Marketing exam 1

In the Boston Consulting Group approach, _______ serve(s) as a measure of strength in the market. A) Relative market share B) SBUs C) Cash cows D) Market growth rate E) Market segmentation

A

Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell. By promoting a company culture that values exceptional value and service, Shania aims to create _____ by going beyond the expected. A) Customer delight B) Customer satisfaction C) Customer equity D) Customer value E) Customer loyalty

A

The art and science of choosing target markets and building profitable relationships with them is called A) Marketing management B) Positioning C) Segmentation D) Selling E) Societal marketing

A

The four possible strategies that can be pursued for each SBU are building, holding, ______, and ______. A) Harvesting; Divesting B) Promoting; Selling C) Downsizing; Expanding D) Diversifying; Penetrating E) Developing; Growing

A

When the size, purchasing power, and profiles of a market segment can be determined, it possesses the requirement of being _____. A) Measurable B) Accessible C) Substantial D) Actionable E) Observable

A

Which customer question is answered by a company's value proposition? A) "Why should I buy your brand rather than a competitor's?" B) "How does your brand benefit me and society?" C) "What are the costs and benefits of your brand?" D) "What kind of experience will I have with products and services associated with this brand?" E) "What are the benefits of being a loyal consumer of your brand?"

A

Which f the following terms is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers? A) The marketing environment B) Strategic planning C) Target markets D) The marketing mix E) none of the above

A

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? A) Production concept B) Product concept C) Selling concept D) Marketing concept E) Societal marketing concept

A

Which of the following reflects the marketing concept philosophy? A) " We don't have a marketing department, we have a customer department." B) "We're in the business of making and selling superior products." C) "We build them so you can buy them." D) "When it's profits versus customers' needs, profits will always win out." E) "You won't find a better deal anywhere."

A

_____ is the task of developing and maintaining an overall company strategy for long-run survival and growth. A) Strategic planning B) Annual market planning C) Short-term planning D) Long-range planning E) Advertising

A

______ is the set of actual and potential buyers of a product. A) A market B) An Audience C) A group D) A segment E) An exchange

A

A sound marketing strategy begins with _______. A) Positioning B) Customer analysis C) Differentiation D) Promotion E) SWOT analysis

B

Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core _____ activities. A) Exchange B) Marketing C) Management D) Production E) Customer relationship management

B

Disney is identifying and developing new markets for its them parks. Disney is exploring possibilities for _____. A) Market penetration B) Market development C) Downsizing D) Diversification E) Product development

B

Mountain Home Farms is now using the product/market expansion gird to develop strategies. The owners of the company have most likely found the grid to be quite useful for identifying _____. A) Target markets B) Growth opportunities C) Key customers D) New products E) Suppliers

B

When Burger King targets children, teens, adults, and seniors with different ads and media, it is practicing ____ segmentation. A) Geographic B) Age and life cycle C) Psychographic D) Behavioral E) Usage rate

B

When backed by buying power, wants become ________. A) Social needs B) Demands C) Physical needs D) Self0esteem needs E) Exchanges

B

_____ are human needs as shaped by individual personality and culture. A) Deprivations B) Wants C) Demands D) Values E) Exchanges

B

______ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment. A) Stars B) Cash cows C) Question marks D) Dogs E) Cats

B

Amazon.com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other product items. Based on previous purchase history, the company recommends related CDs, books, or videos that might be of interest. This helps Amazon.com capture a greater _______. A) Value proposition B) Customer ownership C) Share of customer D) Social network E) Customer base

C

If Under Armor, the successful maker of moisture-wicking shirts and shorts, considered introducing a line of Under Armour fitness equipment, the company would be considering _____. A) Market controls B) Market development C) Diversification D) Market penetration E) Product adaptation

C

In the BCG matrix, income from _______ can be used to help finance the company's question marks and stars. A) Dogs B) SBUs C) Cash cows D) Sales revenue E) Overseas operations

C

Jolene's firm believes that consumers will not buy enough of its products unless the firm undertakes a large-scale selling and promotion effort. Jolene's firm is practicing the ____. A) Production concept B) Marketing concept C) Selling concept D) Relationship concept E) Social advertising campaign

C

Making ore sales without changing a firm's products is _____. A) Market development B) Market growth C) Market penetration D) Product development E) Market attractiveness

C

Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and _________. A) Market share; strength of the SBUs position B) market or industry growth rate; market or industry attractiveness C) Market or industry attractiveness; strength of the SBUs position D) Market growth rate; profits E) Market penetration; market development

C

Paul Pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in _______. A) Defining the company's mission statement B) Preparing a business portfolio C) Portfolio analysis D) Marketing planning E) Marketing control

C

The BCG growth-share matrix classifies four types of SBUs. They are _____, _____, _____, and _____. A) Product; price; promotion; placement B) Stars; cash cows; question marks; dogs C) Planning; organizing; leading; controlling E) Market penetration; market development; product development; diversification

C

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ______. A) Human welfare B) Want satisfaction C) Company profits D) Short-run wants E) Long-term needs

C

What are the four steps, in order, to designing a customer-driven marketing strategy? A) Market segmentation, differentiation, positioning, and targeting B) Positioning, market segmentation, mass marketing, and targeting C) Market segmentation, targeting, differentiation, and positioning D) Market alignment, market segmentation, differentiation, and market positioning E) Market recognition, market preference, market targeting, and market insistence

C

When a market segment is large or profitable enough to serve, it is termed ______. A) Measurable B) Accessible C) Substantial D) Actionable E) Differentiable

C

When dealing with a _______, managers must decide whether to invest in it in an attempt to build it into a star or cash cow or whether to phase it out. A) Star B) Dog C) Question mark D) Cash cow E) Cat

C

_____ involves evaluation each market segment's attractiveness and selecting on or more segments to enter. A) Market segmentation B) Product differentiation C) Market targeting D) Market mixing E) Positioning

C

"Build a better moustrap and the world will beat a path to your door" reflects the ______ concept. A) Production B) Marketing C) Selling D) Product E) Target marketing

D

A product's position is bases on important attributes as perceived by _______. A) Suppliers B) Competitors C) Market conditions D) Consumers E) Managers

D

According to the simple five-step model of the marketing process, a company needs to ______ before designing a customer-driven marketing strategy. A) Determine how to deliver superior value B) Build profitable relationships with customers C) Use customer relationship management to create full partnerships with key customers D) Understand the marketplace and customer needs and wants E) Construct key components of a marketing program

D

Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. A) Butterflies B) True friends C)Strangers D) Barnacles E) Short-term customers

D

Family Dollar stores profitability focusing on buyers who have relatively modest means is an example of ____. A) Convenience B) Value pricing C) market segmentation D) Target marketing E) Value packing

D

In the Boston Consulting Group approach, _______ provide(s) a measure of market attractiveness. A) relative market share B) SBUs C) Cash cows D) Market growth rate E) Dogs

D

Selecting which segments of a population of customers to serve is called _____ A) Market segmentation B) Positioning C) Customization D) Target marketing E) Choosing a value proposition

D

Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. This is an illustration of _____. A) Share of customer B) Market share C) Profitability D) Customer lifetime value E) Market share maintenance

D

The ______ concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales. A) Marketing B) Production C) Product D) Selling E) Societal marketing

D

The collection of businesses and products that make up a company is called its _____. A) Strategic business unit B) Mission statement C) Strategic plan D) Business portfolio E) Operational factors

D

When the makers of a ballpoint pen state they are the communication equipment business, they are defining their mission too ______. A) Narrowly B) Realistically C) Specifically D) Broadly E) Early

D

Which of the following is NOT and example of a market-oriented mission statement? A) "We make the Internet buying experience fast, easy, and enjoyable." B) "We create customer connectivity anytime, anywhere." C) "We create fantasies." D) "We hold online auctions." E) "We empower customers to achieve the homes of our dreams."

D

Which of the following is the most likely result of a marketing strategy that attempts to serve all customers? A) All customers will be delighted. B) Customer-perceived value will be increased C) Customer evangelists will become unpaid salespersons for the service or product. D) Few customers will be satisfied E) The company will likely need to follow up with a demarcating campaign.

D

_____ is the set of benefits a company promises to deliver to its consumers and satisfy their needs A) A money-back guarantee B) Low pricing C) Good customer service D) A value proposition E) An attribute

D

________ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. A) Selling myopia B) Marketing management C) Value proposition D) Marketing myopia E) The product concept

D

At Gina's Nails, the posted policy is "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services and whenever a customer is anything less than satisfied. Instead of focusing on each individual transaction, Gina and her staff put a priority on ____. A) Maintaining customer-perceived value B) Managing partner relationships C) Attracting "butterflies" D) Converting "strangers" E) Capturing customer lifetime value

E

Starbucks has an annual plan in place to deal with the company's current SBUs and their operations. However, as a growth-oriented firm, Starbucks is interested in both domestic and international markets. This requires Starbucks to constantly monitor the environment and adapt to the opportunities with which it is presented. To take advantage of its changing marketing opportunities, it is most important for Starbucks to have which of the following in place? A) Value-delivery B) Mission statement C) Supporting objectives D) Profit analysis E) Strategic plan

E

Which of the following is an example of a type of makrket offering? A) Persons B) Ideas C) Information D) Experiences E) All of the above

E