Principles or marketing Concepts Ch 1,2,4,9
A market-oriented company targets its products to (blank) while a sales-oriented company targets its products to (blank)
1. Specific group of customers 2. everyone
Marketing is the activity, set of institutions, and processes for creating, (blank), (Blank), and exchanging offerings that have (blank) or customers, clients, partners, and society at large
Communicating, delivering, value
A target market is a group of people or organizations for which an organization designs (Blank), and maintain (blank) intended to meet the needs of that group, resulting in mutually satisfying exchanges.
Implements and marketing mix
Marketing research is the process of(blank),(blank) and (blank)data relevant to a marketing decision. It provides (blank) with data on the effectiveness of the marketing mix.
Planning, collecting, analyzing, decision makers
Which generational cohort accounts for the majority of prescription drug sales? a. Baby Boomers b. Millennials (Generation Y) c. Generation Z d. Generation X
a. Baby Boomers
Which of the following is NOT true about strategic business units (SBUs)? a. Each SBU shares its mission statement with the parent company. b. An SBU has its own competitors, separate from other SBUs. c. Each SBU has plans and goals independent of other SBUs in the organization. d. An SBU has control over its resources.
a. Each SBU shares its mission statement with the parent company.
Which of the following are examples of primary data? (Select three) a. Focus groups b. Government reports c. Surveys d. Industry research reports e. Ethnographic research
a. Focus groups c. Surveys e. Ethnographic research
Which generational cohort has never known a world without smartphones? a. Generation Z b. Generation X c. Millennials (Generation Y) d. Baby Boomers
a. Generation Z
Which of the following are characteristics of mobile research? (Select three) a. Increased response rates b. Higher cost c. Narrower reach d. Immediate feedback e. Richer content collection
a. Increased response rates d. Immediate feedback e. Richer content collection
_______ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. a. Inflation b. Deflation c. Purchasing power d. Cost of living
a. Inflation
Which of the following statements is true? a. Mobile surveys have higher response rates than paper surveys. b. Mobile surveys are limited on content collection compared to paper surveys. c. Mobile surveys are more expensive than paper surveys. d. Mobile surveys have narrower reach than paper surveys.
a. Mobile surveys have higher response rates than paper surveys.
The _______ is an international trade agreement among Canada, Mexico, and the United States designed to facilitate trade by removing tariffs and other trade barriers among the three nations. a. North American Free Trade Agreement (NAFTA) b. Consumer Product Safety Act c. Federal Food and Drug Act d. Federal Trade Commission Act (FTC)
a. North American Free Trade Agreement (NAFTA)
Which survey method involves a business hiring a firm that facilitates an online group discussion and delivers a recap of the discussion? a. Online focus groups b. Online research communities c. Online panel providers d. Google consumer surveys
a. Online focus groups
A questionnaire of car owners asks, "What do you like most about your car?" What type of survey question is this? a. Open-ended b. Ethnographic c. Scaled-response d. Closed-ended
a. Open-ended
Which of the following are reasons for failing to achieve a marketing objective? (Select four) a. Poor implementation b. Insufficient budget to implement objectives c. Changes in the environment after the objective was specified d. Inappropriate marketing strategies in the plan e. Unrealistic marketing objectives
a. Poor implementation c. Changes in the environment after the objective was specified d. Inappropriate marketing strategies in the plan e. Unrealistic marketing objectives
Competitive intelligence can come from which of the following sources? (Select three) a. Salespeople b. Your company's financial statements c. Industry experts d. Surveys of your competitors e. Suppliers
a. Salespeople c. Industry experts e. Suppliers
Sending out a questionnaire to determine which product features consumers prefer is an example of which type of primary research? a. Surveys b. Ethnographic research c. Experiments d. Observation research
a. Surveys
Which legislation created the Consumer Financial Protection Bureau (CFPB) to oversee checking accounts, private student loans, mortgages, and other financial products? a. The Dodd-Frank Wall Street Reform and Consumer Protection Act b. The Wheeler-Lea Act c. The Sherman Antitrust Act d. Federal Trade Commission Act (FTC)
a. The Dodd-Frank Wall Street Reform and Consumer Protection Act
For a market-oriented firm, the advantages of considering the benefits customers seek include which of the following? (Select three) a. The company remains focused on the customer rather than the products it produces b. Bolsters creativity and innovation by encouraging employees to come up with new ways to satisfy customers c. Allows the company to create new products and to modify products due to changing customer needs d. Creates efficiencies of scale by only offering one product or service for all customers
a. The company remains focused on the customer rather than the products it produces b. Bolsters creativity and innovation by encouraging employees to come up with new ways to satisfy customers c. Allows the company to create new products and to modify products due to changing customer needs
Which of the following are influenced by social factors? (Select three) a. The products people buy b. The prices people are willing to pay c. The consumer's age d. If specific promotions are effective e. Federal legislation
a. The products people buy b. The prices people are willing to pay d. If specific promotions are effective
Which of the following are ways that a company choosing a cost competitive advantage can reduce costs? (Select three) a. Utilizing technology to reduce production costs b. Reverse engineering competitors' products c. Focusing on a unique aspect of its product d. Outsourcing low-skill, labor-intensive tasks e. Choosing a niche market for its products
a. Utilizing technology to reduce production costs b. Reverse engineering competitors' products d. Outsourcing low-skill, labor-intensive tasks
A disadvantage of a sales orientation is _______. a. a lack of understanding customers' wants and needs b. the expense of hiring a sales force c. that production expenses will rise as sales rise d. constantly assessing competitors' actions
a. a lack of understanding customers' wants and needs
A firm that conducts research attempting to develop new or improved products is conducting _______. a. applied research b. technology c. basic research d. disruptive innovation
a. applied research
A _______ strategy increases sales by introducing new products into new markets, while a _______ strategy entails creating a new product targeted to its current customers. a. diversification; product development b. market development; diversification c. product development; market penetration d. market penetration; market development
a. diversification; product development
A control device that marketing managers use is a _______. a. marketing audit b. post-plan review c. periodic evaluation assessment d. strategic planning dashboard
a. marketing audit
If a researcher needs a sample that is representative of the population they are studying, they will utilize a _______. a. probability sample b. quota sample c. judgment sample d. snowball sample
a. probability sample
Harvesting is an appropriate strategy for all the following products or SBUs EXCEPT _______, _______, and _______. (Select three) a. problem children b. cash cows c. dogs d. stars
a. problem children b. cash cows c. dogs
A company's customer relationship management (CRM) cycle and CRM system _______. a. provide built-in marketing research for the company b. assume all customers are equally profitable to the company c. have no impact on the company's marketing research efforts d. assume all customers have the same interactions with the company
a. provide built-in marketing research for the company
Competitive intelligence helps managers assess _______. a. their competitors b. their product costs c. their customers d. the economic environment
a. their competitors
The innovation matrix identifies three levels of change and innovation. They include _______, _______, and _______. (Select three) a. transformational innovation b. fundamental innovation c. core innovation d. adjacent innovation e. revolutionary innovation
a. transformational innovation c. core innovation d. adjacent innovation
At which step in the marketing research process do you interpret and draw conclusions from the information you've collected? a. Prepare and present the report b. Analyze the data c. Specify the sampling procedures d. Follow up
b. Analyze the data
The three general strategies for selecting target markets include which of the following? (Select three) a. Appeal to the entire market with several marketing mixes b. Appeal to the entire market with one marketing mix c. Appeal to multiple market segments using multiple marketing mixes d. Concentrate on one segment with one marketing mix e. Concentrate on multiple market segments with one marketing mix
b. Appeal to the entire market with one marketing mix c. Appeal to multiple market segments using multiple marketing mixes d. Concentrate on one segment with one marketing mix
_______ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. a. Implementation b. Control c. Planning d. Evaluation
b. Control
Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society? a. Equality b. Helping others c. Individualism d. Self-sufficiency
b. Helping others
Which is true of the competitive market? (Select three) a. Marketers cannot be concerned with competitors of substitute products. b. Marketers must consider the number of competitors within their industry. c. Marketers must consider the degree of interdependence within the industry. d. Marketers must consider the size of the competitors in their industry. e. Marketers must consider only domestic markets when thinking about competitors.
b. Marketers must consider the number of competitors within their industry. c. Marketers must consider the degree of interdependence within the industry. d. Marketers must consider the size of the competitors in their industry.
Which reason to study marketing supports the idea that, as a consumer, you will better understand the buying process? a. Marketing offers excellent career opportunities. b. Marketing impacts your everyday life. c. Marketing is important to businesses. d. Marketing plays an important role in society.
b. Marketing impacts your everyday life.
Which type of sample makes little attempt to get a representative cross section of the population? a. Simple random sample b. Nonprobability sample c. Probability sample d. Cluster sample
b. Nonprobability sample
After collecting and analyzing the data, what is the next step in the research process? a. Planning the research design b. Preparing and presenting the report c. Specifying the sampling procedures d. Collecting primary data
b. Preparing and presenting the report
_______ is the most flexible of the four Ps because it is the easiest and quickest component to change. a. Product b. Price c. Promotion d. Place (distribution)
b. Price
Which of the following are factors that influence the economic environment? (Select three) a. Demographics b. Recession c. Inflation d. Purchasing power e. Generational cohort
b. Recession c. Inflation d. Purchasing power
A questionnaire of car owners asks, "On a scale of 1 to 10 (with 10 being most important), how important is gas mileage when deciding which car to buy?" What type of survey question is this? a. Dichotomous b. Scaled-response c. Open-ended d. Closed-ended
b. Scaled-response
The customer relationship management (CRM) cycle _______. a. assumes all customers are equally profitable to the company b. allows companies to identify their most profitable customers c. starts by identifying the most profitable customers d. only involves identifying customer relationships
b. allows companies to identify their most profitable customers
Broadly speaking, customer relationship management (CRM) allows marketers to _______. a. identify customers who are the most resistant to purchasing and focus product modifications on feedback from those customers b. collect information about customers and create marketing promotions and communications specific to groups of consumers c. analyze customers' buying habits to predict future purchases d. identify several large groups of consumers to which they can send one broad message
b. collect information about customers and create marketing promotions and communications specific to groups of consumers
A supplier of scanner-based research _______. a. conducts focus groups about the best types of scanners b. collects checkout scanner data and aggregates it for analysis c. provides data that is less "real world" than survey research d. mainly distributes surveys
b. collects checkout scanner data and aggregates it for analysis
Through a process called _______, marketers collect and evaluate information about the marketing environment. a. marketing research b. environmental scanning c. perceptual mapping d. market analysis
b. environmental scanning
Scanner-based research gathers information _______. a. from consumers about their future purchase intentions b. from consumers about the promotions and pricing they are exposed to and the things they buy c. from manufacturers about their supply chain activities d. from brands about their promotional plans
b. from consumers about the promotions and pricing they are exposed to and the things they buy
Key performance indicators _______. a. guide the creation of the business mission statement b. help managers compare outcomes to stated objectives c. are considered weaknesses in the company's SWOT analysis d. are not required as the marketing plan is static and rarely updated
b. help managers compare outcomes to stated objectives
Successful relationship marketing strategies depend on all the following EXCEPT _______. a. empowering employees b. offering high-quality products c. training employees in customer service d. teamwork
b. offering high-quality products
n a SWOT analysis, the prospect of entering new markets and launching new products would be listed under _______. a. weaknesses b. opportunities c. strengths d. threats
b. opportunities
The four marketing management philosophies are _______. a. sales, price, distribution, and societal marketing orientations b. production, sales, market, and societal marketing orientations c. production, price, market, and socially responsible orientations d. sales, distribution, market, and consumer-focused orientations
b. production, sales, market, and societal marketing orientations
A market-oriented company _______. a. outsources all promotional and marketing efforts to an advertising company b. sees marketing as a company-wide activity c. uses mainly promotional activities and a professional sales force to market its products d. relies entirely on its marketing department for all the company's marketing efforts
b. sees marketing as a company-wide activity
Which of the following is true of an exchange? a. Money must be traded for the product or service being sold. b. There must be more than two parties for an exchange to take place. c. Marketing can occur even if an exchange does not take place. d. If all the conditions exist, an exchange will take place.
c. Marketing can occur even if an exchange does not take place.
Which of the following is true of marketing? a. The goal of marketing is to advertise products. b. Marketing has occurred only if a product is sold. c. Marketing efforts are performed by many departments in an organization. d. Fostering long-term relationships with customers is not part of marketing.
c. Marketing efforts are performed by many departments in an organization.
_______ occurs when a company defines its business in terms of goods and services rather than in terms of the benefits customers seek. a. Mission bias b. Planning c. Marketing myopia d. Marketing orientation
c. Marketing myopia
Delivering products to customers at the right time, in the right place, and at the right price is illustrated by which of the following reasons to study marketing? a. Marketing impacts your everyday life. b. Marketing is important to businesses. c. Marketing plays an important role in society. d. Marketing offers excellent career opportunities.
c. Marketing plays an important role in society.
Which of the following is NOT a requirement of effective strategic planning? a. Management commitment b. Continual attention c. Resource allocation d. Creativity
c. Resource allocation
The _______ prohibits price discrimination in sales to wholesalers, retailers, or other producers. a. CAN-SPAM Act b. Wheeler-Lea Act c. Robinson-Patman Act d. Sherman Antitrust Act
c. Robinson-Patman Act
Which of the following strategies would be most appropriate for a market-oriented firm? a. Hiring a sales force to aggressively sell the products the company produces in order to meet organizational objectives b. Producing a product that matches the firm's capabilities in order to meet organizational objectives c. Understanding what products and services customers want and need and offering those in order to meet organizational objectives d. Producing products that customers want and need while considering society's best interests in order to meet organizational objectives
c. Understanding what products and services customers want and need and offering those in order to meet organizational objectives
Strategic marketing management addresses which of the following questions? (Select two) a. What promotional activities will the company utilize? b. Who is the company's target market? c. What is the organization's main activity at a specific time? d. How will the company reach its goals? e. Where will the company sell its product to consumers?
c. What is the organization's main activity at a specific time? d. How will the company reach its goals?
A production orientation is successful when _______. a. competition is high, and the company offers the highest quality product b. the company strives to produce environmentally friendly products c. consumer wants and needs match what the company can best produce d. consumers are easily swayed by advertisements and personal selling
c. consumer wants and needs match what the company can best produce
Marketing research may not be needed if you are _______. a. planning an expensive and high-risk product launch b. entering a new market c. entering a stable market that is well-understood by the company d. creating an entirely new product category
c. entering a stable market that is well-understood by the company
The marketing research problem _______. a. is general and broad in scope b. is a seven-step process that should generally be followed regardless of project size c. involves determining what information is needed and how it can be obtained d. is a goal statement
c. involves determining what information is needed and how it can be obtained
A _______ is the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments. a. marketing mix (four Ps) b. target market strategy analysis (TMSA) c. market opportunity analysis (MOA) d. market segment analysis (MSA)
c. market opportunity analysis (MOA)
A _______ is an advantage that cannot be copied by the competition in the near future. a. cost competitive advantage b. niche competitive advantage c. sustainable competitive advantage d. product/service differentiation competitive advantage
c. sustainable competitive advantage
Carefully specified objectives should have all of the following characteristics EXCEPT _______. a. to guide marketing strategies and tactics for the organization b. to provide motivation to employees c. to have unspecified end dates d. to be consistent with the firm's mission statement
c. to have unspecified end dates
Strategic planning is usually conducted by _______. a. middle managers b. employees c. top managers d. first-line managers
c. top managers
Elements of product strategy can include all of the following EXCEPT _______. a. the physical good b. package design c. where the product is sold d. an intangible idea
c. where the product is sold
Setting goals, planning, and measuring results are keys to getting things done. This describes which American value? a. Individualism b. Self-sufficiency c. Work ethic d. Achievement orientation
d. Achievement orientation
_______ represent 7 percent of the U.S. population and often live in multigenerational households, which can impact purchases based on age, dietary habits, and health. a. Hispanics b. African Americans c. Caucasians d. Asian Americans
d. Asian Americans
_______ aims to expand knowledge, not to develop new or improved products. a. Technology b. Applied research c. Disruptive innovation d. Basic research
d. Basic research
Which of the following is true of customer value? a. Good value is signified by a low-quality, low-priced product. b. Good value cannot be determined by quality or price, just by the benefits the product provides to customers. c. Good value is signified by a high-quality, high-priced product. d. Good value is signified by the quality a customer expects at the price they are willing to pay.
d. Good value is signified by the quality a customer expects at the price they are willing to pay.
_______ are the largest U.S. minority. a. Asian Americans b. Russian Americans c. African Americans d. Hispanics
d. Hispanics
Market-oriented companies create long-term relationships with customers by doing which of the following? a. Offering products that are high-priced b. Primarily using salespeople to inform customers about products c. Concentrating marketing efforts to the marketing department d. Providing value to customers
d. Providing value to customers
Which survey method allows users to create a survey and distribute it to their own audience through email, their website, or social media? a. Google consumer surveys b. Online research communities c. Online focus groups d. Web survey systems
d. Web survey systems
When conducting a SWOT analysis, managers can identify opportunities and threats by _______. a. classifying limitations that place the company at a disadvantage b. looking internally at the company's current product and service offerings c. analyzing the core capabilities of the firm d. analyzing the external marketing environment
d. analyzing the external marketing environment
A graph showing historical sales trends for the company would be an example of ______, while a three-year sales projection for a product the company is about to launch would be _______. a. descriptive research; diagnostic research b. predictive research; diagnostic research c. diagnostic research; descriptive research d. descriptive research; predictive research
d. descriptive research; predictive research
An organization that chooses a _______ strategy attempts to maintain the product's market share in order to take advantage of the positive cash flow. a. harvest b. build c. divest d. hold
d. hold
Knowing how customers research products and reach decisions is part of understanding _______. a. the competition b. who the most valuable customers are c. current customers d. how consumers make decisions
d. how consumers make decisions
Before a marketing research project can be designed, you must first _______. a. collect primary data b. specify sampling procedures c. analyze the data d. identify the problem/opportunity
d. identify the problem/opportunity
In the GE model, the appropriate action for areas of the matrix with high attractiveness is _______. a. cautiously invest b. grow/harvest c. harvest/divest d. invest/grow
d. invest/grow
Marketers making product decisions during a recession should _______. a. raise prices to match consumers' increased purchasing power b. introduce new versions of products with more features c. create premium products sold in exclusive locations d. lower prices and offer special deals to get consumers to buy
d. lower prices and offer special deals to get consumers to buy
A _______ is a written document that acts as a guidebook of marketing activities for the marketing manager. a. SWOT analysis b. business plan c. mission statement d. marketing plan
d. marketing plan
A company that focuses on a unique aspect of its product is likely using a _______. a. sustainable competitive advantage b. nice competitive advantage c. cost competitive advantage d. product/service differentiation competitive advantage
d. product/service differentiation competitive advantage
Data previously collected for any other purpose than the specific research project at hand is _______. a. primary data b. unstructured data c. sampling data d. secondary data
d. secondary data
Market-oriented companies are (blank) focused while sales-oriented companies are (blank) focused
externally, internally
Marketers have (blank) control over the competitive environment, but keeping up with competitors' actions can help marketers (blank)
little and prepare for potential threats
A marketing objective should be (Blank,Blank,Blank, and Blank)
realistic, measurable, time specific, and compared to a benchmark
There are multiple types of probability samples. In a (blank), every member of the population has an equal chance of selection. In a (blank) members of a population are selected in preset intervals.
simple random sample, systematic sample
A (blank) is (Blank) to the company and is a limitation that puts the company at a disadvantage.
weakness/internal