marketing final

From ________ % of all civilian workers in the United States performs marketing activities.

25 to 33

Marketing activities are a large component impacting the price of products and services. Approximately what percentage of a good's monetary price is associated with marketing activities?

50%

Which of the following is a primary difference between cause-related marketing and strategic philanthropy?

Cause-related marketing is short term, while strategic philanthropy is a long-term approach that uses its strengths to achieve organizational and social benefits.

Which of the following statements best reflects environmentalists' concerns regarding pricing?

Companies implementing sustainability practices must do so profitably and price products so that production costs as well as use of natural resources are recaptured.

A traditional online auction occurs when an online buyer invites businesses to bid to supply the specified good or service in competition with each other.

False

Which of the following is the best example of a firm implementing the marketing concept?

Frito Lay's sponsorship of the contest, "Do Us A Flavor" to gain involvement of customers in new chip flavors through online voting and purchase volume

Which of the following statements best describes the application of marketing activities to organizations?

Marketing activities can be utilized by a variety of organizations, such as governmental agencies, nonprofit, and for-profit businesses.

A junior marketing major is interviewing for a marketing internship position for the summer and has been asked to make a presentation about marketing to the interview team. Which of the following statements should the student make when defining marketing or marketing activities?

Marketing can be defined as the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers.

Marketing is important to businesses and the economy. Which of the following statements best summarizes the importance of marketing activities?

Marketing helps create a successful economy and contributes to the well-being of society.

Which of the following represents a well-stated marketing objective?

Purina Foods seeks to outperform their competition by obtaining a 25% share of the market in dry dog food by the end of the 4th quarter of the business year

Which of the following best exemplifies the concept of a "strategic window"?

Sledgehammer Games' ability to sign actor Kevin Spacey, known for his role in House of Cards, to play Jonathan Irons, the CEO of a global private military firm in their popular video game, Call of Duty: Advanced Warfare.

Which of the following best characterizes the forces of the marketing environment?

The forces change dramatically and quickly, and a change in one force is likely to affect the other forces.

Which of the following statements is true regarding the marketing concept?

The marketing concept is a managerial philosophy guiding all aspects of an organization's business.

The marketing environment forces only impact customers and enable marketing managers to easily adjust to their marketing mix to successfully serve customers.

The marketing environment forces change dramatically and quickly, and a change in one force is likely to affect the other forces.

Which statement best describes the marketing concept from the viewpoint of a company president or CEO?

We have created a business culture where our focus is on the customer to ensure his or her needs and wants are met.

Which of the following is the best example of a service organization?

american airlines

Value can be defined as a customer's subjective assessment of benefits relative to costs in determining the worth of a product. Which of the following would not be considered a cost associated with purchasing a product and determining its value?

benefits received in exchange for the product

WalMart has developed a reputation for their extensive use of information to aid in management and marketing decisions. Today, WalMart leverages their point-of-sale system in the stores, website traffic and information gleaned through the use of "cookies" and monitoring of social media, such as Twitter, Facebook, Instagram, and Pinterest. The VP of Information Technology says this "mountain of data provides significant insights for their product category leaders and other managers across the WalMart company." What type of information does WalMart utilize?

big data

Which of the following statements best exemplifies the requirements for maintaining exchange relationships?

both the buyer and seller must be satisfied

Diet Coke, Diet Pepsi, and Diet RC are categorized as soft drink or beverage companies, which market products that are similar in features, benefits, and prices to the same customer or target market. Therefore, these companies can be classified as __________ competitors.

brand

Managing customer relationships requires identifying patterns of ____ and then using that information to focus on the most promising and profitable customers.

buying behavior

Macy's partners with the Goodwill organization by encouraging shoppers to bring used clothing and shoes for donations to Goodwill in exchange for discount coupons. Macy's "Shop for a Cause" campaign and partnership with Goodwill is an example of

cause-related marketing.

The month of October is increasingly associated with breast cancer awareness month where adult women are encouraged to practice self-examination and undergo screenings in an attempt to be proactive in staying healthy and living a long life. The pink ribbon is associated with breast cancer awareness and during the month of October a wide range of businesses partner with breast cancer organizations and feature a pink ribbon on their product packaging. For example, Campbell's Soup releases limited edition cans of its popular chicken noodle soup featuring a pink label and support of breast cancer awareness initiatives. Campbell's Soup pink cans illustrate a practice known as

cause-related marketing.

A(n) ____________ targeting strategy is one in which an organization targets a single market segment using one marketing mix.

concentrated

The efforts of independent individuals, groups, and organizations to protect the rights of consumers is called

consumerism

Which of the following characteristics is not correct regarding periods of depression?

consumers have high total income

Apple has developed a reputation for their ability to deliver products that provide an artistic design aesthetic through high levels of quality and attention to detail. For example, the laptops are designed so they can be opened with just one finger using a special groove on the front lip of the laptop. Apple's reputation for design and their ability to create functional features that enhance the user's experience represents a(n) __________ for the company.

core competency

Scenario 1.1. Use the following information to answer the questions. A new company, Cleanethics is marketing a cleaning product called Bottle Bright. Bottle Bright is available on Amazon.com in two sizes: a 10 count pouch for $7.99 or a twin-pack 10 count pouch (20 tablets) for $11.99. The Cleanethics founders were featured on the popular TV show, Shark Tank and shared their idea and product history. Their journey began appropriately at a trailhead—fresh off a mountain bike ride that was endured with noticeably less than fresh tasting water. They were fed up with the grime that plagued their hydration packs and water bottles, and the lack of suitable methods to clean them. After years of choosing between stains and odors or toxic chemicals, they set out to create the safest and most effective product for maintaining hard-to-clean drinking containers. In addition, the founders conducted considerable market research to determine consumers' needs for cleaning products and likelihood to purchase an environmentally friendly cleaning product. Their background in renewable fuel production provided the relevant experience in chemistry and product development. After countless hours spent researching and testing, their unique all natural formula was born. Bottle Bright cleans water bottles, travel mugs, and other hard-to-clean drinking vessels, is biodegradable, chlorine free, all natural, removes stubborn stains and odors, and is certified by The Natural Products Association. In addition, the founders recognized that the problem of dirty water containers carries more serious risks to people in developing countries and they committed to leveraging sales to give Bottle Bright to the people that need it most. The company uses the slogan, Buy clean, give clean—Clean in Kind to educate and remind consumers about this mission and how a purchase of Bottle Bright tablets will provide clean water to those who need it most. Refer to Scenario 1.1. The target market for Bottle Bright would most likely be:

customers who are concerned about the environment and utilize refillable water bottles to reduce their carbon footprint

Secret utilized the tagline, "Strong enough for a man but made for a woman" in the early 1970s and the message is still strongly associated with the product and its line of deodorants and antiperspirants. What type of segmentation variable is Secret utilizing for its deodorant products?

demographic

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

developing a marketing strategy

You have been invited to attend a meeting of a special interest group that a good friend is a part of. You accept the invitation and agree to attend the group's next meeting. After attending the meeting, you realize you are passionately opposed to everything the group stands for. You tell your friend you never want to attend another meeting or associate with anyone who is a part of that group. However, you will make a special allowance for your friend. In terms of social influences, which of the following terms best describes the group as it relates to you?

dissociative reference group

The activities related to making products available in the quantities desired to as many target market customers as possible is part of which element of the marketing mix?

distribution

You are starting a new job next week at a consumer products company in Redmond, Washington. You will be responsible for managing the company's inventory levels, as well as the related transportation and storage costs. You will rely heavily on some previously-established relationships as you refine the firm's interactions with its various intermediaries. Your job responsibilities primarily relate to which of the following marketing mix variables?

distribution

The chief marketing officers of most multinational corporations consider the marketing function as very complex. The practice of marketing is difficult due to the long list of variables and factors that impact a company's marketing success, which are part of the marketing environment. One important factor impacting organizations is the unemployment rate. Which environmental factor is most associated with unemployment rates or the percentage of people employed?

economic

​The ___________________ section of the marketing plan supplies information about the company's current situation with respect to the ________________, the target market, and the firm's current objectives and performance.

environmental analysis; marketing environment

Many companies attempt to benchmark their performance against other firms in their industry. The American Customer Satisfaction Index (ACSI) is the nation's only cross-industry measure of customer satisfaction, giving businesses science-based insights across the complete arc of the customer experience. The ACSI conducts research and reports its findings using a 100-point scale across a variety of industries such as insurance, healthcare, travel, restaurant, and hospitality. A recent listing of companies in the wireless telephone communications service industry reported customers rated TracFone Wireless the highest with an ACSI score of 77 and Spring the lowest at 65. Verizon and AT&T were rated relatively the same with scores of 71 for Verizon and 70 for AT&T. These ACSI ratings assist companies with which of the following activities?

evaluating actual performance

Apple's ability to deliver products that customers want to buy and generate high levels of customer satisfaction as well as profits and shareholder wealth demonstrates Apple's ability to facilitate ______.

exchanges

WalMart has traditionally utilized an everyday low price strategy in their continued efforts to be the number one global retailer. They recently launched an application called the WalMart Savings Catcher to ensure consumers receive the lowest possible prices compared to the competition. Which of the following slogans would be most appropriate for WalMart to use to communicate the message of everyday low prices most effectively?

expect more, pay less

When marketing researchers try to manipulate an independent variable and measure the resulting changes in a dependent variable, they are engaging in _____.

experimentation

Pablo is recently graduated from college and is planning to buy a new vehicle. He's interested in a sporty sedan and plans to take 1-2 months to test drive different vehicles, read car reviews in online forums or magazines that compare the various makes and models, and talk with the credit union about a car loan. What type of decision-making process is Pablo utilizing for the upcoming vehicle purchase?

extended decision making

For an exchange situation to arise, only one condition must exist: two or more individuals, groups, or organizations must each possess something that they value and are willing to give up to receive the "something of value" held by the other individual, group, or organization.

false

The marketing concept deals only with marketing activities.

false

Which of the following are the three forms of a product?

ideas, services and goods

Your university has decided to purchase new computers for all of the computer labs on campus. Typically, the purchasing agent negotiates with manufacturers and makes the decision on what to buy. However, for this purchase he has asked members of the computer science department to give input on the purchase decision. In this instance, the computer science department would be acting as a(n) ____, while the purchasing agent is a(an) ______.

influencer; decider

Which of the following are the three primary ways firms can achieve profits through managing customer relationships?

keeping customers for a longer period of time, enhancing profitability of existing customers, and acquiring new customers

The North American Industry Classification System (NAICS) is superior to the SIC system due to its

level of comprehensive and up-to-date information

The marketing concept is a ______________ that guides the overall activities of an organization. It has evolved over time from a ______________ in the second half of the 19th century to a _____________ today.

management philosophy; production orientation; market orientation

Caterpillar, Inc. a manufacturer of heavy construction and mining equipment works with its dealer network to conduct extensive consumer research such as customer satisfaction studies, focus group interviews regarding new products, and listening to customer opinions through social media outlets. Which orientation is Caterpillar most likely utilizing?

market

Bud Light, the brand behind the wildly successful Bud Light Lime Ritas, introduced a new cocktail-inspired product to the growing Bud Light portfolio: Bud Light MIXXTAIL. Bud Light MIXXTAIL is available in three flavors—Long Island, Firewalker, and Hurricane. The MIXXTAIL products were developed to appeal to customers who are choosing mixed drinks instead of beer products. In this case, Budweiser is most likely utilizing which approach to marketing?

market orientation

Scenario 1.2. A recent Council of Supply Chain Management Professionals meeting featured an executive from Caterpillar, largely considered the world's leading manufacturer of construction and mining equipment. The executive discussed the capabilities of their firm regarding tracking the carriers or transportation vendors who facilitate the movement of parts needed for manufacturing as well as finished goods. The company utilizes a solution from GT Nexus which provides end-to-end visibility of its carriers across different shipping modes including air transportation, ocean, inland waterways, and over-the-road trucking. The GT Nexus technology solution tracks on-time performance of the carriers within each shipping mode and assists Caterpillar in determining the cost-effectiveness of specific carrier vendors as well as shipping modes. Caterpillar utilizes the information to assist them in their decision-making as to when to utilize different modes of transportation (e.g., air freight versus ocean) as well as decisions within a mode (e.g., one-day air versus two- or three-day air). In addition, Caterpillar engages in customer analysis research to determine consumers' sensitivity to price as well as the importance of timely delivery. Additional insight regarding customer needs aids Caterpillar in their judgments about pricing and delivery schedules for parts and equipment. Caterpillar's investment in the technology solution as well as customer insights has helped the company achieve its revenue and profitability goals. Refer to Scenario 1.2. Based on the information provided in the Scenario regarding Caterpillar, which orientation would best describe their approach to marketing?

market orientation

The marketing concept is not a tactical philosophy but a management philosophy.

marketing concept

A marketing manager for a regional distributor of beer and alcoholic beverages 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

​Which one of the following statements is true regarding the global impact of marketing?

marketing improves the quality of life of customers

Product, price, distribution, and promotion are all components of a firm's

marketing mix

Which areas or functions of an organization are impacted when a company chooses to adopt the marketing concept?

marketing, management, finance, and accounting functiosn

Customer costs can be defined as anything the buyer must give up in order to obtain the benefits the product provides. Which of the following is the most obvious customer cost

monetary price of the product

Utility companies like Ameren are classified as ________.

monopolies

A company is considered to possess a(n) __________ when it produce a product that has no close substitutes.

monopoly

As a firm fulfills its basic economic responsibilities, it must simultaneously _____.

obey laws and regulations

Which survey method enables researchers to obtain a quick response at lower costs compared to traditional mail and telephone surveys?

online surveys

Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally produced goods over similar goods that are imported, and they raise revenues for governments. In April 2015, China notified the World Trade Organization Secretariat of a request for consultations with the European Union regarding measures it recently adopted to modify its tariff concessions on certain poultry meat products. This situation of one country (China) seeking an audience with the European Union is an example of which of the following types of forces that constantly impact a company's dynamic marketing environment?

political force

Which of the following is the most accurate listing of marketing environmental forces?

political, legal, technological, sociocultural, competitive, and economic

Jennifer was diagnosed with a lymphoma and must have chemotherapy treatments every three weeks. Jennifer is concerned that the pharmaceutical company might engage in _________, which is common in the industry especially when customers have a high need for the medicine and very few substitutes exist.

price gouging

Refer to Scenario 1.1. Which element of the marketing mix is Amazon focusing on through its offer of the two different product packages—the single 10-tablet pouch versus the twin, 20-tablet pouch and reflected in the significant monetary savings associated with the twin pack purchase?

pricing

What are the two basic types of sampling utilized by marketing researchers?

probability and nonprobability

Refer to Scenario 1.1. Cleanethics' main competitive advantage over traditional cleaning products comes from its attention to which element in the marketing mix?

product

A marketing manager can utilize executive judgment as a sales forecasting method. It is most appropriate to utilize when

product demand is stable and the marketing manager has years of market-related experience.

When McDonald's adds new items to their menu, they must educate their target audience about the new items in order to stimulate purchase and motivate consumers to visit their local McDonald's restaurant. This calls for activity in which of the following marketing mix variables?

promotion

Which element of the marketing mix is utilized to create consumer awareness of the organization and its products?

promotion

Frito Lay's website features information about products, recipes, nutritional values, and contests, but customers cannot actually purchase products from the website. The Frito Lay website is most likely used primarily as a ____ marketing tool.

promotional

Willamette Valley Community College often hosts receptions for alumni and business leaders and serves local wine from the Oregon valley. They have an agreement with the Willamette Valley wine cooperative to only serve Oregon wines from the region at their events and purchase directly from members of the cooperative organization. This agreement is an example of _____ that is unique to business markets.

reciprocity

Ross is employed as the Marketing Director for a global manufacturing firm. He's also a husband and father and enjoys coaching his kids in soccer and little league baseball. He also shares his marketing expertise with nonprofit organizations by serving as the president of the local chapter of United Way. The set of actions and activities that Ross is engaged in are called his

roles

Which consumer decision making style would be most likely for an individual who is purchasing his or her usual brand of shampoo?

routinized response behavior

Following the time period associated with the production orientation, competition increased, and demand for products declined. During this time frame between the 1920s and the 1950s, organizations followed a _______ orientation.

sales

U.S. Electric, the maker of a highly innovative xenon light bulb used in large, manufacturing facilities, finds that it has excess inventory. The firm increases its direct marketing budget by 20 percent and adds three new sales representatives. This company is operating as if it were in which of the following orientations?

sales

CertainTeed Corporation, a manufacturer of building materials had an excess inventory of roofing materials such as shingles. In response to the excess inventory, CertainTeed increased its advertising budget by 20% and hired two additional sales representatives to further penetrate the roofing and building materials marketplace. Based upon CertainTeed's response to their excess inventory, which business orientation are they most likely implementing?

sales orientation

According to the marketing concept, firms should achieve their goals and simultaneously

satisfy customer needs

Which of the following best exemplifies the focus of the marketing concept?

satisfying customers' needs in a way that helps to achieve organizational objectives

A marketing research analyst with Cox Cable is accessing the U.S. Census Bureau website to obtain statistics about the population in various metropolitan areas in the Cox Cable market. The U.S. Census Bureau is an example of _______ data.

secondary

Which of the following best describes the final step in the target market selection process?

select specific target markets

Demand for manufactured goods during the Industrial Revolution was __________.

strong

A specific group of customers on whom an organization focuses its marketing efforts is known as:

target market

Which environmental force is credited with transforming the U.S. economy into the most productive in the world?

technological

StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about _____.

the marketing environmetn

Jamal Miller is a management consultant who frequently works with businesses to assist them with their strategic planning efforts. He recommends that once firms have used the SWOT analysis to gauge their capabilities and resources relative to the industry, they should identify tactics to achieve a more competitive position relative to other firms in their market. One approach Jamal suggests includes taking actions to convert external _______ into opportunities and internal _______ into strengths.

threat; weaknesses

An organization that links buyers and sellers in different countries but is not involved in manufacturing is called a(n)

trading company

A recent U.S. Supreme Court decision has nullified federal laws that limited corporate contributions to political campaign funds for specific candidates.

true

Marketing activities do not always result in exchanges.

true

Target markets can be people who buy the product but do not necessarily use the product.

true

A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as ___________.

value