Exam 1 - Principles of Marketing (MKTG 330 *01)

Which of the following is most likely to be an idea marketer?

Abuse counselor

Which of the following best describes the acceptance of the marketing concept by all organizations?

All organizations fully utilize the marketing concept to run their businesses.

The director of marketing for Duck Brand tapes tells the rest of the management team, "When it comes to our duct tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the duct tape unit falls into which one of the following classifications?

Cash cow

strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals

Corporate

Which employees are ideally positioned to understand customers' needs and wants and are thus a vital component in the chain of communications?

Customer-contact employees

Which of the following scenarios involves the distribution element of the marketing mix?

Deciding whether or not to have retail outlets in addition to a website

Google introduced Google Home, a smart speaker/home automation device. For Google, Google Home represents a strategy of

Diversification

Which of the following is a strategy of increasing sales of current products in new markets?

Diversification

Which of the following is the least controllable factor in developing a marketing mix

Government regulations

Which of the following is a characteristic of a marketing objective

It is consistent with both business-unit and corporate strategy

T-Mobile implemented a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?

Market

A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines

Product, price, customer, and promotion variables

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

Satisfaction for both the buyer and seller

Which of the following statements is incorrect

Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.

Which of the following statements about marketing environment forces is NOT true?

They do not influence customers' reactions to a firm's marketing mix.

Which of the following companies is the best example of a service marketer?

UPS

Which one of the following statements by a company president best reflects the marketing concept?

We have organized our business to make certain that customers get what they want

According to the text, a market is defined as

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.

The marketing concept is

a management philosophy

The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also

achieve the organization's goals.

The marketing concept is a management philosophy that affects

all efforts of the organization.

The marketing concept affects

all organizational activities

Business decisions made in creating a marketing mix

are only as good as the organization's understanding of the needs of the target market

Takeshi, a 17-year-old high school student, wants to buy a pack of Marlboro Lights. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of ____ to buy.

authority

The definition of marketing implies that ____ should receive benefits from exchange relationships

both customers and businesses

Walmart's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers

competitive advantage

All marketing mix decisions must have two characteristics: ____ and ____.

consistency; flexibility

Gucci, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____

consistent; flexible

The marketing mix is built around the

customer

The strategic planning process begins with

development of an organizational mission statement.

Consumers buying products online have dramatically affected the ____ variable of the marketing mix

distribution

Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.

distribution

Making modifications to packaging or brand names involves the ____ component of the marketing mix.

distribution

The marketing environment is best described as being

dynamic and changing

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

first-mover advantage.

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted on properly are called

opportunities.

Distribution, price, promotion, and product are all elements of

the marketing mix.

After determining that consumers had concerns about certain ingredients that may cause health issues, Patrizzi's Pizza began offering a gluten-free pizza product. The creation of this new product was the result of

a market opportunity.

According to the Boston Consulting Group, marketers may classify their products as all of the following except

cash contributors.

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

competitive advantage

The product variable of the marketing mix can include all of the following except

consumer perception of the product price

Apple has been successful by anticipating what consumers will want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition

core competency

The well-known brand name and reputation of Mercedes-Benz automobiles represents a ____ for Mercedes-Benz.

core competency

Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

When managers at Initek Inc are developing their firm's strategic plan, they should use a market orientation as a guide to ensure that ____ is an integral part of the process.

customer satisfaction

The focal point of all marketing activities is

customers

Kroger Food Stores is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Kroger is creating a

marketing strategy

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets

strengths and weaknesses

Sony's strong name recognition and solid customer demand for its televisions and game systems are two elements of the firm's

strengths.

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ___

strengths; opportunities

During the Industrial Revolution, demand for manufactured goods was

strong

Just Crack an Egg is aimed at people concerned with on-the-go lifestyles. These people represent the Just Crack an Egg

target market.

A market orientation is an organization-wide effort that includes all of the following activities except

focusing just on the marketing department

A physical product you can touch is a(n)

good

The element of the marketing mix used to increase awareness of a product or company is

promotion

The three basic forms that a product can take are

services, ideas, and goods

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

stars

When Shaw Industries develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?

Promotion

The marketing concept is best defined as

a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.

The primary value that a customer expects to receive from a marketer in an exchange relationship is

a reward or benefit greater than the costs incurred in the transaction.

The Escapade Academy is developing its marketing mix for the coming year. Its managers know that they must first select ____ which may be the most important decision they make in the planning process

a target market

ACE Manufacturing Company is not attracting sufficient customers. It has long defined itself as being a maker of shelving products. To improve its sales and long-term viability, it should perhaps consider redefining itself as

helping customers satisfy their needs with ACE shelving products

Organizations should define themselves not according to the products they produce but according to

how they satisfy customers.

Never Again MSD is a group that works to change attitudes and laws about gun control. Never Again MSD primarily markets

ideas

The United Methodist Church has used advertising for many years, airing TV commercials that show children answering questions. The Church is using marketing to promote its

ideas

A target market

is a specific group of customers on whom an organization focuses its marketing efforts.

During the Industrial Revolution, most firms operated using a(n) ____ orientation

market

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a

market opportunity.

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

market share.

A group that has the willingness, ability, and authority to buy a product is a

market.

Which of the following is the most specific and detailed type of business strategy?

marketing

Changing the hours of operation for a service business involves the ____ component of the marketing mix

marketing concept

A marketing manager for a small laptop manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ____ that influence(s) the firm's strategy.

marketing environment

An organization's business goals should be derived from its

mission statement.

The Boston Consulting Group's matrix is based on the

philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.

The forces of the marketing environment include

political, legal and regulatory, sociocultural, technological, economic, and competitive.

United Airlines introduced a new "basic economy" seat category to better compete with discount airlines like Southwest and Spirit. Which of the following aspects of the marketing mix is United likely altering?

price

Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.

product

When SmartSheet, a producer of software, delayed the introduction of its new spreadsheet app to modify the package, its scheduled TV advertisements announcing the new product needed to be revised. In this case, a change in the ____ variable caused changes in the ____ variable of the marketing mix

product; promotion

According to the marketing concept, an organization should try to

provide products that satisfy customers' needs and allow the organization to achieve its goals.

During the 1920s, competition increased and businesspeople realized they had to do more than just focus on manufacturing, which led to the ____ orientation

sales

The marketing concept focuses on

satisfying customers' needs in a way that helps to achieve organizational objectives.

The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)

service

C.J. Foods, a pet food maker, purchased Lortscher Animal Nutrition, Inc. (LANI), a miller and ingredient supplier, and now operates this division as a separate profit center within the firm. In this example, LANI is a(n) ____ unit of C.J. Foods.

strategic business

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a

strategic business unit.

A strategic window is

temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market

A first-mover advantage is

the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

Amos Holden runs a successful wholesale business that sells equipment to restaurants throughout the Southwest. He is considering purchasing his own fleet of trucks to deliver the equipment instead of relying on a shipper as he is currently doing. This most closely represents a decision about

the best way to distribute his products

The primary value that a marketer expects to receive from a customer in an exchange relationship is

the price charged for the product.

A market opportunity results from

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market

Coca-Cola has in recent years developed or acquired new non-cola products to appeal to changing consumer preferences for less sugar in their products. The most likely factor in this change is changes in

the sociocultural forces of the marketing environment