marketing 350 unit 1

Whether fluctuating rapidly or slowly, environmental forces are always _______.

dynamic

The College of Business wants to survey students about online classes. Let's pretend the student population of business majors is roughly 30% marketing majors, 15% finance majors, 20% accounting majors, and 25% management majors, and 10% fashion and construction management majors. If 100 students were surveyed, _______ should be marketing majors and _______ should be accounting majors.

30; 20

Ishmael spent $500 on a new television set. How much of this price is likely to go toward marketing expenses?

About $250

Which of the following types of competition are geared toward market products with similar features and benefits to the same customers at similar prices?

Brand competitors

Which of the following equations describes customer value?

Customer value = customer benefits - customer costs

Which stakeholders are the focal point of all marketing activities?

Customers

Which marketing research process step requires formulating a hypothesis and determining what type of research is most appropriate for testing it?

Designing the research project

Which of the following competitive growth strategies uses the most resources and is often the most risky?

Diversification

Which of the following regulatory agencies has the greatest influence over marketing activities?

Federal Trade Commission

Which of the following is NOT a purpose of marketing research?

Gather random data

Which of the following is most closely related to the political forces of the marketing environment?

Legal and regulatory forces

A Costco is opening August 18 in Springfield. When Costco opens a new location in a new market, which competitive growth strategy it is employing?

Market Development

To grow sales of trim and door paint, Clare Paint creates a coupon code for anyone purchasing wall paint to take 30% off their next trim and door paint purchase. Which growth strategy is Clare Paint using?

Market Penetration

The marketing concept is based upon the idea that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. During which orientation (time period) are marketers most likely to adopt the marketing concept?

Marketing orientation

__________ would be considered a brand competitor to Burger King because both restaurants offer very similar products with similar benefits at similar price points to similar customers. People see these two brands as interchangeable.

McDonalds

"Who are our customers?" and "What is our core competency?" are two important questions address in writing a _______________.

Mission Statement

What type of competitive structure exists when a firm produces a product that has no close substitutes?

Monopoly

During the holiday season, a Bluetooth speaker was in such high demand that it sold out quickly at a local Walmart. When Walmart tried to order more, it learned that the suppliers had so many orders to fill that it would not be able to fill Walmart's order for two weeks. What type of marketing mix variable does this problem involve?

Place/Distribution

_____ data yields information that can be communicated through numbers or metrics.

Quantitative

During which of the following economic conditions does unemployment begin to decline, total disposable income increase, and consumers' willingness to buy begin to rise?

Recovery

What is the last step in the marketing research process?

Reporting research findings

What is likely the most important decision a marketer will make during the strategic planning process?

Selecting a target market.

A SWOT analysis focuses on an organization's:

Strengths, Weaknesses, Opportunities, and Threats.

Tom's of Maine's natural toothpaste is highly popular but is unlikely to experience much more market growth. As a result, Tom's of Maine is examining other forms of toothpaste with high potential for growth. However, because its natural toothpaste remains so profitable, it can use these profits to invest in newer toothpastes. Tom's of Maine's natural toothpaste is an example of a

cash cow.

When marketers define their target market, they simultaneously establish a set of

competitors.

Subaru developed a new luxury car model, but, after performing some market tests, it realized that it was pricing its vehicles too high, even for the luxury market. Subaru had to make some changes in its marketing mix. Unfortunately, it made the mistake of launching its product right when a recession hit. As unemployment rose, sales of luxury products such as Subaru's new luxury vehicle tend to decrease. In this case, the pricing of its vehicle is a(n) _______ force for Subaru, while the economic downturn is a(n) _______ factor.

controllable; uncontrollable

Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

The marketing environment is described as being dynamic, meaning it is _____________________.

dramatic and difficult to predict

Madison is responsible for her company's social media presence. Although her supervisor likes her to write long blog posts, Madison has found that although these posts do help achieve the company's objectives, there are other types of content that are quicker and easier to produce that provide the same result. Madison has found blog posts to be ______________, but not _______________.

effective; efficient

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.

exploratory research.

Kraft Foods hosts groups of 12 people at their corporate research facility to discuss what kinds of snacks they're most interested in buying. This is best described as _______.

focus groups

A _______ is an informed guess or assumption about a certain problem or set of circumstances.

hypothesis

The real value of marketing research to the organization can best be measured by

improvements in the ability to make decisions.

Which of the following competitive growth strategies strives to increase sales of current products in new markets?

market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy?

market growth/market share matrix also known as the BCG matrix

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) _______.

market opportunity

Marketers control changes in the ____________, but have little control over the changes in the ________________.

marketing mix; marketing environment

A valid study

measures what it is supposed to.

An organization operating in the _________ competitive structure has the highest degree of control over the price and distribution/place choices within its marketing mix.

monopoly

The strategic planning process begins with _______.

organizational mission and goals

The forces of the marketing environment include

political, economic, technological, sociocultural, competitive, and legal / regulatory.

Patrick recently conducted marketing research to make a better decision about the operating hours of his Springfield restaurant, Thai Express. The responses from all four of the focus groups were consistent; the restaurant should be open on Sunday for lunch. However, when Patrick opened his restaurant for Sunday lunch the entire month of June, he had hardly any customers. It seems Patrick's research was ___________, but not ___________.

reliable; valid

When working as a summer intern for a local retail store, Yuwang 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

secondary data.

Grocery stores are responding to changes in _________ forces by adding a greater selection of foods from other cultures, healthier options, and foods for dietary restrictions like gluten free.

sociocultural

Customers choose to go to Prairie Pie based upon the value they place on the total product—including the food, service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _______.

subjective

Kroger decided to introduce a new product that appeals to Hispanic consumers. While the product is highly successful among Hispanic consumers, other ethnic groups seem to like the product as well. For this product, Hispanic consumers comprise Kroger's _______.

target market

At Apple, Inc., managers are trying to foresee the effects of new products and processes on their firm's operations, on other business organizations, and on society in general. This is best described as _______.

technology assessment

Place/distribution, price, promotion, and product are all elements of

the marketing mix.