MKT 101 MIDTERM MULTIPLE CHOICE

_____ mission statements provide little real guidance or inspiration.

Generic

We must learn a valuable lesson in marketing. Many sellers make the mistake of paying more attention to the specific products they offer than to the _____ produced by those products.

benefits and experiences

Name the market that buys goods and services for further processing or for use in the production process.

business

Marketing planning at your firm occurs at what levels?

business unit; product; market

Percy Originals caters to a market of individuals and households that buys goods and services for personal consumption. What do we call this market?

consumer

We can safely say that when a customer's purchase lives up to his or her expectations, the customer is experiencing this state of being.

customer satisfaction

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a

demand

Successful organizations base their missions on their _____.

distinctive competencies

Marketing consists of actions taken to build and maintain desirable _____ with target audiences involving a product, service, idea, or other object.

exchange relationships

The marketing information system is not limited to use by the company it serves. It may also provide information to _____.

external partners

You have learned from experience as well as from this course that the most basic concept underlying marketing is that of _____.

human needs

Diana Dion is currently researching data sources from within her company to make marketing decisions. Diana is making use of _____ databases.

internal

Marketing information from this type of database usually can be accessed more quickly and cheaply than other information sources. Which one is it?

internal

All of the groups within a company are called the _____.

internal environment

The company you work for is on the "right track" because its mission statement fits the _____ environment.

market

Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?

market segmentation, target marketing, market positioning

Your marketing department is attempting to improve strategic decision making, assess and track competitors' actions, and provide early warning of opportunities and threats. Your department would do well to use _____.

marketing intelligence

You are excited about studying marketing. You tell your younger brother that product, price, place, and promotion make up the _____.

marketing mix

You are preparing a combination of products, services, information, and experiences to a market to satisfy needs and wants.

marketing offer

A strategic plan has this item or items following its marketing objectives.

marketing strategies

At the corporate level, a company starts the strategic planning process by defining its overall purpose and _____.

mission

A clear mission statement acts as an invisible hand that guides people in the firm. It is a statement of _____.

purpose

Your text pointed out that mission statements should be both _____ and specific.

realistic

What does a market-oriented mission statement define about the business?

satisfying basic customer needs

Today, marketing must be understood in terms of making a sale and _____.

satisfying customer needs

Marketing is more than _____ and advertising.

selling

Marketing is not only an exchange and managerial process, it is a _____.

social process

Which of the following do suppliers not provide marketers within your firm?

the funding for your paychecks

You are directed to study the factors that are larger societal forces that affect your company - demographic, economic, natural, technological, political, and cultural. What are you studying?

the macroenvironment

Four common sources of internal data include the accounting department, operations, the sales force, and _____.

the marketing department

Jamie Bestowitcz is researching the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. What is Jamie researching?

the marketing environment

You are directed to study the factors that are close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. What are you studying?

the microenvironment

What do companies call a set of benefits that they promise to consumers to satisfy their needs?

value proposition

A company's value chain is successful when each department adds _____ for customers and _____ other departments.

value; coordinates with

As a new assistant marketing manager trainee, you learn in an orientation meeting that _____ are the form human needs take as they are shaped by culture and individual personality.

wants