Marketing quiz questions chapter 1-3

Green Mountain, Inc., the manufacturer of the Keurig brand of coffee makers, created an innovative and new category of coffee makers using its trademarked "K-cups" for single-serve coffee. Other companies are now producing similar cups and coffee makers, competing against Green Mountain and the Keurig brand. The coffee category remains strong, possesses opportunities for growth, and Keurig is maintaining a dominant position in the marketplace. Using the Boston Consulting Group's Growth Share Matrix, which of the following strategies would be most appropriate for the Keurig line of coffee makers? Divest the product line and/or stop producing the Keurig coffee maker Utilize the revenue supplied by the product line to support other products Seek to reestablish the product line and generate interest in the product category Continue to innovate, promote, and support the product line by investing resources in order to continue growth

Continue to innovate, promote, and support the product line by investing resources in order to continue growth

Which of the following expressions best characterizes the concept of value to consumers? Customer benefits - customer costs = customer value Customer benefits + corporate profit = customer value Customer costs + perceived risk = customer value Customer costs>customer benefits=customer value

Customer benefits - customer costs = customer value

Which of the following statements is true about why disposable income is important to marketers? Disposable income is affected by wage levels. Disposable income is the amount available before taxes are paid. Disposable income is impacted by tax rates. Disposable income is a ready source of buying power.

Disposable income is a ready source of buying power.

Jamal Nassar is employed as a marketing analyst with Bright Horizons, Inc. and is currently assisting the vice president of marketing with the marketing plan. Jamal has been tasked with assessing a variety of factors, such as competitive, economic, political, legal, regulatory, technological, and sociocultural factors, that could affect various marketing activities. Which section of the marketing plan is Jamal developing? SWOT analysis Executive summary Marketing objectives Environmental analysis

Environmental analysis

Tamika Smith is a marketing research analyst for Walgreens based in Chicago, Illinois, and part of her job is to gather and analyze information about the product and pricing strategies of competing companies like CVS and Target and to monitor trends regarding which products might be popular in different areas of the United States or particular neighborhoods within a state. What type of activity is Tamika engaged in for her job as a research analyst? Information processing Media strategy Competitive intelligence Environmental scanning

Environmental scanning

The Coalition to Stop Gun Violence (CSGV) is a nonprofit organization that was founded in 1974. Its mission is to secure freedom from gun violence through research, strategic engagement, and effective policy advocacy to change laws regarding firearm ownership. Which type of product best describes the CSGV? Application Service Good Idea

Idea

Which of the following are the three forms of a product? Goods, ideas, and intangibles Brands, services, and tangibles Ideas, services, and goods Ideas, services, and objects

Ideas, services, and goods

What is the first step in creating a marketing strategy? Modifying the marketing mix Identifying the target market Establishing profit objectives Identifying the marketing organization structure

Identifying the target market

Which of the following are the three primary ways firms can achieve profits through managing customer relationships? Extending the length of relationships with customers, cutting organizational costs, and enhancing the profitability of new customers Keeping customers for a longer period of time, enhancing the profitability of existing customers, and acquiring new customers Finding new customers, "firing" customers who are too expensive, and implementing cost cutting measures Implementing cost cutting measures, reacquiring "lost" customers, and gaining new customers

Keeping customers for a longer period of time, enhancing the profitability of existing customers, and acquiring new customers

Caterpillar, Inc., a manufacturer of heavy construction and mining equipment, works with its dealer network to conduct extensive consumer research, including customer satisfaction studies, focus group interviews regarding new products, and listening to customer opinions through social media outlets. Which orientation is Caterpillar most likely utilizing? Market Sales Societal Production

Market

Kamala is the owner of a landscaping company and is considering the purchase of a new skid-steer loader. She's evaluating different brands and models to determine the relative value of each model as well as the benefits they offer. Which of the following would not be considered a customer benefit as part of her determination of the product's value? Reputation for quality Long-lasting durability Monetary price Ease of maintenance

Monetary price

If you have made a purchase using your discretionary income, you have likely paid for which of the following? Clothing Rent for your apartment Groceries for the month Movie tickets

Movie tickets

Uber and Lyft spent hundreds of thousands of dollars on lobbyists to communicate to elected officials the importance of the ride-sharing bill. The bill sought to allow ride-sharing apps outside of New York City. Employing lobbyists is an attempt to influence which aspect of the marketing environment? Political Technological Competitive Sociocultural

Political

Which of the following is the most accurate listing of marketing environment forces? Economic, competitive, political, legal and regulatory, technological, and subconscious Competitive, economic, diversity, political, legal and regulatory, and technological Political, legal and regulatory, technological, sociocultural, competitive, and economic Subconscious, competitive, sociocultural, economic, technological, and legal and regulatory Assessment question

Political, legal and regulatory, technological, sociocultural, competitive, and economic

Which business orientation best characterizes the period of time when businesses began utilizing technology and production techniques, such as assembly lines, to manufacture products in a more efficient manner? Production orientation Sales orientation Mass market orientation Market orientation

Production orientation

When McDonald's adds new items to its menu, it must educate its target audience about the new items to stimulate purchase and motivate consumers to visit their local McDonald's restaurant. This calls for activity in which of the following marketing mix variables? Price Promotion Product Distribution

Promotion

Which of the following represents a well-stated marketing objective? Subway hopes to be known as the best source for fresh and fast sandwich options. Ritz-Carlton hotels seek to deliver high-quality service that results in high customer satisfaction. Purina Foods seeks to outperform its competition by obtaining a 25 percent share of the market in dry dog food by the end of the 4th raised to the th power quarter of the business year. Disney Resorts seeks to attract a greater proportion of older, mature adults to its properties.

Purina Foods seeks to outperform its competition by obtaining a 25 percent share of the market in dry dog food by the end of the 4th raised to the th power quarter of the business year.

Which stage of the business cycle is characterized by declining levels of buying power? Recession Recovery Prosperity Remediation

Recession

The Four Seasons Spa and Salon has retained a marketing consultant to assist them with its annual strategic planning retreat. Shantelle Stevens, the owner of the salon, is reviewing the agenda for the meeting and observes that the sequence of activities follows the strategic planning process discussed in her marketing class many years ago. What is the first activity the organization should pursue as part of its strategic planning process? Review or establish the organization's mission and goals Specify the marketing mix Conduct a SWOT analysis Identify the target market(s)

Review or establish the organization's mission and goals

Holiday Computer Associates was recently fined for violating the _______ due to its practice of charging different prices to different customers without any justification. Federal Trade Commission Act Robinson-Patman Act Consumer Goods Pricing Act Sherman Antitrust Act

Robinson-Patman Act

Why is sales analysis a common method of evaluation? Sales data allow a marketer to allocate the firm's marketing resources better in the future. Sales data are readily available and can reflect the target market's reactions to a marketing mix. Sales data provide the most accurate picture of whether a firm reached its performance standards. Sales data let a company evaluate the performance of its marketing strategy by comparing sales achieved and costs sustained.

Sales data are readily available and can reflect the target market's reactions to a marketing mix.

Recently, the federal government of the United States began investigating major airline companies such as Delta, American Airlines, and Swissair for possible price fixing allegations. If the airlines are found to be engaged in price fixing, which law could they be charged with violating? Sherman Antitrust Act Lanham Act Clayton Act Consumer Goods Pricing Act

Sherman Antitrust Act

Which of the following statements is true regarding the marketing concept? Implementing the marketing concept should only benefit customers. In order to satisfy customer desires, society's long-term welfare must be sacrificed. The marketing concept is a second definition of marketing. The marketing concept is a managerial philosophy guiding all aspects of an organization's business.

The marketing concept is a managerial philosophy guiding all aspects of an organization's business.

The marketing environment forces can have a profound effect on marketing activities. Which statement best describes these forces? The marketing environment forces only impact customers and enable marketing managers to easily adjust their marketing mix to successfully serve customers. The marketing environment forces can be easily controlled and manipulated by the marketing manager. The marketing environment forces are stable and help marketing managers determine the appropriate marketing mix. The marketing environment forces change dramatically and quickly, and a change in one force is likely to affect the other forces.

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

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 _______. implementing the marketing mix a marketing objective maintaining its corporate identity a strategic plan

a marketing objective

Marika is a manager for a boutique clothing store in downtown Austin. She has set a goal of reaching $25,000 in revenue for the month of March. In April, Marika reviews total revenues for March and realizes she fell short of her goal by $3,000. She decides to run an additional sale in April and increase her posts on social media to hopefully reach the revenue goal in April. Marika is involved in _______. a SWOT analysis a strategic performance evaluation product development selecting a target market

a strategic performance evaluation

Managing customer relationships requires identifying patterns of _______ and then using that information to focus on the most promising and profitable customers. buying behavior personality differences demographics retailer information

buying behavior

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 ____. green marketing strategic philanthropy cause-related marketing economic responsibility

cause-related marketing

Traditional organizations are most likely to utilize a(n) _______ organizational structure where top-level managers make all decisions regarding marketing strategy, and lower-level managers have little decision-making capability. autonomous egalitarian decentralized centralized

centralized

Formalized rules and standards that describe what a company expects of its employees are called ______. social responsibility codes of conducts ethical contracts employee bills of rights

codes of conducts

When a company matches a core competency to opportunities in the marketplace, it possesses a _______. strategic fit market opportunity competitive advantage strategic window Assessment question

competitive advantage

Ethical standards for a company should _______. consider only the point of view of the customers and the employees conform to industry and societal norms of ethical conduct reflect the desires of the company's employees for a quality working environment include strategic philanthropy in its business model

conform to industry and societal norms of ethical conduct

Vani Hari is a popular blogger who started FoodBabe.com in 2011 to share her knowledge of healthy eating with her friends and family and encourage people to eat whole foods. Her popularity expanded, and she is now an advocate against and vocal opponent of companies who include dangerous ingredients in their foods, such as artificial food dyes. Her efforts, combined with an online petition, led to Kraft Foods removing all artificial food dyes from its macaroni and cheese products by 2016. Vani Hari's blog and her efforts to encourage change among food manufacturers such as Kraft is an example of _______. technological capabilities competitive pressure consumerism social media power

consumerism

Target, a discount store, has successfully partnered with luxury brands such as Lilly Pulitzer, Toms, and Altuzarra to create interest and drive customers to its stores. Target's ability to create these partnerships is considered one of its strengths and provides an advantage over its competitors. This is an example of a _______. competitive advantage strategic window core competency market opportunity

core competency

The key objective of customer relationship management (CRM) is _______. delivering products/services to customers at the lowest possible price creating long-term relationships with profitable customers achieving maximum production output to efficiently manufacture products attracting customers to a company's website

creating long-term relationships with profitable customers

Coyote Logistics is a provider of third-party logistics services and assists customers in managing its supply chain. Employees of Coyote Logistics are extremely satisfied with the company's culture and feel empowered to make decisions. In addition, they can quickly respond and adapt rapidly to changing customer needs. It is likely that Coyote Logistics has implemented a _______ organizational structure. decentralized controlled paternal centralized

decentralized

Strategic marketing management requires both effectiveness and efficiency. A food manufacturer has similar brand loyalty as its competitors, but it spends three times more than its competitors on customer relationship management. This manufacturer is _______. neither effective nor efficient effective and efficient efficient, but not effective effective, but not efficient

effective, but not efficient

Major automobile brands such as Ford, Toyota, GM, and Honda are interested in consumers' interest in "smart" technology in new automobiles. GM recently studied consumers' interest in buying self-driving vehicles. The automobile brands must stay abreast of changing technology as well as consumer trends regarding the use of technology. The automobile company's collection of this type of information is referred to as _______. environmental scanning customer analysis target marketing consumer engagement research

environmental scanning

Today's customer who enjoys music has a range of options to consider such as streaming services like Spotify, YouTube Music, or Pandora; traditional music purchases such as CDs or vinyl; or MP3 downloads from various sources. These companies represent _______ competition because they provide very different products that solve the same problem or satisfy the same basic customer need. monopoly product total budget generic

generic

Walmart has embraced sustainability practices to enhance its relationships with customers and to support or enhance the natural environment. For example, in 2005, Walmart started using LED lights in refrigerator and freezer cases. These lights offer many benefits, such as using 70 percent less energy than fluorescent tube lights and generating significantly less heat. The switch also led to improved energy efficiency and reduced maintenance costs. Based on this information, it seems that Walmart is engaging in _______. cause-related marketing eco-marketing green marketing environmental marketing

green marketing

When organizations pursue initiatives to improve their ability to make a positive impact on society and the natural environment, they are engaging in _______. socially deviant marketing green marketing cause-related marketing energy conscious marketing

green marketing

The process of putting marketing strategies into action is called _______. marketing action marketing auditing marketing implementation marketing control

marketing implementation

As a firm fulfills its basic economic responsibilities, it must simultaneously _____. follow a code of business ethics utilize green marketing techniques obey laws and regulations treat its employees equitably

obey laws and regulations

According to the Boston Consulting Group Growth Share Matrix, products labeled as "dogs" are _______. important to the firm and require a large amount of cash to build market share in a growing market considered to have low opportunities for growth but possess a dominant share of the market often found in established markets, have low prospects for growth, and a lower share of the market easy targets that can be converted to a star

often found in established markets, have low prospects for growth, and a lower share of the market

The section of the marketing plan that provides standards to determine how the marketing activities will be evaluated as well as the audits to be performed to gauge success is called the _______. situation analysis executive summary marketing objectives performance evaluation

performance evaluation

Recently, consumers have grown more concerned about the ingredients and composition of food products, especially about genetically modified organisms (GMO). Many consumer products companies, such as Coca-Cola, Kellogg's, PepsiCo, Hershey's, and Hormel have contributed funds to lobbyists and political organizations to oppose legislation requiring the labeling of GMO ingredients in food products. The actions of these companies in opposing legislation that could impact these companies is an example of a(n) _______ approach in response to legislative action, which is an environmental force. variable inactive reactive proactive

proactive

While Diet Coke and Diet Pepsi are brand competitors, they must also realize that their target customers have other alternatives for quenching their thirst, such as juice, water, sports drinks, coffee, or alcoholic beverages. Therefore, they face _______ competition from companies who compete in the same product class but market products with different features, benefits, and prices. product total budget monopoly generic

product

The broad nature of technology as it moves through society is referred to as _______. dynamics environment reach self-sustaining

reach

Mothers Against Drunk Driving (MADD) is a nonprofit group that advocates safe driving practices and hopes to prevent driving after consuming alcoholic beverages. The group attempts to influence those who might drink and drive through a designated driver campaign and efforts directed toward bar and restaurant owners/managers to encourage responsible drinking. MADD's campaign to change drinking and driving behavior represents a _______ force. sociocultural competitive political technological

sociocultural

The Growth Share Matrix developed by the Boston Consulting Group identifies products with a dominant share of the market and strong prospects for growth as _______. stars dogs question marks cash cows Assessment question

stars

The leadership team at Bud's Distributors, a regional beverage company collaborated during a two-day meeting to discuss and revise the company's mission and goals, identify strengths, weaknesses, opportunities, and threats, and create a marketing plan. The process implemented by Bud's Distributors is called _______. strategic planning corporate engagement market analysis business development

strategic planning

Capri Sun uses the tagline, "Good for Moms, Awesome for Kids." This advertising tagline emphasizes that Capri Sun is promoting the product for moms, even though kids are likely to be consuming the product. Thus, the moms represent Capri Sun's _______. consumer advocates target mix target market marketing mix

target market

Enterprise Rent-A-Car is considering the implementation of new technology, which would enable a business traveler to bypass the automobile rental counter and select their rental car using their smartphone and a proprietary application, which stores the customer's driver's license number, credit card information, and customer contact information. The company is engaging in _______ to determine the viability of the adoption of the new technology and whether the benefits outweigh the costs associated with the development and product launch. environmental scanning promotion methods technological assessment competitive analysis

technological assessment

In April 2015, the restaurant chain Chipotle announced it would stop using genetically modified food products. "This is another step toward the visions we have of changing the way people think about and eat fast food," said Steve Ells, founder and former co-CEO of Chipotle. This decision indicates a response to concerns about _______. the marketing environment reduction of marketing costs target market selection marketing mix decisions

the marketing environment

Product, distribution, promotion, and price are commonly referred to as _______. the marketing mix the marketing environment target market variables the promotion mix

the marketing mix

Marketing is_______. the act of promoting and distributing a product or service to customers for their personal or household use the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment the act of calling public attention to one's product or service the selling of goods to consumers for personal or household consumption and communicating your company's ideas through advertising in order to develop personal relationships with customers

the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

The section of the marketing plan that outlines how the company will achieve its objectives will discuss _______. performance standards and financial controls quantitative measures of what is to be accomplished strengths, weaknesses, opportunities, and threats the target market and marketing mix

the target market and marketing mix

Jamal Miller is a management consultant who frequently works with businesses to assist them with their strategic planning efforts. He recommends that once firms have used the SWOT analysis to gauge their capabilities and resources relative to the industry, they should identify tactics to achieve a more competitive position relative to other firms in their market. One approach Jamal suggests includes taking actions to convert external _______ into opportunities and internal _______ into strengths. strengths; threats limitations; benefits threats; weaknesses core competencies; weaknesses

threats; weaknesses

Most consumers make trade-off decisions when making their trips to the grocery store to purchase food, paper products, and health and beauty products. Thus, products such as Wonder Bread, Diet Coke, Bounty paper towels, Tide laundry detergent, and Head & Shoulders shampoo would represent _______ competitors. total budget generic brand product

total budget

A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as _______. price assessment cognitive evaluation perceived satisfaction value

value