Marketing Final Exam Chapters 1-5

refers to the practice of including ethnic themes and cross-cultural practice within a company's mainstream

A Total market strategy

Which of the following identifies a change in technological environment

A company develops a new battery that lasts twice as long

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 a business portfolio?

A record of business investments

A colleague needs to collect descriptive data about his​ customer's attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research​ project?

A survey

Which of the five characteristics identified in the text has an inverse relationship with an​ innovation's rate of​ adoption? As this characteristic​ increases, the rate of adoption is slower.

Complexity

Dylan Parker 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 is the BEST​ advice?

Dylan should focus on the business market and sell raw silver for further processing

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

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

What is management's first step when performing a portfolio analysis?

Identify strategic business units.

Age, personality, buying​ style, and job position are​ __________ factors that can influence the business buying decision process.

Indivdual

Connie's Cupcakes has started to grow larger than Connie could ever have 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. Whom should Connie​ hire?

Noah Lopez

Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available​ technology, including online streaming sites like YouTube and Hulu. The videos​ Vince's Video does sell are often out priced by versions coming from China or​ Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected​ Vince's Video?

Not-for-profit

Which of the following is a personal factor that influences a consumer's buying behavior?

Occupation

Which marketing philosophy holds that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort?

Selling concept

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

Should Junbee Inc. follow a product or marketing concept?

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?

Sophie's Soups refusing to counter false allegation of rat feces in its soups

In a ____, the business-to-business buyer reorders something without modifications.

Straight rebuy

Which of the following is NOT part of an overall SWOT analysis?

Strategy

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, in recent 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 this situation?

Target a new market with a different product

Wonders such as robotic​ surgery, miniaturized​ electronics, and antibiotics can be attributed to which marketing​ environment?

Technological

Which of the following is NOT a problem involving the natural environment that marketers need to consider?

The aging U.S. population

According to the model of buyer behavior, what is in a buyer's black box?

The buyer's characteristics and the buyer's decision process

What is most likely to cause a variation in customer-perceived value?

The customer's opinion of what constitutes value

The group of economic factors that affect consumers' purchasing power and spending patterns is called ____.

The economic environment

How do company objectives and goals relate to the company mission​ statement?

The goals and objective outline the steps necessary to accomplish the company's mission statement

Tammy's Tap Dancing School 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​ Tammy's Tap Dancing School decided to allocate all of the​ company's profits toward the growth and expansion of this question​ mark, in order to cause the question marks to become stars. What is likely to happen to this​ company?

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

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

How does the micro environment of a company differ from its macro?

The micro deals with the company's suppliers, marketing intermediaries, customers markets, competitors, and public.

How does the new concept of marketing differ from the old concept of marketing?

The new concept focuses on the needs of the customers.

the act of obtaining a desired object from someone by offering something in return

an exchange

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

macroenviornment

A local theatre group wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, offers standup comedy​ nights, and sends volunteers to the local high school. In what is the theatre group​ engaging?

market exchange

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

market segment

What is the first step of the buyer decision process?

need recognition

Items such as technical specification, quantity, delivery time, return policies and warranties are included in the ____.

order routine specification

The major cultural values of a society are expressed by ____.

people's views of themselves and others, as well as their views of organizations, society, nature, and the universe

Children's Online Privacy Protection Act in the united states enforces laws for what reason?

prohibits websites from collecting personal information from children under 13 without parental permission

competitive marketing intelligence uses ____ data sources.

publicly available

____ refers to the degree to which innovation appears superior to existing products.

relative advantage

value chain consists of

series of internal departments that carry out value-creating activities

What is the nature of demand in business markets?

Demand in business markets is derived demand.

Bob's Bicycle Sales and Repair is a brand new company. From a marketing​ standpoint, what is the FIRST thing​ Bob's Bicycle Sales and Repair needs to​ do?

Determine who in the community wants or needs a bike

Sarah has started a new​ company, Sarah's Soaps. She has decided upon the overall purpose and​ mission, created detailed objectives to guide the​ company, and performed detailed portfolio analysis. Unsure of her next​ step, she looks to her partner Mildred for advice. What is the BEST advice Mildred could​ give?

Develop detailed marketing and departmental plans that will support the company-wide plan

When a company engages in strategic​ planning, it must consider which of the​ following?

How to take advantage of current business opportunities

Many companies build extensive electronic collections of consumer and market info...

An internal database

Cupcakes by Cindy 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

____ is the first stage in the new product adoption process.

Awareness

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

Barnacle

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

Build the right relationships with the right customers.

Which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products

Buzz Marketing

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

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

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

Capture value from customers

To exercise their social responsibility, more companies are linking themselves to what type of marketing

Cause-related

Which of the following BEST describes a duty that would fall under jurisdiction of the FDA

Checking the quality of food that is served in school lunches

How has the Great Recession of 2008-2009 affected marketers in terms of consumer​ attitudes?

Consumers are showing an enthusiasm for frugality

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 dash—​premium, organic dog and cat foodlong dash—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

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 market. Which of the following environments must this wedding company​ analyze?

Cultural

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

Customer Equity

Sky owns a small hot air balloon company in​ Albuquerque, New Mexico. He recently started a Facebook page for his company and many of his customers are asking for​ store-sponsored hot air balloon trips. They believe​ Sky's expertise would make him the perfect guide. Sky 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​ Sky's situation?

Customer insight can provide valuable information to a small business

You can practice sustainable marketing by adhering to general practices.

Delay responding to environmental legislation as it is instituted.

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

Ethel's Earthware is environmentally friendly.

A company's value chain is only as strong as its weakest link.

Examine the company's partner relationship management

When is the selling concept typically used by marketers?

For the purchase of unsought goods

Advantage Airlines has instituted a loyalty rewards program that rewards customers with free​ Wi-Fi, seat​ upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines​ using?

Frequency marketing program

Numbering 49 million or​ more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes​ experience, not acquisition.

Generation X

Question marks, cash cows, dogs, and stars are the four types of SBUs defined in which of the following?

Growth-share matrix

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

Help the company fine, sell, and distribute products

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 Ps?

It uses the seller's view of the market

This adopter group is skeptical and only adopts new products after a majority of people has tried it.

Late mainstream

What is MIS?

Management Information Systems

Which of the following statements regarding the business market is correct?

Many set of business purchases are made for one set of consumer purchases.

When a company divides the market into groups of​ customers, it is engaging in which of the​ following?

Market Segmentation

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 dash—blue jeanslong dash—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 or customer organization

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

Monitor strategic marketing performance.

MorningLinks, Inc., makes breakfast sausages and has begun to use the​ slogan, "Start Your Day the Organic​ Way" to jump on the​ eco-friendly movement.​ Unfortunately, as soon as consumers discovered​ MorningLinks' not-so-organic​ ingredients, the company began to see a rapid decline in profits and customer loyalty. What was​ MorningLinks' mistake?

Morning links did not deliver on the promise it made.

____ is NOT a characteristic important in influencing an innovation's rate of adoption

Motivation

Which of the following lists the five steps of the buyer decision process in the correct order?

Need Rec, info search, eval of alternative, purchase decision, post purchase behavior

How do marketing demands relate to needs and wants?

Needs are satisfied by wants, and buying power converts wants into demand

Which of the following statements about big data is true?

One result of big data is that marketing managers are often overloaded and overwhelmed with information

Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the​ product?

Personal sources

Which of the following needs in Maslow's hierarchy is generally satisfied first?

Physiological

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

Proactive

What is the ultimate aim of customer relationship management?

Produce high customer equity.

Which of the following is NOT one of the four Ps of the marketing mix?

Profit

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

Promoting

The purpose of business legislation is primarily base on ____.

Protection

A purse company's ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the cast is a(n) __________.

Reference Group

Which of the following is a social factor that influences consumer buying behavior?

Role and status

Why is marketing return on investment so difficult to measure?

There is no consistent definition

From a marketing standpoint, which of the following BEST describes Baby Boomers

They constitute a lucrative market for financial services, new housing and home remodeling, new cars, travel and entertainment, eating out, and health and fitness products.

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

They focus more on products than the customer's underlying need.

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 CEO of​ Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina's Tunes?

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

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

To elicit a response that influences a demand for the product from the customers 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

The fair packaging and labeling act in the United States enforce laws for what reason?

To protect consumers from Fraudulent packaging and labeling

Roper's Radical Racers is an upscale company that sells cars primarily to racecar drivers and movie producers. In the​ past, Roper's Radical Racers marketed itself to the​ fun-loving driverlong dash—the driver who wanted to​ "race with​ life." However, in the current​ economy, Roper's has changed its slogan to​ "superior speed, superior​ savings." Roper's Radical Racers is engaging in which of the​ following?

Value Marketing

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 customer build, invigorate, restore, refurbish...

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

Work out a plan with its financial intermediaries

In which type of buying situation will a buyer usually go through all the stages of the business buying​ process?

a new task buying situation

One problem with business-to-business e-procurement is that it

can erode long-standing customer-supplier relationships

The role of a company's marketing information system (MIS) is important because

it enables a company to use customer insight to improve relationships with customers

When marketers want to promote their products and services through word-of-mouth marketing

generating person-to-person brand conversations

What are stars in the growth share matrix?

high-growth, high-share businesses or products

To develop needed information, marketing information systems utilize

internal databases, marketing intelligence, and marketing research

All the people involved in the buying decision in an organization are collectively known as​ _______.

the buying center

What determines if a buyer is satisfied or dissatisfied with a purchase

the relationship between the consumer's expectations and the product's perceived performance

competitive marketing intelligence is primarily responsible for ____

the systematic collection and analysis of publicly available information

Which of the following BEST describes the purpose of the customer insight team?

to create more value for customers

to create value for customers, marketers must improve the performance of the ____, which includes partnering with suppliers, distributors, and customers.

value delivery network