MKT Txtbook quizzes 1, 2, & 4

Which of the following statements is true of the external marketing environment? a. A marketing mix should not involve any further changes once it has been prepared. b. A target market is determined from a preestablished marketing mix. c. A marketing mix is designed to appeal to a specific group of potential buyers. d. A target market is shaped without considering consumer preferences.

c. A marketing mix is designed to appeal to a specific group of potential buyers.

In the context of ethnic markets in the United States, which of the following statements is true? a. One marketing mix can be adopted to cater to the needs of ethnic markets. b. The American demographic profile is witnessing minimal change. c. By 2050, around one in three U.S. residents will be of Hispanic descent. d. Ten percent of the Hispanic population in the United States is of Mexican descent.

c. By 2050, around one in three U.S. residents will be of Hispanic descent.

In the context of economic factors, which of the following statements is true of disposable income? a. It increases when inflation rates increase. b. It rarely affects the quality of an individual's lifestyle. c. It refers to the income available after paying taxes. d. It refers to the income that is spent on living expenses.

c. It refers to the income available after paying taxes.

In the context of Ansoff's strategic opportunity matrix, which of the following statements is true of the market penetration alternative? a. It decreases product quality to offer products at low prices. b. It creates new uses for old products manufactured by an organization. c. It tries increase market share among existing customers. d. It is riskier than other alternatives in Ansoff's strategic opportunity matrix.

c. It tries increase market share among existing customers.

_____ is the most critical element in successful strategic planning. a. Continual attention b. Creativity c. Management commitment d. Strategic dissonance

c. Management commitment

_____ refers to the description and estimation of the size and sales potential of market segments that are of interest to a firm and the assessment of key competitors in these market segments. a. Marketing brief b. Perceptual mapping analysis c. Market opportunity analysis d. Mission statement

c. Market opportunity analysis

_____ delivers relevant experiences throughout a consumer's decision and buying process that are integrated across both physical and virtual environments. a. Product marketing b. Premium marketing c. On-demand marketing d. Societal marketing

c. On-demand marketing

_____, an American value that strongly influences attitudes and lifestyles, states that every person should stand on his or her own feet. a. Achievement orientation b. Upward mobility c. Self-sufficiency d. Individualism

c. Self-sufficiency

_____ is perhaps the most difficult external variable for marketing managers to forecast, influence, or integrate into marketing plans. a. Machinery b. Human resource c. Social change d. Demography

c. Social change

Which of the following statements refers to the target market strategy? a. Objectives can be inconsistent as long as they summarize the target market strategy. b. Target markets should not be selected by appealing to multiple market segments. c. Target markets can be selected by appealing to the entire market with one marketing mix. d. Managers should develop target market objectives that exceed the company's ability to achieve them.

c. Target markets can be selected by appealing to the entire market with one marketing mix.

In the context of competitive factors in the external business environment, which of the following statements is true? a. Competition is irrelevant to businesses in the field of technology. b. Global competition has been decreasing drastically. c. The availability of resources for businesses has declined. d. Marketers are now required to concentrate only on domestic competitors.

c. The availability of resources for businesses has declined.

Which of the following statements is true of production-oriented firms? a. These firms fail in a market where demand exceeds supply. b. These firms predominantly focus on the needs of customers. c. These firms survive and prosper where competition is weak. d. These firms consider whether the goods produced meet the needs of the marketplace.

c. These firms survive and prosper where competition is weak.

Which of the following statements is true regarding companies engaged in relationship marketing? a. They are focused on increasing sales volume. b. They are focused on attracting new customers. c. They are focused on improving rapport with current customers. d. They are focused on developing a competitive advantage.

c. They are focused on improving rapport with current customers.

In the context of on-demand marketing, which of the following statements is true of market-oriented firms? a. They emphasize on convincing potential customers to buy unwanted products. b. They emphasize on closing a deal rather than developing a long-term customer relationship. c. They seek to make a profit by creating customer value and customer satisfaction. d. They lay minimum emphasis on customer relationship management.

c. They seek to make a profit by creating customer value and customer satisfaction.

Nutty Chunk is a well-known chocolate brand. Before developing the details of the marketing plan, the managers of the company need to frame the marketing objective. In this case, which of the following can be considered a strong marketing objective? a. To make the best Nutty Chunk bars possible and invest heavily in various promotional strategies b. To increase the sales of Nutty Chunk bars to $100 million c. To increase the sales of Nutty Chunk bars by 5 percent compared to the previous year's sales within a year d. To increase the market share of Nutty Chunk bars

c. To increase the sales of Nutty Chunk bars by 5 percent compared to the previous year's sales within a year

Which of the following can help businesses maintain their market share and profit margins? a. Refraining from adopting new technologies b. Focusing on increasing overhead costs c. Working hard despite growing challenges d. Focusing on pricing and not product quality

c. Working hard despite growing challenges

According to Ansoff's strategic opportunity matrix, a product development strategy entails a. attracting present customers to existing products. b. introducing new products to new markets. c. creating new products for present markets. d. attracting new customers to existing products.

c. creating new products for present markets.

A company that produces running shoes specifically for customers with low arches, utilizes a market-orientation approach and likely: a. defines its business in terms of the goods and services it offers. b. uses personal selling as a primary means of generating sales. c. employs customer relationship management strategies. d. focuses on selling what the company makes rather than making what the market wants.

c. employs customer relationship management strategies.

Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan is called: a. competitive advantage. b. SWOT analysis. c. environmental scanning. d. cost competitive advantage

c. environmental scanning.

The _____ states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives. a. promotion orientation philosophy b. production orientation philosophy c. marketing concept d. sales concept

c. marketing concept

The _____ is the idea that an organization exists not only to satisfy customer wants and needs but also to preserve individuals' long-term best interests. a. sales orientation b. production orientation c. societal marketing orientation d. promotional orientation

c. societal marketing orientation

Large companies may manage a number of very different businesses called _____. a. business clusters b. focus groups c. strategic business units d. strategic business alliances

c. strategic business units

Which of the following statements is true of a mission statement of an organization? a. A firm's mission statement does not establish perimeters for organizational strategies. b. A firm's mission statement establishes boundaries for only the objectives being set. c. A mission statement should concentrate on the goods or services offered by the organization. d. A mission statement should focus on the markets the organization is attempting to serve

d. A mission statement should focus on the markets the organization is attempting to serve

Which of the following is a critical component of a market orientation? a. An assessment to decide what a firm can produce easily irrespective of customer needs b. An aggressive promotional strategy that might help save a bad product c. An aggressive sales force that can reliably improve a company's sales d. An understanding of competitors' strengths and weaknesses

d. An understanding of competitors' strengths and weaknesses

In the context of populations, which of the following is a similarity between tweens and teens? a. Both populations are massive in size compared to other populations. b. Both populations believe that price and quality are very important when making purchase decisions. c. Both populations give priority to saving money. d. Both populations have high spending power

d. Both populations have high spending power

__________ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. a. Marketing audit b. Evaluation c. Implementation d. Control

d. Control

Which of the following is a reason for firms to adopt a societal marketing orientation? a. The urge to earn more profits b. The increased use of green marketing c. Low profits from sustainable development d. Growing environmental concerns

d. Growing environmental concerns

Which of the following strategies can help businesses foster innovation? a. Using micromanagement techniques b. Curbing research activities c. Telling employees that they must fear innovation failure d. Hiring employees with high risk tolerance

d. Hiring employees with high risk tolerance

_____ is the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives. a. Promotion b. Segmentation c. Diversification d. Implementation

d. Implementation

Which of the following statements is true of a strategic business unit (SBU)? a. It does not have competitors in its market. b. Its plans are dependent on other SBUs. c. It has a generic mission and universal target market. d. It has control over its resources.

d. It has control over its resources.

Which of the following statements is correct about a niche strategy? a. It aims at being the low-cost competitor in an industry. b. It removes frills and options from a product or service. c. It is opted in a market segment that has low-growth potential. d. It is suitable for small companies with limited resources.

d. It is suitable for small companies with limited resources.

Shelby is looking to purchase a new car. She knows from her marketing class, that she should research the different models she is interested in and evaluate the alternatives before making such a large purchase. This demonstrates which reason to study marketing? a. Marketing plays an important role in society b. Marketing offers outstanding career opportunities c. Marketing is important to businesses d. Marketing is part of everyday life

d. Marketing is part of everyday life

Which of the following indicates the focus of a production-oriented firm? a. Aggressive sales techniques b. Enhancing individuals' and society's long-term best interests c. The needs and wants of the customers d. The internal capabilities of the firm

d. The internal capabilities of the firm

Which of the following statements is true of target markets? a. They should not be outside the country of a firm's headquarters. b. They are not to be differentiated by ethnicity or culture. c. They only appeal to multiple market segments. d. They should be assessed based on demographics.

d. They should be assessed based on demographics.

The goal of strategic planning is to a. describe and define the structure of a business. b. create daily operational schedules for first-line workers. c. create major change in the external environment. d. achieve long-run profitability and growth

d. achieve long-run profitability and growth

Aphroditera Inc., a company that manufactures beauty products, follows the philosophy of sales orientation. In this case, the workforce of Aphroditera Inc. is likely to a. put extensive efforts in customer relationship management. b. refrain from aggressive marketing and promotional measures. c. focus on determining the needs of its customers and designing a sales strategy accordingly. d. be inward looking, focusing on selling what the firm makes.

d. be inward looking, focusing on selling what the firm makes.

Having a _____ means to be an inexpensive competitor in an industry while maintaining satisfactory profit margins. a. product differentiation competitive advantage b. mass competitive advantage c. niche competitive advantage d. cost competitive advantage

d. cost competitive advantage

When a business asks "What business are we in?" they are: a. determining how many SBUs to create. b. conducting an environmental analysis. c. writing a marketing plan. d. defining their business mission.

d. defining their business mission

A marketing concept includes a. prioritizing a firm's short-term sales goals over its long-term goals. b. emphasizing internal production capabilities over customer needs. c. stressing the use of aggressive promotional strategies to sell products. d. distinguishing a firm's products from its competitors' offerings

d. distinguishing a firm's products from its competitors' offerings

Strategic planning: a. requires managers to set short-term goals to increase market share. b. involves integrating all of the promotional and marketing tools the firm plans to use to market their products and services. c. evaluates a firm's marketing activities and strategies using metrics and compares results with the goals or standards set for the market activities. d. is the process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

d. is the process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

Widget Corp. has launched a new range of smart bulbs with enhanced features. Before developing the product, Widget Corp. conducted a thorough research about customer requirements. The company also studied the quality of its competitors' smart bulbs. Based on these insights, we can conclude that Widget Corp. designed smart bulbs that it feels can be clearly distinguished from other brands. Widget Corp. most likely has a _____. a. sales orientation b. production orientation c. promotional orientation d. market orientation

d. market orientation

To increase sales of its low-fat pizzas in its established market, Dietizza is offering discounts on all its pizzas. According to Ansoff's strategic opportunity matrix, Dietizza has adopted the _____ alternative. a. product diversification b. market development c. divestment d. market penetration

d. market penetration

The term _____ is defined as 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. a. divesting b. self-dealing c. investing d. marketing

d. marketing

Jalot Communications Inc. conducted a thorough study to identify customer groups that need to be targeted. It came up with a detailed profile of the market and is now focusing on creating an appropriate combination of product, place, promotion, and pricing. In this scenario, Jalot Communications Inc. is working on its _____. a. portfolio matrix b. divestment strategy c. mission statement d. marketing strategy

d. marketing strategy

The _____ classifies each strategic business unit (SBU) by its present or forecast growth and market share. a. opportunity matrix b. SWOT analysis model c. General Electric model d. portfolio matrix

d. portfolio matrix

Powell Motors, an automobile manufacturing company, spent considerable time, effort, and money in developing a fiber-reinforced dashboard for its cars without researching customer needs. Because of the new feature, the cars manufactured by Powell Motors are priced higher than other companies' cars belonging to the same segment. The company has introduced its cars in the market with the hope that customers would like this type of dashboard and buy them despite the high price. In this scenario, Powell Motors has adopted a _____. a. societal marketing orientation b. sales orientation c. market orientation d. production orientation

d. production orientation

In the context of marketing management philosophies, a sales orientation aims at a. understanding the needs and wants of the marketplace. b. integrating all organizational activities to satisfy customer wants. c. assessing the internal capabilities of a firm. d. pushing manufacturers' products more aggressively to achieve high profits.

d. pushing manufacturers' products more aggressively to achieve high profits.

on-demand marketing

delivers relevant experiences throughout the consumer's decision and buying process that are integrated across both physical and virtual environments

Achieving a Market Orientation

-Obtain information about customers, competitors, and markets -Examine the information from a total business perspective -Determine how to deliver superior customer value -Implement actions to provide value to customers

Studying marketing is important because: a. it allows students to become better informed citizens. b. marketers earn higher salaries than other business areas. c. marketing contributes directly to a company's profits and growth. d. regardless of your major, it is important to have a basic understanding of all business areas.

a, c, d

Mathew purchased a new cell phone. As per the manual, the battery should be charged for at least 3 hours before its first use. After just 1 hour of charging, the phone exploded. The explosion was due to a problem with the battery. In this case, Mathew can lodge a complaint with the _____ against the cell phone company. a. Consumer Product Safety Commission b. Federal Trade Commission c. Department of Trade d. Consumer Protection Commission

a. Consumer Product Safety Commission

he sole purpose of the _____ is to protect the health and safety of consumers in and around their homes. a. Consumer Product Safety Commission b. Patient Protection and Affordable Care Act c. Consumer Privacy Protection Act d. Human Rights Commission

a. Consumer Product Safety Commission

LG, a South Korean electronics company, has four divisions: Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components. In order for each of these divisions to be considered strategic business units, which of the following must be true? a. Each division plans independently of the others. b. The divisions share the same competitors. c. LG corporate determines resources allotted to each division. d. They share a single mission and target the same consumers. Hide Feedback

a. Each division plans independently of the others.

The _____ is a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce. a. Federal Trade Commission b. U.S. Securities and Exchange Commission c. Federal Trade and Development Agency d. Consumer Financial Protection Bureau

a. Federal Trade Commission

_____ was the first generation of latchkey children—products of dual-career households or, in roughly half of the cases, of divorced or separated parents. a. Generation X b. Generation Y c. Generation Z d. Baby Boom generation

a. Generation X

Which of the following statements is true of a market-oriented organization? a. It develops programs that bring about mutually satisfying exchanges between selective groups. b. It always offers customers everything that they want. c. It assumes that all customers want the same features and benefits. d. It seeks to achieve profitability through sales volume, convincing potential customers to buy

a. It develops programs that bring about mutually satisfying exchanges between selective groups.

In the context of the marketing mix, which of the following statements is true of promotion? a. It includes advertising, public relations, and personal selling. b. It ensures that products arrive in usable condition at designated places when needed. c. It encompasses pricing strategies for the products that are promoted. d. It works independently of the other Ps of the marketing mix.

a. It includes advertising, public relations, and personal selling.

Which of the following statements is true of a competitive advantage based on product/service differentiation? a. It is relatively longer lasting than cost competitive advantages. b. It serves only a limited geographic market that is not crucial to other competitors. c. It can be achieved by increasing production costs. d. It is the only viable option for small companies with limited resources. Hide Feedback

a. It is relatively longer lasting than cost competitive advantages.

Which of the following statements is true of a market opportunity analysis? a. It is used to identify the market segments a company needs to focus on. b. It excludes information about competitors operating in the market. c. It is limited to analyzing the pricing strategies of a company. d. It provides an assessment of the internal environment of a firm.

a. It is used to identify the market segments a company needs to focus on.

In the context of a sales orientation, which of the following statements is true of marketing? a. Marketing is concerned with selling things and collecting money. b. Marketing is concerned with achieving customer satisfaction using minimal advertising. c. Marketing is concerned with focusing on customer relationship management. d. Marketing is concerned with customer wants and needs while meeting organizational objectives.

a. Marketing is concerned with selling things and collecting money.

Which of the following factors leads to a product/service differentiation competitive advantage? a. Providing product with uniqueness b. Removing frills from products and services c. Providing low-quality products d. Incurring high overhead costs

a. Providing product with uniqueness

_____ is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas. a. Purchasing power b. Disposable income c. Household debt d. Final consumption expenditure

a. Purchasing power

Which of the following statements is true of the Hispanic Millennials in the United States? a. They embrace parts of their culture, yet they also look forward to being successful in business. b. They use English as a common language instead of Spanish for their everyday activities. c. They adopt a monolingual approach to media consumption. d. They are unwilling to accept future family obligations and the difficulties of supporting parents

a. They embrace parts of their culture, yet they also look forward to being successful in business.

Which of the following statements is true of Asian Americans? a. They have the highest average family income of all groups. b. They are less educated compared to all other groups. c. Their population is declining. d. They are older than all other ethnic groups.

a. They have the highest average family income of all groups.

Which of the following statements is true of strategic business units (SBUs)? a. They require their own strategies and funding. b. They do not have control over their own resources. c. They lack specific target markets. d. They are devoid of distinct missions.

a. They require their own strategies and funding.

Which of the following statements is true of marketing objectives? a. They should be realistic. b. They should not be compared to a benchmark. c. They should not be measurable. d. They should encompass a larger marketing strategy.

a. They should be realistic.

Identify a true statement about sales-oriented firms. a. They target their products at "everybody" or the "average customer." b. They target their products to specific groups of people. c. They recognize that different customer groups want different features or benefits. d. They recognize the role of employee training in customer service and relationship building.

a. They target their products at "everybody" or the "average customer." - a market orientation aims at specific groups of people

The customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations is called _____. a. customer satisfaction b. customer empowerment c. customer engagement d. customer value

a. customer satisfaction

The relationship between the benefits a consumer receives from a product or service and what they give up to obtain those benefits is known as: a. customer value. b. an exchange. c. sacrifice. d. customer satisfaction.

a. customer value.

A company that suffers from marketing myopia: a. defined their business in terms of goods and services rather than in terms of the benefits customers seek. b. creates a single product targeted to a single market. c. has both low market attractiveness and low business position as illustrated by the GE model. d. expects to see an increase in profits immediately after pursing a strategic alternative, rather than after increasing their market share.

a. defined their business in terms of goods and services rather than in terms of the benefits customers seek.

Unlike Hispanic Gen Xers, Hispanic Millennials tend to be a. more open-minded about relationships than their parents. b. lax about pursuing rewarding careers and business ventures. c. more concerned about themselves than their families. d. uninfluenced by their cultural heritage and familial roots.

a. more open-minded about relationships than their parents.

If a target market is international, _____. a. political structures affecting the market plan should be described b. psychographics of the target market need not be assessed c. marketing mix should be independent of cultural influences d. it should be approached with a marketing mix similar to the local culture

a. political structures affecting the market plan should be described

In the context of the marketing mix, _____ is often the most flexible of the four Ps—the quickest element to change. a. price b. place c. product d. promotion

a. price

Which of the following are true of marketing? Check all that apply. a. It focuses solely on selling the goods, services, or ideas that the company produces. b. It entails processes that focus on delivering value and benefits to customers. c. It is a philosophy or perspective that stresses customer satisfaction. d. It involves building long-term, mutually beneficial relationships

b, c, d

Which of the following statements is a difference between a production orientation and a sales orientation? a. A production orientation endorses marketing as a means of selling things and collecting money, while a sales orientation endorses marketing as a means of fulfilling a firm's short-term goals. b. A production orientation focuses on the internal capabilities of a firm, while a sales orientation focuses on increasing a firm's profits by using aggressive advertisements. c. A production orientation focuses on using aggressive techniques to gain customers, while a sales orientation focuses on a firm's resources to build a better product. d. A production orientation displays a lack of understanding of the marketplace, while a sales orientation has a good understanding of the needs and wants of the marketplace.

b. A production orientation focuses on the internal capabilities of a firm, while a sales orientation focuses on increasing a firm's profits by using aggressive advertisements

n order to stimulate innovation, Harlose Inc. allows its researchers to devote 2-3 hours of their normal work schedule to pursue their own ideas and projects. Which of the following approaches is the company using in this case to stimulate innovation? a. Using Web enlisting b. Catering to entrepreneurs c. Using basic research d. Allowing self-dealing

b. Catering to entrepreneurs

The _____ is aimed primarily at children's products, which are defined as those used by individuals 12 years old or younger. a. Human Rights Commission b. Consumer Product Safety Improvement Act c. Sarbanes-Oxley Act d. Sherman Commission

b. Consumer Product Safety Improvement Act

____ are people born between 1979 and 1994. a. The Baby Boomer generation b. Generation Y c. The silent generation d. Generation X

b. Generation Y

Which of the following statements is true of cost leadership in the context of cost competitive advantage? a. It results from providing unique and valuable products to buyers at lower costs. b. It results from controlling overhead costs and avoiding marginal customers. c. It is obtained by introducing frills and options to a product or service. d. It is obtained by effectively serving a single segment of the market.

b. It results from controlling overhead costs and avoiding marginal customers.

Who among the following has the highest purchasing power? a. Stacy, whose monthly income and cost of living are $5500 and $4200, respectively. b. James, whose monthly income and cost of living are $3000 and $1500, respectively. c. Martha, whose monthly income and cost of living are $4000 and $2700, respectively. d. Peter, whose monthly income and cost of living are $5000 and $3800, respectively.

b. James, whose monthly income and cost of living are $3000 and $1500, respectively.

Which of the following statements is a difference between market-oriented personnel and sales-oriented personnel? a. Market-oriented personnel focus on the production of goods and services, while sales-oriented personnel focus on the benefits of the products its customers seek. b. Market-oriented personnel tend to have an external focus, while sales-oriented personnel tend to be inward looking. c. Market-oriented personnel are occupied with organizational needs, while sales-oriented personnel keep their focus on customers. d. Market-oriented personnel target its products to everybody, while sales-oriented personnel target its products to specific groups of people.

b. Market-oriented personnel tend to have an external focus, while sales-oriented personnel tend to be inward looking.

_____ is the managerial process of creating and maintaining a fit between an organization's objectives and resources and the evolving market opportunities. a. Divesting b. Strategic planning c. Market planning d. Business strategy

b. Strategic planning

Which of the following is the definition of marketing? a. The process of communicating through various print and online media in order to notify the public about a firm's goods and services. b. 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. c. The practice of persuading or seeking to persuade a consumer or organization to purchase a product or service. d. The methods employed by a firm to demonstrate to consumers a product or service's value=

b. 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.

Which of the following statements is true of firms that adopt marketing concepts? a. They believe that good promotion and advertising strategies can save a bad product. b. They focus on integrating all the organization's activities to satisfy customer wants. c. They believe that price is the most important variable for customers to buy a product. d. They focus on aggressive marketing strategies assuming that customers will buy products they do not need.

b. They focus on integrating all the organization's activities to satisfy customer wants.

In the context of on-demand marketing, which of the following statements is true of sales-oriented businesses? a. They make a profit by creating customer value and providing customer satisfaction. b. They try to convince potential customers to buy, even if the customer and product are mismatched. c. They recognize that different customer groups want different features or benefits. d. They place high premium on developing a long-term relationship with the customer.

b. They try to convince potential customers to buy, even if the customer and product are mismatched.

In an attempt to re-establish a prominent market dominance, Merith Vern, a goods transportation company, performed a study of its current and potential environment in which its service would be marketed. In this scenario, Merith Vern has most likely used _____ in an attempt to re-establish the prominence of its service in the market. a. a mission statement b. a SWOT analysis c. the General Electric model d. Ansoff's strategic opportunity matrix

b. a SWOT analysis

When someone gives up something in order to receive something else they would rather have, it is called: a. a substitute. b. an exchange. c. a transaction. d. a purchase.

b. an exchange.

African Americans in the United States a. are inclined to spend less on groceries and hair care products as compared to other cohorts. b. are more likely to patronize convenience, drug, and dollar stores than other groups. c. comprise the largest percentage of population among different minority groups in the United States. d. acculturate into mainstream America forgetting their cultural heritage

b. are more likely to patronize convenience, drug, and dollar stores than other groups.

Asian Americans are sometimes called a marketer's dream because they a. tend to spend more on groceries and hair care products than on technology. b. are younger, better educated, and have higher incomes than average. c. are more likely to patronize convenience, drug, and dollar stores. d. tend to be more open-minded about relationships than their parents.

b. are younger, better educated, and have higher incomes than average

A production orientation philosophy focuses on a. adopting aggressive pricing strategies for a firm's products. b. assessing the resources of a firm. c. advertising a product aggressively. d. choosing the best promotional strategy.

b. assessing the resources of a firm.

A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups is called _____. a. consumer market penetration b. customer relationship management c. consumer sales promotion d. customer value framework

b. customer relationship management

CVS Health engaged in strategic planning when it: a. ran an advertisement in the Sunday paper which included a coupon. b. decided to no longer sell tobacco products in its stores. c. made a one-time donation to the Alzheimer's Foundation of America. d. closed five locations for two days during Hurricane Irma.

b. decided to no longer sell tobacco products in its stores.

According to Ansoff's strategic opportunity matrix, _____ is a strategy of increasing sales by introducing new products into new markets. a. product development b. diversification c. market penetration d. hedging

b. diversification

A production orientation philosophy a. overlooks the internal capabilities of an organization. b. does not consider whether the goods and services that a firm produces most efficiently meet the needs of the marketplace. c. is based on the belief that people will buy more goods and services if aggressive sales techniques are used irrespective of their needs. d. does not apply to services.

b. does not consider whether the goods and services that a firm produces most efficiently meet the needs of the marketplace.

According to Ansoff's strategic opportunity matrix, _____ means attracting new customers to existing products. a. market penetration b. market development c. diversification d. product development

b. market development

Implementing a marketing plan a. is the starting point of the marketing mix strategy to identify target markets. b. requires delegating authority and responsibility, determining a time frame for completing tasks, and allocating resources. c. provides the mechanisms for evaluating marketing results in light of the plan's objectives. d. entails gauging the extent to which marketing objectives have been achieved during the specified time period.

b. requires delegating authority and responsibility, determining a time frame for completing tasks, and allocating resources.