MKT 304 Quizzes CH 1-5

When the text states that marketers need to create tools for ongoing, meaningful measurement of marketing productivity, it is referring to the need for __________.

Accountability

A misconception about marketing is that it is ________.

All about selling

NAFTA is a market zone that eliminates tariffs between the United States and ________.

Canada and Mexico

Peter Drucker, the father of modern management, stated that the only purpose of an organization is to ________.

Create a customer

Hannah's alterations business works around the needs of the customer by providing hours of operation that vary throughout the week, including some evening and weekend hours. It could be said that Hannah's business is ___________.

Customer-Centric

The Clean-O company makes a cleanser for the hospital and nursing home market that is guaranteed to kill 99 percent of Staphylococcus germs, a major concern for medical facilities. Unlike other companies, Clean-O is not interested in pursuing the consumer market. In this case, Clean-O has adopted a ________ orientation.

Differentiation

Purpose marketing, or pro-social marketing, as practiced by the well-known Tom's shoe company, ________.

Engages consumers in a meaningful way

Bryan gets reduced fees for his daughter's piano lessons by maintaining her teacher's website. Bryan is practicing the central tenet of marketing called ________.

Exchange

________ is the most common method for entering foreign markets.

Exporting

Customer relationship management (CRM) is designed primarily to ________.

Facilitate higher levels of customer satisfaction

Claire and her mother are both in marketing positions. Claire's job is satisfying to her primarily because it gives her a flexible schedule and pays well so she can take vacations with her friends. Her mother chose a job that provides health benefits and structured work with regular hours. This demonstrates shifts in ___________ that can influence work life versus family life.

Generational values and preferences

________ is one of the most widely used measures of economic growth.

Gross domestic product

In Wiersema's book, The New Market Leaders, he identifies six new market realities. Which of the following is included in the list?

Innovation is universal

Relationship-oriented firms tend to ________.

Keep and cultivate their profitable current customers who are highly satisfied with the firm's offering

Microsoft's revolution of the information field and Disney's creation of the modern theme park industry are classic examples of ________.

Market Creation

________ refers to approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.

Market Creation

________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing

___________ encompasses a societal and professional standard of right and fair practices that are expected of marketing managers in their oversight of strategy formulation, implementation, and control.

Marketing ethics

To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi's clothing website or some company-owned stores and order a pair of jeans that will be made especially for them. Levi's has adopted a ________ orientation approach.

Mass Customization

The concept of engaging in a learning relationship with customers and directing the firm's resources to making each product or service as customized as possible is known as ________.

One-to-one marketing

Starbucks has been successful in developing "ethically sourced" coffee that is socially responsible and environmentally safe. This demonstrates which element of TBL?

Planet

A medieval knight could not go to the armor maker and pick out a size 44 long suit of armor to protect him in battle. Nor could a person living in the middle ages go to the cobbler and get a pair of shoes in a few minutes. This period before the advent of marketing is known as the ________.

Pre-industrial revolution

In the context of the marketing mix, ________ today is largely regarded in relationship to the concept of value.

Price

The 4Ps of marketing refer to ________.

Product, Place, Price, Promotion

Which of the following is NOT a facet of marketing?

Recruiting

A local landscaping company works hard to keep and cultivate profitable current customers instead of constantly investing in gaining new customers that come with unknown return on investment. This company has a ________ orientation.

Relationship

Which of the following action elements is NOT desired for successful Marketing (Big M)?

Remembering the fact that the marketing department is where Marketing (Big M) takes place

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation.

Sales

The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the ________.

Shift in generational values and preferences

Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the ________.

Shift in information power from marketer to customer

Appropriate and effective marketing metrics must be designed to identify, track, evaluate, and provide key benchmarks for improvement. In the context of change drivers affecting the future of marketing, this reflects the ________.

Shift to justifying the relevance and payback of the marketing investment

MERCOSUR is a regional market zone in ________.

South America

Marketing (Big M) is also known as ________ marketing.

Strategic

The core marketing concept characteristics of an organization-wide customer orientation and long-run profits are ________ in nature.

Strategic

Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

Technological factors

For successful Marketing (Big M), all internal organizational practices should be aligned around ________.

The customer

Mary's firm has delayed making a decision on acquiring a new product line because her marketing team members took more than three months to analyze the numbers. Which of the following tips for successful marketing planning experience did the firm fail to use?

Utilize input, but don't become paralyzed by information and analysis.

The marketing management team of Brand Z Toys is looking at the possibility of opening a new plant in one of several developing countries. Before they decide on which country they want to build in, they want to conduct some preliminary research including local population demographics and lifestyle characteristics. However, they have discovered that the governments in several of these countries do not have a department that collects these data and no independent research firm has measured any of these areas. This demonstrates which issue with secondary data in global markets?

accessibility

Goals and objectives should be set ________.

after completion of market research, situation analysis, and competitor analysis

Outdated cell phones used in Europe or Asia have been introduced into the Latin American markets that don't have more updated models. This is an example of ________.

backward invention

Mega-Big Corp. has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and has been extremely profitable for 18 years. The SBU acts as a key source of income for the firm. In the context of the BCG matrix, Mega-Big Corp. is most likely considered a ________.

cash cow

One part of a marketing plan should identify what to do if things go wrong. This section is called ________ planning.

contingency

Which of the following are often described in terms of a separate plan for a worst-case, best-case, and expected-case performance against the forecast?

contingency plans

Which of the following helps avoid scrambling to decide how to adjust marketing strategies when performance against a forecast is higher or lower than expected?

contingency plans

Well-established distributors in a marketing channel often have relationships with competitors. In the context of market channels, which of the following channel strategies corresponds to this issue?

continuity

Most global marketers rely on local distribution networks in foreign markets. This is because it is very expensive to build a company's own distribution network in a foreign market. This issue can be identified in the channel strategy of ________.

control

The process of measuring marketing results and adjusting the marketing plan as needed is called marketing ________.

control

People around the world prefer Swiss watches over watches manufactured in other countries. In the context of product issues, which of the following best describes the customer's perception?

country-of-origin effect

Steve wants to gift a box of chocolates to his best friend. He walks into a store and buys Belgian chocolates because his friend once mentioned that they are the best in the world. This is an example of how consumers respond to ________.

country-of-origin effect

In the context of market channels, the use of local distribution networks to reach target customers is identified in the ________ channel factor.

coverage

The color red means different things in different parts of the world. For example, in China, a bride traditionally would wear red but not white. White is a symbol of death. This would be identified in the ________ section of a global market research report.

cultural, societal trends

Which of the following is an internal source of collecting information for making marketing decisions?

customer orders

The marketing manager of Zenith Corp. is interested in ranking clients on the basis of their profitability, and accesses a database that tells him about the frequency and size of each client's order along with the actual costs per order. This database is part of the ________ system.

customer relationship management (CRM)

The primary organizational patterns employed by organizations around the world are ________.

decentralized, centralized, and regionalized

The marketing manager for Ned's Bar and Grill notices that his typical customer is a male college student. In the context of external information sources, he is using ________ to define his market.

demographics

A technology or high-end industrial product company is most likely to use a(n) ________ in foreign markets because customers expect the expertise of highly-trained, accessible personnel.

direct sales force

Lately the demand for building materials has dropped due to the slowdown in new housing construction. Woods Corp. is thinking of closing its fine wood division that produces mahogany and cherry lumber for building cabinets and other applications. Under the Boston Consulting Group Growth-Share Matrix, the fine wood division would most likely be classified as a ________.

dog

A restaurant's marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct ________ research.

exploratory

The best place in a SWOT analysis to list the availability of credit for a firm seeking to expand through new construction of real estate is ________.

external opportunities

The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of competitive substitute products is ________.

external threats

The best place in a SWOT analysis to identify problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena is ________.

external threats

In the context of situation analysis, which of the following is a category for analysis in the internal environment?

firm resources

Coca-Cola introduced a new product called Diet Coke in Japan. Sales of this product were low in the initial stages because Japanese women associated the word diet with weakness; however, changing the name of the product from Diet Coke to Coke Light proved effective. Which of the following product issues affected the sales of Diet Coke in this scenario?

fitting the product to the culture

Utility created when a firm converts raw materials into finished products that are desired by the market is called ________ utility.

form

Growth, stability, and retrenchment refer to a firm's position relating to its ________ strategy.

generic

When local government relationships are critical to the success of international operations, the best organizational structure for a firm would be ________.

geographic regions

An understanding of marketing beyond home markets develops over time as a company gets more international business experience. This process is referred to as the ________.

global experience learning curve

In the 1930s, companies and consumers began to realize that utilizing resources efficiently and effectively was good for society and beneficial to business. This grew into the ___________ movement.

green

Time Express, a well-established North American delivery service, wants to expand service into Central and South America. According to Igor Ansoff's Product-Market Matrix, this is classified as the ________ strategy.

market development

Everything from brand image, to the message sales people and advertisements deliver, to customer service, to packaging and product features, to the chosen distribution channel exemplify ________.

marketing (little m)

Sean attributes the success of his video game arcade to advertising on the most popular website for gamers. Recently, the website raised ad prices, so Sean has cut his advertising in half. He believes that positive word-of-mouth will be enough now that his game is well established. However, sales are slipping. Of the five primary activities in the value chain, this problem is most likely to occur in ________.

marketing and sales

Many countries restrict marketing to children more severely than in the United States. A firm considering direct foreign investment would report this finding under the heading of ________.

marketing communication barriers

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of ________.

marketing intelligence

Core Market Research is testing how customers react to a proposed advertising campaign for Go Fast Sports Cars. The researchers scan consumers' brains using an fMRI machine while the consumers view a series of advertisements so that they can monitor the blood flow in different areas of the brain. In this case, Core is using ________ for its market research.

mechanical devices

A ________ articulates an organization's reason for existence and defines the unique purpose that sets it apart from competitors and identifies the scope of the company's operations, products, and markets.

mission statement

Delxen Inc., a multinational company, uses the same prices for all its products globally. This type of pricing is called ________.

one world price

Jason went to an automobile dealership to buy a car, and he spent two hours talking to an employee about options. This element of marketing communications is called ________.

personal selling

John, the CEO of Tresnel Inc., learns that the government of one of his company's foreign markets has enacted a new law that limits the amount of profit it can make. He projects that this will result in future losses. If John researches the ________ environment, he can plan a strategy to deal with this situation.

political and legal

Phillippe needs to fire a manager of a French subsidiary of his company. He recently found that French law makes it difficult to terminate employees. This would be identified in the ________ section of a global market research report.

political, legal

Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

political, legal, and ethical

Victor Inc., a producer of headphones used with cell phones and MP3 players, uses contract manufacturing overseas. The firm is concerned that tariffs may be increased. Under which component of situation analysis will an examination of this issue be found?

political, legal, and ethical factors

The marketing manager for Dream Weaver Textiles reads in a trade magazine that the Federal Trade Commission is in the process of revising content labeling requirements for textiles that claim to be natural. In the context of external forces affecting marketing decisions, this represents the ________.

political/legal environment

Coca-Cola changes the taste of its soft drinks to meet local market preferences. This is an example of ________.

product adaptation

Inga, marketing manager at Sunshine, a professional preschool center, thinks the firm should start an after-school program for its current clients. This makes sense as she wants to extend the trusting relationship already established with parents and children. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ strategy.

product development

Bistrone corn canned soup was made expressly for the Japanese market by Coca-Cola Japan. This is an example of ________.

product invention

The text discusses the triple bottom line metric, and outlines an approach to consider the impact of TBL in marketing management. This includes people, planet, and ________.

profit

Which of the following is NOT one of the forces that drives countries to form regional market zones?

religious values

Zenith Homebuilders used to purchase many building lots and erect spec homes (i.e., it gambled that the demand for new houses would be so high that they would sell easily). Since the real estate slowdown, it builds homes only when owners are under contract. In this case, the company is most likely pursuing a generic business strategy of ________.

retrenchment

Which of the following is NOT a major category for analysis in the internal environment?

rivalry among existing firms

The marketing manager of a firm has hired a market research team. Together, the manager and the researchers decide that they need data from current customers and noncustomers who fit a specific demographic and lifestyle profile. In the context of research design activities, the selection of these individuals as targets for data collection represents the ________.

sampling plan

Herbie recently read that Crane Airways of Japan, Kestrel Airlines of Germany, Heron Air of Australia, and Egret Airways of India have code sharing partnership, which allows passengers to fly on any of the airlines, share frequent flyer miles, and give each other logistical support. Herbie had just learned in his Global Marketing class that this arrangement is known as a(n) ________.

strategic alliance

Open Sesame is a chain of Thai restaurants located in the western United States. The marketing manager has discovered that there is a growing demand for Spanish food, and the appetite for Asian food is declining. In the context of SWOT analysis, this information would be included under ________.

threats

Which of the following is most likely to be considered a goal rather than an objective?

to be the leader in one's field

The value of the Japanese yen has fluctuated widely during the 2000s compared to the U.S. dollar. A firm considering direct foreign investment would report this finding under the heading of ________.

transaction costs

Joelle bought a new Coach purse for herself as a birthday present. She had never spent that much on a purse, but decided it was worth it because it was so elegant. This demonstrates how a customer's perception of ________ can influence buying behavior.

value

The marketing manager of Big Wheel Motors notices an increased demand for "green" cars that use less fossil fuel and emit fewer pollutants. Under which of the following external information sources for making marketing decisions will this information be included?

technology transformations

Lin Wai's company, New Home Builders Corp., specializes in designing homes that have wide hallways and walk-in showers that could accommodate the need to use a wheelchair or walker, and other amenities that allow couples to remain in their homes as they age. The company's strong value proposition has allowed it to maintain steady market share in a weak housing market. In the context of SWOT analysis, a discussion of this relative advantage would be included under ________.

strengths

A SWOT analysis of a firm is least likely to ________.

suggest solutions to problems

What can impact the competitive nature of an industry through the ability to raise prices or affect the quality of inbound goods and services?

suppliers

Which of the following is NOT one of the five primary activities in the value chain?

technology procurement