Marketing 310 Final
Your competition is beating you on price in your most important product market. In response, you decide to launch a new ad campaign focusing your customers on the price attribute of your marketing mix. You need a catchy slogan that conveys the attractiveness of your product's pricing. Which of the following slogans should you use to convey this message most effectively?
"Expect More. Pay Less"
____ competitors are the most significant to marketers because buyers see the different products of these firms as direct substitutes for each other.
Brand
Which of the following companies is the best example of a service marketer?
FedEx
Which of the following is essentially an uncontrollable factor in developing a marketing mix?
Government regulations
The Birkenstock Shoe Company is currently writing its marketing plan. Birkenstock is aware of the possible advantage of its brand name over competitor's brands. Which component of the marketing plan does this information most likely fit into?
Market situation/environment analysis
Which of the following is not a key element of planning?
NOT follow-up
Texas rice farmers wish to get their product into the Japanese market but are hindered by a complex maze of regulations imposed by the Japanese government. The farmers are most likely to attempt to influence which aspect of the marketing environment?
Political
Your company provides oil exploration services to major oil companies in Russia. The United States government just announced it is imposing economic sanctions on Russia because of the military actions it has taken in Ukraine. This situation is an example of which of the following types of forces that constantly impact a company's dynamic marketing environment?
Political Force
During which stage of the business cycle is unemployment low and total income relatively high?
Prosperity
U.S. Electric, the maker of a highly innovative xenon light bulb used in large, manufacturing facilities, finds that it has excess inventory. The firm increases its direct marketing budget by 20 percent and adds three new sales representatives. This company is operating as if it were in which of the following orientations?
Sales
If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the
Sherman Antitrust Act.
A SWOT analysis focuses on an organization's:
Strengths, Weaknesses, Opportunities, and Threats.
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.
When Disney World wants to have at least 90 percent of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of
a marketing objective
Rollins Steel Corporation, a leader in industrial supplies, has identified its auto battery unit as having a dominant market share; however, it has low prospects for growth. The unit currently generates more cash for Rollins Steel than is required to maintain its market share. According to the Boston Consulting Group, the auto battery unit would be classified as a _____
cash cow.
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 made a success from anticipating what consumers would 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 reputation and well-known brand name of Rolex watches represents a ____ for Rolex.
core competency
The marketing mix is built around the
customer.
A market orientation is an organization-wide effort that includes all of the following activities except
focusing on the marketing department only.
Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets
ideas.
What type of growth option would it represent when a company is looking for a new market for its existing product
market development
A group that has the willingness, ability, and authority to buy a product is a
market.
A change in the minimum drinking age in any given state illustrates a change in the ____ for Miller Brewing.
marketing environment
The process of putting marketing strategies into action is called
marketing implementation.
CyberCycle Inc., is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the
marketing plan.
J.C. Penney is presently involved in a process of assessing marketing opportunities and resources, determining marketing objectives, re-defining marketing strategies, and developing guidelines for implementation and control. Thus, J.C. Penney is involved in
marketing planning.
Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is
monetary price.
Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called
opportunities.
As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation.
production
The element of the marketing mix used to increase awareness of a product or company is
promotion.
Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as
relationship marketing.
Students from a marketing research class are involved in a project about the level of sleep, exercise, and stress individuals experience. They have decided to collect data from three student-center areas on campus. When they analyze their data they find the responses are very similar across the three areas. The students feel comfortable they have achieved which of the following with regard to their data?
reliability
The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)
service.
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.
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
Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.
strengths; opportunities
Kashi Heart to Heart cereal is aimed at people concerned about their heart health. These people represent the Kashi
target market.
Distribution, price, promotion, and product are all elements of
the marketing mix.
If Julio Ruiz has an income of $30,000, pays $6,000 in rent, $1,200 in utilities, and $5,000 in taxes per year, his disposable income is
$25,000.
The Coca-Cola Company has recognized the significant increase in population diversity within the U.S. soft-drink market. Which one of the following best illustrates the company's integration of this knowledge into its marketing strategy?
Ads featuring Hispanic actors and Tejano music
Which category of income are marketers most interested in?
Disposable income
Which of the following agencies regulates marketing activities the most?
Federal Trade Commission
Which step in the marketing research process involves the use of data analysis and statistical techniques to help draw conclusions?
Interpreting research findings
To maintain the control needed to obtain accurate information, marketers approach marketing research as a process. Which of the following steps of that process focuses on uncovering the nature and boundaries of the marketing situation to be studied?
Locating and defining problems
Nathan, a marketing manager for Casual Express, a retail clothing store chain, wants to use observation methods to gather information about shopping behavior. Which of the following should Nathan know about observation methods of data collection?
Observation can tell Nathan what is being done, but not why.
Which of the following survey methods has the potential to offer quick response at a lower cost than traditional mail and telephone surveys?
Online surveys
____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.
Product
Which of the following statements about self-regulatory programs is false?
Self-regulatory guidelines generally are stricter than governmental regulatory programs.
Which of the following regulatory groups is a system of nongovernmental, independent, local regulatory agencies supported by local businesses?
The Better Business Bureau
You are watching an episode of a new game show that tests contestants' knowledge by giving them phrases they must respond to with a question. The following marketing-related phrase comes up in the bonus round of the game: "It's an informed guess or assumption about a problem or set of circumstances. It is based on all the insight and knowledge available about the problem or circumstances from research studies and other sources." The contestant's response should be
What is a hypothesis?
In marketing research, a sample is best described as
a limited number of units chosen to represent the characteristics of a total population.
According to the text, marketing ethics refers to principles and standards that define
acceptable conduct in marketing.
When PepsiCo takes the information collected through research and attempts to assess and interpret what it means for its soft-drink marketing efforts, PepsiCo is engaged in environmental
analysis.
According to the Boston Consulting Group, marketers may classify their products as all of the following except
cash contributors.
If Starbucks were to donate 5 percent of every coffee purchase to shelters for victims of domestic abuse for one month, this would be an example of
cause-related marketing.
Many health care companies are making adaptations to meet the needs of an aging population as the demand for medical services and products such as diabetes supplies increases. This change in marketing strategy is best explained by a change in
demographics.
A survey question that requires a yes or no answer is called a
dichotomous question.
To monitor changes in the marketing environment effectively, marketers must engage in
environmental scanning and analysis.
Research that allows marketers to make causal inferences about relationships is called
experimental research.
When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research.
exploratory
According to the Boston Consulting Group, question marks are characterized as products
having a small share of a growing market and requiring large amounts of cash to build market share.
Organizations should define themselves not according to the products they produce but according to
how they satisfy customers.
The real value of marketing research to the organization can best be measured by
improvements in the ability to make decisions.
When using credit to make purchases, consumers are
increasing current buying power at the expense of future buying power.
Problem location and definition is the first step toward finding a solution to a marketing problem or launching a research study. The first sign of a problem
is typically a departure from some normal function, such as a failure to attain objectives.
If Procter & Gamble, the maker of Dawn dishwashing liquid, wants to know what percentage of customers examine product labels before making a product selection in the grocery store, it can best gain this information through
observation.
An item on the University Book Store's survey asks respondents to tell the store, in their own words, what they like least about textbook shopping. This item would be an example of a(n) ____ question.
open-ended
Designing research procedures that produce reliable marketing data means that
others using the same procedure will get almost identical data.
All the elements, individuals, or units of interest to researchers for a specific study are called the
population.
Procompetitive laws are those designed to
preserve competition.
Data that are observed or collected directly from respondents are called
primary data.
Marketers who attempt to influence and change the various environmental forces have a(n) ____ response to these forces.
proactive
Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.
product
Marketers who view political forces as being beyond their control are taking a(n) ____ response toward these forces.
reactive
The final step in the marketing research process is
reporting the research findings.
An overall plan for obtaining the information needed to address a research problem or issue is called the
research design.
When working as a summer intern for a local retail store, Jan Halverson was sent to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered
secondary data.
The Pharmaceutical Research and Manufacturers of America sets guidelines for its member firms to follow regarding the use of unethical practices. Thus, it is engaging in
self-regulation.
Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) ____ unit of Kraft.
strategic business
The major disadvantage of a mail survey versus a telephone or personal survey is
the failure of respondents to return the questionnaire.
You will give the keynote address at the annual meeting of the American Manufacturing Association. You realize most of the attendees think marketing is just advertising. So, you decide to start your keynote address by defining what marketing is in order to set the proper context for your speech.
the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers.
Marketing research is best defined as
the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities.
In today's marketing environment, competitors can take on many forms. For example, Diet Coke can be seen as a competitor to Wrigley's Double Mint chewing gum. In this circumstance, these two products are described as ____ competitors.
total budget
All of the following are steps in the marketing research process except
understanding your customer.
A firm has conducted market research and found that customer satisfaction with its product is quite high. Nonetheless, repurchase behavior is very low. The research design evidently has a problem with
validity.
The use of marketing research is
widespread throughout business and nonprofit organizations.
Shelby's new job with the federal government provides a comfortable income and a fairly stable income. She would like to buy a new car now that she has a job; however, Shelby hesitates to purchase a new car because she is concerned about how poor economic conditions may affect her position in the future. Shelby lacks
willingness to spend.
The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging 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 packaging tape unit falls into which one of the following classifications?
Cash cow
Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.
distribution
The definition of marketing implies that ____ should receive benefits from exchange relationships.
both customers and businesses
Companies that market products with similar features, benefits, and prices to the same customer group are known as ____ competitors.
brand
Marketers primarily focus their environmental analysis on ____ competitors.
brand
Appropriate resource allocation strategies for business units classified as cash cows include:
build, niche, and divest
Appropriate resource allocation strategies for business units classified as question Marks include:
build, niche, and divest
Jason, 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
If Starbucks buys a bakery, this would be an example of which of the following?
backward integration
Consumers buying products online have dramatically affected the ____ variable of the marketing mix. research
distribution
