Ch1 Midterm

"A marketer at General Mills in charge of international expansion wants to determine Kellogg's market share in Mexico. What type of marketing activity should she apply? a. Tactical planning b. Internal analysis c. Competitive intelligence d. Environmental scanning e. Situation analysis"

Competitive intelligence

"Changing value propositions in today's economy—such as changes caused by the growth in e-commerce—have forced marketers to learn a tough lesson about customers. What is that lesson? a. Customers will always seek the best value regardless of quality. b. Customers will always turn to the most recognized brand. c. Customers would rather perform service for themselves to save money. d. Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities. e. Customers will always seek the best quality regardless of price."

Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.

"From the customer's perspective, which part of the marketing mix takes place largely behind the scenes? a. Market segmentations b. Product c. Price d. Promotion e. Distribution"

Distribution

"In the traditional transactional marketing approach, the ultimate goal of marketing is to: a. serve customers' needs and wants. b. develop long-term customer relationships. c. create value in the buyer-seller relationship. d. acquire new customers and complete a large number of exchanges. e. All of the above are goals of transactional marketing"

Distribution

"Which of the following IS NOT one of the five conditions of exchange in marketing? a. There must be at least two parties to the exchange. b. Each party has something of value to offer the other party. c. Each party must be free to accept or reject the exchange. d. Each party must be capable of immediate delivery. e. Each party believes that it is desirable to exchange with the other party."

Each party must be capable of immediate delivery.

"Environmental scanning refers to the overall process of collecting and interpreting internal, competitive, and environmental information. a. True b. False"

FALSE

"The four Ps of the marketing mix consist of product, positioning, pricing, and promotion. a. True b. False"

FALSE

"A church sermon preached to a congregation is an example of a product. a. True b. False"

TRUE

"Competitive advantages are critical because they set the tone of the entire marketing program. a. True b. False"

TRUE

"Market segmentation divides the market into homogenous groups or segments. a. True b. False"

TRUE

"In the traditional transactional marketing approach, the ultimate goal of marketing is to: a. serve customers' needs and wants. b. develop long-term customer relationships. c. create value in the buyer-seller relationship. d. acquire new customers and complete a large number of exchanges. e. All of the above are goals of transactional marketing"

acquire new customers and complete a large number of exchanges.

"A customer's decision to purchase one product or group of products over another is primarily a function of: a. the convenience of acquiring the product or group of products. b. how well that choice will fulfill that person's needs and satisfy his or her wants. c. the product's features relative to competing products. d. the product's price. e. the availability of the product or group of products."

how well that choice will fulfill that person's needs and satisfy his or her wants.

"One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in: a. international markets. b. domestic, interstate markets. c. business-to-business markets. d. metamarkets. e. peer-to-peer transactions. "

international markets.

"A cluster of closely related goods and services that center around a specific consumption activity is referred to as a: a. marketspace. b. market. c. metamediary. d. marketing channel. e. metamarket. "

metamarket.

"Which of the following changes occurring in today's economy has NOT been caused by the growth of the Internet? a. increase in product selection b. shifting demand patterns c. privacy and security concerns d. rising prices for most products e. audience and media fragmentation "

rising prices for most products

"Which of the following type of planning focuses on specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets? a. strategic planning b. customer analysis c. environmental planning d. tactical planning e. marketing plan"

tactical planning

"List the elements that make up a marketing program. a. product and target market b. target market and marketing mix c. market segment and market plan d. price, promotion, place, and product e. marketing mix, price, and promotion"

target market and marketing mix

"The term ______ is used to describe the ability of a product to satisfy a customer's desires. a. utility b. exchange c. strategy d. market scanning e. competitive intelligence"

utility

"In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering __________ and a shift from creating exchanges to creating __________. a. satisfaction; customer relationships b. value; customer relationships c. quality; transactions d. value; satisfaction e. quality; value "

value; customer relationships