Marketing Exam 1 (BMGT 350) Quizzes & Warmups
To be successful, why should companies try to adopt a proactive stance on marketing? A. A proactive stance allows a company to take advantage of opportunities as they arise. B. A proactive stance allows a company to compete with its competitors on pricing alone. C. A proactive stance ensures that a company will increase its market share. D. A proactive stance allows a company to compete with its competitors on quality alone. E. A proactive stance allows a company to let the market determine prices for its products.
A. A proactive stance allows a company to take advantage of opportunities as they arise.
What are the five stages of the consumer adoption process, in the correct sequence? A. Awareness, interest, evaluation, trial, and adoption B. Awareness, evaluation, interest, trial, and adoption C. Awareness, trial, evaluation, interest, and adoption D. Awareness, trial, interest, evaluation, and adoption E. Awareness, interest, trial, evaluation, and adoption
A. Awareness, interest, evaluation, trial, and adoption
What is the mistaken assumption that business-to-business companies often make about digital and social media? A. That digital and social media are useful primarily to consumer products and services companies B. That digital and social media require teams of specialists C. That digital and social media are only effective with large expenditures D. That digital and social media choices are confined to Twitter and Facebook E. That digital and social media yield little except for brand awareness
A. That digital and social media are useful primarily to consumer products and services companies
What is MOST likely to cause a variation in customer-perceived value? A. The customer's opinion of what constitutes value B. The cost to produce a product C. The cost of advertising to the target market D. The customer's satisfaction with a product E. The popularity of a product to the customer
A. The customer's opinion of what constitutes value
Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets? A. Operating characteristics, purchasing approaches, situational factors, and demographics B. Operating characteristics, purchasing approaches, situational factors, usage rate, and demographics C. Operating characteristics, purchasing approaches, situational factors, and geographic variables D. Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics E. Operating characteristics, purchasing approaches, situational factors, and pricing
D. Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers? A. Communicability B. Divisibility C. Complexity D. Compatibility E. Relative advantage
D. Compatibility
To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors? A. Evaluation of each segment's structural attractiveness B. Evaluation of each segment's growth characteristics C. Compatibility with company objectives and resources. D. Compatibility with company mission and vision E. Evaluation of each segment's size characteristics
D. Compatibility with company mission and vision
In which targeting strategy does a firm go after a large share of one or a few smaller segments? A. Mass marketing B. Differentiated marketing C. Undifferentiated marketing D. Concentrated marketing E. Micromarketing
D. Concentrated marketing
What is market segmentation? A. Marketing to a mass market of homogeneous buyers B. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers C. Differentiating the firm's market offering to create superior customer value D. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes E. Evaluating each market segment's attractiveness and selecting one or more market segments to enter
D. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives? A. Exploratory research, secondary research, and primary research B. Descriptive research, survey research, and causal research C. Demographic research, exploratory research, and attitudinal research D. Exploratory research, descriptive research, and causal research E. Exploratory research, descriptive research, and survey research
D. Exploratory research, descriptive research, and causal research
In analyzing a company's current business portfolio, what is management's first step? A. Determine the company's goals B. Perform a SWOT analysis C. Outline the company's mission statement D. Identify strategic business units E. Determine the company's target market
D. Identify strategic business units
Which of the following statements regarding the business market is correct? A. Business buying decisions are less complex than consumer buying decisions. B. The business market is not as large as the consumer market in terms of dollars spent and items purchased. C. In the business market buying process, buyers and sellers are less dependent on each other than in the consumer market. D. Many sets of business purchases are made for one set of consumer purchases. E. The business market has more buyers than the consumer market.
D. Many sets of business purchases are made for one set of consumer purchases.
A marketing dashboard is used to do which of the following? A. Determine the financial cost of developing a product B. Analyze the new product lines being developed C. Promote a product to a target group D. Monitor strategic marketing performance E. Develop a course of action to market a product
D. Monitor strategic marketing performance
How do market demands relate to needs and wants? A. Demands result in customers needing and wanting a particular product. B. Wants and demands are equivalent, and both satisfy needs at the same rate. C. Needs and wants outweigh demands in the customer's mind. D. Needs are satisfied by wants, and buying power converts wants into demand. E. Needs, wants, and demands all describe the same state in the customer.
D. Needs are satisfied by wants, and buying power converts wants into demand.
Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this? A. People differentiation B. Product differentiation C. Image differentiation D. Services differentiation E. Channel differentiation
D. Services differentiation
The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities? A. Research and development planning B. Marketing planning C. Long-range planning D. Strategic planning E. Annual planning
D. Strategic planning
What are the two keys to building lasting customer relationships? A. Value and customer service B. Satisfaction and sales promotions C. Customer service and quality products D. Superior customer value and satisfaction E. Innovative products and low prices
D. Superior customer value and satisfaction
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? A. The societal marketing concept B. The selling concept C. The product concept D. The marketing concept E. The production concept
D. The marketing concept
______________________ determines if a buyer is satisfied or dissatisfied with a purchase. A. The number of alternatives considered in the purchase decision B. The amount of information gathered in the decision-making process C. How others feel about the purchase D. The relationship between the consumer's expectations and the product's perceived performance E. Whether or not the buyer experiences cognitive dissonance
D. The relationship between the consumer's expectations and the product's perceived performance
What is the main problem that sellers suffering from marketing myopia face? A. They focus more on the customer's experience than on the product itself. B. They focus on customer wants instead of demands. C. They focus on brand image to the detriment of quality. D. They focus more on products than on the customer's underlying need. E. They focus more on profit than on the customer's benefit.
D. They focus more on products than on the customer's underlying need.
The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create _______________________. A. customer-focused digital applications B. promotions with wide customer appeal C. superior social media, mobile apps, and television advertising D. a smoothly integrated marketing strategy and mix E. comprehensive marketing plans
D. a smoothly integrated marketing strategy and mix
The real value of marketing information rests in the _____________________. A. support of a company's marketing research B. marketing intelligence it uncovers C. social media data it uses D. customer insights it provides E. amount of big data it analyzes
D. customer insights it provides
Technology advances have made B-to-B online purchasing possible. This is called ________. A. web-based submissions of proposals B. e-shipping options C. online bidding D. e-procurement E. automated requests for proposals
D. e-procurement
A company's marketing information system (MIS) is valuable because it ___________________. A. increases the likelihood that a customer will buy a product B. maintains the company's internal database of customers C. allows a company to outperform its competitors in the marketplace D. enables a company to use customer insights to improve relationships with customers E. ensures that the company will have good customer service
D. enables a company to use customer insights to improve relationships with customers
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price? A. supplier search B. supplier selection C. product specification D. general need description E. proposal solicitation
D. general need description
The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as _________. A. behavioral segmentation B. lifestyle segmentation C. geographic segmentation D. intermarket segmentation E. demographic segmentation
D. intermarket segmentation
The type of segment characteristic in which the size, purchasing power, and profiles of the segments can be quantified is known as _______________________ A. accessible B. actionable C. substantial D. measurable E. differentiable
D. measurable
Mi Rancho Supermarkets is a chain grocer that locates stores in neighborhoods with large Hispanic populations. Their stores carry a greater selection of Hispanic and Latin foods. The type of marketing that Mi Rancho uses is an example of ________. A. undifferentiated marketing B. concentrated marketing C. differentiated marketing D. micromarketing E. target marketing
D. micromarketing
Companies need meaningful customer insights so they can _____________________________. A. build larger market share B. build databases that prove useful to marketers C. gain a competitive advantage D. produce superior value for their customers E. realize better bottom lines
D. produce superior value for their customers
Dividing buyers into groups based on social class, lifestyle, or personality characteristics is called ________ segmentation. A. age and life-cycle B. geographic C. behavioral D. psychographic E. user status
D. psychographic
According to the text, __________ are perhaps the most dramatic forces affecting today's marketing strategies. A. political forces B. demographic forces C. economic forces D. technological forces E. natural forces
D. technological forces
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as __________, focuses on creating customer value and building profitable relationships with important consumer groups. A. customer relationship management B. partner relationship management C. value chain management D. the marketing concept E. the value network
D. the marketing concept
When marketers aggressively promote only one benefit to the target market, the benefit promoted is known as the product or service's _____________________. A. unique product proposition B. unique benefit proposition C. unique position proposition D. unique selling proposition E. unique difference proposition
D. unique selling proposition
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers. A. strategic plan B. internal value chain C. competitive delivery network D. value delivery network E. marketing system
D. value delivery network
The ________________________ is a brand's full positioning or the full mix of benefits on which the brand is positioned. A. brand's personality and voice B. target marketing strategy C. positioning map D. value proposition E. differentiation strategy
D. value proposition
To exercise social responsibility, many companies are linking themselves to what type of marketing? A. Environmental B. Technological C. Intermediaries D. Generational E. Cause-related
E. Cause-related
Which of the five characteristics identified has an inverse relationship with an innovation's rate of adoption, meaning as this characteristic increases, the rate of adoption is slower? A. Compatibility B. Divisibility C. Communicability D. Relative advantage E. Complexity
E. Complexity
The website leftyslefthand.com markets products to left-handed consumers only. Which targeting strategy does this represent? A. Micromarketing B. Undifferentiated marketing C. Segmented marketing D. Differentiated marketing E. Concentrated marketing
E. Concentrated marketing
Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial situation? A. Find a new physical distribution firm B. Analyze the finances of one of its competitors C. Reexamine its relationship with its resellers D. Devise a marketing plan with a marketing service agency E. Work out a plan with its financial intermediaries
E. Work out a plan with its financial intermediaries
Changes in the _____________________ have focused greater emphasis on ethics and socially responsible actions. A. technological environment B. demographic environment C. cultural environment D. economic environment E. political and social environment
E. political and social environment
Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being _______. A. shortsighted B. cautious C. passive D. reactive E. proactive
E. proactive
The major cultural values of a society are expressed by people's views of ____________________. A. organizations and themselves B. themselves, nature, and society C. the universe, society, and themselves D. society, organizations, and nature E. themselves, others, organizations, society, nature, and the universe
E. themselves, others, organizations, society, nature, and the universe
Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The owner of Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Tina's Tunes? A. Tina's Tunes is likely to fail because it is ignoring the technological environment. B. Tina's Tunes is likely to fail because it is ignoring the natural environment. C. Tina's tunes are likely to prosper as mistrust in the digital age increases. D. Tina's Tunes will experience a rebound as the fear of the Great Recession declines. E. Tina's Tunes is likely to fail because it is ignoring the current political environment.
A. Tina's Tunes is likely to fail because it is ignoring the technological environment.
Why is good marketing management critical? A. To ensure that the company serves as many customers as it can and as well as it can B. To ensure that the company is always on the cutting edge of product development C. To ensure that investments are properly spent in order to maximize profits D. To ensure that the company has a positive image in the eyes of the community E. To ensure that products are promoted well enough to encourage a large flow of customers
A. To ensure that the company serves as many customers as it can and as well as it can
Why is it important for a company to collect both primary and secondary data when conducting marketing research? A. To have a "full picture" of the subject of its study B. To avoid complaints that the study is not reliable C. To ensure the data is usable D. To keep costs down E. To guarantee the product being researched will be successful
A. To have a "full picture" of the subject of its study
Marketing information is of no value until it is used for what purpose? A. To make better marketing decisions B. To perform marketing research C. To obtain marketing metrics D. To better practice customer relationship management E. To build a better bottom line
A. To make better marketing decisions
_________ refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing. A. Total market strategy B. Buzz marketing C. Viral marketing D. Cause marketing E. Guerilla marketing
A. Total market strategy
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies? A. Touch points B. Service calls C. Purchases D. Satisfaction surveys E. Sales calls
A. Touch points
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company? A. We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses. B. We will have $2 million in profit by the end of our second fiscal year and twice that amount by the end of year five. C. We will be the best hardware company in the world. No other company will ever outsell us. D. We are providers of hardware, lumber-based, and appliance products to be used for home improvement and commercial construction projects. E. We embrace the deeper meaning of home and commercial improvements.
A. We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
Once market segments have been selected, the company then must decide on _____________________________. A. differentiation and positioning strategy B. positioning map C. mission and vision D. unique value proposition E. target market strategies
A. differentiation and positioning strategy
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________. A. generating person-to-person brand conversations B. developing print and radio advertisements C. identifying and targeting late adopters D. withdrawing from online social networks E. pushing one-way commercials at customers
A. generating person-to-person brand conversations
After creating a company's mission and objectives, the executive team must then plan ____________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment. A. its business portfolio B. its overall growth strategy C. individual department objectives D. its research and development efforts E. revenue goals and objectives
A. its business portfolio
Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to ________________________. A. practice customer relationship management B. develop large customer datasets C. perform market research D. find new customers E. get to know their customers personally
A. practice customer relationship management
The third purpose of government regulation is to _____________________. A. protect the interests of society against unrestrained business practices B. regulate and constrain companies C. protect consumers from unfair international trade D. punish companies for unlawful behavior E. protect companies from each other
A. protect the interests of society against unrestrained business practices
The marketing manager at Only Organic Delicatessen targets customers who are focused on organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of organic, low-fat, locally raised produce and foods. Only Organic's approach is best referred to as ________ segmentation. A. psychographic B. benefit C. age and life-cycle D. geographic E. user status
A. psychographic
A company rarely gets 100 percent of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ________. A. share of customer B. customer equity C. customer lifetime value D. customer defections E. share of market
A. share of customer
The act of obtaining a desired object from someone by offering something in return is known as which of the following? A. An auction B. An exchange C. A trade D. A barter E. A sale
B. An exchange
Which of the following describes the process of dividing markets into groups based on consumers' knowledge, attitudes, uses, or responses? A. Geographic segmentation B. Behavioral segmentation C. Economic segmentation D. Demographic segmentation E. Psychographic segmentation
B. Behavioral segmentation
Which types of companies would most benefit from conducting marketing research? A. Neither large multinational firms like Disney and IBM nor small local firms B. Both large multinational firms like Disney and IBM and small local firms C. Only medium-sized companies that are about half the size of Disney and IBM D. Only large multinational firms like Disney and IBM E. Only small local firms, like Beatrice's Bistro
B. Both large multinational firms like Disney and IBM and small local firms
Which of the following is NOT among the major factors influencing consumer buying behavior? A. Psychological B. Commercial C. Cultural D. Social E. Personal
B. Commercial
Which of the following is NOT one of the components of a company's microenvironment? A. Suppliers B. Cultural forces C. Competitors D. Marketing intermediaries E. Customer markets
B. Cultural forces
What is the nature of demand in business markets? A. Business market demand is independent of consumer market demand. B. Demand in business markets is derived demand. C. Demand in business markets is elastic. D. Demand in business markets fluctuates less than in consumer markets. E. Demand in business markets does not fluctuate.
B. Demand in business markets is derived demand.
What are stars in the growth-share matrix? A. The growth-share matrix does not contain stars. B. High-growth, high-share businesses or products C. Low-share, high-growth businesses or products D. Low-growth, low-share businesses and products E. Low-growth, high-share businesses or products
B. High-growth, high-share businesses or products
Which of the following correctly defines the consumer market? A. Retailers who sell goods and services to consumers B. Individuals and households that buy goods and services for personal consumption C. Manufacturers, retailers, and consumers D. Any business that sells goods and services to other businesses E. Individuals who spend more than $1,000 a year on purchases
B. Individuals and households that buy goods and services for personal consumption
Of the following, which best reflects how the American population has changed over time? A. It has become wealthier, more cultured, and more frivolous in its spending habits. B. It has become more diverse, better educated, and more mobile. C. It has become closer knit and more family-oriented. D. It has become more likely to develop brand loyalty. E. It has become more skeptical about marketing schemes.
B. It has become more diverse, better educated, and more mobile.
All of the following are aspects of sustainable marketing EXCEPT which one? A. Deliver value in a socially and environmentally responsible way. B. Observe environmental legislation as it is instituted. C. Practice caring capitalism by being civic-minded and responsible. D. Seek ways to profit by serving the long-run interests of customers and communities. E. Help protect the natural environment.
B. Observe environmental legislation as it is instituted.
Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial? A. Primary information B. Secondary information C. Survey information D. Big data analytical information E. Focus group information
B. Secondary information
There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes? A. Increasing legislation regulating business B. Strong emphasis on free trade and open borders C. Greater emphasis on ethics D. Greater emphasis on social responsibility E. Strong government agency enforcement
B. Strong emphasis on free trade and open borders
___________________ consists of many different people who play multiple roles in the buying process. A. The buying nucleus B. The buying center C. Buying actors D. The purchasing team E. Buying agents
B. The buying center
Which of the following is NOT true regarding international marketing research? A. Good secondary data is scarce. B. The cost of international research is lower. C. Cultural differences from country to country cause additional problems. D. Obtaining primary data may be difficult. E. Translating questionnaires from one language into another is not an easy task.
B. The cost of international research is lower.
How has the internet MOST affected companies and customers? A. The internet has made advertising easier. B. The internet has allowed consumers to take marketing content and share it. C. The internet has lowered prices. D. The internet has made creating an image more important. E. The internet has increased the potential customer base.
B. The internet has allowed consumers to take marketing content and share it.
How does the microenvironment of a company differ from its macroenvironment? A. The microenvironment deals with the big problems, whereas the macroenvironment deals with trivial problems. B. The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. C. The microenvironment uses more financial resources than the macroenvironment. D. The microenvironment is company-based, whereas the macroenvironment is customer-based. E. The microenvironment affects a larger portion of the company than the macroenvironment.
B. The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
__________________ determines whether the buyer is satisfied or dissatisfied with a purchase. A. The relationship between the price of the product and the level of customer service provided B. The relationship between the consumer's expectations and the product's perceived performance C. The relationship between the consumer's expectations and how others evaluate the product D. The relationship between the consumer's expectations and where the product was purchased E. The relationship between the price of the product and the product's perceived performance
B. The relationship between the consumer's expectations and the product's perceived performance
What is the purpose of the marketing mix as part of the overall marketing strategy? A. To maximize the company's profits through successful marketing and sales of a particular product B. To produce a response that influences a demand for the product from the customers the company is targeting C. To streamline a company's research, marketing, production, and sales of a particular product D. To create an overall positive image in the customer's mind that is favorably associated with the company E. To compare some or all of the company's products with the products of the company's competitors
B. To produce a response that influences a demand for the product from the customers the company is targeting
To design a winning marketing strategy, what are the two important questions a marketing manager must answer? A. Who are our competitors? How can we beat our competitors? B. What customers will we serve? How can we serve these customers best? C. What customers will we serve? How can we maximize profits? D. What markets should we enter? How do we maximize sales in those markets? E. How can we serve our customers best? How can we maximize profits?
B. What customers will we serve? How can we serve these customers best?
When a company starts the strategic planning process at the corporate level, it begins by _____________________________. A. creating research and development plans B. defining its overall purpose and mission C. defining its revenue objectives D. setting growth strategy goals E. formulating product innovation objectives
B. defining its overall purpose and mission
H2Coast, an automobile manufacturer, produces fuel-efficient hybrid vehicles that are targeted toward high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on ________ variables. A. behavioral B. psychographic C. geographic D. universal E. demographic
B. psychographic
The first step of the marketing process is to ___________________. A. construct an integrated marketing program that delivers superior value B. understand the marketplace, which includes customer needs and wants C. design a customer-driven marketing strategy D. capture value from customers to create profits and customer equity E. build profitable relationships
B. understand the marketplace, which includes customer needs and wants
What are the five marketing management functions used to manage the marketing process? A. Writing an executive summary, conducting a situation analysis, planning, setting budgets, and outlining controls B. Segmenting, targeting, positioning, differentiation, and control C. Analysis, planning, implementation, organization, and control D. Planning, segmenting, targeting, positioning, and implementing E. Product development, pricing, customer service, promotion, and cost control
C. Analysis, planning, implementation, organization, and control
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS? A. Analyze the information gathered in market research B. Distribute necessary information to the marketing team C. Assess the information needs of the company D. Determine how to use the information gathered by market research E. Conduct surveys or focus groups to gather information
C. Assess the information needs of the company
Which of the following enhances how marketers learn about and interact with customers? A. New digital devices B. Machine learning C. Big data and marketing analytics D. Big data and social media E. Social media analytics
C. Big data and marketing analytics
Which of the following is enhancing how marketers learn about and interact with customers? A. Social media analytics B. Machine learning C. Big data and marketing analytics D. Big data and social media E. New digital devices
C. Big data and marketing analytics
Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company? A. Cultural forces B. Demographic forces C. Competitive forces D. Technological forces E. Economic forces
C. Competitive forces
Which of the following is likely to slow the adoption of a new technology? A. Communicability B. Compatibility C. Conceptual complexity D. Divisibility E. Relative advantage
C. Conceptual complexity
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build? A. Customer lifetime value B. Share of customer C. Customer equity D. Partner relationships E. Customer loyalty
C. Customer equity
Major variables used to segment consumer markets include which of the following? A. Income, gender, age, and ethnicity B. Ethnicity, geographic, gender, and income C. Geographic, demographic, psychographic, and behavioral D. Geographic, demographic, psychographic, and psychological E. Income, age, geographic, and lifestyle
C. Geographic, demographic, psychographic, and behavioral
The Ritz-Carlton has carefully created a strong and distinctive differentiation strategy, which is supported by everything the company says, is, and does. Which type of differentiation is this? A. Channel differentiation B. Product differentiation C. Image differentiation D. Services differentiation E. People differentiation
C. Image differentiation
Which of the following statements regarding the business market is correct? A. The business market has more businesses than the consumer market. B. Business buying decisions are less complex than consumer buying decisions. C. Many sets of business purchases are made for one set of consumer purchases. D. Demand in the business market is more elastic than demand in the consumer market. E. The business market is not as large as the consumer market in terms of dollars spent and items purchased.
C. Many sets of business purchases are made for one set of consumer purchases.
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes. A. Positioning B. Marketing strategy C. Market segmentation D. Differentiation E. Market targeting
C. Market segmentation
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid? A. Global expansion, domestic expansion, customer expansion, and product expansion B. Product penetration, product development, diversification, and global expansion C. Market penetration, market development, product development, and diversification D. Product development, diversification, domestic expansion, and global expansion E. Product growth, market growth, customer growth, and profitable growth
C. Market penetration, market development, product development, and diversification
What is the first step of the buyer decision process? A. Information search B. Alternative evaluation C. Need recognition D. Purchase decision E. Post-purchase behavior
C. Need recognition
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family? A. Karin Petersen, an operations specialist who would be hired as the new chief operating officer B. Jose Gonzalez, one of the Sanchez family's best friends and a fellow entrepreneur who would come on as an additional chief executive officer C. Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer D. Craig Moore, an extremely successful entrepreneur who is actually looking to acquire the company and grow the business exponentially E. Claudia Jimenez, a well-educated accountant who would begin working as the new chief financial officer
C. Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the claims, the restaurant called in a company to test not only its veggie burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the restaurant's Facebook page. What BEST describes Beverly's Burgers' response to the allegations? A. Passive B. Steadfast C. Proactive D. Determinative E. Reactive
C. Proactive
In the broadest sense, a new product marketer must research _____________________ when developing a new product and a marketing program. A. characteristics of international markets B. various domestic promotional challenges C. characteristics influencing the rate of adoption D. attitudes of consumers toward packaging E. characteristics related to pricing acceptability
C. characteristics influencing the rate of adoption
The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the ________________________. A. demographic environment B. technological environment C. cultural environment D. economic environment E. political and social environment
C. cultural environment
Heeltoe, a boutique that caters to the footwear needs of women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on ________ variables. A. psychographic B. behavioral C. demographic D. geographic E. universal
C. demographic
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ________. A. ethnographic study B. individual interview C. focus group D. immersion group E. experiment
C. focus group
Two major public policy and ethical issues in marketing research are ________. A. the use of research to create deceptive advertising B. intrusions on consumer privacy and inaccurate data analysis C. intrusions on consumer privacy and misuse of research findings D. paying research respondents and intrusions on consumer privacy E. misuse of research findings and improper sampling procedures
C. intrusions on consumer privacy and misuse of research findings
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________. A. target market B. differentiation C. market segment D. market E. value chain
C. market segment
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as ______________________. A. market targeting B. differentiation C. market segmenting D. mass marketing E. positioning
C. market segmenting
A __________________________ consists of the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. A. marketing consulting team B. marketing technology system C. marketing information system D. marketing research department E. marketing analytic system
C. marketing information system
A manufacturer of half-ton pickup trucks creates a positioning map for the U.S. half-ton pickup market. The position of each circle on the map indicates the brand's perceived positioning on two dimensions: price and orientation (economy versus performance). The size of each circle indicates the brand's relative market share. This is an example of a ________________. A. competitive map B. competitively positioned map C. perceptual positioning map D. target segment map E. psychographic map
C. perceptual positioning map
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________. A. profitable B. distinctive C. preemptive D. superior E. affordable
C. preemptive
A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From fans' viewpoint, the housewives reality show is a ______________. A. lagging adopter B. late-majority adopter C. reference group D. family group E. membership group
C. reference group
A SWOT is a part of which marketing management function? A. Planning B. Implementation C. Control D. Analysis E. Organization
D. Analysis
Which of the following correctly identifies the five core customer and marketplace concepts? A. Needs, wants, demands, market offerings, and markets B. Needs, wants, and demands; market offerings; value; satisfaction; and markets C. Needs, wants, and demands; products; value; customers; and competitors D. Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits E. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
E. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information? A. A company extranet B. A company website C. A company intranet D. A data warehouse E. A company data mine
A. A company extranet
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive company? A. A local restaurant refusing to counter false allegations of salmonella B. A jewelry company taking advantage of the new trend of charm bracelets C. A dairy creating new flavors of organic yogurt in response to a trend toward healthy eating D. A utility company hiring lobbyists to influence legislation regarding climate change E. A small family winery offering a broader selection of red wines in response to a growing preference for red wines
A. A local restaurant refusing to counter false allegations of salmonella
How do the individual components of a SWOT analysis work together to determine the status of a company? A. By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development B. By developing a marketing strategy that promotes a company's highest-selling products in such a way that there is a measurable return on the company's investment C. By creating a niche in a market that can be exploited by a company to gain the greatest profits D. By streamlining a company's core processes so that all of the company's operations flow smoothly and contribute to the development and sale of its products E. By developing a course of action that best determines a core market, the proper product to give the core market, and how to do so at an affordable price
A. By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
Which of the following is included in a broad definition of marketing? A. Creating customer value, building customer relationships, and engaging customers B. Advertising, selling, and developing quality products C. Selling, advertising, and promoting D. Satisfying customers, beating competitors, and maximizing profits E. Creating customer value, building customer relationships, and having a strong selling orientation
A. Creating customer value, building customer relationships, and engaging customers
______________________ is part of a company's decision on how it will create market offerings to deliver superior customer value. A. Differentiation B. Undifferentiated marketing C. Market segmentation D. Mass marketing E. Market targeting
A. Differentiation
__________________ is a group numbering 55 million or more consumers and sometimes is an overlooked "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition. A. Generation X B. Baby boomers C. Senior citizens D. Generation Z E. Echo boomers
A. Generation X
The role of a company's marketing intermediaries is to do which of the following? A. Help the company find, promote, sell, and distribute products B. Provide the resources needed by the company to produce goods and services C. Determine which products a company should market D. Manage the company's human resources efforts E. Purchase the company's product
A. Help the company find, promote, sell, and distribute products
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her job? A. Inform customers of the company's privacy policy B. Track the clicks of customers on websites C. Compile an exhaustive resource of customer data D. Scour consumer financial information E. Use customer data in such a way to convince customers to buy products
A. Inform customers of the company's privacy policy
A value chain consists of which of the following? A. Internal departments and other companies that carry out value-creating activities B. Customers who assign value to products within the company C. A chain of SBUs within a company that provide the most value D. The network of distributors and suppliers that support a company E. An acquisitions team that buys products for the company to sell
A. Internal departments and other companies that carry out value-creating activities
Marketers obtain needed marketing information from which of the following? A. Internal data, marketing intelligence, and marketing research B. Marketing intelligence, marketing research, and the marketing environment C. Internal data, marketing research, and marketing managers D. Internal data, big data, and market research E. Marketing managers, information users, and internal databases
A. Internal data, marketing intelligence, and marketing research
___________consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. A. Marketing analytics B. CRM C. Touch points D. Marketing information E. Big data
A. Marketing analytics
Which of the following needs in Maslow's hierarchy is generally satisfied first? A. Physiological needs B. Safety needs C. Esteem needs D. Self-actualization needs E. Social needs
A. Physiological needs
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process? A. Problem recognition B. Supplier search C. General need description D. Proposal solicitation E. Supplier selection
A. Problem recognition
Which of the following represent market offerings? A. Products, services, information, and experiences B. Needs, wants, products, and advertisements C. Value, satisfaction, sales, and profits D. Products, services, needs, and exchanges E. Products, services, needs, and wants
A. Products, services, information, and experiences
Which of the following is an important trend in the natural environment of which marketers should be aware? A. Shortages of raw materials B. Decreased government intervention C. Decreased pollution D. A decrease in consumer concern toward the environment E. Decreasing costs of nonrenewable resources
A. Shortages of raw materials
________________ is one problem with business-to-business e-procurement. A. Suppliers being pitted against one another B. Increased transaction costs C. Increased time between order and delivery D. Reduced purchasing efficiency E. Increased paperwork requirements
A. Suppliers being pitted against one another
What are the eight steps in the business buying decision process, in the correct sequence? A. General need description, problem recognition, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review B. Problem recognition, general need description, product specification, supplier search, supplier selection, proposal solicitation, order-routine specification, and performance review C. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review D. Performance review, problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, and order-routine specification E. Problem recognition, general need description, product specification, supplier selection, supplier search, proposal solicitation, order-routine specification, and performance review
C. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
What are the variables in a company's marketing mix? A. Product, price, profits, and people B. Product, partners, profits, and place C. Product, price, place, and promotion D. Profits, product, partners, and people E. Product, price, promotion, and people
C. Product, price, place, and promotion
Which of the following is NOT one of the marketing management functions? A. Analysis B. Planning C. Promoting D. Implementation E. Control
C. Promoting
Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want new-style organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation? A. Run an ad campaign on the health benefits of pizza. B. Be proactive and convince customers that "exotic is better." C. Target a new market with a different product. D. Sell a different food product, such as hamburgers or sushi. E. Cut the prices on its pizza.
C. Target a new market with a different product.
When a company chooses a group of customers to serve, it is engaging in which of the following? A. Differentiation B. Societal marketing C. Target marketing D. Market segmentation E. Demand management
C. Target marketing
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? A. The number of SBUs the company identifies and the number of products it produces B. The number of products a company produces and the number of foreign countries in which the company competes C. The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry D. The type of market or industry in which the company competes and the strength of the SBU's position in that market or industry E. The attractiveness of the SBU's market or industry and the number of products the company produces
C. The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry
Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity? A. The socio-cultural environment B. The political environment C. The demographic environment D. The economic environment E. The technological environment
C. The demographic environment
Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention? A. The sociocultural environment B. The political environment C. The natural environment D. The economic environment E. The technological environment
C. The natural environment
How does the new concept of marketing differ from the old concept of marketing ("telling and selling")? A. The new concept is more cost efficient. B. The new concept focuses on having a well-developed product. C. The new concept focuses on customer needs. D. The new concept requires less work from marketing executives. E. The new concept focuses on making money.
C. The new concept focuses on customer needs.
Which of the following BEST describes the purpose of customer insights? A. To advertise new products to customer bases B. To instruct other company departments in customer service C. To create more value for customers D. To develop new markets of customers for the company E. To represent the company to its customers
C. To create more value for customers
What is the ultimate aim of customer relationship management? A. To maintain high customer loyalty B. To produce high customer profitability C. To produce high customer equity D. To establish brand equity E. To increase share of customer
C. To produce high customer equity
What advice would you give a firm about how to respond to the changing marketing environment? A. Do not do anything until competitors respond. B. If the current strategy is working, there is no need to respond to environmental changes. C. Whenever possible, take a proactive approach to the environment. D. Accept the fact that things change and not much can be done about it. E. Watch environmental changes but react only when absolutely necessary.
C. Whenever possible, take a proactive approach to the environment.
Today's marketers see information not only as a tool for input for better decision-making, but also as ___________________________. A. a revenue-generation tool B. a way to provide useful customer insights C. an important strategic asset and marketing tool D. a way to gather big data and perform analytics E. an excellent resource to gather information on competitors
C. an important strategic asset and marketing tool
Which of the following consists of factors affecting buying power and patterns? A. The sociocultural environment B. The demographic environment C. The political environment D. The technological environment E. The economic environment
E. The economic environment
What is the correct sequence of the steps in the strategic planning process? A. Set company objectives and goals, define the company mission, design the business portfolio, and plan the market and other functional strategies B. Define the company mission, set company objectives and goals, plan the market and other functional strategies, and design the business portfolio C. Design the business portfolio, define the company mission, set company objectives and goals, and plan the market and other functional strategies D. Define the company mission, design the business portfolio, set company objectives and goals, and plan the market and other functional strategies E. Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
E. Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
What is the correct sequence of the four steps of the marketing research process? A. Develop the research plan, define the problem and research objectives, implement the research plan, interpret and report the findings B. Set the research budget, collect the data, analyze the data, determine how to use the findings C. Collect the data, analyze the data, develop the research plan, interpret and report the findings D. Develop the research plan, set the research budget, collect the data, interpret and report the findings E. Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings
E. Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings
Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do? A. Advertise the company as a location in which to purchase jump ropes B. Develop the best jump rope possible C. Develop relationships with the customers who come to purchase jump ropes D. Develop a plan to sell as many jump ropes as possible E. Determine who in the community wants or needs a jump rope
E. Determine who in the community wants or needs a jump rope
Which of the following describes the type of research used to help define the research problem and suggest hypotheses? A. Causal research B. Descriptive research C. Secondary research D. Primary research E. Exploratory research
E. Exploratory research
Which of the following is NOT one of the typical advantages of e-procurement systems? A. Allowing buyers to focus on more strategic issues B. Reducing time between order and delivery C. Finding better supplier resources D. Eliminating paperwork E. Improving customer-supplier relationships
E. Improving customer-supplier relationships
What are the three general sources from which marketers can obtain information? A. Marketing research, surveys, and scanners B. Competitors, the internet, and the media C. Internal data, big data, and global data D. Sales records, the internet, and internal databases E. Internal data, marketing intelligence, and marketing research
E. Internal data, marketing intelligence, and marketing research
Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following, which is NOT one of those key questions? A. Who are the major buying center participants? B. In what decisions do they exercise influence and to what degree? C. What major influences impact the buying center decision? D. What evaluation criteria does each decision participant use? E. Is price a major factor or is the buying center price sensitive?
E. Is price a major factor or is the buying center price sensitive?
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product long dash blue jeans long dash but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation? A. Geographic organization B. Functional organization C. Combination organization D. Product management organization E. Market management organization
E. Market management organization
Vaughn's Video has suffered because more people are subscribing to online streaming sites such as Netflix, YouTube, iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected Vaughn's Video? A. The digital age B. Sustainable marketability C. The changing economic environment D. Rapid globalization E. Not-for-profit marketing
E. Not-for-profit marketing
Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process? A. Recognizing a need B. Making a purchase C. Gathering information D. Evaluation of alternatives E. Post-purchase behavior
E. Post-purchase behavior
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features? A. Selling concept B. Societal marketing concept C. Marketing concept D. Production concept E. Product concept
E. Product concept
Which of the following would be good advice for someone conducting marketing research in a foreign country? A. You can easily find good secondary data in most foreign markets. B. Globalization has slowed down, so international research is no longer necessary. C. Consumers in foreign markets generally enjoy participating in marketing research. D. Language translation will be easy. E. Reaching respondents in other parts of the world is more difficult than it is in the United States.
E. Reaching respondents in other parts of the world is more difficult than it is in the United States.
Which of the following is NOT part of an overall SWOT analysis evaluation of a company? A. Weakness B. Opportunities C. Strengths D. Threats E. Strategy
E. Strategy
_____________________________ compose a company's external value delivery network A. Other company departments, customers, and competitors B. Suppliers, distributors, and other company departments C. Customers, competitors, and suppliers D. Suppliers, customers, and other company departments E. Suppliers, distributors, and customers
E. Suppliers, distributors, and customers