MKT 301 Exam 1 questions

mission statements should be market orientated and defined in terms of _____. a) Product needs b) Company needs c) Technology needs d) Customers' needs e) Competitors' needs

D

10) Shoez Inc., a manufacturer of shoes, has recently launched a brand of sturdy shoes ideal for hiking and other outdoor activities. Which of the following brand personalities could be best associated with the new brand? A) sincerity B) excitement C) sophistication D) competence E) ruggedness

E

2) According to Maslow's hierarchy of needs, which of the following is the MOST pressing need? A) safety needs B) social needs C) esteem needs D) self-actualization needs E) physiological needs

E

Dan has been directed to study the actors close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company. A) macroenvironment B) political environment C) technological environment D) demographic environment E) microenvironment

E

People tend to interpret new information in a way that will support what they already believe. This is called ________. A) selective retention B) selective perception C) selective attitude D) selective attention E) selective distortion

E

Which of the following are activities in the AMA's definition of marketing? A) creating offerings that have value B) communicating about those offerings C) delivering those offerings D) exchanging those offerings E) all of the above

E

Which of the following marketing management concepts is most likely to lead to marketing myopia? A) customer-driven marketing B) digital marketing C) societal marketing D) viral marketing E) product

E

Which of the following entails reducing the business portfolio by eliminating products that no longer for the company's overall strategy?

The BCG approach

George is buying his first house. He has found two houses that he thinks he likes. He is highly involved in the purchase and perceives significant differences between these two houses. George will likely undertake

complex buying behavior

Percy Original caters to a market of individuals and households that buys goods and services for personal consumption. Percy Original caters to a _______market.

consumer

The key to delivering customer satisfaction is to match __________ with ___________.

consumer expectations; product performance

The entire stream of purchases that the customer would make over a lifetime of patronage is known as

customer lifetime value

Which of the following is most essential to any definition of marketing?

customer relationships

Which of the following is the set of benefits a company promises to deliver to customers to satisfy their needs?

market offering

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies

market penetration

Which marketing orientation holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

marketing concept

In SWOT analysis, which of the following refers to factors in the external environment?

opportunities

Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hike, and bike ride. Its long-term plans include the development of lenses that in addition to protection.......

opportunity

__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

perception

Paul Pierce is busy working with other managers evaluating the products and businesses making up their company. Paul is engaged in

portfolio analysis

After the purchase of a product, consumers will engage in ____________which may be either satisfied or dissatisfied.

post purchase behavior

Which of the four P's describes the goods and services combination the company offers to the target market?

product

When dealing with a __________, managers must decide whether to invest in it in an attempt to build it into a star or cash cow or whether to phase it out.

question mark

People cannot focus on all of the stimuli that surround them each day. A person's tendency to screen out most of the information to which he is exposed is called

selective attention

People tend to interpret new information in a way that will support what they already believe. This is called

selective distortion

What is the LEAST pressing in Maslow's Hierarchy of Needs?

self-actualization needs

Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the national obesity epidemic and environmental problems. These fast food restaurants overlook?

societal marketing concept

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing

strategic planning

Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ____________ that guide each level of the company.

supporting objectives

customer equity is defined as

the total combines customer lifetime values of all of the company's customers

Which of the following is true about business marketers in comparison to consumer marketers?

they deal with far fewer but far larger buyers

When customers have a low involvement in a purchase but perceive significant brand differences, they will most likely engage in

variety-seeking buying behavior

3) The art and science of choosing target markets and building profitable relationships with them is called ________. A) marketing management B) positioning C) marketing mix D) market offering E) differentiation

A

4) A buyer's decisions are influenced by ________ such as the buyer's age and life-cycle stage, occupation, economic situation, lifestyle, personality, and self-concept. A) personal characteristics B) stereotypes C) perceptions D) attitudes E) psychographics

A

7) In the context of the AIO dimensions for measuring consumers' lifestyles, "A" stands for ________. A) activities B) achievements C) admirations D) attitudes E) associations

A

A(n) ________ is some combination of products, services, or brand experiences offered to consumers to satisfy a need or want. A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set

A

A(n) ________ is the set of actual and potential buyers of a product. A) market B) focus group C) community D) target E) exchange

A

According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. A) relative market share B) product development C) market diversification D) product attribute E) market segmentation

A

Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed _____ that guide each level of the company. a) Supporting objectives b) Sets of tactics c) Product mixes d) Sets of strategies e) Sets of promotional tools

A

The BCG matrix approach is problematic in that it ________. A) focuses solely on current businesses and provides little scope for future planning B) focuses on planning for the future at the cost of ignoring the present C) tends to undermine the importance of market growth rate as a measure of market attractiveness D) tends to undermine the importance of relative market share as a measure of company strength in the market E) fails to classify SBUs

A

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? A) production concept B) product concept C) selling concept D) marketing concept E) societal marketing concept

A

________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others. A) Opinion leaders B) Habitual buyers C) Social networkers D) Stealth marketers E) Laggards

A

________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. A) Social classes B) Societal norms C) Reference groups D) Universal cultures E) Social networks

A

________ is the most basic cause of a person's wants and behavior. A) Culture B) Brand personality C) Cognitive dissonance D) Social class E) Selective perception

A

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?

A SWOT analysis

1) Family is one of the ________ factors that influence consumer behavior. A) regional B) social C) personal D) psychological E) business

B

4) The portion of the customer's purchasing that a company gets in its product categories is known as ________. A) customer-perceived value B) share of customer C) customer insight D) consumption function E) induced consumption

B

8) George is buying his first house. He has found two houses that he thinks he likes. He is highly involved in the purchase and perceives significant differences between these two houses. George will likely undertake ________. A) variety-seeking buying behavior B) complex buying behavior C) opinion leadership D) dissonance-reducing buying behavior E) marketing myopia

B

A ________ consists of the activities an individual is expected to perform according to the people around him/her. A) motive B) social role C) lifestyle D) personality E) perception

B

According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"? A) technological stimuli B) buyer's decision process C) buyer's spending habits D) social stimuli E) promotion stimuli

B

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________. A) marketing mixes B) market segments C) value propositions D) market offerings E) marketing intermediaries

B

Making more sales to current customers without changing a firm's products is known as ________. A) market segmentation B) market penetration C) product diversification D) product development E) prospecting

B

Which of the following is NOT a market-oriented business definition? A) "We empower customers to realize their dreams." B) "We make high-quality consumer food products." C) "We sell success and status." D) "We sell memorable experiences." E) "We bring innovation to every home."

B

_____ are low-growth, high share businesses/products that need less investment to hold their market share. a) Stars b) Cash cows c) Question marks d) Dogs e) Bears

B

________ is the act of obtaining a desired object from someone by offering something in return. A) Valuation B) Exchange C) Market offering D) Confiscation E) Donation

B

5) According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"? A) product stimuli B) buyer's spending habits C) buyer's characteristic D) social stimuli E) promotion stimuli

C

9) Under cultural factor, each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations. A) cultural universals B) reference groups C) subcultures D) monocultures E) social networks

C

All of the following are accurate descriptions of modern marketing EXCEPT which one? A) Marketing is the focus on value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations.

C

In a basic SWOT analysis, the "T" stands for ________. A) timing B) trust C) threats D) trade E) tangible

C

Phoenix, a popular coffee shop chain store in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ___________. a) Product differentiation b) Product development c) Market penetration d) Diversification e) Market segmentation

C

The pharmaceuticals division of Omni Healthcare holds low market share in a highgrowth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________. A) star B) bear C) question mark D) cash cow E) dog

C

The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) TQM E) marketing effort

C

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________. A) mission planning B) values planning C) strategic planning D) environmental planning E) operations planning

C

Which of the following best describes a strategic business unit (SBU)? A) the internal value chain of a company B) the supply chain of a company C) the key businesses that make up a company D) the key channel intermediaries of a service company E) the key competitors of a company

C

Which of the following is NOT part of Maslow's Hierarchy of Needs? A) physiological needs B) safety needs C) stimulus needs D) self-actualization needs E) social needs

C

________ is a person's pattern of living as expressed in her psychographics, including her activities, interests, and opinions. A) Personality B) Culture C) Lifestyle D) Motive E) Social class

C

1) According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value to customers B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants

D

10) ________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A) Benchmarking B) Viral marketing C) Market segmentation D) Strategic planning E) Diversification

D

2) Which of the following statements reflects the marketing concept? A) focusing on making continuous product improvements B) undertaking a large-scale selling and promotion effort C) emphasizing an inside-out perspective D) considering customer focus and value as the paths to sales and profits E) focusing on a product-centered make-and- sell philosophy

D

3) ________ means that consumers are likely to remember good points made about a brand they favor and forget good points made about competing brands. A) Selective attention B) Selective distortion C) Cognitive dissonance D) Selective retention E) Cognitive bias

D

6) ________ describes changes in an individual's behavior arising from experience. A) Lifestyle B) Cognitive dissonance C) Perception D) Learning E) Selective attention

D

A ________ is a need that is sufficiently pressing to direct a person to seek satisfaction. A) stimulus B) perception C) culture D) motive E) tradition

D

According to the BCG approach, ____ provides a measure of market attractiveness. a) Product attribute b) Product design c) Market penetration d) Market growth rate e) Market segmentation

D

Of the following, the best starting point for understanding how consumers respond to various marketing efforts is the ________ model of a buyer's behavior. A) belief B) subcultural C) generational D) stimulus-response E) societal

D

Selecting which segments of a population to go after is called ________. A) market segmentation B) positioning C) customization D) target marketing E) differentiation

D

The collection of businesses and products that make up a company is called its ________. A) product line B) mission statement C) strategic plan D) business portfolio E) operational factor

D

A(n) __________ is a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea.

attitude

According to the production concept, consumers will favor products that are __________and ____________

available; affordable

According to one analyst, a Harley-Davidson motorcycle can make you feel like "the toughest, baddest guy on the block." Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a(n)

brand personality

As a purchasing agent, Benni Lopez buys goods and services for use in the production of products that are sold and supplied to others. Benni is involved in

business buying behavior

Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities; that is, "we are what we buy." According to this premise, consumers

buy products to support their self-images

Almost all major purchases result in

cognitive dissonance

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests and ________?

company profits

Blake is in the process of buying a new car. He is highly involved in the purchase and searches lots of information among his three favorite models. Blake's next step is most likely to be?

decision

Which of the following is the first step in strategic planning.

defining the company's mission

_______ is the act of obtaining a desired object from someone by offering something in return.

exchange

The following are examples of the type of public that is part of a company's marketing environment

financial, media, government, citizen-action, local, general, internal

Walmart, the world's largest retailer, has successfully launched stores in Mexico, Canada, the U.K., Germany and other nations. This is an example of how Walmart is pursuing ____ as a growth strategy.

geographic market development

Maslow's theory is that ______ can be arranged in a hierarchy.

human needs