Marketing concept quizzes

fixed cost

A company's rental of production space is an example of a _______.

customers

A major goal of integrated marketing communications is to send a consistent message to _______.

the original product does not remain in the line

A product modification differs from a line extension in that _______.

outsourcing

A small restaurant in Chicago hires an accounting firm to take care of its taxes and payroll. This is an example of

stratified sampling

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 _______.

growth

During which of the product life cycle stages do sales rise rapidly?

interdependent

Marketing environmental forces are often _______.

gradually; incrementally

Most companies have entered the global marketplace _______ and _______.

exchanges

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

marketer's ability to make decisions

The real value in marketing research is measured by improvements in _______.

Improved decision making ability

The real value of marketing research is measured by_______.

organizational mission and goals

The strategic planning process begins with _______.

corporate identity

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

early adopters

Which of the following are viewed as "in the know" by many product adopters?

selective distribution

Which of the following levels of market coverage is desirable when a special effort, such as customer service from a channel member, is important to customers?

It requires four conditions to take place

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

A departure from some normal function

According to your text, what is typically the first sign of a problem that could prompt the marketing research process?

False

Conducting a SWOT analysis comes immediately before the establishment of corporate and business-unit strategies.

a fixed amount of available resources that are perishable

Demand-based pricing is best used when the company has _______.

concentrated targeting strategy

The chief advantage of the _______ is that it allows the firm to specialize in satisfying the needs and characteristics of a specific customer group.

positioning

The decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds are best described as _______.

find an unmet need

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

maturity

Which of the following is characterized by intense competition?

Mail survey

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?

Media allocation

Which of the following would likely be the hardest to standardize when engaging in international marketing?

Negative balance of trade

Because it imports more products than it exports, so that money is flowing out of the country, the United States has a(n) _______.

awareness

Buyers recognize the existence of a new product during which of the following stages of the product adoption process?

product development

During which phase of the new product development process is a new product idea turned into a prototype or working model?

Marginal cost will exceed marginal revenue

Grant thinks he has reached the point where he has maximized his profit. However, because this can be tricky to determine, he is not sure. He decides to test it by selling one more unit. If Grant is correct in his assumption, what should happen when he sells this additional unit?

horizontal integration

If PetSmart began to acquire very successful local pet stores, this would be an example of _______.

differentiated strategy

If a furniture maker targets the consumer and business markets for office desks with separate marketing mixes for each, it is using the _______.

undifferentiated approach

If segmentation analysis shows that customer needs are essentially homogenous, what action may be most appropriate?

receiver

In the communication process, the _______ is the individual, group, or organization that decodes a coded message.

product needs

Marketers use market segment profiles to assess the degree to which their products fit potential customers' _______.

revenue

Price is a key element in the marketing mix because it relates directly to the generation of total _______.

line extension

The development of a product that is closely related to one or more products in the existing product line, but designed specifically to meet somewhat different customer needs is best described as a(n) _______.

select target market

The first of two major components of developing a marketing strategy is to _______.

target audience

The group of people at whom advertisements are aimed is called the _______.

channel capacity

The limit on the volume of information a communications channel can handle effectively is known as _______.

Market orientation

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?

multichannel distribution

The use of a variety of marketing channels to ensure maximum distribution is best called _______.

Ethical and Social Responsibility Forces

The use of bribes, which are illegal for U.S. companies, relate best to which of the following?

strategic planning

Through the process of ______ a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.

be the low-cost seller of the product

To compete effectively on a price basis, a firm should _______.

Prices could be set for maximum profits

What happens if revenue and cost remain constant?

threats

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

market opportunity

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 development

Which competitive growth strategy strives to increase sales of current products in new markets?

functional modification

Which of the following alters a product's versatility, effectiveness, convenience, or safety?

Joint ventures

Which of the following are often a political necessity because of nationalism and government restrictions on foreign ownership?

producer to consumer

Which of the following business marketing channels is most likely to be used?

comparative advertising

Which of the following contrasts the promoted brand with one or more identified competing brands on the basis of one or more product characteristics?

Customer value= customer benefit- customer cost

Which of the following equations describes customer value?

pioneer advertising

Which of the following focuses on a product category rather than a specific brand?

Exploratory research

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?

globalization

Which of the following involves developing marketing strategies as though the entire world (or its major regions) were a single entity?

public relations

Which of the following is a broad set of communication efforts used to create and maintain favorable relationships between an organization and its stakeholders?

new introductory promotion

Which of the following is appropriate for stimulating primary demand?

market growth/market share matrix

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?

Average variable costs

Which of the following is calculated by dividing the variable costs by the number of units produced?

competition based pricing

Which of the following is often used by producers of relatively homogeneous products, especially when the target market considers price to be an important purchase consideration?

Identify the appropriate targeting strategy

Which of the following is the first step of the target market selection process?

Marketing plan

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

Executive summary

Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process?

news release

Which of the following publicity-based public relations tool is most common?

Import tariff

Which of the following raises the price of foreign goods?

public relations

Which of the following uses tools such as annual reports, brochures, event sponsorship, and sponsorship of socially responsible programs?

Customers

Which stakeholders are the focal point of all marketing activities?