marketing manangement

Which of the following is a difference between business firms and nonprofit firms with regard to the marketing concept?

Nonprofit organizations' key measures of long-term success differ from those of other business firms.

Which of the following federal laws passed by the U.S. Congress in 1890 outlawed anticompetitive activities and actions that create or attempt to monopolize a market?

Sherman Act

Which of the following is true of the continuum of environmental sensitivity?

Some products are more adaptable to foreign markets than others and thus may be less risky.

Which of the following statements is true of target marketing?

Target marketing is limited to fairly homogeneous market segments.

Which of the following statements is true of the technological environment?

Technology foreshadows breakthrough opportunities.

Which of the following is not a reason why a restaurant may have low customer value?

The cost of the dining experience is less than its perceived value.

Which of the following is not an example of how the economic environment may affect marketing strategy planning?

The demand for bicycles is increasing because consumers are becoming more health conscious.

Which of the following scenarios best describes differentiation?

The firm's marketing mix is distinct from what is available from a competitor.

Which of the following statements is true of generic markets?

The generic market includes only three of four aspects of the product-market definition—customer needs, customer types, and geographic area. It does not include product type.

Which of the following statements is true of the marketing management process?

The marketing management process is the process of planning marketing activities, directing the implementation of the plans, and controlling these plans.

Which of the following statements about the marketing mix variables is false?

The marketing mix variable "price" is more important than "place."

Which of the following statements is true of using a combined target market approach to developing market-oriented strategies?

This approach is especially attractive for firms with limited resources.

Which of the following is most likely to serve as a firm's mission statement?

We exist to provide customers with the best shopping experience anywhere in cyberspace.

What is a buyer persona?

a detailed description of a typical, but fictional, customer

As part of its plans for long-term success, a company that manufactures frozen dinners focuses specifically on making a profit while using sustainably farmed ingredients and compostable packaging that both employees and customers can feel good about. Which of the following best describes the guidelines this company is using to measure its long-term success?

a triple bottom line

Which of the following marketing metrics is used to calculate customer equity and customer lifetime value?

acquisition cost

According to the continuum of environmental sensitivity, which of the following products would be least risky to introduce in a foreign market?

an industrial welding machine

Reyhan operates a food truck. When he started his business, he decided that he would try to locate his truck wherever the largest number of pedestrians could be found. For months he has stationed his truck in the downtown core. Today, however, he decides to position it near a newly opened museum that is drawing big crowds. This is an example of

an operational decision

When machines operate like humans with respect to learning and decision making it is referred to as

artificial intelligence

Positioning analysis as it is usually practiced is not well-suited to identifying

basic shifts in the market.

A marketing program

blends all of the firm's marketing plans into one overall plan.

How can expanding into international markets lead to lower prices for a company's products sold in domestic markets?

by improving economies of scale

How might firms increase production flexibility?

by not doing their own manufacturing

Firms that facilitate or provide one or more of the marketing functions other than buying are known as

collaborators

Which of the following techniques enables marketers to develop "segments of one" where each customer is targeted with their own marketing mix?

customer relationship management

Which of the following terms can be defined as the extent to which a firm fulfills a customer's needs, desires, and expectations?

customer satisfaction

Which of the following statements about marketing is true?

Marketing only occurs when two or more parties are willing to exchange one thing for another thing.

Which of the following best describes marketing?

Marketing should guide production, accounting, and financial activities.

Which of the following statements about mass marketing is true?

Mass marketing assumes that everyone is basically the same.

Which of the following represents a broad product-market within the generic market of outdoor adventures?

people who buy fly fishing equipment for fishing trips

Which form of promotion involves direct spoken communication between sellers and potential customers that may happen face-to-face, over the telephone, or via an online conference?

personal selling

With which of the four Ps of the marketing mix are retailers, wholesalers, warehouses, and transportation firms associated?

place

When a large percentage of people are concentrated in urban areas, such as in the United States,

place and promotion decisions are often simplified.

A _____ analysis helps managers understand how customers see their market.

positioning

Workathome Inc. offers to help people establish and manage their own online businesses, a service for which it charges a fee. Out of several possible market segments, the firm has chosen to target people with a limited understanding of the Internet and poor financial literacy. This is an example of using

potentially unethical segmenting.

Which variable of the marketing mix may involve a physical good, a service, or a blend of both?

product

The balancing point that determines just how unique a marketing mix a firm can afford to develop for a particular market segment is

profit

The purpose of a positioning statement is to

provide focus for a marketing mix by concisely stating its most important features.

When creating a marketing strategy and engaging in market segmentation, the ______ dimensions are the dimensions that define which potential customers are included in a segment.

qualifying

International marketing is attractive for all of the following reasons except that

regulations in foreign countries can be highly complex.

When the target customers of a specific brand are not viewing it in the desired way, the brand ideally needs to be

repositioned

When a firm manufactures a product and is uncertain about whether customers will want to buy its products, that firm is experiencing the ______ function of marketing.

risk-taking

Natural Essences, a company that manufactures hair products, offers "dollar-off coupons" to adult women to get them to try its shampoos and conditioners. This is an example of:

sales promotion

Which of the following represents the basic goal of the marketing concept?

satisfying customers at a profit

Government planning in a command economy often resulted in

shortages of goods and services.

In the context of the universal functions of marketing, the _____ function of marketing involves holding goods until customers need them.

storing

Sales and marketing activity in international markets can be blocked by ______, which emphasize a country's interests above all else.

strong feelings of nationalism

Which of the following terms best describes the idea that it is important to meet present needs without compromising the ability of future generations to meet their own needs?

sustainability

In order to identify potential competitors, it is important to take the viewpoint of _____ when conducting a competitor analysis.

target customers

Which of the following is not a variable associated with the cultural and social environment?

technological innovation

When segmenting a broad product-market, it is especially important that marketers create segments

that are operational.

When looking for attractive opportunities, a marketing manager for a clothing manufacturer should consider

the firm's capability to produce. the firm's financial strengths. whether the firm has good relations with established clothing retailers. the firm's brand awareness.

Based on the following company statements, which company is most likely to be in the marketing company era?

"Our long-range plan—developed by our marketing manager—is to expand across regions so that we can profitably meet the long-term needs of our customers."

Segmenting and combining are two alternate approaches to developing market-oriented strategies. Which of the following statements concerning these approaches is true?

A combiner looks at various submarkets for similarities rather than differences.

Which of the following statements about clustering techniques for segmenting is true?

A variation of the clustering approach relies on customer relationship management.

The concept of social responsibility is challenging for marketers except when

the needs of consumers and the society can be served at a profit.

Which of the following is true of a market-directed economy?

Macro-level decisions for the whole economy are based on the individual decisions of the economy's many producers and consumers.

Which of the following statements best explains the "marketing concept"?

All of a firm's activities and resources should be focused on fulfilling the needs of its customers while making a profit.

The first step in the market segmentation process involves

naming broad product-markets.

Which of the following statements is true regarding General Electric's (GE) strategic planning grid?

GE may continue to support an existing yellow business but will probably reject a proposal for a new one, as yellow businesses are borderline cases.

Which of the following is not an example of the micro-macro dilemma?

Having a dog or cat can teach a child responsibility, but a pet adds expenses to the family budget.

Which of the following statements is true of marketing-oriented firms?

In a marketing-oriented firm, every department's activities are guided by what customers need and what the firm can deliver at a profit.

Which of the following statements about nonprofit organizations is false?

In nonprofit organizations, support often comes directly from those who receive the benefits the organization produces.

Which of the following is a characteristic of a product-market?

It is a market in which sellers offer very similar methods of satisfying customer needs.

Which of the following is true of publicity?

It is an unpaid form of communication.

Which of the following statements about segmenting is accurate?

It tries to aggregate individuals who have similar needs and characteristics.

In a customer survey conducted by Radwheel Motors, it was found that customers purchased the company's cars primarily because Radwheel cars were a status symbol in the survey population. By which type of marketing dimension were Radwheel's purchasers motivated?

determining dimension

Which of the following types of segmenting dimensions are most helpful in understanding how customers in a target market decide exactly which brands of product to buy?

determining dimensions

Which of the following best describes a breakthrough opportunity?

developing an innovative and hard-to-copy marketing strategy

It is sometimes hard to understand and define generic markets because

different product types may compete with each other.

Which of the following is not an element of the external market environment?

direct environment

Which of the following types of opportunities tends to involve the greatest risk?

diversification

Cutbacks in consumer spending and rising inflation are conditions that arise mostly due to factors in the

economic environment

The expected earnings stream of a firm's current and prospective customers over some period of time is defined as customer

equity

From the perspective of macro-marketing, the discrepancy between the small quantity of a product that individual consumers need and the large quantity that firms produce exists because

firms seek to benefit from economies of scale.

A complete product-market definition includes product type, customer needs, customer types, and

geographic area

In a command economy,

government officials make almost all production and distribution choices.

The Consumer Product Safety Commission

has broad power to set safety standards and can impose penalties for violation of these standards.

A generic market

has customers with broadly similar needs. often includes consumers who will satisfy the same need in quite different ways. often involves sellers who compete in different product-markets. often includes sellers who offer diverse ways of satisfying a need.

With reference to the measures of national income, gross domestic product (GDP) differs from gross national income (GNI) in that GDP

includes the income earned by foreigners who own resources in a nation, which GNI excludes.

GNI is more useful than GDP when trying to determine the income level of the residents of a given country because GDP

includes the profits of foreign companies, most of which will leave the host country.

Macro-marketing

is concerned with the flow of need-satisfying goods and services from producer to consumer.

Target marketing differs from mass marketing in that target marketing

is tailored to fit some specific target customers while mass marketing aims at everyone with roughly the same marketing mix.

Which of the following is true of the economic environment?

it can change rapidly

The text's discussion of "hit-or-miss" marketing suggests that

it is fairly common for marketing efforts to turn out poorly, so to avoid that fate and get better than average results, a good manager needs to use a logical process for marketing strategy planning.

Which of the following activities is part of the production process?

making goods or performing services

Trying to increase sales by selling present products in new markets is known as

market development

To assess their progress against competitors, the maker of computer tablets tracked their portion of the total sales of computer tablets in the United States over the past six months as compared to all computer tablets sold in the United States in the same time period. This is best described as

market share

The variables that a company puts together in an attempt to satisfy a particular set of customers that it wants to appeal to is called a

marketing mix

A ________ specifies a target market and a related marketing mix.

marketing strategy

When some consumers see the marketing mixes being offered by various firms as being different, but other consumers consider these alternatives to be close substitutes for each other, the competitive situation is described as

monopolistic competition

With regard to the universal functions of marketing, the transporting function involves

moving goods from one place to another.

Having segmented its broad product-market, Martinez Corp. has decided to treat its two chosen submarkets as separate target markets, with each requiring different marketing mixes. Which of the following approaches to developing market-oriented strategies is Martinez Corp. applying in this scenario?

multiple target market approach

Which of the following functions of marketing involves sorting products according to their size and quality, helping to reduce their need for inspection, and sampling?

the standardization and grading function

The customer is

the target of a marketing mix.

What is the purpose of a S.W.O.T. analysis?

to develop screening criteria that will help a company identify what marketing strategy to pursue

What is the purpose of free trade agreements?

to eliminate import and export barriers between countries

Target marketers who are "combiners"

use one marketing mix to appeal to multiple submarkets, even though the submarkets have some distinct differences.

For every item purchased from it, a clothing company donates items of the same kind to homeless shelters across the United States. This best exemplifies which of the following?

using marketing for a better world

A firm may find itself in—or moving toward—pure competition

when customers see the firm's product as having close substitutes.