MKTG 351 Cousley Test 1 Chapters 1-5

Which regulatory agency has the greatest influence over marketing activities?

Federal Trade Commission

What is true about a marketing exchange?

It requires 4 conditions to take place

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

a marketer's ability to make decisions

What 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 type of competition is geared to market products with similar features and benefits to the same customers at similar prices?

brand competitors

Marketing cost analysis _______________________.

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

What is NOT a component of the marketing plan?

business analysis

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

buying power

Mothers Against Unhealthy Fats and Sugars (MAUFS) is sending e-mails to companies, posting on Facebook and Pinterest, lobbying government agencies, running a petition on Change.org, and boycotting companies whose activities they deem irresponsible. This best illustrates _________________.

consumerism

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

corporate identity

Which stakeholder is the focal point of all marketing activities?

customer

Which of the following equations describes customer value?

customer value = customer benefits - customer costs

___________________ is a ready source of buying power?

disposable income

What involves observation; secondary sources such as business, trade, government, and general-interest publications; and market research?

environmental scanning

The essence of marketing is to develop satisfying ___________ from which both customers and marketers benefit.

exchanges

What is the major source of cultural values?

family

Research into marketing ethics suggests that the ________ associated with an issue, the more likely it will be recognized as an ethics issue and the more important it will be in making an ethical decision.

greater the consequences

An ethical issue in the area of promotion is _______, which occurs when products are promoted as being more environmentally friendly than they really are.

greenwashing

Ethical choices in marketing are most often made _______________.

jointly

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

legal and regulatory forces

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

market development

The marketing concept is based upon the idea that an organization should try to provide products that satisfy customers' needs through coordinated set of activities that also allows the organization to achieve its goals. During which orientation (time period) are marketers most likely to adopt the marketing concept?

market orientation

Acme Corp. is adopting a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities that its stakeholders expect of it. This best describes ________________.

marketing citizenship

Performance standard are derived from

marketing objectives

What provides a uniform marketing vision for the firm and is the basis for internal communications?

marketing plan

What is NOT an example of illegal anticompetitive practices?

mislabeling products

What type of competitive structure often exists because of the difficulty and expense of entering the market?

oligopoly

Which of the following is often a better predictor of unethical activities than are personal values?

opportunity

Acme Corp. is striving to foster a set of ethical values, beliefs, goals, norms, and rituals that members of an organization share. This is best described as _______________.

organizational culture

The strategic planning process begins with

organizational mission and goals

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

recovery

Sherrell works at Southwest Airlines as a digital marketer. A major part of her job is communicating with customers, answering questions and letting them know about how the airline offers them the best in customer value. Sherrell is working to create long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges with customers. This is an example of ________________.

relationship marketing

Not Answered Check My Work Vera loves her mom's recipes for gourmet chocolate candies, and she assumes everyone else will too. She starts a gourmet chocolate business. Vera views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Vera seem to embrace?

sales orientation

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

self-sustaining

Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's

target market

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

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 promises consumers fair treatment when they complain to marketers about products?

the right to be heard

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

dynamic

What is NOT one of the steps in strategic performance evaluation?

establishing a timetable for implementation

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

Marketing environmental forces are often __________.

interdependent

consumerism

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

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

market growth/market share matrix

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

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

An essential element of communicating with marketing employees is _________________.

training