Marketing Exam 1 pt.1

The languages people speak, the type of education they have, and their religious beliefs are examples of the

Cultural and social environment

Which of the following statements about customer values is true?

Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits

The difference between target marketing and mass marketing is that target marketing

Focuses on specific customers, while mass marketing aims at an entire market

Underlying any economic environment is technology which affects

How the economy's resources are converted to output

"Nationalism" is an issue in the ______ environment

Political

Which of the following is true?

Marketing encourages research and innovation

A mission statement

Sets out the organizations basic purpose for being

The four "P's" of a marketing mix are: (ch.2)

(Ch.2) -Product. -Place. -Promotion. -Price.

The three basic ideas in the "marketing concept" are:

-Customer Satisfaction. -Total Company Effort. -Profit.

Marketing managers should remember that there are many variables in the ______ that affect strategy planning

-Economic and technological environments. -Political and legal environments. -Cultural and social environments.

Concerning marketing ethics:

-Individuals develop moral standards based on their own values. -Opinions about what is right or wrong vary from one society to another. -The prevailing practice of most business people is to be fair and honest.

The marketing management process is the process of:

-Planning marketing activities. -Implementing marketing plans. -Controlling marketing plans.

The most important variable in a firm's marketing mix is:

-Product. -Price. -Promotion. -Place.

The price area of the marketing mix:

-Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices. -Requires an understanding of discounts and allowances.

Exchange between producers and consumers is more difficult in an advanced economy because of:

-Separation in time. -Separation in values. -Spatial separation. -Separation of information.

"Product" is concerned with:

-Services and physical goods. -Developing products which will satisfy some customers' needs. -Designing, packaging, and branding new products.

A SWOT analysis includes:

-Strengths, -Weaknesses, -Opportunities, -Threats

A firms product-market screening criteria for evaluating existing plans and possible new opportunities should consider

-The objectives of top management. -Trends in the market environment. -The firms resources.

International opportunities should be considered by managers because:

-The world is getting smaller. -Serving international markets may improve economies of scale. -Around the world, potential customers have needs and money to spend.

Between 2010 and 2025, population in the U.S. is projected to grow about _____ percent

15%

Which of the following is true (Ch.3)

Baby Boomers refer to the generation born form 1946-1964

A "marketing program":

Blends all of a firm's marketing plans into one big plan

_____ helps innovators develop hard-to-copy marketing strategies that will be very profitable for a long time

Breakthrough Opportunities

The economic environment

Can change very rapidly

The _____ environment affects the number and types of competitors a marketing manager must face and how they might

Competitive

_____ means that a firm has a marketing mix that the target market sees as better than a competitors mix

Competitive Advantage

_____ ______ are the firms that are considered to be the organizations closest challengers

Competitive Rivals

_____ means the marketing mix is distinct from and better than what is available from a competitor

Differentiation

The text discusses the evolution of business through five "eras." Which of the following is not one of these eras?

Diversification Era

In monopolistic competition

Each competitor tries to get control in its own target market

A "marketing plan":

Includes the time-related details for carrying out a marketing strategy

The development and spread of new ideas, goods, and services for the marketplace is called:

Innovation

Evaluating opportunities in international markets is uniquely challenging for managers because

International variables are confusing and unfamiliar to outsiders

From a micro view, marketing

Is a set of activities performed by an individual organization to satisfy its customers

With regard to a firms resources; when searching for attractive opportunities:

Lack of financial strength is often a barrier to entry

A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ______ environment

Legal

_____ means trying to increase sales by selling present products in new markets

Market development

In a ____ the individuals decisions of the many producers and consumers make the macro-level decisions for the whole economy

Market-Directed Economy

_____ is defined as the performance of activities that seek to accomplish an organizations objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer

Marketing

which of the following statements best describes the modern view of marketing?

Marketing anticipates customer needs

Which of the following is NOT a reason for you to study marketing?

Marketing involves actually making the goods that people need

The _____ area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted

Place

The _____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the "right" product

Promotion

Marketing is NOT needed in a ____ economy

Pure Subsistence

A marketing strategy

Specifies a target market and a related marketing mix

The universal functions of marketing include buying, selling, transporting, storing,

Standardization and grading, financing, risk taking, and marketing information

An organization practicing _____ aims all its efforts at satisfying its customers-at a profit

The marketing concept

All of the following are part of the direct market environment except:

The technological environment

Gross Domestic Product (GDP) is

The total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country

Marketing could NOT take place without:

Two or more parties who are willing to exchange something for something else

Most Americans live in _____ areas

Urban