MRKT Test 1

Which of the following is true about the market entry strategy of direct investment?

It allows a foreign firm to take advantage of a domestic company's political savvy and market position.

A _________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market?

Market segment

What are you purchasing when you go to a salon to get a haircut?

Service

What is the managerial decision process that matches the organizations resources and capabilities to its its market opportunities for long-term growth?

Strategic

In February 2000, the U.S. imposed a tax on imported steel in an effort to protect about 5000 U.S. jobs. Another name for this levied tax is a(n) _________?

Tariff

Which of the following statements about the World Trade Organization (WTO) is true?

The WTO is the only international organization that deals with the global rules of trade between nations.

A ________ is the ultimate user of a good or service

consumer

The most commonly used measure of a country's economic health is the country's what?

GDP

Which step in developing a marketing plan includes an analysis of the marketing environment?

situation analysis

A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts.

target market

Since the introduction of the iPhone, a booming market for smartphone applications has emerged. It is most accurate to say that this new opportunity was created through changes in the ________ environment.

technological

Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________.

the marketing concept

Azerbaijan imported wheat from Romania in exchange for crude oil and Vietnam exchanged rice for Philippine fertilizer and coconuts. Both scenarios are examples of which of the following?

countertrade

A firm's internal business environment does NOT include its ________.

customers

The Tim Hortons chain accounts for more than half of all the donut and coffee stores in Canada. The chain's red-and-white store banners are fixtures in many Canadian communities. In 2001, the first Tim Hortons appeared in the United States through a contractual agreement allowing an independent operation to adopt Tim Hortons' entire way of doing business. This agreement is an example of a(n)________.

franchise

Columbia Sportswear makes nylon activewear. Its marketing manager set a goal to increase sales 12 percent over the next three years through the introduction of a new line of comfortable, lightweight clothing for people who fish. The marketing manager is engaged in ________.

functional planning

In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives.

marketing objectives

The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

marketing plan

Using the sustainability metric of ________, a firm would examine the pounds of physical resources wasted per unit of organizational output.

material intensity

Advertising, sales promotion, public relations, direct marketing, and personal selling are all parts of the ________.

promotional strategy

Which of the following is a true statement about the four P's of the marketing mix?

A decision about one of the P's affects every other marketing-mix decision.

________ provides reasons for customers to pay a premium for a firm's products and exhibit a strong brand preference.

A differential benefit

Which of the following is a true statement about business planning?

Business planning is an ongoing process.

What is the phenomenon of marketing of goods and services from one organization to another called?

Business to Business

What kind of research do marketers use when they want to determine if a change in one thing is responsible for a change in something else?

Causal Research

When starbucks asks customers to doodle on their starbucks cups and submit pictures as entries for a chance to create a template for new limited edition starbucks cup, customers were creating what?

Consumer Generated content

A type of trade in which goods are paid for with other items instead of cash is what?

Countertrade

Buying power couples with the means to make a purchase is the definition of what?

Demand

NAFTA is an example of an

Economic Community

U.S. marketing campaigns that stress the desirability of "Made in America" products are most likely to appeal to ________ U.S. consumers.

Ethnocentric

Effective objectives should have which characteristics?

Measurable, specific, relatable, time bound

Trusted Wholesalers is a company that purchases products produced in Mexico and sells them to companies based in the United States and Canada. Management at Trusted Wholesalers would most likely be interested in becoming experts in the agreements made by ________.

NAFTA

Having vending machines in convenient locations on campus is an example of which element in the marketing mix?

Place

Which utility is the benefit of making products available where customers want them?

Place utility

What are the elements of the marketing mix?

Place, product, promotion, price

What is the business orientation that looks at financial profits, the community, the organization operates within, and creating sustainable business practices.

Triple bottom line

A company adhering to the marketing concept will likely conduct research to determine if its customers needs have changed if it learned that its customers were dissatisfied with its product... TRUE OR FAlSE

True

The WTO (World Trade Organization) sets trade rules for its member nations and mediates disputes between nations... TRUE or False

True

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a(n) ________.

demand

The ________ outlines how, when, and where the firm will make the product available to targeted customers.

distribution strategy

When McDonald's purchased Donato's Pizza and a controlling interest in Chipotle Mexican Grills, the company was pursuing a ________ strategy.

diversification

The measurable quality of a country's distribution, financial, and communication systems is referred to as the country's ________.

economic infrastructure

According to the theory of the wisdom of crowds, under the right circumstances ________.

groups are smarter than the smartest people in them

Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hunt, hike, and bike ride. Its long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. This new feature will be valuable to people who fish. Serengeti has determined that fishing is one of the fastest growing sports in the United States. In terms of a SWOT analysis, Serengeti has recognized a market ________.

opportunity

A(n) ________ is a tool management uses to assess the potential of a firm's business portfolio. It helps management decide how to allocate resources among the firm's current SBUs.

portfolio analysis

A new shampoo advertisement on television identifies all of the wonderful benefits the consumer will enjoy when using one company's shampoo as opposed to another company's shampoo. What is this company seeking to convey in this television commercial?

the product's differential benefits

Using which ethical philosophy would a marketer make the decision that provides the most good or the least harm?

utilitarian approach

The ratio of benefits to costs is one way to think of ________.

value