Marketing Final Actual

few sellers dominate the market, Examples include airline production, oil-refining, steel production

Oligopoly

25. 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? a) Product, price, distribution, and promotion variables b) Marketing environment variables c) Product and promotion variables d) Product, price, and customer variables e) Product, price, customer, and promotion variables

a

Boca Burger's website features information about products, recipes, and nutritional values, but customers cannot actually purchase products from the website. This website is most likely used primarily as a ______ marketing tool. a) promotional b) distributional c) pricing d) targeting e) production

a

Health Care Systems, Inc. rolls out an innovative nurse-on-call information system available online. The product is not widely accepted because patients don't see the need for such a service. This situation represents a failure in which aspect of implementing the marketing concept? a) An information system to determine customer needs b) The organizational structure c) Top-management commitment d) Technological advancement e) Scanning corporate capabilities

a

If in an industry, none of the many sellers could influence the price of supply of its products, this industry would be characterized as a) pure competition. b) a monopoly. c) monopolistic competition. d) oligopolistic competition. e) an oligopoly.

a

Issues of inventory levels and storage costs are both concerns relating to the _____ variable of the marketing mix. a) distribution b) product c) exchange d) price e) promotion

a

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. a) strategic business b) marketing c) dependent d) independent e) corporate

a

Mixed Concrete cannot be shipped farther than twenty-five miles because the concrete might harden in the truck. Citrus County Concrete Company is the only supplier of mixed concrete to customers within a thirty-mile radius. Citrus County Concrete is an example of which one of the following competitive structures? a) Monopoly b) Oligopoly c) Monopolistic competition d) Pure competition e) Monopsony

a

SunnyD is aimed at mothers with children under age twelve. These mothers represent SunnyD's a) target market. b) consumer advocates. c) marketing strategy. d) marketing mix. e) marketing tactic.

a

The primary value that a marketer expects to receive from a customer in an exchange relationship is a) the price charged for the product. b) customer satisfaction. c) references to other potential customers. d) quality merchandise that meets expectations. e) few returns of the merchandise purchased.

a

Toyota has developed aluminum car bodies that are 100 percent recyclable and light enough to help conserve fuel. What kind of response is this to environmental forces? a) Proactive b) Competitive c) Reactive d) Inactive e) Controllable

a

What type of competitive structure exists when a firm produces a product that has no close substitutes? a) Monopoly b) Oligopoly c) Monopolistic competition d) Pure competition e) Mixed competition

a

When Burger King offers 99-cent Whoppers to increase store traffic, it is altering which aspect of the marketing mix? a) Price b) Promotion c) Distribution d) Product e) Target market

a

Which of the following acts was enacted to prevent businesses from restraining trade and monopolizing markets? a) Sherman Antitrust Act b) Clayton Act c) Federal Trade Commission Act d) Robinson-Patman Act e) Wheeler-Lea Act

a

Which of the following best describes the acceptance of the marketing concept by American organizations? a) The marketing concept has yet to be fully accepted by all organizations. b) All organizations fully utilize the marketing concept to run their businesses. c) Nearly half of all organizations are still in the sales orientation and have not implemented the marketing concept. d) Most organizations have really not accepted the marketing concept because of its many costs and problems. e) Although American organizations fully accept the marketing concept, many foreign companies do not.

a

Which of the following firms would be most likely to have a monopoly for its competitive environment? a) TimeWarner Cable TV b) Mitchell Trucking c) Continental Airlines d) Rogers Plumbing e) Chemlawn Lawn Care

a

Which one of the following statements by a company president best reflects the marketing concept? a) We have organized our business to make certain that customers get what they want. b) We believe that the marketing department must organize to sell what we produce. c) We have organized an aggressive sales force in our company to promote our products. d) We try to produce only high-quality, technically efficient products. e) We try to encourage company growth.

a

Marketers who view political forces as being beyond their control are taking a ___________ response toward these forces. a) reactive b) aggressive c) proactive d) competitive e) liberal

a) reactive

A target market a) involves a large number of customers. b) is a specific group of customers on whom a company focuses its marketing efforts. c) already has several competitors vying for customers' business. d) is the same as a salesperson's prospective client list. e) is a customer group classified as people with similar demographic characteristics.

b

Although Matt's company engages in environmental scanning and analysis, he feels more comfortable changing his policies and strategies to adapt to environmental forces rather than trying to influence these forces. Matt has a(n) _____ approach to marketing environmental forces. a) inactive b) reactive c) proactive d) negative e) variable

b

Distribution, price, promotion, and product are all elements of a) marketing strategy. b) the marketing mix. c) a target market. d) a consumer good. e) a business strategy.

b

Many well-known restaurants and corporations are changing to a completely smoke-free environment, and fewer restaurants offer smoking and nonsmoking sections. These firms are responding to changes in a) federal law. b) cultural values. c) demographics. d) consumerism. e) technological forces.

b

Marketing is the process of a) promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders. b) 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. c) delivering a standard of living to a society. d) creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives. e) focusing on customers' needs.

b

Most marketers operate in a competitive environment of either a) oligopoly or monopoly. b) oligopoly or monopolistic competition. c) oligopoly or pure competition. d) monopoly or pure competition. e) pure competition or monopolistic competition.

b

The marketing concept is a management philosophy that affects a) only marketing activities. b) all efforts of the organization. c) mainly the efforts of sales personnel. d) mainly customer relations. e) only business organizations.

b

The marketing concept is best defined as a) a second definition of marketing. b) 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. c) the performance of business activities that direct the flow of goods and services from producer to customer or user. d) a philosophy stating that an organization should attempt to accomplish its goals with no regard for the needs of customers. e) the inclusion of marketing activities in the activities of an organization.

b

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 a) marketing synthesis. b) relationship marketing. c) a marketing orientation. d) the marketing concept. e) strategic marketing.

b

What type of competitive structure exists when just a few sellers control a large portion of the supply of a product? a) Monopoly b) Oligopoly c) Monopolistic competition d) Mixed competition e) Pure competition

b

Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a a) profit entity. b) strategic business unit. c) marketing program. d) small business. e) diversified corporation.

b

Which of the following would represent a brand competitor for Ford's Escape Hybrid sport utility vehicle? a) Honda Pilot b) Toyota's Highlander Hybrid c) Honda Civic Hybrid d) Taxi ride e) Chevrolet Tahoe rented from Avis

b) Toyota's Highlander Hybrid

Similar product features, similar prices, same customers

brand competitors

According to the marketing concept, an organization should try to a) consider short-run objectives and cash flow needs before developing new products. b) define its business as "making a product." c) provide products that satisfy customers' needs and allow the organization to achieve its goals. d) put most of its emphasis on marketing activities and be less concerned with finance, accounting, and personnel. e) view selling activities as the major means of increasing profits.

c

Changing the hours of operation for a service business involves the _____ component of the marketing mix. a) product b) price c) distribution d) promotion e) marketing concept

c

Consumers buying products online have dramatically affected the ___________ variable of the marketing mix. a) product b) price c) distribution d) research e) promotion

c

Deciding to add gel insoles to its running shoes would be a change in the _____ element of the marketing mix for Nike. a) price b) good c) product d) promotion e) distribution

c

In what type of competitive structure is Specialty Motors operating? a) Monopoly b) Oligopoly c) Monopolistic competition d) Perfect competition e) Monopsony

c

Kashi Heart to HeartTM cereal is aimed at people concerned about their heart health. These people represent the Kashi a) marketing mix. b) marketing strategy. c) target market. d) marketing tactic. e) consumer advocates.

c

Price discrimination is prohibited by the ___________ Act. a) Sherman b) Wheeler-Lee c) Robinson-Patman d) Celler-Kefauver e) Consumer Goods Pricing

c

Suppose that the Soljur Sports company was actually discriminating against Meyer Sporting Goods with its price increase. Which of the following acts prohibits this type of business behavior? a) Sherman b) Wheeler-Lee c) Robinson-Patman d) Celler-Kefauver e) Consumer Goods Pricing

c

Taco Bell is introducing some of its products into supermarkets, vending machines, college campuses, and other locations to increase its product availability and convenience. One reason Taco Bell is doing so is to a) decrease customer benefits. b) increase customer costs. c) increase customer value. d) increase distribution expenses. e) decrease promotion expenses.

c

The equation a buyer applies to assess a product's value is a) value = monetary price - customer benefits. b) value = customer costs - customer benefits. c) value = customer benefits - customer costs. d) value = customer benefits - monetary price. e) value = customer benefits - time and effort.

c

The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also a) increase market share. b) increase sales. c) achieve the organization's goals. d) produce high-quality products. e) coordinate its activities to increase production.

c

The marketing mix is built around the a) product. b) company. c) customer. d) employee. e) retail outlet.

c

When Wonder introduced a new bread made with white whole wheat in response to customer demand, it was following which of the following philosophies? a) selling concept b) production concept c) marketing concept d) customer concept e) retailing concept

c

Which of the following is not an example of the implementation of the marketing concept? a) Jimmy Dean's Sausage introduces turkey sausage patties for a healthier alternative to pork. b) Mar's Candy asks customers to vote online for a new color for its M&M's candy. c) Burger King reduces the labor costs to produce its sausage-egg biscuits. d) Microsoft offers rewards for users who can find flaws in its new software. e) Saab introduces pop-up rollover bars in its convertibles to protect its consumers in the event of a serious collision.

c

If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the a) Wheeler-Lea Act. b) Clayton Act. c) Robinson-Patman Act. d) Sherman Antitrust Act. e) Celler-Kefauver Act.

d

Marketers often speak of the "controllable" variables in the practice of marketing. Which of the following is not considered one of the controlled variables? a) Product b) Price c) Distribution d) Competition e) Promotion

d

Marketing managers strive to develop a marketing mix that a) minimizes marketing costs. b) matches what competitors are offering. c) best matches the abilities of the firm. d) matches the needs of the target market. e) generates the highest level sales.

d

Organizations that provide smoke-free environments or low-fat products are responding to changes in a) technology. b) the legal environment. c) demographics. d) cultural values. e) political forces.

d

The Boston Consulting Group's matrix is based on the a) idea that a firm's market share and market attractiveness are the important factors for a marketing strategy. b) assumption that a firm's actions have a profitable impact on marketing strategy. c) business position and market attractiveness of the firm. d) philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy. e) idea that a product's market growth rate and market attractiveness determine the marketing strategy.

d

The four major competitive structures are a) monopolies, oligopolies, oligopolistic monopolies, and pure competition. b) pure competition, heavy competition, moderate competition, and light competition. c) brand, product, total budget, and generic. d) oligopolies, monopolies, monopolistic competition, and pure competition. e) monopolies, limited competition, oligopolistic competition, and pure competition.

d

The type of competitive structure that exists in the case where there are almost no substitutes for a product is a(n) a) monopolistic competition. b) oligopoly. c) pure competition. d) monopoly. e) noncompetition.

d

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies? a) Selling concept b) Production concept c) Customer concept d) Marketing concept e) Retailing concept

d

When DataComp Corp., a producer of computer software, delayed the introduction of its new spreadsheet program to modify the package, its scheduled magazine 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. a) distribution; promotion b) distribution; product c) product; price d) product; promotion e) promotion; price

d

Which of the following scenarios involves the distribution element of the marketing mix? a) Deciding whether or not a certain product should continue to be sold b) Determining whether an advertising message would be more effective on television or in magazines c) Choosing between a company jet or the airlines for executive travel d) Deciding whether or not to have retail outlets in addition to a website e) Developing a new warranty policy for an existing product

d

In general, which of the following competitive structures is an organization least likely to operate? a) Monopoly b) Monopolistic competition c) Oligopoly d) Elastic competition e) Pure competition

e

International Office Supplies Wholesaler charges different prices to its various customers without any legal justification. This company is in violation of the a) Sherman Antitrust Act. b) Wheeler-Lea Act. c) Lanham Act. d) Federal Trade Commission Act. e) Robinson-Patman Act.

e

Making modifications to packaging or brand names involves the _____ component of the marketing mix. a) price b) promotion c) market d) distribution e) product

e

Marketers who attempt to influence and change the various environmental forces have a(n) _____ response to these forces. a) reactive b) inactive c) variable d) positive e) proactive

e

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? a) Speed of delivery b) Ease of installation c) Availability of technical support d) Availability of training assistance e) Monetary price

e

The element of the marketing mix used to increase awareness of a product or company is a) communication. b) product. c) price. d) distribution. e) promotion.

e

The marketing concept focuses on a) achieving the goals of top executives. b) creating maximum visibility for the firm. c) maximizing sales. d) maximizing market share. e) satisfying customers' needs in a way that helps to achieve organizational objectives.

e

The textbook suggests that the best approach a firm can take in responding to marketing environmental forces is a) reactive. b) proactive. c) inactive. d) active. e) variable.

e

When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitors' products, a(n) _______ structure exists in the competitive environment. a) oligopoly b) monopoly c) pure competition d) oligopolistic competition e) monopolistic competition

e

________ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product. a) Marketing orientation b) Monetary price c) Product assessment d) Price assessment e) Value

e

T F A strategic business unit is not self-supporting in terms of sales, markets, production, and other resources

false

Everyone charges the same price

pure competition

T F The Boston Consulting Group approach is based on a philosophy that a product's market growth rate and its market share relative to competition should be helpful in determining its marketing strategy.

true