MKT350 Test 1 Review

A target market

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

The most widely used method for analyzing the performance of a marketing strategy is sales analysis.

True

The term "Ad Creep" has been coined to describe the gradual expansion of advertising into our entire "visual field." True or false?

True

Utilitarianism examines well-being in terms of a cost/benefit ratio

True

Wealth is an accumulation of past income and financial resources

True

When a product is a conspicuous one, reference-group influence is more likely to affect brand decision.

True

When we hear the name Slim Fast, we tend to think of a diet product. When we hear the name Ensure, we think of a nutritional supplement. When we think of Carnation Instant Breakfast we think of a fast "meal on the run." Even though, in reality, these products are quite similar, we perceive them differently. This exemplifies the concept of positioning

True

Which of the following would be most consistent with Johnson Chemical's understanding of the "bad apple" concept of improving the ethical conduct of salespeople?

Firing unethical salespeople.

Which of the following refers to a firm's specific development, pricing, promotion, and distribution of products that do not harm the environment?

Green marketing

To formulate a marketing strategy, one must:

Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market

Which one of the following buying situations would be most consistent with routine-response decision purchase behavior?

Sally buying a hamburger at McDonalds

When working as a summer intern for a local retail store, Jan Halverson was sent to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered:

Secondary data

Marketing is the process of

Creating, distributing, pricing and promoting products to facilitate satisfying exchange relationships in a dynamic environment.

Which of the following attributes of a Toyota Camry would be most appropriate to emphasize in television commercials during an economic recession

Durability

The marketing environment is best described as being

Dynamic and changing

Buying "on credit" increases future buying power

False

High pressure sales techniques, deceptive advertising, and fraudulent claims are most associated with the production era/philosophy of marketing

False

Relativists believe in the existence of moral absolutes

False

The American automobile industry used to be dominated by "The Big Three" including General Motors, Ford, and Chrysler. However, many more foreign competitors are influencing this market, and the American companies must seek to differentiate their products. The U.S. automotive industry moved from a/an______structure to a/an _____structure

Oligopolistic; monopolistic competition

Sandra, a new salesperson for Brenham Foods, calls in an order for twice the amount of merchandise that Corner Market requested because she knows it will increase her sales and will not be noticed by Corner Market. This relates to which type of influence in ethical decision making?

Opportunity

If Bloomingdale's wants to learn about consumers' attitudes toward catalog purchases and conducts a study to acquire this information, this study would collect ____________ data.

Primary

What are the 4 P's of marketing

Product Place (distribution) Price Promotion

According to the marketing concept, an organization should try to

Provide products that satisfy customers' needs and allow the organization to achieve its goals.

Marketing Ethics

Refers to principles and standards that define acceptable conduct in marketing.

Which product listed would most likely be purchased through routinized response behavior

Soft Drink

Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

Strengths; opportunities

The first major law affecting business by prohibiting restraint of trade (anti-monopoly) in the U.S. was passed in the late 1800's. This act forms the base for other important acts which followed it. This act is

The Sherman Anti-trust Act

Blood & Guts Video Store carries only B-grade movies. It carries no movies with big stars or big budgets, but it does have movies like "Trouble Comes to Frog Town" that college kids seem to love. No other video store within 100 miles carries the same kind of rental movies stock that this store does. The owner of this store seems to understand the concept of differential advantage (BFD) in regard to its movie selection

True

Four dimensions of social responsibility are economic, legal, ethical, and philanthropic

True

If you wanted to find out the demographic characteristics of heavy users of peanut butter, perhaps the best place to start would be with MRI data

True

Simply stated, marketing research is primarily about reducing risk

True