MKTG 350 - Practice Quiz Unit 1

subjective

Customers choose to go to Buffalo Wild Wings based upon the value they place on the total product—including the food, service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _______. a. objective b. detailed c. scientific d. narrow e. subjective

interdependent

Marketing environmental forces are often _______. a. interdependent b. easy to predict c. controllable d. non-influential e. stable

marketing objectives

Performance standards are derived from _______. a. marketing objectives b. sales analysis c. marketing strategy d. the mission statement e. market opportunity

about $250

Samuel spent $500 on a new television set. How much of this price is likely to go toward marketing expenses? a. About $250 b. About $450 c. $500 d. Between $100 and $200 e. About $100

exchanges

The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit. a. marketing mixes b. target markets c. exchanges d. environmental factors e. values

organizational mission and goals

The strategic planning process begins with _______. a. marketing objectives b. business-unit strategies c. SWOT analysis d. organizational mission and goals e. finance objectives

b

What is the first step for marketers in implementing the marketing concept? a. Develop a feedback system so customers can describe their thoughts about a product b. Establish an information system to discover customers' real needs c. Engage in personal selling or advertising to promote products that customers desire d. Modify existing products to meet customer needs more effectively e. Modify a communication system that allows information to be disseminated throughout the organization

business analysis

Which of the following is NOT a component of the marketing plan? a. SWOT analysis b. Business analysis c. Marketing implementation d. Marketing strategies e. Executive summary

marketing objective

A _______ states what is to be accomplished through marketing activities. a. marketing strategy b. mission statement c. performance standard d. marketing objective e. market opportunity

target market; marketing mix

A marketing strategy is the selection of a(n) _______ and the creation of a(n) _______ that will satisfy the needs of target-market members. a. marketing objective; marketing mix b. marketing mix; target market c. target market; marketing mix d. marketing objective; marketing plan e. target market; marketing plan

training

An essential element of communicating with marketing employees is _______. a. objectives b. training c. the target market d. strategy e. the marketing mix

customer lifetime value

Anthony works at a local electronics retailer. He has two customers in particular that he sees regularly. One customer, Mr. Johnson, comes in frequently asking about new deals. However, he rarely buys anything, and when he does buy something it is usually small. The other customer, Mr. Montoya, comes in a little less frequently. He does not purchase products all the time, but when he does the products are expensive. Anthony recognizes that Mr. Montoya is a more valuable customer over time than Mr. Johnson. He has therefore worked hard to develop a strong relationship with Mr. Montoya. What marketing method is Anthony most likely using to direct his actions? a. Customer lifetime value b. A customer loyalty program c. The marketing concept d. Customer feedback e. A sales orientation

sales orientation

Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone else will too. She starts a cookie dough business. Charlotte views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Charlotte seem to embrace? a. Market orientation b. Promotion orientation c. Sales orientation d. Exchange orientation e. Production orientation

decentralized organization

Decision-making authority is delegated as far down the chain of command as possible in a(n) _______. a. centralized organization b. strategic-business unit c. marketing-oriented organization d. decentralized organization e. nonprofit organization

distribution

During the holiday season, a Bluetooth speaker was in such high demand that it sold out quickly at a local Walmart. When Walmart tried to order more, it learned that the suppliers had so many orders to fill that it would not be able to fill Walmart's order for two weeks. What type of marketing mix variable does this problem involve? a. Pricing b. Product c. Promotion d. Exchange e. Distribution

target market

Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's _______. a. target market b. marketing mix c. marketing environment d. exchange e. community

product

Lime is using social media to ask consumers about the qualities they desire in an electric scooter. The firm hopes to develop a new type of electric scooter based on the feedback it receives. Which marketing mix variable is Lime addressing? a. Exchange b. Distribution c. Pricing d. Product e. Promotion

promotion

Lumos Labs, the maker of brain-training app Lumosity, released advertisements that claimed its app was able to prevent Alzheimer's. The Federal Trade Commission fined Lumos Labs $2 million, saying that the company did not have the science to back up its ads. What type of marketing mix variable is involved in this situation? a. Product b. Pricing c. Distribution d. Exchange e. Promotion

d

Marketing cost analysis _______. a. uses sales figures to evaluate a firm's current performance b. is the firm's sale of a stated product as a percentage of industry sales of competing products c. is an expected level of performance against which actual performance can be compared d. breaks down and classifies costs to determine which are associated with specific marketing efforts e. assesses an organization's strengths, weaknesses, opportunities, and threats

relationship marketing

Sheryl works at Southwest Airlines as a digital marketer. A major part of her job is communicating with customers, answering questions and letting them know about how the airline offers them the best in customer value. Sheryl is working to create long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges with customers. This is an example of _______. a. relationship marketing b. the marketing mix c. a sales orientation d. customer loyalty programs e. customer lifetime value

controllable; uncontrollable

Subaru developed a new luxury car model, but, after performing some market tests, it realized that it was pricing its vehicles too high, even for the luxury market. Subaru had to make some changes in its marketing mix. Unfortunately, it made the mistake of launching its product right when a recession hit. As unemployment rose, sales of luxury products such as Subaru's new luxury vehicle tend to decrease. In this case, the pricing of its vehicle is a(n) _______ force for Subaru, while the economic downturn is a(n) _______ factor. a. controllable; uncontrollable b. predictable; unpredictable c. uncontrollable; controllable d. stable; unstable e. unpredictable; predictable

late-mover advantage

The ability of competitors to achieve long-term competitive advantages by entering the market later and not being the first to offer a certain product in the marketplace is called _______. a. late-mover advantage b. first-mover advantage c. core competency d. early-mover advantage e. competitive advantage

market orientation

The marketing concept is based upon the idea that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. During which orientation (time period) are marketers most likely to adopt the marketing concept? a. Promotion orientation b. Sales orientation c. Production orientation d. Exchange orientation e. Market orientation

corporate identity

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as _______. a. corporate identity b. corporate strategy c. mission statement d. SWOT analysis e. market share

threats

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective? a. Market opportunity b. Strengths c. Weaknesses d. Threats e. Opportunities

market opportunity

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) _______. a. weakness b. competitive advantage c. market opportunity d. core competencies e. strategic window

market development

Which of the following competitive growth strategies strives to increase sales of current products in new markets? a. Market share b. Market development c. Product development d. Diversification e. Market penetration

Customer value= customer benefits - customer costs

Which of the following equations describes customer value? a. Customer value= customer benefits - opportunity costs b. Customer value= income - price c. Customer value= customer costs - customer benefits d. Customer value= customer benefits - price e. Customer value= customer benefits - customer costs

c

Which of the following is NOT one of the steps in strategic performance evaluation? a. Modifying the marketing strategy, if necessary b. Measuring actual performance c. Establishing a timetable for implementation d. Establishing performance standards e. Comparing actual performance with established standards

e

Which of the following is a major benefit of marketing? a. Marketing prevents the sale of harmful products. b. Marketing activities do not take up much time. c. Marketing is the most important function of a business. d. Marketing activities are relatively low in cost. e. Marketing knowledge enhances consumer awareness.

market growth/market share matrix

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy? a. Sales analysis b. Market growth/market share matrix c. Product-market matrix d. Mission-goal matrix e. SWOT analysis

b

Which of the following is the last step of establishing a marketing implementation timetable? a. Identifying the activities to be performed b. Assigning responsibility for completing each activity to one or more employees, teams, or managers c. Separating the activities to be performed in sequence from those to be performed simultaneously d. Organizing activities in the proper order e. Determining the time required to complete each activity

marketing plan

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications? a. Marketing plan b. Mission statement c. Performance standard d. Marketing strategy e. Target market

executive summary

Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process? a. Executive summary b. Performance evaluation c. Marketing implementation d. SWOT analysis e. Environmental analysis

c

Which of the following sentences is true about a marketing exchange? a. Products in an exchange must be traded for money. b. An exchange will always take place if four conditions are met. c. It requires four conditions to take place. d. An exchange only needs to provide a benefit to one party. e. Seeing an advertisement is an example of an exchange.

customers

Which stakeholders are the focal point of all marketing activities? a. Regulators b. Suppliers c. Employees d. Communities e. Customers

e

You are advising a local nonprofit on strategy. The nonprofit supports cancer research and relies entirely on donations. You recommend that the nonprofit engage in marketing activities. The executive director tells you that because it is a nonprofit that does not engage in selling activities and has a small budget, the nonprofit has no use for marketing. You disagree and explain that marketing is not just for for-profit organizations. You explain the different ways the nonprofit can engage in marketing without changing its practices or the mission. Which of the following marketing activities would be most feasible for this nonprofit? a. Send out coupons for the organization's products in the local bulletin b. Purchase an advertisement in a state newspaper that is popular in the local community about the nonprofit c. Get volunteers to sell T-shirts and other items at the nonprofit's major events d. Engage in extensive marketing research to determine what its contributors want e. Use inexpensive digital marketing tools to inform the community about an upcoming fundraising event