MKTG361 Exam 1 (chapters 1-4)

Samuel spent $500 on a new television set. How much of this price is likely to go toward marketing expenses?

About $250

What is the first step for marketers in implementing the marketing concept?

Establish an information system to discover customers' real needs

Which of the following 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

Charlotte loves her mom's cookie dough recipe so she starts a cookie dough business. Charlotte 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 Charlotte embrace?

Sales orientation

When an ethical issue arises in the supply chain, which of the following is most likely to be held accountable for misconduct?

The channel member managing the product

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

The family

Which of the following do codes of ethics NOT do?

They take every situation into account.

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

Marketing cost analysis _____

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

Decision-making authority is delegated as far down the chain of command as possible in a ______

decentralized organization

_____ is a ready source of buying power

disposable income

During the holiday season, a Bluetooth speaker was in such high demand that it sold out quickly at a local Walmart. When Walmart tried to order more, it learned that the suppliers had so many orders to fill that it would not be able to fill Walmart's order for two weeks. What type of marketing mix variable does this problem involve?

distribution

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

environmental scanning

A well implemented _______ and a strong ______ result in the greatest decrease in ethical risks for an organization

ethics program corporate culture

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

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

market growth/market share matrix

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 standards are derived from ______

marketing objectives

Customers choose to go to Buffalo Wild Wings based upon the value they place on the total product—including the food, service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _______.

subjective

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

the demographic characteristic of age