Marketing Principles - Learn It

A firm using a niche competitive advantage _______. A. targets and serves a single segment of the market B. has an advantage that cannot be copied in the near future C. relies on experience curves to lower costs D. focuses on the strength of its brand name

A

A(n) _______ can help employees understand what their company considers acceptable behavior. A. code of ethics B. morality map C. marketing plan D. ethics audit

A

An organization that chooses a _______ strategy attempts to maintain the product's market share in order to take advantage of the positive cash flow. A. hold B. harvest C. build D. divest

A

Elements of product strategy can include all of the following EXCEPT _______. A. where the product is sold B. the physical good C. an intangible idea D. package design

A

Market-oriented companies create long-term relationships with customers by doing which of the following? A. Providing value to customers B. Concentrating marketing efforts to the marketing department C. Primarily using salespeople to inform customers about products D. Offering products that are high-priced

A

Strategic planning is usually conducted by _______. A. top managers B. employees C. middle managers D. first-line managers

A

The four marketing management philosophies are _______. A. production, sales, market, and societal marketing orientations B. sales, price, distribution, and societal marketing orientations C. sales, distribution, market, and consumer-focused orientations D. production, price, market, and socially responsible orientations

A

Which generational cohort has never known a world without smartphones? A. Generation Z B. Millennials (Generation Y) C. Generation X D. Baby Boomers

A

Which group of stakeholders in an organization have a financial stake in the company and expect a reasonable return based on the inherent risk of their investment? A. Owners/stockholder B. Customers C. Employees D. The local community

A

Which of the following strategies would be most appropriate for a market-oriented firm? A. Understanding what products and services customers want and need and offering those in order to meet organizational objectives B. Producing a product that matches the firm's capabilities in order to meet organizational objectives C. Hiring a sales force to aggressively sell the products the company produces in order to meet organizational objectives D. Producing products that customers want and need while considering society's best interests in order to meet organizational objectives

A

_______ are the largest U.S. minority. A. Hispanic Americans B. African Americans C. Russian Americans D. Asian Americans

A

_______ represent 7 percent of the U.S. population and often live in multigenerational households, which can impact purchases based on age, dietary habits, and health. A. Asian Americans B. Hispanic Americans C. European Americans or White Americans D. African Americans

A

A _______ is the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments. A. marketing mix (four Ps) B. market opportunity analysis (MOA) C. market segment analysis (MSA) D. target market strategy analysis (TMSA)

B

A company employing a _______ strategy would create a new product targeted to its current customers. A. market penetration B. product development C. market development D. diversification

B

A company that focuses on a unique aspect of its product is likely using a _______. A. cost competitive advantage B. product/service differentiation competitive advantage C. nice competitive advantage D. sustainable competitive advantage

B

A disadvantage of a sales orientation is _______. A. constantly assessing competitors' actions B. a lack of understanding customers' wants and needs C. that production expenses will rise as sales rise D. the expense of hiring a sales force

B

A firm that conducts research attempting to develop new or improved products is conducting _______. A. technology B. applied research C. basic research D. disruptive innovation

B

Broadly speaking, customer relationship management (CRM) allows marketers to _______. A. analyze customers' buying habits to predict future purchases B. collect information about customers and create marketing promotions and communications specific to groups of consumers C. identify customers who are the most resistant to purchasing and focus product modifications on feedback from those customers D. identify several large groups of consumers to which they can send one broad message

B

Carefully specified objectives should have all of the following characteristics EXCEPT _______. A. to provide motivation to employees B. to have unspecified end dates C. to be consistent with the firm's mission statement D. to guide marketing strategies and tactics for the organization

B

Redesigning packaging would be considered a(n) _______ on the innovation matrix. A. essential innovation B. core innovation C. transformational innovation D. adjacent innovation

B

Standards of proper or acceptable behavior are known as _______. A. social controls B. behavioral norms C. ethics D. self-regulations

B

The most basic level of social responsibility requires that a company _______. A. obey the law B. be profitable C. be a good corporate citizen D. be ethical

B

Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society? A. Equality B. Helping others C. Individualism D. Self-sufficiency

B

Which of the following statements is true in regards to ethical decision-making? A. Occurrences of ethical misconduct are increased when there is a strong ethical culture among coworkers. B. When the length of time between a decision and the onset of consequences is shorter, marketers will perceive the problem as unethical. C. Marketers are more likely to view a problem as unethical when there are fewer people impacted by a negative outcome. D. Organizations that have a strong ethical culture are more likely to have employees who perform unethical acts.

B

______ is the most flexible of the four Ps because it is the easiest and quickest component to change. A. Product B. Price C. Promotion D. Place (distribution)

B

_______ is the cooperative marketing efforts between a for-profit firm and a nonprofit organization. A. Green marketing B. Cause-related marketing C. Social responsibility D. Sustainability

B

_______ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. A. Implementation B. Correct answer.Control C. Planning D. Evaluation

B

A _______ is a written document that acts as a guidebook of marketing activities for the marketing manager. A. business plan B. mission statement C. marketing plan D. SWOT analysis

C

A _______ is an advantage that cannot be copied by the competition in the near future. A. cost competitive advantage B. product/service differentiation competitive advantage C. sustainable competitive advantage D. niche competitive advantage

C

A control device that marketing managers use is a _______. A. post-plan review B. periodic evaluation assessment C. marketing audit D. strategic planning dashboard

C

Companies that are ethically responsible have already met ______ responsibilities. A. philanthropic and economic B. economic and social C. economic and legal D. legal and philanthropic

C

Companies that develop new products for new markets would fall in the _______ range on the innovation matrix. A. jacent innovation B. revolutionary innovation C. transformational innovation D. core innovation

C

In a SWOT analysis, the prospect of entering new markets and launching new products would be listed under _______. A. threats B. weaknesses C. opportunities D. strengths

C

Marketers in healthier ethical environments are _______ to take a strong stand against unethical practices. A. required B. less inclined C. more likely D. unlikely

C

Setting goals, planning, and measuring results are keys to getting things done. This describes which American value? A. Individualism B. Work ethic C. Achievement orientation D. Self-sufficiency

C

Successful relationship marketing strategies depend on all the following EXCEPT _______. A. training employees in customer service B. teamwork C. offering high-quality products D. empowering employees

C

Through a process called _______, marketers collect and evaluate information about the marketing environment. A. perceptual mapping B. marketing research C. environmental scanning D. market analysis

C

When conducting a SWOT analysis, managers can identify opportunities and threats by _______. A. looking internally at the company's current product and service offerings B. classifying limitations that place the company at a disadvantage C. analyzing the external marketing environment D. analyzing the core capabilities of the firm

C

Which generational cohort accounts for the majority of prescription drug sales? A. Generation Z B. Generation X C. Baby Boomers D. Millennials (Generation Y)

C

Which of the following is true of customer value? A. Good value cannot be determined by quality or price, just by the benefits the product provides to customers. B. Good value is signified by a high-quality, high-priced product. C. Good value is signified by the quality a customer expects at the price they are willing to pay. D. Good value is signified by a low-quality, low-priced product.

C

_____ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. A. Cost of living B. Deflation C. Inflation D. Purchasing power

C

_______ aims to expand knowledge, not to develop new or improved products. A. Disruptive innovation B. Applied research C. Basic research D. Technology

C

_______ is the idea that socially responsible companies will outperform their peers by focusing on the world's social, economic, and environmental problems. A. B Corp certification B. Recycling C. Sustainability D. Green marketing

C

_______ occurs when a company defines its business in terms of goods and services rather than in terms of the benefits customers seek A. Planning B. Marketing orientation C. Marketing myopia D. Mission bias

C

A _______ strategy increases sales by introducing new products into new markets A. market development B. product development C. market penetration D. diversification

D

A production orientation is successful when _______. A. the company strives to produce environmentally friendly products B. competition is high, and the company offers the highest quality product C. consumers are easily swayed by advertisements and personal selling D. consumer wants and needs match what the company can best produce

D

All the following questions are asked when considering the business's position EXCEPT: _______ A. Does the SBU have the technology needed to penetrate the market? B. Does the SBU have a competitive advantage? C. What is the SBU's current market share? D. Are there barriers to entry in the potential market?

D

Delivering products to customers at the right time, in the right place, and at the right price is illustrated by which of the following reasons to study marketing? A. Marketing offers excellent career opportunities. B. Marketing is important to businesses. C. Marketing impacts your everyday life. D. Marketing plays an important role in society.

D

In the GE model, the appropriate action for areas of the matrix with high attractiveness is _______. A. harvest/divest B. grow/harvest C. cautiously invest D. invest/grow

D

Key performance indicators _______. A. are considered weaknesses in the company's SWOT analysis B. guide the creation of the business mission statement C. are not required as the marketing plan is static and rarely updated D. help managers compare outcomes to stated objectives

D

Marketers making product decisions during a recession should _______. A. introduce new versions of products with more features B. create premium products sold in exclusive locations C. raise prices to match consumers' increased purchasing power D. lower prices and offer special deals to get consumers to buy

D

Which group of stakeholders in an organization expects good citizenship from the firm and benefits from the taxes paid by corporations and workers? A. Owners/stockholder B. A supplier C. A customer D. The local community

D

Which of the following is NOT a requirement of effective strategic planning? A. Creativity B. Management commitment C. Continual attention D. Resource allocation

D

Which of the following is NOT true about strategic business units (SBUs)? A. Each SBU has plans and goals independent of other SBUs in the organization. B. An SBU has control over its resources. C. An SBU has its own competitors, separate from other SBUs. D. Correct answer.Each SBU shares its mission statement with the parent company.

D

Which of the following is true of an exchange? A. There must be more than two parties for an exchange to take place. B. Money must be traded for the product or service being sold. C. If all the conditions exist, an exchange will take place. D. Marketing can occur even if an exchange does not take place.

D

Which of the following is true of marketing? A. The goal of marketing is to advertise products. B. Fostering long-term relationships with customers is not part of marketing. C. Marketing has occurred only if a product is sold. D. Marketing efforts are performed by many departments in an organization.

D

Which of the following statements is an argument AGAINST corporate social responsibility? A. If businesses do not act socially responsible, government will create new regulations and levy fines against them. B. Societal problems are caused by organizations and should therefore be fixed by those organizations. C. Being socially responsible can have a positive impact on the firm. D. Management that focus on being socially responsible are spending shareholders' money to further their own agendas.

D

Which reason to study marketing supports the idea that, as a consumer, you will better understand the buying process? A. Marketing offers excellent career opportunities. B. Marketing plays an important role in society. C. Marketing is important to businesses. D. Marketing impacts your everyday life

D

______ are ethical rules and guidelines that can be enforced by governmental authority. A. Ethics B. Self-regulations C. Behavioral norms D. Laws

D

______ are moral principles or values that generally govern the conduct of an individual group. A. Self-regulations B. Laws C. Behavioral norms D. Ethics

D

A market development strategy _____ customers _____ products.

attracts new, to existing

Knowing how customers research products and reach decisions is part of understanding _______. A. who the most valuable customers are B. the competition C. how consumers make decisions D. current customers

c

Marketing is the activity, set of institutions, and processes for creating, _____, _____, and exchanging offerings that have _____ for customers, clients, partners, and society at large.

communicating, delivering, value

Market-oriented companies are _____ focused while sales-oriented companies are _____ focused.

externally, internally

A target market is a group of people or organizations for which an organization designs, _____, and maintains a _____ intended to meet the needs of that group, resulting in mutually satisfying exchanges.

implements, marketing mix

Marketers have _____ control over the competitive environment, but keeping up with competitors' actions can help marketers _____

little, prepare for potential threats

The General Electric model is _____ than the Boston Consulting Group model and is _____ to quantify.

more complex, harder

A marketing objective should be _____, _____, _____, and ______.

realistic, measurable, time specific, compared to benchmark

A market-oriented company targets its products to _____ while a sales-oriented company targets its products to _____ .

specific groups of consumers, everyone

A _____ is _____ to the company and is a limitation that puts the company at a disadvantage.

weakness, internal