BASIC MARKETING TEST 1

When developing a marketing mix, a marketing manager should remember that

"Price" includes markups, discounts, allowances, and geographic terms.

The following article titles are from Business Week magazine. Which article is most likely to be reporting on a macro-marketing topic?

"Russia Increases Output of Consumer Goods"

Production orientation- Marketing orientation -

- producing something that is wanted -producing something that is needed

Universal Functions of Marketing A. Buying B. Selling C. Transporting D. Storing E. Standardization and Grading F.Financing G. Risk Taking H. Marketing Information Gathering

Activity a. merchandise mart b. advertising agency c. container ship d. warehouse e. corn processing mill f. bank g. insurance company h. checkout bar code scanner

________ directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the society's objectives.

Macro-marketing

A detailed plan for handling transportation and storage of a new product that is now being distributed to wholesalers nationwide is an aspect of which part of the "Four Ps"?

Place

Herbal Essences tries to get shelf space in Target and Walmart because young women frequently shop there for hair care products. This is an example of which of the "Four Ps"?

Place

The packaging design for a new flavor of Ben and Jerry's ice cream is an aspect of which component of the marketing mix?

Product

Which of the following firms is exploring a market development opportunity?

The E-Z-Go golf cart company begins selling golf carts for use in malls, factories, and airports.

Which of the following statements about the universal functions of marketing is false? How the functions are performed may differ among nations and economic systems. These functions do not have to be performed in all macro-marketing systems. These functions help to overcome discrepancies of quantity and assortment. Who performs the functions may differ among nations and economic systems.

These functions do not have to be performed in all macro-marketing systems. Correct

A marketing plan is

a marketing strategy plus the time-related details for carrying it out.

If automakers were to segment Justin based upon the specific benefits he was seeking - like a vehicle that fit with his active lifestyle - this would be segmenting by _____________ dimensions

behavioral

If Joe to Go continues to only offer donuts with its simple cup of black coffee to customers like Gabby's dad, it will ______ with those customers.

build profitable relationships

If Mom places the highest value on convenience when looking for a cup of coffee and Fivebucks offers her this benefit, from a long-term perspective, the overall goal of the company is to _____________ with customer value.

build relationships

Most universities publish a set of rules about handling academic problems such as cheating and plagiarism. Students who violate these rules are often referred to the university's Honor Committee that evaluates the charges and decides what, if any, punishment is appropriate. This set of written rules is an example of a(n)

code of ethics

When Martha needs to compare the results of the marketing program for the Coffee Collective and then implement changes based upon what she finds, she is in the _____________ phase of the strategic marketing process.

control

When automakers segment based on age, gender, and stage of family life cycle, this reflects a form of ___________ segmentation, they would use vehicle features such as the availability of a moon roof and Bluetooth capability to find customers similar to Justin.

demographic

Which of the following is NOT one of the three phases of the strategic marketing process?

determination phase

Which of the following is one of three basic marketing management jobs?

directing the implementation of plans planning marketing activities controlling the plans in actual operation

Exchange rates, interest rates, and inflation are all considered part of the _________ environment.

economic

Suppose that Justin interviewed for a job with a company that had an excellent reputation for honesty and fairness with customers and employees, but that didn't believe in the need to get involved in the community or with social causes of any type. This company would be considered

highly ethical but not socially responsible

Marketing encourages research and ________, the development and spread of new ideas, goods and services.

innovation

From a micro view, marketing

is a set of activities performed by an individual organization to satisfy its customers.

When Colgate encourages its current customers to brush more often by taking their toothbrush and toothpaste to work with them, which market opportunity is Colgate pursuing?

market penetration

Aggregating potential car buyers into groups that have common needs and will respond in the same way to a marketing mix is a process known as

market segmentation.

The Coffee Collective will need to detail the day-to-day operational decisions that are needed to execute the marketing planning phase. These actions are often organized into the "Four Ps," also called the

marketing mix

Predicting what types of bicycles different customers will want and deciding which of those customers the business will try to satisfy are activities a firm should do as part of

marketing.

The Coffee Collective's goal is to provide customers with a unique coffee drinking experience and a loyalty rewards program. In doing so, the Coffee Collective is differentiating their experience in hopes of providing _____________ for their customers.

perceived superior value

One of the important features of the __________ environment are government regulations designed to protect consumers.

political/legal

While Justin liked the idea of a sports car, the car's high price excluded it from serious consideration. For Justin, price was a _______ dimension.

qualifying

If an automaker conducted research that showed that members of its young, socially conscious target market (customer like Justin) were not viewing their vehicle in the desired way, the automaker may have to engage in _____ the vehicle so that customer perceptions changed.

repositioning

The owner of the new Sharp Scissors hair salon gave coupons to potential customers walking by her store to stimulate interest and offer a trial of her new hair salon. The coupons are an example of

sales promotion.

Customer ________ is the extent to which a firm fulfills a customer's needs, desires, and expectations.

satisfaction

Which of the following represents the basic goal of the marketing concept?

satisfying customers at a profit

A marketing strategy

specifies a target market and a related marketing mix.

When conducting a SWOT analysis, Martha would need to identify strategies that take advantage of the Coffee Collective's ________ while avoiding __________.

strengths and opportunities; weaknesses and threats

A S.W.O.T. analysis includes

strengths, weaknesses, opportunities, threats

By providing refillable water bottles and refilling stations in order to reduce waste from bottled water, Hope Springs is aligning its product with which current social and cultural trend?

sustainability

Martha categorizes prospective buyers into groups that have common needs and will respond similarly to a marketing action, she then determines the group she will focus on. This group represents Martha's

target market

Mobile devices offer consumers an access channel of ever-increasing importance, as demonstrated consumers' ability to find water bottle filling stations for Hope Springs. This is an example of a trend within the ________________ environment.

technological

In a market-directed economy,

the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

An organization practicing ________ aims all its efforts at satisfying its customers—at a profit.

the marketing concept

The fact that many Americans want the convenience of driving gas-guzzling trucks and sport utility vehicles that also contribute disproportionately to pollution and global warming is an example of

the micro-macro dilemma.

An appropriate marketing mix should be determined primarily by

the needs of a target market.

Which of the following functions of marketing involves sorting products according to their size and quality, helping to reduce their need for inspection, and sampling?

the standardization and grading function

Assume that Hope Springs was guided by the American Marketing Association Statement of Ethics as described in your textbook. If Hope Springs' website were to post a sustainability report indicating how its marketing practices both help and harm the environment, what ethical value does this report represent?

transparency

Differentiation refers to the ________ of the firm's marketing mix to meet the needs of the target market.

uniqueness