MKT 305 Exam 1

Which of the following resource allocation strategies would be appropriate for SBUs classified as stars? A. Build and Maintain B. Maintain and Divest C. Niche and Harvest D. Divest and Build

A. Build and Maintain

The theory of marketing ethics that asks the question, "Would it be right if everyone did it," is referred to as __________. A. Categorical Imperative B. Situational Ethics C. Golden Rule D. Ethical Vigilance

A. Categorical Imperative

Which of the following would be an example of strategic business units for a single company? A. Diet Coke and Classic Coke B. Coors and Budweiser C. Ford and General Motors D. Nike and Adidas

A. Diet Coke and Classic Coke

When Coca-Cola took their product to the Pacific Rim, but did not take a physical presence there and received royalties, which entry strategy did they utilize? A. Licensing B. Franchising C. Foreign Domestic Investment D. Importing

A. Licensing

Which of the following marketing activities includes transporting and storing products? A. Logistical B. Facilitating C. Selling D. Exchange

A. Logistical

The traditional marketing plan includes which of the following? A. Market Situation Analysis B. Portor's Five Forces C. Mission Statement D. Growth Analysis

A. Market Situation Analysis

Morris Business Products Co. has established a monthly sales quota of $150,000. This is a(n) A. performance standard. B. evaluation of actual performance. C. evaluation standard. D. marketing control process. E. sales analysis

A. Performance Standard

The Brown Shoe Store produces a product that is in high demand. Unfortunately, many customers are unable to purchase the product because it is only sold in one location. Which utility is the Brown Shoe Store lacking? A. Place B. Time C. Ownership D. Form

A. Place

Obeying the law illustrates how the ___________ environmental force impacts marketing strategy. A. Political and Legal B. Economic C. Technological D. Competition

A. Political and Legal

Without this key element in planning, certain tasks may never get completed. A. Responsibility B. Budgeting C. Task D. Liability

A. Responsibility

A student has just finished her big project at 3:00 a.m. However, the project is due at 8:00 a.m. The student remembers that the Kinko's is open 24 hours. This is an example _______ utility. A. Time B. Point C. Place D. Ownership

A. Time

The definition of marketing implies that ______ should receive benefits from exchange relationships. A. both customers and businesses B. only the most important customers C. only customers D. only businesses E. company management

A. both customers and businesses

Managers at the Littlefield Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives marketing strategy, and, eventually, a marketing plan. This process is called A. strategic planning. B. marketing planning. C. strategic business planning. D. marketing strategy. E. corporate strategy.

A. strategic planning.

Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market are called _________? A. strategic windows B. cash cows C. stars D. question marks E. core competencies

A. strategic windows

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's A. strengths. B. threats. C. strategies. D. weaknesses. E. opportunities.

A. strengths.

Market Segmentation is: A. the separation of markets into distinctive groups based on homogeneous characteristics. B. how products are viewed by consumers relative to the competition. C. an internal focused, product-oriented business philosophy. D. synonymous with the 4Ps.

A. the separation of markets into distinctive groups based on homogeneous characteristics.

PepsiCo originally purchased KFC, Taco Bell, and Pizza Hut due to the marketing synergies that existed between PepsiCo and these fast-food franchises. This is a typical example of which of the following diversification growth strategies? A. Conglomerate B. Concentric C. Forward D. Horizontal

B. Concentric

Which level of planning includes the overall game plan and has a time horizon of 3-5 years? A. Tactical Planning B. Strategic Planning C. Marketing Planning D. Intentional Planning

B. Strategic Planning

According to the video lecture, the world consists of three types of socioecological classes. Which type of Socioecological class does a person belong to who wears functional clothing and travels by bicycle and public surface transportation? A. Overconsumers B. Sustainers C. Marginals D. Trivial

B. Sustainers

Compared to other international entry strategies, foreign direct investment requires or offers: A. Largest Profit Potential B. a, b & c C. Government Incentives D. Largest Investment E. b & c

B. a, b & c

All marketing mix decisions must have two characteristics: ______ and ______. A. variability; flexibility B. consistency; flexibility C. consistency; rigidity D. formality; flexibility E. formality; rigidity

B. consistency; flexibility

If a company is not pushed to go abroad, and their biggest motivation is profit, this would be a(n) _______ motivation to go abroad. A. immediate B. proactive C. deliberate D. reactive

B. proactive

Making modifications to packaging or brand names involves the ____ component of the marketing mix. A. distribution B. product C. market D. price E. promotion

B. product

f a person has decided to start a business and decides to follow the rules of society in order to engage and profit from trade, this person has bound themselves to a morality that is accept by all. This is also known as __________. A. the categorical imperative B. the social contract C. ethical vigilance D. the principle of utility

B. the social contract

Ethics are not always very straight forward and easy to explain. Who can a person obtain their personal set of ethics from? A. Mentors B. Parents C. All of the above D. Professors

C. All of the above

Which law enforces the five day waiting period that is associated with the sale of handguns? A. Clayton Act B. Sherman Antitrust Act C. Brady Law D. Americans with Disabilities Act

C. Brady Law

The example given in the video lecture about Honey Nut Cheerios and the relationship between General Mills and Nestles illustrates which of the following entry strategies? A. Joint Venture B. Strategic Alliance C. Contractual Arrangements D. Full Ownership

C. Contractual Arrangements

In developing global markets, many products are often phased into new markets starting with a basic product. This would be considered using which type of marketing mix decision? A. Pricing B. Promotion C. Distribution D. Product

C. Distribution

Which of the following companies is the best example of service marketer? A. Abercrombie & Fitch B. Sony C. FedEx D. Kraft Foods E. General Motors

C. FedEx

With a world population of only 1,000 people, which would be the most spoken language? A. English B. Spanish C. Mandarin D. Russian

C. Mandarin

When a company tries to sell more of their existing products to existing customers, this situation describes which intensive growth strategy? A. Market Development B. Product Diversification C. Market penetration D. Product Development

C. Market penetration

The National Do-Not-Call List exemplifies which environmental forces impact upon marketing strategy. A. Technological B. Economic C. Political and legal D. Socio-cultural

C. Political and legal

Branding, packaging and labeling decisions fall under which one of the marketing mix variables? A. Price B. Place C. Product D. Promotion

C. Product

Selecting a wedding day well in advance is an example of which key element of planning? A. Budgeting B. Task C. Timing D. Responsibility

C. Timing

The Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as A. cash contributors. B. dogs. C. cash cows. D. stars. E. question marks.

C. cash cows.

Marketers often speak of the "controllable" variables in the practice of marketing. Which of the following is not considers one of the controlled variables? A. price B. product C. competition D. distribution E. promotion

C. competition

The focal point of all marketing activities is A. the marketing mix. B. products. C. customers. D. profits. E. sales.

C. customers.

In a ________ organization, decision-making authority is delegated as far down the chain of command as possible A. centralized B. marketing-oriented C. decentalized D. product-oriented E. sales-oriented

C. decentalized

Marketing tries to strive to be more ________ and ________. A. personal; valuable B. technical; profitable C. efficient; effective D. innovative; advanced

C. efficient; effective

According to the video lecture, a firm which purposely selects the cavity fighter segment to focus its marketing efforts upon exemplifies __________. A. market segmentation B. the sales orientation C. target marketing D. environmental marketing

C. target marketing

With a world population of only 1000 people, there would be more: A. elderly than children B. men than women. C. women than men. D. college graduates than those who know how to read/write.

C. women than men.

International marketing appeals to: A. Medium Companies B. Large Companies C. Small Companies D. All of the above

D. All of the above

If Starbucks purchased farms that produced coffee beans, this would be an example of which integrative growth strategy(ies)? A. Horizontal B. Forward C. a & b D. Backward

D. Backward

What is it called when a business sets up business conduct guidelines for their employees to follow? A. Theories of Responsibility B. Code of Liability C. Code of Responsibility D. Code of Ethics

D. Code of Ethics

If a company can develop one product very well and there doesn't appear to be many different market segments across many countries for this product, what type of strategy do you suggest that this company should implement? A. Specialize B. Diversification C. Expand D. Concentration

D. Concentration

Which of the following acronyms is responsible for regulating every message that is communicated on TV? A. ADA B. TCD C. NAFTA D. FCC

D. FCC

Which of the following is a classic example of a cash cow? A. Wal-Mart B. YKK zippers C. Skippy Peanut Butter D. Morton's Salt

D. Morton's Salt

Political and legal forces impact the marketing environment to which the marketer must adapt. This is marketing's third social responsibility which states that markets should __________. A. Engage in politicking B. Push the boundaries of the law C. Influence the Law D. Obey the Law

D. Obey the Law

What type of utility is used when the title of a car is passed to the new purchaser? A. Form B. Place C. Time D. Ownership

D. Ownership

Most people believe that a BMW 7 series has a higher quality image than a Geo Metro. BMW has executed a successful __________ strategy. A. Distribution B. Mass customization C. Market Segmentation D. Positioning Strategy

D. Positioning Strategy

Which of the following is a marketing activity? A. Time B. Form C. Place D. Risk Taking

D. Risk Taking

Issues of inventory levels and storage costs are both concerns relating to the _______ variable of the marketing mix. A. product B. price C. promotion D. distribution E. exchange

D. distribution

The strategic planning process begins with A. analysis of target markets. B. development of a marketing plan. C. development of marketing strategy. D. establishing organizational mission statements and goals E. developing creative products

D. establishing organizational mission statements and goals

Strategic performance evaluation consists of A. planning, implementing, and measuring marketing activities. B. establishing goals and measuring performance. C. establishing goals, market scanning, and market share analysis. D. establishing performance standards, evaluation performance, and reducing the differences between desired and actual performance. E. setting objectives, implementing strategies, and reducing the differences between desired and actual performance.

D. establishing performance standards, evaluation performance, and reducing the differences between desired and actual performance.

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

D. is a specific group of customers on whom a company focuses its marketing efforts.

Marketing managers strive to develop a marketing mix that A. best matches the abilities of the firm. B. generates the highest level sales. C. minimizes marketing costs. D. matches the needs of the target market. E. matches what competitors are offering.

D. matches the needs of the target market.

Distribution, price, promotion, and product are all elements of A. a business strategy. B. marketing strategy. C. a consumer good. D. the marketing mix. E. a target market.

D. the marketing mix.

Consumers buying products online have dramatically affected the ____ variable of the marketing mix. A. promotion B. research C. product D. price E. distribution

E. distribution

A group that has the willingness, ability, and authority to buy a product is a A. consumer. B. strategic business unit C. business customer D. strategic window. E. market.

E. market.