Marketing 420 Quiz 1

Blank is a central tenet of marketing in which a person gives up something of value to them for something else they desire to have.

Exchange

The marketing concept was first articulated in the Annual Report of

General Electric.

Which statement about utility is accurate?

The four major kinds of utility are form, time, place, and ownership.

In a marketing plan, every strategy must include an implementation element. These are sometimes called

action plans.

Which type of plan is often described in terms of a separate plan for a worst-case, best-case, and expected-case performance against the forecast?

contingency plan

Which element helps avoid scrambling to decide how to adjust marketing strategies when performance against a forecast is higher or lower than expected?

contingency plans

A company produces the best wine corks of any other provider, so they are highly sought by winemakers. This company demonstrates a

distinctive competency.

Call Solutions has 12 call centers worldwide handling customer service issues for a variety of companies. The firm is considering the purchase of a software firm that serves the oil and gas industry. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ Blank strategy.

diversification

Purpose-driven marketing, or pro-social marketing, as practiced by the well-known Tom's shoe company,

engages consumers in a meaningful way.

Bryan gets reduced fees for his daughter's piano lessons by maintaining her teacher's website. Bryan is practicing the central tenet of marketing called

exchange

Utility created when a firm converts raw materials into finished products that are desired by the market is called ________ Blank utility.

form

Two friends are partners in a manufacturing firm that employs over 1,500 people. Recently, employees have been complaining that they were not told of changes in health insurance coverage and premiums. To which of the following support activities of the value chain can this problem be attributed?

human resource management

Companies that conduct a great deal of research to learn how they can successfully put the marketing concept into practice most likely have a ________ Blank orientation.

market

A small business spent a large amount of time determining its brand image and how it would deliver its message to its customers. These are elements of

marketing (little m).

Vlad attributes the success of his video game arcade to advertising on the most popular website for gamers. Recently, the website raised ad prices, so Vlad has cut his advertising in half. He believes that positive word-of-mouth will be enough now that his game is well established. However, sales are slipping. Of the five primary activities in the value chain, this problem is most likely to occur in

marketing and sales

As of 2019, which generational segment is the largest in the United States?

millennials

Supply chain management is considered to be part of the ________ Blank of the marketing mix.

place

A home contractor used to purchase many building lots and build spec homes (i.e., it gambled that the demand for new houses would be so high that they would sell easily). Since the real estate slowdown, it builds homes only when owners are under contract. In this case, the company is most likely pursuing a generic business strategy of

retrenchment.

Marketing (Big M) is also known as ________ Blank marketing.

strategic

For successful Marketing (Big M), all internal organizational practices should be aligned around

the customer.