marketing
What is the main problem that sellers suffering from marketing myopia face?
they focus more on products than on the customers underlying need
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her job? A. Inform customers of the company's privacy policy B. Track the clicks of customers on websites C. Use customer data in such a way to convince customers to buy products D. Scour consumer financial information E. Compile an exhaustive resource of customer data
A
Companies embracing environmental sustainability policies develop strategies to implement them. The strategies include which of the following two components? A. sustain the environment and produce profits for the company B. ensure sustainability and establish sustainability policies C. implement renewable energy policies and protect company profits D. create recycling policies and ensure sustainability E. sustain the environment and implement renewable energy policies
A
How does the microenvironment of a company differ from its macroenvironment? A. The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. B. The microenvironment affects a larger portion of the company than the macroenvironment. C. The microenvironment uses more financial resources than the macroenvironment. D. The microenvironment is company-based, whereas the macroenvironment is customer-based. E. The microenvironment deals with the big problems, whereas the macroenvironment deals with trivial problems.
A
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche productlong dashpremium, organic dog and cat foodlong dashand 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? A. Create a promotion strategy to increase customer awareness B. Work on a line of leashes, pet brushes, and pet furniture C. Determine the target market for the product D. Determine the company's primary competition in the pet food market E. Develop the formula for the organic pet food
A
Sustainable marketing should be guided by five sustainable marketing principles. Of the following, which is NOT one of those principles? A. Strategic marketing B. Sense-of-mission marketing C. Customer value marketing D. Innovative marketing E. Societal marketing
A
The difference between the marketing concept and the sustainable marketing concept is that the marketing concept ___________________________. A. recognizes that companies thrive by fulfilling the day-to-day needs of customers B. teaches that there are major controllable factors of any marketing mix C. understands that companies need long-term planning D. embraces the principles of customer relationship management E. recognizes that companies thrive and grow by having long-term revenue goals
A
The purpose of business legislation is primarily based on ________. A. protecting companies from each other B. protecting the interests of society against unrestrained business practices C. protecting consumers from unfair business practices D. punishing companies for unlawful behavior E. regulating and constraining companies
A
The role of a company's marketing intermediaries is to do which of the following? A. Help the company find, promote, sell, and distribute products B. Manage the company's human resources efforts C. Provide the resources needed by the company to produce goods and services D. Determine which products a company should market E. Purchase the company's product
A
Through sustainable marketing, both businesses and consumers ___________________. A. are both called to more responsible actions B. embrace ethical values C. display trust in the marketing system D. are asked to "do no harm" E. create a code of conduct
A
What are stars in the growth-share matrix? A. High-growth, high-share businesses or products B. Low-growth, low-share businesses and products C. Low-share, high-growth businesses or products D. The growth-share matrix does not contain stars. E. Low-growth, high-share businesses or products
A
When a company starts the strategic planning process at the corporate level, it begins by... A. defining its overall purpose and mission B. formulating product innovation objectives C. defining its revenue objectives D. creating research and development plans E. setting growth strategy goals
A
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? A. Strategic planning B. Individual departmental planning C. Financial and revenue planning D. Research and development planning E. Marketing planning
A
Which of the following describes an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's current and future living environment? A. Environmentalism B. Conscious consumption C. Sustainable marketing D. Consumerism E. Societal marketing
A
Which of the following generational groups represents one of the most powerful forces shaping the marketing environment? A. Baby boomers B. Generation X C. The Greatest Generation D. Generation Y E. Generation Z
A
Which of the following identifies a change in the technological environment that could affect the success of a business? A. A company develops a new battery that lasts twice as long as its predecessor. B. A company packages its product to be twice the size of its predecessor. C. A company develops a new warranty that lasts as long as its predecessor. D. A company develops a new battery that costs twice as much as its predecessor. E. A company develops a customer support program that customers rate twice as responsive as the previous program.
A
Which of the following is NOT part of an overall SWOT analysis evaluation of a company? A. Strategy B. Opportunities C. Weakness D. Threats E. Strengths
A
Which of the following is the primary reason firms use competitive marketing intelligence? A. To gain early insights into competitor moves and strategies, and to prepare quick responses B. To assess and respond to a competitor's social media strategies C. To understand more about a competitor's new product development efforts D. To make early decisions regarding pricing strategies of competitors E. To gain an understanding of a competitor's channels of distribution
A
Which of the following means striving for building relationships and enhancing consumer confidence in the integrity of marketing by affirming these core values: honesty, responsibility, fairness, respect, transparency, and citizenship? A. Embrace ethical values B. Never be deceptive C. Incorporate a sense of mission D. Do no harm E. Foster trust in the marketing system
A
Which of the following states that managers must look beyond what is legal and allowable and develop standards based on personal integrity, corporate conscience, and long-term consumer welfare? A. The sustainable marketing concept B. The consumer-oriented marketing concept C. The customer value marketing concept D. The societal marketing concept E. The sense-of-mission marketing concept
A
________ refers to striving for good faith and fair dealing so as to contribute toward the efficacy of the exchange process as well as avoiding deception in product design, pricing, communication, and delivery or distribution. A. "Foster trust in the marketing system" B. "Never be deceptive" C. "Incorporate a sense of mission" D. "Do no harm" E. "Embrace ethical values"
A
A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this company's research plan? A. Analyze potential data sources B. Implement the plan C. Define the problem. D. Share the data with other companies in similar situations E. Determine the best method to conduct research
B
A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information? A. A data warehouse B. A company extranet C. A company data mine D. A company intranet E. A company website
B
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. A. individual department objectives B. its business portfolio C. its research and development efforts D. revenue goals and objectives E. its overall growth strategy
B
Criticism has been leveled at marketing for negative impact on other businesses. Of the following, which does NOT fall within those criticisms? A. Unfair competitive marketing practices B. Creating false wants and too much materialism C. Practices that create barriers to entry D. Reducing competition through acquisitions E. Harming competitors through acquisitions
B
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one productlong dashblue jeanslong dashbut it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation? A. Product management organization B. Market management organization C. Geographic organization D. Functional organization E. Combination organization
B
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. A small family winery offering a broader selection of red wines in response to a growing preference for red wines B. A local restaurant refusing to counter false allegations of salmonella C. A utility company hiring lobbyists to influence legislation regarding climate change D. A dairy creating new flavors of organic yogurt in response to a trend toward healthy eating E. A jewelry company taking advantage of the new trend of charm bracelets
B
The principle of ________ marketing requires that a company continuously seek real product and marketing improvements. A. consumer-oriented B. innovative C. customer value D. conscious consumption E. sense-of-mission
B
There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes? A. Greater emphasis on social responsibility B. Strong emphasis on free trade and open borders C. Increasing legislation regulating business D. Greater emphasis on ethics E. Strong government agency enforcement
B
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers. A. internal value chain B. value delivery network C. competitive delivery network D. strategic plan E. marketing system
B
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? A. The company will gain market share and prosper as the question marks are developed. B. The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star. C. The company will be unable to sustain itself because its profits will be spent on developing question marks and not on maintaining more profitable SBUs. D. The company will go bankrupt because all of its profits will be wasted on uncertain SBUs. E. The company will not show any growth or change at all because profits will neither increase nor decrease.
B
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________. A. value chain B. market segment C. target market D. market E. differentiation
B
Which of the following BEST describes research relationships? A. Observation is best suited for descriptive research, surveys for exploratory research, and experiments for causal research. B. Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research. C. Observation is best suited for exploratory research, surveys for causal research, and experiments for descriptive research. D. Observation is best suited for descriptive research, surveys for causal research, and experiments for exploratory research. E. Observation is best suited for causal research, surveys for exploratory research, and experiments for descriptive research.
B
Which of the following is NOT a primary goal of competitive marketing intelligence? A. Improving strategic decision making B. Creating an understanding of the business-to-business environment C. Providing early warnings of threats D. Assessing and tracking competitors' actions, E. Providing early warnings of opportunities
B
Why is marketing return on investment (ROI) so difficult to measure? A. Customer-centered measures are inconvenient. B. There is no consistent definition. C. Marketers do not keep adequate records. D. Marketing dashboards are inconsistent. E. The market economics constantly change.
B
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? A. Passive B. Proactive C. Steadfast D. Determinative E. Reactive
B
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? A. Tina's Tunes will experience a rebound as the fear of the Great Recession declines. B. Tina's Tunes is likely to fail because it is ignoring the technological environment. C. Tina's Tunes is likely to fail because it is ignoring the natural environment. D. Tina's Tunes is likely to fail because it is ignoring the current political environment. E. Tina's tunes are likely to prosper as mistrust in the digital age increases.
B
__________________ 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. A. Senior citizens B. Generation X C. Generation Z D. Echo boomers E. Baby boomers
B
_________________marketing means that the company should define its mission in broad social terms rather than narrow product terms. A. Societal B. Sense-of-mission C. Customer value D. Consumer-oriented E. Innovative
B
A marketing dashboard is used to do which of the following? A. Promote a product to a target group B. Analyze the new product lines being developed C. Monitor strategic marketing performance D. Determine the financial cost of developing a product E. Develop a course of action to market a product
C
A company's marketing should support the five sustainable marketing principles. Of the following, which is NOT among those principles? A. Societal marketing B. Sense-of-mission marketing C. Salutary marketing D. Customer value marketing E. Innovative marketing
C
Exaggerating package contents through subtle design, using misleading labeling, or describing size in misleading terms is known as ____________________. A. deceptive pricing B. excessive markups C. deceptive packaging D. deceptive promotion E. bait and switch
C
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? A. Analyze the finances of one of its competitors B. Find a new physical distribution firm C. Work out a plan with its financial intermediaries D. Reexamine its relationship with its resellers E. Devise a marketing plan with a marketing service agency
C
Of the following, which best reflects how the American population has changed over time? A. It has become more skeptical about marketing schemes. B. It has become wealthier, more cultured, and more frivolous in its spending habits. C. It has become more diverse, better educated, and more mobile. D. It has become closer knit and more family-oriented. E. It has become more likely to develop brand loyalty.
C
Which of the following is at the center of marketing strategy and programs? A. Product and supply chain management B. Customer relationship engagement and value chains C. Customer engagement, value, and relationships D. Customer and supplier relationship management E. Value chains of both customers and suppliers
C
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? A. Karin Petersen, an operations specialist who would be hired as the new chief operating officer B. Craig Moore, an extremely successful entrepreneur who is actually looking to acquire the company and grow the business exponentially C. Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer D. Jose Gonzalez, one of the Sanchez family's best friends and a fellow entrepreneur who would come on as an additional chief executive officer E. Claudia Jimenez, a well-educated accountant who would begin working as the new chief financial officer
C
The major cultural values of a society are expressed by people's views of ____________________. A. themselves, nature, and society B. organizations and themselves C. themselves, others, organizations, society, nature, and the universe D. the universe, society, and themselves E. society, organizations, and nature
C
The real value of marketing information rests in the _____________________. A. social media data it uses B. marketing intelligence it uncovers C. customer insights it provides D. amount of big data it analyzes E. support of a company's marketing research
C
What is the purpose of the marketing mix as part of the overall marketing strategy? A. To streamline a company's research, marketing, production, and sales of a particular product B. To compare some or all of the company's products with the products of the company's competitors C. To produce a response that influences a demand for the product from the customers the company is targeting D. To maximize the company's profits through successful marketing and sales of a particular product E. To create an overall positive image in the customer's mind that is favorably associated with the company
C
Which of the following BEST describes the purpose of customer insights? A. To represent the company to its customers B. To advertise new products to customer bases C. To create more value for customers D. To develop new markets of customers for the company E. To instruct other company departments in customer service
C
Which of the following describes the type of research used to help define the research problem and suggest hypotheses? A. Descriptive research B. Causal research C. Exploratory research D. Primary research E. Secondary research
C
Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention? A. The economic environment B. The technological environment C. The natural environment D. The political environment E. The sociocultural environment
C
Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial? A. Big data analytical information B. Primary information C. Secondary information D. Focus group information E. Survey information
C
Which of the following is a type of marketing that calls for meeting the present needs of consumers and businesses while preserving or enhancing the ability of future generations to meet their needs? A. Societal marketing B. Global marketing C. Sustainable marketing D. Cause marketing E. Strategic planning
C
Which of the following is a valid concern when it comes to the four Ps concept? A. It is not helpful for not-for-profit companies. B. It does not include comprehensive elements from market strategy. C. It may omit or underemphasize certain important activities. D. It uses the buyer's view of the markets. E. It does not include services.
C
Which of the following would be good advice for someone conducting marketing research in a foreign country? A. Language translation will be easy. B. You can easily find good secondary data in most foreign markets. C. Reaching respondents in other parts of the world is more difficult than it is in the United States. D. Globalization has slowed down, so international research is no longer necessary. E. Consumers in foreign markets generally enjoy participating in marketing research.
C
Why is it important for a company to collect both primary and secondary data when conducting marketing research? A. To avoid complaints that the study is not reliable B. To ensure the data is usable C. To have a "full picture" of the subject of its study D. To keep costs down E. To guarantee the product being researched will be successful
C
__________ products give high immediate satisfaction but might hurt consumers in the long run. A. Desirable B. Deficient C. Pleasing D. Salutary E. Marketing
C
________ marketing means that the company should view and organize its marketing activities from the consumer's point of view. A. Customer value B. Sense-of-mission C. Consumer-oriented D. Innovative E. Societal
C
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company? A. We embrace the deeper meaning of home and commercial improvements. B. We will be the best hardware company in the world. No other company will ever outsell us. C. We will have $2 million in profit by the end of our second fiscal year and twice that amount by the end of year five. D. We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses. E. We are providers of hardware, lumber-based, and appliance products to be used for home improvement and commercial construction projects.
D
According to the principle of ________ marketing, the company should put most of its resources into customer value-building marketing investments. A. sense-of-mission B. consumer-oriented C. innovative D. customer value E. conscious consumption
D
A company's marketing information system (MIS) is valuable because it ___________________. A. maintains the company's internal database of customers B. allows a company to outperform its competitors in the marketplace C. ensures that the company will have good customer service D. enables a company to use customer insights to improve relationships with customers E. increases the likelihood that a customer will buy a product
D
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS? A. Distribute necessary information to the marketing team B. Conduct surveys or focus groups to gather information C. Analyze the information gathered in market research D. Assess the information needs of the company E. Determine how to use the information gathered by market research
D
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? A. Sell a different food product, such as hamburgers or sushi. B. Cut the prices on its pizza. C. Run an ad campaign on the health benefits of pizza. D. Target a new market with a different product. E. Be proactive and convince customers that "exotic is better."
D
How do the individual components of a SWOT analysis work together to determine the status of a company? A. By creating a niche in a market that can be exploited by a company to gain the greatest profits B. By streamlining a company's core processes so that all of the company's operations flow smoothly and contribute to the development and sale of its products C. By developing a marketing strategy that promotes a company's highest-selling products in such a way that there is a measurable return on the company's investment D. By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development E. By developing a course of action that best determines a core market, the proper product to give the core market, and how to do so at an affordable price
D
Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Juanita's situation? A. Customer insights are emotional and often irrelevant to a small business. B. Most small businesses have no way of easily accessing customer insights. C. Customer insights are not dependable. D. Customer insights can provide valuable information to a small businesses. E. Customer insights can be gained only through costly market research.
D
Marketers obtain needed marketing information from which of the following? A. Marketing managers, information users, and internal databases B. Internal data, big data, and market research C. Marketing intelligence, marketing research, and the marketing environment D. Internal data, marketing intelligence, and marketing research E. Internal data, marketing research, and marketing managers
D
Which of the following is NOT a step in the marketing research process? A. Defining the research problem B. Implementing the research plan C. Developing the research plan D. Comparing research findings to other studies E. Interpreting and reporting the findings
D
Which of the following is NOT one of the marketing management functions? A. Planning B. Analysis C. Control D. Promoting E. Implementation
D
Which of the following statements about online research is correct? A. Online research is only feasible for large companies. B. Focus groups are rarely conducted online. C. It is more expensive to conduct online research than to do a mail, phone, or personal interview. D. Online surveys generally have higher response rates than those conducted by mail or phone. E. Experiments cannot be conducted online.
D
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment? A. Political B. Natural C. Social D. Technological E. Cultural
D
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ________. A. immersion group B. experiment C. ethnographic study D. focus group E. individual interview
D
________ products have low immediate appeal but might benefit consumers in the long runlong dashfor instance, bicycle helmets or some insurance products. A. Marketing B. Deficient C. Pleasing D. Salutary E. Desirable
D
________ includes practices such as falsely advertising "factory" or "wholesale" prices or a large price reduction from a phony high retail list price. A. Deceptive promotion B. Deceptive packaging C. Excessive markups D. Deceptive pricing E. High advertising
D
A value chain consists of which of the following? A. A chain of SBUs within a company that provide the most value B. An acquisitions team that buys products for the company to sell C. The network of distributors and suppliers that support a company D. Customers who assign value to products within the company E. Internal departments and other companies that carry out value-creating activities
E
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ (lesbian/gay/bisexual/transgender/queer) 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? A. Economic B. Natural C. Technological D. Political E. Cultural
E
According to the sustainable marketing concept, a company's marketing objectives should support the ___________________________. A. company's sense of mission B. company's value-based marketing objectives C. overall strategic plans and revenue goals of the organization D. company's long-term revenue and profit goals E. best long-run performance of the marketing system
E
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? A. Perform micro-environmental and macro-environmental analyses B. Perform a business and product competitive analysis. C. Determine the company's proper marketing mix and the team's ability to execute on it D. Examine the various elements of the BCG growth-share matrix. E. Examine how well each group performs its work of adding customer value.
E
Because of deceptive acts or practices by companies, Congress has enacted legislation designed to protect consumers. Which of the following was enacted to protect consumers against deceptive acts or practices? A. Credit Card Accountability, Responsibility, and Disclosure Act B. Federal Trade Commission Act of 1914 C. Consumer Rights Act of 2015 D. Fair Credit Reporting Law E. Wheeler-Lea Act of 1938
E
In analyzing a company's current business portfolio, what is management's first step? A. Determine the company's goals B. Outline the company's mission statement C. Determine the company's target market D. Perform a SWOT analysis E. Identify strategic business units
E
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? A. Jill should focus on negotiating with a local gas company for personal consumption. B. Jill should try to find propane reseller markets. C. Jill should focus on ranching and ignore trying to commercialize or sell the natural gas. D. Jill should focus her attention on the government markets. E. Jill should focus on the business market and license the natural gas rights.
E
Practices such as misrepresenting the product's features or performance or luring customers to the store for a bargain that is out of stock are considered ____________________. A. deceptive pricing B. excessive markups C. deceptive packaging D. baiting E. deceptive promotion
E
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following? A. Value delivery network B. SWOT analysis C. Product expansion grid D. Market segmentation E. Growth-share matrix
E
The goal of a market development growth strategy is to do which of the following? A. Offer modified or new products to current markets B. Create businesses beyond its current products and markets C. Make more sales to current customers without changing its original products D. Buy businesses beyond its current products and markets E. Identify and develop new markets for current products of a company's market
E
The group of factors that affect consumers' purchasing power and spending patterns is called the _________________. A. political environment B. natural environment C. demographic environment D. sociocultural environment E. economic environment
E
The second purpose of government regulation is to _____________________. A. punish companies for unlawful behavior B. regulate and constrain companies C. protect the interests of society against business competition D. protect companies from each other E. protect consumers from unfair business practices
E
The third purpose of government regulation is to _____________________. A. punish companies for unlawful behavior B. protect companies from each other C. regulate and constrain companies D. protect consumers from unfair international trade E. protect the interests of society against unrestrained business practices
E
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? A. Microenvironment B. Cultural environment C. Marketing environment D. Technological environment E. Macroenvironment
E
To be successful, why should companies try to adopt a proactive stance on marketing? A. A proactive stance allows a company to compete with its competitors on pricing alone. B. A proactive stance allows a company to compete with its competitors on quality alone. C. A proactive stance ensures that a company will increase its market share. D. A proactive stance allows a company to let the market determine prices for its products. E. A proactive stance allows a company to take advantage of opportunities as they arise.
E
To exercise social responsibility, many companies are linking themselves to what type of marketing? A. Technological B. Generational C. Environmental D. Intermediaries E. Cause-related
E
What constitutes a marketing information system (MIS)? A. A customer relationship management system B. A customer insights and analysis team C. An internal database that is used with big data D. A system of competitive marketing intelligence E. A system to generate and validate actionable customer and market insights
E
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies? A. Sales calls B. Purchases C. Service calls D. Satisfaction surveys E. Touch points
E
Which of the following is NOT a step in the strategic planning process? A. Decisions regarding portfolio of business and products B. Development of individual detailed departmental plans C. Define overall purpose and mission D. Creation of overall supporting objectives for the company E. Set revenue and financial goals
E
Which of the following is included in the American Marketing Association's (AMA) Code of Ethics and stresses consciously avoiding harmful actions or omissions by embodying high ethical standards and adhering to all applicable laws and regulations in the choices we make? A. Foster trust in the marketing system B. Avoid deception and misleading marketing practices C. Embrace ethical values D. Incorporate a sense of mission E. Do no harm
E
Which of the following statements about big data is correct? A. Big data actually refers to very small data sets. B. Big data is only used by big companies. C. Analyzing big data always leads to useful customer insights. D. Analyzing big data is a very easy task. E. One result of big data is that marketing managers are often overloaded and overwhelmed with information.
E
Which of the following types of marketing calls for building long-run consumer engagement, loyalty, and relationships? A. Innovative marketing B. Customer-oriented marketing C. Sense-of-mission marketing D. Societal marketing E. Customer value marketing
E
Which types of companies would most benefit from conducting marketing research? A. Only large multinational firms like Disney and IBM B. Only medium-sized companies that are about half the size of Disney and IBM C. Only small local firms, like Beatrice's Bistro D. Neither large multinational firms like Disney and IBM nor small local firms E. Both large multinational firms like Disney and IBM and small local firms
E
___________consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. A. CRM B. Touch points C. Marketing information D. Big data E. Marketing analytics
E
Which of the following 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.
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand
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 importance of selling and advertising in marketing?
They work in tandem with building customer relationships
Which generational group seamlessly blends online and offline worlds as they socialize and shop? A. The Greatest Generation B. Generation X C. Generation Y D. Generation Z E. Baby boomers
Z
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
an exchange
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
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
Julies jump rope emporium is a new company. From a marketing standpoint, what is the FIRST thing Julies jump rope emporium needs to do?
determine who in the community wants of needs a jumprope
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 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
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
All of the following are aspects of sustainable marketing EXCEPT which one?
observe environmental legislation as it is instituted
Why is good marketing management critical?
to ensure that the company serves as many customers as in can and as well as it can
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative quality?
product concept
Which of the following Is NOT one of the four p's of marketing mix?
production
The ultimate goal of the marketing process is to do which of the following?
receive value from customers
What is the ultimate aim of customer relationship management?
to produce high customer equity
Ethel 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
When a company chooses a group of customers to serve, it is engaging in which of the following?
target marketing
What is the MOST likely to cause a variation in customer-perceived value?
the customers opinion of what constitutes value
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 larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as
the marketing mix