Marketing Exam 1
Which of the following countries has the highest gross domestic product?
Acquardica, whose final goods value is $170 billion and final service value is $90 billion
Which of the following is a similarity between export brokers and export agents?
Both allow manufacturers to retain title for products.
Which of the following statements is true of corporate social responsibility?
Businesses have resources, so businesses should be given the chance to solve social problems
Which of the following actions is associated with the niche strategy?
Choosing a target market that is not crucial to the success of major competitors
Which of the following companies is in the first stage of global business?
D Feet Corp., which manufactures footwear in a small town in Lucitona and sells the footwear to several countries around the world
In which of the following situations are marketers most likely to recognize a practice as unethical?
If the practice is very likely to result in a harmful outcome
Which of the following statements is true of the social class system in the U.S.?
Interest in organized labor is one of the most common attributes among the working class.
Which of the following statements is true of a marketing plan?
It defines the business mission and objectives.
In the context of marketing planning, which of the following statements is true of implementation?
It often involves a lot of resistance among employees and therefore managers must gain acceptance for the plan.
Which of the following statements is true of the younger Millennials?
They form a more massive group than older Millennials.
Identify a true statement about production-oriented firms.
They lack an understanding of the needs and wants of the marketplace.
Which of the following strategies can help business firms stimulate innovation?
Using teams of writers to build scenarios of opportunities and threats
To increase the sales of low-involvement products, marketing managers can:
focus on the package design of the products.
Unlike a production-oriented firm, a market-oriented firm:
focuses on satisfying customer wants and needs.
In the context of external environment, which of the following is true of natural resources?
he past decade has witnessed shortage of natural resources.
The segment of the business market that seeks to achieve goals other than the standard business goals of profit, market share, and return on investment consists of _____.
institutions
Conformity, a value that strongly influenced attitudes and lifestyles during United States' first 200 years, emphasizes that:
no one should expect to be treated differently from anybody else.
The Federal Trade Commission's Bureau of Competition _____.
seeks out and challenges anti-competitive conduct in the marketplace
Cybex Inc. is pharmaceutical company. It follows a target market strategy as its products are designed to suit the needs of a group of people with similar characteristics. In this case, which of the following market segments is most likely to be targeted by Cybex Inc.?
A group of individuals who are diabetic
Which of the following statements is true about a niche strategy?
Companies that adopt a niche strategy have only a small number of customers.
Which of the following is a difference between component parts and supplies?
Component parts become part of a final product, whereas supplies do not.
Which of the following strategies can enable companies to gain a cost competitive advantage?
Developing additional exclusive functional departments
Which of the following statements is true about the Great Recession of 2008-2009?
It began with the collapse of inflated housing prices.
Which of the following is a drawback of the sales-orientation philosophy?
It can become necessary to try to convince people to buy goods that are neither wanted nor needed.
Which of the following statements is true of customer relationship management?
It involves linking all processes of a company from its customers through its suppliers.
Which of the following statements is true of cause-related marketing?
It is the cooperative efforts of a for-profit firm and a nonprofit organization for mutual benefit
Which of the following statements is true of the marketing concept
It states that an organization should satisfy customer wants and needs while meeting organizational objectives.
The manager of TruColor Printers Inc. has purchased a sophisticated printing press for $1 million. Which of the following statements is most likely to be true about the printing press?
It will be depreciated over its useful life.
Which of the following statements is true of trends in gender marketing?
Men are more price-conscious than women.
Which of the following is a difference between supplies and business services?
Supplies are consumable items, whereas business services are expense items.
_____ exists when one party has confidence in an exchange partner's reliability and integrity.
Trust
Which of the following strategies is most closely associated with the societal marketing orientation?
Using clean energy sources
A company is doomed to failure in a foreign country if it _____.
does not understand the foreign country's culture
Unlike nonmarketing-controlled information sources, marketing-controlled information sources:
include mass-media advertising.
According to Maslow's hierarchy of needs, the most basic human needs are ___
physiological needs
During the Uruguay Round, _____ replaced the General Agreement on Tariffs and Trade (GATT).
the World Trade Organization (WTO)
Joshua prefers to do his grocery shopping at Fresnas Mart because his mother also prefers to shop there. He also does not shop groceries online because his mother does not prefer shopping groceries online. In this case, Joshua's shopping behavior is a result of _____.
the socialization process
Which of the following is a similarity between raw materials and component parts?
Both become part of a final product.
Which of the following is a similarity between a production orientation and a sales orientation?
Both lack an understanding of the needs and wants of the marketplace.
Which of the following activities is carried out during implementation of a marketing plan?
Creating and managing a task force
Which of the following statements is true of globalization?
It expands economic freedom and increases the living standards of people.
_____ typically occurs when a consumer has previous product experience but is unfamiliar with the current brands available.
Limited decision making
In the context of business products, which of the following is a difference between major equipment and accessory equipment?
Major equipment is depreciated over time, whereas accessory equipment is charged as an expense in the year it is purchased.
Which of the following examples illustrates a niche strategy?
Relish, a confectionery store, selling handcrafted chocolates in only one city
According to a Quirk's study, which of the following statements is true of global kids?
They have ranked "getting a good education" near the top of socially desirable attributes.
Mark is a friend of Ryan, who has been accused of attempt to murder. Even though Mark knows that Ryan is guilty, he lies when the police interrogates him. Mark believes that his behavior will benefit his family and him, and hence he is not concerned about the legality of his behavior. In the context of ethical theories, Mark displays _____.
act utilitarianism
Unlike the youngest Gen Yers, the oldest members of Generation Y:
had difficulty finding good jobs during the Great Recession.
Becky wants to buy a new cell phone. She asks her friends who are technologically savvy to recommend a good, lightweight phone that is easy to use. In this scenario, Becky is obtaining information using a(n) _____.
nonmarketing-controlled information source
Khokho's Coffee House was the first company to introduce flavored coffee in the global market. It sells coffee in several different flavors, such as blueberry, cinnamon, and cranberry, based on the flavors preferred in each country. In this scenario, Khokho's Coffee House is involved in _____.
product invention
At Magnira Corp., a company that manufactures fruit preserves, fruits of excellent quality are used to make jams, jellies, and marmalades. In this scenario, the fruits are examples of _____.
raw materials
Robin, a police sergeant, believes that bribing is illegal. He does not accept bribes irrespective of the amount of money. Robin displays _____.
rule utilitarianism
According to the levels of ethical development, at the preconventional morality level, people:
tend to have an egocentric orientation
In the context of ethical decision making, the greater the degree of agreement among managerial peers that an action is harmful, _____.
the more likely that marketers will recognize a problem as unethical
In the context of SWOT—internal strengths (S), weaknesses (W), external opportunities (O), and threats (T)—analysis, which of the following can be considered as a strength of an organization?
A superior production technology
_____ is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.
Marketing audit
Which of the following statements is true of the primal 45-Latino society?
The primal culture followed in the societies tends to be regional.
A firm that extensively uses relationship marketing strategies is most likely to:
encourage teamwork among employees.
A(n) _____ is an intermediary who brings a buyer and a seller together.
export broker
The _____ is an orderly series of stages in which consumers' attitudes and behavioral tendencies evolve through maturity, experience, and changing income and status.
family life cycle
Inland Eastex Inc. manufactures toothpastes. Even when the company increased the price of its toothpastes last year, the sales did not drop. This is an example of _____.
inelastic demand
Allied Inc., a beverage manufacturer, follows a societal marketing orientation. It now wants to revamp its existing containers as they were found to be harmful to its users. In this case, Allied Inc. will:
produce containers that are less toxic than its previous containers.
Linda usually does not spend much time selecting gifts while buying them. However, when buying a pen for her husband's birthday, she visited several stores and spent a lot of time selecting the pen. This scenario is an example of _____.
situational involvement
Which of the following is a disadvantage of cause-related marketing?
It can lead to consumer cause fatigue
The management of Irving Inc., an apparel company based in Letonia, decides to expand the company's operations to several other countries. Given this information, which of the following strategies can be adopted by the management to succeed in the foreign environment?
It can modify its Web site according to the foreign countries' culture.
In the context of corporate social responsibility, which of the following statements is true of the stakeholder theory?
It states that a company is expected to be a good citizen in its community
Which of the following scenarios illustrates the use of processed materials in manufacturing?
No-Glut Inc. uses rice flour in the manufacture of its gluten-free products.
Which of the following is an element of a competitive environment?
The degree of interdependence within the industry
In the context of social factors that affect marketing, with component lifestyles, people are:
choosing products that meet their diverse needs.
Firms that are _____ assume that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product.
market oriented
Quasio Foods Inc. is a large food manufacturing corporation that earns more profits than its competitors. The company uses only organically grown grains and fruits. It also promotes organic farming and helps nonprofit agencies who focus on food and nutrition causes. The company has now decided to launch a campaign to promote healthy eating habits among the youth. In this scenario, Quasio Foods is most likely to have adopted the concept of _____.
sustainability