MKT 350 Quizzes 1-5

The internal considerations in a SWOT analysis are a firm's market share and growth potential. the firm's current and future competition. a firm's opportunities and threats. a firm's revenue and market share. a firm's strengths and weaknesses.

A firms strengths and weaknesses

Having an efficient supply chain is directly related to which element of value? delivering value forecasting value creating value communicating value marketing value

Delivering Value

Cover Girl believes that sales of one of its lipstick lines have fallen due to the introduction of a new color palette. However, in order to best determine the impact of the color palette, Cover Girl should conduct _____ before proceeding with this tentative hypothesis. a. hypothesis testing. b. descriptive research. c. exploratory research. d. conclusive research. e. experimental research.

Exploratory research

The consumer protection agency for the United States is the Consumer Protection Commission. Federal Communications Commission. Food and Drug Administration. Federal Trade Commission. Bureau of Consumer Financial Protection

Federal Trade Commission

What two elements are combined on the BCG matrix to produce its four unique product categories? supply and demand market size and product demand relative market share and number of competitors market growth and relative market share market growth and number of competitors

Market Growth and relative market share

Which marketing analytics tool is used to measure the percentage of total market sales captured by a brand, product, or firm? market share analysis revenue analysis profitability analysis gross margin return on marketing investment

Market Share Analysis

To determine how much money to spend on advertising, marketers for a new brand of caffeinated energy drink decided that they wanted the advertising to create awareness of the new flavor in 80 percent of the energy drink market within one month of introduction. The marketers then determined how much it would cost to reach this goal. This is an example of which one of the following approaches to determining advertising budgets? a. Competition matching b. Percent of sales c. Past-year comparison d. Objective-and-task e. Arbitrary allocation

Objective-and-task

When the top executives of FedEx noticed that their sales were becoming stagnant, they decided to offer a new service to their customers. This new service offered a new way of delivering products in a faster manner. They claimed this service was the smarter way to deliver. They marketed this service to their existing customers to combat the stagnant operations. This is an example of what type of marketing strategy? product development diversification market penetration positioning market development

Product development

The measure of a firm's effectiveness in using the resources allocated to its marketing effort is called return on marketing investment. gross margin. marketing revenue analysis. gross expenditures. market share analysis.

Return on marketing investment

Which one of the following buying situations would be most consistent with routine-response decision purchase behavior? a. Alyssa buying a new computer software program. b. Ian buying a new fishing rod and reel. c. Kayla buying a new set of tires for her car. d. Shelby buying a hamburger at her favorite restaurant, McDonald's. e. Faisal buying his first pair of soccer cleats.

Shelby buying a hamburger at her favorite restaurant, McDonald's.

In a SWOT analysis, current and potential external factors that may challenge the firm's short- and long-term performance are referred to as threats. weaknesses. obstacles. opportunities. hazards.

Threats

Compare the following statements to determine which one best reflects the thinking behind the sales orientation era of marketing? We need to find more efficient means of creating quality products. Our entire company needs to be focused on satisfying our customers' needs. It's time we develop a strategy to attract and maintain more customers. Our products are of such great quality, they practically sell themselves. We'd better persuade our customers to buy our products or they will buy from our competitors.

We'd better persuade our customers to buy our products or they will buy from our competitors.

Taylor works for a company that buys snacks such as chips, cookies, and candy in bulk from manufacturers. Taylor's company then repackages them and sells them to vending companies who have vending machines at government institutions. Taylor most likely works for a(an) ___, while the vending machine company is a(an) _____. a. Broker; retailer b. Broker; agent c. Wholesaler; retailer d. Wholesaler; broker e. Agent; retailer

Wholesaler; retailer

Which of the following is not a requirement or characteristic of a market? a. A large number of people or organizations b. The need for a specific product in a specific product category c. The ability to purchase a product d. The authority to buy a product e. The willingness to use buying power

a large number of people or organizations

A measure of sensitivity of demand in relation to changes in price is a. price elasticity of demand. b. a prestige graph. c. marginal analysis. d. quantity elasticity. e. a demand curve.

a. price elasticity of demand.

_____________ is a paid, non-personal communication about an organization and its products transmitted to a target audience through mass media. a. ​Personal selling b. ​Sales promotion c. ​Advertising d. ​Merchandising e. ​Public relations

advertising

The three major types of reference groups are: a. celebrity, membership, and aspirational. b. actual, implied, and desired. c. family, peer group, and empirical. d. advocacy, avoidance, and approach. e. aspirational, disassociative, and membership.

aspirational, disassociative, and membership.

Problem recognition occurs when a consumer a. searches for information to resolve a problem. b. is exposed to a television advertisement desired state and an actual condition. c. becomes aware that there is a difference between a desired state and an actual condition. d. evaluates her or his purchase. e. recognizes a need and evaluates for information to resolve a problem.

becomes aware that there is a difference between a desired state and an actual condition.

Direct competition is also known as brand competition. in-house competition. market competition. substitute product competition. lateral competition.

brand competition

When shopping for detergent, Alexis looks at Tide, Fresh Start, Surf, and All and chooses the one that is on sale. These four brands make up her ____ set. a. consideration/evoked b. alternate c. imposed d. problem e. purchase

consideration/evoked

The focal point of all marketing activities is a. the marketing mix. b. sales. c. products. d. customers. e. profits.

customers

The focus of the marketing concept era was on production. customers. sales. competition. technology.

customers

An US Airways flight from Dallas to Houston was full, and the tickets were more expensive than the almost-empty US Airways flight from Chicago to Phoenix. This is an example of what kind of service pricing? a. Supply-based b. Upfront c. Customer-based d. Bundled e. Demand-based

demand-based

The description of human populations based on characteristics such as age, gender, ethnicity, and education level is referred to as statistical analysis. sociocultural analysis. psychographics. demographics. consumer group profiling.

demographics

Mattel views the toy market as composed of four age groupings, each with different needs and desires. Mattel is using a(n) ____ targeting strategy for its groups, which are known as _____. a. differentiated; the marketing mix. b. concentrated market; heterogeneous. c. undifferentiated market; heterogeneous. d. differentiated; market segments. e. undifferentiated market; market segments

differentiated; market segments

A situation in which products that perform the same function compete against one another is referred to as lateral competition. direct competition. functional competition. primary competition. indirect competition.

direct competition

The purpose of market segmentation is to a. differentiate products. b. reduce the overall cost of marketing activities. c. divide a total market to enable a marketer to develop a more precise marketing mix. d. meet the needs of homogeneous markets. e. identify a single marketing mix that will be satisfactory for the general market.

divide a total market to enable a marketer to develop a more precise marketing mix.

In 1996 MacDonald's started offering the Arch Deluxe. From the beginning the product failed to sell well, further compounded by low growth in fast food sales MacDonald's discontinued the product. Under the BCG Matrix the Arch Deluxe would be considered a: skunks. cash cows. stars. dogs. question marks.

dogs

A major factory closed in your area, which caused a drop in the average income for the city. Which type of external force would this be considered in the marketing environment? legal sociocultural technological political economic

economic

The major levels of intensity at which a company can choose to distribute its products are ____ distribution. a. exclusive, selective, and intensive b. vertical and horizontal c. selective, cooperative, and conflicting d. intensive, extensive, and exclusive e. cooperative, conflicting, and integrated

exclusive, selective, and intensive

The five key components of the marketing plan are mission statement, situation analysis, promotion strategy, financials, and controls. executive summary, situation analysis, marketing strategy, financials, and controls. executive summary, market positioning, marketing strategy, financials, and implementation. mission statement, situation analysis, marketing strategy, financials, and controls. executive summary, situation analysis, positioning, financials, and implementation.

executive summary, situation analysis, marketing strategy, financials, and controls.

`What term is used to describe the increasingly interconnected nature of the world economy? globalization internationalization the marketing mix relationship marketing the World Wide Web

globalization

When Jordan realizes his liquor cabinet supply was devastated by last weekend's party, he first retrieves information from his memory about what types of liquor he and his friends like most and then asks the cute clerk at the liquor store what she would recommend. Jordan started with a(n) ____ search and then progressed to a(n) ____ search. a. routinized; extended b. focused; broad c. self; inclusive d. consideration; evaluative e. internal; external

internal; external

For most products, a(n) ____ relationship exists between the price of a particular product and the quantity demanded. a. unknown b. positive c. elastic d. inverse e. inelastic

inverse

A major disadvantage of personal selling is that it a. is very expensive per contact. b. is not compatible with other promotional activities. c. is not remembered as well by consumers as advertising messages are. d. does not provide immediate feedback. e. cannot easily adjust the message to satisfy a customer's information needs.

its very expensive per contact

If Nokia decides to make changes in its marketing channels, the strategic significance is that channel decisions are a. easier to change than prices. b. impossible to change. c. short-term commitments. d. long-term commitments. e. easier to change than promotion.

long-term commitments

A valid study a. portrays the population being studied. b. verifies expected results. c. results in a causal relationship between the independent and dependent variables. d. uses random sampling. e. measures what it is supposed to.

measures what it is supposed to

Institutional markets are a. intermediaries who resell goods to make a profit. b. consumers who buy products for their own use. c. federal and state government units. d. organizations that seek nonbusiness goals. e. state or local government units.

organizations that seek nonbusiness goals

The target audience for an advertising campaign is the a. geographic distribution of persons. b. information base on which to develop the campaign. c. people toward whom the advertisements are directed. d. overall goal of the advertising campaign. e. sales objective to be achieved by the campaign.

people toward whom the advertisements are directed.

Paid personal communication that attempts to inform and persuade customers to purchase products in an exchange situation is called a. sales promotion. b. target marketing. c. advertising. d. public relations. e. personal selling.

personal selling

Davaughn is planning a promotional program for AirFam. AirFam is a supplier of new energy-saving engines used to produce air conditioners. His company needs to promote these engines to manufacturers of air conditioners, so he is most likely to use ___, because it provides immediate feedback. The disadvantage is that it is _____ than advertising to reach one customer. a. sales promotion; less effective b. direct marketing; less effective c. personal selling; less effective d. personal selling; more costly e. sales promotion; more costly

personal selling; more costly

All of the following are elements contained in the 4 Ps of the marketing mix except price. promotion. profit. place. product.

profit

Which element of the marketing mix details how the organization will communicate the value of its product? price product place promotion position

promotion

Often, a new product is launched in stages during commercialization. This gradual introduction of the product is known as a. regional commercialization. b. market development. c. competitive jamming. d. roll-out. e. market extension.

roll-out

When working as a summer intern for a local retail store, Jan Halverson was sent to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered a. information data from syndicated research services. b. a primary database. c. primary data. d. secondary data. e. secondhand data.

secondary data

Age, rate of product use, location, and gender are all examples of common a. geographic characteristics. b. psychographic variables. c. demographic variables. d. segmentation variables. e. targeting strategies.

segmentation variables

Think about the various marketing strategies as you read the following choices to determine which one describes a market penetration strategy. selling new products to existing markets selling new products to new markets selling existing products to new markets selling more of current products to existing markets selling more of current products to new markets

selling more of current products to existing markets

If Best Western bundles its rooms with services such as free local phone calls, cable television, wireless Internet access, and complimentary breakfast, these services are known as ____ services. a. bundled b. complimentary c. business d. core e. supplementary

supplementary

A disadvantage of the concentrated targeting strategy is that a. production costs may be higher than with other strategies. b. marketing costs are often higher than for other strategies. c. large sales volumes cannot be generated. d. the firm's financial condition is tied to a single and specialized marketing mix. e. marketing personnel may become dissatisfied with the limited opportunities provided by this approach.

the firm's financial condition is tied to a single and specialized marketing mix.

Price is a key element in the marketing mix because it relates directly to a. brand image. b. quality controls. c. the generation of total revenue. d. the size of the sales force. e. the speed of an exchange.

the generation of total revenue

At the breakeven point, a. profits are exactly equal to the difference between revenue and total variable costs. b. the total fixed costs are exactly equal to the total variable costs. c. the money a company brings in from selling products equals the amount spent producing the products. d. the marginal cost curve and the average cost curve will be identical for a particular product. e. the marginal revenue of a product is exactly equal to the marginal cost of producing one more unit.

the money a company brings in from selling products equals the amount spent producing the products.

Why are line extensions more common than new products? a. Modifications to existing products are very easy. b. They are less expensive and lower-risk. c. They require no market research. d. They are higher risk and more expensive. e. They are guaranteed to succeed in the marketplace.

they are less expensive and lower-risk

When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ____ strategy. a. undifferentiated b. heterogeneous market c. single mix d. differentiated e. concentrated targeting

undifferentiated

To find a target market, a firm can use one of these targeting strategies. a. total market strategy and the undifferentiated strategy. b. demographic strategy and the psychographic strategy. c. socioeconomic strategy and the psychological strategy. d. product differentiation strategy and the customer differentiation strategy. e. undifferentiated strategy, the niche strategy, and the differentiated strategy.

undifferentiated strategy, the niche strategy, and the differentiated strategy.

Problem recognition occurs when a consumer a. Usage rate b. Family size c. Personality characteristics d. Climate e. Age

usage rate