Marketing 101 Exam 1 study
Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.
Demand
________ is the act of obtaining a desired object from someone by offering something in return.
Exchange
10) Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overrall experience provided at the motel is a part of its
Market offering
Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
Marketing Myopia
11) The difference between human needs and wants is that needs are not created by marketers.
True
12) An experience such as a vacation can be defined as a market offering.
True
According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy. Understand the marketplace and customer needs and wants
Understand the marketplace and customer needs and wants
________ are human needs that are shaped by culture and individual personality.
Wants
18) Which of the following customer questions is answered by a company's value proposition?
Why should I buy your brand rather than a competitor's?
70) Consumers' spending patterns since the Great Recession include ________.
buying less and looking for greater value in what they buy
41) The final step in the marketing process is ________.
capturing value from customers
28) Which of the following statements reflects the marketing concept?
consider customer focus and value as the paths to sales and profits
72) Marketers must increasingly consider the special needs of traditional households because this segment of the population is growing more rapidly than nontraditional households.
false
75) The technological environment is predominantly static.
false
79) The popularity of cause-related marketing as a form of corporate giving is rapidly declining.
false
20) Which of the following is the aim of the product concept?
focus on making continuous product improvements
96) Which of the following is TRUE about KNN method?
forecasting is never 100% accurate
56) Cape Sky Inc., an international insurance and financial services company, is the primary sponsor of the annual New York City Marathon, which is attended by over one million fans and watched by approximately 300 million viewers worldwide. The Cape Sky logo and name are displayed throughout the racecourse. Cape Sky most likely sponsors this event in order to appeal to which of the following types of publics?
general publics
91) Redrunners Inc., a manufacturer of sports merchandise, is gathering customer opinions about the firm's new sports shoe line. A team of researchers in the company invited eight regular customers to talk about the new line of shoes, asking why they chose to buy the shoe and what they disliked most about its design. A moderator was present to monitor the discussion. Which of the following types of contact methods is Redrunners using?
group interviewing
97) After a research instrument is selected, the next step in the marketing research process is to ________.
implementing the research plan
82) The real value of marketing information lies in how it is used ________.
in the customer insights that it provides
88) Primary data consist of ________.
information collected for the specific purpose at hand
87) Secondary data consist of ________.
information that already exist somewhere having been collected for another purpose
15) Dividing the market into various groups of customers that a company may serve is called ________.
market segmentation
38) Greater consumer control means that companies can no longer rely on ________.
marketing by intrusion
13) The art and science of choosing target markets and building profitable relationships with them is called ________.
marketing management
36) Customer satisfaction is a goal that companies strive to earn. Companies can achieve customer delight by ________.
promising only what they can deliver and then delivering more than they promise
103) While collecting sensitive customer data, market researchers should adhere to all of the following guidelines EXCEPT ________.
sharing information without the customer's authorization
48) Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use.
social marketing campaigns
26) Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.
societal marketing concept
According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?
Building profitable relationships and creating customer delight
22) Which of the following statements is true of the selling concept?
It is typically practiced with unsought goods
19) Which of the following statements is true of the production concept?
It leads to companies focusing too narrowly on their own operations
Which of the following is NOT an accurate description of modern marketing?
Marketing emphasizes selling and advertising exclusively
42) At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
capturing customer lifetime value
55) A company's marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. These organizations and groups are also known as ________.
citizen action publics
52) The interrelated departments within a company that influence marketing decisions form the ________ environment.
company
83) The marketing department of a reputable firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?
competitive marketing intelligence
39) Kao Corp., a deodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.
consumer generated marketing
40) Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.
consumer generated marketing
77) Cause-related marketing has become a primary form of ________.
corporate giving
78) A society's ________ are expressed in how people view themselves and others, organizations, society, nature, and the universe.
cultural values
35) FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.
customer perceived value
101) Ralph Goldsmith works for Zenith Inc., a leading cosmetic company based in Illinois. At Zenith, Ralph's primary responsibility revolves around digging deeply into customer data to gain valuable insights about customer needs, motives, and attitudes. This data is, in turn, used by Zenith to personalize its customers' shopping experiences. Ralph's position at Zenith requires him to focus primarily on ________.
customer relationship
37) Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.
customer satisfaction
62) The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario?
demographic environment
86) The goal of ________ research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product.
descriptive
80) Companies that take a proactive stance toward the marketing environment are most likely to ________.
develop strategies to change the environment in their favor
30) An organization's department follows a customer-centered sense-and-respond philosophy. The department is most likely practicing the product concept.
false
32) Fast Food, Inc. views marketing as the process of finding and retaining profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.
false
44) For most marketers, customer relationship management is exclusively a matter of customer data management.
false
45) Customer-managed relationships are marketing relationships that are controlled by customers; therefore, they are of no significance to marketers.
false
58) The microenvironment consists of larger societal forces that affect a company, such as demographic, economic, political, and cultural forces.
false
61) Companies that watch variables such as income, cost of living, and interest rates, are more likely to be negatively affected by an economic change such as a recession or boom.
false
71) The single most important demographic trend in the United States that marketers should understand is the changing family structure of the population.
false
81) When a company hires lobbyists to influence legislation affecting its industry, it is taking a defensive stance toward the marketing environment.
false
84) External databases are electronic collections of consumer and market information obtained from data sources within a company's network.
false
98) Marketing researchers can conduct their own searches of secondary data sources by using mail questionnaires and interviewing individuals.
false
99) Personal interviews can be used to collect large amounts of information at a low cost per respondent.
false
33) In which of the following situations has a company most actively embraced customer- managed relationships?
iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner
102) For international researchers, ________ is the most obvious obstacle.
language
67) Micropolitan areas are ________.
likely to offer the same advantages as metropolitan areas
34) Which of the following statements is true about creating customer loyalty and retention?
losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage
68) In the United States, job growth currently is the weakest for ________.
manufacturing workers
17) An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________
market segment
43) Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?
marketers want to increase the share they get of the customer's purchasing in their product categories
85) ________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
marketing research
51) Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.
microenvironment
66) In the context of geographical shifts in population, the migration toward ________ areas has resulted in a rapid increase in the number of people who telecommute.
micropolitan
73) The physical environment affecting marketing activities is referred to as the ________ environment.
natural
27) Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?
not all customers will be satisfied
50) A church targeting different demographic groups to increase attendance is an example of ________.
not for profit marketing
89) ________ involves gathering primary data by closely examining relevant people, actions, and situations.
observational research
90) Which of the following contact methods is the most cost-effective?
online surveys
53) ________ help companies stock and move goods from their points of origin to their destinations.
physical distribution firms
76) The ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
political
21) Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept.
product
65) Gen Zers are highly mobile, connected, and social. They base their purchases on ________.
product research on their own
29) When demand for athletic shoes produced by Nike and endorsed by Michael Jordan is high, Nike limits how many pairs of shoes are manufactured. This action maintains strong demand by limiting supply. This decision contradicts the philosophy of which marketing concept?
production concept
49) As part of the rapid globalization of today's economy, companies are selling more domestically produced goods in international markets and ________.
purchasing more supplies abroad
94) Which of the following refers to a nonprobability sample in which the researcher finds and interviews a prescribed number of people in each of several categories?
quota sample
95) Which of the following is NOT true about KNN method?
reference powerpoint slides
54) Boxes, Inc. sells products to end users or to other companies that will sell to end users. Boxes, Inc. is a ________.
reseller
92) A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole.
sample
23) Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.
selling concept
93) For her current research project, Margaret Rogers wants to select a sample in which every member has a known and equal chance of selection. In other words, Margaret is looking for a ________.
simple random sample
14) Selecting which segments of a population to serve is called ________.
target marketing
16) Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of
target marketing
69) With an expected increase in ethnic diversity within the American population, marketers are most likely to place a greater emphasis on ________.
targeted advertising messages
74) Many companies use RFID product labels on their goods, which exemplifies the ________ environment in business.
technological
47) Marketers set up company and brand Web sites that provide information and promote the company's products. Social media is a significant part of today's marketing strategy. Which of these tools is NOT part of the growth in digital technology?
telemarketing calls
25) Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?
the marketing concept
Needs include all of the following EXCEPT ________.
the newest iphone
64) Which of the following is true of the Millennials?
they are the children of baby boomers and were born between 1977 and 2000
63) Which of the following is true of the baby boomers?
they control an estimated 70 percent of the United States' disposable income
100) What is the purpose of marketing analytics?
to interpret the data obtained
57) Government markets consist of government agencies that buy goods and services ________.
to produce public services
31) The production concept and the product concept are marketing management orientations that are more likely to lead to marketing myopia.
true
46) Many companies now use customer profitability analysis to identify and weed out unprofitable customers.
true
59) Marketing services agencies are the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets.
true
60) Trudie Jones works for a distribution channel firm that helps several electronics companies find customers or make sales to them. Trudie works for a reseller.
true
Marketingis defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.
value creation and exchange
24) The selling concept is typically practiced ________.
with goods that buyer normally do not think of buying
