Bus X100 lesson 12 Comprehensive quiz 9&10

What is the first step in the market research process?

Define the research goal

Marketing is the same as selling.

False

Which element of the marketing mix involves transportation, storage and the selection of marketing intermediaries?

Placement

The PESTLE analysis focuses on changes in factors (or arenas) that are outside the company, but that may impact the success of the company. Which of the following is a complete and accurate list of these external factors?

Political, Economic, Social, Technological, Legal, Environmental

When KFC Corporation decides on brand names, package designs, sizes of orders, and flavors of sauces and recipes, it is controlling which element of the marketing mix?

Product

Which element of the promotional mix would address decisions about brand name, packaging, and warranties?

Product

When a company designs a single marketing mix and directs it at an entire market for a particular product,

it is using undifferentiated approach.

The process of dividing a market into smaller groups of potential or current customers who share common characteristics and needs is called:

market segmentation.

The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called:

marketing research.

Marketing encompasses _______ ________ than advertising.

more activities

When KFC Corporation decides on brand names, package designs, sizes of orders, and flavors of sauces and recipes, it is controlling which element of the marketing mix?

product

Consumer decisions are influenced by other factors. One of these factors is the buyer's personality. This is considered a ________ .

psychological influence

The elements of the marketing mix are combined to:

satisfy the target market.

An undifferentiated targeting strategy......

treats all potential customers the same.

If a market were segmented according to demographics, which of the following pieces of information would NOT be used?

The problem the customer wants to solve

What is the difference between a market segment and a target market?

A market segment is a subgroup of people or organziations that share at least one characteristic. A target market is a market segment or segments for which an organization designs, implements, and maintains a marketing mix and strategy.

It's been a long process for Nicole to find a new apartment that's both close to work and affordable, but after looking at several apartments and carefully considering her budget, she decides to sign a lease for a downtown studio apartment. Which step in the consumer decision process does signing the lease reflect?

Purchase / acquisition

A retailer increases its hours of operation so that customers can shop for goods when it is convenient for them. What value does the increase in hours of operation represent?

Right Time

Arthur was a salesperson for a manufacturing firm in the late 1920s. Which of the following would his employer most likely have asked him to do?

Use high-pressure sales technique to sell more of the company's high production output

The three earliest stages of evolution of marketing ideology involved a transition from Production Orientation to Product Orientation, through two other stages, and ultimately to Societal Marketing Orientation. Which of the following is NOT an ACCURATE description of a difference between Production Orientation and Societal Marketing Orientation?

With Societal Marketing Orientation, greater focus is placed on meeting needs better than competitors

Joseph Kuhn was trained as an engineer, but recently he has been assigned the marketing responsibility for his company. In his role as a marketer, he wants to know what marketing can and cannot control. You indicate that marketing has the least amount of control over....

consumers social values

After reviewing a report showing that one of the Company X's competitors recently increased its market share by 10 percent, the president of Company X called a meeting and asked the marketers for ideas about what could and could not be done about the success of the competitor's marketing efforts. The marketers responded, "We can modify our marketing mix, but we cannot:

control the marketing strategies of our competitors."

The 2007 AMA definition of marketing is "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." Which word in this definition refers to the development of products?The 2007 AMA definition of marketing is "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." Which word in this definition refers to the development of products?

creating

Club Med Inc. talks to its present and potential customers to assess their needs for its products. Then it develops activities and amenities at its resorts to satisfy those needs. This illustrates Club Med's ________ orientation.

customer

The forces that make up the external, uncontrollable environments that affect marketing include:

economic, legal, sociocultural, environmental, political, and technological forces.

The butcher at Bigs Butcher Shop hand cuts steaks to the preference of customers and trims off excess fat. The extra services provide________ utility.

form

The elements of marketing mix over which the firm has greatest control are_____________.

price, place, promotion, and product.

The 4 Ps of the Marketing Mix are:

price, product, promotion, and placement

Kelly Warren owns a frozen yogurt shop. She has decided to focus her marketing efforts on health-conscious consumers. Based on this, we can say that Kelly has identified a _________.

target market

The elements of the marketing mix are:

​product, price, placement (or distribution), and promotion.