Marketing

A market penetration strategy, as one of the possible growth options, may be achieved by which of the following? Multiple choice Introducing additional products and services to the current buyers Implementing a standard marketing plan Encouraging current customers to patronize the firm and the brand more often Finding new markets for the firm's current products

A market penetration strategy, as one of the possible growth options, may be achieved by which of the following? Multiple choice question. Introducing additional products and services to the current buyers Reason: This is product development. A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on existing customers. Implementing a standard marketing plan Reason: A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on existing customers. Encouraging current customers to patronize the firm and the brand more often Finding new markets for the firm's current products Reason: A market penetration strategy employs the existing marketing mix and focuses the firm's efforts on existing customers.

A firm can begin to implement the marketing mix immediately after which step? Multiple choice question. After it has written its mission statement After it has employed marketing metrics to evaluate performance After it has finished segmentation, targeting, and positioning After it has completed a SWOT analysis

After it has finished segmentation, targeting, and positioning

When Hertz decides to expand its fleet of rental cars, several companies, as well as consumers, will be involved. Financial services will be provided by banks, and the actual fleet of cars will come from auto manufacturers. Hertz will rent the cars to consumers. In this scenario, which of the following are involved in B2B transactions? (Check all that apply.) Multiple select question. Auto manufacturers, selling cars to Hertz Consumers renting the cars Hertz, renting the cars to consumers Banks, financing Hertz's car purchases

Auto manufacturers, selling cars to Hertz Banks, financing Hertz's car purchases

Which of the following are factors that affect consumers' immediate environment? (Check all that apply.) Multiple select question. Country culture physical environment Corporate partners Competitors Company capabilities

Corporate partners Competitors physical environment Company capabilities

Ideally, successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Choose every correct answer.) Multiple select question. Environmentally friendly options Outsourcing as much labor as possible Social responsibility Lobbying for corporate tax breaks

Environmentally friendly options Social responsibility

Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan? Multiple Choice four Ps (price, product, promotion, place) SWOT analysis (strengths, weaknesses, threats, opportunities) STP (segmentation, targeting, positioning) GM (gross margin) SBU (strategic business unit)

GM (gross margin)

Which is the largest generational cohort since the Baby Boomers? Multiple choice question. Gen Q Gen Z Gen Y Gen X

Gen Y

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? Multiple choice question. Identifying and evaluating opportunities Evaluating performance Implementing the marketing mix Defining the business mission

Implementing the marketing mix

During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? Multiple choice question. Implementing the marketing mix Evaluating performance Identifying and evaluating opportunities Defining the business mission

Implementing the marketing mix

The International Fairtrade Certification Mark is granted to products that do which of the following? (Choose every correct answer.) Multiple select question. Reduce packaging waste Improve environmental standards for producers Attribute less than 30 percent of their calories to fat Promote sustainable farming Improve environmental standards for producers Promote sustainable farming

Improve environmental standards for producers Promote sustainable farming

Which of the following are roles within a buying center? (Choose every correct answer.) Multiple select question. Initiator Decider User Reseller Vendor

Initiator Decider User

Which statement about product excellence is true? Multiple choice question. It is primarily achieved through efficient operations and efficient production. It is achieved by having products with high perceived value and effective branding and positioning. It generally does not result in meaningful competitive advantage. It yields cost savings through economies of scale.

It is achieved by having products with high perceived value and effective branding and positioning.

Which factor does NOT directly influence how the consumer makes a purchase decision? Multiple choice question. Situational factors Psychological and individual influences Social and group influences Macroeconomic factors

Macroeconomic factors

A portfolio analysis involves which of the following? Multiple select question. Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable. Management identifies and evaluates opportunities using STP. Management develops the marketing mix for each SBU.

Management evaluates the firm's various products and businesses. Management allocates its resources to products with the greatest potential to be profitable.

Burt's Bees buys raw materials in order to make its earth-friendly products, such as perfumes, lip balms, and hair products. Which of the following business markets best describes Burt's Bees? Multiple choice question. Institution Consumer advocate Reseller Manufacturer or producer

Manufacturer or producer

Burt's Bees buys raw materials in order to make its earth-friendly products, such as perfumes, lip balms, and hair products. Which of the following business markets best describes Burt's Bees? Multiple choice question. Reseller Consumer advocate Institution Manufacturer or producer

Manufacturer or producer

Which of the following is most likely to be a value-driven firm? Multiple choice question. One that thinks about its customers but not its community or society One that brings goods to market when it is convenient for the firm One that has active and engaging social media channels One that collects scant data about its customers

One that has active and engaging social media channels

If a car manufacturer wanted to segment its marketplace, it would do which of the following? Multiple select question. Organize potential customers into groups based on their age Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) Offer the same car model to all consumers in the marketplace Divide consumers into groups based on their incomes

Organize potential customers into groups based on their age Identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans) Divide consumers into groups based on their incomes

Need recognition would be greatest in which situation? Multiple choice question. Claire has run out of Chanel No. 5, one of her favorite perfumes. Don is taking a four-week backpacking trip around Europe and wants a new jacket for the trip. Janet is making a fruit salad and has no apples. Pete returned home from work to find that his refrigerator is broken and that his refrigerated and frozen food must be thrown out.

Pete returned home from work to find that his refrigerator is broken and that his refrigerated and frozen food must be thrown out.

Which of the following are associated with marketing, as defined by the American Marketing Association? Multiple select question. Processes used to create value for clients Organizations that develop industry partnerships for international outsourcing Institutions that facilitate the exchange of offerings that have value for customers Institutions that implement technologies for increased production efficiency Activities that communicate offerings that have value for society at large

Processes used to create value for clients Institutions that facilitate the exchange of offerings that have value for customers Activities that communicate offerings that have value for society at large

Once a firm recognizes a need, the firm will consider alternative solutions and develop a list of requirements to be given to potential vendors. What is the name for this process? Multiple choice question. Vendor negotiation Proposal analysis Product specification Need recognition

Product specification

4 P's of Marketing

Product, -creating value Price- capturing value Place- delivering value Promotion- communicating value

The International Fairtrade Certification Mark is granted to products that do which of the following? (Choose every correct answer.) Multiple select question. Reduce packaging waste Attribute less than 30 percent of their calories to fat Promote sustainable farming Improve environmental standards for producers

Promote sustainable farming Improve environmental standards for producers

are the entire category of marketing intermediaries that move the product further downstream in the channel without significantly altering the form. Multiple choice question. Resellers Retailers Wholesalers Manufacturers

Resellers

Which are supply chain partners? (Choose every correct answer.) Multiple select question. Federal regulators Retailers Competitors Wholesalers Transporters

Retailers Wholesalers Transporters

To determine if an opportunity is attractive or unattractive for a firm, marketers can use an analysis of the external and internal environments such as through Blank______. Multiple choice question. SWOT analysis portfolio analysis AIDA growth options

SWOT analysis

Which of the following factors typically influence the consumer decision process the same way each time? Multiple select question. Social Temporal state Psychological Situational

Social Psychological

What tasks are firms increasingly using artificial intelligence (AI) to complete? (Choose every correct answer.) Multiple select question. Speech recognition Translations Psychological counseling Decision making

Speech recognition Translations Decision making

When developing marketing plans, what should a firm consider about their competition? Multiple choice question. Their likely reaction The amount of time they have been in business Their growth trajectory Their confidential new product plans

Their likely reaction

Which of the following are true of Baby Boomers? (Check all that apply.) Multiple select question. They are the first generation of latchkey children. They are born between 1946 and 1964. They will be the largest population of 50-plus consumers the United States has ever seen. They have never known a time without electronic gadgets.

They are born between 1946 and 1964. They will be the largest population of 50-plus consumers the United States has ever seen.

Which of the following are components of price? (Check all that apply.) Multiple select question. Time management style ethical climate Energy Money

Time Energy Money

Why would a firm record the number of abandoned virtual carts on its website? Multiple choice question. To assess the opt-in rate To evaluate postpurchase cognitive dissonance To evaluate customer loyalty To assess the conversion rate

To assess the conversion rate

Which of the following describes the fundamental purpose of marketing? Multiple choice question. To achieve market dominance by selling as many products and services as possible To advertise and entertain customers To create value and satisfy consumer needs through a variety of offerings To develop highly original and innovative products

To create value and satisfy consumer needs through a variety of offerings

What are the main purposes of metrics during the final step of the marketing planning process? (Choose every correct answer.) Multiple select question. To consider how best to position the firm To explain why things happened To predict what will happen To understand the needs of a market segment

To explain why things happened To predict what will happen

What is the purpose of evaluating performance during the last step of the marketing plan process? Multiple choice question. To highlight employee successes To identify potential layoffs or additional employees required To identify and explain performance above or below expectations To identify growth and effectiveness relative to the competitors

To identify and explain performance above or below expectation

Why do firms use metrics in the last step of the marketing plan? Multiple select question. To make appropriate adjustments to performance To compare results across regions, product lines, and time periods To develop integrated marketing communications To help stakeholders understand the firm's mission statement

To make appropriate adjustments to performance To compare results across regions, product lines, and time periods

What is the purpose of a white paper? Multiple choice question. To provide product or service information in an easy-to-read informational context To identify a need and solicit proposals from suppliers to help fill that need To build rapport with other businesses by passing along funny anecdotes or experiences To promote a product or service to other businesses using eye-catching phrases and endorsements

To provide product or service information in an easy-to-read informational context

What is the primary question a mission statement should answer? Multiple choice question. What are our short-term goals? What specific tasks should we perform in the next year? What type of business are we? Who is our target market?

What type of business are we?

Which of the following are considered ideas? (Choose every correct answer.) Multiple select question. A service A non-profit organization An opinion A philosophy

a philosophy and opinion

The majority of products and services are likely to satisfy Multiple Choice functional needs .psychological needs. personal needs. both personal and functional needs. both functional and psychological needs.

both functional and psychological needs.

The primary strength of Corning is its ability to manufacture glass. This describes which factor of a Corning consumer's immediate environment? Multiple Choice competitive intelligence corporate partners company capabilities competitors culture

company capabilities

The most important immediate environmental factors that impact consumers are the ______. Multiple choice question. competitors, cohorts, physical environment, and corporate partners company capabilities, competitors, physical environment, and corporate partners competitors, vendors, distributors, and suppliers company, cohorts, consumer preferences, and corporate partners

company capabilities, competitors, physical environment, and corporate partners

Patricia was shopping for a new pair of sneakers. Although it would have been nice to take the shoes home immediately after purchasing them, she was willing to trade off immediate availability because she found that she could purchase the shoes online for a 50 percent discount. This is an example of using a Multiple Choice determinant attribute compensatory decision rule noncompensatory decision rule. decision heuristic. conversion rate.

compensatory decision rule

Which of these is NOT a macroenvironmental factor that directly influences a firm? Multiple choice question. Technology Demographics Competition Culture

competition (immediate environment)

If all the stakeholders at the hospital reached a collective agreement that they would support purchasing a GE X-ray machine, they would be a(n) ________ buying center. Multiple Choice consultative participative democratic autocratic consensus

consensus

B2B marketing involves the process of buying and selling goods or services to be used in the production of other goods and services for Blank______ by the buying organization and/or Blank______ by wholesalers and retailers. Multiple choice question. consumption; consumption resale; resale consumption; resale resale; consumption

consumption; resale

A smartphone manufacturer collaborates with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's Blank______ partner. Multiple choice question. corporate profitable co-branding competitive

corporate

Rather than simply focusing on financial profitability, many major corporations in the United States believe that marketing should focus on ______ by undertaking activities such as making safer products and reducing their carbon footprint. Multiple choice question. total sales return on investment market share corporate citizenry

corporate citicentry

Southwest Airlines is recognized as an industry leader for exemplary customer service and has continued to add new ways to serve customers better than competitors. In doing so, it has focused on sustaining its competitive advantage through ________ excellence. Multiple Choice customer operational sustainable product locational

customer

Modern marketers use Blank______ to focus how they approach their customers and market their products.

data anlysics

When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process? Multiple Choice defining the mission conducting a situation analysis identifying and evaluating opportunities implementing the marketing mix evaluating performance

defining the mission

Darnell considered all sporting goods stores to be roughly equivalent in most ways; however, he considered DICK'S Sporting Goods stores to have an exceptional level of customer service. Customer service, therefore, would be considered a ________ for him in evaluating sporting goods stores. Multiple Choice determinant attribute compensatory decision rule noncompensatory decision rule locus of control retrieval set

determinant attribute

The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called Multiple Choice attribute sets affective components evaluative criteria psychological decision rules situational factors.

evaluative criteria

The collection of all possible alternatives for a decision, even those the buyers would not consider and might not even be aware of, is referred to as the Blank______. Multiple choice question. evaluative criterion retrieval set evoked set universal set

evaluative criterion retrieval set Reason: The retrieval set consists of those brands that can be readily brought forth from memory. evoked set Reason: The evoked set consists of alternatives the buyer would actually consider. universal set

When Ilana was considering different brands of pocketbooks to buy, she could think of only three she would actually consider purchasing. These three brands make up her ________ set. Multiple Choice universal retrieval purchase evoked brand

evoked

A core aspect of marketing involves a(n) , which is a transaction in which things of value are traded by buyers and sellers. (Enter one word in the blank.)

exchange

A company must be able to evaluate an attractive opportunity in relation to its Blank______ competencies. Multiple choice question. desired competitors' existing past

existing

Consumers often use Blank______ problem solving for risky purchase decisions. Multiple choice question. limited habitual extended impulse

extended

A group that sponsors poster contests for children to promote bicycle safety is providing which of the following marketing offerings? Multiple Choice services goods ideas innovations promotions

ideas

Products include goods and services, as well as. which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can. (Remember to type only one word in the blank.)

ideas

Resellers can be thought of as Blank______. Multiple choice question. intermediaries end customers retailers manufacturers

intermediaries

In most country markets, the central government tends to be the Blank______ purchaser of goods and services. Multiple choice question. only largest cheapest most-profitable

largest

According to the elaboration likelihood model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision? Multiple Choice purchase readiness attentional capacity likelihood of purchase the level of involvement the level of elaborate thinking

level of involvement

Which word best describes the social, political, economic, and technological factors with which marketers interact? Multiple choice question. Competition Immediate environment Microeconomy Macroenvironment

macroenvironment

Which word best describes the social, political, economic, and technological factors with which marketers interact? Multiple choice question. Macroenvironment Immediate environment Microeconomy Competition

macroenvironment

A strategy that employs existing products or services to reach new market segments is called Blank______. Multiple choice question. product development market development diversification market penetration

market development

What growth strategy is being used when a company that makes protein bars for long-distance runners starts selling the same bars to busy parents as a quick breakfast? Multiple choice question. Market development Market penetration Diversification Product development

market development

in an attempt to increase sales during a lagging economy, Marvel has expanded its movie offerings to stimulate sales in its current markets. Which growth strategy is Marvel employing? Multiple Choice product development market development market penetration diversification demarketing

market penetration

Which of the following are included in the four major growth strategies? Multiple select question.

market penetration product development market development diversification

Honda marketed its CR-Z hybrid model to a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being uniquely different from other hybrid models. This is an example of which of the following? Multiple Choice mission statement product placement market positioning a situation analysis a strategic business unit

market positioning

Firms consider pursuing various Blank______ as part of their overall growth strategies. Multiple choice question. metrics market segments mission statements portfolio analyses

market segments

A Blank______ is a written document that includes the current marketing situation, specified objectives and strategies, action programs, and projected income statements. Multiple choice question. business plan strategic plan marketing plan financial plan

marketing plan

The ________ addresses how a product will be designed, how much it should cost, how it will be promoted, and how it will get to consumers. Multiple Choice marketing concept competitive advantage marketing plan customer franchise marketing exchange

marketing plan

A Blank______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. Multiple choice question. marketing metric mission statement market statement marketing strategy

marketing strategy

Although Starbucks, Dunkin' Donuts, and McDonald's all strive to provide a good cup of coffee to their respective target markets, the difference in their choice of target market, design of their marketing mix, and the basis of their competitive advantage is directly related to their own Multiple Choice competitive focus consumer franchise market leadership marketing strategy. competitive direction.

marketing strategy

A metric is a Blank______ that quantifies a trend, dynamic, or characteristic. Multiple choice question. product or service promotional plan measuring system marketing plan

measuring system

During the last couple of decades, it has become important for value-oriented marketers to ________ with customers. Multiple Choice move from a transactional orientation to a transitional perspective manage transactions more efficiently reduce the number of transactions to improve relationships move toward a relational orientation from a transactional perspective consider how they can reduce their interactions

move toward a relational orientation from a transactional perspective

When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through ________ excellence. Multiple Choice locational operational product customer strategic

operational

A market Blank______ growth strategy focuses on increasing sales of the firm's current products to its current target markets. Multiple choice question. acquisition management penetration development

penetration

The social influences that affect a consumer's behavior do NOT include Blank______. Multiple choice question. family culture reference groups perceptions

perceptions

Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it? Multiple choice question. Product Price Promotion Place

place

Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to Blank______. Multiple choice question. determine net profitability plan future products and services improve customer-to-customer marketing update human resources policies

plan future products and services

In Blank______ analysis, management evaluates the firm's various products and businesses, then allocates resources according to potential profit outlook. Multiple choice question. contingency portfolio growth options operations

portfolio

Of the four Ps, is whatever the buyer gives up in exchange for the product, including money, time, or energy.

price

Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and through effective branding and positioning, are doing so using Blank______ excellence. Multiple choice question. operational locational product customer

product

One of the main causes for the tire's defect was the lack of a nylon overlay. Ford claims that it asked Firestone to produce the tires with a nylon overlay as well as include materials that would reduce tread separation. These are examples of Multiple Choice derived demand. vendor proposals. product identification. buying situations. product specifications.

product specifications.

A company's Blank______ create(s) value by satisfying customer needs. Multiple choice question.

products, services, or ideas

Marketers use Blank______ to inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response. Multiple choice question.

promotion

During the B2B buying process, a firm will typically invite alternative suppliers to bid on supplying the firm's required components for a product. This stage is called the ______ for proposal process.

request

During the B2B buying process, a firm will typically invite alternative suppliers to bid on supplying the firm's required components for a product. This stage is called the ______for proposal process.

request

In the third stage of the B2B buying process, the firm will invite alternative suppliers to bid on supplying the firm's required components. This is known as the Blank______ process. Multiple choice question. request for proposals request for product specification review for proposals review for product specification

request for proposals

__ are the entire category of marketing intermediaries that move the product further downstream in the channel without significantly altering the form. Multiple choice question. Resellers Wholesalers Manufacturers Retailers

resellers

A local clinic (institution) in need of more Purell antibacterial soap might purchase it from Target, which is a Blank______ of soap, whereas a local high school (institution) in need of more textbooks might buy some from McGraw-Hill, which is a Blank______.

retailer; manufacturer

Product, the first of the four Ps, is responsible for ______. Multiple choice question. communicating promotions delivering ambiance establishing prices satisfying customer need

satisfying customer needs

The external Blank______ environment that influences consumer behavior includes the consumer's family, reference groups, and culture. Multiple choice question. cultural motivational social situational

social

The Goodyear Tire Company is organized by regions: North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. These divisions of Goodyear are called Multiple Choice segments. strategic business units. metrics. portfolios. marketing mixes.

strategic business units.

Multiple Choice Question Value-oriented marketers engage in an ongoing process of balancing Blank______. Multiple choice question. the perceived benefit to customers and the price the efficiency of production and the needs of customers public perception of the corporate ethics and the firm's stewardship supply chain demands and resource availability

the perceived benefit to customers and the price

Organizational Blank______ refers to a set of unspoken guidelines that employees share in various work situations. Multiple choice question. theory culture climate structure

theory Reason: Organizational theory is the study of organizations for the benefit of identifying common themes for problem solving. culture climate Reason: Organizational climate refers to the properties of a work environment. structure Reason: Organizational structure is a hierarchy concept where all levels work toward one goal.

The collection of all possible alternatives for a decision, even those the buyers would not consider and might not even be aware of, is referred to as the Blank______. Multiple choice question. retrieval set universal set evoked set evaluative criterion

universal set