Marketing Final Practice Questions

3 elements of the consumer immediate environment

company, competition, corporate partners

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies.

concentrated

When companies embrace __________, they appeal not only to their shareholders but also to all of their key stakeholders.

conscious Marketing

business to business marketing involves buying and selling goods and services by all of the following except

consumers

stages in the product life cycle

introduction, growth, maturity, decline

the strategic marketing planning process

is not always sequential

Among the factors affecting the consumer decision-making process is the way consumers spend their time and money to live, otherwise known as

lifestyle

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 development

In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as

market testing

Traditional demand curve economic theory is used by marketers to understand _______ in the five Cs of pricing

customers

introducing newly developed products or services to a market segment the company is not currently serving is called

diversification

The break even point is estimated by

dividing fixed costs by contribution per unit

What is true of marketing

marketing affects various stakeholders

If a firm in a purely competitive market can differentiate its product or service, it becomes part of a(n) _______ market.

monopolistic competition

Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are

more formal and structured

The diffusion of innovation theory is useful to marketers in helping them

predict which types of customers will buy their product immediately and later.

T/FAs the children of the Baby Boomers, Generation X is the biggest cohort since the original postwar World War II boom.

FALSE Generation Y would be the correct generation

T/F In a joint venture, the burden of ownership, control, and profits is not shared.

False

T/F brainstorming in the ethical decision making framework occurs immediately after the identification of issues

False

T/FEntering into a global franchise agreement exposes a company to higher risk than if the company had entered into direct investment in the country.

False

Which of the following statements regarding corporate social responsibility is true?

It sees limited overlap between the business and society, and between business and the planet.

_______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

Market Positioning

key corporate social responsibility stakeholders

employees, customers, marketplace, society

Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?

evaluation of alternatives

4E Framework of social media

excite, educate, experience, engage

Global Expansion often begins with

exporting of goods

macroeconomic factors include

external factors culture, demographics, social trends, technological advances, economic situation, and political/regulatory environments

During the __________ stage of the product life cycle, sales rise, profits rise rapidly, and there are a small but increasing number of competitors.

growth

One measure of traffic from visitors on sites, the total requests for a page, is measured in units called

hits

How does a retail distribution center supporting a store channel most obviously differ from one supporting an Internet channel?

in quantity of items shipped

During the introduction stage of a product's life cycle, typical consumers are

innovators

correct sequence of new product adopters in the diffusion of innovation curve

innovators, early adopters, early majority, late majority, laggards

The purpose of __________ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action.

quantitative

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

Unlike manufacturers, __________ buy products from other businesses but do not significantly alter the form of the products they buy before selling them.

resellers

Using prior sales and communication activities to determine the present communication budget describes which method of IMC budgeting?

rule of thumb

primary purpose of a marketing plan

specify the marketing activities for a specific period of time

Public relations is the component of IMC that

supports other promotional efforts by generating "free" media attention

Manufacturers would prefer to produce in a country with a trade __________, because it signals a greater opportunity to export products to more markets.

surplus

The diffusion of innovation theory focuses on

the rate at which consumers are likely to adopt a new product or service.

____________provides a detailed multi pronged "statement of ethics" that can serve as a foundation for marketers

AMA

Personal selling is an especially important part of IMC in

Business to business

For every consumer who purchases a pair of TOMS shoes for $55, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in

CSR

T/F The first step in the personal selling process is the preapproach.

FALSE

T/F Though a picture may be worth a thousand words, the most important facet of encoding is not what is received but what is sent.

FALSE

T/F Universal product codes (UPCs) are used to describe products for inventory taxation purposes.

FALSE

T/FMarketing ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.

FALSE

T/FPrivate-label brands are imitations often sold by street vendors.

FALSE

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

Integrated marketing communications

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

Marketing

The process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications is formally referred to as

RFP

T/FStakeholders typically include the firm's employees and their families, customer groups, members of the community, the environment, and the firm's partners and competitors.

True

a pricing strategy is

a long term approach to setting prices in a companywide integrated effort

A consumer's external social environment includes

the customer's family, reference groups, and culture.

The most important consideration when a firm chooses a global product strategy should be

the needs of the target market

What best represents how marketing expands firms global presence

when companies manufacture and sell their products all over the world