MKT PRACTICE EXAM
According to your text, the wealthiest 10 percent of the population control approximately what percentage of Americans' total net worth?
76
Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.
C2C
Which marketing activity is most directly served by the promotion element of the marketing mix?
Communicating value
A firm whose employees embrace conscious marketing and which is concerned with only its closest stakeholders is considered to be
ethical but socially irresponsible.
If a firm wants to develop a sustainable competitive advantage, it should
examine its operations and customer relations to identify significant things competitors cannot easily copy.
Starbucks carefully crafts its offerings and advertising message, and it strategically sets prices and selects locations to appeal to its target market. These efforts represent Starbucks'
positioning strategy
Whereas it took 38 years for the radio to be adopted by 50 million people and 13 years for television, it only took 2 years for the same number of consumers to sign up for
When Kimberly-Clark introduced rolls of toilet paper without the cardboard core, what social trend did this product respond to?
green marketing
Population estimates show that by the year 2050, nearly 23 percent of the population in the United States will come from which group?
hispanics
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on
how different customers perceive the value of her services.
Maria is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Maria will likely attempt to either provide the same quality at a lower cost or
improve products and services at the same cost.
Most banks implement customer retention programs aimed at their best customers. They do this because they know that retaining customers usually results in
increased long-term profits.
Using the BCG portfolio analysis, a "dog" should be phased out unless
it complements or boosts the sales of another product.
Value creation through place decisions for a consumer product involves
making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to.
Anya feels pressure to increase sales, so she decides to intentionally marks up the price on a new shipment of sweaters and then immediately puts them on sale. Even though she is deceiving the customer, Anya justifies her decision by knowing that management will be pleased with the increase in revenue. However, Anya's decision may have serious consequences for the company in the long term. What does your text suggest as a way to avoid the consequences that can result from such behavior?
making sure the short-term goals of each employee are aligned with the long-term goals of the firm
In New England, foot-long sandwiches are called "grinders," while in many other parts of the country they are called "subs." This is an example of the impact of
regional culture
Jamie sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jamie is addressing which of the following core aspects of marketing?
satisfying customer needs and wants
In using the ethical decision-making framework, a firm should consider the impact of its actions on its employees, suppliers, and customers—otherwise known as the firm's
stakeholders
Though Asian Americans comprise only about 5.6 percent of the U.S. population, they represent
the fastest-growing minority population.
When referring to "exchange," marketers are focusing on
the trading of things of value.
What is the objective of the last step in the ethical decision-making framework?
to weigh the various alternatives and choose a course of action
Which of the following is true regarding corporate social responsibility?
It is often grafted onto a traditional business model, usually as a separate department or part of PR.
________ represents all the activities necessary to get the product to the right customer when that customer wants it.
place
________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.
positioning
Subway is a large chain of franchise sandwich shops. Marcia owns three Subway stores in a large city. At the end of the year, she notes that sales rose from 2 to 5 percent over last year's sales at Stores 1 and 2, but fell 2 percent at Store 3. Based on this information, which of the following is the best course of action as to how Marcia should reward (or punish) her store managers?
She should seek more information about why the stores had different results before making a decision.
Which of the following statements accurately describes the current income distribution in the United States?
Wealthy households are outpacing both poor and middle-class households.
As a marketing executive, what tool would you use to ensure that you have applied all relevant decision-making criteria to be confident you have come to a decision that respects the rights and dignity of all stakeholders?
an ethical decision-making metric
Which ethnic group in the United States tends to earn more, have more schooling, and be more likely to be professionally employed or own a business?
asian american
During which phase of the strategic marketing planning process are managers evaluated on their actions from a conscious marketing perspective?
control
Astute marketers recognize that the increasing disparity of income between upper- and lower-income groups
creates opportunities to provide value to each group.
Angie has gone to the same hair salon for the past ten years. She believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. Other salons have opened closer to Angie's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. Angie's attitude toward the salon is an example of
customer loyalty
When the Big Chip company reduced the amount of sugar in its chocolate chip ice cream sandwiches, which stakeholder category was this effort targeting?
customers
Larry is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to
divide the marketplace into subgroups.
________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.
Promotion
The objective of the last step of the ethical decision-making framework is to weigh various alternatives and choose the most appropriate action to take. What action should be taken if the marketer is not confident about that decision?
Reexamine other alternatives.
Which of the following questions relates to the Golden Rule Test of an ethical decision-making metric?
Would I like to be on the receiving end of this action?
The United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture
can be used as a relevant identifier for a particular target group.
In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called
cash cows
When clients work with their investment advisers, they ________their investment portfolios.
cocreate
After the previous sales representative in his territory infuriated an important customer, Ben visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Ben an order. Ben was providing the important marketing function of
engaging customers and developing long-term relationships.