Mkt Exam 1

The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders is called Select one: a. marketing citizenship. b. social responsibility. c. stakeholders. d. cause-related marketing. e. strategic philanthropy.

?

The first step in the target market selection process is Select one: a. determining which segmentation variables to use. b. selecting specific target markets. c. identifying an appropriate targeting strategy. d. evaluating relevant market segments. e. developing market segment profiles.

?

An organization's business goals should be derived from its Select one: a. mission statement. b. strategic plan. c. strategic business plan. d. marketing plan. e. marketing strategy.

A

Approximately what percentage of civilian workers in the United States performs marketing activities? Select one: a. 25 to 33 percent b. 81 to 92 percent c. 42 to 50 percent d. 64 to 76 percent e. 10 to 20 percent

A

Services are provided by applying human and mechanical efforts to people or objects to provide intangible benefits to the customer. Select one: True False

T

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. Select one: True False

T

The key to locating and defining problems is to probe beneath the superficial symptoms. Select one: True False

T

The marketing concept is a management philosophy, not a second definition of marketing. Select one: True False

T

The total amount of disposable income is affected by the amount of taxes consumers pay. Select one: True False

T

Through technology assessment, managers try to foresee the effects of new products and processes on the firm's operations and on society. Select one: True False

T

When selecting the specific target market, the firm must consider the possibility that the requirements of some market segments are at odds with the firm's overall objectives. Select one: True False

T

Although marketing theory supports the contrary, it is more probable that marketing budgets will be cut during periods of economic Select one: a. recovery. b. prosperity. c. recession. d. uncertainty. e. expansion.

c

The fact that technology acts as a catalyst to spur even faster development is referred to as Select one: a. self-sustaining. b. reach. c. dynamics. d. impact. e. technology assessment.

d?

Lifestyle analysis focuses on people's activities, interests, and opinions. Select one: True False

T

A target market is a specific group of customers on whom an organization focuses its marketing efforts. Select one: True False

T

Although numerous regulatory forces arise from governmental sources, nongovernmental regulatory forces may also affect marketing decisions. Select one: True False

T

An organization's goals focus on the end results the organization seeks. Select one: True False

T

Because of overlapping areas of responsibilities of regulatory agencies, confusion and conflict regarding jurisdiction of marketing activities are common. Select one: True False

T

Brand competitors market products with similar features, benefits, and prices to the same customers. Select one: True False

T

A forecasting method that predicts sales based on relationships between past sales and other variables is called Select one: a. regression analysis. b. customer forecasting surveys. c. the Delphi technique. d. random factor analysis. e. time series analysis.

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Company sales reports are often utilized as part of a company's marketing research activities and can provide insight about which colors and sizes are preferred by customers. Cutco, a manufacturer of knives and cutlery, often utilizes sales reports to identify which styles of knives are most popular and whether customers prefer the classic black handle or the ivory handle. This insight enables Cutco to streamline its manufacturing process and develop a just-in-time system to match production to anticipated orders. What type of data does Cutco utilize in this example? Select one: a. internal secondary b. internal primary c. external secondary d. external primary

?

For most firms, the costs of marketing activities consume approximately what portion of the consumer's dollar? Select one: a. One-half b. One-fifth c. One-fourth d. One-third e. One-sixth

?

Research that is conducted to clarify the characteristics of certain phenomena to solve a particular problem is called ____ research. Select one: a. primary b. experimental c. descriptive d. secondary e. exploratory

?

Chad has a good-paying job. However, even though he has not received any official confirmation, Chad suspects that his job might be cut in the near future. Rumors in the grapevine hint that the company is going to go through massive lay-offs due to declining revenues. As a result, Chad has decided to forgo buying a house until he has a better idea of his job status. He has a lot of savings, but Chad knows he might need them if he becomes unemployed. In this case, Chad lacks Select one: a. willingness to buy b. credit c. disposable income d. discretionary income e. buying power

A

Consumerism is Select one: a. the efforts of independent individuals, groups, and organizations to protect the rights of consumers. b. President John F. Kennedy's consumer bill of rights. c. marketers' efforts to contribute to the satisfaction and growth of the communities in which they operate. d. the right to be informed. e. the specific development, pricing, promotion, and distribution of products that do not harm the environment.

A

Marketing activities are Select one: a. used by all sizes of organizations including for-profit, nonprofit, and government agencies. b. limited to use by larger for-profit and nonprofit organizations. c. implemented only to increase profits for the organization and to expand the scope of its customer base. d. used by all types and sizes of businesses but are not used by nonprofit organizations. e. used by small businesses and small nonprofit organizations the most.

A

Procompetitive laws are those designed to Select one: a. preserve competition. b. protect the consumer. c. ensure product safety. d. reduce competition. e. limit business lobbying of government officials.

A

Since most ethical choices pertaining to marketing decisions are jointly made, an organization must ensure its ____ reflects the organization's values, beliefs and norms. Select one: a. code of ethics b. code of conduct c. enforcement of ethical standards and screening techniques d. employee self-regulation and screening procedures e. organizational or corporate culture

A

The forces of the marketing environment include Select one: a. political, legal and regulatory, sociocultural, technological, economic, and competitive. b. sociocultural, legal, regulatory, economic, pricing strategies, and competitive. c. legal, regulatory, political, sociocultural, pricing strategies, and technological. d. legal and regulatory, competitive and noncompetitive forces that affect most lifestyles. e. political, legal and regulatory, pricing strategies, fairly static components.

A

The primary value that a marketer expects to receive from a customer in an exchange relationship is Select one: 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

What are two common distribution-related ethical issues? Select one: a. counterfeiting and channel stuffing b. coercing retailers and greenwashing c. manipulating a product's availability and withholding information d. counterfeiting and bait and switch e. manipulating a product's availability and price gouging

A

When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy. Select one: a. concentrated or differentiated targeting b. market-intensive c. integrated d. product-oriented e. undifferentiated

A

Which of the following best describes the acceptance of the marketing concept by American organizations? Select one: 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

Despite the fact that the FDA has mandated that they are safe, many people still distrust genetically-modified foods. Some are choosing to express their dissatisfaction by protesting and writing letters to their state governments. These letters demand that genetically-modified food be labeled so shoppers can make informed choices. These activities are an example of ___________. Select one: a. demographic shifts b. consumerism c. the cultural diversity movement d. self-regulation e. legal violations

B

Distribution-related ethical issues arise when marketers Select one: a. do not provide intermediaries with enough information about how a product is priced. b. force channel intermediaries to behave in a specific manner. c. bribe salespeople to push one product over another. d. fail to disclose information to consumers about the risks associated with using a product. e. distribute a product that is very similar to a competing product.

B

Initiatives intended to improve an organization's positive impact on society and the natural environment are called Select one: a. environmental marketing. b. green marketing. c. socially-responsible marketing. d. energy-conscious marketing. e. socially-conscious marketing.

B

Marketing ethics Select one: a. refers to laws and regulations that govern marketing. b. refers to principles and standards that define acceptable conduct in marketing. c. maximizes an organization's positive impact and minimizes its negative impact on society. d. is most important for advertising agencies. e. applies well-defined rules for appropriate marketing behavior.

B

Pharmaceutical companies have at times been accused of acting unethically by taking advantage of customers in the area of Select one: a. promotion. b. pricing. c. distribution. d. product. e. manufacturing.

B

The major disadvantage of a mail survey versus a telephone or personal survey is Select one: a. having to offer premiums. b. the failure of respondents to return the questionnaire. c. the elimination of interview bias. d. the lack of open-ended questions. e. the cost.

B

The product variable of the marketing mix can include all of the following except Select one: a. creation of brand names. b. consumer perception of the product price. c. development of product packaging. d. warranty issues. e. repair services.

B

In general, corporate executives prefer research reports that are short, clear, and simply expressed. Select one: True False

T

There is some concern that marketing research has been used incorrectly by some firms. The major problem comes from ____ because the researcher wants to obtain favorable results. Select one: a. using an inappropriate sample b. bias and distortion c. trying to be objective about views and opinions d. using in-house research departments e. employing large research firms, such as Gallup

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 Select one: a. marketing synthesis. b. relationship marketing. c. a marketing orientation. d. the marketing concept. e. strategic marketing.

B

Who drafted the Consumer Bill of Rights? Select one: a. Bill Clinton b. John F. Kennedy c. Ralph Nader d. Ronald Reagan e. George W. Bush

B

the reputation and well-known brand name of Rolex watches represents a ____ for Rolex. Select one: a. competitive advantage b. core competency c. market opportunity d. strategic window e. pricing strategy

B

According to the consumer bill of rights, the right to be informed means that Select one: a. consumers' interests will receive full and sympathetic consideration in the formulation of government policy. b. consumers should have access to a variety of goods and services at competitive prices. c. consumers should have access to and the opportunity to review all relevant information about a product before buying it. d. marketers have an obligation not to knowingly market a product that could harm consumers. e. consumers should be told when the quality of a product has changed only if it causes harm.

C

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are Select one: a. dogs. b. cash cows. c. stars. d. question marks. e. pigs.

C

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is Select one: a. risk. b. time. c. monetary price. d. effort. e. availability.

C

Pointing out any deficiencies and the possible reasons for them should be done in the ____ step of the marketing research process. Select one: a. interpreting research findings b. collecting data c. defining the issue or problem d. reporting research findings e. designing the research project

C

The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also Select one: 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

Which of the following is not a component of a marketing plan? Select one: a. Environmental analysis b. Marketing strategies c. Product d. Executive summary e. Marketing implementation

C

While marketing ethics creates ___________, philanthropic activities create ______________. Select one: a. reputational benefits; economic benefits b. community relations; consumer relationships c. trust; goodwill d. goodwill; trust e. trust; higher profits

C

___ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals. Select one: a. Corporate b. Business-unit c. Marketing d. Mission statement e. Marketing mix

C

The definition of marketing implies that ____ should receive benefits from exchange relationships. Select one: a. only customers b. only businesses c. company management d. both customers and marketers e. only the most important customers

D

____ are formalized rules and standards that describe what a company expects of its employees in terms of ethical behavior. Select one: a. Job descriptions b. Ethics clauses c. Behavior contracts d. Codes of conduct e. Ethics contracts

D

____ ethical issues generally surface when companies fail to disclose risks associated with a product or information regarding its function, value, or use. Select one: a. Promotion-related b. Distribution c. Corporate d. Product-related e. Safety

D

________________ promote ethical behavior by reducing opportunities for unethical behavior; employees know what is expected of them and what kind of punishment follows if rules are violated. Select one: a. Mission statements b. Corporate objectives c. Human resources policies d. Codes of conduct e. Compensation plans

D

As the Industrial Revolution came to the United States, most firms operated in a(n) ____ orientation. Select one: a. market b. societal c. sales d. evolutionary e. production

E

The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is Select one: a. motive. b. social class. c. personality. d. stage in family life cycle. e. lifestyle.

E

____ that are either accepted or rejected become the primary conclusions of a marketing research study. Select one: a. Descriptions b. Issues c. Primary data d. Samples e. Hypotheses

E

All members of an industry are bound to follow trade association guidelines. Select one: True False

F

Employees can easily determine what behavior is acceptable even in organizations that do not have ethics compliance programs and policies on conduct. Select one: True False

F

If an ethical (or social responsibility) issue can withstand open discussion and result in agreements or limited debate, it is not really an ethical (or social responsibility) issue. Select one: True False

F

Marketing strategies should be established before marketing objectives are decided. Select one: True False

F

The marketing concept developed out of a sequence of three eras: the production orientation, the market orientation, and the industrial orientation. Select one: True False

F

The marketing concept directly affects marketing activities but should have negligible impact on other organizational activities. Select one: True False

F

If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix, it would be using the ____ strategy. Select one: a. directed b. undifferentiated c. segmented d. differentiated e. product-use

b

Which of the following is a probability sampling technique used to reduce errors within random sampling? Select one: a. Quota b. Stratified c. Nonprobability d. Cluster e. Snowball

b