Marketing: Exam 1

Target Market

A specific group of customers on whom an organization focuses its marketing efforts.

Consumers buying products online have dramatically affected the ____________ variable of the marketing mix.

Distribution

A physical product you can touch is a:

Good

Which of the following is essentially an uncontrollable factor in developing a marketing mix?

Government regulations

If a family spends $2,000 a month on goods and services, how much of that $2,000 goes for marketing activities?

Half ($1000)

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?

Marketing concept

Scott, a buyer for a medium-sized company, is assessing the value of competing software products for use in his firm. Which of the following would not be a customer benefit considered in his determination of this product's value?

Monetary Price

From the 1920s to the 1050s, demand for manufactured goods decreased, leading to the ___________ orientation.

Sales

A commercial for the drink SunnyD explains how nutritious it is in comparison to other, more "sugary" drinks. While children under 12 are the most likely consumers of SunnyD, the commercial is aimed at mothers. These mothers represent SunnyD's

Target Market

Which of the following best characterizes the forces of the marketing environment?

The forces change dramatically and quickly, and a change in one force is likely to affect the other forces.

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.

After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of

a market opportunity

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

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

High Gliding Air 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

A strategic window is

a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market

Marketing knowledge and skills

are valuable personal and professional assets

Gucci Group, 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 reputation and well-known brand name of Rolex watches represents a ___________ for Rolex.

core competency

When managers at Go Pro are developing their strategic plan, they use a market orientation as a guide to ensure that ________ is an integral part of the process.

customer satisfaction

The Kingtel Corporation is expanding operations into countries outside the United States. To improve local managers' responsiveness to local conditions, Kingtel's senior management has decided to delegate decision-making authority further down the chain of command. Kingtel is

decentralizing

In managing customer relationships, the three primary ways profits can be obtained are by

enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers

A marketing plan document usually begins with a(n)

executive summary

A competitive advantage exists when a

firm matches a core competency to opportunities it has discovered in the marketplace.

The Church of the Latter Day Saints has used advertising for many years, airing a commercial TV spot that shows parents actively playing games with their children. The Church is using marketing to promote its

ideas

To formulate a marketing strategy, one must

identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.

Starbucks provides training and support to its employees, including health care benefits. Through these ___________ efforts Starbucks is better able to deliver quality products and service to its customers.

internal marketing

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 change in the minimum drinking age in any given state illustrates a change in the _____________ for Miller Brewing

marketing environment

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

An expected level of performance against which actual performance can be compared is a

performance standard

The element of the marketing mix used to increase awareness of a product or company is

promotion

Which of the following is not a purpose of the marketing plan?

serve as a contract with the customer

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

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

Rob Donaldson runs a successful wholesale business that sells equipment to restaurants throughout the Midwest. 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.

The equation a buyer applies to assess a product's value is

value = customer benefits - customer costs