MKT- quiz Questions

To calculate return on marketing investment (ROMI) of its most recent marketing campaign, marketers at Hobby Lobby consider the following: revenues increased $118,500 and the marketing cost of the campaign was $39,500. What is the ROMI?

200%

Of all the federal regulatory units, the ____ most heavily influences marketing activities.

Federal Trade Commission (FTC)

Which of the following is the least controllable factor in developing a marketing mix?

Government regulations

In Singapore, the price of imported Scotch is $30 per glass as opposed to Scotch from Singapore, which is $3. Which of the following do you think accounts for the difference in price?

Import tariff

Tesla executives have set an objective for the firm's new Model 3 to boost Tesla's market share by 10 percent. What is the main problem with this objective?

It does not specify a time period.

Which of the following is a characteristic of a marketing objective?

It is consistent with both business-unit and corporate strategy.

H&M conducted marketing research to identify explanations for the sales declines its retail stores are experiencing across the United States. The research focused on understanding the shopping habits and desires of a key target market—the Millennial generation. The results indicate that Millennials are more interested in supporting organizations that stand for something—or support a cause or contribute to providing social justice. The information can assist H&M in reorganizing their company, developing new products and communicating with their target audiences to be more effective. Based on this information, which orientation best applies to H&M?

Market orientation

Which of the following states what is to be accomplished through marketing strategies?

Marketing objectives

What type of competitive structure exists when just a few sellers control a large portion of the supply of a product?

Oligopoly

For most firms, the costs of marketing activities consume approximately what portion of the consumer's dollar?

One-half

During which stage of the business cycle is unemployment low and total income relatively high?

Prosperity

In general, which of the following competitive structures is an organization least likely to operate?

Pure competition

Which of the following is true about the marketing environment?

The effects of marketing environment forces can be difficult to predict.

Which of the following statements about marketing environment forces is NOT true?

They do not influence customers' reactions to a firm's marketing mix.

Which one of the following statements by a company president best reflects the marketing concept?

We have organized our business to make certain that customers get what they want.

According to the text, a market is defined as

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.

All companies have a responsibility to ____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.

be profitable

Tom's of Maine's natural toothpaste is highly popular but is unlikely to experience much more market growth. As a result, Tom's of Maine is examining other forms of toothpaste with high potential for growth. However, because its natural toothpaste remains so profitable, it can use these profits to invest in newer toothpastes. Tom's of Maine's natural toothpaste is an example of a ______________.

cash cow

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

competitive advantage

According to President Kennedy's consumer bill of rights, the right to choose means that

consumers should have access to a variety of products and services at competitive prices.

Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

The focal point of all marketing activities is

customers.

Miranda runs a popular blog followed by many working moms and dads. As her blog's following runs into the tens of thousands, she has been approached by several companies to promote their products in exchange for free products or a small commission whenever a reader's click on the product link results in an online sale. Miranda has not disclosed these agreements because the amount of money she's earned has been quite small and she's worried that her blog will lose credibility with her readers. She should be more worried that the Federal Trade Commission views her omission as

deceptive advertising.

If online communication is unfair and causes substantial injury that is not reasonably avoidable and is not outweighed by other benefits, then it is considered

deceptive.

To fulfill customer expectations about a seller's future behavior, marketers must

deliver on promises made.

The marketing environment is best described as being

dynamic and changing.

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

environmental scanning.

One way that Kia evaluates its product and service level is by how well it ranks on the J. D. Power & Associates Sales Satisfaction Survey. In doing so, Kia is

evaluating actual performance.

A marketing plan document usually begins with a(n)

executive summary.

If Kyrgyzstan levied a duty on all goods purchased from the United States and other countries outside its borders that were brought into Kyrgyzstan, its businesses and citizens would be paying a(n)

import tariff.

Firms frequently use dollar volume in their sales analyses because the dollar

is a common denominator of sales, costs, and profits.

Marketers may legally engage in ______ to persuade public and/or government officials to favor a particular position.

lobbying

A group that has the willingness, ability, and authority to buy a product is a

market.

Sara Lee introduced a new bread made with light whole wheat and packaged in smaller loaves as a response to the number of health-conscious customers who live alone. In this case, Sara Lee was most likely following the ________.

marketing concept.

The process of putting marketing strategies into action is called

marketing implementation.

Performance standards are derived from _____________ that were set while developing the marketing strategy.

marketing objectives

Transformations Salon is part of the hair and personal care service industry located in a large city. In what type of competitive environment is Transformations Salon most likely operating?

monopolistic competition.

Institutional markets are

organizations that seek nonbusiness goals.

The marketing department establishes its objectives and develops strategies to achieve them after the firm has

performed a detailed analysis of its strengths and weaknesses.

A business that contributes resources to the community to improve the quality of life is taking on a(n) ____ responsibility.

philanthropic

Marketing channels create four types of utility for consumers including

place, time, possession, and form.

The forces of the marketing environment include

political, legal and regulatory, sociocultural, technological, economic, and competitive.

Consumers receive the benefits of place utility when

products are available in locations where consumers want to buy them.

The element of the marketing mix used to increase awareness of a product or company is

promotion.

Assuming that inflation is low, high buying power characterizes the ____ stage of the business cycle.

prosperity

If India, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, India would be using a(n)

quota.

With regard to technology, ____ refers to the broad nature of technology as it moves through society.

reach

Marketers who view political forces as being beyond their control are taking a(n) ____ response toward these forces.

reactive

Product testing for reliability and quality helps to ensure a consumer's right to

safety.

The three basic forms that a product can take are

services, ideas, and goods.

The owners of the newly created Colorado Steakhouse Corp. have conducted a SWOT analysis of its competition and see a marketing opportunity for its new Colorado Steakhouse restaurant. They have developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing strategy it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have omitted a key piece of the marketing plan, which is

specifying their target market.

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

strengths and weaknesses

Just Crack an Egg is aimed at people concerned with on-the-go lifestyles. These people represent the Just Crack an Egg

target market.

A first-mover advantage is

the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace.

The growing use of two-day and next-day delivery by online companies best relates to

the distribution variable of the marketing mix.

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

the price charged for the product.

The essence of marketing is

to develop satisfying exchanges from which both customers and marketers benefit.

The equation a buyer applies to assess a product's value is

value = customer benefits − customer costs.

One company markets such diverse products as Old El Paso Mexican foods, Yoplait yogurt products, and Blue Buffalo pet foods. These various offerings exhibit this firm's product mix

width

The most basic principles of marketing ethics are _____________ to encourage marketers to conform to society's expectations for conduct.

written as laws and regulations