MKT: Test #1

Which of the following customer questions is answered by a company's value proposition?

"Why should I buy your brand rather than a competitor's?"

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

a cosmetic company , whose definition is " we sell hoper and self esteem."

Sigma Inc., a software firm based in California, reordered 50 printers from the designed provider without any modifications. this is an example of

a straight rebuy

Which of the following is the most likely result of the marketing strategy that attempts to serve all potential customers?

not all customers will be satisfied

Which of the following is true of the BCG matrix approach to Business Portfolio Analysis?

it considers market growth rate to be a measure of market attractiveness

Which of the following is true with regard to the product/expansion grid?

it is a useful device for identifying opportunities for a business to increase sales

Which of the following statements is true of the production concept?

it leads to companies focusing too narrowly on their own operations

Each company must divide up the total market, choose the best segments and design marketing mix components for profitably serving chosen segments. This process involves market segmentation, _______________, differentiation and positioning.

market targeting

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as __________________.

market targeting

Which of the following market orientations hold that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

marketing concept

Dan has been directly 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.

microenvironment

In a __________ situation, the "in" suppliers may become nervous and feel pressured to put their best foot forward to protect an account and the "out" suppliers may see the present situation as an opportunity to make a better offer and gain new business>

modified re-buy

Companies that define their missions in terms of products or technologies are considered myopic primarily because________________.

products and technologies eventually become outdated

Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses____________ segmentation for segmenting its market.

psychographic

Mark has long supported a particular brand of footwear and has always bought that brand. Recently, the footwear manufacturer was embroiled in a controversy for using child labor at its manufacturing plants. Marks listens to the news reports, but doubts their accuracy and continues to purchase the same brand of footwear. It is most accurate to say that Mark displays

selective distortion

In which of the following scenarios would high pressure selling tactics be most advantageous for marketers?

selling situations with one time customers

some fast food resturants offer tasty and convient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems

societal marketing concepts

Which of the following is true with regards to a desirable market segment?

A market segment consists of consumers who respond in a similar way to a given set of marketing efforts

_____________ markets buy goods and services for further processing.

Business

What is true about social classes?

People within a social class tend to exhibit similar buying behaviors

The main section of the marketing plan most likely presents a detailed _____________ analysis of the company's current marketing situation.

SWOT

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

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

If a consumer;s drive is strong and a satisfying product is near at hand, the consumer is likely to purchase the product at that time. If not, the consumer may store the need in memory or undertake_________________.

an information search

____________ required finding the major advantage people look for in a product class, the kinds of people who look for each positive aspect of a product and the major brands that deliver it.

benefit segmentation

The success of the Tom Dennis Ford dealership has been built largely on return customers and word of mouth recommendations. The majority of sales are made to customers who previously purchases a vehicle at the dealership or who know someone who had a positive experience of purchasing a vehicle there. The sales force at the Tom Dennis Ford dealership most likely knows that using high pressure selling is ineffective if the dealership wants to ________________.

build long term customer relationships

Which of the following is true about business purchases?

business purchases involve more professional purchasing effort than consumer purchases

According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box?"

buyer's decisions process

When a customer feels uneasy about losing out on the benefits of a brand not purchased, she is likely to experience _____________.

cognitive dissonance

To the extent that a company can differentiate and position itself as providing superior customer values, it gains

competitive advantage

Price&Malone Corp, a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price&Malone caters to a ___________ market.

consumer

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

The marketing team of 7 star Inc., a comapny manufacturing smartphones, is currently studying the size, density, location, age and occupation of its target market. Which of the following environment is being studied in this scenario?

demographic environment

A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as ______________.

differentiated marketing

To increase sales, a women's apparel manufacturer in California recently acquired a Houston based company that manufactures office furniture. This is an example of

diversification

Marketers should understand that people's core beliefs and values tend to be_____________.

fixed

Maslow's theory is that _______ can be arranged in a hierarchy.

human needs

The relationship between the consumer's expectations and the product's _______________ determines whether the buyer is satisfied or dissatisfied with a purchase.

perceived performance

Which of the following is an element of the marketing mix? - esteem - place - education - needs - wants

place

At the most basic level of environmental sustainability, a company can practice

pollution prevention

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as

positioning

Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office -goer, who takes pride in what her or she wears everyday, Apex makes sure you get notices." This exemplifies a

positioning statement

Ross Stuart is a purchasing manager in Texas based manufacturing company. He sources most of the raw materials needed by his company from Kramer Corp. However, Ross is unhappy with Kramer's prices. Additionally, he thinks that the quality of the raw materials supplier by Kramer is substandard. Which of the following stages in the business buying process is Ross' company currently in?

problem recognition

Which of the following is not part of the business market? 1. Airmark sells a vinyl printing press to a manufacturer of plastic storage containers 2. a firm buys laptops from dell for company salespeople to use while traveling 3. a country club buys safety equipment for its swimming pools 4. Kruger Group sells interior security systems to resorts 5. sue shops for her family groceries at the local Wholes foods store

sue shops for her family at the local Wholes food store

Through_______________ companies today are strengthening their connections with all partners throughout their marketing system, from providers of raw materials and components to those involved in their delivery of final goods and services.

supply chain management

Selecting which segments of a market to serve is called___________.

target marketing

Which of the following is a disadvantage of using a differentiated strategy?

the cost of doing business increase

________________ refers to the market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

undifferentiated marketing

A long outstanding charge against marketing intermediaries is that they mark up prices beyond the

value of their services

The selling concept is typically practice _______________.

with goods that buyers normally do not think of buying