Marketing Exam 1

What best reflects how the American population has changed over time?

it has become more diverse, better educated, and more mobile

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.

its business portfolio

​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?

Tina's Tunes is likely to fail because it is ignoring the technological environment.

The third purpose of government regulation is to​ _____________________.

protect the interests of society against unrestrained business practices

The ultimate goal of the marketing process is to do which of the​ following?

receive value from customers

What is the ultimate aim of customer relationship​ management?

to produce high customer equity

​________ refers to striving for good faith and fair dealing so as to contribute toward the efficacy of the exchange process as well as avoiding deception in product​ design, pricing,​ communication, and delivery or distribution.

"Foster trust in the marketing system"

What constitutes a marketing information system​ (MIS)?

A system to generate and validate actionable customer and market insights

center of marketing strategy and programs?

customer engagement, value, and relationships

What are stars in the​ growth-share matrix?

High-growth, high-share businesses or products

​Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. What is the BEST path for this company to start to develop an efficient​ MIS?

Assess the information needs of the company

Which of the following is enhancing how marketers learn about and interact with​ customers?

Big data and marketing analytics

Which types of companies would most benefit from conducting marketing​ research?

Both large multinational firms like Disney and IBM and small local firms

How do the individual components of a SWOT analysis work together to determine the status of a​ company?

By ascertaining a​ company's strengths, relating them to​ opportunities, minimizing​ weaknesses, and identifying threats to growth and development

Which of the following is NOT one of the marketing management​ functions? A. Planning B. Implementation C. Promoting D. Analysis E. Control

C. Promoting

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the​ company's niche product--premium, organic dog and cat food--and contracted to sell it in several​ high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do​ now?

Create a promotion strategy to increase customer awareness

Which of the following is NOT a step in the marketing research​ process? A. Implementing the research plan B. Interpreting and reporting the findings C. Developing the research plan D. Comparing research findings to other studies E. Defining the research problem

D. Comparing research findings to other studies

​__________________ 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.

Generation X

Which generational group seamlessly blends online and offline worlds as they socialize and​ shop?

Generation Z

​Stars, cash​ cows, question​ marks, and dogs are the four types of strategic business units​ (SBUs) defined in which of the​ following?

Growth-share matrix

The role of a​ company's marketing intermediaries is to do what?

Help the company​ find, promote,​ sell, and distribute products

A value chain consists of which of the​ following?

Internal departments and other companies that carry out​ value-creating activities

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--blue jeans--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?

Market management organization

How do market demands relate to needs and​ wants?

Needs are satisfied by​ wants, and buying power converts wants into demand.

what would be good advice for someone conducting marketing research in a foreign​ country?

Reaching respondents in other parts of the world is more difficult than it is in the United States.

What is the main problem that sellers suffering from marketing myopia​ face?

They focus more on products than on the​ customer's underlying need.

A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new​ company?

We will help customers​ build, invigorate,​ restore, refurbish, or completely redesign their homes or businesses.

Because of deceptive acts or practices by​ companies, Congress has enacted legislation designed to protect consumers. What was enacted to protect consumers against deceptive acts or​ practices?

Wheeler-Lea Act of 1938

what identifies a change in the technological environment that could affect the success of a business?

a company develops a new battery that lasts twice as long as its predecessor

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 company extranet

The act of obtaining a desired object from someone by offering something in return is known as which of the​ following?

an exchange

Through sustainable​ marketing, both businesses and consumers​ ___________________.

are both called to more responsible actions

Which of the following generational groups represents one of the most powerful forces shaping the marketing​ environment?

baby boomers

According to the sustainable marketing​ concept, a​ company's marketing objectives should support the​ ___________________________.

best long-run performance of marketing system

To exercise social​ responsibility, many companies are linking themselves to what type of​ marketing?

cause-related

The real value of marketing information rests in the​ _____________________.

customer insights it provides

According to the principle of​ ________ marketing, the company should put most of its resources into customer​ value-building marketing investments.

customer value

What is a type of marketing calls for building​ long-run consumer​ engagement, loyalty, and​ relationships?

customer value marketing

Exaggerating package contents through subtle​ design, using misleading​ labeling, or describing size in misleading terms is known as​ ____________________.

deceptive packaging

A​ company's marketing information system​ (MIS) is valuable because it​ ___________________.

enables a company to use customer insights to improve relationships with customers

What describes an organized movement of concerned​ citizens, businesses, and government agencies designed to protect and improve​ people's current and future living​ environment?

environmentalism

what type of research is used to help define the research problem and suggest​ hypotheses?

exploratory research

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) ________.

focus group

The goal of a market development growth strategy is to......

identify and develop new markets for current products of a​ company's market

The principle of​ ________ marketing requires that a company continuously seek real product and marketing improvements.

innovative

The​ demographic, economic,​ natural, technological,​ political, and cultural forces that affect a​ company's ability to serve its customers make up what?

macroenvironment

A local drama club wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, starts​ poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging​ in?

market exchange

​___________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.

marketing analytics

A marketing dashboard is used to do which of the​ following?

monitor strategic marketing performance

The difference between the marketing concept and the sustainable marketing concept is that the marketing concept​ ___________________________.

recognizes that companies thrive by fulfilling the​ day-to-day needs of customers

​________ products have low immediate appeal but might benefit consumers in the long run--for ​instance, bicycle helmets or some insurance products.

salutary

what information must a researcher evaluate to make certain it is relevant, accurate, and impartial?

secondary information

​_________________marketing means that the company should define its mission in broad social terms rather than narrow product terms.

sense-of-mission

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ ________.

the marketing mix

includes shortages of certain raw materials, higher pollution levels, and more government intervention

the natural environment

How does the new concept of marketing differ from the old concept of marketing​ ("telling and​ selling")?

the new concept focuses on customer needs

The major cultural values of a society are expressed by​ people's views of​ ____________________.

themselves, other, organizations, society, nature, and the universe

Why is marketing return on investment​ (ROI) so difficult to​ measure?

there is no consistent definition

What is the importance of selling and advertising in​ marketing?

they work in tandem with building customer relationships

what best describes the purpose of customer insights?

to create more value for customers

what is the primary reason firms use competitive marketing intelligence?

to gain early insights into competitor moves and strategies, and to prepare quick responses

what is a result of big data?

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

To be​ successful, why should companies try to adopt a proactive stance on​ marketing?

A proactive stance allows a company to take advantage of opportunities as they arise.

Which of the following is NOT a step in the strategic planning​ process? A. Set revenue and financial goals B. Development of individual detailed departmental plans C. Define overall purpose and mission D. Decisions regarding portfolio of business and products E. Creation of overall supporting objectives for the company

A. Set revenue and financial goals

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 small family winery offering a broader selection of red wines in response to a growing preference for red wines B. A jewelry company taking advantage of the new trend of charm bracelets C. A local restaurant refusing to counter false allegations of salmonella D. A dairy creating new flavors of organic yogurt in response to a trend toward healthy eating E. A utility company hiring lobbyists to influence legislation regarding climate change

C. A local restaurant refusing to counter false allegations of salmonella

Which of the following is NOT part of an overall SWOT analysis evaluation of a​ company? A. Weakness B. Strengths C. Strategy D. Opportunities E. Threats

C. Strategy

A​ company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually​ improve?

Examine how well each group performs its work of adding customer value.

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using?

Frequency marketing program

In analyzing a​ company's current business​ portfolio, what is​ management's first​ step?

Identify strategic business units

what is a valid concern when it comes to the four Ps​ concept?

It may omit or underemphasize certain important activities.

Using the BCG​ growth-share matrix as a​ guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the​ company's senior management​ team, the CEO of Masumura and her team members decided to allocate all of the​ company's profits toward the growth and expansion of these question​ marks, in order to cause the question marks to become stars. What is likely to happen to this​ company?

The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.

Why is good marketing management​ critical?

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?

To have a​ "full picture" of the subject of its study

What is the purpose of the marketing mix as part of the overall marketing​ strategy?

To produce a response that influences a demand for the product from the customers the company is targeting

The purpose of business legislation is primarily based on​ ________.

protecting companies from each other

​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?

consumer equity

_______ marketing means that the company should view and organize its marketing activities from the​ consumer's point of view.

consumer-oriented

A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ​ (lesbian/gay/bisexual/transgender/queer) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company​ analyze?

cultural

​________ includes practices such as falsely advertising​ "factory" or​ "wholesale" prices or a large price reduction from a phony high retail list price.

deceptive pricing

Practices such as misrepresenting the​ product's features or performance or luring customers to the store for a bargain that is out of stock are considered​ ____________________.

deceptive promotion

When a company starts the strategic planning process at the corporate​ level, it begins by​ _____________________________.

defining its overall purpose and mission

​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?

determine who in the community wants or needs to jump rope

Which of the following is included in the American Marketing​ Association's (AMA) Code of Ethics and stresses consciously avoiding harmful actions or omissions by embodying high ethical standards and adhering to all applicable laws and regulations in the choices we​ make?

do not harm

The group of factors that affect​ consumers' purchasing power and spending patterns is called the​ _________________.

economic environment

Which of the following means striving for building relationships and enhancing consumer confidence in the integrity of marketing by affirming these core​ values: honesty,​ responsibility, fairness,​ respect, transparency, and​ citizenship?

embrace ethical values

A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this​ company's research​ plan?

implement the plan

An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. what is the CPO MOST likely to do as a function of his or her​ job?

inform customers of the company's privacy policy

Sustainable marketing should be guided by five sustainable marketing principles. what are they?

innovative marketing, sense-of-mission marketing, customer value marketing, societal marketing

marketers obtain needed marketing information from what?

internal data, marketing intelligence, and marketing research

what is a correct statement about online research?

online surveys generally have higher response rates than those conducted by mail or phone

the four Ps of the marketing mix?

place, price, promotion, product

__________ products give high immediate satisfaction but might hurt consumers in the long run.

pleasing

Which marketing philosophy holds that consumers will favor products that offer the most in​ quality, performance, and innovative​ features?

product concept

Which of the following actions helps a company find the game plan for​ long-run survival and growth that makes the most sense given its specific​ situation, opportunities,​ objectives, and​ resources?

strategic planning

what are the dramatic changes in the political environment that affect marketing?

strong government agency enforcement, increasing legislation regulating business, greater emphasis on ethics, greater emphasis on social responsibility

Companies embracing environmental sustainability policies develop strategies to implement them. The strategies include what two​ components?

sustain the environment and produce profits for the company

a type of marketing that calls for meeting the present needs of consumers and businesses while preserving or enhancing the ability of future generations to meet their​ needs

sustainable marketing

When a company chooses a group of customers to​ serve, it is engaging in which of the​ following?

target marketing

Wonders such as​ smartphones, driverless​ cars, and antibiotics can be attributed to which marketing​ environment?

technological

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?

touch points

The second purpose of government regulation is to​ _____________________.

protect consumers from unfair business practices

When consumers respond in a similar way to a given set of marketing​ efforts, they can be referred to as a​ _________.

market segment

Which of the following states that managers must look beyond what is legal and allowable and develop standards based on personal​ integrity, corporate​ conscience, and​ long-term consumer​ welfare?

the sustainable marketing concept

Criticism has been leveled at marketing for negative impact on other businesses. What are those criticisms?

-harming competitors through acquisitions -practices that create barriers to entry -unfair competitive marketing practices -reducing competition through acquisitions

what are the primary goals of competitive marketing intelligence?

-improving strategic decision making -providing early warnings of threats -providing early warnings of opportunities -assessing and tracking competitors' actions

what best describes research relationships?

Observation is best suited for exploratory​ research, surveys for descriptive​ research, and experiments for causal research.

How has the internet MOST affected companies and​ customers?

The internet has allowed consumers to take marketing content and share it.

How does the microenvironment of a company differ from its​ macroenvironment?

The microenvironment deals with the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics.

To create value for​ customers, marketers must improve the performance of the​ ______________, which includes partnering with​ suppliers, distributors, and customers.

value delivery network