marketing quiz questions

Which of the following is NOT a component of the marketing plan?

Business Analysis

Which of the following is NOT one of the steps in strategic performance evaluation?

Establishing a timetable for implementation

Conducting a SWOT analysis comes immediately before the establishment of corporate and business-unit strategies. (T/F)

False

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications?

Marketing Plan

Logitech was founded with the knowledge and resources to accelerate its participation and investment in the global marketplace; it was able to export products soon after being established in market niches in which it competed with long-established firms. This is an example of a(n)

born global

Southwest is known for its culture of "luv" and its fun-loving approach. This is an example of which of the following?

corporate identity

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as _______.

corporate identity

Libby is part of an online group of people who act as sounding boards for new ideas from one of her favorite companies. Libby does not interact much with the other people in her group, but she provides her own insights about proposed products. Libby is part of a(n)

customer advisory board

A Subaru representative has a solid relationship with Phil, a satisfied customer. Phil loves Subaru and will not accept anything else. The representative determines that if Phil continues to do business with Subaru every time he wants to purchase a new car, his total value to the company would be $350,000. This includes purchases made by customers who were referred to the firm by Phil. The Subaru representative has calculated Phil's

customer lifetime value

Which stakeholders are the focal point of all marketing activities?

customers

The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit.

exchanges

Which of the following involves developing marketing strategies as though the entire world (or its major regions) were a single entity?

globalization

which of the following raises the price foreign goods?

import tariff

Which of the following are often a political necessity because of nationalism and government restrictions on foreign ownership?

joint ventures

The marketing concept is based upon the idea that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. During which orientation (time period) are marketers most likely to adopt the marketing concept?

market orientation

The real value in marketing research is measured by improvements in

marketer's ability to make decisions

ACME Corp. is identifying and using tools to measure and interpret the effectiveness of its marketing activities. This is best described as

marketing analytics

Which of the following would likely be the hardest to standardize when engaging in international marketing?

media allocation

Because it imports more products than it exports, so that money is flowing out of the country, the United States has a(n)

negative balance of trade

Sheryl works at Southwest Airlines as a digital marketer. A major part of her job is communicating with customers, answering questions and letting them know about how the airline offers them the best in customer value. Sheryl is working to create long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges with customers. This is an example of

relationship marketing

Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone else will too. She starts a cookie dough business. Charlotte views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Charlotte seem to embrace?

sales orientation

Through the process of ___________, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.

strategic planning

purposes of marketing

-Increase the marketer's ability to respond to customer needs -Inform an organization about marketing opportunities for products -Inform an organization about customers' needs and desires -Inform an organization about changing attitudes and purchase patterns of customers

five opportunities for creating value generated by a global presence

-mine optimal location for activities and resources -exploit economies of global scale -adapt to local market differences -exploit economies of global scope

Which of the following equations describes customer value?

Customer value= customer benefits - customer costs

Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process?

Executive Summary

The marketing implementation section of the marketing plan outlines how the company will achieve its objectives. (T/F)

False

Which of the following competitive growth strategies strives to increase sales of current products in new markets?

Market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy?

Market growth/market share matrix

Shannon is driving in downtown Santa Fe. She is not very familiar with the area and is running late for her appointment. She heads to a nearby paid parking lot and is told that it costs $20 to park. Shannon is irritated by the price. Although there are likely other paid parking lots that are less expensive, Shannon pays the price to park there. Different cost considerations impacted Shannon's decision, but clearly one stood out over all the others. Which cost exerted the most influence over Shannon's decision to park in the $20 parking lot?

The non-monetary cost of time

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective?

Threats

You are advising a local nonprofit on strategy. The nonprofit supports cancer research and relies entirely on donations. You recommend that the nonprofit engage in marketing activities. The executive director tells you that because it is a nonprofit that does not engage in selling activities and has a small budget, the nonprofit has no use for marketing. You disagree and explain that marketing is not just for for-profit organizations. You explain the different ways the nonprofit can engage in marketing without changing its practices or the mission. Which of the following marketing activities would be most feasible for this nonprofit?

Use inexpensive digital marketing tools to inform the community about an upcoming fundraising event

According to your text, what is typically the first sign of a problem that could prompt the marketing research process?

a departure from some normal function

Subaru developed a new luxury car model, but, after performing some market tests, it realized that it was pricing its vehicles too high, even for the luxury market. Subaru had to make some changes in its marketing mix. Unfortunately, it made the mistake of launching its product right when a recession hit. As unemployment rose, sales of luxury products such as Subaru's new luxury vehicle tend to decrease. In this case, the pricing of its vehicle is a(n) _______ force for Subaru, while the economic downturn is a(n) _______ factor.

controllable; uncontrollable

Anthony works at a local electronics retailer. He has two customers in particular that he sees regularly. One customer, Mr. Johnson, comes in frequently asking about new deals. However, he rarely buys anything, and when he does buy something it is usually small. The other customer, Mr. Montoya, comes in a little less frequently. He does not purchase products all the time, but when he does the products are expensive. Anthony recognizes that Mr. Montoya is a more valuable customer over time than Mr. Johnson. He has therefore worked hard to develop a strong relationship with Mr. Montoya. What marketing method is Anthony most likely using to direct his actions?

customer lifetime value

Which of the following is a collection of information arranged for easy access and retrieval?

database

Marketers at Coca-Cola are exploring why sales of soft drinks have been declining in recent years, but sales of product competitors like bottled water and tea are rising. To understand the characteristics of this phenomenon in order to identify potential strategies to reverse the trend, they should conduct

descriptive research

Which marketing research process step requires formulating a hypothesis and determining what type of research is most appropriate for testing it?

designing the research project

What is the first step for marketers in implementing the marketing concept?

establish an information system to discover customers real needs

The use of bribes, which are illegal for U.S. companies, relate best to which of the following?

ethical and social responsibility forces

In Mozambique a currency crisis led the government to mandate that citizens from Mozambique could only spend up to $13,600 on their credit or debit cards when shopping abroad. This is an example of a(n)

exchange control

Which of the following has the main purpose of better understanding a problem or situation and/or helping to identify additional data needs or decision alternatives?

exploratory research

Kraft Foods brings together multiple people to discuss a certain topic in a group setting led by a moderator for initial testing of different marketing strategies for new and existing products. This is best described as

focus groups

Which of the following is the market value of a nation's total output of goods and services for a given period in relation to its population?

gross domestic product per capita

Drake is performing a marketing research study on products that contain avocado as an ingredient. He believes this study will prove that consumers are increasingly attracted to avocados because of their rise in popularity on social media and reported connection to health benefits. Drake is developing a(n)

hypothesis

The real value of marketing research is measured by

improved decision making ability

marketing environmental forces are often

interdependent

_____ involves developing and performing marketing activities across national boundaries.

international marketing

Which of the following sentences is true about a marketing exchange?

it requires four conditions to take place

Which of the following is used most often when the individuals in the sample are spread over a wide area and funds for the survey are limited?

mail survey

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) _______.

market opportunity

ACME Corp. managers are engaged in the process of systematically designing, collecting, interpreting, and reporting of information to help solve specific marketing problems or take advantage of marketing opportunities. This approach is best described as

marketing research

Google has written down the following: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's _______.

mission statement

The strategic planning process begins with _______.

organizational mission and goals

A small restaurant in Chicago hires an accounting firm to take care of its taxes and payroll. This is an example of

outsourcing

Which of the following is contracting of noncore operations or jobs from internal production within a business to an external entity that specializes in that operation?

outsourcing

Chipotle is conducting a research study that divided the population of interest into groups according to a common attribute, and then a random sample was chosen within each group. This best describes

stratified survey

Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's

target market

ACME Corp. managers lack the will and resources to develop international marketing strategies, but are happy when their company's products are purchased by a(n) _______, which then sells them internationally.

trading company