Marketing Exam 1
The three basic forms that a product can take are
A good, a service and an idea
A target market
A specific group of customers on whom an organization focuses its marketing efforts
The Boston Consulting Group classifies products that have a domonant market share but low prospects for growth and that generate more cash than is required to maintain market share as
Cash cow
Marketers often speak of the "controllable" variables in the practice of marketing. Which of the following is not considered one of the controlled variables?
Competition
Which of the following scenarios involves the distribution element of the marketing mix?
Deciding whether or not to have retail outlets in addition to a website
For an exchange to occur, four conditions must exist: first, two or more individuals, groups, or organizations must participate, and each must possess "something of value" that the other desires; second, the exchange must provide a benefit or satisfaction to both parties; third, each must have confidence in the promise of the "something of value" held by the other; and fourth,
Describe how marketing creates value
The marketing environment is best described as being
Dynamic and Changing
Strategic planning is the process of
Establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy.
Mark goes to a vending machine, deposits 75 cents and receives a Sprite. Which one of the following aspects of the definition of marketing is illustrated here?
Exchange
Which of the following is essentially an uncontrollable factor in developing a marketing mix?
Government regulations
To formulate a marketing strategy, one must
Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market
A group that has the willingness, ability, and authority to buy a product is
Market
The percentage of a market that actually buys a specific product from a specific company is referred to as that product's
Market Share
American Express implements a program of calling its current cardholders to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?
Marketing
Distribution, price, promotion, and product are all elements of
Marketing Mix
Jones, Inc. is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the ________.
Marketing Plan
The questions "Who are our customers?" and "What is our core competency?" are answered in the firm's
Mission statement
The strategic planning process begins with
Organizational mission and goals
A systematic process of assessing opportunities and resources, determining marketing objectives, and developing a marketing strategy and plans for implementation and control describes which of the following marketing management activities?
Planning
Marketing management is defined as a process of
Planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.
Product
The element of the marketing mix used to increase awareness of a product or company is
Promotion
When DuPont develops new carpet fibers that are highly stain-resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?
Promotion
The concept of "exchange" is fundamental to the definition of marketing. What is the best description of exchange?
Provision or transfer of goods, services, or ideas in return for something of value
The director of marketing for Bond-Rite tapes tells the rest of the management team, "When it comes to our videotape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the videotape unit falls into which one of the following classifications?
Question Marks
Which of the following is not a purpose of the marketing plan?
Serve as a contract with the customer
Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are
Stars
Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) ____ unit of Kraft.
Strategic Business
Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
Strategic Business Unit SBU
Which of the following statements about marketing environment forces is not correct?
They fluctuate slowly and thereby create threats to a firm's marketing mix.
The equation a buyer applies to assess a product's value is
Value = customer benefits - customer costs
According to the text, a market is defined as
a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.
The marketing concept is best defined as
a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.
The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities, and they
affect a marketing manager's decisions and actions by influences buyers' reactions to the firm's marketing mix
The definition of marketing implies that _____ should receive benefits from exchange relationships
both customers and businesses
According to the Boston Consulting Group, marketers may classify their products as all of the following except
cash cows.
Environmental scanning means _____ information about the marketing environment, whereas environmental analysis is concerned with _____ this information
collecting; assessing
A competitive advantage exists when a
company matches a core competency to opportunities it has discovered in the market place
The product variable of the marketing mix can include all of the following except
consumer perception of the product price
A ______ is something that an organization does extremely well and may give a company an advantage over its competition
core competency
The focal point of all marketing activities is
customers
Issues of inventory levels and storage costs are both concerns relating to the _____ variable of the marketing mix.
distribution
The forces of the marketing marketing environment include
economic, competitive, political, technological, legal and regulatory, socio-culture.
Dell Computer collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities. This process is called
environmental scanning
When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a
market opportunity.
A marketing manager for a small computer manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ______ that influence(s) the firm's strategy.
marketing environment
The process of putting marketing strategies into action is called
marketing implementation.
When DataComp Corp., a producer of computer software, delayed the introduction of its new spreadsheet program to modify the package, its scheduled magazine advertisements announcing the new product needed to be revised. In this case, a change in the ___________ variable caused changes in the ___________ variable of the marketing mix.
product; promotion
