Business 102: Principles of Marketing

According to statistics, women bring in at least _____ percent of the income in most homes within the United States? 75 5 30 50 25

50

James' company owns several supermarkets. His company has decided to install self-checkout lanes in order to decrease their costs. What method is James' company using? Creating a new delivery method. Re-engineering. Product design. Service differentiation.

Creating a new delivery method.

Which of the following is an example of a company using a niche competitive marketing strategy? A nationwide department store chain. A company that sells soda worldwide. A confectionery that sells both European and American chocolates. A company that makes clothing specifically for dogs.

A company that makes clothing specifically for dogs.

Assess an element of customer value. When companies price their products realistically. When a company offers products that meet customer expectations. All answers are correct. When a company offers corporate-wide commitment to their marketing strategy.

All answers are correct.

What should a company consider when finding a location for their business? Income Age All answers are correct. Population Size

All answers are correct.

Which of the following actions will assist the consumer in his/her evaluation of what products or causes are genuinely worthwhile? All answers are correct. Consumers can research the non-profit and for-profit and find out how much is being donated. Consumers can review the companies' past campaigns. Consumers can research on the internet to find out more about the companies involved in the campaign.

All answers are correct.

Which of the following is an example of culture? Customs All of these are correct. Myths Material possessions

All of these are correct.

Thomas owns a large IT company. He attempts to gain an upper hand in the market by using very skilled workers and inexpensive raw materials. Overall, he is very focused on controlling the costs in order to maximize the value of his products to consumers. How is this an example of cost-competitive advantage? Because the overall focus is on controlling costs in every segment of production. All the answers are correct. Because he advertises that his products are very cheap. Because the focus is exclusively on minimizing the cost of materials.

Because the overall focus is on controlling costs in every segment of production.

Which of the following BEST explains the stakeholder theory? Stakeholders decide on where to donate a business's money Stakeholders should expect to turn to charities for help Businesses must be attentive to every stakeholder in the company Businesses should only be concerned with financial investors

Businesses must be attentive to every stakeholder in the company

Which of the following is an example of competitive advantage? Updating Windows 7 to Windows 10. Buying a Michael Kors crossbody bag instead of Michael Kors tote bag. Buying an iPhone SE instead of iPhone 6. Buying Burger King instead of McDonalds.

Buying Burger King instead of McDonalds.

Which of the following is an argument AGAINST corporate social responsibility? Companies are responsible for fixing any environmental destruction they caused due to pollution Companies should look for products that fulfill a need and also solve society's ills Companies should be in business solely to make a profit Companies should consider social costs when they budget.

Companies should be in business solely to make a profit

Which of the following is NOT an example of marketing? Billboards Radio advertisement Friends sharing music Commercial

Friends sharing music

How does a business mission statement relate to marketing? It sets the price of the marketing product. It explains why consumers are important. It helps the marketing team create the correct product. It tells the marketing team where to sell the product. It is the foundation of the marketing plan.

It is the foundation of the marketing plan.

What are the four different strategic alternatives? Penetration, development, target market and stars Stars, cash cows, problem children and dogs Market penetration, market development, target market, market response Market penetration, market development, product development, diversification

Market penetration, market development, product development, diversification

Which of the following is the reason cause-related marketing has had such tremendous growth? Marketers know consumers will always feel guilty and donate to a charity. Marketers think consumers can be tricked. Marketers saw how financially successful past campaigns have been. Marketers want to help society.

Marketers saw how financially successful past campaigns have been.

A plan developed by an organization that consists of the company's product/service mix and how that product/service will be offered to consumers is referred to as a _____. Promotional Mix Marketing Mix Company Goal Marketing Strategy

Marketing Strategy

What are the four p's in marketing? Product, place, price and personal selling Place, promotion, people, philosophies People, place, promotion, price Product, place, promotion and price Price, procedure, promotion, personal selling

Product, place, promotion and price

A local firm is frustrated that you can find products that are cheaper than theirs on eBay. They use traditional marketing and selling techniques and are not interested in expanding their operations. Which innovation has had the most impact on their decreasing revenue? Promotional deals NAFTA The WTO treaties The Internet

The Internet

If a business created a mission statement that said, 'We will make products to make the world a better place,' then what type of mission statement development mistake has occurred? It's just right. There is no mistake. The mission statement is too wordy. Marketing myopia The mission statement is too broad. The mission statement does not explain the price.

The mission statement is too broad.

What is the definition of ethics? The rules people follow. The moral principles or values that generally govern the conduct of a group or individual. The way companies keep their employees in line. The courts and police.

The moral principles or values that generally govern the conduct of a group or individual.

What is customer value? When an individual becomes attached to a marketing campaign. The relationship between benefits and the sacrifice necessary to obtain those benefits. When expensive products deliver satisfaction. The relationship between goods and services.

The relationship between benefits and the sacrifice necessary to obtain those benefits.

A marketer can look at _____ to align their product with what the community believes are appropriate modes of conduct. Culture Values Loyalty Attitude

Values

What question does a business mission statement answer? Why are we in business and what is our sales goal? What is our direction? What is our reason for being in business and what is the purpose of the product in relationship to the consumer? Who is our customer? What type of marketing do we need?

What is our reason for being in business and what is the purpose of the product in relationship to the consumer?

When discussing marketing, Place refers to: When the product is made Where a product is made How much the product costs Where the product is purchased Where a product is used

Where the product is purchased

What question should a business mission statement answer? Why a company is in business and what they are trying to accomplish. How a company plans to market specific products to the domestic market. Why a company sells the products to the consumer. How a company goes to market and increases its revenue.

Why a company is in business and what they are trying to accomplish.

Which of the following is an example of a failed exchange? Two kids trading baseball cards. You want a turkey sandwich, but the deli is out of turkey, so you leave. You offer someone $5,000 for their car, but they ask for $5,500, and you agree to it. You buy a computer online after finding a great deal. A store doesn't have what you want in stock, but orders it for you.

You want a turkey sandwich, but the deli is out of turkey, so you leave.

In the past, global competition focused on offering _____ in comparison to domestic producers, in order to capture customers. better quality faster delivery better customer service a cheaper price

a cheaper price

If a manufacturer of candy decides to open a theme park, this would be an example of a _____ strategic alternative. development diversification market penetration market development

diversification

Brenda's Beauty Salon offers customers hair styling. This is a _____. stored product tangible product physical product service performance

service

Product enhancements and informing customers are ways _____ impacts marketing. a survey social media HR technology

technology

The price of a product includes _____ the amount of product sold to each customer. only what the retailer paid for it. only the time and effort put forth by the purchaser. only the financial amount charged to the purchaser. the financial amount charged plus the time and effort put forth by the purchaser.

the financial amount charged plus the time and effort put forth by the purchaser.

What is a strategic alternative? the last recipe for success for a company another way of thinking about marketing the game plan for the company to grow profits and market share the biggest challenge for a company

the game plan for the company to grow profits and market share

Which of the following answer choices demonstrates an example of sustainability in business? A company makes a product of durable material that will last a long time A company is very profitable and will sustain its earnings for many years A company focuses first on helping society and ends up making a profit A company makes decisions that will allow it to last for many years

A company focuses first on helping society and ends up making a profit

Analyze the importance of marketing orientation. A firm obtains information about customers, competitors, and markets and delivers superior customer value to customers. A firm focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. A firm uses aggressive sales techniques. A firm uses marketing techniques such as social media to help promote the company.

A firm obtains information about customers, competitors, and markets and delivers superior customer value to customers.

What is production orientation? A philosophy that focuses on the consumers, competitors, and marketers. A philosophy that focuses on aggressive sales techniques. A philosophy that uses marketing as its main premise. A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

What is environmental scanning? When a business scans competitors documents. A process accomplished by analysing and understanding environmental conditions. A process that analyses the capacity of your firm in order to help you understand your own strengths and weaknesses. A process of scanning financial information.

A process accomplished by analysing and understanding environmental conditions.

Which of the following best describes relationship marketing? A strategy that focuses on keeping and improving relationships with current customers. A strategy that is used to only increase sales for a business. When relationships are used for promotion. When customers befriend each other and communicate about a product.

A strategy that focuses on keeping and improving relationships with current customers.

Which best describes the process of cause-related marketing? It asks consumers to go out and donate to a specific charity. A team marketing effort between a for-profit and non-profit company. Companies announce they are giving away free product to a charity. Marketing with a purpose.

A team marketing effort between a for-profit and non-profit company.

Assess the form of advertising that uses technology to inform consumers of a product or service. Radio Television All answers are correct. Social Media

All answers are correct.

Jamerson Marketing is the only company in the world that uses both qualitative and quantitative analysis to create efficient marketing strategies. This method distinguishes them as a leading company in the field of marketing. Their competition work by using either qualitative or quantitative analysis. Why is this an example of a unique selling proposition (USP)? Because Jamerson Marketing's revenue provides them with the opportunity to maintain a unique style of protection. Because Jamerson Marketing is the only company using both qualitative and quantitative analysis Because Jamerson Marketing is a leader in their field. Because Jamerson Marketing's competition failed to research Jamerson's analysis methods.

Because Jamerson Marketing is the only company using both qualitative and quantitative analysis

Your company offers the best cars on the market at relatively affordable prices. You currently have no competitors regarding the features your cars have. Why is this an example of product differentiation? Because the quality of your products is very high. Because any kind of new product by a company is an example of product differentiation. Because you are advertising the car as relatively affordable. Because you are advertising the unique features of the product.

Because you are advertising the unique features of the product.

Tom works for a large marketing firm and wants to form a new strategy about how his firm should operate. Before forming it, he wants to think about how he could maximize the capacity of his firm in comparison to the economic environment. How should he proceed in doing that? By conducting a SWOT analysis to analyze the strengths and weaknesses of the environment and the opportunities and threats in the company. By conducting a SWOT analysis to analyze the strengths and weaknesses of the firm and the opportunities and threats in the environment. By conducting a survey to analyze the strengths and weaknesses of the firm and the opportunities and threats in the environment. By conducting a survey to analyze the strengths and weaknesses of the environment and the opportunities and threats in the company.

By conducting a SWOT analysis to analyze the strengths and weaknesses of the firm and the opportunities and threats in the environment.

How does a large company place its SBU's on the portfolio matrix ? By where each SBU does business By whether they provide a product or a service By the newness of each SBU's products By the market share and growth potential for each SBU

By the market share and growth potential for each SBU

Which of the following is an argument FOR corporate social responsibility? People really just want a great product and do not care if a company is helping society Companies will lose money investing in socially-responsible activities The government does not care what businesses do in order to make a profit Companies should be concerned with improving society, or the government will get involved

Companies should be concerned with improving society, or the government will get involved

Which of the following terms describes the amount of money left over after taxes? Disposable income Real income Taxable income Discretionary income Budget

Disposable income

Assess the strategy that is used to increase sales by creating new products that can be targeted to new markets. Sales Growth Product Development Market Penetration Diversification

Diversification

Which of the following is an example of a ritual? All of these are correct. Going to the beach every Memorial Day Weekend A toddler attending preschool Consumers who want to eat healthy

Going to the beach every Memorial Day Weekend

How can a marketer of potato chips maintain sales during a period of inflation? Sell new varieties of chips for the same price Hold prices constant and reduce the size of the bags Hold prices constant Raise the price and increase the size of the bags

Hold prices constant and reduce the size of the bags

Which of the following is the best definition of a marketer? Individuals who interact directly with the customer to explain and sell the product Individuals involved in developing and executing marketing tactics that will influence consumers to purchase a product or service. The figures that the customer most closely associates with a product they want to buy, such as spokes people or actors in commercials Individuals who design the website that users will interact with when purchasing a product

Individuals involved in developing and executing marketing tactics that will influence consumers to purchase a product or service.

Which of the following is NOT a pro for cause-related marketing? It can be hard to decide if a company is truly invested in the cause or if it is just a marketing scheme. It can bring in more profits for both non and for profit companies. It can make the consumers feel good about donating to a cause. It can increase positive public relations.

It can be hard to decide if a company is truly invested in the cause or if it is just a marketing scheme.

Which of the following is a downside of cause-related marketing? It can cause companies to have a more costly marketing budget. It can make consumers not take your company seriously. It can cause consumer burnout with purchasing cause- related products. It can cause tax increases for both non and for-profit companies.

It can cause consumer burnout with purchasing cause- related products.

What is the main difference between a sales-oriented company and a marketing-oriented company? The difference is that one gives away product while the other company makes the customer pay. It has to do with their overall view of the marketplace. It has to do with how they make their products. It is the amount of money invested in the company.

It has to do with their overall view of the marketplace.

Evaluate the effect of market penetration. It is a marketing strategy that tries to decrease market share among stakeholders. It is a marketing strategy that tries to decrease market share among existing customers. It is a marketing strategy that tries to increase market share among existing customers. It is a marketing strategy that tries to increase market share among stakeholders.

It is a marketing strategy that tries to increase market share among stakeholders.

What is marketing myopia? It is defining a business in terms of goods and services rather than in terms of the benefits that customers seek. It is defining a mission statement based on last year's marketing data. It is not seeing the big picture of the overall plan. It is when the marketing team does not define the business plan properly. It is defining a business in terms that are too broad

It is defining a business in terms of goods and services rather than in terms of the benefits that customers seek.

What is societal marketing orientation? It is when a company only makes products for charity. It is marketing orientation plus the addition of being concerned about society's best interests. It is when a company markets its product to consumers. It is when a company only cares about society as a whole and not just the consumer.

It is marketing orientation plus the addition of being concerned about society's best interests.

Analyze what customer satisfaction is. When customers feel they are getting a lot of value. It is the end result of an effective marketing orientation and occurs when the good or service has met the customer's needs and expectations. When a customer sells an item online for a lower price than they bought it for. When a customer purchases an item but is not happy about their purchase.

It is the end result of an effective marketing orientation and occurs when the good or service has met the customer's needs and expectations.

Which of the following is not a part of the marketing environment? Social Economic Demographic Technological Logistics

Logistics

What is a marketing strategy that is based on attracting new customers to current products? Market Penetration Product Diversification International marketing Market Development

Market Development

What is the definition of marketing? Marketing is the advertising of a product or service. Marketing is the purchase of goods and services. Marketing is sales of a product or service. Marketing is the same thing as a consumer. Marketing is an activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

Marketing is an activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

What is described as good or bad behavior? Rules Factors Morals Laws

Morals

What type of market segmentation strategy is used by Disney? Multiple market segmentation. Concentrating on one segment of the market. Niche marketing. Single product segmentation.

Multiple market segmentation.

Analyze the situation that is NOT considered an influence on a company's marketing strategy. My dog eats Nutro dog food. Over the last 5 years 12 colleges have opened in South Florida. The population in Any Town, GA has decreased by 20 percent. The new cell phone by Samsung will be in stores next week.h

My dog eats Nutro dog food.

An exchange is when: Stores give away samples of their product in hopes the consumer will buy at a later date.. When people give away their product or service. People give up something to receive something they would rather have. Two people argue of the price of a product. Consumers return their product to the store.

People give up something to receive something they would rather have.

What is included in promotional strategies? Advertising, social media networking, pricing, and promotional ads. Personal selling, advertising, sales promotion, and public relations. Personal selling, advertising, pricing, and distribution. Advertising, marketing, and sales.

Personal selling, advertising, sales promotion, and public relations.

Which of the following would NOT be an external threat to a marketing manager? New government taxes. A new competitor. Government intervention in the industry. Poor employee work habits.

Poor employee work habits.

What are the three levels of ethical development? Ponconventional, conventional, neoconventional Postconventional, preconventional, pleconventional Postconventional, conventional, morality Preconventional, conventional, postconventional

Preconventional, conventional, postconventional

What is the overall sacrifice a consumer is willing to make to acquire a specific product or service? Giveaway Product Price Compromise Venture

Price

Which part of the marketing mix is the most flexible and easiest to change? Price Place Product design Promotion

Price

Which of the following is a strategy when a company pursues the development of a new product for a current market? Market Development Product Diversification Product Development Sales Development

Product Development

If a spa offers a unique experience of underwater massage that can only be found at their location, this is an example of which of the following? Promotional analysis Custom tailorization Smart marketing Product differentiation

Product differentiationProduct differentiation

The marketing mix consists of Product, Personnel, Profit and Price Product, Place, Promotion and Price Planning, Profit, Product and Price Profit, Price, Performance and Product Product, Profit, Place and Promotion

Product, Place, Promotion and Price

What can marketers do during a recession to still sell products? Promote that their product is popular Raise the price by 25% Lower the price by 25% Promote the products value Use more coupons

Promote the products value

Which of the following type of orientation is used if a company relies on aggressive techniques for consumers to purchase their products they are using? Production orientation Marketing Orientation Societal marketing orientation Sales orientation

Sales orientation

Which of these products would be classified as a star on the portfolio matrix ? Laptop computers Smartphones Self-driving vehicles Landline phone service Cable television

Self-driving vehicles

Which of the following is a trend that has increased competition between companies for market share and sales? Pricing drops New government laws Slowing of U.S. population growth Better logistical implementation

Slowing of U.S. population growth

Evaluate the six external influences on a company's marketing strategy. Consumers, Leadership, Competition, Social, Legal, and Technology Competition, Employees, Leadership, Consumers, Political, and Technology Leadership, Politics, Consumers, Legal, Technology, and Taxes Social, Technology, Politics, Economy, Competition, and Legal

Social, Technology, Politics, Economy, Competition, and Legal

Which of the following would a company do when it decides to 'harvest' a product made by an SBU? Increase spending on developing a social media presence Put the SBU up for sale Focus on growing the product's market share Spend as little on advertising and promotions as possible Close down the SBU as soon as the product inventory is sold

Spend as little on advertising and promotions as possible

What type of market consists of a defined group most likely to buy a company's products or services? Concentration zone Target market Focus group Objective market

Target market

What is corporate social responsibility? The social demands customers have about society's welfare. The concerns shareholders have about society's welfare. The social demands the government has about society's welfare. The concerns a company has about society's welfare.

The concerns a company has about society's welfare.

What are morals? The suggestions that govern the conduct of people. The laws that define what is legal. The courts and police. The rules people develop as a result of cultural norms and values.

The rules people develop as a result of cultural norms and values.

Evaluate what additional functionality, a greater processing speed, and error/bug repair handling all have in common. They are uncommon for products. They are product necessities. They are product enhancements. They are NOT essential for marketing.

They are product enhancements.

Explain how place strategies work. They make the product available to the consumers when they want and need them. They come up with ideas on how to promote the product on social media networks. They are used to make sure the product is well designed for the target consumers. They set the price of the product to match the price of the competitor's product.

They make the product available to the consumers when they want and need them.

How do companies manage ethics in the business world? They provide corporate ethical training and offer guidelines. They let outside agencies monitor them. They hope that employees have good morals. They just let employees follow their instincts.

They provide corporate ethical training and offer guidelines.

What should a very large company with many different business units do for their mission statement? The mission statement should be one with marketing myopia. They should create a mission statement for each separate business unit. They do not need a mission statement. They should survey consumers about what their mission statement should be. They should try to create a generalized mission statement to cover all units.

They should create a mission statement for each separate business unit.

Which of the following is an example of competitive analysis research? Tom's company is attempting to understand how to maximize that it has a unique product in comparison to his competitors, which is a strength of his company. Tom's company is striving to design a new PR strategy that will completely destroy the reputation of his competitors and increase the value of his products. Tom's company is making a list of the main competitors and is trying to find out how they can perform better by understanding the competitors' strengths and weaknesses. Tom's company is trying to determine what the weaknesses of the company are and, as he has determined that there are a lot of faulty products, he has chosen to fire several unproductive workers.

Tom's company is making a list of the main competitors and is trying to find out how they can perform better by understanding the competitors' strengths and weaknesses.

An attitude is defined as _____. an enduring belief that a certain role of conduct is socially appropriate a set of values and norms a learned tendency to respond to a brand a certain way an organized pattern of knowledge that a consumer holds true to his/her world

a learned tendency to respond to a brand a certain way

The four types of promotion are advertising, public relations, product and promotion advertising, public relations, sales promotion and personal selling advertising, social media, product, and billboards advertising, promotion, pricing and profit product, place, price and profit

advertising, public relations, sales promotion and personal selling

Sales orientation is _____. based on the idea that firms use their internal strengths. based on the idea that firms care about creating customer value. based on the ideas that when a company uses multiple marketing channels it will help raise more awareness. based on the ideas that people will buy more goods and services if aggressive sales techniques are used.

based on the ideas that people will buy more goods and services if aggressive sales techniques are used.

A business that sells toys should open a store in a location that has a large population of _____. single professionals college students children senior citizens

children

Karla's mom bakes an apple pie every Sunday, this is an example of a(n) _____. attitude myth value ritual

ritual