MKTG 321 - Parish Exam 1

Which of the following is NOT a component of the marketing plan? (a) marketing implementation (b) marketing strategies (c) business analysis (d) SWOT analysis (e) executive summary

(c) business analysis

Which of the following is NOT an example of illegal anticompetitive practices? (a) false advertising (b) obtaining confidential information from a competitor's employees (c) stealing trade secrets (d) mislabeling products (e) price fixing

(d) mislabeling products

Which of the following products most closely resembles pure competition? (a) televisions (b) cereal (c) candy bars (d) table salt (e) mobile homes

(d) table salt

Which of the following is NOT one of the steps in the strategic performance evaluation? (a) Comparing actual performance with established standards (b) Modifying the marketing strategy, if necessary (c) Establishing performance standards (d) Measuring actual performance (e) Establishing a timetable for implementation

(e) Establishing a timetable for implementation

According to your text, what is typically the first sign of a problem that could prompt the marketing research process?

A departure from some normal function

How does a sustainable competitive advantage differ from a competitive advantage?

A sustainable competitive advantage is one that competitors cannot copy in the immediate future

Which of the following is the last step of establishing a marketing implementation timetable?

Assigning responsibility for completing each activity to one or more employees, teams, or managers

What consists of three major components: cognitive, affective, and behavioral?

Attitude

If you purchase an iPad for taking notes in school and to watch videos, you are part of which of the following?

B2C Market

Which of the following types of competition are geared toward market products with similar features and benefits to the same customers at similar prices?

Brand competitors

People are sometimes more willing to buy if they have the _______.

Buying power

Procter & Gamble's Tide laundry detergent has a predominant share of the detergent market in the United States. However, the detergent market has reached market saturation in the United States. With this information, what type of product is Tide based upon the Boston Consulting Group's market growth/market share matrix?

Cash cow

Marty works at an organization with a clear chain of command. The major decisions are regelated to top managers. Marty and his co-workers have strict performance standards. Managers at his organization monitor the work of employees to make sure they are staying on track. What type of organization is this an example of?

Centralized

Who is the brand competitor for Dr. Pepper?

Coca-Cola

______ involves organized efforts by individuals, groups, and organizations to protect consumers' rights.

Consumerism

Southwest is known for its culture of "luv" and its fun-loving approach. This is an example of which of the following?

Corporate identity

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as:

Corporate identity

What is a collection of information arranged for easy access and retrieval?

Database

Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airlines. He is assisting Marlene, one of the marketing managers, with a competitive assessment of the U.S. market. Marlene wants him to think outside of the box when assessing the competition. She tells him to think beyond direct competitors to any competitors that might be able to offer similar services as Southwest. What is a brand competitor to Southwest Airlines?

Delta Airlines

Which marketing research process step requires formulating a hypothesis and determining what type of research is most appropriate for testing it?

Designing the research project

At what stage of the target market selection process is the marketer first likely to unveil information that makes a segment less attractive than previously thought?

Develop market segment profiles

_______ is a ready source of buying power.

Disposable income

Charles works as a marketer at Microsoft. He has just spent the last few weeks collecting information about environmental forces that will impact computer industry. The time has come to try and make sense of this data and gather insights which he hopes will improve the company's marketing strategy in relation to competitors. Which type of activity is Charles working on?

Environmental analysis

Which of the following involves observation; secondary sources such as business, trade, government, and general-interest publications; and marketing research?

Environmental scanning

_______ is the process of collecting information about forces in the marketing environment.

Environmental scanning

It is a year later. Jessica's manager decided that the company would develop a salsa business. Jessica has been in a flurry of activity since then. Not only did the company have to invest in a building and equipment, but she has had to develop marketing strategies for the new salsa business. The marketing strategies are now complete and ready to be put into action. Jessica was placed in charge of marketing implementation. She has spent several months organizing the marketing unit, training employees, coordinating the marketing staff, developing a social media plan, and communicating the goals and objectives of the strategy. What is the next step Jessica should take to implement the marketing strategy?

Establish a timetable for implementation

In which of the following stages of the consumer buying decision process does a person use evaluative criteria to assess a consideration set?

Evaluation of alternatives

Which of the following would be a cost-effective, fairly accurate way of coming up with a sales forecast if product demand is relatively stable and managers at the firm have a long tenure in the field?

Executive judgment

_______ research allows marketers to make casual deductions about relationships.

Experimental

What has the main purpose of better understanding a problem or situation and/or helping to identify additional data needs or decision alternatives?

Exploratory research

T/F: A marketing strategy is stating what is to be accomplished through marketing activities using clear language. It should be measurable.

False; This is the definition of a marketing objective. A marketing strategy is the selection of a target market and the creation of a marketing mix that will satisfy the needs of target-market members.

T/F: Conducting a SWOT analysis comes immediately before the establishment of corporate and business-unit strategies.

False; corporate and business-unit strategies are developed before a SWOT analysis is conducted

T/F: The major source of cultural values is religion

False; it is family

T/F: The Foreign Corrupt Practices Act in the United States is a bribery law that is more encompassing than the U.K. Bribery Act.

False; the U.K. Bribery Act is more encompassing than the FCPA and has significant implications for global business.

T/F: The marketing implementation section of the marketing plan outlines how the company will achieve its objectives.

False; the marketing strategies section outlines how the company will achieve its objectives. The marketing implementation section outlines how the company will implement its marketing strategies.

The process through which a person acquires the knowledge and skills to function as a consumer is best related to which of the following social influences on the buying decision process?

Family influence

Which of the following regulatory agencies has the greatest influence over marketing activities?

Federal Trade Commission

What is true about how our U.S. demographics are changing?

Fertility rates are at their lowest.

The term ______ refers to an ethnic category rather than a racial distinction.

Hispanic

Which of the following is the first step in the target market selection process?

Identify the appropriate targeting strategy

You are thinking about buying a tablet to help with your classes and for entertainment purposes. When you search your memory for information about products that might address these needs, you are engaging in which aspect of the consumer buying decision process?

Internal information search

What is the significance of the 2010 Supreme Court Decision "Citizens United v. Federal Election Commission?"

It ruled that the government it not authorized to ban corporate spending in candidate elections

What is a disadvantage of being a first-mover in the market?

Large outlays associated with creating a new product

Which of the following is most closely related to the political forces of the marketing environment?

Legal and regulatory forces

What type of survey is most often used when the individuals in the sample are spread over a wide area and funds for the survey are limited?

Mail survey

Which of the following competitive growth strategies strives to increase sales of current products in new markets?

Market development

Which of the following is based on the philosophy that a product's growth rate and its market share are important considerations in deterring marketing strategy?

Market growth/market share matrix

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications?

Marketing plan

_______ considers cases in which an advertiser challenges issues raised by the National Advertising Division (NAD) about an advertisement.

National Advertising Review Board (NARB)

Which of the following is a consumer protection law?

Nutritional Labeling and Education Act

Which of the following types of competitive structure often exists because of the difficulty and expense of entering a market?

Oligopoly

Lobbying involves which type of force in the marketing environment?

Political

Jessica's manager believes that Tres Tortillas can gain an advantage over competing Mexican restaurants in the area by capitalizing on the higher demand for salsa. He believes the firm's top-secret salsa recipe could be the key to expanding into another market niche. The manager has proposed developing a line of its salsas in 16-ounce jars to sell at its restaurant. This way its loyal customers could buy its salsa outright and serve it at home. Jessica has been tasked with the determining the feasibility of this strategy. What type of competitive growth strategy is Jessica's manager discussing?

Product development

During what period in the business cycle are firms first likely to cut their marketing budgets?

Recession

During which of the following economic conditions does unemployment begin to decline, total disposable income increase, and consumers' willingness to buy begin to rise?

Recovery

Shawn works at a retail store that sells a variety of items, including umbrellas. Shawn knows that people buy umbrellas more in the summer season because of the higher frequency of storms. He has identified a formula based on past umbrella sales during the summer season. Shawn believes he can use this formula to predict future sales forecasts with a high degree of accuracy. This is an example of what type of sales forecast?

Regression analysis

At what stage of the target market selection process is management likely to investigate whether the organization has sufficient financial resources, managerial skills, employee expertise, and facilities to compete effectively in selected segments?

Select specific target markets

Which of the following aspects of technology relates to the fact that technology acts as a catalyst to spur even faster development?

Self-sustaining

What is an open aggregate of people with similar social rank?

Social class

At ACME Corp., managers are trying to foresee the effects of new products and processes on their firm's operations, on other business organizations, and on society in general. This is best described as _______.

Technology assessment

Which of the following is the major source of cultural values?

The family

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective?

Threats

Why might a marketer want to engage in marketing cost analysis?

To allocate the firm's marketing resources better in the future

T/F: A person can have a high income and little wealth.

True

T/F: Marketers can influence the political process through political action committees that solicit donations from individuals and then contribute those funds to candidates running for political office.

True

T/F: The degree of centralization falls under organizing the market unit - a major part of managing marketing implementation.

True; Centralizing the marketing unit is a part of organizing the marketing unit, which in turn is a major activity under managing marketing implementation.

The real value in marketing research is measured by improvements in _________.

a marketer's ability to make decisions

An internal energizing force that directs a person's activities toward satisfying needs or achieving goals is best described as _______.

a motive

Which of the following is calculated during the fourth step of the target market selection process, evaluating relevant market segments? a. Cost estimates b. Market segmentation c. Target market selection d. Regression analysis e. Micromarketing

a. cost estimates

Companies often use social media influencers popular with their target market to promote their products. In this case, the influencers represent a(n) _______.

aspirational reference group

Which of the following creates the greatest privacy issues? a. Database b. Big data c. Secondary data d. Single-source data e. Primary data

b. Big data

Marketing cost analysis:

breaks down and classifies costs to determine which are associated with specific marketing efforts

When a marketing manager estimates how much of a product a potential buyer in a specific geographic area will purchase in a given period, she is employing the _______.

buildup approach

Proactive organizations often seek to influence the political forces of the environment through _______ and _______.

campaign contributions; lobbying

When a person fills in missing information in a way that conforms to a pattern or statement, this is known as _______.

closure

Jamie works as a salesperson at a car dealership. He takes his sales very seriously. After selling a car to a customer, he waits two weeks and then calls the customer to see how they like their new car. He tries to reinforce the fact that they made a smart investment and that the dealership is there for any problems they might have. Jamie is attempting to reduce _______.

cognitive dissonance

After designing the research project, the next step is to:

collect data

What is defined as the maximum percentage share of a market that an individual firm within an industry can expect to capture for a specific product?

company sales potential

_______ is known as a chance to match core competencies to market opportunities.

competitive advantage

The chief advantage of the _______ is that it allows the firm to specialize in satisfying the needs and characteristics of a specific customer group.

concentrated targeting strategy

Behavior that violates generally accepted norms of a particular society is best described as _______.

consumer misbehavior

Copying computer software, video games, movies, or music without paying the producer for them is an example of _______.

consumer misbehavior

Mothers Fighting Added Sugar is sending emails to companies, posting on Facebook and Instagram, lobbying government agencies, running a petition on Change.org, and boycotting companies whose activities they deem irresponsible. This best illustrates _______.

consumerism

What is likely the most important decision a company makes during the strategic planning process?

creating the marketing mix

Libby is part of an online group of people who act as sounding boards for new ideas from one of her favorite companies. Libby does not interact much with the other people in her group, but she provides her own insights about proposed products. Libby is part of a(n) _______.

customer advisory board

Decision-making authority is delegated as far down the chain of command as possible in a(n):

decentralized organization

When marketers use age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion, and/or social class to segment consumer markets, they are using _______.

demographic variables

Marketers at Coca-Cola are exploring why sales of soft drinks have been declining in recent years, but sales of product competitors like bottled water and tea are rising. To understand the characteristics of this phenomenon in order to identify potential strategies to reverse the trend, they should conduct _______.

descriptive research

If a furniture maker targets the consumer and business markets for office desks with separate marketing mixes for each, it is using the _______.

differentiated strategy

Income that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter is known as ______________.

discretionary income

During the final stage of the consumer buying decision process, a person might experience cognitive dissonance, which is _______.

doubts in the buyer's mind about whether purchasing the product was the right decision

Whether fluctuating rapidly or slowly, environmental forces are always _______.

dynamic

The _______ of technology involves the constant change that challenges every aspect of our society.

dynamics

Which of the following is NOT a purpose of marketing research? a. Inform an organization about customers' needs and desires b. Increase the marketer's ability to respond to customer needs c. Inform an organization about changing attitudes and purchase patterns of customers d. Inform an organization about marketing opportunities for products e. Gather random data

e. Gather random data

Paul is at the stage of his marketing plan where he needs to gather information about his firm's situation with respect to the market. A major part of this is his assessment of target markets. Which section is he about to write?

environmental analysis

What provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process?

executive summary

High-involvement, unfamiliar, and expensive products such as cars are most likely to involve _______.

extended decision making

Experts recommend a two-pronged approach to international marketing research: (1) a detailed search for and analysis of secondary data; and (2) _______.

field research to refine a firm's understanding of specific customer needs and preferences

Kraft Foods brings together multiple people to discuss a certain topic in a group setting led by a moderator for initial testing of different marketing strategies for new and existing products. This is best described as _______.

focus groups

ACME Corp. divides its markets into segments based on the part of the U.S. in which the business customer operates. This illustrates segmentation based on _______.

geographic location

Jessica is working on a SWOT analysis of a local Mexican restaurant Tres Tortillas in Flagstaff. She writes down that the organization has high customer loyalty, resources for expansion, a large social media following, and strong management. She also writes that the market for salsa products is high and more people are eating out. On the other hand, one major complaint levied against the restaurant is that it is high priced and other casual-dining restaurants with less expensive menu offerings are locating to the city. Still, Jessica believes the restaurant's talented and well-known chef provides it with an advantage that other restaurants do not have. What characteristic of the Mexican restaurant represents an opportunity?

greater demand for salsa products

The real value of marketing research is measured by_____.

improved decision-making ability

Geodemographic segmentation allows marketers to engage in micro marketing, which:

involves focusing precise marketing efforts on very small geographic markets, such as community and even individual neighborhoods

The ability of competitors to achieve long-term competitive advantages by entering the market later and not being the first to offer a certain product in the marketplace is called:

late-mover advantage

When buyers purchase products occasionally or from unfamiliar brands within a product category, they are most likely to use _______.

limited decision making

Consumers are most likely to remain anonymous through which survey method?

mail surveys

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n):

market opportunity

The total amount of product that customers will purchase within a specified period at a specific level of industry-wide marketing activity is best described as _______.

market potential

ACME Corp. is identifying and using tools to measure and interpret the effectiveness of its marketing activities. This is best described as _______.

marketing analytics

A ______ states what is to be accomplished through marketing activities.

marketing objective

Performance standards are derived from:

marketing objectives

A ______ is a written document that specifies the marketing activities to be performed to implement and evaluate the organization's marketing strategies.

marketing plan

ACME Corp. managers are engaged in the process of systematically designing, collecting, interpreting, and reporting of information to help solve specific marketing problems or take advantage of marketing opportunities. This approach is best described as _______.

marketing research

Google has written down the following: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's:

mission statement

Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airlines. He is assisting Marlene, one of the marketing managers, with a competitive assessment of the U.S. market. Marlene wants him to think outside of the box when assessing the competition. She tells him to think beyond direct competitors to any competitors that might be able to offer similar services as Southwest. Because Southwest Airlines operates in a(n) _______, if American Airlines lowers prices, Southwest will likely ___________.

oligopoly; do the same

The strategic planning process beings with:

organizational mission and goals

Paul would like his sales for next month to reach $30,000. This is an example of a _______.

performance standard

Many marketing managers attempt to influence and shape environmental forces. This is known as the ________ approach.

proactive

Marketers use market segment profiles to assess the degree to which their products fit potential customers' _______.

product needs

Because marketing managers are relying more on marketing research, marketing information systems, and new technologies to make better decisions, it is essential to establish _______ by which to judge the reliability of marketing research.

professional standards

ACME Corp. managers view environmental forces as uncontrollable and thus adjust their marketing strategies to changes in the marketing environment. This approach is best described as _______.

reactive

When marketing managers look for a relationship between past sales and one or more independent variables, such as population, per capita income, or gross domestic product, they are engaging in _______.

regression analysis

The first of two major components of developing a marketing strategy is to _______.

select a target market

When you are using the internet to research a school project, and you ignore the banner ads on websites even though you see them flashing on the page, you are probably engaging in the process of _______.

selective exposure

REI targets individuals who love and appreciate the outdoors. It therefore appeals to customers who have a(n) _______ as outdoor enthusiasts.

self-concept

A market segment profile describes the _______ among potential customers within a segment and explains the _____ among people and organizations in different segments.

similarities; differences

When retailers go to great lengths to create physical settings that appeal to their target market and are conducive to making purchase decisions, they are attempting to shape which of the following influences on consumer buying behavior?

situational

Chelsea loves her car. Recently, she noticed her tires were getting worn. She took it into the dealership, where she was told that all her tires were worn and should be replaced. Chelsea knows this will be a significant investment. She decided on getting the most expensive tires because they are high quality and she wants the best. She hopes she is making the right decision. At least she will not have to purchase tires for several more years, unless she gets a flat. Chelsea's involvement with her tire purchase is an example of:

situational involvement

John's lawnmower stopped working midway through mowing his front yard. His interest in researching replacement lawnmower brands is most likely to be _______.

situational involvement

Exploratory studies use relatively _____ sample sizes.

small

The human requirements for love and affection in Maslow's hierarchy are known as _____ needs.

social

Through the process of _____, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.

strategic planning

Chipotle is conducting a research study that divided the population of interest into groups according to a common attribute, and then a random sample was chosen within each group. This best describes _______.

stratified sampling

A marketing strategy is the selection of a(n) ________ and the creation of a(n) __________ that will satisfy the needs of target-market members.

target market; marketing mix

A(n) _______ is a procedure with which managers try to foresee the effects of new products and processes on their firm's operations, on other business organizations, and on society in general.

technology assessment

Marketing managers at ACME Corp. have had experts create initial forecasts, averaged their results, and then returned the averages to the experts to refine their individual forecasts. This best describes _______.

the Delphi technique

Teenagers are not part of the market for alcohol because they do not have _______.

the authority to buy alcohol

The growing demand for health-care services, recreation, tourism, retirement housing, and selected skin-care products most closely relates to _______.

the demographic of age

An essential element of communicating with marketing employees is:

training

A large proportion of customers in the total market must be homogeneous in order to effectively use a(n) _______.

undifferentiated strategy