MK 201 Unit 1 Review

________ markets consist of individuals and households that buy goods and services for personal use. 1. Consumer 2. Government 3. Retailer 4. Wholesaler 5. Business

1. Consumer

Dividing a market into several sections of customers is known as ________. 1. value engineering 2. market segmentation 3. mass customization 4. market positioning 5. undifferentiated marketing

2. market segmentation

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment. 1. marketing objective 2. mission statement 3. strategic plan 4. marketing strategy 5. market portfolio

2. mission statement

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. 1. Environmental studies 2. Sociobiology 3. Political science 4. Behavioral ecology 5. Demography

5. Demography

Which of the following is most likely a true statement about generational groups in the United States? 1. The Generation Xers form the largest segment of the population. 2. The baby boomers comprise the poorest segment of the population. 3. The Millennials account for nearly half of all discretionary consumer spending in the United States. 4. The Millennials are the most financially secure generation. 5. The Generation Xers are the most educated generation to date.

5. The Generation Xers are the most educated generation to date.

________ outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments. 1. The data collection plan 2. The main research objective 3. The research findings 4. The problem definition 5. The research plan

5. The research plan

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________. 1. societal marketing 2. partner relationship management 3. perceived-value management 4. enterprise resource planning 5. customer relationship management

5. customer relationship management

In the BCG growth-share matrix, question marks refer to products or businesses with a _______ 1. low market share in a niche market 2. greater market share than all their competitors combined in a saturated market 3. high market share in a market with a high growth rate 4. low market share in a market that is set to shrink significantly 5. low market share in a market with high growth prospects

5. low market share in a market with high growth prospects

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. 1. production 2. product 3. societal marketing 4. selling 5. marketing

5. marketing

When a company makes marketing decisions by considering consumers' wants and interests, the company's requirements, and society's long-run interests, it is most likely practicing ________ marketing. 1. sense-of-mission 2. consumer-oriented 3. customer value 4. value 5. societal

5. societal

Which of the following is most likely true about people's beliefs and values? 1. Core beliefs and values have a high degree of persistence. 2. Secondary beliefs and values cannot be changed. 3. Secondary beliefs are passed on from parents to children. 4. Marketers have a high chance of changing core beliefs and values. 5. Belief in marriage is a secondary belief for most Americans.

1. Core beliefs and values have a high degree of persistence.

Which of the following is true of strategic planning in a firm? 1. It deals with adapting the firm to take advantage of changing marketing opportunities. 2. It occurs at the business-unit, product, and market levels rather than at the corporate level. 3. It deals with maintaining the company's current business ventures. 4. It focuses on the firm's internal environment rather than the external environment. 5. It involves preparing short-term investment objectives at the product level.

1. It deals with adapting the firm to take advantage of changing marketing opportunities.

_____ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior 1. Survey research 2. Causal research 3. Experimental research 4. Observational research 5. Archival research

1. Survey Research

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________. 1. economic situations 2. social network usage rates 3. brand affiliations 4. purchasing perceptions 5. occupational needs

1. economic situations

A company that sells personal care products sends a trained observer to watch potential buyers in their natural environments. This is an example of ________ research. 1. ethnographic 2. quantitative 3. archival 4. online 5. experimental

1. ethnographic

A common criticism of the marketing system is that intermediaries ________. 1. mark up prices beyond the value of their services 2. are overly protective of manufacturers' interests 3. undervalue their service costs 4. are too few in number 5. provide only essential services

1. mark up prices beyond the value of their services

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________. 1. market penetration 2. diversification 3. market differentiation 4. market development 5. product development

1. market penetration

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________. 1. marketing control 2. marketing implementation 3. market planning 4. market targeting 5. marketing development

1. marketing control

Some companies intentionally manufacture their products with materials or components that will break, wear, rust, or rot sooner than they should. This practice is called ________. 1. planned obsolescence 2. puffery 3. redlining 4. reverse redlining 5. perceived obsolescence

1. planned obsolescence

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. 1. political 2. cultural 3. technological 4. internal 5. natural

1. political

Design, packaging, service, and features are elements of the ________ component of a company's marketing mix. 1. product 2. people 3. price 4. promotion 5. place

1. product

Which of the following best describes a company's business portfolio? 1. the collection of businesses and products that make up the company 2. the company's strengths in terms of technology, people, and products 3. the list of all the marketing activities in which the company invests 4. the company's products or services in a particular market 5. the target segments of the company's various businesses

1. the collection of businesses and products that make up the company

Which of the following sources constitutes the internal database of a company? 1. the company's sales records 2. reports sold by market research firms 3. conversations on social media 4. commercial online databases 5. the Web

1. the company's sales records

________ are flexible and allow for explanation of difficult questions as well as demonstrating products. 1. Telephone interviews 2. Individual interviews 3. E-mail interviews 4. Online questionnaires 5. Mail questionnaires

2. Individual interviews

________ refers to working closely with people inside and outside the company to jointly bring more value to customers. 1. Demand management 2. Partner relationship management 3. Integrated communication 4. Channel value proposition 5. Customer-generated marketing

2. Partner relationship management

Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment? 1. They do not accept the marketing environment as it is. 2. They take advantage of the opportunities provided by the environment. 3. They take aggressive actions to affect the marketing environment. 4. They view the marketing environment as a controllable element. 5. They develop strategies to change the marketing environment.

2. They take advantage of the opportunities provided by the environment.

________ are the form human needs take as they are shaped by culture and individual personality. 1. Services 2. Wants 3. Benefits 4. Necessities 5. Risks

2. Wants

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company. 1. natural 2. economic 3. political 4. demographic 5. cultural

2. economic

A major advantage of a mail survey is that it ________. 1. generates high response rates 2. eliminates interviewer bias 3. offers strong sample control 4. can be completed quickly 5. provides significant flexibility

2. eliminates interviewer bias

Reseller markets consist of ________. 1. government agencies that buy goods and services to produce public services 2. firms that buy goods and services to sell at a profit 3. firms that buy goods and services for further processing 4. firms that buy goods and services to assemble overseas 5. individuals who buy goods and services for personal consumption

2. firms that buy goods and services to sell at a profit

The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________. 1. failure to provide value-priced products for online customers 2. protecting the privacy of knowing and unknowing customers 3. failing to reach their target customers through online marketing 4. providing too many alternative products online which confuses customers 5. rarely following the marketing orientation when devising promotional offers online

2. protecting the privacy of knowing and unknowing customers

________ is an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's current and future living environment. 1. Reduction 2. Consumerism 3. Environmentalism 4. Socialism 5. Consumption

3. Environmentalism

________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter. 1. Market mixing 2. Market positioning 3. Market targeting 4. Market diversification 5. Market divesting

3. Market targeting

Critics charge that high advertising and promotion costs unnecessarily increase retail prices. Marketers most likely respond to this criticism by arguing that advertising ________. 1. provides essential psychological benefits about products 2. applies a functional value to the product 3. adds value by giving consumers product information 4. lowers prices by increasing competition 5. generates tax breaks for small businesses

3. adds value by giving consumers product information

In a SWOT analysis, which of the following would most likely be considered a strength of a company? 1. an increase in consumer interest in the company's products 2. the exit of a competitor from the market 3. an improvement in the company's production technology 4. a favorable economic climate that encourages consumption 5. higher prices of the company's products resulting from inflation

3. an improvement in the company's production technology

Which of the following best describes product positioning? 1. differentiating a market offering to create superior customer value 2. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors 3. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers 4. evaluating each market segment's attractiveness and selecting one or more segments to enter 5. identifying consumer needs and creating a product to meet those needs

3. arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses. 1. causal 2. corrective 3. exploratory 4. experimental 5. descriptive

3. exploratory

The ________ concept focuses on the future welfare of consumers and future company needs. 1. cause marketing 2. societal marketing 3. sustainable marketing 4. marketing 5. strategic planning

3. sustainable marketing

Which of the following is part of the microenvironment of a firm's marketing environment? 1. the cultural forces that exist in a society 2. the technological resources available to the company 3. the suppliers who work with the company 4. the political state of the country in which the firm exists 5. the different demographic trends in the market

3. the suppliers who work with the company

According to the five-step model of the marketing process, the first step in marketing is ________. 1. capturing value from customers to create profits and customer equity 2. constructing an integrated marketing program that delivers superior value 3. understanding the marketplace and customer needs and wants 4. designing a customer-driven marketing strategy 5. engaging customers, building profitable relationships, and creating customer delight

3. understanding the marketplace and customer needs and wants

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system. 1. value chain 2. growth-share matrix 3. value delivery network 4. shareholder network 5. business portfolio

3. value delivery network

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. 1. Integrated marketing 2. Test marketing 3. Exclusive distribution 4. Marketing research 5. Commercialization

4. Marketing research

________ data consist of information collected for the specific purpose at hand. 1. Archival 2. Derived 3. Historical 4. Primary 5. Secondary

4. Primary

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers? 1. customer profitability 2. customer lifetime value 3. share of customer 4. customer-perceived value 5. customer equity

4. customer-perceived value

Which of the following represents a change in the technological environment of a marketing firm? 1. increased need to engage in mass marketing over market segmentation 2. increased use of value marketing techniques and promotions 3. increased use of cause-related marketing 4. increased use of RFID systems to track products 5. increased need to comply with environmental regulations

4. increased use of RFID systems to track products

Causal research is used to ________. 1. gather preliminary data to define problems and their underlying causes 2. generate hypotheses about the causes of a marketing problem 3. collect information on the attitudes of consumers 4. test hypotheses about cause-and-effect relationships 5. collect information on the demographics of customers

4. test hypotheses about cause-and-effect relationships

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs. 1. dividend yield 2. dominant effect 3. fringe benefit 4. value proposition 5. perquisite

4. value proposition

________ is an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers. 1. Affirmative action 2. Environmentalism 3. Liberalism 4. Proactivism 5. Consumerism

5. Consumerism

____ is the act of obtaining a desired object from someone by offering something in return 1. Exchange 2. Positioning 3. Targeting 4. Differentiation 5. Segmentation

Exchange