MKT 3350 Quiz Questions- Test 1

A firm that has identified the various market segments that it might pursue then evaluates each segment's attractiveness and decides which to pursue using a process known as ______.

C. Targeting

The 4 P's of marketing consist of: Product, place, promotion, and price. Of these four components, which one primarily deals with communication value?

C.) Promotion

All of these are part of the evolution of marketing EXCEPT:

C.) Sales

Which of the following is NOT one of the three major phases of the marketing plan?

b. Evaluation

What provides an easily understood snapshot of the typical consumer in a specific target market?

c.) Demographics

Which of these is not a part of CDSTEP?

c.) Preferred Marketplace Items

Which of the following is not a part of the marketing environment analysis framework's immediate environment?

c.) Suppliers

Which of the following is NOT a growth strategy?

d. Consumer Development Strategy

Advertised food items must provide all of the following except

d.) No trans-fat

Which of the following is a key element in establishing an ethical climate in the workplace?

A. Controls B. Values C. Rules D. All of the above ALL OF THE ABOVE

Which of the following are part of the four macro strategies that focus on aspects of the marketing mix?

A. Customer excellence B. Operational excellence C. Product excellence D. Locational excellence E. All of the above ALL OF THE ABOVE

Which of the following is a major factor affecting marketing?

A. Ethical and social responsibility

Which of these is a way to get customers to buy your product?

A. Excite the Customer

Ethical decision making is comprised of four steps. Which of the following is step two of the ethical decision making process?

A. Gather information and identify stakeholders

Market Penetration, Market Development, Product Development, and Diversification are used for what strategy?

A. Growth

The AMA's Code of Ethics indicates the basic ethical values marketers should aspire to include

A. Honesty, responsibility, fairness, respect, openness, and citizenship

How do you Integrate Ethics into a marketing strategy?

A. Implement B. Control C. Plan D. All of the Above ALL OF THE ABOVE

If a firm employs the existing marketing mix and focuses on existing customers, what growth strategy is it focusing on?

A. Market Penetration

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called market ______.

A. Market Penetration

Which of these is NOT one of the three major phases of the marketing plan?

A. Positioning

Firms achieve operational excellence through

A. Their efficient operations B. Excellent supply chain management C. Strong relationships with their suppliers D. All of these ALL OF THESE

What is "price"?

A.) Money B.) Time C.) Energy D.) All of the above

The third set in the supply chain diagram is:

A.) Retailer

Which of the following is a marketing channel member?

A.) Retailer B.) Manufacturer C.) Wholesaler D.) Supplier E.) All of the above

What is the set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior?

B. Ethical climate

"Should my company be targeting this market with this product?" is an example of a question a company would ask during which phase of market strategy development?

B. Implementing

If a firm has a strong relationship with a vendor, which of these is NOT an exclusive right it can potentially earn?

B. Receive free or highly discounted merchandise

What is employed during a Situation Analysis?

B. SWOT Analysis

What is the main strategy for markets, products, and services all in the current time period?

B. market penetration

Which of the following is NOT a major phase of the marketing plan?

B. organize

The process by which businesses sell to consumers is known as:

B.) B2C marketing

__________________ are ideas that you can physically touch.

B.) Goods

Which is false about marketing?

B.) Marketing can only be done by companies

What are intangible customer benefits that are produced by people or machines and cannot be separated from the producer?

B.) Services

Which of the following represents the primary ethical dilemma for marketing managers of publicly held firms?

C. Balancing shareholder interests with the needs of society

Which of the four steps in ethical decision making requires you to institute training on the AMA code of ethics for all researchers?

C. Brainstorm and evaluate alternatives

Nike donating to a local charity is an example of what type of ethical business practice?

C. Corporate Social Responsibility Program

Marketing firms that want to abide by an established set of high standards and values that guide decision making and other business behaviors need to create a strong

C. Ethical climate

According to Exhibit 4.1, which profession practices the most ethical standards?

C. Nurses

All show the importance of marketing, except:

C.) Illiterates creative artwork

All of the following are a part of the core aspects of marketing except:

C.) Marketing is only used by major corporations

_______________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.

C.) Promotion

The group of firms that make and deliver a given set of goods and services is known as:

C.) Supply Chain

What is an example of co-creating?

C.) Texas Rangers allowing customers to be able to design their hats

In which phase of integrating ethics into the marketing strategy should you check for successful implementation?

D. Control Phase

What is a Market Development Strategy?

D. Employs the existing marketing offering to reach new market segments, whether domestic or international.

Referring to exhibit 4.5 (Major companies CSR programs): Which company transported 67 planes worth of aid to disaster victims as part of their Corporate Social Responsibility?

D. Fed Ex

How many steps are there in "The Marketing Plan?"

D. Five

All of these Macro Strategies are used for developing customer value, except:

D. Marketing Excellence

In the 1980's Tylenol was faced with an ethical dilemma that killed 7 people from cyanide in their product, what did they do?

D. Voluntarily withdrew all Tylenol from the market

Which of the following is NOT a successful way to achieve marketing orientation?

D.) Learning about the customers views on sports

Marketing does NOT require:

D.) Permission

Which is NOT a type of product?

D.) Prices

What is NOT included in the Importance of Marketing?

D.) That it has a set way of how to do it

Most successful firms today are in what era?

D.) Value-Based Marketing Era

Which company helped found USDA, and EPA?

a.) General Motors

A group of people of the same generation is called a

a.) Generational cohort

Technology has impacted which aspects of Marketing?

a.) New products b.) Communication c.) Advertising d.) All aspects ALL ASPECTS

Over time, gender based demographic patterns have...

a.) Reversed

Which do marketers have to understand about their firm's competitors?

a.) Strengths b.) Weaknesses c.) Likely reactions to marketing activities that their own firm undertakes d.) All of the above ALL OF THE ABOVE

What are the factors that affect the consumer's immediate environment?

a.) The company's capabilities b.) Competition c.) Corporate partners d.) All of the above ALL OF THE ABOVE

Though they only make up less than 6 percent of the U.S. population, this minority population is the fastest-growing.

b.) Asians

Which of the following is not an example of competition pertaining to the immediate environment?

b.) Best Buy competing with Home Depot

Out of the following demographics, which is the most infrequently used?

b.) Education

Which of the following generations is considered the "Millennials"?

b.) Generation Y

What is Purchasing Power tied to?

b.) Income

The group of babies born after World War II in the United States are known as the

c.) Baby Boomers

Which is NOT a macroenvironmental factor?

d.) Competition

What macroenvironmental factor focuses on shared beliefs, morals, values, and customs of a group of people?

d.) Culture

Culture is composed of all of the following besides.

d.) Ethnicity

When a company strategically supplies customers with environmentally friendly merchandise, it is known as

d.) Green marketing

The different labels of soft drinks (i.e. "Soda, Coke, Pop") is an example of what?

d.) Regional Culture

A Marketing Strategy identifies?

A. All are correct B. A firm's target market(s) C. A related marketing mix (four P's) D. The bases in which the firm plans to build a sustainable competitive advantage ALL ARE CORRECT

When companies embrace CSR they appeal not only to their shareholders but also to their key stakeholders including their own employees...

A. Consumers B. The market place C. Society at large D. All the above ALL THE ABOVE

General Robert Wood Johnson of Johnson & Johnson wrote and published the first "credo" for Johnson & Johnson (J&J) in what year?

B. 1943

___________ refers to the moral or ethical dilemmas that might arise in a business setting.

B. Business ethics

In "The Marketing Plan" there is a planning phase, an implementation phase, and a/an...

B. Control phase

What are the four macro strategies that focus on the aspects of the marketing mix?

B. Customer, Operational, Product, and Locational excellence.

Apple's iMac is classified how on the Boston Consulting quadrant?

D. A Dog

____________ refers to the moral or ethical dilemmas that might arise in a business setting.

D. Business ethics

Top-level managers must establish and uphold clearly articulated ethical standards to get to the roots of ethical conflict, which typically involves

D. Competing values of employees

Approximately 80 percent of all population growth in the next 20 years is expected to come from which group(s)

a.) African Americans b.) Hispanics c.) Asians d.) All of the above ALL OF THE ABOVE

Of the following entities, which is at the center of the marketing environment?

a.) Consumers

Which of the following is not included in the political/regulatory environment?

a.) Foreign Government Regulations