?

locational excellence

Ivana is struggling with the choice of publishing her new book, Slovak Cuisine, as an e-book or a paperback. Ivana is addressing which core marketing aspect?

making product decisions

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

managing the supply chain

Many marketing students initially overlook the importance of marketing channel management because

many of these activities take place behind the scenes

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ________ growth strategies.

market development

Which of the following is one of the four major growth strategies marketers typically utilize?

market penetration

A product that is in a high-growth market but has a low market share would be classified as a ________ on the BCG matrix.

question mark

Red Robin suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product.

social media

Alan is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

the ability to buy them

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes

the value of their time and energy

According to your text, in the broadest terms, the "marketplace" refers to

the world of trade

During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

value-based marketing

Roderick is charged with assessing his company's external environment as part of a SWOT analysis. Roderick will study her company's

opportunities and threats

Value-oriented marketers constantly measure

perceived customer benefits against the cots of their offerings

E-books, in addition to being an alternative product form, provide ________ value creation since they can be downloaded via the Internet immediately when and where they are needed.

place

Zara is a women's clothing retailer headquartered in Spain, with stores located in many countries. Zara has developed a "quick response" system that allows store merchandise to be adjusted rapidly to fit changing customer preferences. Every aspect of Zara's operation is optimized for this system, making it difficult for competitors like The Gap to duplicate. Zara has established

a sustainable competitive advantage

Leanne is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Leanne is pleased to see that in marketing

all parties to the transaction should be satisfied

Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can

create a sustainable competitive advantage

Town Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Town Bank's superior service, the bank creates and delivers value through

customer excellence

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks. The car manufacturers considered switching from ________ to ________ marketing.

B2B;B2C

Avery's, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in

A sustainable competitive advantage

Subway is a large chain of franchise sandwich shops. Elgin owns three Subway stores in a large city. At the end of the year, he notes that sales rose from 2 to 5 percent over last year's sales at Stores 1 and 2 but fell 2 percent at Store 3. Based on this information, which of the following is the best course of action as to how Elgin should reward (or punish) his store managers?

He should seek more information about why the stores had different results before making a decision

Whenever Kristy has a new manicure customer, she invites the person to be on her e-mail distribution list. In the process, in addition to exchanging her manicure service for payment, Kristy is gathering

Information

A ________ growth strategy employs the existing marketing offering to reach new market segments.

Market development

Marvel has increased its market penetration by expanding the distribution of its films. Marvel movies can be seen in theaters, accessed on Xfinity, and viewed on DVDs available in discount stores, grocery stores, and a host of other stores, including book and comic stores. This is an example of a ________ growth strategy.

Market penetration

Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the

Marketing Mix

Effective promotion enhances a product or service's

Perceived value

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

Place

Marketing channel management is related to which of the four Ps?

Place

Which element of the marketing mix deals with supply chain management?

Place

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.

Positioning

________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

Promotion

Tenisha sells consumer electronics. She knows her customers weigh the costs versus the benefits associated with the different options available. Tenisha decides which products to offer and what prices to charge based on the way her customers think. Tenisha operates as if she was in the ________ era.

Value based marketing

Juanita studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Juanita most likely operates in the ________ era of marketing.

Value-based marketing

One example of a customer loyalty program is

a "frequent diner" card at a restaurant, ordering a free appetizer for every $100 in food purchases

Four companies dominate the cereal industry. These firms produce in large volumes, promote heavily, and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space. Combined, these four firms have

a sustainable competitive advantage

When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish

a sustainable competitive advantage

Target has announced that it would begin selling organic food products. In doing so, Target is most likely trying to

attract a different market segment

Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups would be called a

market segment

Many U.S. companies first discovered marketing during the ________ era.

market-oriented

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

opportunity

Coca-Cola sells two different zero-calorie versions of Coke: Diet Coke and Coke Zero. It has chosen to attempt to appeal to men with Coke Zero. In addition to launching an ad campaign featuring men enjoying Coke Zero, Coca-Cola also designed a masculine-looking can for Coke Zero, with bold red lettering on a black background. This specially designed can is an example of

positioning

Which of the following is the best way to build a sustainable competitive advantage using product excellence?

positioning the product using clear, distinctive, desirable brand image

Grace phoned her auto insurance agent to renew her policy. The agent told her about new types of insurance now available—to cover her apartment, or even the engagement ring she just got from her fiancé. The agent was pursuing a ________ growth strategy.

product development

Tandy's Styles involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. Tandy's is pursuing a ________ growth strategy.

product development

Suppose your university made a sizable investment in its career services—additional counselors, increased efforts to bring in recruiters, and other services aimed at helping students find jobs. This investment would enhance the university's ________ in an attempt to create value for students and recent graduates.

product value

After conducting STP analysis for her health food store and developing strategies for each of the four Ps, Nicki now has to make _____________ decisions.

resource allocation

Near the end of the model year, the Like New automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Like New operates as if it were in the ________ era.

sales-oriented

The wine industry closely watches consumer satisfaction feedback. For years, French wineries consistently had the highest levels of customer satisfaction, creating a(n) ________ for these companies.

sustainable competitive advantage

Pietro is in the marketing department of a midsized firm that develops and sells communications systems. He is proud of the human resource area in the company that provides the firm with excellent employees. Pietro himself really enjoys his work, but he knows the work of HR helps create an operational advantage for the firm because of all the following except

the company provides products with a high perceived value

Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)

threat

In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media.

value proposition

What type of marketers constantly measure the benefits that customers perceive against the cost of their offerings?

value-oriented marketers

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide

which kind of stores to open

When clients work with their investment advisers, they ________ their investment portfolios.

concrete

Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. These special issues are an example of

customer relationship management

Audi's mission statement addresses urbanization, the need to work on traffic flows and safety in urban areas. To that end, Audi is working with Airbus to develop the Pop.Up Next driving and flying transport system that will enable vertical individual mobility. The strategic planners are engaged in

defining the business mission

Giorgio sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Giorgio is ignoring the ________ step of the marketing planning process.

evaluate performance

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to

evaluate performance and make adjustments

If a firm wants to develop a sustainable competitive advantage, it should

examine its operations and customer relations to identify significant things competitors cannot easily copy

During which step of the marketing planning process does a firm engage in segmentation, targeting, and positioning?

implement marketing mix

The strategic marketing planning process

is not always sequential

Using the BCG portfolio analysis, a "dog" should be phased out unless

it complements or boosts the sales of another product

A competitive advantage based on location is often sustainable because

it is not easily duplicated

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

long-term relationships

Most banks now have customer relationship software that, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. Service representatives use this information to sell some of the other services the bank currently offers to these customers. This is a ________ growth strategy.

market penetration

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

Market positioning

Vikram opened a shoe store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?

Price

When Marvel launched several successful series on Netflix, including Jessica Jones, The Defenders, Iron Fist, and Luke Cage, it employed a ________ strategy.

Product development

Singapore Airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airplane seats and in-flight entertainment systems. Through continuous innovation in these areas, Singapore Airlines is pursuing a(n) ________ macro strategy.

Product excellence

The idea that a good product will sell itself is associated with the ________ era of marketing.

Production-oriented

Jacob was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)

Star

As part of her company's SWOT analysis, Selima is assessing the company's internal environment, including

Strengths and weaknesses

Which of the following is true with regard to mobile advertising?

Within just a couple years, mobile advertising will be a bigger market than digital advertising

The basic difference between a good and a service is that a good

can be physically touched

The idea of value-based marketing requires firms to charge a price that

captures the value customers perceive that they are receiving

Dream Home Solutions has been a successful small home-remodeling firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Dream Home rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Dream Home is engaged in

effective supply chain management

Francine, the delivery and sales representative for a wine distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected home and table event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Francine is providing the important marketing function of

Supply Chain Management

Which of the following statements reflects the philosophy of the market-oriented era?

The customer is king.