Marketing Ch. 1, Marketing Chapter 2, Marketing Chapter 3, Marketing Chapter 4, CH 5 QUIZ, CH 6 QUIZ, Chapter 16 quiz
What is the nature of demand in business markets? A. Demand in business markets is elastic. B. Demand in business markets does not fluctuate. C. Business market demand is independent of consumer market demand. D. Demand in business markets fluctuates less than in consumer markets. E. Demand in business markets is derived demand.
Demand in business markets is derived demand.
The goal of marketing is to do which of the following?
Determine the best way to create value for customers and develop relationships with customers that profit the company
Braden has started a new company, Braden's Boots. He has decided upon the overall purpose and mission, created detailed objectives to guide the company, and performed detailed portfolio analysis. Unsure of his next step, he looks to his partner Alistair for advice. What would be the best advice for Alistair to give?
Develop detailed marketing and departmental plans that will support the company-wide plan.
___________ segments are those segments that are conceptually distinguishable and respond differently to different marketing mix elements and programs. A. Measurable B. Substantial C. Differentiable . D. Actionable E. Accessible
Differentiable
_______________ is a characteristic important in influencing an innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis. A. Communicability B. Complexity C. Divisibility D. Motivation E. Relative advantage
Divisibility
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.Do no harm B.Avoid deception and misleading marketing practices C.Foster trust in the marketing system D.Incorporate a sense of mission E.Embrace ethical values
Do no harm
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.
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.Incorporate a sense of mission B.Never be deceptive C.Foster trust in the marketing system D.Do no harm E.Embrace ethical values
Embrace ethical values
Teach-Me Tutoring Company, located in the city of Education, is known for its awesome teachers and cutting edge curriculum. Its marketing team has done a superb job in ensuring that everyone in Education is familiar with the company. However, the company is not prospering, and current customers are complaining about the company's service. What is the next step for Teach-Me Tutoring, in order to help the company begin to show a profit?
Examine its value delivery network
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 the company's partner relationship management.
Which of the following is NOT likely to be used as an online database that can be assessed by a company to gain information about competitors?
Which of the following statements regarding the business market is correct? A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. In the business market buying process, buyers and sellers are less dependent on each other than in the consumer market. C. Business buying decisions are less complex than consumer buying decisions. D. The business market has more buyers than the consumer market. E. Many sets of business purchases are made for one set of consumer purchases.
Many sets of business purchases are made for one set of consumer purchases.
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following would not represent a proactive company?
Alphie's Soups refusing to counter false allegations of rat feces in its soups.
Andy Eldridge owns 27 acres on a farmstead in Iowa. Recently, as he was plowing a field, he came across a rich silver vein in the ground. Realizing his bounty, he decided to open a new business selling silver. Not knowing much about the marketing environment, he asks you what he should do. Which of the following would be the best advice?
Andy should focus on the business market and sell the raw silver for further processing.
Which of the following describes the process of dividing markets into groups based on consumers' knowledge, attitudes, uses, or responses? A. Economic segmentation B. Demographic segmentation C. Behavioral segmentation D. Geographic segmentation E. Psychographic segmentation
Behavioral segmentation
ChemLinks, Inc., makes breakfast sausages and has begun to use the slogan "Start Your Day the Organic Way" to jump on the eco-friendly movement sweeping consumers' attitudes. Unfortunately, as consumers discovered ChemLinks not-so-organic ingredients, the company has seen a rapid decline in profits and customer loyalty. What was ChemLinks' mistake?
ChemLinks did not deliver on the promise it made.
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial products? A. Females B. Baby boomers C. Children D. Single households E. Wealthy consumers
Children
Which of the following is NOT a social factor influencing consumer buying behavior? A. Reference groups B. Cognitive dissonance C. Online social networks D. Opinion leaders E. Word of mouth
Cognitive dissonance
Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packaging, and displays? A. Commercial sources B. Public sources C. Personal sources D. The internet E. Media sources
Commercial sources
Nibbles Pet Food Company is in the process of developing its new market strategy. The marketing team has already established the company's niche products - 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.
Criticism has been leveled at marketing for negative impact on other businesses. Of the following, which does NOT fall within those criticisms? A.Reducing competition through acquisitions B.Harming competitors through acquisitions C.Unfair competitive marketing practices D.Creating false wants and too much materialism E.Practices that create barriers to entry
Creating false wants and too much materialism
Which of the following types of marketing calls for building long-run consumer engagement, loyalty, and relationships? A.Innovative marketing B.Customer value marketing C.Sense-of-mission marketing D.Societal marketing E.Customer-oriented marketing
Customer value marketing
Which of the following lists the five steps of the buyer decision process in the correct order? A. Need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior B. Need recognition, evaluation of alternatives, information search, purchase decision, and post-purchase behavior C. Need recognition, purchase decision, information search, evaluation of alternatives, and post-purchase behavior D. Need recognition, information search, purchase decision, evaluation of alternatives, and post-purchase behavior E. Purchase decision, need recognition, information search, evaluation of alternatives, and post-purchase behavior
Need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior
Which of the following would make a segment less attractive to enter? A. A lack of aggressive competitors B. Very few substitute products C. Suppliers with weak bargaining power D. New entrants finding it easy to enter the segment E. Buyers with weak bargaining power
New entrants finding it easy to enter the segment
All of the following are aspects of sustainable marketing except which one?
Observe environmental legislation as it is instituted
Which of the following is a personal characteristic influencing a consumer's buying behavior? A. Motivation B. Status C. Occupation This is the correct answer. D. Family E. Social networks
Occupation
Which of the following is a variable used to segment business buyers that is not used to segment consumer buyers? A. Personal characteristics B. Purchasing approaches C. Psychographics D. Situational factors E. Operating characteristics
Operating characteristics
Which of the following needs in Maslow's hierarchy is generally satisfied first? A. Physiological needs B. Esteem needs C. Safety needs D. Self-actualization needs E. Social needs
Physiological needs
Which of the following describes the process of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers? A. Differentiation B. Market targeting C. Market segmentation D. Mass marketing E. Positioning
Positioning
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process? A. Proposal solicitation B. Problem recognition C. Supplier selection D. General need description E. Supplier search
Problem recognition
At one time, Miller Beer was known as the "champagne of bottled beer." It was targeted at an elite class of customers. Later, to increase sales, Miller was repositioned to attract members of the working middle class. What is this segmentation method called? A. User status B. Usage rate C. Behavioral D. Psychographic . E. Benefit
Psychographic
Emmy's Elegance has started to grow larger than Emmy could have ever imagined. She is having a hard time keeping track of all of the business' marketing activities. She knows that she is going to need help to keep her business growing and is looking to hire. Who should Emmy hire?
Remy Ashmore, a marketing specialist who would be hired as Emmy's new chief marketing officer
A company's marketing should support the five sustainable marketing principles. Of the following, which is NOT among those principles? A.Salutary marketing B.Sense-of-mission marketing C.Societal marketing D.Innovative marketing E.Customer value marketing
Salutary marketing
Ted's Tunes is a music store that has been selling CDs for 20 years. Throughout the last 6 years, sales have continuously declined and profits have almost completely disappeared. The CEO of Ted's Tunes believes a resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Ted's Tunes?
Ted's Tunes is likely to fail because it is ignoring the technological environment.
What is a business portfolio?
a collection of businesses and products that make up a company
A power tool company wants to give its customers information about how best to use its product in creative ways. What should the company create to provide customers with this information?
a company extranet
Which of the following best defines a customer touch point?
a contact between the customer and the company
To be successful, why should companies try to adopt a proactive stance to marketing?
a proactive stance allows a company to influence the market in its favor
What is CRM?
a system of customer management
Kidcomp, an American computer-manufacturing firm, targets children younger than age 10 by providing free games and applications. The firm's marketing approach is reflective of ________ segmentation. A. gender B. geographic C. age and life-cycle D. lifestyle E. income
age and life-cycle
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
an exchange
Many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as?
an internal database
A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions and gathered its data. What is the next step for this company in its research plan?
analyze the data and apply it to the marketing situation
Through sustainable marketing, both businesses and consumers ___________________. A.embrace ethical values B.are asked to "do no harm" C.are both called to more responsible actions D.create a code of conduct E.display trust in the marketing system
are both called to more responsible actions
A company is attempting to gather information about its customers in order to improve its customer service. Which of the following is the best place for this company to start to develop an efficient MIS?
assess the information needs of the company
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 each visit. Scott would best be described as which of the following?
barnacle
According to the sustainable marketing concept, a company's marketing objectives should support the ___________________________. A.best long-run performance of the marketing system 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.company's sense of mission
best long-run performance of the marketing system
Which kind of company needs market research more?
both large multinationals like Procter and Gamble or small locals truly need marker research
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
Cynthia Brin, the CEO of biotech company NeuroSyn, is trying to gather intelligence about the products and plans of its competitor, Nucleic Solutions. Which of the following research methods would be most likely to provide valuable information about the product plans of Nucleic Solutions?
collect information from people who supply and distribute products for Nucleic Solutions
Which of the following is not a step in the marketing research process?
comparing research findings to other studies
A wedding services company changes its marketing strategy to reflect the fact that more LGBT (lesbian/gay/bisexual/transgender) marriages are taking place. The company is offering a broader range of ceremonies that cater to this new market. Which of the following environments must be carefully analyzed by this wedding company?
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
Clive owns a small diver shop on the West Coast. He recently started a Facebook page for his store and many of his customers are asking for store-sponsored dive trips. They believe Clive's expertise would make him the perfect guide. Clive decides to host quarterly dive trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the best conclusion that can be drawn from Clive's situation?
customer insights can provide valuable information to a small business
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.innovative C.customer value D.conscious consumption E.consumer-oriented
customer value
What are the main tools of a CRM analyst?
data warehouses and data mining
Exaggerating package contents through subtle design, using misleading labeling, or describing size in misleading terms is known as ____________________. A.deceptive packaging B.deceptive promotion C.bait and switch D.excessive markups E.deceptive pricing
deceptive packaging
________ includes practices such as falsely advertising "factory" or "wholesale" prices or a large price reduction from a phony high retail list price. A.Excessive markups B.Deceptive packaging C.Deceptive pricing D.Deceptive promotion E.High advertising
deceptive pricing
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.excessive markups B.deceptive pricing C.baiting D.deceptive packaging E.deceptive promotion
deceptive promotion
Heeltoe, a boutique that caters to the footwear needs of women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on ________ variables. A. universal B. demographic C. psychographic D. geographic E. behavioral
demographic
Julie's Jump Rope Emporium is a brand 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
Numbering 83 million or more, this group of consumers face high unemployment, are saddled with more debt, and embrace technology as a way of life.
echo boomers
Which of the following best describes a duty that would fall under the jurisdiction of the EPA?
ensuring that pollution standards are met by a company
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.Societal marketing B.Sustainable marketing C.Conscious consumption D.Consumerism E.Environmentalism
environmentalism
Asher Airlines has instituted a loyalty rewards program that rewards customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
frequency marketing program
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________. A. identifying and targeting late adopters B. developing print and radio advertisements C. generating person-to-person brand conversations D. withdrawing from online social networks E. pushing one-way commercials at customers
generating person-to-person brand conversations
Question marks, cash cows, dogs, and stars are four types of SBUs defined in which of the following?
growth-share matrix
What is management's first step when performing a portfolio analysis?
identify strategic business units
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 job?
inform customers of the privacy policy of the company
The principle of ________ marketing requires that a company continuously seek real product and marketing improvements. A.sense-of-mission B.conscious consumption C.consumer-oriented D.customer value E.innovative
innovative
The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as _________. A. geographic segmentation B. behavioral segmentation C. intermarket segmentation D. demographic segmentation E. lifestyle segmentation
intermarket segmentation
Having a good MIS is important because?
it enables a company to use customer insights to improve relationships with customers
How does the new concept of marketing differ from the old concept of marketing?
it focuses on the experience of the customer.
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 product - blue jeans - but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which marketing organization would best suit Denim Blue Jean Corporation?
market and customer organization
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as which of the following?
market segment
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as ______________________. A. differentiation B. market segmenting C. market targeting D. mass marketing E. positioning
market segmenting
What helps decision makers use information to generate and validate actionable customer and market insights?
marketing information system
The type of segment characteristic in which the size, purchasing power, and profiles of the segments can be quantified is known as _______________________ A. substantial B. accessible C. measurable D. actionable E. differentiable
measurable
A marketing dashboard is used to do which of the following?
measure the return of investment for a marketing strategy
The suppliers, marketing intermediaries, customer markets, and competitors that affect a company's ability to serve its customers make up which of the following?
microenvironment
Mi Rancho Supermarkets is a chain grocer that locates stores in neighborhoods with large Hispanic populations. Their stores carry a greater selection of Hispanic and Latin foods. The type of marketing that Mi Rancho uses is an example of ________. A. concentrated marketing B. differentiated marketing C. undifferentiated marketing D. micromarketing . E. target marketing
micromarketing
Vaughn's Video has suffered in the current economy because fewer people have the money for videos and because fewer people use the technology, given the advance of online streaming sites such as YouTube and Hulu. The videos Vaughn's Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has not affected Vaughn's Video?
not-for-profit marketing
Which of the following best describes the research relationships?
observation is best suited for exploratory research, surveys for descriptive research, and experiments for casual research.
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation. A. psychographic B. age and life-cycle C. occasion D. income E. demographic
occasion
Marketers of brands understand that they must figure out how to reach ___________________ that can exert social influence on others. A. cultural segments B. millennials C. social groups D. baby boomers E. opinion leaders
opinion leaders
The difference between a proactive and a reactive stance to the marketing environment can best be described as which of the following?
passive versus active responses
The major cultural values of a society are expressed by all of the following except?
people's view of medicine
A manufacturer of half-ton pickup trucks creates a positioning map for the U.S. half-ton pickup market. The position of each circle on the map indicates the brand's perceived positioning on two dimensions: price and orientation (economy versus performance). The size of each circle indicates the brand's relative market share. This is an example of a ________________. A. competitively positioned map B. psychographic map C. perceptual positioning map D. target segment map E. competitive map
perceptual positioning map
__________ products give high immediate satisfaction but might hurt consumers in the long run. A.Desirable B.Salutary C.Marketing D.Deficient E.Pleasing
pleasing
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________. A. profitable B. distinctive C. preemptive D. superior E. affordable
preemptive
Barry'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. Furthermore, the results were publicly displayed on the restaurant's Facebook page. What best describes Barry's Burgers?
proactive
What is the ultimate aim of customer relationship management?
produce high customer equity
Which marketing philosophy holds that consumers will favor products that offer the most in 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 purpose of business legislation is primarily based on?
protection
Dividing buyers into groups based on social class, lifestyle, or personality characteristics is called ________ segmentation. A. psychographic B. geographic C. age and life-cycle D. behavioral E. user status
psychographic
H2Coast, an automobile manufacturer, produces fuel-efficient hybrid vehicles that are targeted toward high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on ________ variables. A. universal B. demographic C. psychographic D. geographic E. behavioral
psychographic
The marketing manager at Only Organic Delicatessen targets customers who are focused on organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of organic, low-fat, locally raised produce and foods. Only Organic's approach is best referred to as ________ segmentation. A. benefit B. psychographic C. geographic D. age and life-cycle E. user status
psychographic
The ultimate goal of the marketing process is to do which of the following?
receive value from customers
The difference between the marketing concept and the sustainable marketing concept is that the marketing concept ___________________________. A.understands that companies need long-term planning B.teaches that there are major controllable factors of any marketing mix C.recognizes that companies thrive and grow by having long-term revenue goals D.recognizes that companies thrive by fulfilling the day-to-day needs of customers E.embraces the principles of customer relationship management
recognizes that companies thrive by fulfilling the day-to-day needs of customers
A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From fans' viewpoint, the housewives reality show is a ______________. A. family group B. late-majority adopter C. membership group D. reference group E. lagging adopter
reference group
Which of the following is NOT a problem involving the natural environment that marketers need to consider?
renewable resources
________ products have low immediate appeal but might benefit consumers in the long run long dash —for instance, bicycle helmets or some insurance products. A.Deficient B.Salutary C.Pleasing D.Desirable E.Marketing
salutary
Lester's Lights is looking to enter the Mexican market. Before jumping in, the company needs to conduct some in-depth research to gauge customers' needs, interests, and buying patters. Which of the following would be the best option for Lester's Lights?
send researchers door-to-door to collect data from target consumers
_________________marketing means that the company should define its mission in broad social terms rather than narrow product terms. A.Customer value B.Sense-of-mission C.Societal D.Consumer-oriented E.Innovative
sense of mission
Sustainable marketing should be guided by five sustainable marketing principles. Of the following, which is NOT one of those principles? A.Customer value marketing B.Societal marketing C.Strategic marketing D.Sense-of-mission marketing E.Innovative marketing
strategic marketing
A researcher must always evaluate secondary information carefully to make certain that it is all of the following except
subjective
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.create recycling policies and ensure sustainability C.implement renewable energy policies and protect company profits D.ensure sustainability and establish sustainability policies E.sustain the environment and implement renewable energy policies
sustain the environment and produce profits for the company
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.Global marketing B.Sustainable marketing C.Societal marketing D.Strategic planning E.Cause marketing
sustainable marketing
Which of the following is often considered a key business marketing strategy for winning and holding accounts? A. straight rebuy B. modified rebuy C. new task . D. buying decision E. systems selling
systems selling
Chicago's Best Pizzeria has been operating on the south side of Chicago for over 50 years. Its target market includes young, urban professionals who want new-style, organic pizzas with exotic ingredients. However, indecent years, the population in the pizzeria's neighborhood has been shifting and 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 the situation?
target a new market with a different product
When a company chooses a group of customers to serve, it is engaging in which of the following?
target marketing
Wonders, such as antibiotics, and horrors, such as chemical weapons, can be attributed to which marketing environment?
technological
The key to a company's success lies primarily in which of the following?
the ability of the company to coordinate efforts effectively within the company and with other members of its supply chain in order to deliver products to customers
The group of economic factors that affect consumers' purchasing power and spending patterns is called which of the following?
the economic environment
Selling and advertising are a part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as
the marketing mix
A value chain consists of which of the following?
the series of internal departments that carry out value-creating activities
Which of the following factors is most important to take into account when developing a good MIS?
the usefulness of the information offered
What is the purpose of the marketing mix, as a part of the overall marketing strategy?
to elicit a response that influences a demand for the product from the customers that the company is targeting
Why is good marketing management critical?
to ensure that the company serves as many customers as it can and as well as it can
Which of the following best describes the purpose of the customer insights team?
to gather and interpret information about customers and the market
Why is it important for a company to collect both primary and secondary data when conducting marketing research?
to have a "full picture" of the subject of its study
The Federal Trade Commission in the United States enforces laws for what reason?
to protect companies from each other and prevent unfair competition
What is the overarching goal of CRM?
to secure customer loyalty
Allen Emory is a manager at Splastastic Watersports. He has been trying to set up the best MIS the company has seen and is requesting his employees to gather all of the information they possibly can. Unfortunately, the company does not seem to be improving and is actually losing its share of the waterspouts industry. Why might this be?
too much information can be as harmful as too little
All of the following can be considered problems with gathering primary data for an international company except?
unavailability of resources
When marketers aggressively promote only one benefit to the target market, the benefit promoted is known as the product or service's _____________________. A. unique product proposition B. unique benefit proposition C. unique difference proposition D. unique selling proposition E. unique position proposition
unique selling proposition
Which of the following is the best way for a small business to conduct market research?
use online resources
Rod's Radical Racers is an upscale company that sells cars primarily to race car drivers and movie producers. In the past, Rod's Radical Racers was marketed as selling cars for the fun-loving driver - the driver who wanted to "race with life." However, in the current economy, Rod's has changed its slogan to "superior speed, superior savings." Rod's Radical Racers is engaging in which of the following?
value marketing
________ 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."Never be deceptive" B."Foster trust in the marketing system" C."Do no harm" D."Embrace ethical values" E."Incorporate a sense of mission"
"Foster trust in the marketing system"
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.
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers? A. Divisibility B. Communicability C. Compatibility D. Complexity E. Relative advantage
Compatibility
Which of the five characteristics identified has an inverse relationship with an innovation's rate of adoption, meaning as this characteristic increases, the rate of adoption is slower? A. Communicability B. Complexity C. Divisibility D. Relative advantage E. Compatibility
Complexity
The website leftyslefthand.com markets products to left-handed consumers only. Which targeting strategy does this represent? A. Concentrated marketing B. Differentiated marketing C. Micromarketing . D. Undifferentiated marketing E. Segmented marketing
Concentrated marketing
Which of the following is likely to slow the adoption of a new technology? A. Divisibility B. Communicability C. Conceptual complexity D. Compatibility E. Relative advantage
Conceptual complexity
________ marketing means that the company should view and organize its marketing activities from the consumer's point of view. A.Sense-of-mission B.Consumer-oriented C.Customer value D.Societal E.Innovative
Consumer oriented
How has the Great Recession of 2008-2009 affected consumers' attitudes?
Consumers are showing an enthusiasm for frugality.
Munoz Specialty Foods groups its customers by regions in the United States, such as Midwest, Northeast, and Southwest. For each region, Munoz creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its market? A. Personality B. Demographic C. Behavioral D. Benefits sought E. Geographic
Geographic
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
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products
When a company engages in strategic planning, it must consider which of the following?
How to take advantage of current business opportunities
The Ritz-Carlton has carefully created a strong and distinctive differentiation strategy, which is supported by everything the company says, is, and does. Which type of differentiation is this? A. People differentiation B. Product differentiation C. Image differentiation D. Services differentiation E. Channel differentiation
Image differentiation
Which of the following is NOT one of the typical advantages of e-procurement systems? A. Finding better supplier resources B. Improving customer-supplier relationships C. Allowing buyers to focus on more strategic issues D. Eliminating paperwork E. Reducing time between order and delivery
Improving customer-supplier relationships
____________ is one problem with business-to-business e-procurement. A. Increased transaction costs B. Increased time between order and delivery C. Reduced purchasing efficiency D. Suppliers being pitted against one another E. Increased paperwork requirements
Suppliers being pitted against one another
Overall, how has the American population 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 P's?
It uses the seller's view of the market.
Which of the following are tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself? A. Early mainstream B. Lagging adopters C. Late mainstream D. Innovators E. Early adopters
Lagging adopters
NOP Company's best-selling product for years was its portable CD player. However, in recent years, due to the development of MP3 players and iPods, sales have plummeted and are unlikely to rebound. Which is the best approach for NOP Company to take?
Liquidate the CD player division and use the funds to support better-selling products.
Which of the following is NOT a factor that makes it difficult for companies to adhere to legislation in the business environment?
The shrinking number of laws currently in existence
When Subaru of America allows Outback buyers to customize cars to meet their exact needs and preferences, it is practicing which type of marketing? A. Concentrated marketing B. Segmented marketing C. Undifferentiated marketing D. Micromarketing E. Differentiated marketing
Micromarketing
What is the first step of the buyer decision process? A. Purchase decision B. Need recognition C. Alternative evaluation . D. Information search E. Post-purchase behavior
Need recognition
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand.
Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this? A. Product differentiation B. Services differentiation C. Image differentiation D. Channel differentiation E. People differentiation
Services differentiation
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?
_______________ consists of many different people who play multiple roles in the buying process. A. The buying nucleus B. The buying center C. The purchasing team D. Buying agents E. Buying actors
The buying center
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 societal marketing concept C.The sense-of-mission marketing concept D.The consumer-oriented marketing concept E.The customer value marketing concept
The sustainable marketing concept
Why is marketing ROI so difficult to measure?
There is no consistent definition.
What is most likely to cause a variation in customer-perceived value?
The customer's opinion of what constitutes value
How do company objectives and goals relate to the company mission statement?
The goals and objectives outline the steps necessary to accomplish the company's mission statement.
Ice Cold Ice Cream Company currently has several question marks in its business portfolio, but it is currently maintaining its market share. At the most recent board meeting, the CEO of Ice Cold Ice Cream 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 or cash cows. What is likely to happen to this company?
The growth of the company will be uneven and sporadic, because question marks are equally likely to succeed of fail.
How has the Internet most affected companies and customers?
The internet has allowed consumers to take marketing content and share it.
How does the macroenvironment of a company differ from its microenvironment?
The macroenvironment deals with societal forces, and the microenvironment deals with creating value.
_____________________ determines if a buyer is satisfied or dissatisfied with a purchase. A. How others feel about the purchase B. The number of alternatives considered in the purchase decision C. The relationship between the consumer's expectations and the product's perceived performance . D. The amount of information gathered in the decision-making process E. Whether or not the buyer experiences cognitive dissonance
The relationship between the consumer's expectations and the product's perceived performance
From a marketing standpoint, which of the following does NOT describe Gen Xers?
They are more receptive to overt marketing pitches.
What is the main problem that sellers suffering from marketing myopia face?
They focus more on products than to the customer's underlying need.
What is the importance of selling and advertising in marketing?
They work in tandem with developing good customer relations.
According to the model of buyer behavior, what is in a buyer's "black box"? A. The buyer's wants, needs, and preferences B. The buyer's purchase and post-purchase behavior C. The buyer's attitudes and preferences D. The buyer's economic and social preferences E. The buyer's characteristics and decision process
The buyer's characteristics and decision process
Richard's Cowboy Gear is having difficulty attaining the credit it needs to expand. Which of the following should the company do in order to alleviate its financial situation?
Work out a plan with its financial intermediaries
_________ refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing. A. Total market strategy B. Cause marketing C. Buzz marketing D. Viral marketing E. Guerilla marketing
Total market strategy
A brand 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.
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.Consumer Rights Act of 2015 B.Wheeler-Lea Act of 1938 C.Fair Credit Reporting Law D.Credit Card Accountability, Responsibility, and Disclosure Act E.Federal Trade Commission Act of 1914
Wheeler-Lea Act of 1938