Marketing Exam 1

In the 4Ps of the marketing mix, promotion refers solely to advertising.

False

Which of the following is an example of consumer-generated marketing?

Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.

Design, packaging, service, and features are elements of the ________ component of a company's marketing mix.

product

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

product

Which of the following is most likely a financial public?

stockholder

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

Which of the following is most likely true about business legislation?

Business laws are enforced only in international markets and not in local markets.

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Demography

Which of the following companies is using a divesting strategy?

When sales of its clothing division decline, Blackstone sells the division to a competitor.

Which of the following best describes market segmentation?

Market Targeting

A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public.

citizen-action

_____ are defined as states of felt deprivation

Needs

Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ is typically undertaken to guide decision making.

SWOT analysis

Omni Healthcare's analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?

The demand for analgesic drugs in the Terrania market is expected to remain stable.

Which of the following is a difference between the marketing concept and the selling concept?

The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?

They develop strategies to change the marketing environment

Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?

They take advantage of the opportunities provided by the environment.

________ are the form human needs take as they are shaped by culture and individual personality.

Wants

Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?

an MP3 player that has a high market share in a market that is not expected to grow significantly

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________.

baby boomers

Which of the following generational groups account for only a third of the U.S. population yet accounts for half of all consumer spending?

baby boomers

Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.

capturing customer lifetime value

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charitable foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will be donated to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?

cause related marketing

Ritz-Carlton hotels are fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel, or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________

customer delight

According to the text, ________ are the most important actors in a company's microenvironment.

customers

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

economic

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

market growth rate and relative market share

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.

marketing control

A marketing intermediary would most likely help a firm by ________.

moving the firm's goods from production points to distribution centers

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________.

financial intermediary