Mrkt 239 Exam 1

Instead of addressing the question ____, many environmentalists and marketers believe the question should be ____.

"What should we do with our waste?"; "How can we produce products without waste?"

After determining that consumers had concerns about certain ingredients that may cause health issues, Patrizzi's Pizza began offering a gluten-free pizza product. The creation of this new product was the result of

A market opportunity

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

A reward or benefit greater than the costs incurred in the transaction

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

After several children became ill while playing with toys imported from outside the United States, medical researchers found several illegal chemicals, including lead in the paint. These toys were sold primarily through websites on the Internet. Which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of children's toys?

Consumer Product Safety Commission

​____ 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.

Corporate

Consumer confidence is at a low during periods of

Depression

​Changing the hours of operation for a service business involves the ____ component of the marketing mix.

Distribution

​Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.

Distribution

What do environmentalists set as an objective for profitability?

Environmentalism should be made profitable, and companies attempting to protect the environment should not have to compete with those harming it in the marketplace.

Analisa understands that even small businesses like her local catering business have certain responsibilities to society. She knows that she must abide by the laws that apply to her business and try to make a profit. What are the other obligations Analisa should know about?

Ethical and philanthropic

.Decreases in taxes lead to decreases in disposable income.

False

A good example of a government regulatory group at the local level is the Better Business Bureau.

False

Companies that truly adopt the marketing concept develop an organizational culture that is based on a centralized set of beliefs that places the organization's needs at the center of decisions about strategy and operations.

False

Customer benefits include time and effort

False

Decreases in taxes lead to decreases in disposable income.

False

Disposable income is used to pay taxes, spend, and save

False

Marketing ethics concerns the impact of an organization's decisions on society, whereas social responsibility relates to individual decisions. Group of answer choices

False

Relationship marketing focuses on satisfying customers to generate the most profit.

False

The Food and Drug Administration influences marketing activities the most.

False

There are few costs associated with being socially responsible and satisfying society's demands.

False

Training is an unnecessary element of communicating with marketing employees.

False

​A long-term view, or vision, of what the organization wants to become is called a mission proclamation.

False

​Marketing strategies should be established before marketing objectives are decided.

False

​The long-term health of the firm depends solely on having products that generate cash and provide acceptable reported profits.

False

​The marketing environment is a set of static, unchanging surroundings.

False

​The marketing mix consists of three major variables: product, price, and distribution.

False

​The primary way to reduce the discrepancy between planned and actual performance is to rewrite the performance standard.

False

Which of the following agencies regulates marketing activities the most?

Federal Trade Commission

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

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

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

Market

Which of the following is the most specific and detailed type of business strategy?

Marketing

​The process of putting marketing strategies into action is called

Marketing implementation

To build long-term customer relationships, marketers are turning to

Marketing research and data analytics

Consumer protection legislation deals with all of the following legal concerns except

Monopolistic practices

United Airlines introduced a new "basic economy" seat category to better compete with discount airlines like Southwest and Spirit. Which of the following aspects of the marketing mix is United likely altering?

Price

​Which of the following is NOT a component of a marketing plan?

Product Specifications

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

Promotion

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

Pure Competition

If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the

Sherman Antitrust Act

Which of the following statements about social responsibility is correct?

Social responsibility refers to a company's obligation to maximize its positive impact and minimize its negative impact on society.

Sony's strong name recognition and solid customer demand for its televisions and game systems are two elements of the firm's

Strengths

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

Strengths; Opportunities

Special K cereal is aimed at people concerned about their weight. These people represent the Special K

Target Market

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

The price charged for the product

A sustainable competitive advantage is one that cannot be copied by a firm's competitors.

True

An organization's goals focus on the end results the organization seeks.

True

Any time an activity causes managers or consumers to feel manipulated or cheated, a marketing ethics issue exists, regardless of the legality of that activity.

True

Credit increases current buying power at the expense of future buying power.

True

Customer relationship management is the use of information about customers to create marketing strategies that develop and sustain desirable customer relationships.

True

Financial controls information will most likely be found in the performance evaluation section of the marketing plan.

True

Marketing costs consume about one-half of a buyer's dollar

True

Once trust is lost in marketing relationships, it can take a lifetime to rebuild.

True

People learn values and principles through socialization by family members, social groups, religion, and formal education.

True

Social responsibility is an organization's obligation to maximize its positive impact and minimize its negative impact on society.

True

Technological developments have a direct impact on creating and maintaining a marketing mix.

True

Technology affects the types of products offered to consumers.

True

Technology is the application of knowledge and tools to solve problems and perform tasks more efficiently.

True

The impact of environmental forces on value can be extensive as market changes can easily influence how stakeholders perceive certain products.

True

The number of firms that control the supply of a product may affect the strength of competition.

True

Three important factors that influence ethical decisions in marketing are individual factors, organizational factors, and opportunity.

True

Top management sets the ethical tone for the entire organization.

True

​A core competency is something a firm does extremely well-sometimes so well that it gives the company an advantage over its competition.

True

​A market is 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 these products.

True

​Credit increases current buying power at the expense of future buying power.

True

​Customers are the focal point of all marketing activities.

True

​To satisfy customers' objectives as well as its own, a company must coordinate all its activities.

True

Which of the following companies is the best example of a service marketer?

UPS

Which of the following is the best example of utilizing technology to improve consumer relationships?

Waiters recording orders on handheld computers

According to the text, marketing ethics refers to principles and standards that define

acceptable conduct in marketing

​Business decisions made in creating a marketing mix

are only as good as the organization's understanding of the needs of the target market.

Apple has been successful by anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

core competency

​The marketing environment is best described as being

dynamic and changing

A market orientation is an organization-wide effort that includes all of the following activities except

focusing on just the marketing department

The amount of money received through wages, rents, investments, pensions, and subsidies is called

income

When using credit to make purchases, consumers are

increasing current buying power at the expense of future buying power.

​An organization's business goals should be derived from its

mission statement

When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitors' products, a(n) ____ structure exists in the competitive environment.

monopolistic competition

The Better Business Bureau is probably the best-known

nongovernmental regulatory group

The four major competitive structures are

oligopolies, monopolies, monopolistic competition, and pure competition.

​Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

opportunities

Actions that promote human health and welfare address the ____ dimension of the pyramid of social responsibility.

philanthropic

McDonald's supports and funds Ronald McDonald houses for the families of terminally-ill children to stay in to be near their loved ones. McDonald's action demonstrates the fulfillment of ____ responsibility.

philanthropic

The two least common competitive structures are

pure competition and monopolies

Socially responsible business practices have provided all of the following benefits except

reducing marketing costs

Marketing ethics

refers to principles and standards that define acceptable conduct in marketing

The strength of a person's "buying power" depends on economic conditions and

size of resources that can be traded in an exchange.

Ford Motor has frequently extolled its efforts to reduce greenhouse gas emissions from its manufacturing and its products as well as the increased fuel efficiency of its vehicles. This is an example of

sustainability marketing

Technology is

the application of knowledge and tools to solve problems and perform tasks more efficiently.

Consumerism is

the efforts of independent individuals, groups, and organizations to protect the rights of consumers.

Coca-Cola has in recent years developed or acquired new non-cola products to appeal to changing consumer preferences for less sugar in their products. The most likely factor in this change is changes in

the sociocultural forces of the marketing environment

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

written as laws and regulations

​Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

​Satisfaction for both the buyer and seller

​The marketing concept is best defined as

​a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.

A strategic window is

​a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.

A target Market

​is a specific group of customers on whom an organization focuses its marketing efforts.

The forces of the marketing environment include

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

​A market opportunity results from

​the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

Marketing activities are

​used by all sizes of organizations including for-profit, nonprofit, and government agencies.