MKT 3050 Exam #1 Practice Questions

Which of the following is a market-oriented mission statement?

"We empower customers to achieve their dreams."

The primary key to delivering customer satisfaction is to match product performance with ________.

Customer expectations

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________.

Customer lifetime value

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty?

Customer relationship management

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.

Customer satisfaction

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.

Demand

The HC Brill Company formulated a heart shaped chocolate chip cookie, packaged in an attractive red heart shaped container specifically for the Harris Teeter Company. Brill as well produced, inventoried and shipped the product to Harris Teeter warehouses in time for Valentine's Day. In this scenario (READ CAREFULLY) Brills marketing strategy created all five utilities.

False

Which of the following strategies would a company most likely use to increase customer satisfaction?

Lowering prices

A (n) ________ is the set of actual and potential buyers of a product or service.

Market

Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept.

Marketing

The market researchers at Honey Camp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________.

Marketing information system

Which of the following marketing management concepts is most likely to lead to marketing myopia?

Product concept

Which of the following is most likely a result of regulations set up by the Food and Drug Administration and the Consumer Product Safety Commission?

Research costs for companies have risen.

MS Azure is a type of SBU that will require heavy investment to finance its rapid growth. What would this be on the BCG matrix?

Stars

The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ________.

Strategic business unit

Which of the following is true with regard to strategic planning?

The focus of strategic planning is to define a game plan for long-run survival and growth.

Which of the following is most likely true with regard to people's views of institutions in contemporary America?

The past two decades have seen a sharp decrease in confidence in and trust in America's "mainstream media organizations.

A company's sustainability initiatives should be a minor component of its marketing mix strategies as the firms profitability are at all times its priority.

True

Aristotle wants to purchase the Amazon Echo Alexa however Aristotle must meet certain financial obligations before doing so. Therefore, Aristotle must prioritize his purchase decision-making as his disposable income must first be allocated to meet his financial obligations.

True

The marketing plan HC Brill designed for the Valentine's Day holiday (as discussed in class) incorporated the following marketing mix strategies...product, price and promotion.

True

The economic environment consists of economic factors that affect ________.

Consumer purchasing power

In a SWOT analysis, which of the following would be considered a strength?

Internal core competencies

Which of the following is true with regard to cash cows?

They can be used to help finance the company's question marks and stars.

A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________.

A club marketing program

Which of the following companies has a market-oriented business definition?

A cosmetic company, whose business definition is: "We market hope and self-esteem."

Amazon provides consumers with an excellent web based purchasing experience based on the products provided, promotional interface (prime membership, reviews, products specs, etc.,), attractive pricing, shipping options and a web portal that is easily navigated. The marketing mix strategies Amazon incorporates has created which one or all of the following utilities?

All the above

At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.

Capturing customer lifetime value

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales are donated to local after-school programs for underprivileged youth. This is an example of ________.

Cause-related marketing

The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?

Competitive marketing intelligence

Kao Corp., a deodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.

Consumer-generated marketing

Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth?

Descriptive research

Which of the following is the first step of business portfolio planning?

Determining which businesses should receive more, less, or no investment

H-P Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________.

Diversification

Juanita Petino, a nutritionist, decided to test the effects of two breakfast cereals, Kinglo and Loopy, on different consumer groups. For the purpose of her study, she divided 20 volunteers into two groups and asked the members of one group to have Kinglo cereal and the members of the other group to have Loopy cereal for breakfast. She decided to compare the responses of the volunteers after a week to gain deeper insights into consumer attitude. In this instance, Juanita is using ________.

Experimental research

Soon-Yi Park's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the LEAST effective component of a marketing plan for Soon-Yi to take advantage of this opportunity?

Implement a mass marketing campaign

Jessica, a senior marketing manager of a chain of pizzeria's in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________.

Internal databases

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.

Market development

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy.

Market development

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

Market penetration

Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a ________.

Marketing intermediary

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.

Micro environment

Which of the following generational groups is most comfortable with digital technology and embraces that technology?

Millennials

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________.

Question mark

The ________ prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce.

Sherman Antitrust Act