Test 1

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What kind of research is useful for a firm that needs to know more about why certain trends have surfaced? A.Custom Research B.Syndicated Research C.Market Research D.Reverse Engineering

Custom Research

A Mission statement is a formal document that describes the firm's overall purpose and what it hopes to achieve in terms of its A) Employees, stakeholders, board members B) Resources, profit, politics C) Partners, products, politics D) Customers, products, and resources

Customers, products, and resources

What is the first step in strategic planning? A) Define the Mission B) Establish a business portfolio C) Set organizational objectives D) Develop growth Strategies

Define the Mission

What is the first step in the market research process? A.Determine the Research Design B.Collect the data C.Define the Research problem D.Design the Sample

Define the Research problem

Which of these is not part of the business cycle? a.Recession b.Prosperity c.Deflation d.Recovery

Deflation

When you buy or sell a good or service electronically, you are participating in: a.E-business b.E-marketing c.E-commerce d.E-communication

E-commerce

Who believes that what is ethical in one culture is not necessarily ethical in another? a.All Business Men and Women b.Ethical Relativists c.Only women d.Ethical Absolutists

Ethical Relativists

Which of the following terms refers to the uncontrollable elements outside an organization that might affect its performance either positively or​ negatively? A.SWOT analysis B.Situation analysis C.Internal environment D.Portfolio analysis E.External environment

External environment

What is the ethical thought that believes that decision that treat all human beings equally - or if unequally, then fairly based on some standard that is defensible? a.Fair Justice Approach b.Absolute relativism c.Virtue Approach d.Common Good Approach

Fair Justice Approach

What two main purpose do use business laws serve? A)Fair competition and consumer protection from unfair practices B)Consumer protection and sustainability C)Sustainability and code of ethics D)Human right issues and following regulations

Fair competition and consumer protection from unfair practices

Strategic planning is part of which level of business planning A)First Level B)Second Level C)Third Level D)Strategic planning is not part of business planning

First level

What is another name for Foreign exchange rate? a.Forex rate b.International rate c.Global rate d.Tax rate

Forex rate

What form of licensing gives franchisee the right to adopt an entire way of doing business? A)Licensing agreement B)Partnership C)Franchising D)Business Ethics

Franchising

Which of these is not an activity of marketing mentioned in the book? a.Developing the product b.Better understanding of customer needs through marketing research c.Persuading the customer to buy your product d.Pricing the product

Persuading the customer to buy your product

Which of the 4 Ps of marketing is MOST closely related to a distribution​ strategy? A.Profit B.Place C.Price D.Promotion E.Product

Place

What is the benefit marketing can provide by making products available where customers want them? a.Time Utility b.Form Utility c.Place Utility d.Possession Utility

Place utility

What is not included in the Marketing Mix? a.Product Strategies b.Place Strategies c.Promotion Strategies d.Price Strategies e.Planning Strategies

Planning Strategies

____________ is a tool used by managers to help assess the potential of a firm's SBU's and whether they should receive more or less of the firm's resources A)Business Portfolio B)Portfolio Analysis C)Market Growth Rate D)Relative Market Share

Portfolio Analysis

Which of the following is not one of the 4 P's of marketing? a.Price b.Power c.Product d.Place e.Promotion

Power

____ uses shopping patterns of large numbers of people to determine which products are likely to be purchased if others are A.Bounce rate B.Predictive technology C.Mechanical systems D.Copyright

Predictive technology

____ Data refers to data collected by the firm to address a specific question. A.Secondary B.Descriptive C.Primary D.Casual

Primary

What are the 4 P's of Marketing

Product, Price, Place, Promotion

What is the most current marketing era? a.Production Era b.Sales Era c.Relationship Era d.Triple-Bottom-Line Era

Triple-Bottom-Line Era

According to Chapter 1 of the book, Michael Baumwoll works for which company? a.Facebook b.Twitter c.Snapchat d.Amazon

Twitter

Sustainability

is about creating products that meet present needs while ensuring future generations can have their needs met.

What market growth strategy seeks to increase sales of current products to existing markets? A) market penetration B) market development C) product development D) diversification

market penetration

Utility

represents the sum of benefits a consumer receives from use of a product

Which of the following is NOT an advantage in face-to-face interview? A.Takes a lot of time B.Can use long questionnaires C.Cost D.Flexibility of questioning

Cost

Service transactions account for more than _____ percent of the GDP in the U.S. and other developed countries. a.80% b.50% c.25% d.75% e.90%

75%

How do you find per capita GDP? a.GDP/ people b.People/ GDP c.GDP-number of people in the country d.total GDP/ number of people in the country

total GDP/ number of people in the country

_____ is gathered via monitoring of everyday data sources, observations, and discussions with sales representatives. A.Marketing Research B.Information for Marketing Decisions C.Marketing Intelligence D.Computer Software

Marketing Intelligence

______refers to taking an above board approach in conducting market research that does no harm to the participant. A.Marketing Intelligence B.Marketing Research Ethics C.Interactive Software D.Descriptive Research

Marketing Research Ethics

What focuses on the day-to-day execution of the marketing plan? A) Action plans B)Leading indicators C)Operational Plan D)Lagging indicators

Operational Plan

Setting Marketing Objectives, is what step in the Market Planning process? A) Step 1 B) Step 2 C) Step 3 D) Step 4

Step 2

In which step of the Market Research Process is the method to collect primary data chosen? A.Step 2 B.Step 7 C.Step 5 D.Step 3

Step 3

What does SBU stand for? A) Strategic Business Unit B) Strategic Background Unit C) Snapshot Business Unit D) Second Business Unit

Strategic Business Unit

Which of the following refers to individual units within a firm that operate like separate​ businesses, with each having its own​ mission, business​ objectives, resources,​ managers, and​ competitors? A.Strategic business units​ (SBUs) B.Market development strategies C.Diversification strategies D.Business portfolio E.Strategic plan

Strategic business units​ (SBUs)

What is a tax on imported goods called? a.Import tax b.Standard tax c.Tariff d.Goods tax

Tariff

Which is not an example of an internal environment? A)Patents B)Financial Stability C)Technology Trends D)Human Capital

Technology Trends

Neuromarketing is a marketing approach where A.Stores promote products that have not yet been released B.Consumers are studied on a small scale C.Companies advertise their product to all age groups D.The brain is scanned to find out why consumers make certain decisions

The brain is scanned to find out why consumers make certain decisions

What is world trade? A.The total dollar value of goods and services produced by a nation within its borders in a year B.The flow of goods and services among different countries—the value of all the exports and imports of the world's nations C.A policy adopted by a government to give domestic companies an advantage D.A type of trade in which goods are paid for with other items instead of cash

The flow of goods and services among different countries—the value of all the exports and imports of the world's nations

What is the Business Cycle? a.The overall pattern of changes or fluctuations of an economy. b.Availability of resources for a firm. c.Total dollar value of goods and resources. d.Suggest that what is ethical in one culture is no necessarily the same as another culture. e.Stabilized exchange rate.

The overall pattern of changes or fluctuations of an economy.

Electronic collections of consumer and market information obtained from data source within the company network are ____ A.Commercial Online Databases B.Internal Databases C.Market Research D.Primary Data

.Internal Databases

How Many different eras of marketing have there been? a.0 b.1 c.2 d.3 e.4

4

What is a market segment? a.Developing a basic product and a single strategy to reach everyone b.Focusing on its marketing plan and its marketing efforts c.A distinct group of customers within a larger market who are similar to each other and differ from customers needs d.Develop positioning strategies to create a desired perception of the product in consumers' minds in comparison to competitors needs.

A distinct group of customers within a larger market who are similar to each other and differ from customers needs

Portfolio Analysis is... A)A tool management uses to assess the potential of a firm's' business portfolio B)The range of different business a large firm operates C)A business that offers specialized products in limited markets unlikely to grow quickly D)A formal statement that describes the businesses overall purpose

A tool management uses to assess the potential of a firm's' business portfolio

What is a marketplace? A.Any location/medium to facilitate exchange B.Set of institutions and processes for creating, communicating delivering, and exchanging offerings that have value for customers C.Any good/service or idea D.Consumer goods or services

Any location/medium to facilitate exchange

.Which of the following is NOT localization/standardization choices when it decides on a product strategy: to offer the same, modified or a new product: A.Product trade strategy B.Straight extension strategy C.Product adaptation strategy D.A, B E.B, C

B, C

Which of the following is not an example of a survey method? A.Online questionnaires B.Telephone interviews C.Contests D.Face-to-face interviews

Contests

​_____ is a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products. A.Marketing plan B.Situation analysis C.SWOT analysis D.BCG growthdash-market share matrix E.Return on marketing investment​ (ROMI)

BCG growthdash-market share matrix

Exploratory research is useful for? A.Gaining better understanding of problem B.Identifying new opportunities C.Both A and B D.None of the above

Both A and B

Which the following refers to a plan that includes the decisions that guide the entire​ organization? A.Business plan B.Strategic business units​ (SBUs) C.Operational plan D.Strategic plan E.Functional plan

Business plan

Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long​ term? A.Strategic planning B.Operational planning C.Business planning D.Marketing planning E.Functional planning

Business planning

A physiological or psychological dependency on a good or service: a.Consumer addiction b.Anticonsumption c.Customer Recurrence d.Consumer Frequency

Consumer addiction

Collaborative Consumption

Consumers increasingly would rather rent than purchase the products they use.

Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role​ (job title) in the​ organization, when it comes to business​ planning, which level of planning would MOST describe your​ activities? A.Strategic business units​ (SBUs) B.Operational planning C.Strategic planning D.Business planning E.Functional planning

Functional planning

Which of the following is NOT a method to collect primary data? A.Telephone Interviews B.Face-to-Face Interviews C.Going door to door D.Mail Questionnaires

Going door to door

What is the difference between a Good and a Service? a.Goods are tangible and services are intangible b.Goods are intangible and services are tangible c.Goods are purchased while services are done for free d.There is no difference

Goods are tangible and services are intangible

Which of these is not an indicator of economic health? a.Gross Domestic Product (GDP) b.Economic Infrastructure c.Foreign Exchange Rates (Forex) d.Gross National Income

Gross National Income

__________ measures the total dollar value of goods and services produced by a nation within its borders in a year. A.Economic infrastructure B.Foreign exchange rate C.Standard of living D.Gross domestic product (GDP)

Gross domestic product (GDP)

What is the disadvantage of Direct investment globalization strategy: A.May limit growth opportunities B.Lose control of how product is produced C.Highest level of commitment and financial risk D.A, C

Highest level of commitment and financial risk

Which of the following refers to step 4 in the market planning​ process? A.Select a target market and the best marketing mix strategy. B.Implement and control the marketing plan. C.Set marketing objectives. D.Develop marketing strategies. E.Conduct a situation analysis.

Implement and control the marketing plan.

Which of the following is NOT a part of the 3 key considerations when dealing with Data and Measurement Quality issues? A.Validity B.Reliability C.Representativeness D.Longevity

Longevity

A firm's _______ stores and analyses data from a variety of sources. A.MIS B.MSDS C.Server D.Database

MIS

Which one is NOT one of the Three Levels of Business Planning? A) Functional Planning B) Strategic Planning C) Operational Planning D) Management Planning

Management Planning

Triple Bottom-Line Era

Management seeks to maximize financial, social, and environmental bottom lines.

Strategic Planning is the ___________ _________ that matches firm's resources and capabilities to market opportunities. A) Ongoing Process B) Managerial Decision C) Managerial Process D) Strategic Business Units

Managerial Process

Which of the following strategies are utilized to introduce existing products to new​ markets? A.Diversification B.Product development C.Market development D.Merger E.Market penetration

Market development

A firm seeking a growth strategy designed to increase sales of existing products to current​ customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing​ strategies? A.Market development B.Product development C.Control D.Market penetration E.Diversification

Market penetration

Which of the following marketing strategies is NOT one of the quadrants in the​ product-market growth​ matrix? A.Diversification B.Market development C.Market penetration D.Product development E.Marketing investment

Marketing investment

Which of the following is the document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing​ strategy? A.Business plan B.Marketing plan C.Operational plan D.Functional plan E.Strategic plan

Marketing plan

A Firm trying to reach as many customers as possible would issue their goods and services to a.Target Market b.Market Segment c.Super Market d.Mass Market

Mass Market

Which of the following is NOT an element of the External Environment? a.Economic Environment b.Competitive Environment c.Socio Cultural Environment d.Political-Legal Environment e.Mini Environment

Mini Environment

In the first step of strategic planning process, a firm creates a , which is a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources. A)SWOT Analysis B)Mission Statement C)SBU Objectives D)Business Portfolio

Mission Statement

A marketing manager who wants to know how consumers perceive their brand vs. the competition might use this statistical technique. A.Conjoint analysis B.Cluster analysis C.Multidimensional scaling D.Transactional scaling

Multidimensional scaling

Not-for-profit organizations are also known as what? a.NFO b.NFP c.NGO d.NGP

NGO

Which of these is not a step in the decision process to enter global markets? a.Network with others b.Which Market(s) to Enter c.Whether to go global d.Level of Commitment

Network with others

What specific uses of new technologies are imperative to the development of primary data? Choose all that apply A.Neuromarketing B.Interviews C.Virtual Stores D.Mechanical Systems

Neuromarketing Virtual Stores

Which of the following would NOT be part of a​ firm's internal environment that would be assessed in step 2 of strategic​ planning? A.External environment B.SWOT analysis C.New products being offered by a competitor D.Portfolio analysis E.Situation analysis

New products being offered

____is a plan that specifies what information marketers will collect and what type of study they will do. a.Market Research b.Research Design c.Data Research d.Advertising Design

Research Design

Return on marketing investment (ROMI) is best defined as A)Revenue or profit margin generated by investment in a specific marketing campaign or program divided by the cost of that program at a given risk level B)What must be done in order to accomplish the intended purpose of the action plan C)The marketing programs that support the various marketing objectives and strategies within the marketing plan D)The monetary value of all the finished goods and services produced within a country's borders in a specific time period

Revenue or profit margin generated by investment in a specific marketing campaign or program divided by the cost of that program at a given risk level

In the second step of the strategic planning process, a firm conducts a , which enables the organization to develop strategies that make use of what the firm does best in seizing opportunities for growth, while at the same time avoiding external threats that might hurt the firm's sales and profits. A)SWOT Analysis B)Business Portfolio C)SBU Objectives D)Mission Statement

SWOT Analysis

In step 2 of the strategic planning​ process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis​ called? A.Situation analysis B.BCG growth market share matrix C.Portfolio analysis D.Product development strategy E.SWOT analysis

SWOT analysis

What is the 4th step of the marketing planning process? The step at which a firm assesses the potential demand for its Products - and decides whether it is able to create sustainable competitive advantage in the marketplace. A)Performing a situation analysis B)Selecting a target market and the best marketing mix strategy C)Developing marketing objectives D)Setting Marketing Objectives

Selecting a target market and the best marketing mix strategy

What is not one of the four steps in marketing planning? A)Perform a situation analysis B)Set marketing objectives C)Develop marketing strategies D)Sell product to consumers

Sell product to consumers

Which aspect of business controls 75% of Gross Domestic Production (GDP) in the US along with other developed countries? a.Consumer Goods b.Services c.Products d.Food Industry

Services

Which of the following are intangible products that consumers can buy? a.Price b.Services c.Consumer Goods d.Place

Services

Which of the following is not an era of marketing? a.Production Era b.Sales Era c.Relationship Era d.Solo-Bottom Line Era e.Triple-Bottom Line Era

Solo-Bottom Line Era

Which of the following is not a step in the Market Research Process? A.Define the research problem B.Design the sample C.Analyze and interpret the data D.Specify the research objectives

Specify the research objectives

What is counter trade? A.Type of trade when goods are paid for with other items instead of cash B.The flow of goods and services among different countries C.Type of trade when goods are paid for with cash D.The flow of goods and services within one country

Type of trade when goods are paid for with other items instead of cash

List the steps in the Value Chain

Understand the value proposition Determine the value propositions different customers want Develop the value proposition for the customer Deliver and communicate the value proposition

Which ethical philosophy approach would be a decision that provides the most good or least harm? a.Utilitarian Approach b.Rights Approach c.Fairness or Justice Approach d.Common Good Approach e.Virtue Approach

Utilitarian Approach

Which ethical philosophy provides the most good or the least harm? A.Rights Approach B.Common Good Approach C.Utilitarian Approach D.Virtue Approach

Utilitarian Approach

When does bribery occur? A)When someone voluntarily offers payment to get an illegal advantage B)When someone in authority extracts payments under duress C)When one company controls the whole market D)When a country takes over a foreign business

When someone voluntarily offers payment to get an illegal advantage

Which of the following are the steps in the decision process to enter global markets in the correct order? a.1) Which market(s) to enter, 2) whether to go global, 3) level of commitment, 4) How to adapt marketing mix strategies b.1) Level of commitment, 2) which market(s) to enter. 3) how to adapt marketing mix strategies, 4) whether to go global c.1) Whether to go global, 2) which market(s) to enter, 3) level of commitment, 4) how to adapt marketing mix strategies d.1) Whether to go global, 2) level of commitment, 3) how to adapt to marketing mix strategies, 4) which market(s) to enter e.1) How to adapt marketing mix strategies 2) level of commitment, 3) which market(s) to enter, 4) whether to go global

Whether to go global, 2) which market(s) to enter, 3) level of commitment, 4) how to adapt marketing mix strategies

.Which of the following questions applies to the common good approach of ethical philosophy? A.Which option treats people equally? B.Which option leads me to act as the sort of person I want to be? C.Which option best serves the community as a whole, not just some members? D.Which option will produce the most good and do the least harm?

Which option best serves the community as a whole, not just some members?

A​ ________ refers to the group of different products or brands owned by an organization and characterized by different​ income-generating and growth capabilities. A.business portfolio B.strategic business unit​ (SBU) C.strategic plan D.business plan E.BCG growth market share matrix

business portfolio

As part of the strategic planning​ process, step 4 includes conducting a​ ________, which evaluates a​ firm's business mix and assesses the potential of an​ organization's strategic business units. A.SWOT analysis B.BCG growth market share matrix C.product development strategy D.situation analysis E.portfolio analysis

portfolio analysis

In step 2 of the strategic planning​ process, a firm engages in​ a(n) ________ to assess its internal and external environments. A.portfolio analysis B.situation analysis C.operational plan D.BCG growth market share matrix E.action plan

situation analysis

In​ _____ of the marketing planning​ process, marketing managers decide which markets to target and develop the marketing mix strategies to support how they want to position the product in the market. A.step 4 B.step 3 C.step 5 D.step 1 E.step 2

step 3

Which of the following refers to a managerial decision process that matches an​ organization's resources and capabilities to its market opportunities for​ long-term growth and​ survival? A.Functional planning B.Strategic business units​ (SBUs) C.Strategic planning D.Operational planning E.Business planning

strategic planning

What are the 3 levels of business planning? A) strategic, organizational, operational B) functional, strategic, organizational C) strategic, business, managerial D) strategic, functional, operational

strategic, functional, operational

What are consumer goods? a.tangible products that individual consumers purchase for personal or family use b.intangible products that individual consumers purchase for personal or family use c.intangible products we pay for and use but don't own d.tangible products we pay for and use but don't own

tangible products that individual consumers purchase for personal or family use


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