Marketing 350

What is the first step for marketers in implementing the marketing concept?

Establish an information system to discover customer's real needs

Which of the following has the main purpose of better understanding a problem or situation and/or helping to identify additional data needs or decision alternatives?

Exploratory research

Which of the following regulatory agencies has the greatest influence over marketing activities?

Federal Trade Commission

Which of the following sentences is true about a marketing exchange?

It requires four condition to take place

The marketing concept is based upon the idea that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. During which orientation (time period) are marketers most likely to adopt the marketing concept?

Market orientation

Which of the following is a major benefit of marketing?

Marketing knowledge enhances consumer awareness

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications?

Marketing plan

Which of the following types of competitive structure often exists because of the difficulty and expense of entering a market?

Oligopoly

Which of the following is often a better predictor of unethical activities than are personal values?

Opportunity

Lime is using social media to ask consumers about the qualities they desire in an electric scooter. The firm hopes to develop a new type of electric scooter based on the feedback it receives. Which marketing mix variable is Lime addressing?

Product

Lumos Labs, the maker of brain-training app Lumosity, released advertisements that claimed its app was able to prevent Alzheimer's. The Federal Trade Commission fined Lumos Labs $2 million, saying that the company did not have the science to back up its ads. What type of marketing mix variable is involved in this situation?

Promotion

Which of the following is the potential for the long-term well-being of the natural environment, including all biological, as well as the interaction among nature and individuals, organizations, and business strategies?

Sustainability

Which stakeholders are the focal point of all marketing activities?

Customers

_______ is a ready source of buying power.

Disposable income

During the holiday season, a Bluetooth speaker was in such high demand that it sold out quickly at a local Walmart. When Walmart tried to order more, it learned that the suppliers had so many orders to fill that it would not be able to fill Walmart's order for two weeks. What type of marketing mix variable does this problem involve?

Distribution

Subaru developed a new luxury car model, but, after performing some market tests, it realized that it was pricing its vehicles too high, even for the luxury market. Subaru had to make some changes in its marketing mix. Unfortunately, it made the mistake of launching its product right when a recession hit. As unemployment rose, sales of luxury products such as Subaru's new luxury vehicle tend to decrease. In this case, the pricing of its vehicle is a(n) _______ force for Subaru, while the economic downturn is a(n) _______ factor.

controllable; uncontrollable

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as _______.

corporate identity

The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit.

exchanges

An ethical issue in the area of promotion is _______, which occurs when products are promoted as being more environmentally friendly than they really are.

greenwashing

Check My Work Marketing environmental forces are often _______.

interdependent

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) _______.

market opportunity

ACME Corp. is identifying and using tools to measure and interpret the effectiveness of its marketing activities. This is best described as _______.

marketing analytics

A _______ states what is to be accomplished through marketing activities.

marketing objective

Performance standards are derived from _______.

marketing objectives

The strategic planning process begins with _______

organizational mission and goals

Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone else will too. She starts a cookie dough business. Charlotte views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Charlotte seem to embrace?

sales orientation

Chipotle is conducting a research study that divided the population of interest into groups according to a common attribute, and then a random sample was chosen within each group. This best describes _______.

stratified sampling

Customers choose to go to Buffalo Wild Wings based upon the value they place on the total product—including the food, service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _______.

subjective

Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's _______.

target market

A marketing strategy is the selection of a(n) _______ and the creation of a(n) _______ that will satisfy the needs of target-market members.

target market; marketing mix

Which of the following types of competition are geared toward market products with similar features and benefits to the same customers at similar prices?

Brand Competitors

Which of the following equations describes customer value?

Customer value= customer benefits - customer costs

Which of the following involves observation; secondary sources such as business, trade, government, and general-interest publications; and marketing research?

Enviormental scanning

Which of the following is NOT a purpose of marketing research?

Gather random data

Which of the following is used most often when the individuals in the sample are spread over a wide area and funds for the survey are limited?

Mail survey

Marketing cost analysis _______.

breaks down and classifies costs to determine which are associated with specific marketing efforts

Ethics relates to individual and group decisions whereas social responsibility _______.

deals with the total effect of marketing decisions on society

Decision-making authority is delegated as far down the chain of command as possible in a(n) _______.

decentralized organization

The ability of competitors to achieve long-term competitive advantages by entering the market later and not being the first to offer a certain product in the marketplace is called _______.

late-mover advantage

Which of the following competitive growth strategies strives to increase sales of current products in new markets?

market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy?

market growth/market share matrix

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective?

threats