MKTG 300 - Exam 1 Review (Ch 1-3)
Which activity/activities are involved in the process of marketing? Select one or more: a.Marketing focuses on practices that deliver value and benefits to customers. b. Marketing focuses solely on selling goods, services, and/or ideas to customers c. Marketing employs the combined use of communication, distribution and pricing strategies. d. Marketing involves building long-term, mutually rewarding relationships with customers.
A,C,D Marketing focuses on practices that deliver value and benefits to customers., Marketing employs the combined use of communication, distribution and pricing strategies., Marketing involves building long-term, mutually rewarding relationships with customers.
Which of the following is a drawback of a sales orientation? Select one: a.It places high emphasis on the assessment of manufacturing plants and facilities. b.It gives importance to the production function over other functions. c.It gives excessive importance to the needs and wants of the marketplace. d.It frequently cannot convince people to buy goods that they don't want or need.
It frequently cannot convince people to buy goods that they don't want or need.
Which marketing philosophy could most help a company outperform its competitors in today's marketplace? Select one: a.A market orientation b.A sales orientation c.A societal marketing orientation d.A production orientation
a.A market orientation
According to Ansoff's strategic opportunity matrix, which of the following factors is associated with market development? Select one: a.Add new uses to current products. c.Increase the prices of existing products. d.Limit production.
a.Add new uses to current products.
Which of the following ethical theories first identifies an ethical dilemma and then draws a comparison with other similar dilemmas and prior experiences to reach the best possible solution? Select one: a.Casuist ethical theory b.Deontological theory c.Moral relativism theory d.Utilitarian ethical theory
a.Casuist ethical theory
Which of the following theories assumes that the outcomes of a current ethical dilemma will be comparable to the outcomes of similar ethical dilemmas? Select one: a.Casuist ethical theory b.Act utilitarianism c.Rule utilitarianism d.Ethical relativism
a.Casuist ethical theory
Which of the following represents a business's concern for society's welfare? Select one: a.Corporate social responsibility b.Preconventional morality c.Moral relativism d.Opportunism
a.Corporate social responsibility
Which of the following statements is true of rule utilitarianism? Select one: a.Decisions must benefit the maximum number of people through the fairest and most universally just means available. b.Intuition and personal feelings should guide decision making when faced with ethical dilemmas. c.Ethical truths depend on the individuals and groups holding them. d.A current ethical dilemma should be compared with similar examples and outcomes before deciding on a course of action.
a.Decisions must benefit the maximum number of people through the fairest and most universally just means available.
Just after graduating from college, Mr. Maught took a job as a high school Spanish teacher and athletic coach at a boarding school. One of his responsibilities included acting as the senior boys? dormitory administrator. In fact, his apartment was located on the same floor with the students. During onboarding, the Residential Life Director trained all dormitory administrators on how to carry out the duties required. During that training, it was made very clear that dorm admins should fully adhere to their obligations and duties when faced with any situation, including ethical dilemmas. This is an example of which ethical theory? Select one: a.Deontological theory b.Act utilitarianism theory c.Casuist ethical theory d.Moral relativism theory e.Virtuous behavior theory
a.Deontological theory
Which of the following ethical theories believes that people should abide by their obligations and duties when confronted with an ethical dilemma? Select one: a.Deontological theory b.Utilitarian ethical theory c.Casuist ethical theory d.Moral relativism theory
a.Deontological theory
Which term refers to the optimum utilization of assets so that a firm continues making profit in the long run? Select one: a.Economic sustainability b.Social sustainability c.Environmental sustainability d.Physical sustainability
a.Economic sustainability
Which of the following is an example of a competitive advantage due to a product/service differentiation? Select one: a.Establishment of a strong brand name b.Reengineering c.Control of overhead costs d.Procurement of inexpensive raw materials
a.Establishment of a strong brand name
Which of the following activities is not true of the marketing concept? Select one: a.Focusing on internal capabilities rather than on customer wants and needs b.Integrating all the organization's activities to satisfy customer wants c.Satisfying customer wants and needs legally and responsibly d.Focusing on customer wants and needs in order to distinguish products from competitors' offerings
a.Focusing on internal capabilities rather than on customer wants and needs Correct. The marketing concept includes the following: (a) focusing on customer wants and needs so that the organization can distinguish its product(s) from competitors' offerings; (b) integrating all the organization's activities, including production, to satisfy customer wants; and (c) achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly. See 1-2c: Market Orientation.
Jordon is a sales manager. He operates at the postconventional level of morality while making ethical decisions. In this case, which of the following statements is true? Select one: a.He will be concerned about how he sees and judges himself over the long run. b.He will make decisions that are not beneficial for most people. c.He will be concerned about how people will view his decisions. d.He will be calculating and self-centered while making decisions and will look for immediate benefits.
a.He will be concerned about how he sees and judges himself over the long run.
Which of the following is correct about a sustainable competitive advantage? Select one: a.It cannot be copied by the competition. b.It does not offer any low-priced products. c.It lowers costs by removing frills. d.It copies competitors.
a.It cannot be copied by the competition.
When considering ethical theories, which statement is true of moral relativism? Select one: a.It does not believe in absolute rules. b.It is a belief based on rules and individual obligations. c.Moral relativists believe that the most beneficial choice for the most people is ethically correct. d.Moral relativists believe that an act is always ethically wrong if it is legally wrong.
a.It does not believe in absolute rules.
Which statement is true of cause marketing? Select one: a.It involves the cooperative efforts of a for-profit firm and a nonprofit organization for their mutual benefit. b.It describes a marketing relationship based on a straight donation. c.It seldom helps companies increase the sale of their products. d.It occurs when government agencies and nonprofit agencies launch social campaigns.
a.It involves the cooperative efforts of a for-profit firm and a nonprofit organization for their mutual benefit.
Which of the following is correct about the product development strategy of Ansoff's strategic opportunity matrix? Select one: a.It is a marketing strategy that entails the creation of new products for present markets. b.It is a marketing strategy that tries to increase market share among existing customers. c.It is a marketing strategy that entails attracting new customers to existing products. d.It is a strategy of increasing sales by introducing new products into new markets.
a.It is a marketing strategy that entails the creation of new products for present markets.
Which of the following statements is a feature of the Foreign Corrupt Practices Act (FCPA)? Select one: a.It prohibits U.S. corporations from making illegal payments to foreign governments. b.It prohibits U.S. corporations from involvement in international business dealings. c.It offers significant advantages to U.S. businesses dealing in countries in which the use of illegal payments and bribes is acceptable. d.It cannot prosecute cases of bribery.
a.It prohibits U.S. corporations from making illegal payments to foreign governments.
All of the following are advantages of defining a firm's mission in terms of benefits that customers seek except for which one? Select one: a.Management can focus on creating an aggressive sales force b.Keeping the firm focused on its customer, instead of becoming preoccupied with its internal needs c.Encouraging innovation, creativity, and developing new ways to satisfy customer expectations d.Stimulating an awareness of changes in customer desires and preferences so that product offerings remain relevant
a.Management can focus on creating an aggressive sales force
The designing of activities relating to marketing objectives and the changing marketing environment is referred to as: Select one: a.Marketing planning b.Strategery c.Environmental scanning d.SWOT analysis e.Harvesting assets
a.Marketing planning
According to the pyramid of corporate social responsibility, which component involves being a good corporate citizen, contributing resources to the community and improving the quality of life? Select one: a.Philanthropic responsibilities b.Economic responsibilities c.Legal responsibilities d.Ethical responsibilities
a.Philanthropic responsibilities
When considering the determinants of a civil society, which of the following refers to the voluntary acceptance of standards established by nongovernmental entities? Select one: a.Self-regulation b.Ethics c.Social control d.Behavioral norms
a.Self-regulation
Which of the following ethical theories states that it is an organization's social responsibility to pay attention to the interest of every affected stakeholder in every aspect of an organization's operation? Select one: a.Stakeholder theory c.Moral relativism theory d.Casuist ethical theory
a.Stakeholder theory
In the context of a marketing mix, which business activity is most closely related to a company's distribution strategies? Select one: a.Storage of raw materials b.Selection of an advertising medium c.Targeting market segments d.Attractiveness of the product packaging
a.Storage of raw materials
Identify the situation(s) in which a production-oriented firm can survive or prosper in the market place. Select one or more: a.When demand exceeds supply b.When competition is weak c.When competition is strong d.When supply exceeds demand
a.When demand exceeds supply b.When competition is weak
In the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share is called a: Select one: a.cash cow. b.problem child. c.dog. d.star.
a.cash cow.
When following up on a marketing plan, the _____ process 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. Select one: a.control b.implementation c.environmental scanning d.post-audit
a.control
Stacy, a customer of Associated Bank, feels that the bank has met her expectations for high-quality service. She gives the bank high ratings on their feedback form and also recommends the bank to her friends and family. Stacy's evaluation of Associated Bank is a reflection of ______. Select one: a.customer satisfaction b.customer relations c.consumer management d.customer value
a.customer satisfaction
Regarding "product orientation," product-oriented firms can survive if... Select one: a.demand exceeds supply and competition is weak. b.the firm successfully crowds out their strongest competitors. c.management solely focuses on the customer needs and wants. d.competition is weak and supply exceeds demand.
a.demand exceeds supply and competition is weak.
Samsung, an electronics and appliance manufacturer, decides to launch its new line of smartphones on the company's official website to resolve logistics issues that the company has identified. With this modification, its customers can now buy the smartphones directly from Samsung even if they are not available in retail locations near potential consumers. In this case, Samsung focuses on the _____ element of the marketing mix. Select one: a.distribution. b.promotion c.evaluation d.price
a.distribution.
In the context of SWOT analysis, marketers can identify strengths and weaknesses by focusing on: Select one: a.employee capabilities. b.aspects of the marketing environment. c.macroenvironmental factors. d.demographic forces.
a.employee capabilities.
Developing long-term sources of clean water to improve health and preserve local ecosystems while creating a competitive advantage is an example of: Select one: a.environmental sustainability. b.economic sustainability. c.physical sustainability. d.social sustainability.
a.environmental sustainability.
Fourlotts Inc. is a renowned technological firm. It manages many strategic business units (SBUs) in which each SBU: Select one: a.has its own return on investment. b.shares the same goals and employs the same strategies as other SBU's within Fourlotts Inc. c.does not have control over its resources. d.refrains from performing manufacturing functions.
a.has its own return on investment.
Bumble & Bumble is a large company that manufactures and sells hair care products. It plans to adopt a product development strategy. In this case, Bumble & Bumble will: Select one: a.introduce a new product line of chemical free, all-natural shampoos to its present customers. b.introduce a new product into China. c.sell its existing products in Europe. d.offer hair care products at competitive prices.
a.introduce a new product line of chemical free, all-natural shampoos to its present customers.
According to Ansoff's strategic opportunity matrix, unlike market development, product development: Select one: a.involves creating new products for present markets. b.involves entering new markets as competitors. c.involves attracting new customers to present products. d.focuses on attracting present customers to existing products.
a.involves creating new products for present markets.
PQR Corporation is a sales-oriented firm that focuses on high sales. It does not take into account the customer's wants and needs, and instead concentrates on manufacturing products that will reap high profits. This attitude might lead to the firm's missing business opportunities because ______. Select one: a.its focus on manufacturing specific products may not meet customer needs and wants b.it focuses on providing value and benefits to its customers instead of meeting company objectives c.it concentrates on relationship building, empowerment, and teamwork d.it emphasizesenhancing individuals' and society's long-term best interests
a.its focus on manufacturing specific products may not meet customer needs and wants
When a firm believes that the social and economic validation for its existence is obtained from achieving their organizational objectives by satisfying customer wants and needs legally and responsibly, then that firm is said to be ______ oriented. Select one: a.market b.sales c.production d.societal
a.market
A firm that acknowledges the importance of all four marketing mix decisions (product decisions, placeor distribution decisions, promotion decisions, and pricing decisions) is a ______ firm. Select one: a.market-oriented b.societal-oriented c.sales-oriented d.production-oriented
a.market-oriented
Rues and West Bros., an ammunition manufacturer, defines its mission statement as being in the ammunition-production business rather than in the arms industry. In the given scenario, Rues and West Bros. is exhibiting _____. Select one: a.marketing myopia b.marketing inertia c.marketing blockage d.marketing dissonance
a.marketing myopia
Companies that are developing new ways to integrate and personalize each stage of a customer's decision journey are practicing _______. Select one: a.on-demand marketing b.production-based marketing c.sales-based marketing d.empowerment
a.on-demand marketing
Providing something to a target market that is unique and valuable beyond simply offering a lower price than that of the competition is called ________. Select one: a.product/service differentiation b.an experience curve c.a niche competitive differentiation d.reengineering
a.product/service differentiation
When a firm focuses on its internal capabilities rather than on the desires and needs of the marketplace, then the firm is said to have adopted the ______ orientation. Select one: a.production b.market c.societal d.sales
a.production
One component of promotion within the context of a marketing mix includes ________. Select one: a.public relations activities b.after-purchase services c.pricing strategies d.storage and transportation of finished products
a.public relations activities
The strategy of improving relationships with existing customers, which is based on the assumption that most customers prefer to maintain an ongoing relationship with one organization rather than switch continually among providers in their search for value, is defined as ______. Select one: a.relationship marketing b.customer value c.empowerment d.teamwork
a.relationship marketing
When an organization believes that apart from achieving its targets and satisfying customers, it also needs to be responsible for preserving or enhancing individuals' and society's long-term best interests, then the organization is said to have a ______ orientation. Select one: a.societal marketing b.sales c.production d.customer
a.societal marketing
The Marriott group of hotels is keen on building relationships with customers. To ensure success in this effort, the attitudes and actions of its employees need to be ________ oriented. Select one: a.sales b. customer c.socially d.production
b. customer
Sanofi is a pharmaceutical company that designs its products to suit the needs of a group of people with similar characteristics. In this case, Sanofi should target which of the following market segments? Select one: a.A group of individuals who are working professionals b.A group of individuals who are diabetic c.A group of individuals who work in the same organization d.A group of individuals who reside in the same residential area
b.A group of individuals who are diabetic
According to the three levels of ethical development, which statement is true of conventional morality? Select one: a.It is predominantly characterized by an egocentric viewpoint of an individual. b.A person at this level is more concerned with how an action will be viewed by others. c.A person at this level performs unethical and manipulative actions. d.It is the most basic level of ethical development.
b.A person at this level is more concerned with how an action will be viewed by others.
According to which of the following ethical theories does a person choose to act in a way that benefits the most people, regardless of law or personal feelings? Select one: a.Moral relativism b.Act utilitarianism c.Rule utilitarianism d.Virtue ethics
b.Act utilitarianism
Which of the following statements is true of the innovation matrix? Select one: a.Products are matched with markets to develop alternative marketing strategies. b.As a company moves away from its core capabilities, it moves through a range of innovation. c.If an SBU of a firm is in a market with low overall attractiveness, it must be harvested. d.Clear-cut sectors define modern businesses' growth better than the fluid growth model.
b.As a company moves away from its core capabilities, it moves through a range of innovation.
All of the following are required conditions for an "exchange" except? Select one: a.Something of value must be present b.At least three parties must be involved c.Parties are capable of communication and delivery d.Each party is free to accept or reject the offer
b.At least three parties must be involved
In which way are deontological theory and moral relativism similar? Select one: a.Both theories are free from flaws. b.Both theories may lead to actions that are not ethically correct. c.Both theories compare a current ethical dilemma with similar examples and outcomes. d.Both theories are concerned with the welfare of others.
b.Both theories may lead to actions that are not ethically correct.
Which of the following actions is primarily associated with a niche strategy? Select one: a.Manufacturing products in bulk and targeting average customers b.Choosing a target market that is not being served by major competitors c. selling products without extra frills or options d.Lowering labor costs
b.Choosing a target market that is not being served by major competitors
Which of the following processes provides the mechanisms for comparing 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? Select one: a.Implementation b.Control c.Marketing audit d.Evaluation
b.Control
Which statement about the pyramid of corporate social responsibility is true? Select one: a.Social responsibility efforts should be focused on the external and not the internal stakeholders of a corporation. b.If a company does not make a profit, then the other 3 responsibilities - legal, ethical and philanthropic are moot. d.Philanthropy should be the most important function of a corporation.
b.If a company does not make a profit, then the other 3 responsibilities - legal, ethical and philanthropic are moot
Which of the following is a disadvantage of cause-related marketing? Select one: a.It does not increase the sale of products. b.It can lead to consumer cause fatigue. c.It requires corporations to use anticompetitive measures. d.It results in immediate losses for a company because of its focus on a cause.
b.It can lead to consumer cause fatigue.
Which of the following statements is true of on-demand marketing? Select one: a.It places maximum emphasis on aggressive personal selling strategies. b.It is aimed at enhancing customer relationships. c.It is the most important strategy used by sales-oriented firms. d.It requires firms to focus on the internal rather than the external business environment.
b.It is aimed at enhancing customer relationships.
Identify which statement correctly describes the effect price has in the marketing mix. Select one: a.It does not affect a firm's competitive advantage. b.It is what a buyer must give up to obtain a product. c.It is the hardest to change among the four Ps of the marketing mix. d.It is the least important of the four Ps of the marketing mix.
b.It is what a buyer must give up to obtain a product.
When considering corporate social responsibility, which is true of stakeholder theory? Select one: a.It states that social responsibility is best carried out by government agencies. b.It states that a company is expected to be a good citizen in its community. c.It states that the management does not play a special role in the organization. d.It states that companies should only focus on increasing shareholder wealth.
b.It states that a company is expected to be a good citizen in its community.
Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen? Select one: a.It will move away from its core capabilities and diversify its business. b.It will try to increase its market share among existing customers. c.It will try to attract new customers to its products. d.It will create new products for its existing customers.
b.It will try to increase its market share among existing customers.
A premise of the Boston Consulting Group model states which of the following? Select one: a.Companies must rely on new, unfamiliar assets to develop the type of breakthrough decisions that would determine their sustainability in the future. b.Management must find a balance among the SBUs that yields the overall organization's desired growth and profits with an acceptable level of risk. c.The challenge according to the model is balancing the organization's portfolio for the best short-term performance. d.The underlying assumption is that market share and profitability are not linked.
b.Management must find a balance among the SBUs that yields the overall organization's desired growth and profits with an acceptable level of risk.
Which of the following encompasses the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets? Select one: a.Market opportunity analysis b.Marketing strategy c.Marketing mix d.Marketing objective
b.Marketing strategy
Mark is a high school math teacher and has group health insurance. However, his insurance policy has very high deductibles and co-pays for prescription medicines. Mark sometimes has to choose between buying food and paying for his prescribed insulin since he has diabetes. Finally he gets desperate and steals food from a convenience store. What ethical theory has Mark displayed in this case? Select one: a.Act utilitarianism b.Moral relativism c.Casuist d.Rule utilitarianism
b.Moral relativism
Which ethical theory does not believe in absolute rules and states that during an ethical dilemma, a person makes the most appropriate decision by considering all the alternatives and choosing the lesser among evils as the resolution? Select one: a.Rule utilitarianism b.Moral relativism c.Act utilitarianism d.Casuist ethical theory
b.Moral relativism
Which of the following ethical theories is defined as a belief in time-and-place ethics and holds that ethical truths depend on the circumstances? Select one: a.Deontological theory b.Moral relativism theory c.Casuist ethical theory d.Utilitarian ethical theory
b.Moral relativism theory
Which of the following is one of the four major components of the pyramid of corporate social responsibility? Select one: a.Opportunism b.Philanthropy c.Self-dealing d.Creativity
b.Philanthropy
Hallie has a tendency to be egocentric. She follows the rules of her company mainly to avoid punishment and to gain respect. When making decisions, she always focuses on the immediate benefits she will gain from an alternative. Which of the following levels of ethical development does Hallie's behavior illustrate? Select one: a.Ethnocentric morality b.Preconventional morality c.Postconventional morality d.Conventional morality
b.Preconventional morality
Which of the following is an element of a marketing mix? Select one: a.Investment strategies b.Pricing strategies. c.Divestment strategies d.Trade restraint strategies
b.Pricing strategies.
Paul Green is one of the leading women's shoe companies in Germany. It manufactures leather shoes that are similar to those produced by luxury European brands. The management of the company has decided to adopt a product/service differentiation competitive strategy. In this scenario, what would Paul Green be likely to do? Select one: a.Sell products to markets outside of Europe b.Produce boots, heels, and sandals that have specialized features c.Offer its products at the lowest prices in the market d.Advertise their products through more media outlets than before
b.Produce boots, heels, and sandals that have specialized features
Which of the following strategies can enable companies to gain a cost competitive advantage? Select one: a.Focusing on serving marginal customers b.Removing frills from products c.Differentiating their products from competing products d.Target a single segment of the market
b.Removing frills from products
Which of the following ethical theories believes in the well-being of maximum people using the fairest means available? Select one: a.Act utilitarianism theory b.Rule utilitarianism theory d.Moral relativism theory
b.Rule utilitarianism theory
Which term refers to a type of social responsibility concerned with developing processes and structures that not only meet the needs of a current community, but benefit future generations as well? Select one: a.Environmental sustainability b.Social sustainability c.Physical sustainability d.Economic sustainability Feedback The correct answer is: Social sus
b.Social sustainability
Which of the following refers to the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time? Select one: a.Opportunism b.Sustainability c.Social regulations d.Philanthropy
b.Sustainability
Which of the following statements is true of the deontological theory and the utilitarian ethical theory? Select one: a.The deontological theory compares a current ethical dilemma, while the utilitarian ethical theory is a belief in time-and-place ethics. b.The deontological theory states that people should adhere to their duties when analyzing an ethical dilemma, while the utilitarian ethical theory is founded on the ability to predict the consequences of an action. c.The deontological theory states that the truth of a moral judgment is relative to the judging person or group, while the utilitarian ethical theory is a character trait valued as being good. d.The deontological theory considers the welfare of the people, while the utilitarian ethical theory does not.
b.The deontological theory states that people should adhere to their duties when analyzing an ethical dilemma, while the utilitarian ethical theory is founded on the ability to predict the consequences of an action.
Which of the following statements is true of market-oriented firms? Select one: a.They believe that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. b.They assume that the sale of goods or services does not depend on an aggressive sales force but rather on a customer's decision to purchase that product. c. They focus on their internal capabilities rather than on the desires and needs of the customers. d.They claim that people must give up something in order to receive something else they would rather have.
b.They assume that the sale of goods or services does not depend on an aggressive sales force but rather on a customer's decision to purchase that product.
In the context of marketing, which of the following statements is true of nonprofit organizations? Select one: a.They aim to maximize market share and investment returns. b.They exist to achieve goals other than business-related goals. c.They market tangible products. d.They make use of extensive advertising and promotional activities.
b.They exist to achieve goals other than business-related goals.
The price component of a marketing mix is: Select one: a.the starting point of the marketing mix. b.a competitive weapon for companies.. c.the basis for achieving a product differentiation advantage. d.the least flexible element of the marketing mix.
b.a competitive weapon for companies..
Employees are more likely to take prudent risks to a build stronger business and sustain the company's success in addition to taking responsibility for their actions when they are ______. Select one: a.given less work b.empowered to immediately resolve customer problems c. not pressurized with deadlines d.offered extensive training
b.empowered to immediately resolve customer problems
In the case of SBUs that are cash cows, problem children, or dogs, the basic goal of _______________ is to increase short-term cash return without increased concern for long-run impact. Select one: a.divesting b.harvesting c.building d.holding
b.harvesting
The basic goal of ________ is to increase the short-term cash return without too much concern for the long-run impact. Select one: a.holding b.harvesting c.divesting d.building
b.harvesting
The strategy in which an SBU preserves market share so that it can take advantage of a very positive cash flow is called ______________. Select one: a.harvesting b.holding c.building d.divesting
b.holding
A firm could benefit from a production orientation when _____. Select one: a.competition is strong b.it produces exactly what the market wants c.the market demand is less than the products supplied by the firm d.it focuses on what products company management thinks should be produced, and hopes customers want
b.it produces exactly what the market wants
When a firm believes that the sale of a product depends on the decision of the customer rather than on aggressive sales techniques, then the firm is said to be ______ oriented. Select one: a.production b.market c.societal d.sales
b.market
The management of Intel believes that success can be achieved with a thorough understanding of its competitive arena and by developing products that satisfy the needs, wants, and expectations of customers. Therefore, Intel can be said to have a ______ orientation. Select one: a.societal b.market c.sales d.production
b.market Correct. According to the marketing concept, the recipe for success is to develop a market orientation that focuses on a thorough understanding of your customers and your competition, your distinctive capabilities that enable your company to execute plans on the basis of this customer understanding, and how to deliver the desired experience using and integrating all of the resources of the firm. See 1-2c: Market Orientation.
Quentin is a server at Olive Garden restaurant and enjoys meeting new people who dine at the restaurant. Recently, an elderly couple visited, and Quentin overheard them talking about their financial struggles. They asked Quentin for refills of salad and extra breadsticks that they could take home with them. Quentin agreed even though it was against corporate policy. What Quentin exhibited conforms to the ethical theory of: Select one: a.casuist ethical theory. b.moral relativism. c.rule utilitarianism. d.act utilitarianism.
b.moral relativism.
The management at Asus Computers believes that high sales will result in high profits. Together with the company sales force, management devises a sales strategy to promote their new line of convertible laptops based on the assumption that consumers will purchase a product if the company promotes it aggressively. This sales hypothesis can be attributed to the company's ______ orientation. Select one: a.market b.sales c.societal d.production
b.sales
When a firm believes that employing aggressive sales techniques would help sell their product in the market, then the firm is said to have adopted a ______ orientation. Select one: a.market b.sales c.production d.societal
b.sales
Applying employees' collaborative efforts to accomplish common organizational objectives is known as ______. Select one: a.empowerment b.teamwork c.relationship management d.training
b.teamwork
The thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization is called ________. Select one: a.post-implementation audit b.the marketing audit c. post-audit tasks d.evaluation and control
b.the marketing audit
Morals can be defined as: Select one: a.the standard of behavior by which conduct is judged b.the rules people develop as a result of cultural values and norms c.the means used to maintain behavioral norms and regulate conflict d.None of the above e.the moral principles or values that generally govern the conduct of an individual or a group
b.the rules people develop as a result of cultural values and norms
When an SBU has become a _____________, it is essential to either invest in it heavily to gain better market share, acquire competitors to get the necessary market share, reposition its products, or drop it. Select one: a.cash cow b.dog c.star d.problem child
d.problem child
Achieving a "market orientation" involves: Select one: a. Obtaining information about customers, competitors, and markets, implementing actions to provide value to customers, focusing on volume of sales to maximize profit, and determining how to deliver superior customer value b. Obtaining information about customers, competitors, and markets, implementing actions to provide value to the company, focusing solely on cost efficiency, and determining how to deliver superior customer value c. Examining the information from a total business perspective, implementing actions to provide value to customers, determining how to deliver superior customer value, obtaining information about customers, competitors, and markets d. Obtaining information about customers, competitors, and markets, implementing actions to provide value to customers, focusing solely on what the firm does best, and determining how to deliver superior customer value
c. Examining the information from a total business perspective, implementing actions to provide value to customers, determining how to deliver superior customer value, obtaining information about customers, competitors, and markets
In the portfolio matrix, a business unit that has low growth potential and a small market share is called a: Select one: a.problem child. b.cash cow. c.star. d.dog.
c. dog
In the context of SWOT analysis, which of the following can be considered a strength of an organization? Select one: a.Easily imitated products and services b.Increased taxes on products c.A superior production technology d.A new unserved market
c.A superior production technology
In the context of the innovation matrix, which of the followingdecisions is designed to take company strengths into new markets? Select one: a.Core innovations b.Retroactive innovations c.Adjacent innovations d.Transformational innovations
c.Adjacent innovations
Which activity is considered to be the starting point for building relationships with customers? Select one: a.Retaining current customers b.Offering generous discounts to all customers c.Attracting new customers d.Increasing business with existing customers
c.Attracting new customers
Which of the following is a similarity between a production orientation and a sales orientation? Select one: a.Both fail in a market where demand exceeds supply. b.Both ignore the importance of assessing a firm's internal capabilities. c.Both lack an understanding of the needs and wants of the marketplace. d.Both place little emphasis on the assessment of manufacturing plants and facilities.
c.Both lack an understanding of the needs and wants of the marketplace.
How are act utilitarianism and rule utilitarianism similar? Select one: a.Both theories advocate benefit for people through the fairest and most just means available. b.Both theories compare a current ethical dilemma with similar examples. c.Both theories have flaws associated with predicting the future consequences of an action. d.Both theories are beliefs based on time-and-place ethics.
c.Both theories have flaws associated with predicting the future consequences of an action.
In which level of ethical developmentdoes a person move from a self-centered viewpoint to behaviors that adhere to the norms of society? Select one: a.Preconventional morality b.Ethnocentric morality c.Conventional morality d.Postconventional morality
c.Conventional morality
Freulia Inc. manufactures and sells stationery and office supplies. It is beginning to lose its competitive advantage with the entry of new competitors. In this case, to gain a sustainable competitive advantage, what should Freulia do? Select one: a.Aim at being the low-cost competitor in the industry b.Imitate the products of its competitors c.Develop the skills and assets of the organization d.Depend on government subsidies
c.Develop the skills and assets of the organization
Walmart is the largest retailer in the world with brick-and-mortar stores and a growing Internet business. Walmart continues to innovate and utilize technology to create opportunities to bring customers to the store such as its service to provide customers the opportunity to shop online and pick-up at the store. Walmart has also faced criticism due to its practices of paying workers low hourly wages and making it difficult for part-time employees to get group health insurance. Many consumers such as Jalen refuse to shop at the store due to their concerns about low wages for workers. Based on this scenario, which criteria for an exchange to occur is missing? Select one: a.Each party must be capable of communication and delivery b.There must be at least two parties c.Each party is willing to consider the other to be a desirable exchange partner d.Each party has something of value to offer another party
c.Each party is willing to consider the other to be a desirable exchange partner
Ronald Systems Inc. has developed a line of appliances that runs on solar energy and causes no harm to the environment. Which of the following business practices is illustrated in this scenario? Select one: a.Opportunism b.Cause-related marketing c.Green marketing d.Divestment
c.Green marketing
Which of the following defines the key goal of an SBU that is a very successful cash cow? Select one: a.Harvest b.Build c.Hold d.Divest
c.Hold
Critics of Ansoff's matrix mention that the matrix does not: Select one: a.outline clear-cut sectors for businesses. b.indicate which types of markets can be created or entered given a company's core capabilities. c.provide firms with different marketing strategies. d.reflect the reality of how businesses grow.
d.reflect the reality of how businesses grow.
The marketers at Carrier have prepared a marketing plan for the company's air conditioners. Carrier's management team have outlined several activities for their account executives based on this marketing plan and set a deadline and allocated a budget for each activity. Which of the following stages of the marketing plan is illustrated in this scenario? Select one: a.Vertical integration b.Control c.Implementation d.Evaluation
c.Implementation
Which of the following statements is true about a marketing plan? Select one: a.It lacks the elements of advanced strategic planning. b.It is developed independently of the external business environment. c.It defines the business mission and objectives. d.It is a set of orally communicated rules and is seldom written down.
c.It defines the business mission and objectives.
Crystal Cruises, a luxury cruise company, is providing a promotional offer to mark its twenty-fifth anniversary. Customers will receive a complimentary cruise ticket upon purchase of three balcony tickets. In this case, which of the following is a likely outcome of its promotional strategy? Select one: a.This particular promotion will work independently of the other three elements of the marketing mix. b.It will satisfy the customers and not the management of Crystal Cruises. c.It may increase the sales of Crystal Cruises. d.It may be ineffective because the role of promotion in the marketing mix does not apply to services.
c.It may increase the sales of Crystal Cruises.
Identify a critical component of a market-oriented firm. Select one: a.It encourages intermediaries to aggressively push products. b.It focuses primarily on the internal capabilities of the firm. c.It understands the strengths and weaknesses of competitors. d.It embraces marketing as a means of selling things and collecting money.
c.It understands the strengths and weaknesses of competitors.
As a social media network, Facebook has evolved to fill users' needs for a variety of communication beyond simply updating their status, posting photos or video from their day-to-day life. Users like Rachel can now post messages that they are looking to buy or sell items. Rachel recently posted that she had a solid oak dining room table and chairs for sale in great condition for $250. Caleb and his partner have been looking for a dining room set but they don't use Facebook-only Instagram and Twitter. Is it likely an exchange will occur? Select one: a.Yes, it is likely an exchange will occur because there are at least two parties. b.No, it is not likely an exchange will occur since it's not known whether the dining room set is of value to another party. c.No, it is not likely an exchange will occur because the parties are not using the same platforms of communication. d.Yes, it is likely an exchange will occur as each party will consider the other to be a desirable exchange partner.
c.No, it is not likely an exchange will occur because the parties are not using the same platforms of communication.
Patagonia follows a market-oriented approach, whereas Columbia believes in a sales-oriented approach. Considering their approaches, it is evident that ______ has/have a competitive edge in today's market. Select one: a.Columbia b.neither c.Patagonia d.both
c.Patagonia Correct: Today, many successful firms derive their competitive advantage from an external, market-oriented focus. See 1-3a: The Organization's Focus.
__________ is the process of anticipating future events and determining strategies to achieve organizational objectives in the future. Select one: a.Product development b.Holding c.Planning d.Marketing myopia
c.Planning
Jamal is a marketing manager who, when it comes to ethical decisions, is more concerned about the long-term effects of an ethical decision he makes than what others think of his decision. Therefore, which level of ethical development does Jamal's behavior demonstrate? Select one: a.Conventional morality b.Preconventional morality c.Postconventional morality d.Ethnocentric morality
c.Postconventional morality
In the context of the portfolio matrix, which statement is generally true of SBUs considered to be dogs? Select one: a.Dogs have a dominant market share in low-growth markets. b.Protection of existing market share is essential for dogs. c.Typical marketing strategies for dogs are to harvest or divest. d.Dogs escalate in the market if given strong financial funding.
c.Typical marketing strategies for dogs are to harvest or divest.
Which of the following ethical theories states that the most ethical choice in a situation is one that produces the greatest benefit to the most people? Select one: a.Deontological theory b.Moral relativism theory c.Utilitarian ethical theory. d.Casuist ethical theory
c.Utilitarian ethical theory.
A statement of what is to be accomplished through marketing activities is called __________. Select one: a.market opportunity analysis b.the marketing mix c.a marketing objective d.a competitive advantage
c.a marketing objective
A sales-oriented company is one that focuses on _______. Select one: a.the internal capabilities of the firm b.the needs and wants of the customers c.aggressive sales techniques d.enhancing individuals' and society's long-term best interests
c.aggressive sales techniques
If an organization has an SBU that it believes has the potential to be a star, the best allocation of future resources would be to _________ that SBU. Select one: a.hold b.divest c.build d.harvest
c.build
Talbot's, a women's clothing store, produces a special scarf that it sells in October to coincide with breast cancer awareness month. For every purchase of the scarf, Talbot's will donate 50% of the retail price to the Komen Foundation. Talbot's is engaging in _______ marketing. Select one: a.social b.philanthropic c.cause-related d.responsible
c.cause-related
Allan protests against individuals who litter on roads because he believes that society expects cleanliness from people. This illustrates _____. Select one: a.moral relativism b.preconventional morality c.conventional morality d.utilitarianism
c.conventional morality
The socializing force that governs what is ethically right and wrong is called _________. Select one: a.ethics b.morality c.culture d.virtue ethics
c.culture
The authority that employees are given to swiftly solve customers' problems is referred to as _______. Select one: a.teamwork b.customer value c.empowerment d.training
c.empowerment Correct: Empowerment is the delegation of authority to solve customers' problems quickly—usually by the first person the customer notifies regarding a problem. See 1-3a: The Organization's Focus.
Quasio Foods Inc. is a large food manufacturing corporation that earns more profits than its competitors. The company uses only organically grown grains and fruits. It also promotes organic farming and helps nonprofit agencies who focus on food and nutrition causes. The company recently decided to use a third-party recycling logo. In this scenario, Quasio Foods is most likely to have adopted the practice of _________________. Select one: a.relationship marketing b.affinity marketing c.green marketing d.event marketing
c.green marketing
At the preconventional level of ethical development of a person's moral character, the individual tends to: Select one: a.focus on the long-term results of his or her actions. b.adhere to social norms and laws. c.have an egocentric orientation. d.focus on societal expectations.
c.have an egocentric orientation.
According to Ansoff's strategic opportunity matrix, a firm using the market penetration alternative would try to: Select one: a.attract new customers to existing products. b.introduce new products into new markets. c.increase market share among existing customers. d.create new products for present markets.
c.increase market share among existing customers.
Companies that place customers at the center of their business are those that follow a ______ orientation. Select one: a.production b.sales c.market d.societal
c.market
The rules that people develop as a result of cultural values and norms are called _______. Select one: a.self-regulations b.laws c.morals d.social-regulations
c.morals
Keebler sells cookies and nutrition bars. The marketers at Keebler are trying to develop new and attractive packaging designs for its cookies. In this scenario, Keebler is working on its _____. Select one: a.distribution strategy b.purchase strategy c.product strategy d.advertising strategy
c.product strategy
Tower Tools is known for adopting a strategy that focuses on designing new products based on their assessment of the capabilities of their engineers and on the easy availability of resources. The firm's approach, which emphasizes the ease of production and the talents of its resources rather than the needs and wants of the marketplace, can be attributed to its ______ orientation. Select one: a.market b.sales c.production d.societal
c.production
Robin, a police sergeant, believes that bribing is illegal. He does not accept bribes irrespective of the amount of money. Robin is demonstrating _____. Select one: a.act utilitarianism b.moral relativism c.rule utilitarianism d.ethical relativism
c.rule utilitarianism
An organization that devises strategies to convince a customer to buy their product in spite of acknowledging the mismatch between the customer and the product is said to be a _______ organization. Select one: a.customer-oriented b.societal-oriented c.sales-oriented c. market-oriented
c.sales-oriented
A code of ethics: Select one: a.should include an operations schedule of day-to-day activities. b.Does not help employees to identify what is wrong and what is right. c.should be in written form to avoid confusion. d.should be limited to a list of dos and don'ts.
c.should be in written form to avoid confusion.
The research and development team of BB Beverages has discovered that, during the testing process, one of their highly profitable new beverages contains ingredients that may cause liver damage in humans if consumed regularly over time. Additionally, the team also acknowledged that the plant that manufactures this beverage draws healthy groundwater which could cause a water shortage in areas surrounding the plant. Based on these findings, management has halted its production of this beverage until a solution can be found that does not adversely affect its consumers and the environment. Given this decision, it is evident that BB Beverages embraces a ______ orientation. Select one: a.production b.sales c.societal marketing d.market
c.societal marketing
In the context of a marketing mix, the product component includes: Select one: a.the point of purchase. b.the elements of advanced strategic planning. c.the name of the brand. d.personal selling.
c.the name of the brand.
In class, we discussed the concept of competitive advantage. What is the best definition of competitive advantage? Select one: a.the unique characteristics of a market that differentiates its offerings from other markets in a clear and significant way b.the set of characteristics that a company possesses in the marketplace that allows it to compete effectively with its competitors c.the unique set of features of a company that, in the eyes of the consumer, are perceived as significant and superior to the those of the competition d.the advantage one company enjoys over their specific segment in the market
c.the unique set of features of a company that, in the eyes of the consumer, are perceived as significant and superior to the those of the competition
What is the best definition below for "Customer Relationship Management?" Select one: a. the company-wide business strategy of building and maintaining strong customer relationships in order to achieve short-term company goals b. a marketing department business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on loosely defined customer groups c. the market-oriented approach to maximizing profit through attracting new customers d. a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
d. a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
Which of the following statements is true of a utilitarian? Select one: a.A utilitarian will always keep his promises to a friend and follow the law. b.A utilitarian is not necessarily concerned with the welfare of others. c.A utilitarian believes that arson is always wrong. d.A utilitarian compares similar predicted solutions and uses a point system.
d.A utilitarian compares similar predicted solutions and uses a point system.
Philips, a large seller of energy-efficient light bulbs, uses extensive promotional strategies to stimulate sales. Marketers at Philips have noticed that a competitor is steadily gaining market share, and they want to counter the competition immediately by increasing the sales of Philips' bulbs. Given the situation, which of the following is the quickest and easiest step that Philips' marketers can take to stimulate the sales of its products? Select one: a.Adopting a divesting strategy b.Entering into new supplier contracts c.Creating complex production techniques d.Changing the pricing strategy
d.Changing the pricing strategy
Which of the following is a written company guideline to help marketing managers and other employees make better decisions? Select one: a.Laws b.Self-regulations c.Morals d.Code of ethics
d.Code of ethics
Which of the following statements is true of a niche strategy? Select one: a.Only large companies can implement a niche strategy. b.Companies that adopt a niche strategy tend to serve large geographic markets. c.Companies that adopt a niche strategy can only gain a price advantage over competitors. d.Companies that adopt a niche strategy target a single market segment.
d.Companies that adopt a niche strategy target a single market segment.
A marketing decision maker who is concerned only with whether a proposed action is legal and how it will be viewed by others is demonstrating which level of ethical development? Select one: a.Ethnocentric morality b.Postconventional morality c.Preconventional morality d.Conventional morality
d.Conventional morality
_____ is a business's concern for the long-range welfare of both the company and its relationship to the society within which it operates. Select one: a.Moral relativism b.Corporate self-dealing c.Preconventional morality d.Corporate social responsibility
d.Corporate social responsibility
Successful "relationship marketing" strategies depend on which of the following. Choose the best answer. Select one: a.Sales-oriented personnel, effective training programs, customers with authority to make decisions and solve problems, and teamwork b.Customer-oriented personnel, effective training programs, employees with high levels of restricted authority to make decisions and solve problems, and teamwork c.Customer-oriented personnel, effective training programs, employees with authority to make decisions and solve problems, and strong individual agendas d.Customer-oriented personnel, effective training programs, employees with authority to make decisions and solve problems, and teamwork
d.Customer-oriented personnel, effective training programs, employees with authority to make decisions and solve problems, and teamwork
Jack is told by a foreign official that he cannot obtain the contract that he critically needs unless he pays a bribe. Which of the following ethical theories would not allow bribing? Select one: a.Moral relativism b.Utilitarian ethical theory c.Ethnocentric morality d.Deontological theory
d.Deontological theory
Tropical Horizons has opened its spas in Thailand, Indonesia, and Malaysia and is aggressively expanding into countries around the Mediterranean. This illustrates which of the following strategies of Ansoff's strategic opportunity matrix? Select one: a.Product development b.Market penetration c.Market development d.Diversification
d.Diversification
In class we discussed several modes of social control that are important to marketing. All of the following are examples except: Select one: a.Active civil society b.Self-regulation c.Ethics d.Employee handbook e.Laws
d.Employee handbook
Which of the following activities is not required to achieve a market orientation? Select one: a.Determining and implementing actions to provide and deliver added value to customers b.Obtaining information about customers, competitors, and markets c.Examining information about customers, competitors, and markets from a business perspective d.Employing a high-quality sales force to aggressively promote goods and services
d.Employing a high-quality sales force to aggressively promote goods and services
Remvault Dairies witnessed a steady decline in the sales of its products due to increased competition in the local market. Remvault Dairies plans to adopt the market development strategy. In this scenario, which of the following is the best step the company can take to rejuvenate its financial losses? Select one: a.Attract existing customers rather than new customers. b.Introduce new products into new markets. c.Create new products for its present markets. d.Focus on promoting new uses for old products.
d.Focus on promoting new uses for old products.
When making an ethical decision, if there is strong consensus among coworkers that an action may bring harm to others, which of the following is most likely to occur? Select one: a.Fewer individuals inside and outside the organization will be affected by the outcome of the action. b.It is more likely that the action will not result in a negative outcome. c.Fewer people will be affected by the negative outcome. d.It is more likely that marketers will recognize that behavior as unethical.
d.It is more likely that marketers will recognize that behavior as unethical.
Quarter Sawn Oak makes and sells original handicraft oak furniture and cabinet products. The management of the company has been successfully using a niche strategy for years. In this case, which of the following is the most likely to be true of Quarter Sawn Oak's business? Select one: a.It serves a large geographic market. b.It develops products that are similar to those of its competitors. c.It targets a market segment that is crucial to major competitors. d.It serves only a limited geographic market.
d.It serves only a limited geographic market.
Which of the following statements is true of the marketing concept? Select one: a.It states that marketing solely means selling things and collecting money. b.It states that firms should give maximum importance to aggressive promotional and advertising activities. c.It overlooks the importance of understanding the competitive arena and competitors' strengths and weaknesses. d.It states that an organization should satisfy customer wants and needs while meeting organizational objectives
d.It states that an organization should satisfy customer wants and needs while meeting organizational objectives
Which one of the following is a hallmark of relationship marketing? Select one: a.Focusing on internal capabilities of the firm b.Aggressive sales techniques .Enhancing society's long-term best interests d.Long-term focus on customer needs
d.Long-term focus on customer needs
Which of the following does a business exhibit when it describes itself in terms of goods and services rather than in terms of the benefits customers seek? Select one: a.Marketing dissonance b.Marketing diversification c.Marketing inertia d.Marketing myopia
d.Marketing myopia
Which of the following statements is a feature of the Foreign Corrupt Practices Act (FCPA)? Select one: a.It prohibits U.S. corporations from involvement in international business dealings. b.It offers significant advantages to U.S. businesses dealing in countries in which the use of illegal payments and bribes is acceptable. c.It prohibits U.S. corporations from making legal payments to foreign governments. d.None of the above e.It cannot prosecute cases of bribery.
d.None of the above
A code of ethics does all of the following to help marketing mangers make better decisions except: Select one: a.Facilitates discussion among employees about right and wrong b.Helps employees identify acceptable business practices c.Avoids confusion in decision making d.Regulates daily operations with clear and codified guidelines e.Helps control behavior internally
d.Regulates daily operations with clear and codified guidelines
When considering ethics in other countries, which of the following statements is true? Select one: a.Ethical beliefs don't vary widely from culture to culture. b.Corruption seldom occurs in international business dealings. c.Prosecutions under the Foreign Corrupt Practices Act have significantly declined. d.The practice of making illegal payments, such as bribes, is accepted and expected in various countries
d.The practice of making illegal payments, such as bribes, is accepted and expected in various countries
In the context of the Boston Consulting Group's (BCG's) portfolio matrix, which of the following is true of SBUs considered to be question marks? Select one: a.They have low growth potential and a small market share. b.They generate more cash than they need to maintain their market share. c.They do not require any cash to maintain their market. d.They operate in a high-growth industry with a low market share.
d.They operate in a high-growth industry with a low market share.
Marketers at Keurig, makers of coffee machines, are developing promotional strategies to increase product sales. In this case, which of the following strategies would its marketers likely use to improve product/brand awareness among the public? Select one: a.They would raise the prices of the products to signify high quality. b.They would reduce product features or options. c.They would limit the products' availability to a few retail stores in the city. d.They would print pamphlets that elaborate the products' features.
d.They would print pamphlets that elaborate the products' features.
The Foreign Corrupt Practices Act (FCPA) was enacted because congress was concerned about Select one: a.to set a standard for the suite of educational apps. b.None of these. c.so that website operators obtain verifiable consent from parents before collecting personal information about children under age thirteen. d.U.S. corporations' use of illegal payments and bribes in international business dealings.
d.U.S. corporations' use of illegal payments and bribes in international business dealings.
Which of the following practices can help businesses gain a cost competitive advantage? Select one: a.Using expensive raw materials b.Focusing on serving marginal customers c.Customizing products with extra features d.Using simplified production techniques
d.Using simplified production techniques
A company is most likely to fail to achieve a marketing objective if there are changes in the environment ______. Select one: a.after the objective is specified and before the strategy is implemented b.before the objective is specified and the strategy is implemented c.before the objective is specified and after the strategy is debated d.after the objective is specified and the strategy is implemented
d.after the objective is specified and the strategy is implemented
A business firm is collaborating on an initiative with a nonprofit organization by providing public-relations training to working professionals throughout a country. Twenty percent of the fee that the participants would pay is given to the nonprofit organization. The nonprofit organization in turn reaches a wider range of audience across the country for its training program. This scenario illustrates _____. Select one: a.effect-related marketing b.green marketing c.relationship marketing d.cause-related marketing
d.cause-related marketing
A socially responsible marketing effort by a for-profit firm and a nonprofit organization that targets social or other charitable causes is referred to as __________. Select one: a.green marketing b.philanthropy c.moral relativism. d.cause-related marketing.
d.cause-related marketing.
In the context of the innovation matrix,decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands. Select one: a.adjacent innovation b.divestment c.diversification d.core innovation
d.core innovation
The strategy that depends on customer-oriented personnel, effective training programs, and empowered employees is called ______. Select one: a.customer orientation b.customer satisfaction c.customer value d.customer relationship management
d.customer relationship management
A customer's assessment of whether an organization's goods or services have met his or her needs and expectations is defined as ______. Select one: a.customer value b.customer management c.customer relationship d.customer satisfaction
d.customer satisfaction
The relationship between benefits and the sacrifice necessary to obtain those benefits is known as_____. Select one: a.teamwork b.empowerment c.customer satisfaction d.customer value
d.customer value
A marketing mix typically involves: Select one: a.divestiture strategies. b.restrictive covenants. c.federal regulations. d.distribution strategies
d.distribution strategies
A firm that has adopted a societal marketing orientation focuses on ______. Select one: a.the internal capabilities of the firm b.encouraging intermediaries to push their products c.aggressive sales techniques d.enhancing individuals' and society's long-term best interests
d.enhancing individuals' and society's long-term best interests
The collection and interpretation of data about forces, events, and relationships in the external environment that may affect the organization's future or its marketing plan implementation is called: Select one: a.a building strategy. b.niche marketing. c.competitive advantage. d.environmental scanning
d.environmental scanning
Quinn is the sales manager of a firm with a questionable reputation. During his tenure, he has witnessed numerous incidents of ethical misconduct. Research shows that he would observe less ethical misconduct if ________________________. Select one: a.organizational rules were flouted in his firm b.a code of ethics was absent from his firm c.the top managers of his firm had little control over organizational culture d.his coworkers had a strong ethical culture among themselves
d.his coworkers had a strong ethical culture among themselves
Unlike a sustainable competitive advantage, a cost competitive advantage: Select one: a.does not need to maintain satisfactory profit margins. b.involves producing goods that cannot be copied by competitors. c.seeks to target a single segment of the market. d.is subject to continual erosion.
d.is subject to continual erosion.
A market-oriented firm has a competitive advantage over its sales-oriented counterpart because ______. Select one: a.it enhances society's long-term best interests b.it focuses on aggressive sales techniques to sell its products c.itfocuses primarily on the internal capabilities of the firm d.it defines its business in terms of benefits its customers seek
d.it defines its business in terms of benefits its customers seek
The management of Under Armour's apparel department has thoroughly analyzed the market and recognizes the wants and needs of different customer groups. It takes all these findings into consideration and develops different types of goods that cater to each group. From this scenario, it is evident that Under Armour is a ______ organization. Select one: a.societal-oriented b.sales-oriented c.production-oriented d.market-oriented
d.market-oriented
Delat Corp. is a large corporation that offers several product lines. On the company's website, the following text is highlighted: "The aim of our business is to achieve profitability by offering our customers high-quality products that are manufactured in a cost-effective manner. Our goal is to provide value to our customers, serve the community, and preserve the environment." This text is most likely to be Delat Corp.'s __________________. Select one: a.statement of qualification b.scenario planning c.article of incorporation d.mission statement
d.mission statement
A company that creates a marketing strategy to attract consumers who want to interact anywhere/anytime and expect interactions with the company to be easy is most likely practicing _______. Select one: a.innovation marketing b.sales-oriented marketing c.societal-oriented marketing d.on-demand marketing
d.on-demand marketing
The process of delivering relevant experiences that are integrated across both physical and virtual environments, throughout the consumer's decision and buying process, is known as ______. Select one: a.societal marketing b.team-building c.empowerment d.on-demand marketing
d.on-demand marketing
The total revenue of a firm is calculated by multiplying the number of units sold by the ___________ of each unit. Select one: a.profit margin b.discount c.overhead cost d.price
d.price
According to sales-oriented firms, marketing means ______. Select one: a.employing practices that deliver value and benefits to customers b.enhancing individuals' and society's long-term best interests c.building long-term, mutually rewarding relationships with customers d.selling goods and services and reaping profits from them
d.selling goods and services and reaping profits from them
A person whose behavior illustrates the deontological theory of ethics would ___________________. Select one: a.adopt an approach that is concerned with the welfare of others b.choose an alternative that adheres to laws and standards set by the government without considering his or her obligations toward society c.choose an alternative based on a comparison of his or her current ethical dilemma with examples of similar ethical dilemmas d.stick to his or her obligations when stuck in an ethical dilemma because doing one's duty is what is considered ethically correct
d.stick to his or her obligations when stuck in an ethical dilemma because doing one's duty is what is considered ethically correct
One component of product in a marketing mix is ________. Select one: a.sales promotion b.the point of purchase c.personal selling d.the company image
d.the company image
A production-oriented firm is one that focuses on _______. Select one: a.the needs and wants of the customers b.aggressive sales techniques c.enhancing individuals' and society's long-term best interests d.the internal capabilities of the firm
d.the internal capabilities of the firm
Colonel Technologies is a relatively mature tech company operating out of Southern Louisiana. Over the years, the organization has introduced several products and services, including servers, game consoles, app development and web design to name a few. Fifteen years ago, CT launched a residential/commercial security division or business unit. The company was well positioned to develop and manufacture both the hardware and software components in this industry. When it was introduced, their products were innovative, and the entire business unit was relatively untested. For certain, the launch of the division was a risk, but it was a calculated risk that CT believed was worth taking due to the market's immense growth potential (rate). As it was a new division introducing a new technology into an existing market, CT's security division held a very low relative market share. In this scenario and in the context of the BCG Portfolio Matrix, CT's new security division would be considered: Select one: a.A Question Mark b.An Innovation Matrix c.A Star d.A Disruptive Technology e.A Cash Cow
e.A Cash Cow
A good mission statement should: Select one: a.Focus on a limited number of goals, be customer oriented, aim to maximize economic profit, and capture a shared purpose and provide motivation to employees b.Focus on a limited number of goals, be market oriented, satisfy basic customer needs and wants, and capture a shared purpose and provide motivation to the Board of Directors. c.Focus on an unlimited number of goals, be product oriented, satisfy basic customer needs and wants, and capture a shared purpose and provide motivation to employees. d.Focus on several goals, be customer oriented, satisfy all customer needs and wants, and capture a shared purpose and provide motivation to executives. e.Focus on a limited number of goals, be customer oriented, satisfy basic customer needs and wants, and capture a shared purpose and provide motivation to employees.
e.Focus on a limited number of goals, be customer oriented, satisfy basic customer needs and wants, and capture a shared purpose and provide motivation to employees.
Lagniappe Shipping's marketing team, following extensive research, proposes to the executive leadership team that a strategic opportunity exists in the port of Lisbon, Portugal. This is not an area of the world where Lagniappe has operated before. The marketing team has identified new potential clients that would be interested in the services already provided by Lagniappe. In the context of Ansoff's Opportunity Matrix, this is an example of: Select one: a.Marketing b.International development c.Diversification d.Market penetration e.Market development
e.Market development