marketing exam 1
The poorest 25 percent of the U.S. population earned ________ or less per year in 2016.
$24,002
Which statement about the changing ethnicity in the United States is true?
A majority of black Americans now live in the suburbs.
Which element of the marketing mix is most relevant to the activity "capturing value"?
price
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on
how different customers perceive the value of her services.
When Diane went to college, tuition was $650 per semester. Now that same college charges $6,500 per semester. This number reflects a persistent increase in price known as
inflation
The marketing goal of getting the "right quantities to the right locations, at the right time" relates to
managing the supply chain
A ________ growth strategy employs the existing marketing offering to reach new market segments.
market developement
The ethical decision-making framework includes all of the following steps except
promote the firm's corporate social responsibility efforts.
Which of the following growth strategies employs the existing marketing mix and focuses the firm's efforts on existing customers?
market penetration
A product that is in a high-growth market but has a low market share would be classified as a ________ on the BCG matrix.
question mark
In the immediate marketing environment, the first factor that affects the consumer is
the company's capabilities.
Though Asian Americans comprise only about 5.6 percent of the U.S. population, they represent
the fastest-growing minority population.
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes
the value of their time and energy.
Creative locations, such as kiosks at the baggage claim in airports or small booths in grocery stores, represent Starbucks' effort to improve its offering on which dimension of the marketing mix?
place
What is the most basic corporate social responsibility to employees?
To ensure a safe working environment
Which ethnic group in the United States tends to earn more, have more schooling, and be more likely to be professionally employed or own a business?
asian American
Marketing enriches society by
creating charitable campaigns.
Insight Guides, a line of travel books, provides travelers with background information about people's beliefs, values, and customs in various parts of the world. Insight's books educate travelers about a country's
culture
Marketing ethics is concerned with all of the following except
distinguishing between right and wrong actions in a business setting.
Introducing newly developed products or services to a market segment the company is not currently serving is called
diversification
Christie, a marketing executive who was born in 1955, advocated that her company focus on a print campaign for its new line of lipsticks rather than spending money on online ads. This point of view may be attributed to the fact that she is a member of which generational cohort?
Baby Boomer
Which of the following statements accurately describes the current income distribution in the United States?
Wealthy households are outpacing both poor and middle-class households.
How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of
a marketing plan
Georgette, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, Georgette will help her company become more value driven if she
advises the production and purchasing departments to produce or order smaller quantities of products.
Which of the following steps occurs during the implementation phase of the marketing plan?
Identify and evaluate opportunities
When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm
must align the short-term goals of each employee with the long-term, overriding goals of the firm.
For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that
no single strategy is likely to be sufficient to build a sustainable competitive advantage.
Jeffrey is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeffrey has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeffrey still need to work on?
place
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
planning
Whereas it took 38 years for the radio to be adopted by 50 million people and 13 years for television, it only took 2 years for the same number of consumers to sign up for
The "Milk Life" advertising campaign, designed to increase awareness of the health benefits of milk, was intended to help market a(n)
industry
When considering the use of a radio commercial in England that was designed for U.S. markets, a marketer would likely need to consider which of the following aspects of culture that might be different between the two countries?
languages
Successful firms focus their efforts on satisfying customer needs that
match their core competencies.
The principle that decisions be ethically based is part of the concept of
conscious marketing.
David is considering the question, "Did our actions have a negative impact on any stakeholder group?" David is addressing marketing ethical issues in the ________ phase of the strategic marketing planning process.
control
When integrating conscious marketing into a marketing strategy, a key task is to ensure that all managers are evaluated on their actions from a conscious marketing perspective. This action would take place during which stage of the strategic marketing planning process?
control phase
The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.
controllable
Late in the day on September 11, 2001, the day of the World Trade Center attacks, Americans purchased all the American flags Walmart stores had available, nationwide. These purchases were indicative of
country culture
When you register your telephone number with the National Do Not Call Registry, you are responding to a need for
privacy
In 2007, Apple Computer introduced its new iPhone, adding a cellular telephone, a camera, and Internet access to its iPod. The company was pursuing a(n) ________ strategy.
product development
When Marvel launched several successful series on Netflix, including Jessica Jones, The Defenders, Iron Fist, and Luke Cage, it employed a ________ strategy.
product development
Chris has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Pete, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Pete's approach is based on
value co creation
Many American consumers are purchasing hybrid automobiles even though they are more expensive than conventional compact cars. These consumers
value contributing to a greener environment.
If the inflation rate in Mexico was twice the rate in the United States, but the Mexican monetary authorities kept the peso-dollar exchange rate almost constant, which of the following would be true?
Mexican products would be more expensive, while U.S.-made products would become comparatively less expensive.
________ provides a detailed, multipronged "Statement of Ethics" that can serve as a foundation for marketers.
The American Marketing Association
Four companies dominate the cereal industry. These firms produce in large volumes, promote heavily, and control access to the supermarket shelves through "slotting allowances," which are payments to retailers in return for shelf space. Combined, these four firms have
a sustainable competitive advantage.
When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish
a sustainable competitive advantage.
Zara is a women's clothing retailer headquartered in Spain, with stores located in many countries. Zara has developed a "quick response" system that allows store merchandise to be adjusted rapidly to fit changing customer preferences. Every aspect of Zara's operation is optimized for this system, making it difficult for competitors like The Gap to duplicate. Zara has established
a sustainable competitive advantage.
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must
be aligned with the long-term goals of the firm.
Compared to the average company, firms with strong ethical climates tend to
be more socially responsible.
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, all parties relevant to the decision should
brainstorm for alternatives.
Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the ________ stage.
brainstorming
Alicia has been asked to approve a marketing campaign that, although it is not illegal, promotes food products to children. She is concerned that the food products are not particularly nutritious, although they are not as bad for children as some others sold by competitors. By using the ethical decision-making metric, Alicia will
evaluate the alternative using a series of questions.
The goal of customer relationship management is to
identify and build loyalty among a firm's most valued customers.
Gary has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. The first thing Gary should do is to
identify issues that need to be addressed.
Anupam's company manufactures industrial ladders. He is concerned that consumers who do not understand ladder safety will purchase these extra-tall ladders and injure themselves. During which phase of the strategic marketing planning process should this issue be addressed?
implementation
Quitman Enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the owner, wants to start selling the book to international students abroad. Quitman wants to pursue a ________ growth strategy.
market development
Andy decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Andy is pursuing a ________ growth strategy.
market penetration
Data about how, when, why, where, and what people buy refers to
marketing analytics
Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the
marketing mix
Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.
needs, wants, and ability to purchase
Effective promotion enhances a product or service's
perceived value
Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages. The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices. There is no need even to navigate to Delta's website—users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook. Which element of the marketing mix does this represent?
place and value delivery
________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.
positioning
A former advertising campaign for GEICO Insurance used the slogan "So easy, even a caveman could do it" to emphasize the ease of buying insurance on GEICO's website. This campaign was part of GEICO's
positioning strategy
Many small businesses whose competitors are national franchises advertise "we are locally owned" or "we have been serving the community since 1951." These claims are part of these firms'
positioning strategy.
The first objective in the evaluate performance phase of the marketing planning process is to
review implementation programs and results using metrics.
Which of the following is true regarding modern gender roles?
Gender roles have been blurred in the past several years.
Imagine the use (or misuse) of data collected from consumers by a marketing research firm. One of the issues that might arise is the way the data are collected. At what step in the framework for ethical decision making would this issue be identified by the marketing research firm?
Step 1—identifying issues
In the ethical decision-making metric, the question that asks "Would I want the person I admire most to see me doing this?" applies to the
admired observer test.
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, ________ should engage in brainstorming and evaluating alternatives.
all parties relevant to the decision
In BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called
cash cows
Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the
employees
Generational cohorts are groups of people of the same generation who have similar ________ because they have shared experiences and are in the same stage of life.
purchase behaviors
The shift of population from the Rust Belt in the North to the Sun Belt in the South and Southwest will likely
reduce regional cultural differences.
Rock-Bend Company is considering buying out a competing firm and closing most of the competitor's factories. The firm has identified the various stakeholders and their issues and gathered the available data. Everyone with an interest in the issue has engaged in brainstorming and evaluating alternatives. Management reviewed and refined the alternatives, and then chose a course of action. If the managers are not confident about the decision, they should
reexamine their alternatives.
As owner of a retail franchise food store, Mary Grey purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of
sharing information across the organization.
Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product.
social media
When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ________, including the ranchers that supply the food, its customers, and animal welfare groups.
stakeholders
Which of the following statements reflects the philosophy of the market-oriented era?
the customer is king
All of the following are included in the decision-making metric except
the likability test.
In delivering value, marketing firms attempt to find the most desirable balance between
the need to provide benefits to customers and keep down costs.
