principles of marketing exam 1

A marketing dashboard is used to do which of the​ following?

Monitor strategic marketing performance

Which of the following generational groups represents one of the most powerful forces shaping the marketing​ environment?

baby boomers

Scott Frost has been coming to​ Aldwin's Diner for 20 years and refuses to go anywhere else.​ Joseph, the owner of​ Aldwin's, loves​ Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the​ following?

barnacle

`Which of the following is enhancing how marketers learn about and interact with​ customers?

big data and marketing analytics

Which of the following identifies a change in the technological environment that could affect the success of a​ business?

A company develops a new battery that lasts twice as long as its predecessor.

Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive​ company?

A local restaurant refusing to counter false allegations of salmonella

To be​ successful, why should companies try to adopt a proactive stance on​ marketing?

A proactive stance allows a company to take advantage of opportunities as they arise.

How do the individual components of a SWOT analysis work together to determine the status of a​ company?

By ascertaining a​ company's strengths, relating them to​ opportunities, minimizing​ weaknesses, and identifying threats to growth and development

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the​ company's niche product—​premium, organic dog and cat food—and contracted to sell it in several​ high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do​ now?

Create a promotion strategy to increase customer awareness

Which of the following is at the center of marketing strategy and​ programs?

Customer​ engagement, value, and relationships

which of the following scenarios BEST describes the societal marketing concept?

Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term

A​ company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually​ improve?

Examine how well each group performs its work of adding customer value.

is a group numbering 55 million or more consumers and sometimes is an overlooked​ "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes​ experience, not acquisition.

Generation X

Which generational group seamlessly blends online and offline worlds as they socialize and​ shop?

Generation Z

Stars, cash​ cows, question​ marks, and dogs are the four types of strategic business units​ (SBUs) defined in which of the​ following?

Growth-share matrix

The role of a​ company's marketing intermediaries is to do which of the​ following?

Help the company​ find, promote,​ sell, and distribute products

What are stars in the​ growth-share matrix?

High-growth, high-share businesses or products

The goal of a market development growth strategy is to do which of the​ following?

Identify and develop new markets for current products of a​ company's market

In analyzing a​ company's current business​ portfolio, what is​ management's first​ step?

Identify strategic business units

Of the​ following, which best reflects how the American population has changed over​ time?

It has become more​ diverse, better​ educated, and more mobile.

Which of the following is a valid concern when it comes to the four Ps​ concept?

It holds that the four Ps concept takes the​ seller's view of the​ market, not the​ buyer's view.

Jill Parker owns​ 2,000 acres of ranchland in Iowa.​ Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing​ environment, she asks you what she should do. Which of the following is the BEST​ advice?

Jill should focus on the business market and license the natural gas rights.

The​ demographic, economic,​ natural, technological,​ political, and cultural forces that affect a​ company's ability to serve its customers make up which of the​ following?

Macroenvironment

Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the​ business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez​ family?

Noah​ Lopez, a marketing specialist and expert who would be hired as the Sanchez​ family's new chief marketing officer

All of the following are aspects of sustainable marketing EXCEPT which​ one?

Observe environmental legislation as it is instituted.

ethan and jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. ethel believes they should follow a make and sell philosophy that focuses on improving their product, whereas jan believes they should be more customer-oriented and find the right products for their customers. which of the following BEST describes this situation?

Should Jantel, inc. follow a product or marketing concept?

Which of the following actions helps a company find the game plan for​ long-run survival and growth that makes the most sense given its specific​ situation, opportunities,​ objectives, and​ resources?

Strategic planning

There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those​ changes?

Strong emphasis on free trade and open borders

​Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want​ new-style organic pizzas with exotic ingredients.​ However, in recent​ years, the population in the​ pizzeria's neighborhood has been​ shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional​ pizza, not pizza with exotic ingredients. Which of the following identifies the​ pizzeria's BEST response to this​ situation?

Target a new market with a different product.

Using the BCG​ growth-share matrix as a​ guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the​ company's senior management​ team, the CEO of Masumura and her team members decided to allocate all of the​ company's profits toward the growth and expansion of these question​ marks, in order to cause the question marks to become stars. What is likely to happen to this​ company?

The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.

How does the microenvironment of a company differ from its​ macroenvironment?

The microenvironment deals with the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics.

Which of the following includes shortages of certain raw​ materials, higher pollution​ levels, and more government​ intervention?

The natural environment

Why is marketing return on investment​ (ROI) so difficult to​ measure?

There is no consistent definition. For​ instance, returns such as​ engagement, advertising, and​ brand-building impact​ aren't easily put into dollar returns.

What is the purpose of the marketing mix as part of the overall marketing​ strategy?

To produce a response that influences a demand for the product from the customers the company is targeting

A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new​ company?

We will help customers​ build, invigorate,​ restore, refurbish, or completely redesign their homes or businesses

​Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial​ situation?

Work out a plan with its financial intermediaries

the act of obtaining a desired object from someone by offering something in return is known as what?

an exchange

marketing management functions

analysis, planning, implementation, control

A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company​ analyze?

cultural

Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Bertram's Beer attempting to​ build?

customer equity

Which of the following is NOT a step in the strategic planning​ process?

set revenue and financial goals

When a company starts the strategic planning process at the corporate​ level, it begins by

defining its overall purpose and mission

julie's jump rope emporium is a new company. from a marketing standpoint, what is the FIRST thing Julie's Jump rope emporium needs to do?

determine who in the community wants or needs a jump rope

The group of factors that affect​ consumers' purchasing power and spending patterns is called the​ _________________.

economic environment

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. what customer relationship tool is Asher Airlines using?

frequency marketing program

Which of the following describes the current trend in businesses regarding relationships with​ customers?

hand-pick the most profitable customers and allow them more input

A value chain consists of which of the​ following?

internal departments that carry out​ value-creating activities

After creating a​ company's mission and​ objectives, the executive team must then plan​ ____________ by keeping in mind the best fit for its​ strengths, weaknesses, and opportunities in the environment.

its business portfolio

a local drama club wants to increase the membership and attendance at its performances. to do so, it hosts free shows, starts poetry-reading nights, and sends volunteers to the local high school. what is the drama club engaging in?

market exchange

When consumers respond in a similar way to a given set of marketing​ efforts, they can be referred to as a​ _________.

market segment

how do market demands relate to needs and wants?

needs are satisfied by wants, and buying power converts wants into demand.

Vaughn's Video has suffered because more people are subscribing to online streaming sites such as​ Netflix, YouTube,​ iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected​ Vaughn's Video?

not-for-profit marketing

the four P's

price, product, promotion, place

​Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the​ claims, the restaurant called in a company to test not only its veggie​ burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the​ restaurant's Facebook page. What BEST describes​ Beverly's Burgers' response to the​ allegations?

proactive

which marketing philosophy holds that customers will favor products that offer the most quality, performance, and innovative features?

product concept

which of the following is NOT one of the four P's of the marketing mix?

production

Which of the following is NOT one of the marketing management​ functions?

promoting

The second purpose of government regulation is to​ _____________________.

protect consumers from unfair business practices

The third purpose of government regulation is to​ _____________________.

protect the interests of society against unrestrained business practices

The purpose of business legislation is primarily based on​ ________.

protecting companies from each other

the ultimate goal of the marketing process is to do which of the following?

receive value from customers

Which of the following is NOT part of an overall SWOT analysis evaluation of a​ company?

strategy

when a company chooses a group of customer's to serve, it is engaging in which of the following?

target marketing

Wonders such as​ smartphones, driverless​ cars, and antibiotics can be attributed to which marketing​ environment?

technological

what is MOST likely to cause a variation in customer-perceived value

the customers opinion of what constitutes value

what is the main problem that sellers suffering from marketing myopia face?

the focus more on products than on the customer's underlying needs

How has the internet MOST affected companies and​ customers?

the internet has allowed consumers to take marketing content and share it

selling and advertising are part of a large set of marketing tools that work together to satisfy customer needs and build customer relationships known as

the marketing mix

how does the new concept of marketing differ from the old concept of marketing? ("telling and selling")

the new concept focuses on customer needs

What is the ultimate aim of customer relationship​ management?

the produce high customer equity

what is the importance of selling and advertising in marketing?

they work in tandem with building customer relationships

why is good marketing management critical?

to ensure that the company serves as many customers as it can and as well as it can

To create value for​ customers, marketers must improve the performance of the​ ______________, which includes partnering with​ suppliers, distributors, and customers.

value delivery network

To exercise social​ responsibility, many companies are linking themselves to what type of​ marketing?

​Cause-related

​Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six​ years, sales have continuously declined and profits have almost completely disappeared. The owner of​ Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina's Tunes?

​Tina's Tunes is likely to fail because it is ignoring the technological environment.

The major cultural values of a society are expressed by​ people's views of​ ____________________.

​themselves, others,​ organizations, society,​ nature, and the universe