MKT 300 exam 1

According to your text, which of the following has been facilitated by the internet? a. Environmental analysis b. Environmental reactivity c. Competitive analysis d. Environmental scanning e. Technological assessment

Environmental scanning

A factor that affects willingness to spend is general economic conditions. True False

True

According to the Boston Consulting Group, marketers may classify their products as all of the following except - cash cows. - cash contributors - stars. - dogs. - question marks.

cash contributors

A good example of a government regulatory group at the local level is the Better Business Bureau. True False

false

Corporate mission statements commonly include each of these words except one. Which of the following is not often included? - Process - Quality - Value - Customers - Service

Process

According to the textbook, a manager's duties in an environmental analysis include: - observation, market research, and fact finding. - conducting research, assessment, and reporting. - checking the company database, conducting research, and reporting. - observation and assessment. - checking information for accuracy, resolving inconsistencies, and assigning significance to the findings

checking information for accuracy, resolving inconsistencies, and assigning significance to the findings

Before marketers can develop an appropriate marketing mix, they must: - practice the marketing concept. - collect in-depth, up-to-date information about customer needs - build relationships with stakeholders. - adopt a sales orientation. - determine the customer lifetime value

collect in-depth, up-to-date information about customer needs

A junior marketing executive at HealthyStart Cereals suggests increasing the package size and price of its best-selling brand without increasing the amount of cereal inside the box. Her superior warns that this might be a bad idea because HealthyStar's long-term survival, like most companies, depends on - increasing shelf space for their brands. - continually selling to new customers and markets. - creating and maintaining satisfying exchange relationships - high-volume, low-margin sales. - cost-cutting measures.

creating and maintaining satisfying exchange relationships

A marketing plan document usually begins with a(n) - opportunity and threat analysis. - executive summary - situation analysis. - summary of current performance as compared with past performance. - introduction to the company's marketing objectives.

executive summary

n expected level of performance against which actual performance can be compared is a: - performance objective. - performance standard - standard performance. - standard of excellence. - step in sales analysis.

performance standard

Although marketing theory supports the contrary, it is more probable that marketing budgets will be cut during periods of economic - recession - inflation. - expansion. - prosperity. - recovery.

recession

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its - marketing mix. - target market. - public. - stockholders. - stakeholders

stakeholders

A monopoly exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its products. True False

False

basic level, profits can be obtained through relationships by acquiring new customers, enhancing the profitability of existing customers, and extending the duration of customer relationships True False

True

Alex has a good-paying job. However, even though he has not received any official confirmation, Alex suspects that his job might be cut in the near future. Rumors in the grapevine hint that the company is going to go through massive lay-offs due to declining revenues. As a result, Alex has decided to forgo buying a house until he has a better idea of his job status. He has a lot of savings, but Alex knows he might need them if he becomes unemployed. In this case, Alex lacks - credit. - buying power. - disposable income. - willingness to buy - discretionary income.

willingness to buy

According to the annual Edelman Trust Barometer, which of the following institutions is most trusted by Americans? - "Government agencies" - "My employer" - "The media" - "Business in general" - "Non-governmental organizations"

"My employer"

A long-term view, or vision, of what the organization wants to become is called a mission strategy. True False

False

A recession is characterized by extremely high unemployment, very low wages, minimal total disposable income, and lack of consumer confidence in the economy. True False

False

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources. True False

False

A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines? - Product, price, distribution, and promotion variables - Product and promotion variables - Product, price, and customer variables - Marketing environment variables - Product, price, customer, and promotion variables

Product, price, distribution, and promotion variables

According to the Boston Consulting Group, which of the following has a small share of a growing market and usually requires a large amount of cash to build market share? - Question marks - First movers - Cash cows - Dogs - Stars

Question marks

After Staples gathers information related to its marketing environment, it attempts to define current environmental changes and predict future changes. This determines possible opportunities and threats facing the company. It illustrates the process that is called - marketing information processing. - survey of environment. - environmental scanning - environmental analysis - marketing.

environmental analysis

A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities. True False

false

All members of an industry are bound to follow trade association guidelines. True False

false

ACE Manufacturing Company is not attracting sufficient customers. It has long defined itself as being a maker of shelving products. To improve its sales and long-term viability, it should perhaps consider redefining itself as - helping customers satisfy their needs with ACE shelving products - helping the environment with shelving products. - an employer of shelving makers. - selling shelving products. - housing the homeless with shelving products.

helping customers satisfy their needs with ACE shelving products

A marketing objective should be expressed in clear, simple terms; be _____________; specify a time frame for completion; and ensure the marketing objective is _____________ with both business-unit and corporate strategies. - precise; centralized - legalistic; aligned - detailed; decentralized - measurable; consistent - encompassing; consistent

measurable; consistent

It is difficult to maintain a customer focus because this system in our brains rewards us for talking about ourselves instead: - myopic sphere - cranial connection - frontal inhibitors - mesolimbic dopamine - knucklehead zone

mesolimbic dopamine

A business that contributes resources to the community to improve the quality of life is taking on a(n) ____ responsibility. - ethical - cost - economic - legal - philanthropic

philanthropic

According to the marketing concept, an organization should try to: - put most of its emphasis on marketing activities and be less concerned with finance, accounting, and personnel. - define its business as "making a product." - view selling activities as the major means of increasing profits. - consider short-run objectives and cash flow needs before developing new products. - provide products that satisfy customers' needs and allow the organization to achieve its goals

provide products that satisfy customers' needs and allow the organization to achieve its goals

A marketing plan: - restricts the marketing manager's future options. - produces plans that are short term in orientation. - is characteristic of production-oriented firms and other mass producers. - provides a framework for implementing and evaluating marketing activities - always increases the marketing manager's operating costs.

provides a framework for implementing and evaluating marketing activities

Although Blue Diamond engages in environmental scanning and analysis, the company is more likely to change its products and marketing strategies to adapt to environmental forces rather than trying to influence these forces when it comes to its nutmilk products. Blue Diamond has a(n) ____ approach to marketing environmental forces. - inactive - reactive - proactive - counteractive - radioactive

reactive

After several children became ill while playing with toys imported from outside the United States, medical researchers found several illegal chemicals, including lead in the paint. These toys were sold primarily through websites on the internet. Which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of children's toys? - Consumer Product Safety Commission - Environmental Protection Agency - Food and Drug Administration - Children's Online Protection Act - National Advertising Review Board

Consumer Product Safety Commission

When it comes to the relationship between trust and customer reviews and ratings, research shows that the most favorable average rating for marketing purposes is in this range (on a 5-point scale): 3.7 to 4.0 4.0 to 4.2 4.2 to 4.5 4.5 to 4.8 4.8 to 5.0

4.2 to 4.5

The examples of watch ads shown in class (with the time almost always set to 10:10) illustrated this potential problem in self-regulation: - Lack of motivation - Lack of time - Industry thinking - High cost - Desire for government intervention

Industry thinking

A firm wants to build a subsidiary in the Middle East. However, it is apprehensive because of protests in some Middle Eastern countries and the violence in Syria. It does not know if it should take the risk of expanding. Which type of barrier does this situation represent? - Sociocultural - Political - Legal and regulatory - Economic - Competitive

Political

A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market. True False

True

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products. True False

True

A sustainable competitive advantage is one that cannot be copied by a firm's competitors in the foreseeable future. True False

True

According to the text, marketing ethics refers to principles and standards that define - acceptable conduct in society. - acceptable conduct in marketing - acceptable conduct in general. - improper behavior in marketing. - improper behavior in business.

acceptable conduct in marketing

According to the consumer bill of rights, the idea that consumers' interests should receive full and sympathetic consideration in the formulation of government policy is known as the right to - safety. - listen. - choose. - be informed. - be heard

be heard

All companies have a responsibility to ____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy. - obey their customers - offer the lowest price - be profitable - pay employees more than minimum wage - provide the largest selection possible

be profitable

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace. - competitive opportunity - market requirement - market opportunity - competitive advantage - strategic window

competitive advantage

All marketing mix decisions must have two characteristics: ____ and ____. a. consistency; rigidity b. variability; flexibility c. formality; rigidity d. consistency; flexibility e. formality; flexibility

consistency; flexibility

According to the consumer bill of rights, the right to be informed means that - consumers' interests will receive full and sympathetic consideration in the formulation of government policy. - consumers should have access to and the opportunity to review all relevant information about a product before buying it - marketers have an obligation not to knowingly market a product that could harm consumers. - consumers should be told when the quality of a product has changed only if it causes harm. - consumers should have access to a variety of goods and services at competitive prices.

consumers should have access to and the opportunity to review all relevant information about a product before buying it

A person's buying power is a function of: - disposable income. - income, wealth, and credit - past income, natural resources, and financial resources. - discretionary income. - wages, rents, and investments.

income, wealth, and credit

Apple's CEO Tim Cook has a public e-mail address and encourages customers to contact him if they have problems that have not been resolved. Apple seems to embrace a ___________ orientation. - production - market - sales - value - stakeholder

market

Advances in technology, along with falling political and economic barriers and the universal desire for a higher standard of living, have made - marketing across national borders rare. - marketing online challenging. - implementing the marketing concept easier. - it harder to compete. - marketing across national borders commonplace

marketing across national borders commonplace

A marketing manager for a small laptop manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ____ that influence(s) the firm's strategy. - trends - marketing environment - economic conditions - operating situation - surroundings

marketing environment

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets. - organizational resources - activities and responsibilities - strengths and weaknesses - market opportunities - opportunities and threats

strengths and weaknesses

A firm is trying to determine whether it would be advantageous to adopt a new computer system with advanced software. It is investigating how this computer system will improve its own operational efficiency. It is also examining trends in the industry to determine the impact that adopting this computer system might have on customers and society at large. The firm is engaging in: - self-regulation. - environmental analysis. - monopolistic competition. - technology assessment. - economic forecasting.

technology assessment