Marketing Exam 1

Everyone knows the brand name Kleenex, Kleenex is what many customers think of when they think of tissues. This widely recognized brand name is a source of ____ a. competitive advantage b. a cost advantage c. a market augmentation d. a niche advantage

A

The set of actual and potential buyers of a product is called a. market b. audience c. group d. segment

A

Which is the correct association between the AMA's definition of marketing and the corresponding element of the marketing mix? a. creating offerings = product b. communicating offerings = product c. customer relationships d. making a sale

A

Al manages a grocery store. He decided to put the bread on aisle 1 and the milk next to aisle 10. He is controlling his store's ___ to increase the time his customers spend in the store, which will hopefully result in more sales per customer

Atmospherics

Trent would like to increase his clothing sales by 4% over the next 24 months. Which of the following has went created? a. market penetration strategy b. mission statement c. objective d. marketing plan

C

Which of the following examples best illustrates the marketing concept? a. a mail order company begins using less expensive packing material to increase profits per sale b. a manufacturing firm opens a new distribution facility closer to the factory c. a catering firm decides to expand its hours of operations to better serve working mothers d. an automobile manufacturer installs a new assembly chain that increases output by 20 percent

C

The shared beliefs, customs, behaviors, and attitudes of a society are known as

Culture

Which of the following describes the personal value equation of a customer? a. value = benefits offered + [price - hassle] b. value = [price + hassle] + benefits received c. value = price - [benefits offered + hassle] d. value = benefits received - [price + hassle]

D

Which of the following is NOT a marketing management philosophy? a. sales/selling orientation b. production orientation c. marketing concept orientation d. profitability orientation

D

Which of the following phrases reflects a firms value proposition? a. altoids is positioned as "the curiously strong mint" b. porsche promises driving performance and excitement c. cheer laundry detergent promises powerful cleaning at all temperatures d. all of the above

D

The first task in strategic planning is to

Define the companys mission statement

The study of peoples vital statistics such as their gender, age, birth, ethnic background.. is called

Demographics

The marketing environment consists of a number of uncontrollable variables such as a. economic b. competitive c. technological d. socio-cultural e. all of the above

E

Selective perception is the process of

Filtering out information based on how relevant it is to you

According to Maslows hierarchy of needs

Higher level needs are met after basic needs are fulfilled

Human behavior is largely

Learned/ observed

A consumers ___ involves how one spends his or her time

Lifestyle

A skincare company has decided to market its lotion to older women in addition to its current youth female market. This company is utilizing a ____ strategy.

Market development

With reference to the external environment, the ___ includes competition, suppliers, marketing intermediaries, the public, the company and customers

Micro environment

People within a reference group who because of special skills, knowledge, personality, or other characteristics, exert influence on others are called ____

Opinion leaders

The external environment is a strong influence on a target market and can be a source of ___ for the marketing manager

Opportunities and threats

___ is how you interpret the world around you and make sense of it in your brain

Perception

According to Maslows hierarchy of needs, the lowest order of needs are called

Physiological needs

Laws and regulations of various governments and their ongoing development and change are an example of ___ factors and are a part of an organizations external environment

Political and legal

Jilly is a student and has spent $150 on a pair of oakley pro sunglasses for her boyfriend. When she gets home with the sunglasses, she experienced a high level of anxiety about whether she has made the right decision. She experienced ____

Post purchase cognitive dissonance

A ___ strategy involves creating new products or services for existing markets

Product development

____ is the place a product occupies in the consumers mind relative to competition

Product positioning

___ combines the lifestyle traits of consumers and their personality styles with an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics

Psychographics

A firms objective should be

Realistic and measurable

___ are groups a consumer identifies with and wants to join

Reference groups

According to Maslows hierarchy of needs, the highest order of needs are called

Self actualization needs

A ___ is a road map that improves the firms understanding of its competitive situation.

Situation analysis

___ factors are the environmental factors concerned with the changes in peoples values, lifestyles, and family roles

Social

Sarah owns a store in town where the population has changed from low-income singles to high-income families. Based on which of the following types of environmental changes does Sarah need to make changes?

Social and cultural

Planning encourages management to think systematically about what has happened, what is happening, and ____

What might happen

In marketing, ___ involves collaboration with customers and suppliers in order to generate offerings of value to customers.

creating

Central to any definition of marketing is ___

customer relationships

A car, a house, and a boat are all examples of what type of product?

high involvement

Purchasing a product with no planning or forethought is called ___

low involvement purchasing

A firm's ___ states the purpose of the organization and why its exists

mission statement

An individuals disposition as other people see it is known as

personality

Which element of the marketing mix would involve delivering offerings/products to a retail store where they may be purchased?

place

How a person sees himself/herself is known as

self concept

___ refers to a philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully.

selling/sales orientaton

When non profit organizations try to convince people that global warming is a real threat, it is an example of ___

social marketing

A firms value proposition states the:

specific benefits a product or service offering provides to a buyer

The purpose of ___ is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment

strategic planning

____ is a long term process that helps an organization allocate its resources to capitalize on opportunities in the marketplace

strategic planning

The group of customers toward which an organization directs its marketing efforts is known as the ___

target market

Motivation refers to

the inward drive we have to get what we need