Principles of Marketing Ch 1-5
The group of economic factors that affect consumers' purchasing power and spending patterns is called which of the following?
The economic environment
How do company objectives and goals relate to the company mission statement?
The goals and objectives outline the steps necessary to accomplish the company's mission statement.
What is a business portfolio?
A collection of businesses and products that make up a company.
A power tool company wants to give its customers information about how best to use its product in creative ways. What should the company create to provide customers with this information?
A company Extranet
Which of the following identifies a change in the technological environment that could affect the success of a business?
A company develops a new battery that lasts twice as long as its predecessor.
What is cognitive dissonance in the context of a consumer purchasing goods?
A discomfort caused by differences between what has been purchased and what could have been purchased.
To be successful, why should company's try to adopt a proactive stance to marketing?
A proactive stance allows a company to influence the market in its favor.
Which of the following best describes a new product?
A product perceived as new by potential customers.
What is CRM?
A system of customer management
In Marketing, the act of obtaining a desired object from someone by offering something in return is known as which of the following?
An exchange
A company is conducting market research in order to determine the best areas to sell their product. They have already determined their research questions and gathered their data. What is the next step for this company in their research plan?
Analyze the data and apply it to the marketing situation
A company is attempting to gather information about its customers in order to improve its customer service. Which of the following is the best place for this company to start to develop an efficient MIS?
Asses the information needs of the company.
Which kind of company needs market research more?
Both large multinationals or small locals truly need market research
A local drama club wants to increase membership and attendance to its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. What is the drama club engaging in?
Building exchange relationships.
How do individual components of a SWOT analysis work together to determine the status of a company?
By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development.
Cynthia Brin, the CEO of biotech company, NeuroSyn, is trying to gather intelligence about the products and plans of its competitor Nucleic Solutions. Which of the following research methods would be most likely to provide valuable information about the product plans of Nucleic Solutions?
Collect information from people who supply and distribute products for Nucleic Solutions.
Which of the following is NOT a steop in the marketing research process?
Comparing research findings to other studies.
Nibbles pet food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche product - premium, organic dog and cat food - and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?
Create a promotion strategy to increase customer awareness
A wedding services company changes its marketing strategy to reflect the fact that more LGBT marriages are taking place. The company is offering a broader range of ceremonies that cater to this new market. Which of the following environments must be carefully analyzed by this wedding company?
Cultural
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?
Customer Equity
The difference between proactive and reactive stance to the marketing environment can best be describes as which of the following?
Passive vs. Active responses
The goal of marketing is to do which of the following?
Determine the best way to create value for customers and develop relationships with customers that profit the company.
Julie's Jump Rope Emporium is a brand new company. From a marketing standpoint, what is the first thing Julie's Jump Rope Emporium needs to do?
Determine who in the community wants or needs a jumprope.
Purchasing performed through electronic connections between buyers and sellers is called which of the following?
E-procurement
Which of the following is NOT considered a factor in consumer purchases?
Educational Factors
Which of the following scenarios best describes the societal marketing concept?
Edwards Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
Which of the following best describes a duty that would fall under the duty of the EPA?
Ensuring that pollution standards are met by a company
Halloway Metal is having trouble selling its titanium to golf club manufacturers. With the poor economy and new competition in its industry, sales for golf equipment have flagged lately, leaving profits for Halloway way down. Which of the following influences on business buyer behavior best describes the problem that Halloway is having?
Enviornmental.
Teach me tutoring company, located in the city of Education, is known for its awesome teachers and cutting edge curriculum. Its marketing team has done a superb job in ensuring that everyone in Education is familiar with the company. However, the company is not prospering., and current customers are complaining about the company's service. What is the next step for Teach-Me Tutoring, in order to help the company begin to show a profit?
Examine its value delivery network.
Which of the following is NOT likely to be used as an online database that can be accessed by a company to gain information about competitors?
Which of the following describes the current trend in businesses regarding relationships with customers?
Hand-pick the most profitable customers and allow them more input
Which of the following is LEAST likely to cause a person to purchase a product that differs from his or her original choice?
Hearing a radio commercial for another brand.
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products.
When a company engages in strategic planning, it must consider which of the following?
How to take advantage of current business opportunities.
When a company engages in strategic planning, it must consider which of the following?
How to take advantage of current business oppurtunities
An international company has appointed a CPO in order to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO most likely to do as a function of his job?
Inform customers of the privacy policy of the company.
Everyone has been talking about Jamie's Taco Truck. Heath loves tacos, and after hearing the recent buzz, he has decided to find out more by asking his social media friends about Jamie's. Heath is at which stage in the adoption process?
Interest. He is seeking information about the new product.
Having a good MIS is important because
It enables a company to use customer insights to improve relationships with customers.
How does the new concept of marketing differ from the old concept of marketing?
It focuses on the experience of the customer.
Overall how has the American population changed over time?
It has become more diverse, better educated, and more mobile
NOP Company's best-selling product for years was its portable CD player. However, in recent years, due to the development of MP3 players and iPods, sales have plummeted and are unlikely to rebound. Which is the best approach for the NOP Company to take?
Liquidate the CD player division and use the funds to support better-selling products.
Demin Blue Jean corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product - blue jeans - but it has 12 different lines of jeans that cater to women, men, children, babies, toddlers, and teens. Which marketing organization would best suit Denim Blue Jean Corporation?
Market and customer organization.
Why is it difficult for marketers to take advantage of the factors that affect consumer buying behavior?
Marketers have little or no control in factors that influence consumer buying behavior.
A marketing dashboard is used to do which of the following?
Measure the return of investment for a marketing strategy.
The Johnsons are a small family living in a well-maintained suburb outside of a major city. The parents have steady jobs that pay a decent wage. They believe in keeping up with the latest trends and tend to buy products that are considered popular. Which class best describes the Johnsons?
Middle Class
Vaughn's Video has suffered in the current economy because fewer people have money for videos and because fewer people use the technology, given the advance of online streaming sites such as Netflix and Hulu. The videos Vaughn's does sell are often out priced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected Vaughn's Video?
Non-for-profit marketing
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?
Product Concept
The purpose of business legislation is primarily based on
Protection.
The ultimate goal of the marketing process is to do which of the following?
Receive value from customers
Portillo's Fast Food restauraunts are changing their hot dog vendor. The company has realized that in order to stay competitive, their hot dogs need to be made larger and shorter so they can fit in a new smaller-sized hot dog bun. Consequently, Portillo's is looking for a vendor that can provide a product according to their new specifications at a price that is less than what they were paying int he past. At what stage in the business buying process is Portillo's?
Supplier Search
The systematic creation of networks of supplier partners to ensure a dependable supply of products and materials is considered which of the following:
Supplier development
Chicago's best pizzera has been operating on the south side of Chicago for over 50 years. Its target market includes young urban processionals who want new-style, organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting and fewer young, urban professional live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's best response to this situation?
Target a new market with a different product
The key to a company's success lies primarily in which of the following?
The ability of the company to coordinate efforts effectively within the company and with other members of its supply chain in order to deliver products to customers.
Which of the following identifies a key difference between the adoption process and the buyer decision process?
The adoption process must involve a new product while the buyer decision process involves a product that already exists.
Which of the following identifies a key difference between the buying process for businesses and the buying process for consumers?
The business buying process is longer and more complex than the consumer buying process.
What is most likely to cause a variation in customer-perceived value?
The customer's opinion of what constitutes value
Ice Cold Ice Cream Company currently has several question marks in its business portfolio, but it is currently maintaining its market share. At the most recent board meeting, the CEO of Ice Cold Ice Cream decided toa llocate all of the company's profits towards the growth and expansion of these question marks to become stars or cash cows. What is likely to happen to this company?
The growth of the comapany will be uneven and sporadic, seeing as question marks are equally likely to succeed or fail.
The problems that are inherent with E procurement stem from which of the following?
The impersonal nature of business practiced online.
How has the digital age MOST affected companies and customers?
The internet has allowed customers to take marketing content and share it.
How does the macroenvironment of a company differ from its microenvironment?
The macroenvironment deals with societal forces, and the microenvironment deals with creating value.
A value chain consists of which of the following?
The series of internal departments that carry out value-creating activities
Which of the following is NOT a factor that makes it difficult for companies to adhere to legislation in the business environment?
The shrinking number of laws currently in existence.
Which of the following factors is most important to take into account when developing a good MIS?
The usefulness of the information offered
What is the importance of selling and advertising in marketing?
They work in tandem with developing good customer relations.
What is the purpose of the marketing mix, as a part of the overall marketing strategy?
To elicit a response that influences a demand for the product from the customers that the company is targeting.
Why is good marketing management critical?
To ensure the company serves as many customers in its target market as it can and as well as it can
Which of the following best describes the purpose of the customer insights team?
To gather and interpret information about customers and the market.
Why is it important for a company to collect both primary and secondary data when conducting marketing research?
To have a "full picture" of the subject of their study
What is the overachieving goal of CRM?
To secure customer loyalty
All of the following can be considered problems with gathering pirmary data for an international company EXCEPT:
Unavailability of resources
Kyle is planning to buy a new lawnmower. He has researched the brand he wants and goes to the store to purchase it. However, when he gets to the store, Kyle sees another brand on sale for 70% off and decides to purchase the brand that is on sale. Which of the following describes what stopped Kyle from purchasing his original choice?
Unexpected situational factors.
Rod's Radical Racers is an upscale company that sells calls primarily to race car drivers and movie producers. In the past, Rod's Radical Racers was marketed as selling cars for the fun-loving driver - the driver who wanted to "race with life". However, in the current economy, Rod's has changed its slogan to "superior speed, superior savings. Rod's radical racers is engaging in which of the following?
Value Marketing
How do market demands relate to needs and wants?
Wants are objects that satisfy needs, and buying power converts into demands.
A brand new hardware company is writing its mission statement. Which of the following is the best mission statement possible for the new company?
We will help customers, build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
Richards Cowboy Gear is having difficulty attaining the credit it needs to expand. Which of the following should the company do in order to alleviate its financial situation?
Work out a plan with its financial intermediaries
Which of the following is NOT a problem involving the natural environment that marketers need to consider?
renewable resources
