Marketing Exam 1 pt.1
The languages people speak, the type of education they have, and their religious beliefs are examples of the
Cultural and social environment
Which of the following statements about customer values is true?
Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
The difference between target marketing and mass marketing is that target marketing
Focuses on specific customers, while mass marketing aims at an entire market
Underlying any economic environment is technology which affects
How the economy's resources are converted to output
"Nationalism" is an issue in the ______ environment
Political
Which of the following is true?
Marketing encourages research and innovation
A mission statement
Sets out the organizations basic purpose for being
The four "P's" of a marketing mix are: (ch.2)
(Ch.2) -Product. -Place. -Promotion. -Price.
The three basic ideas in the "marketing concept" are:
-Customer Satisfaction. -Total Company Effort. -Profit.
Marketing managers should remember that there are many variables in the ______ that affect strategy planning
-Economic and technological environments. -Political and legal environments. -Cultural and social environments.
Concerning marketing ethics:
-Individuals develop moral standards based on their own values. -Opinions about what is right or wrong vary from one society to another. -The prevailing practice of most business people is to be fair and honest.
The marketing management process is the process of:
-Planning marketing activities. -Implementing marketing plans. -Controlling marketing plans.
The most important variable in a firm's marketing mix is:
-Product. -Price. -Promotion. -Place.
The price area of the marketing mix:
-Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices. -Requires an understanding of discounts and allowances.
Exchange between producers and consumers is more difficult in an advanced economy because of:
-Separation in time. -Separation in values. -Spatial separation. -Separation of information.
"Product" is concerned with:
-Services and physical goods. -Developing products which will satisfy some customers' needs. -Designing, packaging, and branding new products.
A SWOT analysis includes:
-Strengths, -Weaknesses, -Opportunities, -Threats
A firms product-market screening criteria for evaluating existing plans and possible new opportunities should consider
-The objectives of top management. -Trends in the market environment. -The firms resources.
International opportunities should be considered by managers because:
-The world is getting smaller. -Serving international markets may improve economies of scale. -Around the world, potential customers have needs and money to spend.
Between 2010 and 2025, population in the U.S. is projected to grow about _____ percent
15%
Which of the following is true (Ch.3)
Baby Boomers refer to the generation born form 1946-1964
A "marketing program":
Blends all of a firm's marketing plans into one big plan
_____ helps innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
Breakthrough Opportunities
The economic environment
Can change very rapidly
The _____ environment affects the number and types of competitors a marketing manager must face and how they might
Competitive
_____ means that a firm has a marketing mix that the target market sees as better than a competitors mix
Competitive Advantage
_____ ______ are the firms that are considered to be the organizations closest challengers
Competitive Rivals
_____ means the marketing mix is distinct from and better than what is available from a competitor
Differentiation
The text discusses the evolution of business through five "eras." Which of the following is not one of these eras?
Diversification Era
In monopolistic competition
Each competitor tries to get control in its own target market
A "marketing plan":
Includes the time-related details for carrying out a marketing strategy
The development and spread of new ideas, goods, and services for the marketplace is called:
Innovation
Evaluating opportunities in international markets is uniquely challenging for managers because
International variables are confusing and unfamiliar to outsiders
From a micro view, marketing
Is a set of activities performed by an individual organization to satisfy its customers
With regard to a firms resources; when searching for attractive opportunities:
Lack of financial strength is often a barrier to entry
A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ______ environment
Legal
_____ means trying to increase sales by selling present products in new markets
Market development
In a ____ the individuals decisions of the many producers and consumers make the macro-level decisions for the whole economy
Market-Directed Economy
_____ is defined as the performance of activities that seek to accomplish an organizations objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer
Marketing
which of the following statements best describes the modern view of marketing?
Marketing anticipates customer needs
Which of the following is NOT a reason for you to study marketing?
Marketing involves actually making the goods that people need
The _____ area of the marketing mix is concerned with decisions about getting the "right" product to the target market when and where it's wanted
Place
The _____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the "right" product
Promotion
Marketing is NOT needed in a ____ economy
Pure Subsistence
A marketing strategy
Specifies a target market and a related marketing mix
The universal functions of marketing include buying, selling, transporting, storing,
Standardization and grading, financing, risk taking, and marketing information
An organization practicing _____ aims all its efforts at satisfying its customers-at a profit
The marketing concept
All of the following are part of the direct market environment except:
The technological environment
Gross Domestic Product (GDP) is
The total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country
Marketing could NOT take place without:
Two or more parties who are willing to exchange something for something else
Most Americans live in _____ areas
Urban