MKT 101 Exam 1

A recent study confirms that internet-based shopping in the United States has reached about what percent?

65%

Prodigy Music wants to grow by lengthening its product line. Which of the following might prove productive? A) internal marketing B) social marketing C) line filling X D) product mix X E) none of the above

?

All of the following are drawbacks of local marketing EXCEPT ______ A) that a brand's overall image might be diluted with too frequent use B) it can drive up manufacturing costs C) it can create logistics problems D) it can drive up marketing costs by reducing economies of scale E) C and D

A

Firms A, B, and C are manufacturers in the textile industry that follow similar strategies in a target market; these firms are known as ________

A strategic group

Among the following the narrowest marketing strategy is ________ A) local marketing B) mass marketing C) segmented strategy D) differentiated marketing E) A and C

A) Local Marketing

Many major brand marketers often spend huge amounts in the beginning on advertising to create brand ________ and to build preference and loyalty. A) packaging B) extension C) internal marketing D) awareness E) preference

Awareness

A company can increase its business in four ways. Which is NOT one of these ways? A) It can add new product lines, thus widening its product mix. B) The company can discontinue some of its lines. C) It can lengthen its existing product lines. D) It can add more versions of each product and thus deepen its product mix. E) None of the above

B

Canada Dry and Colgate-Palmolive have appointed ________ managers to maintain and protect their brand's images, associations, and quality, and to prevent short-term actions by overeager brand managers from hurting the brand.

Brand Equity Managers

Co-branding has limitations including all of the following EXCEPT ________. A) coordination of sale promotion B) the need to coordinate advertising C) product quality issues D) the need for mutual trust E) complex legal contracts

C

The American Marketing Association (AMA) has created a code of ethics that includes three of these four topics. Find the INCORRECT one A) not knowingly doing harm B) honesty C) limit selling or fundraising during research D) fairness E) none of the above

C

General Electric worked with Culligan to develop its Water by Culligan Profile Performance refrigerator with a built-in Culligan water filtration system. This is an example of ________. A) Co-Branding B) internal marketing C) cannibalization D) brand extension E) brand equity

Co-Branding

GE shed its small appliance business because ________.

Could not achieve top-dog position

_________ is one of the best ways to increase share of customer

Cross-Selling

The brand's positioning will not take hold fully unless everyone in the company lives the brand. Therefore the company needs to train its people to be ________.

Customer Centered

________ is the value of the customer relationships that the brand creates. A powerful brand is important, but what it really represents is a set of loyal consumers A) the service encounter B) customer mix C) service variability D) line equity E) customer equity

Customer Equity

Citizens concerned about marketing practices will usually lead to public attention and __________ A) legislative proposals B) workable laws C) Debates D) all of the above E) none of the above

D

Environmental sustainability includes _________ A) protecting the environment B) extracting environmental materials to their lowest levels C) producing profits D) A and C E) A, B, and C

D

Other names for individual marketing include all of the following EXCEPT _____________ A) markets-of-one marketing B) mass communication C) one-to-one marketing D) self-marketing E) none of the above, they're all interchangeable

D

Regarding promoting, a difference is worth establishing to the extend that satisfies all of the criteria EXCEPT which one? A) important B) affordable C) distinctive D) divisible E) profitable

D

The first organized consumer movement in the United States took place in the early 1900s. It was fueled by all of the following conditions EXCEPT A)Upton Sinclar's book B) rising prices C) conditions in the meat industry D) a monopoly in the steel industry E) scandals in the drug industry

D

In its efforts to deliver and communicate its chosen position a company will follow all of the following steps EXCEPT ________ a) the company's marketing mix efforts must support the positioning strategy B) designing the marketing mix involved working out the strategic details of the positioning strategy C) positioning the company calls for concrete action, not just talk D) its service personnel, retailers, and advertising message must match correctly E) B and C

D) its service personnel, retailers, and advertising messages must match correctly

Product line ________ refers to the number of versions offered of each product in the line. Crest toothpaste comes in 13 varieties, ranging from Crest Multicare to Crest Baking Soda formulations. A) perimeter B) depth C) height D) width E) length

Depth

Market leaders can expand the market by ________, new uses, and more usage of the product.

Developing new users

"Green marketing" includes __________ A) recycling B) biodegradability C) pollution controls D) making safer products E) all of the above

E

A company difference is worth establishing to the extent that is satisfies all of the following criteria EXCEPT _________ A) Communicability B) Importance C) Profitability D) Affordability E) Compatibility

E

A marketing audit should be ________ A) comprehensive B) systematic C) periodic D) independent E) all of the above

E

According to the open case, what does NASCAR have in common with other successful companies? A) They are strongly customer focused B) They maintain profitability in every operation C) They are committed to marketing D) A, B, and C E) A and C

E

All of the following are considered to be seller's rights EXCEPT A) the right to use any message provided it isn't misleading or dishonest B) the right to introduce any new product in any size and style C) the right to charge any price provided there is no discrimination D) the right to spend any amount to promote the product E) none of the above

E

All of the following are factors that should be considered when choosing a target marketing strategy EXCEPT _____ A) company resources B) market variability C) degree of product variability D) product life cycle E) market stability

E

Companies must decide upon what principle they should use as a guide on issues of ethics and social responsibility. Which one of the following is NOT a common philosophy to accomplish this end? a) let the free market decide B) the society decide C) let individual managers or companies decide D) let the legal system decide E) all of the above are commonly used guiding philosophies

E

Marketing planning occurs __________ A) at the business-unit level B) at the market level C) in an attempt to support company strategic planning D) at the product level E) all of the above

E

Most businesses will try to deal fairly with consumers because ______ A) businesses want to build customer relationships B) businesses want to justify their practices C) businesses want repeat business D) the government is always watching E) A and C

E

Planned obsolescence may include ___________ A) the use of component that will break soon after purchase B) the holding back of attractive functional features, then introducing them later to make older models obsolete C) the use of material that will wear out sooner than it should D) producers' continually changing consumer styles E) all of the above

E

The marketing mix includes _____________ A) price B) place C) promotion D) product E) all of the above

E

Today, in addition to larger corporations, which of the following types of organizations do NOT use marketing strategies A) minority-owned businesses B) small businesses C) not-for-profit organizations D) churches and governmental units E) none of the above

E

Which of the following is NOT true regarding a market? A) Exchange relationships occur in a market B) Buyers in a market share a particular need or want C) A market includes actual and potential buyers D) Needs and wants in a market can be satisfied E) A market includes actual buyers only

E

Which of the following statements is(are) correct about customer value analysis?A) It determines how customers rate the value of competitors' offers. B) It determines the benefits that target customers' value. C) It allows a firm to assess competitor strengths. D) It allows a firm to assess competitor weaknesses. E) All of the above.

E

_________ is a management approach that involves developing strategies that both sustain the environment and produce profits for the company

Environmental sustainability

To combat labels that may mislead customers, fail to describe important ingredients, or fail to include needed safety warnings the government passed the ________.

Fair Packaging and Labeling Act of 1966

Surveys show that in markets with few customers and high margins, sellers want to create ________ with key customers.

Full Partnerships

Today, in countries around the world, managers are going beyond a local view of the company's industry and competitors. _________ opportunities are becoming more common.

Global

A company must consider four special service characteristics when designing marketing programs. Which is NOT one of these characteristics? A) intangibility B) inseparability C) interactive marketing D) perishability E) C and D

Interactive Marketing

One risk of ________ is that sales may come at the expense of other items in the line. It works best when it takes sales away from competing brands. A) line extension B) packaging C) brand extension D) social marketing E) internet marketing

Line Extension

________ are those runner-up firms that are working to increase market share.

Market Challengers

Most of the market is in the hands of the ________.

Market Leader

The ________ usually leads the other firms in price changes, new product introductions, distribution coverage, and promotion spending.

Market Leader

________ are known for pursuing strategies of expansion of the total market, fierce protection of market share, and a desire to constantly expand its market share.

Market Leaders

Almost every industry includes forms that specialize in serving target subsegments called ________

Market Niches

When companies watch both their customers and their competitors, they are called ________.

Market-centered companies

If a market challenger has fewer resources than the market leader, its best attack alternative for exploiting competitor weaknesses is to ________.

Mount an indirect attack

________ offer(s) a way to establish different features and appeal to different buying motives. It also allows a company to lock up more reseller shelf space. Or the company may want to protect its major brand by setting up flanker brands. A) product quality B) differentiation C) multibrands D) interactive marketing E) new brands

Multibrands

Few firms can be the best at more than one value discipline at a time. FedEx, however, has achieved this. FedEx excels at both customer intimacy and ________.

Operational Excellence

Wal-Mart, Texas Instruments, and Dell all utilize a(n) ________ strategy very effectively.

Overall Cost

As consumers have sought less expensive alternatives, manufacturers' brands have declined in the marketplace leading to an increasing number of retailers and wholesalers creating ________. A) service variability B) slotting fees C) specialty products D) private brands E) none of the above

Private Brands

A company's ________ consists of all the product lines and items that a particular seller offers for sale. A) consumer mix B) brand line C) line extension D) product mix E) packaging mix

Product Mix

Customer service is another element of product strategy. What is the name of these types of services? A) social marketing services B) brand equity services C) unsought product services D) product support services E) customer service

Product Support Services

There is a trend today to do away with unprofitable customers. This ends up improving the ______ of the firm

Profitability

The main section of the marketing plan presents a detailed ________ analysis of the current marketing situation

SWOT

Experience has taught us that they key to building lasting customer relationships is to create superior customer value and ____________

Satisfaction

________ means that services cannot be separated from their providers, whether the providers are people or machines.

Service Inseperability

Most retailers face a plethora of brands and a limited amount of shelf space. Leading to demands for ________ before they will accept new products for their shelves. A) line extension fees B) private fees C) product line fees D) distribution charges E) slotting fees

Slotting Fees

The key to successful niching is ________.

Specialization

The strongest brands go beyond simply attribute or benefit positioning. Instead, they are positioned on ________. A) desirable benefits B) service inseparability C) good packaging D) strong beliefs and values E) customer image

Strong Beliefs and Values

A major reason that more companies are partnering with other members of the _____________ is to improve the performance of the customer value delivery network.

Supply Chain

Which of the following is NOT a way that competitors may harm the market leader?

The leader always finds ways to expand total demand

Higher shares tend to produce higher profits only when ________ fall(s) with increased market share.

Unit costs

An "in-house expert" is most likely one that ________.

Used to work for a competitor

Each of the following brand names is now a generic name that any seller can use EXCEPT ________. A) Xerox B) thermos C) yo-yo D) escalator E) linoleum

Xerox

As international trade barriers come down and global markets expand, environmental issues are having ___________ impact on international trade.

a greater

Customers tend to act on their perception of a product's value; unfortunately, they do not always judge a product's values and costs _____________

accurately or objectively

According to the production concept, consumers will favor products that are ___________ and ___________

available; affordable

It is concerned socially irresponsible when the marketing of an adult products spills over into the ______ segment

child

The best examples of pleasing products include ________

cigarettes and junk food

"We will strive to protect the natural environment in the execution of marketing campaigns" is an illusion of an ethical value called __________

citizenship

A company or store gains a(n) ________ by understanding customer needs better than competitors do and delivering more value

competitive advantage

Although there are many segmenting strategies, one in particular carries higher-than-average risks in consumer markets. This strategy is ______ marketing

concentrated

When competitors use undifferentiated marketing, a firm can gain an advantage by using differentiated or _____ marketing

concentrated

Through their marketing offerings, marketers demonstrate they understand

consumer needs and wants

Two major grassroots movements that have arisen to keep businesses in line include _______ and __________

consumerism; environmentalism

A product's position is based on important attributes as perceived by _______

consumers

A product's position is the way a product is defined by _____

consumers

The marketing concept is a __________ philosophy

customer centered "sense and respond"

Today, the four Ps are compared to the four Cs. Product and place are called _________ and _______ respectively.

customer solution; convenience

The most common approach to marketing organization is ______________

functional

When firms use symbols, colors, or characters to convey their personalities, they are using this type of differentiation

image

A brilliant marketing strategy counts for little if the company fails to ______ it properly

implement

A market challenger must first define which competitors to challenge and ________.

its strategic objective

A segmenting approach that has been around for a long time that can be very effective -________________- tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even specific stores

local marketing

Which of the following are the axes used on the BCG matrix?

market growth rate and relative market share

Mission statements should be ___________

market oriented

Marketing strategy identifies the _________ and divides it into smaller _____________

market; segments

Once your company has decided on its overall competitive marketing strategy, it is ready to begin planning the details of its _______

marketing mix

You are excited about studying marketing. You tell your younger brother that product, price, place, and promotion make up the ___________

marketing mix

Identify the marketing logic whereby the company hopes to achieve its marketing objectives

marketing strategy

Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?

marktte segmentation, target marketing, market positioning

Companies that offer this positioning strategy find it difficult to deliver on their promise and lose out to more focused competitors

more-for-less strategy

This positioning strategy is very competitive. It can attack a more-for-more strategy by introducing a brand offering comparable quality but at a lower price.

more-for-the-same strategy

The challenge for those that create ________ products is to add to long-run benefits without reducing the product's pleasing qualities

pleasing

When a company makes products that give high immediate satisfaction but may hurt consumers in the long-run, they are called ___________

pleasing

When we practice ________, we arrange for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

positioning

Companies with many different products or brands often create a __________

product management organization

Unilever recently decided to throw in the towel and become a follower instead of challenging Procter & Gamble. Unilever is now cutting prices and promotion on its detergents to focus on ________ rather than on ________.

profit; market share

Design for environment (DFE) involves thinking ahead in the design stage to create products that are easier to reuse, recycle, or _____________

recover

A modern view of marketing is that is has evolved from merely selling products to _________

satisfying customer needs

Banking, airline, and retailing services are properly termed ________

service products

The societal marketing concept considered whether the marketing concept overlooks conflicts between consumer _________ and consumer ____________

short-run wants; long-term welfare

When an enlightened company makes marketing decisions by considering consumers' wants and interest, the company's requirements, and ________________ long-run interests, it is practicing _______ marketing

society's; societal

By supplying customers with special equipment or computer linkages that help them manage their orders, payroll, or inventory, a business marketer would be building customer relationships by adding ________

structural ties

We can say that the major forces behind the new ability to bring value to customers are the explosive advances in computers, information, transportation and _____________

telecommunications

A company's strategic business unit (SBUS) include(s) _______

the collection of businesses and products that make up the company

Marketers answer charges of creating cultural pollution by saying _______

they hope their ads reach primarily the target audience

In a basic SWOT analysis the T stands for ________

threats

The leading firm normally gains the most when the ________.

total market expands

Marketers need to ______, create customer value, and build strong customer relationships.

understand consumers

You have just created the "perfect" ad. It communicates a solid answer to the question "Why should I buy your brand?" This full positioning is called __________

value proposition

The ideal target market for a firm is the one in which it can profitably generate the greatest customer __________ and _________ it over time

value; sustain and grow

It is safe to say the consumers position products and services ____________

with or without the help of marketers

Are there any types of organizations that do NOT connect through marketing?

yes