MKTG 301 - Intro Marketing

The perishability of services means​

When demand is low, the unused capacity is lost forever

The marketing concepts affects

All organizational activities

Codes of conduct are also frequently known as

Codes of ethics

Who judges service quality?

Customers

The NAICS classification is based on

Production activities

Using surveys to conduct marketing research is an example of environmental analysis. ​

False

To promote overall company image, packages of Pillsbury cake and cookie mixes have similar designs and colors. This approach is known as

Family packaging

____ competitors provide very different products that satisfy the same basic customer need.

Generic

The purchase of products from a foreign source is called

Importing

The marketing mix consists of three major variables: product, price, and distribution

False

There are four conditions that must be met before an exchange can take place. Once these conditions are met, an exchange will always take place

False

There is an indirect relationship between the satisfaction of a company's contact employees and the satisfaction of its customers

False

If a person is rewarded for developing a deceptive advertisement, he or she probably will not engage in such behavior in the future

False

Price is of concern to a business marketer primarily because of its psychological impact on purchasing agents

False

The evaluative criteria are objective but not subjective product characteristics that are important to a specific buyer when purchasing a product

False

Because of its history of innovation and well-known brand name, Sony has a ____ advantage over Vizio

Sustainable competitive

According to the text, a market is defined as

A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

The marketing concept is best defined as

A philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goal

Adam Marker is the head of a company that produces computer software for production scheduling. The firm is small and presently does not generate enough volume to justify hiring a sales force. The firm is probably using ____ to maintain contact with the firms using its products

Agents

A product mix is best described as

All products offered by a firm

Cognitive, affective, and behavioral are the three major components of

Attitudes

Clothing must be labeled with the country of manufacture, fabric content, and

Care instructions

The American Heart Association has been using the campaign Go Red for Women to raise awareness and education about heart attack symptoms in women. Several companies including Merry Maids have partnered with the American Heart Association and prominently display the logo on their product packaging. Merry Maids left each of their customers a donation box to fill with coins and dollars with the campaign slogan "Raise the Roof" to support the American Heart Association. In one month they raised over $100,000 in donations. Merry Maids' "Raise the Roof" campaign illustrates a practice known as

Cause-related marketing

A single leader who controls and organizes a marketing channel is called a

Channel captain

Which of the following employees is most responsible for setting the ethical tone for the entire marketing organization?

Chief executive officer

A university's student body would be considered its ____ public; parents, alumni, and trustees would be included as its ____ public

Client; general

​________________ promote ethical behavior by reducing opportunities for unethical behavior; employees know what is expected of them and what kind of punishment follows if rules are violated

Codes of conduct

Bentley targets a very exclusive high-income market. Toyota, on the other hand, targets economy markets (Yaris), the environmentally-conscious market (Prius), and the higher-income market (Lexus). Bentley has adopted a ___________ targeting strategy. Toyota has adopted a ______________ targeting strategy

Concentrated; differentiated

A group of brands that a consumer views as alternatives for possible purchase is called a(n)

Consideration set

According to the consumer bill of rights, the right to be informed means that

Consumers should have access to and the opportunity to review all relevant information about a product before buying it

A small self-service store that is open long hours and carries a shallow product mix in convenient locations is best described as a

Convenience store

Marketing is the process of

Creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

____ refers to the idea that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures

Cultural relativism

Order handling involves all of the following activities except that the

Customer places a purchase order

During periods of high demand, Uber pricing will often go up, a practice it terms "surge pricing." On the other hand, when times are slow, the prices of rides will often go down. This is to encourage passengers to use Uber during periods of slow demand. This pricing strategy is an example of

Demand-based pricing

Didsbury Paint Manufacturing Company buys the chemicals it needs for producing its products from a chemical producer, Royce Chemicals. In this instance, the chemicals are being distributed to Didsbury through which of the following types of channels?

Direct distribution

______ developed on a large scale in the early 1950s, when postwar production caught up with strong consumer demand for goods

Discount stores

Which of the following is true about characteristics of business buying?

Discussions and negotiations associated with business purchases can require considerable marketing time and selling effort

Consumers buying products online have dramatically affected the ____ variable of the marketing mix

Distribution

Which of the following wholesalers never take actual possession of the goods?

Drop shippers

All of the following describe the demand for business products except

Elastic

What are the four major factors that influence business buying decisions?

Environmental; organizational; interpersonal; and individual

Analisa understands that even small businesses like her local catering business have certain responsibilities to society. She knows that she must abide by the laws that apply to her business and try to make a profit. What are the other obligations Analisa should know about?

Ethical and philanthropic

Suppose that Faust Distributing has been told that it cannot carry the beers made by Anheuser-Busch because it also carries the products of the competitor, Miller Brewing Company. Faust is then told that it must drop the Miller brands in order to carry the Anheuser-Busch products. If this were true, Anheuser-Busch would be engaging in which of the following channel management practices?

Exclusive dealing

A differentiated targeting strategy is when the organization targets two or more markets by developing a single marketing mix

False

A hair stylist who gives good haircuts in the morning but tends to give haircuts of lesser quality in the afternoon is suffering from the challenges associated with intangibility

False

A seller's profits peak in the maturity stage of a product's life cycle.

False

A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources

False

All members of an industry are bound to follow trade association guidelines.

False

Decreases in taxes lead to decreases in disposable income.

False

Demand-based pricing means higher prices during times of lower demand and lower prices during times of higher demand

False

Freight forwarders are companies that offer several shipment methods, including rail, truck, and air service

False

Retailers are frequently found in business product channels.

False

Services are products that can be touched and felt.

False

The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment

False

Transportation is the least expensive logistics function.

False

When products are introduced from one nation into another, acceptance is more likely if the two cultures are different

False

Safe Auto Insurance advertises "minimum coverage for minimum budgets" for its automobile insurance. Which of the following best describes Safe Auto's approach?

For some services, customers look for the low-cost provider, which is what Safe claims to be

Customers rely on ____ for product availability, breaking larger quantities into smaller ones, technical advice and service, financial assistance, and suitable assortments

Full-service wholesalers

Aggressive pricing is typical during the ____ stage of the product life cycle.

Growth

Which of the following is an example of a category killer?

Home Depot

When the Dutch company Shell purchases crude oil from Texas, it is engaging in

Importing

St. Agatha's Orthodox Church brews fresh coffee for its attendees as part of its hospitality ministry every Sunday. St. Agatha's is a(n) ________ market for coffee sellers

Institutional

The four major stages of a product life cycle include

Introduction, growth, maturity, and adoption

Honda executives have set an objective for the firm's new HR-V to boost Honda's market share by 10%. What is the main problem with this objective?

It does not specify a time period

When shopping for products, business customers often prefer to deal with _____, while consumers typically buy from _____.

Manufacturers or channel intermediaries; retailers

Adidas is establishing a ______ pricing objective to maintain or increase its product's sales in relation to total industry sales

Market share

Companies are increasingly using _______ to respond to changing consumer preferences to be able to buy a product wherever and whenever they desire

Multichannel distribution

A limited-line wholesaler would be expected to carry a ____ product mix.

Narrow and deep

Which of the following actions is illegal?

Paying political officials not to enforce a particular law

Some services are time sensitive, meaning that a significant number of customers desire the service around the same time. This point in time is called

Peak demand

A problem associated with ____ is that consumers can predict when prices will be lowered and delay purchases until that time

Periodic discounting

The forces of the marketing environment include

Political, legal and regulatory, sociological, technological, economic, and competitive

Woodworks, Inc. markets furniture directly to businesses. This is an example of a(n) ____ channel

Producer-to-business buyer

In an attempt to attract customers, service marketers often promise great results and satisfaction to customers, but marketers should be careful not to

Promise too much and cause customer expectations beyond what they can deliver

Marylyn now feels that her teeth are not white enough after seeing advertisements for whitening toothpaste. Marketers promote these brands based on ____ needs, appealing to sex appeal

Psychological

After doing considerable shopping, Pax has just decided what brand and type of athletic shoes to buy and where he's going to buy them. In what stage of the consumer buying decision process is Pax?

Purchase

Because practically all marketers provide some services, ____ typically do not exist in today's business environment

Pure goods

All of the following are factors that influence the ethical decision-making process except

Salary or wages

Regardless of how sales are measured, the basic unit of measurement is the

Sale transaction

When purchasing large amounts of light bulbs, which purchase method would an organization most likely use?

Sampling

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

Segmentation

Age, rate of product use, location, and gender are all examples of common

Segmentation variables

When service companies change high-contact services into low-contact services, the

Service becomes less personalized

The three basic forms that a product can take are

Services, ideas, and goods

Marketers help consumers learn through free samples, sometimes coupled with coupons, to reduce purchase risk, through a practice called

Shaping

Which of the following exists when the products of one firm are distributed through the marketing channels of another?

Strategic channel alliance

Which of the following would be considered an institutional buyer?

The United Way

Consumerism is

The efforts of independent individuals, groups, and organizations to protect the rights of consumers

Relying on executive judgment for forecasting may be adequate when

The executive has considerable experience and product demand is relatively stable

An important difference between for-profit and nonprofit marketing is that

The goals of the nonprofit organization differ from the goals of the for-profit organization

Many aspects of consumer buying decisions are affected by the individual's level of involvement. Level of involvement is

The importance and intensity of interest in a product in a particular situation

The biggest obstacle for customers in evaluating service quality is

The intangible nature of the service

Which of the following is an advantage of using an industrial distributor?

They help reduce a producer's financial burdens by extending credit to customers

_______ have special expertise in core physical distribution activities such as warehousing, transportation, inventory management, and information technology and can often perform these activities more efficiently

Third-party logistics firms

What should marketers do to promote the consistency and reliability of their services most effectively?

Train employees and develop standard procedures for dealing with customers

A service is intangible and is the result of the application of human or mechanical efforts to people or objects

True

An embargo occurs when a government suspends trade with a particular country.

True

Convenience products usually are distributed intensively because sales of these products tend to have a direct relationship to availability

True

Department stores are characterized by wide product mixes.

True

General-line merchandise wholesalers are a type of full-service merchant wholesaler.

True

International marketing is defined as marketing activities performed across national boundaries.

True

Marketing ethics refers to principles and standards that define acceptable conduct in marketing.

True

Selling agents have control over the marketing efforts of manufacturers and may be used in place of a marketing department

True

Some stores employ comparison shoppers to learn what prices their competitors are charging.

True

Suppliers may institute tying agreements as a means of getting rid of slow-moving inventory.

True

Sarah sets up her new interior decorating business and advertises her expertise in high-quality draperies and other window treatments. One of her first customers is extremely dissatisfied with Sarah's work, so Sarah redoes the job at her own expense because she knows how powerful ____ is (are) for services and wants to stay in business

Word-of-mouth communication

Garrison receives $50,000 in income. He paid $10,000 in taxes, $7,500 in rent and utilities, $5,000 on food, $2,000 in clothing, and $1,000 on a new couch. Based on these calculations, Garrison's discretionary income is

$25,500

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace

Competitive advantage

KFC opened its first franchised restaurant outside of North America in England in 1964. Now more than a billion KFC chicken dinners are sold annually in more than 125 countries and territories around the world. KFC has established its own processing plants in these countries to ensure the quality of its chickens and other food items. In the U.S., the menu at KFC is usually the same in all restaurants, with only a very few additional items available in different regions. However, when KFC first franchised into Asian countries, it added many unusual local delicacies to the menu--items such as fried octopus and squid. Additionally, the franchised stores in Asian countries display cooked food in "plates" near windows at the front of the store. This is a tradition for many restaurants in these countries--to offer the customer passing by a preliminary view of their product. KFC's establishment of international production/processing facilities is an example of

Direct ownership

Star Supplies, Inc. manufactures commercial-grade floor cleaners, such as vacuums and floor polishers. The firm has recently begun manufacturing other janitorial-related product lines, such as paper products and chemical cleaners. Star Supplies distributes its products in two ways. It sells its vacuum, floor polisher, and janitorial supply products to an independent business that takes title to the products and then sells them to various small businesses throughout the region. Also, Star has a list of large businesses that it distributes to directly, on an as-needed basis. These businesses keep very little inventory and purchase janitorial supplies in small quantities. Recently, Star has decided to add two new service product lines—paper shredding and a uniform rental service. Clint Rodriguez, the marketing manager, is conducting a meeting to discuss the ways in which Star can strategically manage these new businesses. Star has the choice of marketing the paper shredding service to their large business clients, by picking up the paper as they drop off the other janitorial supplies, or they can buy a small paper shredding business and market to both large and small business customers. With regard to the uniform rental service, Star can either pick up and deliver the uniforms to the small businesses themselves, or contract that out to a third party. Clint's suggestion for the uniform rental service was either picking up and delivering the uniforms themselves, or contracting this to a third party. If Star decides to pick up and deliver the uniforms with its own trucks, this is an example of a(n) ____ channel. If Star contracts this action to a third party, it is called ____.

Direct; outsourcing

The YMCA in mid-town Atlanta has recently upgraded its facilities, including building a new Olympic-sized swimming pool and children's playground. All locations of the Atlanta "Y" are open from 6:00 am until 11:00 pm, 360 days a year. The children's playground is accessible for members only and is a fenced and secured area. During the weekdays, children under the age of 12 can engage in supervised activities at the playground, for no extra fee. Additionally, there are swimming classes for children of all ages, which is also covered by the monthly membership fee. The swimming pool has been very popular with the professionals who stop by for a swimming workout before or after work. Many of the YMCA locations are very busy all day; however, the midtown "Y" is busier during the early morning and early evenings. At a recent meeting, Malia Monroe, its manager, shared her concerns about getting more people into the "Y" at other times of the day. She asked for ideas from her staff about how to do this. She also said that the city of Atlanta had reduced the "Y"'s funding for the next year by 20%. This would cause a need for the "Y" to either gain additional members or charge more per member for the annual fee. The fact that the "Y" is open from 6:00 am until 11:00 pm is most directly related to the ____ element of its marketing mix

Distribution

If Kyrgyzstan levied a duty on all goods purchased from the United States and other countries outside its borders that were brought into Kyrgyzstan, its businesses and citizens would be paying a(n)

Import tariff

Outdoor Sporting World (OSW), a national chain, has been doing business with Casper Sports, a manufacturer of skateboards, for several years. Recently, it came to the attention of OSW's financial director that the average cost per Casper Sports skateboard had substantially increased over that of the previous year. The financial director asked the marketing department if they knew what the Casper skateboards cost at competing sporting goods stores, to see if they too were likely hit with a higher cost. The marketing department found that the Casper skateboards were priced at $15 less in the competing store than at OSW. The financial director found that Casper Sports was selling a similar number of skateboards to one of OSW's competitors for $10 less per skateboard. The attorney for Outdoor Sporting World immediately filed a complaint with the Federal Trade Commission. If the Federal Trade Commission believes that Casper Sports is acting in violation of the law, the first move for the FTC is to

Issue a complaint stating that the business is in violation of the law

You are the head of supply chain management at a large manufacturing company in the Midwestern United States. You just returned from a series of workshops on how technology is being deployed by different companies around the world to improve their supply chain management activities. You are excited about the prospect of increasing the use of technology in your firm. Which one of the following reasons would you use to convince your firm's CEO to invest more money in technology for supply chain management?

It will create a more effective process for matching inventory needs to manufacturing requirements

GE Transportation produces locomotive engines for sale in countries around the world. After looking at the total market for locomotive engines, the company found that various rail lines wanted different types of engines. Major rail lines in the U.S. and South America wanted engines to haul heavy freight. Rail lines in Sweden and Germany were interested in a cleaner, greener locomotive engine. Rail lines operated by several Eastern European countries wanted locomotive engines for running short distances between cities in their own country. GE Transportation is currently manufacturing its GE 4400 for heavy freight, its Hybrid Eco-Engine, and its Dash 9, suited for shortline transport. Researchers at GE Transportation estimate that 1,000 rail lines throughout the world will purchase some kind of locomotive engine next year. That number represents the

Market potential

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

Market share

Wegmans recently placed an order with the Applegate Corporation for hotdogs. The typical weekly order is for 10 cases; however, since the upcoming weekend includes a holiday, this time Wegmans is ordering 100 cases of hotdogs. Wegmans orders this product on a regular basis. What type of purchase does this week's purchase represent?

Modified rebuy

Godfry's is a medium-size specialty men's and women's clothing store in a geographic area with many other specialty stores, department stores, and discounters. It has established a reputation for offering high-quality, fashionable merchandise with quality service. Godfry's competitive environment would best be characterized as

Monopolistic competition

Thanks to the role of the internet in the business buying decision process, interactions with a sales representative now

Occur much earlier in the process than in the past

As a media buyer for the Walker Agency, Rick knows that no one ever checks to see if his phone calls are business related or personal. With regard to ethical behavior, this situation relates most closely to

Opportunity

Marketing channels create four types of utility for consumers including

Place, time, possession, and form

When marketing to business customers, marketers have to understand the key characteristics of the business customer, and alter their marketing mix accordingly. For example, a business customer views _________ as the amount of investment necessary to obtain a desired level of return or savings. Moreover, the business customer demands ______________ before buying to be sure their needs are being met with the product

Price; detailed information

A marketing manager decides what combination of variables needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines?

Product, price, distribution, and promotion variables

After deciding to order replacement parts for aging machinery, the buyer for a construction company examines catalogs and trade publications looking for these parts. The buyer is at which stage in the business buying decision process?

Product-supplier search and evaluation

When a firm's management is making the final selection of specific target markets to enter, it should consider whether the organization has the financial resources, managerial skills, expertise, and facilities needed to effectively compete in the selected segments

True

All of the following products are likely to use the producer-retailer-consumer marketing channel except for

U-pick farm produce

Marketing activities are

Used by all sizes of organizations including for profit, nonprofit, and government agencies

The equation a buyer applies to assess a product's value is

Value = customer benefits - customer costs

Some hospitals in the United States find that their need for radiologists to read X-rays is volatile during the evening and early morning hours, especially between 2:00 and 6:00 a.m. This is because the number of emergency room visits needing X-rays is usually lower than those required during daytime operating hours. There is a recent trend where hospitals in the United States are contracting radiologists from countries such as Australia to read the electronically-transmitted X-rays during the evening and early morning hours. This is an example of

Outsourcing

The results of many studies have been inconclusive regarding the association between buyer behavior and

Personality

Customers use brands to help judge product quality.

True

After purchasing a new Infiniti, Phil sees a Lexus pass by on the street and wonders if he made the right choice. Phil is experiencing

Cognitive dissonance

A marketing plan document usually begins with a(n)

Executive summary

When a consumer purchases products occasionally or needs information about an unfamiliar brand in a familiar product category, he or she will most likely engage in

Limited decision making

Firms that have operations or subsidiaries located in many countries are referred to as

Multinational enterprises

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

Opportunities

Businesses follow a defined buying decision process in order to ensure the goods and services they purchase will meet their organization's needs. The process has multiple stages, and in one of the stages the business will evaluate each component of potential purchase. This includes evaluating the quality, design, materials and any other relevant aspect of the purchase. This evaluation takes place in which of the following stages of the business buying decision process?

Third stage: search for potential products

The forecasting techniques that assume past sales patterns will continue into the future are all variations of

Time series analysis

Retailers purchase products and resell them to final consumers.

True

Retailers that sell only to members and feature discount retailing combined with cash-and-carry wholesaling are called

Warehouse clubs

Levitz Furniture locates in huge, low-cost buildings; maintains large, on-premises inventories; and offers minimum service. Levitz is a

Warehouse showroom

Which of the following logistics functions involves design and operation of facilities for storing goods?

Warehousing

____ buy products from manufacturers and then resell the products to other firms in the distribution system

Wholesalers

Institutional markets are

Organizations that seek nonbusiness goals

If a family spends $2,000 a month on goods and services, how much of that goes for marketing activities?

$1,000

Which of the following is the division of a market according to end results that consumers want from the product?

Benefit segmentation

Social classes are referred to as open aggregates of individuals because people can move into and out of them

True

Cassy and James both are buying new iPhones this week. Cassy goes to the Apple store because she wants to actually see the phone before she makes a final decision. James knows that he does not need to see the phone, because he just wants an upgrade from his older version. He simply orders it online from apple.com. Cassy is purchasing her phone through _____, while James is purchasing his through _____.

A retailer; a direct-marketing channel

The forces of the marketing environment primarily affect marketers in three ways. they influence customers by affecting their lifestyles and preferences for product; they determine whether or how a marketing manager can perform certain marketing activities; and they

Affect a marketing manager's decisions and actions by influencing buyer's reactions to the firm's marketing mix

Problem recognition occurs when a consumer

Becomes aware that there is a difference between a desired state and an actual condition

Dasani, SmartWater, Aquafina, Glaceau, Pure Life, and Fiji are examples of __________ competitors in the beverage industry

Brand

Like manufacturers' agents, industrial distributors do not take title to products or carry inventories

False

Kroger is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Kroger is creating a

Marketing strategy

A business customer evaluates the characteristics and quality of the products being considered to determine whether they

Meet specifications

The four major competitive structures are

Oligopolies, monopolies, monopolistic competition, and pure competition

Critics of the financial services industry, and Wall Street in particular, argue that a major cause of the financial crisis of 2008 was the flawed compensation and incentive structure that exists in the industry. They argue that this incentive structure encourages and often rewards unethical behavior by professionals in the industry. This is an example of

The opportunity factors that influence ethical decision making

A ___________ links buyers and sellers in different countries, but it has no manufacturing capability. Its most important function is ___________ to products and moving them from the domestic country to the foreign country

Trading company; taking title

A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market

True

A consumer may receive a marketer's information and perceive it differently from the way the marketer intended

True

The U.S. economy is the world's first service economy.

True

Within the information search step of the consumer buying decision process, what two primary aspects exist?

Internal search and external search

It is not important to consistently enforce standards and impose penalties or punishment on those who violate codes of conduct

False

Under the terms of the trade agreement CAFTA-DR, the state-run telephone system in Costa Rica was opened up for competition. Now four major companies dominate the telecommunications industry for mobile phones and Internet. The telecommunications industry in Costa Rica went from being a(n) ___________ to a(n) _______________.

Monopolistic; oligopoly

Psychological influences are internal factors that impact a consumer's buying decision process. More specifically, ___________ is one type of psychological influence wherein the consumer has a tendency to twist or change information received to fit their own personal feelings or beliefs

Selective distortion

Using only some of the available outlets to distribute a product is called

Selective distribution

A target market is a specific group of customers on whom an organization focuses its marketing efforts

True

Which method of business buying is most likely to be used when the products being purchased are standardized based on certain characteristics?

Description

Daniel is a football enthusiast. He watches all the big games, collects football memorabilia, and knows everything there is to know about football history. His best friend Charles is not a football fan. However, he does enjoy watching the Super Bowl every year because of all the excitement. He even finds that he gets really into the game. Usually the Super Bowl is the only football game Charles watches, but he still looks forward to it every year. Daniel has a(n) ____________ involvement with football, whereas Charles has more of a(n) _____________involvement

Enduring; situational

Henry Jennings of Jennings Pest Control buys equipment from Total Tools because Total Tools hires him to spray its warehouse for insects periodically. This practice is an example of

Reciprocity

Anna is often surprised when she goes to other countries to learn that people do business so differently. In meetings, for instance, Anna is used to getting straight to the point and addressing any relevant issues. However, she has learned that in many countries businesspeople take the time to first make small talk and ask about the family before finally getting down to business. To Anna this seems to make the meetings unnecessarily long and wastes valuable time. These cultural differences seem strange to Anna because she is relying on her

Self-reference criterion

Which of the following includes activities such as manufacturing, research, sales, advertising, and shipping, as well as involving all entities that facilitate product distribution?

Supply chain management

Corporate strategy determines the means for utilizing resources in the functional areas of business to reach the organization's goals

True

On-time delivery is crucial to a business customer, since a late delivery may hold up a production line or cause the firm to lose sales

True

The marketing environment consists of external forces that directly or indirectly influence an organization's acquisition of inputs and generation of outputs

True

A targeting strategy in which an organization targets a single market segment using one marketing mix is called a(n) ____ strategy

Concentrated

ACME was not the first to bring a selfie stick to market, but it is now introducing a selfie stick that can also be used as a cane, an umbrella, and a knife for self-defense. Which of the following is ACME benefiting from as a late mover?

Being able to improve on the product design and marketing strategy

Variables such as geographic location, type of organization, customer size, and type of product usage are used to segment ____ markets

Business

Millie's Cookie House sells cookies, pastries, and muffins. She offers 30 different types of cookies, 20 different types of pastries, and 10 types of muffins. While not all of these are available in-store, customers can special order or have the baked goods catered. The depth of the product mix that Millie's offers is ______________, while the width of the product mix is ___________________.

Deep; narrow

Marketing ethics and social responsibility mean the same thing.

False

Media allocation, retail outlets, and price are among the easiest marketing mix variables to standardize

False

Pinpointing a target market should be done only after the selection of a marketing mix.

False

The YMCA in mid-town Atlanta has recently upgraded its facilities, including building a new Olympic-sized swimming pool and children's playground. All locations of the Atlanta "Y" are open from 6:00 am until 11:00 pm, 360 days a year. The children's playground is accessible for members only and is a fenced and secured area. During the weekdays, children under the age of 12 can engage in supervised activities at the playground, for no extra fee. Additionally, there are swimming classes for children of all ages, which is also covered by the monthly membership fee. The swimming pool has been very popular with the professionals who stop by for a swimming workout before or after work. Many of the YMCA locations are very busy all day; however, the midtown "Y" is busier during the early morning and early evenings. At a recent meeting, Malia Monroe, its manager, shared her concerns about getting more people into the "Y" at other times of the day. She asked for ideas from her staff about how to do this. She also said that the city of Atlanta had reduced the "Y"'s funding for the next year by 20%. This would cause a need for the "Y" to either gain additional members or charge more per member for the annual fee. One of Malia's staff suggested that they offer senior citizens a free month of membership for every person they recommended to the "Y." This particular form of promotion would be designed to

Increase positive word-of-mouth communication

Richards Homes, a mobile home manufacturer since 1934, introduced its new iHome. The iHome is one of the first of its kind, designed as an updated, modern version of the modular home, offered as a base home plus add-ons known as "pods." The base home is a one-bedroom, one-bath, 734-square-foot version at a price of around $80,000. There is also a 1,000-square-foot version for around $100,000. All versions may add on the additional one-room pods, which are shipped to your location and constructed on site. The homes offer galvanized metal roofing, corrugated steel siding, Volatile Organic Compounds-free paints, and a "butterfly" roof that collects rainwater. The iHome uses 30% less energy than a similar square-foot home and offers "green" characteristics of solar panels, tankless water heaters, and low-flow faucets. In addition, it comes with bamboo flooring, a renewable resource. The modular, prefabricated design offers endless options for creating the customer's home, and its engineered building system cuts down on construction waste. Due to the "green effects" of the iHome, the state governments have given it a tax abatement for any sales taxes. The iHome's reduction of energy use, renewable resources as materials, "pod" customization, reduction of construction waste, and tax abatement status is/are examples of reaction to which environmental forces?

Political, economic, sociocultural, and technological

Inelastic demand in business markets refers to a situation where

Price increases or decreases will not significantly change demand for a given product

Swiss-based Toblerone has taken a global approach to marketing its chocolate products. Which of the following is most easily standardized?

Product

What stage of the consumer buying decision process comes after problem recognition?

Information search

Facilities, factories, and production lines with very large equipment are all classified as

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