Exam 1 - Principles of Marketing (MKTG 330 *01)
Which of the following is most likely to be an idea marketer?
Abuse counselor
Which of the following best describes the acceptance of the marketing concept by all organizations?
All organizations fully utilize the marketing concept to run their businesses.
The director of marketing for Duck Brand tapes tells the rest of the management team, "When it comes to our duct tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the duct tape unit falls into which one of the following classifications?
Cash cow
strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals
Corporate
Which employees are ideally positioned to understand customers' needs and wants and are thus a vital component in the chain of communications?
Customer-contact employees
Which of the following scenarios involves the distribution element of the marketing mix?
Deciding whether or not to have retail outlets in addition to a website
Google introduced Google Home, a smart speaker/home automation device. For Google, Google Home represents a strategy of
Diversification
Which of the following is a strategy of increasing sales of current products in new markets?
Diversification
Which of the following is the least controllable factor in developing a marketing mix
Government regulations
Which of the following is a characteristic of a marketing objective
It is consistent with both business-unit and corporate strategy
T-Mobile implemented a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?
Market
A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines
Product, price, customer, and promotion variables
Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?
Satisfaction for both the buyer and seller
Which of the following statements is incorrect
Strategic planning begins at the corporate level and proceeds through business-unit and marketing levels.
Which of the following statements about marketing environment forces is NOT true?
They do not influence customers' reactions to a firm's marketing mix.
Which of the following companies is the best example of a service marketer?
UPS
Which one of the following statements by a company president best reflects the marketing concept?
We have organized our business to make certain that customers get what they want
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
a management philosophy
The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also
achieve the organization's goals.
The marketing concept is a management philosophy that affects
all efforts of the organization.
The marketing concept affects
all organizational activities
Business decisions made in creating a marketing mix
are only as good as the organization's understanding of the needs of the target market
Takeshi, a 17-year-old high school student, wants to buy a pack of Marlboro Lights. He has the money to purchase them, but he is still not considered to be a market for the product due to his lack of ____ to buy.
authority
The definition of marketing implies that ____ should receive benefits from exchange relationships
both customers and businesses
Walmart's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers
competitive advantage
All marketing mix decisions must have two characteristics: ____ and ____.
consistency; flexibility
Gucci, a marketer of high-fashion products, achieved a company turnaround by ensuring that its brand had the same image and proper display around the world. It also lowered prices on some items, like handbags, to be more competitive. This illustrates a company working to develop a marketing mix that is both ____ and ____
consistent; flexible
The marketing mix is built around the
customer
The strategic planning process begins with
development of an organizational mission statement.
Consumers buying products online have dramatically affected the ____ variable of the marketing mix
distribution
Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.
distribution
Making modifications to packaging or brand names involves the ____ component of the marketing mix.
distribution
The marketing environment is best described as being
dynamic and changing
The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called
first-mover advantage.
Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted on properly are called
opportunities.
Distribution, price, promotion, and product are all elements of
the marketing mix.
After determining that consumers had concerns about certain ingredients that may cause health issues, Patrizzi's Pizza began offering a gluten-free pizza product. The creation of this new product was the result of
a market opportunity.
According to the Boston Consulting Group, marketers may classify their products as all of the following except
cash contributors.
A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.
competitive advantage
The product variable of the marketing mix can include all of the following except
consumer perception of the product price
Apple has been successful by anticipating what consumers will want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition
core competency
The well-known brand name and reputation of Mercedes-Benz automobiles represents a ____ for Mercedes-Benz.
core competency
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.
When managers at Initek Inc are developing their firm's strategic plan, they should use a market orientation as a guide to ensure that ____ is an integral part of the process.
customer satisfaction
The focal point of all marketing activities is
customers
Kroger Food Stores 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
An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets
strengths and weaknesses
Sony's strong name recognition and solid customer demand for its televisions and game systems are two elements of the firm's
strengths.
Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ___
strengths; opportunities
During the Industrial Revolution, demand for manufactured goods was
strong
Just Crack an Egg is aimed at people concerned with on-the-go lifestyles. These people represent the Just Crack an Egg
target market.
A market orientation is an organization-wide effort that includes all of the following activities except
focusing just on the marketing department
A physical product you can touch is a(n)
good
The element of the marketing mix used to increase awareness of a product or company is
promotion
The three basic forms that a product can take are
services, ideas, and goods
Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are
stars
When Shaw Industries develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?
Promotion
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 goals.
The primary value that a customer expects to receive from a marketer in an exchange relationship is
a reward or benefit greater than the costs incurred in the transaction.
The Escapade Academy is developing its marketing mix for the coming year. Its managers know that they must first select ____ which may be the most important decision they make in the planning process
a target market
ACE Manufacturing Company is not attracting sufficient customers. It has long defined itself as being a maker of shelving products. To improve its sales and long-term viability, it should perhaps consider redefining itself as
helping customers satisfy their needs with ACE shelving products
Organizations should define themselves not according to the products they produce but according to
how they satisfy customers.
Never Again MSD is a group that works to change attitudes and laws about gun control. Never Again MSD primarily markets
ideas
The United Methodist Church has used advertising for many years, airing TV commercials that show children answering questions. The Church is using marketing to promote its
ideas
A target market
is a specific group of customers on whom an organization focuses its marketing efforts.
During the Industrial Revolution, most firms operated using a(n) ____ orientation
market
When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
market opportunity.
The percentage of a market which actually buys a specific product from a specific company is referred to as that product's
market share.
A group that has the willingness, ability, and authority to buy a product is a
market.
Which of the following is the most specific and detailed type of business strategy?
marketing
Changing the hours of operation for a service business involves the ____ component of the marketing mix
marketing concept
A marketing manager for a small laptop manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ____ that influence(s) the firm's strategy.
marketing environment
An organization's business goals should be derived from its
mission statement.
The Boston Consulting Group's matrix is based on the
philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.
The forces of the marketing environment include
political, legal and regulatory, sociocultural, technological, economic, and competitive.
United Airlines introduced a new "basic economy" seat category to better compete with discount airlines like Southwest and Spirit. Which of the following aspects of the marketing mix is United likely altering?
price
Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.
product
When SmartSheet, a producer of software, delayed the introduction of its new spreadsheet app to modify the package, its scheduled TV advertisements announcing the new product needed to be revised. In this case, a change in the ____ variable caused changes in the ____ variable of the marketing mix
product; promotion
According to the marketing concept, an organization should try to
provide products that satisfy customers' needs and allow the organization to achieve its goals.
During the 1920s, competition increased and businesspeople realized they had to do more than just focus on manufacturing, which led to the ____ orientation
sales
The marketing concept focuses on
satisfying customers' needs in a way that helps to achieve organizational objectives.
The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)
service
C.J. Foods, a pet food maker, purchased Lortscher Animal Nutrition, Inc. (LANI), a miller and ingredient supplier, and now operates this division as a separate profit center within the firm. In this example, LANI is a(n) ____ unit of C.J. Foods.
strategic business
Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
strategic business unit.
A strategic window is
temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
A first-mover advantage is
the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace
Amos Holden runs a successful wholesale business that sells equipment to restaurants throughout the Southwest. He is considering purchasing his own fleet of trucks to deliver the equipment instead of relying on a shipper as he is currently doing. This most closely represents a decision about
the best way to distribute his products
The primary value that a marketer expects to receive from a customer in an exchange relationship is
the price charged for the product.
A market opportunity results from
the right combination of circumstances and timing that permits an organization to take action to reach a particular target market
Coca-Cola has in recent years developed or acquired new non-cola products to appeal to changing consumer preferences for less sugar in their products. The most likely factor in this change is changes in
the sociocultural forces of the marketing environment