Marketing Exam One Multiple Choice

Consider the following statements to determine which one accurately describes the concept of consumer ethnocentrism. Multiple choice question. A belief that the world's goods and services should be distributed fairly by all nations A belief that international trade organizations foster corruption and unfair trade practices A measure of how optimistic consumers are about the overall state of the economy and their own personal finances A measure of the amount of goods and services that can be purchased based on the currency exchange rate A belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods or services

A belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods or services

Which of the following characterize baby boomers? (Check all that apply.) Multiple select question. Baby boomers represent the wealthiest generation in U.S. history. Baby boomers generally have the least amount of disposable income available. Baby boomers have the greatest familiarity with digital communication. Baby boomers are retiring at a rate of 10,000 per day. Baby boomers are individuals born between 1946 and 1964.

Baby boomers represent the wealthiest generation in U.S. history. Baby boomers are retiring at a rate of 10,000 per day. Baby boomers are individuals born between 1946 and 1964.

Based on her scan of the external factors that would impact her small business, how did Erin Brewer promote the local culture at RedPin? Multiple choice question. By adding live entertainment By offering other entertainment options other than bowling By hiring a diverse staff By the items she offered on her menu

By the items she offered on her menu.

The Dominican Republic-Central America Free Trade Agreement is an international agreement that eliminated tariffs, reduced nontariff barriers, and facilitated investment among _______, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic.

Costa Rica

_______ are characteristics of human populations, such as age, gender, ethnicity, and education level, that can be used to identify consumer markets. Multiple choice question. Sociocultural variables Psychographics Demographics Attitudes Values

Demographics

What is perhaps the most basic concept in marketing? Multiple choice question. Satisfying the needs of all stakeholders Determining the most appropriate promotional campaign for a product Producing products that will generate the most revenue Developing a marketing plan Determining the difference between consumer needs and wants

Determining the difference between consumer needs and wants

_______ competition refers to a situation in which products that perform the same function compete against each other in a market. Multiple choice question. External Direct Parallel Horizontal Vertical

Direct

Each month when Jason receives his paycheck, he sees the total amount of money he earned less the amount that was taken out for paying taxes. This leftover amount of money is referred to as ___________ income.

Disposable or Net

The act of monitoring developments outside of a firm's control with the goal of detecting and responding to threats and opportunities is referred to as _______. Multiple choice question. forward integration data mining globalization competitive analysis environmental scanning

Environmental Scanning

When Erin Brewer decided to explore launching a small business, she analyzed the external factors that would impact her company. Monitoring developments outside of a firm's control with the goal of detecting and responding to threats and opportunities is referred to as _______. Multiple choice question. market assessment environmental scanning brand positioning competitive analysis data mining

Environmental scanning

When shopping for a new car, Antonio asked the salesperson about the Honda Accord's fuel efficiency, safety rating and available options so he could compare the Accord to other cars he was evaluating. Because the questions represent features that are important to Antonio, they make up what is referred to as his _______. Multiple choice question. consideration criteria evaluative criteria product profile must haves bottom line

Evaluative criteria

A company will create a one-to-two page document within the marketing plan that summarizes the main points. What is this document called? Multiple choice question. SWOT analysis Strategic plan Organizational summary Mission statement Executive summary

Executive Summary

While the _______ is listed as the first component of the marketing plan, firms should complete this part of the marketing plan last. Multiple choice question. executive summary situation analysis financial section mission statement

Executive Summary

In which option for entering the international marketplace would you find a contractual agreement that gives a local owner/operator the right to use the name and marketing support from the McDonald's corporation? Multiple choice question. Joint venture Licensing BCG matrix Leveraging Franchising

Franchising

_______ is best defined as the market value of all officially recognized final goods and services produced within a country in a given period. Multiple choice question. Disposable income Personal income Gross domestic product Gross operating surplus Purchasing power parity

Gross Domestic Product

The competitive environment for nonprofit funding has _______ in recent years. Multiple choice question. increased dramatically decreased dramatically remained the same

Increased Dramatically

A consumer's personality, lifestyle, and values are all __________ factors that can significantly impact a consumer's buying decision.

Individual

Everett is shopping for a piece of exercise equipment to use at home. At the store, he asks the salesperson about the features and warranties of treadmills, exercise bikes, and elliptical trainers since he isn't sure which would be the best choice for his fitness needs. Asking questions about a product would most likely occur during which stage of the consumer decision-making process? Multiple choice question. Information search Post-purchase evaluation Making the purchase Problem recognition Need analysis

Information search

Which of the following are considered to be individual factors that might impact a consumer's behavior and, therefore, his or her buying decision? (Check all that apply.) Multiple select question. Lifestyle Promotion Values Personality Price

Lifestyle Values Personality

Proctor and Gamble offers its Gillette brand of deodorant for men and its Secret brand of deodorant for women. By taking the overall market and dividing it into smaller groups, Proctor and Gamble has engaged in _______. Multiple choice question. market penetration logistics a joint venture market segmentation marketing analytics

Market Segmentation

Identify the four basic categories of marketing growth strategies from the list below. (Check all that apply.) Multiple select question. Market development Diversification Import/export Product development Market penetration Synchronization

Market development Diversification Product development Market penetration

As a component of the situation analysis, a __________ __________ focuses on the current state of the market to which the firm will sell its products.

Market summary

The specific actions a firm must take in order to accomplish its overall marketing objectives is laid out in its _______. Multiple choice question. marketing strategy mission statement SWOT analysis strategic plan contingency plan

Marketing Strategy

What era in the evolution of marketing is best reflected by the notion that in order to be successful a firm must have a company-wide commitment to satisfying customer needs? Multiple choice question. Marketing concept Production orientation Sales orientation Process orientation

Marketing concept

Factors outside of a firm such as political, technological, or legal forces that affect the firm's ability to meet its marketing goals are all part of the _______. Multiple choice question. marketing mix organizational environment organizational culture marketing environment

Marketing environment

A marketing strategy includes decisions about which of the following? (Check all that apply.) Multiple select question. Leadership roles Competition Marketing mix Target markets Positioning Strategic direction Segmentation

Marketing mix Target markets Positioning Strategic direction Segmentation

As it pertains to marketing, _____________ is the set of distinctive characteristics that lead an individual to respond in a consistent way to certain situations.

Personality

Which element of the marketing mix refers to the specific combination of goods, services, or ideas that a firm offers to consumers?

Product

Which section of the marketing plan would include information on any warranties or guarantees that accompany what the company is selling? Multiple choice question. Promotion Position Place Product Distribution

Product

Efficient processes in manufacturing that resulted in quality products and reduced unit costs was the focus of which era in the evolution of marketing? Multiple choice question. Production orientation Relationship marketing Sales orientation Marketing concept Customer orientation

Production Orientation

The recession led to political pressure to _______ federal, state and municipal budgets. Multiple choice question. increase reduce eliminate maintain the status quo of

Reduce

A marketing strategy includes decisions about which of the following? (Check all that apply.) Multiple select question. Target markets Positioning Strategic direction Competition Leadership roles Segmentation Marketing mix

Target markets Positioning Strategic direction Segmentation Marketing mix

Which of the following statements is accurate regarding marketing analytics? Multiple choice question. Marketing analytics has not proven to be helpful in evaluating the success of marketing initiatives. Budgets related to marketing analytics are expected to decline in the coming years. The pressure to be more data-driven has played a large role in the growing use of marketing analytics. Marketing analytics is useful for analyzing the performance of products, but not for analyzing the performance of services or ideas. Since the Internet provides so much data, it has reduced the need for marketers to engage in marketing analytics.

The pressure to be more data-driven has played a large role in the growing use of marketing analytics.

What is market segmentation? Multiple choice question. The activities a firm undertakes to create a certain perception of its product in the eyes of the target market The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives The systematic collection of data to identify the those things that have the potential to influence the performance of the firm and its strategies The process of dividing a larger market into smaller groups based on meaningfully shared characteristics An organization's plans for dividing the firm into key functional areas or divisions

The process of dividing a larger market into smaller groups based on meaningfully shared characteristics

What is market segmentation? Multiple choice question. The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives An organization's plans for dividing the firm into key functional areas or divisions The activities a firm undertakes to create a certain perception of its product in the eyes of the target market The systematic collection of data to identify the those things that have the potential to influence the performance of the firm and its strategies The process of dividing a larger market into smaller groups based on meaningfully shared characteristics

The process of dividing a larger market into smaller groups based on meaningfully shared characteristics

Which of the following best describes consumer behavior? Multiple choice question. The study of how individuals make decisions about how to select, secure, use, and dispose of products to satisfy needs The five stages a consumer goes through to decide which product or service to buy The process a consumer engages in when evaluating a marketing message The attributes a consumer considers important about a certain product Factors that serve as an interface between the consumer and his or her decision-making process

The study of how individuals make decisions about how to select, secure, use, and dispose of products to satisfy needs

Which situational factor is being addressed by a doctor's office that offers appointments during evening hours and on weekends? Multiple choice question. Time Lifestyle Personality Motivation Learning

Time

True or False: The political climate in a democratized country can change the direction of government policy quickly and impact how marketers position their products. True False

True

Trisha's Tasty Treats, a bakery and coffee shop, is having a grand opening on Saturday to celebrate its newest location. In addition to advertising the event in the local paper, Trisha sent a bakery menu to all households in the area along with a 50% off coupon. In doing so, Trisha's Tasty Treats is most likely attempting to _______. Multiple choice question. deliver value explain value communicate value forecast value

communicate value

Customers have been complaining to the management at Sam's Sports Bar that it only serves domestic beer. So the establishment has decided to introduce a new line of craft beers to its menu. By providing its customers with benefits that meet their needs, Sam's Sports Bar is providing _______. Multiple choice question. benefit marketing benefit segmentation marketing value customer value

customer value

__________ __________ occurs when demand for one product occurs because of demand for a related product.

derived demand

Staff members would consult the _______ section of the marketing plan when they want to quickly understand the basic ideas and strategies of the plan. Multiple choice question. executive summary financials market summary competition situation analysis

executive summary

The part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final consumer is called ___________.

logistics

The organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole is referred to as ____________.

marketing

According to Tracey Rogers, if you want to retain customers, you should strive to _______. Multiple choice question. master and exceed customer service expectations understand the competition's product better than your own continually update your firm's marketing strategy always price your product lower than the competition change your company's mission to reflect external changes in the marketplace

master and exceed customer service expectations

An advertisement shows a group of teenagers driving in a car looking for a place to eat. As they drive along, one of the passengers in the car sees a McDonald's ahead and says "Let's eat there!" Everyone else quickly agrees. In this ad, getting food represents a _______, while McDonald's represents a _______. Multiple choice question. craving; need want; preference want; need craving; preference need; want

need; want

Problem recognition is driven by the consumer's ____________ of the actual state, not some objective reality.

perception

Questions regarding the delivery of products, how much inventory to carry, and which suppliers to use are all part of the _______ element of the marketing mix. Multiple choice question. price place product promotion

place

The _______ section of the marketing plan consists of a detailed description of the article being offered. Multiple choice question. promotion position place product distribution

product

A company that has used the same slogan for a number of years to market its product is most likely trying to capitalize on consumer learning by designing a marketing strategy that promotes __________. (Answer is one word.)

reinforcement

Cognitive dissonance is sometimes referred to as buyer's ________ and can occur when consumers begin to wonder if they made the right purchase decision.

remorse

The result of a stimulus impinging on the receptor cells of a sensory organ is called __________ .

sensation

Learning typically begins with a(n) _______ that encourages consumers to act to reduce a need or want, followed by a(n) _______, which attempts to satisfy that need or want.

stimulus; response

Everyday, Pepsi products are delivered to grocery stores, gas stations, vending machines, and restaurants in the United States and to locations around the world. In order to accomplish this task, it is critical that Pepsi have an efficient _______ to get its products from its source to the consumer. Multiple choice question. marketing chain promotion schedule supply chain marketing concept

supply chain

The place element of the marketing mix involves _______. Multiple choice question. the activities a firm undertakes to make its product available to potential customers all the activities that communicate the value of a product to consumers finding the best ways to market a product that will capture the consumers' attention the specific combination of goods, services, or ideas that a firm offers to consumers all the activities involved in properly packaging a product to make it easy to distribute

the activities a firm undertakes to make its product available to potential customers

One of the biggest sociocultural changes in the United States over the past half century has been _______. Multiple choice question. the decrease in the ethnic composition of the population the decline of college-educated workers entering the workforce the decrease in female control over the majority of consumer spending a decrease in overall disposable income the shift from a nation of primarily one-income families to one in which two-income families predominate

the shift from a nation of primarily one-income families to one in which two-income families predominate

Customer refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining the product.

value

A person's __________ , such as religious beliefs or a belief in self-responsibility, can have an impact on the decision-making process.

values

As a discipline, marketing is defined as an organizational function and set of processes for creating, communicating, and delivering ________ to customers.

values

Which items are part of a thorough market summary? (Check all that apply.) Multiple select question. Break-even analysis calculations Potential sales through international expansion International growth opportunities Listing of all the firm's products An analysis of important marketplace trends

An analysis of important marketplace trends