Marketing test 1
Of the following, which best reflects how the American population has changed over time?
It has become more diverse, better educated, and more mobile.
Which of the following is a valid concern when it comes to the four Ps concept?
It may omit or underemphasize certain important activities.
Jill Parker owns 2,000 acres of ranchland in Iowa. Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing environment, she asks you what she should do. Which of the following is the BEST advice?
Jill should focus on the business market and license the natural gas rights.
Why is good marketing management critical?
To ensure that the company serves as many customers as it can and as well as it can
What is the purpose of the marketing mix as part of the overall marketing strategy?
To produce a response that influences a demand for the product from the customers the company is targeting
All of the following are aspects of sustainable marketing EXCEPT which one?
Observe environmental legislation as it is instituted.
________ includes practices such as falsely advertising "factory" or "wholesale" prices or a large price reduction from a phony high retail list price.
deceptive pricing
Practices such as misrepresenting the product's features or performance or luring customers to the store for a bargain that is out of stock are considered ____________________.
deceptive promotion
When a company starts the strategic planning process at the corporate level, it begins by _____________________________.
defining its overall purpose and mission
Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the claims, the restaurant called in a company to test not only its veggie burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the restaurant's Facebook page. What BEST describes Beverly's Burgers' response to the allegations?
proactive
The second purpose of government regulation is to _____________________.
protect consumers from unfair business practices
________ marketing means that the company should view and organize its marketing activities from the consumer's point of view.
consumer-oriented
Which of the following is NOT a step in the strategic planning process?
Set revenue and financial goals
Which of the following is NOT part of an overall SWOT analysis evaluation of a company?
strategy
What is the importance of selling and advertising in marketing?
They work in tandem with building customer relationships
What is MOST likely to cause a variation in customer-perceived value?
The customer's opinion of what constitutes value
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?
Product concept
What are the four Ps of the marketing mix?
Promotion product place price
________ refers to striving for good faith and fair dealing so as to contribute toward the efficacy of the exchange process as well as avoiding deception in product design, pricing, communication, and delivery or distribution.
"foster trust in the marketing system"
Scott Frost has been coming to Aldwin's Diner for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwin's, loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the following?
Barnacle
Which of the following is enhancing how marketers learn about and interact with customers?
Big data and marketing analytics
How do the individual components of a SWOT analysis work together to determine the status of a company?
By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche productlong dashpremium, organic dog and cat foodlong dashand contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?
Create a promotion strategy to increase customer awareness
Criticism has been leveled at marketing for negative impact on other businesses. Of the following, which does NOT fall within those criticisms?
Creating false wants and too much materialism
Which of the following is at the center of marketing strategy and programs?
Customer engagement, value, and relationships
Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do?
Determine who in the community wants or needs a jump rope
Which of the following describes the current trend in businesses regarding relationships with customers?
Hand-pick the most profitable customers and allow them more input.
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products
A value chain consists of which of the following?
Internal departments and other companies that carry out value-creating activities
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand.
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family?
Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
The ultimate goal of the marketing process is to do which of the following?
Receive value from customers
What is the ultimate aim of customer relationship management?
To produce high customer equity
What is the main problem that sellers suffering from marketing myopia face?
They focus more on products than on customer's underlying need
Because of deceptive acts or practices by companies, Congress has enacted legislation designed to protect consumers. Which of the following was enacted to protect consumers against deceptive acts or practices?
Wheeler-Lea Act of 1938
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
an exchange
Through sustainable marketing, both businesses and consumers ___________________.
are both called to more responsible actions
Which of the following generational groups represents one of the most powerful forces shaping the marketing environment?
baby boomers
According to the sustainable marketing concept, a company's marketing objectives should support the ___________________________.
best long-run performance of the marketing system
To exercise social responsibility, many companies are linking themselves to what type of marketing?
cause related
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ (lesbian/gay/bisexual/transgender/queer) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze?
cultural
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?
customer equity
According to the principle of ________ marketing, the company should put most of its resources into customer value-building marketing investments.
customer value
Which of the following types of marketing calls for building long-run consumer engagement, loyalty, and relationships?
customer value marketing
Which of the following means striving for building relationships and enhancing consumer confidence in the integrity of marketing by affirming these core values: honesty, responsibility, fairness, respect, transparency, and citizenship?
embrace ethical values
Which of the following describes an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's current and future living environment?
environmentalism
__________________ is a group numbering 55 million or more consumers and sometimes is an overlooked "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition.
generation X
Which generational group seamlessly blends online and offline worlds as they socialize and shop?
generation Z
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following?
growth-share matrix
In analyzing a company's current business portfolio, what is management's first step?
identify strategic business units
After creating a company's mission and objectives, the executive team must then plan ____________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
its business portfolio
The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?
macroenvironment
A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging in?
market exchange
A marketing dashboard is used to do which of the following?
monitor strategic marketing performance
The difference between the marketing concept and the sustainable marketing concept is that the marketing concept ___________________________.
recognizes that companies thrive by fulfilling the day-to-day needs of customers
________ products have low immediate appeal but might benefit consumers in the long runlong dashfor instance, bicycle helmets or some insurance products.
salutary
A company's marketing should support the five sustainable marketing principles. Of the following, which is NOT among those principles?
salutary marketing
_________________marketing means that the company should define its mission in broad social terms rather than narrow product terms.
sense-of-mission
Sustainable marketing should be guided by five sustainable marketing principles. Of the following, which is NOT one of those principles?
strategic marketing
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as ________.
the marketing mix
Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention?
the natural environment
Why is marketing return on investment (ROI) so difficult to measure?
there is no consistent definition
Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial situation?
works out a plan with its financial intermediaries
What are stars in the growth-share matrix?
High-growth, high-share businesses or products
Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The owner of Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Tina's Tunes?
Tina's Tunes is likely to fail because it is ignoring the technological environment.
The major cultural values of a society are expressed by people's views of ____________________.
themselves, others, organizations, society, nature, and the universe
Which of the following identifies a change in the technological environment that could affect the success of a business?
A company develops a new battery that lasts twice as long as its predecessor.
Exaggerating package contents through subtle design, using misleading labeling, or describing size in misleading terms is known as ____________________.
deceptive packaging
The group of factors that affect consumers' purchasing power and spending patterns is called the _________________.
economic environment
The principle of ________ marketing requires that a company continuously seek real product and marketing improvements.
innovative
__________ products give high immediate satisfaction but might hurt consumers in the long run.
pleasing
Which of the following is NOT one of the marketing management functions?
promoting
The purpose of business legislation is primarily based on ________.
protecting companies from each other
Which of the following scenarios BEST describes the societal marketing concept?
Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
Which of the following is included in the American Marketing Association's (AMA) Code of Ethics and stresses consciously avoiding harmful actions or omissions by embodying high ethical standards and adhering to all applicable laws and regulations in the choices we make?
do no harm
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one productlong dashblue jeanslong dashbut it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation?
market management organization
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________.
market segment
Which of the following is a type of marketing that calls for meeting the present needs of consumers and businesses while preserving or enhancing the ability of future generations to meet their needs?
sustainable marketing
When a company chooses a group of customers to serve, it is engaging in which of the following?
target marketing
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?
technological
How does the new concept of marketing differ from the old concept of marketing ("telling and selling")?
the new concept focuses on customer needs
Which of the following states that managers must look beyond what is legal and allowable and develop standards based on personal integrity, corporate conscience, and long-term consumer welfare?
the sustainable marketing concept
To be successful, why should companies try to adopt a proactive stance on marketing?
A proactive stance allows a company to take advantage of opportunities as they arise.
How has the internet MOST affected companies and customers?
The internet has allowed consumers to take marketing content and share it.
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers.
value delivery network
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive company?
A local restaurant refusing to counter false allegations of salmonella
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?
Examine how well each group performs its work of adding customer value.
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
Frequency marketing program
The goal of a market development growth strategy is to do which of the following?
Identify and develop new markets for current products of a company's market
Vaughn's Video has suffered because more people are subscribing to online streaming sites such as Netflix, YouTube, iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected Vaughn's Video?
Not-for-profit marketing
Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation?
Should Jantel, Inc. Follow a product or marketing concept
There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes?
Strong emphasis on free trade and open borders
Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want new-style organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation?
Target a new market with a different product.
Using the BCG growth-share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company?
The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.
How does the microenvironment of a company differ from its macroenvironment?
The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?
We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
The third purpose of government regulation is to _____________________.
protect the interests of society against unrestrained business practices
Which of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?
strategic planning
Companies embracing environmental sustainability policies develop strategies to implement them. The strategies include which of the following two components?
sustain the environment and produce profits for the company