WGU ASC1 Q&A
Identify the correct statement about marketing management. -It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services. -It focuses mostly on monitoring the profitability of a company's products and services. -It focuses solely on attaining an organization's sales goals in an efficient manner. -It is defined as the field that deals with planning and managing a business at the highest level of corporate hierarchy. -It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
"It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties."
"A2Z Inc. is a producer of a huge variety of consumer goods, from soaps to shower gels, and shampoos to detergents. It is a market leader in the United States and is planning to tap the immense potential in the emerging markets. Market research, however, indicates that the Brazilian culture and society are substantially different from their American counterparts. If the company wants to target the masses, which of the following options is most likely to succeed?" -A2Z can use a price skimming strategy to increase market share. -The company's existing strategies in the U.S. will work just as well in Brazil. -A2Z can introduce smaller ""sachets"" of shampoos and detergents that are priced lower. -The company can introduce large family packs of shampoos and soaps even if they are priced higher than competitors. -A2Z can use a predatory pricing strategy to capture the market.
A2Z can introduce smaller ""sachets"" of shampoos and detergents that are priced lower.
________ is the process by which firms assess the effects of their marketing activities and programs and make necessary changes and adjustments. -Marketing control -Marketing implementation -Test marketing -Market watch -Market analysis
Marketing control
Ben always reaches for the bright blue and yellow box of Ritz crackers when he visits the snack food aisle in the grocery store. He rarely even reads the box or checks the price. Which of the following heuristics is most likely being used by Ben? -Availability -Representative -Anchoring -Adjustment -Semantic
Representative
"The new, more strategically oriented purchasing departments have a mission. Which of the following most accurately describes that mission?" -Make the most profit possible and remain independent of entanglements. -Approach every purchasing opportunity as means to create interdependency. -Seek the best value from fewer and better suppliers. -Outsource the supply function. -Abandon all strategies except for systems selling and buying.
Seek the best value from fewer and better suppliers.
"________ assumed that the psychological forces shaping people's behavior are largely unconscious, and that a person cannot fully understand his or her own motivations." -Abraham Maslow -Frederick Herzberg -Sigmund Freud -John Cacioppo -Karl Marx
Sigmund Freud
Which of the following is true for business marketers? -They deal with more and larger buyers than consumer marketers. -They deal with more and smaller buyers than consumer marketers. -They deal with fewer and larger buyers than consumer marketers. -They deal with fewer and smaller buyers than consumer marketers. -They deal with the same kind of buyers as consumer marketers.
They deal with fewer and larger buyers than consumer marketers.
"The Marlboro Man was depicted in the advertisements of Marlboro cigarettes as a rugged outdoor, tough cowboy type. This was done to establish what is called ________." -trademarking -a brand name -a brand personality -co-branding -a brand reference
a brand personality
"Consumers often choose and use brands that have a brand personality consistent with how they see themselves, also known as the ________." -actual self-concept -ideal self-concept -others' self-concept -prohibitive self-concept -suggestive self-concept
actual self-concept
Top and middle management are primarily responsible for ________. -annual-plan control -efficiency control -profitability control -technological control -innovation control
annual-plan control
"A consumer tells another consumer, ""Every time I eat at Big Bill's Steakhouse, I get poor service."" Whether this is true or not, it is the consumer's perception. This is an example of consumers basing future predictions on the quickness and ease with which a particular example of an outcome comes to mind. This scenario would be an illustration of the ________ heuristic." -discrimination -differentiation -availability -screening -representativeness
availability
"With the ________, predictions of usage are based on quickness and ease of use." -availability heuristic -representative heuristic -anchoring heuristic -adjustment heuristic -semantic heuristic
availability heuristic
The ________ market is the set of consumers with an adequate interest, income, and access to a particular offer. -potential -available -target -penetrated -reserve
available
Domestic-based export merchants ________. -buy manufacturers' products and then sell them abroad -manage a company's export activities for a fee -buy foreign products and sell them in the domestic countries. -seek and negotiate foreign purchases -carry on exporting activities on behalf of several producers
buy manufacturers' products and then sell them abroad
"In the purchasing decision process, the major role of ________ is in selecting vendors and negotiating." -gatekeepers -buyers -initiators -approvers -deciders
buyers
Patrick J. Robinson and his associates have identified eight stages in the business buying-decision process. This model is called the ________ framework. -buygrid -buying/selling -seller-centered -commercial -buy-analysis
buygrid
"According to Patrick J. Robinson, the eight stages in the business buying-decision process are known as ________." -buyphases -buybacks -buyouts -buyables -buyoffs
buyphases
"Anne, a beautician by profession, owns a salon in the small town of Franklin, New Jersey. Every weekend, she makes it a point to visit the other salons in Franklin to find out about the beauty services they offer to customers. Anne is attempting to conduct market research by _______." -studying customer behavior -forming alliances with competing firms -using experimental research techniques -checking out rivals -tapping into marketing partner expertise
checking out rivals
"As a market follower strategy, the ________ emulates the leader's products, name, and packaging, with slight variations. " -counterfeiter -cloner -imitator -adapter -innovator
cloner
"Tasteeos, Fruit Rings, and Corn Flakes sell for nearly $1 a box less than leading cereal brands. Which market follower strategy is being employed by the cereal manufacturer? " -counterfeiter -cloner -imitator -adapter -reverse innovator
cloner
"Amani, a company that manufactures cloth for suits, strives to be equal to Armani in product design, brand name, and product packaging. This is an example of ________." -innovating -adapting -imitating -cloning -counterfeiting
cloning
A standardized marketing mix involves ________. -adopting the strategy that best fits a given target market -consistently using the communication and distribution channels that entail the lowest costs -adjusting the product to suit market preferences -changing the features of the product to accommodate the host country -changing only the communication message to suit the different target markets
consistently using the communication and distribution channels that entail the lowest costs
The demand for business goods is ultimately derived from the demand for ________. -raw materials -consumer goods -services -business solutions -e-commerce
consumer goods
The level of engagement and active processing undertaken by the consumer in responding to a marketing stimulus is called ________. -elaboration likelihood -consumer disengagement -consumer involvement -variety seeking -low involvement
consumer involvement
How can a marketer overcome the negative effects of commoditization? -convince target consumers that the firm's products are as good as those of competitors -convince target consumers that price is irrelevant in determining quality -convince target consumers that the firm's products are different from those of competitors -convince target customers that buying the highest-priced product is no guarantee of quality -convince target customers that all the products in the market are equivalent
convince target consumers that the firm's products are different from those of competitors
Companies can practice targeted marketing by using ________-records of Web site usage stored on personal browsers. -plug-ins -black swans -cookies -trolls -honey-pots
cookies
"Aron, a company manufacturing snack food and soft drinks, replicates its product taste and packaging from Lay's, a market leader in snack food industry. Later, it sells these imitated products on the black market. This is an example of ________." -cloning -imitating -counterfeiting -adapting -innovating
counterfeiting
The demand estimates of an organization comprise of five space levels. They are world, country, region, territory, and ________. -zone -organization -customer -product -input
customer
"A ________ is an organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for lead generation, lead qualification, sale of a product or service, or maintenance of customer relationships." -customer database -customer mailing list -customer-performance scorecard -customer profitability analysis -customer-value hierarchy
customer database
"In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange." -contractual transaction -cooperative system -collaborative -mutually adaptive -customer is king
customer is king
"A ________ is simply a set of names, addresses, and telephone numbers. " -customer database -customer mailing list -customer-performance scorecard -customer profitability analysis -customer-value hierarchy
customer mailing list
"According to marketing consultant Pat LaPointe, the ________ measurement pathway of the marketing dashboard reflects how prospects become consumers." -customer metrics -unit metrics -cash-flow metrics -brand metrics -productivity metrics
customer metrics
"When a consumer considers a product or service, he or she will choose whichever product or service delivers the highest ________. " -customer-perceived value -customer-perceived cost -customer profitability analysis -customer equity -customer lifetime value
customer-perceived value
A ________ records how well the company is doing year after year based on measures such as the average perception of the company's product quality relative to its chief competitor. -customer-performance scorecard -stakeholder-performance scorecard -marketing balanced scorecard -vendor scorecard -generic scorecard
customer-performance scorecard
"When purchasing disposable surgical gowns, Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns. If the findings favor disposable gowns, then the operating-room administrator compares various competitors' products and prices and makes a choice. Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand. In this situation, the operating-room administrator performs the role of the ________." -gatekeeper -initiator -user -decider -influencer
decider
"After a couple of years of successful business, an experimental theatre company based in Aurora is unable to sell tickets for its theatre shows. They have been using profits from previous shows to run the business. The company is in the ________ phase of its life cycle." -maturity -obsolescence -introduction -growth -decline
decline
"During the ________ stage of a product's life cycle, sales show a downward drift and profits erode." -introduction -growth -decline -obsolescence -maturity
decline
"General Motors, a leading American multinational automaker, sells cars for every purpose, purse, and personality. This is an example of ________ marketing." -undifferentiated -differentiated -concentrated -niche -micro
differentiated
"Core competencies tend to refer to areas of special technical and production expertise, whereas ________ tend to describe excellence in broader business processes. " -process benchmarks -distinctive capabilities -distributive capabilities -facultative benchmarks -concentric capabilities
distinctive capabilities
"Richard Petty and John Cacioppo's ________, an influential model of attitude formation and change, describes how consumers make evaluations in both low- and high-involvement circumstances." -introspective model -elaboration likelihood model -stimulus-response model -associative network memory model -expectancy-value model
elaboration likelihood model
"In order to promote ethical cultures, companies should do all of the following EXCEPT ________. " -disseminate a written code of ethics -build a company tradition of ethical behavior -hold people responsible for observing ethical and legal guidelines -ensure every employee knows and observes relevant laws -encourage business practices that are not clearly ethical or unethical
encourage business practices that are not clearly ethical or unethical
The purpose of profitability control is to ________. -examine whether the planned results are being achieved -examine where the company is making and losing money -evaluate and improve the spending efficiency and impact of marketing expenditures -examine whether the company is pursuing its best opportunities with respect to markets, products, and channels -understand the efficiency of the sales force, advertising, sales promotion, and distribution
examine where the company is making and losing money
"As a business practice, broadening involves _________." -acquiring or merging with firms in the same or complementary industries to gain economies of scale and scope -factoring the interests of customers, employees, shareholders, and other stakeholders into the activities of the enterprise -buying more goods and services from outside domestic or foreign vendors -appointing teams to manage customer-value-building processes and break down walls between departments -becoming more accountable by measuring, analyzing, and documenting the effects of marketing actions
factoring the interests of customers, employees, shareholders, and other stakeholders into the activities of the enterprise
". In a pure ________ attack, the attacker matches its opponent's product, advertising, price, and distribution." -guerilla -bypass -encirclement -frontal -flank
frontal
"Epic Inc., a firm that produces chairs for offices, uses comparative advertising to inform the consumers that its products offer the same features and quality as the competitor's. This is an example of a(n) ________ attack." -guerilla -frontal -encirclement -bypass -flank
frontal
"If you performed the role of the ________ in a buying center, you would be the person that has the power to prevent sellers or information from reaching other members of the buying center." -initiator -influencer -decider -gatekeeper -approver
gatekeeper
Which of the following is a challenge in which business marketers differ from the consumer marketers? -understanding deep customer needs in new ways -identifying new opportunities for organic business growth -geographically concentrated buyers -calculating better marketing performance and accountability metrics -competing and growing in global markets, particularly China
geographically concentrated buyers
Disintermediation via the Internet has resulted in ________. -higher prices -stronger brand loyalty -greater emphasis on personal selling -well-established brand names -greater consumer buying power
greater consumer buying power
"The internal records system supplies results data, but the marketing intelligence system supplies ________ data. " -internal -revenue -thematic -happenings -process
happenings
"The total demand for many business goods and services is not much affected by price changes. Thus, this demand is ________." -derived -fluctuating -accelerated -multiple -inelastic
inelastic
"As the manager of an organization that is attempting to build a Marketing Information System (MIS), you have been informed that a MIS is built upon three fundamental information sources. The sources are ________, marketing intelligence activities, and marketing research. " -external records and documents -databases found on the Internet -consultant reports -internal company records -secondary data from government sources such as the Better Business Bureau
internal company records
Which of the following techniques was suggested by Freud to trace a person's motivations from the stated instrumental ones to the more terminal ones? -laddering -word association -role playing -casting -selective attention
laddering
Who is primarily responsible for efficiency control? -BAMT -marketing auditor -middle management -line and staff management -top management
line and staff management
The aim of customer relationship management is to produce high customer ________. -integrity -loyalty -innovation -liability -equity
loyalty
"A firm that is willing to maintain its market share, and not attack the leader and other competitors in an aggressive bid for further market share, is known as a ________. " -market challenger -market leader -market follower -market nicher -market entrant
market follower
Which of the following is an external marketing metric that companies need to monitor? -resource adequacy -staffing or skill levels -active innovation support -market share -relative employee satisfaction
market share
"When a firm looks for new users in groups that might use the product but do not, the firm is using the ________ strategy" -new-market segment -market-penetration -geographical-expansion -product development -diversification
market-penetration
"As the marketing manager of a company that manufactures floor tiles, Evans Smith is given a target to achieve 500 new customers by the end of summer. He decides to search the market for probable customers who might use the product but do not at present. Which of the following strategies is Evans pursuing to increase the market demand for his product?" -market-penetration strategy -new-market segment strategy -geographical-expansion strategy -needs-assessment strategy -consolidation strategy
market-penetration strategy
The ________ is primarily responsible for strategic control. -line and staff management -marketing auditor -marketing controller -middle management -BAMT
marketing auditor
A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. -data warehousing system -viral marketing campaign -product management system -marketing intelligence system -sales information system
marketing intelligence system
A social definition of marketing says ________. -effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers -a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company's products -marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others -marketing is the process of extracting the maximum value from consumers to facilitate corporate growth -marketing is the process of aggressive selling and promotion to encourage the purchase of products that might otherwise be unsought by the consumer
marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others
"Which of the following refers to the set of measures that help firms to quantify, compare, and interpret their marketing performance? " -marketing diagnostics -marketing information systems -marketing simulation -marketing intelligence -marketing metrics
marketing metrics
Two complimentary approaches to measure marketing productivity are ________ and marketing-mix modeling. -quality ratios -salesperson satisfaction rates -marketing metrics -retailer satisfaction indices -customer feedback surveys
marketing metrics
"The ________ process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort." -marketing planning -b strategic planning -market research -opportunity analysis -operational management
marketing planning
"When the marketers of a mobile phone manufacturing company want to determine the impact of individual media such as television and online display ads on sales as well as that of trade activities like every day low price, off-shelf display and so on, they usually use ________." -marketing metrics -market segmentation strategies -market capitalization techniques -market basket analysis -marketing-mix models
marketing-mix models
"The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation is termed as ________." -customer is king -mutually adaptive -collaborative -contractual transaction -customer supply
mutually adaptive
"When Starbucks introduced its Tazo Tea line to bring in new customers who had never gone to Starbucks because they don't drink coffee, Starbucks was employing a ________ strategy." -market-penetration -new-market segment -geographical-expansion -niche identification -blue-ocean
new-market segment
"When firms look for new users in groups that have never used the product before, the firm is using the ________ strategy." -new-market segment -market-penetration -geographical-expansion -product development -diversification
new-market segment
"The ________ begins with sales representatives and dealers sending orders to the firms and is followed by the sales department preparing invoices, and finally generating shipping and billing documents which are then sent to various departments." -payroll system -market research process -human resources system -expense cycle -order-to-payment cycle
order-to-payment cycle
"Consumers often choose and use brands that have a brand personality consistent with how they think others view them, also known as the ________." -actual self-concept -others' self-concept -ideal self-concept -dual self-concept -perceptual self-concept
others' self-concept
"A consumer is persuaded to buy a product by a message that requires little thought and is based on an association with a brand's positive consumption experiences from the past. In this situation, the consumer used a ________ to arrive at this purchase decision." -central route -peripheral route -behavioral route -subjective route -objective route
peripheral route
"Rising customer expectations, evolving employee goals and ambitions, and tighter government legislation and pressure are driving companies to ________. " -operate leaner manufacturing facilities -manage shorter supply chains -operate flatter organizations -practice a higher level of corporate social responsibility -vertically integrate
practice a higher level of corporate social responsibility
"According to Peter Golder and Gerald Tellis, a(n) ________ is the first to develop a working model of the product." -developer -creative pioneer -market pioneer -product pioneer -inventor
product pioneer
"A ________ is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling, and servicing that customer. " -prospector -profitable customer -market challenger -market nicher -pioneer customer
profitable customer
"By equipping its sales force with handheld devices with bar-code readers and Internet connections to speed inventory assessment, TaylorMade allows sales executives to have significantly more time to interact with their consumers. This is an example of the use of technology in improving ________. " -sales information systems -payroll systems -cookies -cohort segmentation -competitive intelligence gathering
sales information systems
Domestic-based export agents perform a valuable service for companies seeking to enter foreign markets. The primary function of these agents is to ________. -carry on exporting activities on behalf of several producers -buy the manufacturer's products and then sell them abroad -buy foreign products and sell them in the domestic country -seek and negotiate foreign purchases for a commission -produce and export products to foreign countries
seek and negotiate foreign purchases for a commission
"Value delivery process can be divided into three phases, out of which ""choosing the value"" implies _______, which is the essence of strategic marketing." -segmentation, developing, and delivering -targeting, positioning, and communicating -targeting, positioning, and delivering -segmentation, targeting, and positioning -researching, developing, and delivering
segmentation, targeting, and positioning
At the top of Maslow's hierarchy of needs (shown as a pyramid in the text) are ________ needs. -esteem -self-actualization -social -safety -physiological
self-actualization
"The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus. " -long-term -profit -short-run -product -price
short-run
London Business School's Tim Ambler believes the evaluation of marketing performance can be split into two parts: ________. -long-term results and changes in brand equity -short-term results and changes in brand equity -long-term results and changes in consumer perceptions -short-term results and changes in profitability -changes in market share and changes in profitability
short-term results and changes in brand equity
A field-service firm is a ________. -custom marketing research firm -syndicated-service research firm -specialty-line marketing research firm -consumer marketing research firm -social marketing research firm
specialty-line marketing research firm
You are the marketing research director of a medium-sized manufacturing firm and you would like to engage an outside marketing research firm to conduct field interviews. Which of the following options categories of marketing research firms should you use? -syndicated-service research firms -custom marketing research firms -global research management firms -specialty-line marketing research firms -brand management specialty research firms
specialty-line marketing research firms
"If a company actively tracks the satisfaction of its suppliers, banks, and distributors, it is using what is called a ________. " -customer-performance scorecard -stakeholder-performance scorecard -marketing balanced scorecard -vendor scorecard -generic scorecard
stakeholder-performance scorecard
"The starting point for understanding consumer behavior is the ________ model in which marketing and environmental stimuli enter the consumer's consciousness, and a set of psychological processes combine with certain consumer characteristics to result in decision processes and purchase decisions." -self-reliance -self-perception -psychogenic -stimulus-response -projective
stimulus-response
"The marketing plan, the central instrument for directing and coordinating the marketing effort, operates at ________ levels." -functional and operational -strategic and tactical -corporate and operational -customer and expenditure -corporate and division
strategic and tactical
"The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities. " -organizational plan -strategic marketing plan -corporate tactical plan -corporate mission -customer-value statement
strategic marketing plan
"According to research studies, the closest relationships between customers and suppliers arise when ________. " -supply is important to the customer and there were procurement obstacles -procurement is simple -there are many undifferentiated vendors in the marketplace -the customer is highly price sensitive -the suppliers charge a premium for their products
supply is important to the customer and there were procurement obstacles
"Amity Inc., is a firm which collects and processes household data and sells it to other firms which produce consumer durables. Amity is an example of a ________." -custom marketing research firm -specialty-line marketing research firm -syndicated-service research firm -generic marketing research firm -focused marketing research firm
syndicated-service research firm
A given percentage increase in consumer demand can lead to a much larger percentage increase in the demand for plant and equipment necessary to produce the additional output. Economists refer to this as ________. -derived demand -inelastic demand -the acceleration effect -a straight rebuy -the sales cycle
the acceleration effect
"When innovation at Siemens enables the company to offer solutions that can make the generation of hydroelectricity more environment-friendly, the company will want to reap the benefits of being the first to introduce such a product across countries. In this case, which of the following approaches is likely to be the best approach to entering foreign markets? " -the rifle approach -the continuous approach -the born global approach -the sprinkler approach -the waterfall approach
the born global approach
Which of the following elements of a marketing plan permits senior management to grasp the plan's major thrust? -the situation analysis -the marketing strategy -the executive summary -the financial projections -the short-term targets
the executive summary
"For a market challenger, attacking ________ is a high risk but potentially high payoff strategy, which also allows it to distance itself from other challengers." -a firm of its own size -the market leader -a regional firm -an underfinanced firm -a poorly performing firm
the market leader
A customer touch point for Abacus Airlines would be an item such as ________. -ease of access to the airport -a mechanic's ability to service the airplanes -the reservations desk -the value of air travel versus surface transportation -competency of a travel agent
the reservations desk
"In collectivist societies, ________. " -all property is owned by the government -the self-worth of the individual is rooted more in the social system than in individual achievement -the culture is dominated by the need to maintain low power distance and reduce income inequality -the culture is dominated by a nurturing attitude as opposed to an assertive attitude -people are highly risk-averse
the self-worth of the individual is rooted more in the social system than in individual achievement
"Which of the following plans would most likely include directions for implementing and addressing daily challenges and opportunities in product features, promotion, merchandising, pricing, sales channels, and service areas? " -the tactical marketing plan -the target marketing plan -the deployment plan -the product-launch plan -the product-development plan
the tactical marketing plan
The 80-20 rule reflects the idea that ________. -20% of the company's profits are generated by the top 80% of customers -the top 20% of customers are highly satisfied and 80% of customers will recommend the company to a friend -20% of customers are unprofitable, and 80% make up a company's profits -the top 20% of customers often generate 80% of the company's profits -any new product will be accepted by 20% of the customers immediately, but 80% of the customers will be up for grabs throughout the product's life cycle
the top 20% of customers often generate 80% of the company's profits
Which of the following products is most likely to be characterized by low involvement but significant brand difference? -toothpastes -digital cameras -packet of salt -a milk carton -furniture
toothpastes
"The bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering is called the ________. " -activity-based cost -customer profitability analysis -total customer cost -product life-cycle cost -direct product profitability
total customer cost
A customer ________ is any occasion on which a customer encounters the brand and product-from actual experience to personal or mass communications to casual observation. -touch point -point of order -point of difference -pivot point -point of parity
touch point
"As a marketing practice, monitoring involves ________." -designing the organization and setting up processes to respond quickly to changes in the environment -becoming more accountable by measuring, analyzing, and documenting the effects of marketing actions -tracking what is said online and elsewhere and studying customers, competitors, and others to improve business practices -determining the most profitable businesses and customers and expending greater organizational resources to capitalize on them -factoring the interests of customers, employees, shareholders, and other stakeholders into the activities of the enterprise
tracking what is said online and elsewhere and studying customers, competitors, and others to improve business practices
A ________ is a direction or sequence of events that has some momentum and durability; it reveals the shape of the future and can provide strategic direction. -fad -fashion -trend -megatrend -style
trend
Which of the following theories developed by Frederick Herzberg distinguishes dissatisfiers from satisfiers? -trait-role theory -psychological constraint theory -probability theory -leadership model -two-factor theory
two-factor theory
"A2Z Inc. is a producer of a wide variety of consumer goods in Brazil. It has successfully captured a huge share of the domestic market and has been able to create a very strong brand. It is now considering a foray into foreign markets. Its board of directors decide to first try out some of its products in the neighboring country of Argentina. A2Z plans to eventually expand its presence in other countries, after they analyze the impact of their entry into the Argentine market. A2Z Inc. is following a ________." -born global approach -waterfall approach -sprinkler approach -franchisee approach -shotgun approach
waterfall approach
"WayToGrow Inc. is one of the most popular brand of toys in its home market. The company decides to expand its business abroad and its board of directors feel that instead of trying to establish its presence all at once in multiple markets, it is better to expand one country at a time. This would limit their risk and allow them to analyze customer response, after which they could expand to other similar countries. WayToGrow is following a ________." -shotgun approach -continuous approach -born global approach -sprinkler approach -waterfall approach
waterfall approach
Which of the following is one of Hofstede's four cultural dimensions that differentiate countries? -customer relationship management versus power distance -strategic management versus marketing management -weak versus strong uncertainty avoidance -total quality management versus JIT deliveries -marketing management versus customer relationships
weak versus strong uncertainty avoidance
"The company's marketing information system should be a mix of what managers think they need, what managers really need, and ________. " -what the marketing research department is able to do -what consumers are willing to consume -what the government policies allow -what is acceptable at the industry level -what is economically feasible
what is economically feasible
A profitable customer ________. -yields a cost stream that exceeds by an acceptable amount his revenue stream -yields a revenue stream that exceeds the company's cost stream -yields a cost stream that exceeds the company's revenue stream -yields a revenue stream that exceeds by an acceptable amount his cost stream -yields a revenue stream that equals the company's cost stream
yields a revenue stream that exceeds the company's cost stream
"________ requires that everyone in the organization accept the concepts and goals of marketing and engage in choosing, providing, and communicating customer value. " -Internal marketing -Corporate communications -Integrated marketing communications -Supply chain management -Employee engagement
Internal marketing
Zodiac Inc. is one of the leading producers of designer bags in its country. The company is considering shifting some of its production to India. Which of the following could have prompted this move? -People in India prefer imported designer bags. -Zodiac can target a niche market of high-profile consumers who have a high income. -Zodiac can improve its market share if it can offer better prices than its competitors. -People in the home country have an ethnocentric approach. -Market research indicates that Indian consumers have a low per-capita income.
Zodiac can improve its market share if it can offer better prices than its competitors.
Companies can prepare as many as ________ different types of demand estimates. 6 30 60 90 150
90
"""BRIC"" is an acronym for ________." -Brazil, Russia, India, and China -Bolivia, Russia, Indonesia, and China -Brazil, Russia, Indonesia, and China -Bolivia, Russia, India, and Canada -Bolivia, Russia, Indonesia, and Canada
Brazil, Russia, India, and China
"________ is the process of carefully managing detailed information about individual customers and all customer ""touch points"" to maximize loyalty." -Customer relationship management -Customer lifetime value -Customer profitability analysis -Customer satisfaction analysis -Customer-value delivery
Customer relationship management
Marketing plans are becoming more production oriented because of the high costs of doing business in today's economy. True False
False
What is the traditional view of marketing? -Firms should just focus on production because if the products are good then they will automatically sell. -Firms should just focus on production and selling because marketing occurs as a part of the selling process. -Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them. -Firms should price their products as low as possible so that marketing them becomes easy. -Firms should remember that promotion is the most important of the four Ps.
Firms should just focus on production and selling because marketing occurs as a part of the selling process.
________ gives products the appearance of being more environmentally friendly without living up to that promise. -Ambush marketing -Greenwashing -Astroturfing -Viral marketing -Green politics
Greenwashing
Which of the following is the first step in customer value analysis? -Examine how customers in a specific segment rate the company's performance. -Assess the company's and competitors' performances on the different customer values against their rated importance. -Identify the major attributes and benefits that customers value. -Monitor customer values over time. -Assess the quantitative importance of the different attributes and benefits.
Identify the major attributes and benefits that customers value.
Which of the following statements about marketing is true?: -It is of little importance when products are standardized. -It can help create jobs in the economy by increasing demand for goods and services. -It helps to build a loyal customer base but has no impact on a firm's intangible assets. -It is more important for bigger organizations than smaller ones. -It is seldom used by nonprofit organizations.
It can help create jobs in the economy by increasing demand for goods and services.
"Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception. " -It has facilitated high-speed communication among employees. -It has empowered consumers with easy access to information. -It can be used as a powerful sales channel. -It has facilitated mass marketing but not the sale of customized products. -It enables marketers to use social media to advertise their products.
It has facilitated mass marketing but not the sale of customized products.
________ are a structured way to disseminate the insights gleaned from the two complementary approaches to measuring marketing productivity within the organization. -Marketing metrics -Marketing decision support systems -Marketing dashboards -Marketing segments -Marketing mix models
Marketing dashboards
________ is the process that turns marketing plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan's stated objectives. -Marketing implementation -Marketing research -Marketing analysis -Brand management -Product management
Marketing implementation
"________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. " -Marketing management -Knowledge management -Operations management -Strategic management -Distribution management
Marketing management
"________ analyze(s) data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities." -Marketing metrics -Marketing-mix models -Marketing forecasting -Marketing intelligence databases -Marketing decision systems
Marketing-mix models
"________ are basic human requirements, while ________ are the ways in which those requirements are satisfied. " -Wants; needs -Demands; wants -Needs; wants -Needs; demands -Demands; needs
Needs; wants
Which of the following observations is true? -In today's business environment, marketers are mainly middlemen. -Marketing has the sole ownership of customer interactions. -Only when all employees realize their job is to create, serve, and satisfy customers does the company become an effective marketer. -Marketers must clearly differentiate all customer-facing processes, such that every customer receives a personalized marketing message. -Marketers must avoid collaborating with other organizational departments, as it blurs functional responsibilities.
Only when all employees realize their job is to create, serve, and satisfy customers does the company become an effective marketer.
Which of the following is a risk that firms must consider prior to expanding abroad? -The domestic consumers prefer low-priced products. -The market in the foreign country may be too similar to the domestic market. -Consumers in the foreign country are very particular about the quality of the goods they consume. -The foreign country has very low pollution control standards. -The foreign country's business culture may be too different from the domestic country.
The foreign country's business culture may be too different from the domestic country.
Which of the following causes a difference between marketing in the developed countries and marketing in the developing countries? -The cost of production varies substantially between the developed and the developing world. -The disparity between the rich and the poor in the developing world is reducing. -There are substantial cultural differences between the developed and the developing world. -Marketing in developing countries is far more expensive than in the developed world. -The developing countries have more trade barriers in place than the developed countries.
There are substantial cultural differences between the developed and the developing world.
Which of the following statements is true of marketing plans? -They can be independently developed without worrying about other functional areas. -They provide direction and focus for a brand, product, or company. -They are usually profit-oriented. -They are of limited use to non-profit organizations. -They are typically five-year plans and they lay out the strategies required to achieve targets in those five years.
They provide direction and focus for a brand, product, or company.
"________ is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering. " -Total customer cost -Total customer benefit -Total benefits of ownership -Value proposition -Value delivery system
Total customer benefit
Which of the following business practices focuses specifically on designing the organization and setting up processes to respond quickly to changes in the environment? -benchmarking -outsourcing -focusing -accelerating -globalizing
accelerating
Customer profitability analysis (CPA) is best conducted with the tools of an accounting technique called ________. -input-output analysis -factor analysis -revenue-based costing -activity-based costing -future date costing
activity-based costing
Apex Corporation is one of the best in its industry in terms of costs and performance. Many companies in its industry will probably consider Apex as a ________. -pioneer -benchmark -target for acquisition -future supplier -sounding board for ideas
benchmark
"The process of building, maintaining, and using customer databases and other databases for the purpose of contacting, transacting, and building customer relationships is called ________. " -data warehousing -data mining -database marketing -participatory marketing -permission marketing
database marketing
Which of the following is NOT one of the four planning activities undertaken by all corporate headquarters? -defining the corporate mission -establishing strategic business units -assigning resources to each SBU -assessing growth opportunities -deciding sales channels
deciding sales channels
The task of any business is to ________. -create customer needs -differentiate in terms of cost of production -deliver customer value at a profit -reduce competition -communicate similar value as provided by competitors
deliver customer value at a profit
"When companies measure the number of people who are willing and able to buy their products, they are measuring ________." -demand -price elasticity -real needs -standard of living -disposable income
demand
"When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of ________. " -deregulation -reverse auctioning -reintermediation -disintermediation -diversification
disintermediation
The success of online purchasing resulted in ________ in the delivery of products and services by intervening in the traditional flow of goods through distribution channels. -disintermediation -diversification -reduced competition -deregulation -privatization
disintermediation
"A ________ is ""unpredictable, short-lived, and without social, economic, and political significance."" " -fad -fashion -trend -megatrend -style
fad
"The ________ is the last section of the marketing plan and spells out the goals and budget for each month or quarter, so management can review each period's results and take action as needed." -executive summary -situation analysis -marketing strategy -financial projections -implementation and controls
implementation and controls
"Companies typically start their international foray with ________, which involves working through independent intermediaries who sell their products abroad." -indirect exporting -licensing -franchising -direct exporting -joint ventures
indirect exporting
Industry boundaries are blurring rapidly as companies identify new opportunities at the intersection of two or more industries. This is called ________. -globalization -customization -industry convergence -disintermediation -privatization
industry convergence
A ________ is a "large social, economic, political, and technological change that is slow to form, and once in place, influences us for some time-between seven and ten years, or longer." -fad -fashion -trend -megatrend -style
megatrend
"The role of marketing in the organization is changing. Traditionally marketers have played the roles of ________, charged with understanding customers' needs and transmitting their voice to various functional areas." -middlemen -opinion leaders -clients -influencers -end consumers
middlemen
A company can take several steps to improve the quality of its marketing intelligence. Which of the following best describes the practice used by McDonald's when it sent pseudo customers to assess stores' internal speed standards? -training and motivating the sales force to spot and report new developments -motivating intermediaries to pass along important intelligence -networking externally -purchasing information from outside research firms and vendors -using the sales information system to get accurate sales reports
motivating intermediaries to pass along important intelligence
Which of the following is the first stage of the internationalization process that can induce firms to enter the international arena? -no regular export activities -export via independent representatives (agents) -establishment of one or more sales subsidiaries -establishment of production facilities abroad -adoption of a flexible exchange rate regime
no regular export activities
The heart of the internal records system is the ________. -pay-roll system -purchase order cycle -order-to-payment cycle -expense cycle -human resources system
order-to-payment cycle
"In response to threats from such companies as AOL, Amazon.com, Yahoo!, eBay, E*TRADE, and dozens of others, established manufacturers and retailers became ""brick-and-click"" oriented by adding online services to their existing offerings. This process is known as ________. " -reintermediation -disintermediation -retail transformation -e-collaboration -new-market synchronization
reintermediation
A(n) ________ need is one that the consumer is reluctant or unwilling to explicitly verbalize. -secondary -unstated -delight -secret -stated
secret
"Which of the following types of marketing research firms gathers consumer and trade information and then sells it for a fee (e.g., Nielsen Media Research)? " -custom marketing research firms -syndicated-service research firms -specialty-line marketing research firms -generic marketing research firms -focused marketing research firms
syndicated-service research firms
Juan Garcia plans the daily promotional releases about his company's products and services. He can be described as a(n) ________ planner. -strategic -selective -tactical -niche -operational
tactical
"When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________." -need -want -demand -unstated need -latent demand
want