MBA 671 Exam 1

After Fidel Castro took power in Cuba in 1959, his government seized control of American property without paying compensation. Coca-Cola, DuPont, Texaco, and dozens of other American companies have filed claims against Cuba seeking financial settlements. Which of the following terms most specifically describes the actionCastro took against these companies? a. nationalization b. confiscation c. expropriation d. internationalization e. deportation

confiscation

Fast Bean sells coffee to Fred to brew and drink at home. This is an example of business-to-______ marketing. consumer vendor business producer

consumer

Value-oriented marketers measure the benefits that customers perceive against the ______ of their offerings.

cost

In a value-based, marketing-oriented firm, marketers share ______ about customers and integrate it across the firm's various departments. prices costs benefits data

data

Marketing is the activity, set of institutions, and processes that create, capture, communicate, and ______ value.

deliver

A tobacco company's decision to create a cigarette brand that would appeal to working women between the ages of 18-35 would represent which type of segmentation: a) demographic segmentation b) benefit segmentation c) psychographic segmentation d) behavioral segmentation

demographic segmentation

Each of the four Ps plays a distinct role in adding value for customers and firms. Product, the first of the four Ps, is responsible for ______. communicating promotions developing goods and services delivering ambiance establishing prices

developing goods and services

Jazzy Tile Co. segmented its broad product-market and decided to aim at two different segments, offering each segment a different marketing mix. Jazzy Tile Co. is following the ______________ approach. A. mass marketing B. differentiated target market C. combined target market D. single target market E. All of the above.

differentiated target market

When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is ______. price oriented market oriented sales oriented profit oriented

market oriented

An economic system in which resources are allocatedby market forces but are predominantly under stateownership is known as: a) market capitalism b) centrally-planned capitalism c) market socialism d) centrally-planned socialism

market socialism

What is the rallying cry of the global Marketer?

"Think Globally, Act Locally"

Firms become value driven by focusing on which of the following activities? (Check all that apply.) -Using existing technologies to improve processes -Establishing good hiring practices -Balancing customer benefits and costs -Building relationships -Sharing information

-Balancing customer benefits and costs -Building relationships -Sharing information

Many of the most successful American firms believe that marketers should focus on which of the following beyond financial profitability? (Check all that apply.) -Environmentally friendly options -Social responsibility -Lobbying for corporate tax breaks -Outsourcing as much labor as possible

-Environmentally friendly options -Social responsibility

What were the primary characteristics of the market-oriented era that followed World War II? (Check all that apply.) -It was a buyer's market. -It was a seller's market. -Products were designed to focus on consumers' needs. -Consumers had to purchase products of inferior quality. -Consumers had a limited range of products from which to choose.

-It was a buyer's market. -Products were designed to focus on consumers' needs.

Which of the following are related to marketing in the production-oriented era? (Check all that apply.) There was an excess supply of product, and the consumer was the king. Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. Retailers were considered places to hold inventory until it was sold. Personal selling was used to market products.

-Manufacturers were concerned with product innovation, not with satisfying the needs of the individual. -Retailers were considered places to hold inventory until it was sold.

Which of the following describes the fundamental purpose of marketing? -To advertise and entertain customers. -To sell things as cheaply as possible. -To develop innovative products. -To create value and satisfy consumer needs.

-To create value and satisfy consumer needs.

In what marketing era are we functioning today? -Value-based marketing era -Sales-oriented era -Production-oriented era -Market-oriented era

-Value-based marketing era

If a car manufacturer wanted to segment its marketplace it would ______. (Select all that apply.) -identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans). -divide consumers into groups based on their incomes. -offer the same car model to all consumers in the marketplace

-identify customer needs for different types of cars (such as sports cars, SUVs, and family sedans). -divide consumers into groups based on their incomes.

During the sales-oriented era, ______. -the consumer was the king -manufacturers focused on product innovation, not satisfying consumer needs -firms believed a good product would sell itself -manufacturers had the capacity to produce more than consumers were able to buy

-manufacturers had the capacity to produce more than consumers were able to buy

Which of the following are associated with marketing, as defined by the American Marketing Association? (Check all that apply.) -processes used to create value for clients -activities that communicate offerings that have value for society at large -institutions that implement technologies for increased production efficiency -institutions that facilitate the exchange of offerings that have value for customers -organizations that develop industry partnerships for international outsourcing

-processes used to create value for clients -activities that communicate offerings that have value for society at large -institutions that facilitate the exchange of offerings that have value for customers

Approximately what percentage of marketers use social media? 97% 57% 37% 17%

97%

Which of the following characterizes the relationship between marketing and exchange? A buyer maneuvers a seller into providing maximum value for the lowest price. A seller determines the best way to maximize his profit while minimizing buyer value. A buyer and seller work together to neither increase nor decrease net satisfaction. A buyer and seller trade things of value, leaving each better off than before.

A buyer and seller trade things of value, leaving each better off than before.

Which of the following is NOT an element of the traditional promotional mix? A) packaging B) advertising C) personal selling D) sales promotion E) public relations

A) Packaging

Which of the following is true about etic and emic approaches to country analysis: a) The etic and emic approaches are identical. b) An emic approach studies a culture from within; etic analysis is "from the outside." c) An emic approach studies a culture "from the outside"; etic analysis studies a culture from within. d) The emic/etic distinction is not useful in cultural studies.

An emic approach studies a culture from within; etic analysis is "from the outside."

When was the production-oriented Era? -From the end of World War II to the present day -From the creation of thAt the turn of the 20th centurye internet through the present -From the 1920's through the 1950's -At the turn of the 20th century

At the turn of the 20th century

The process by which businesses sell to consumers is known as ______ marketing. B2C B2B C2C C2B

B2C

In a value-based, marketing-oriented firm, marketers share information about ______ and competitors, and then integrate and distribute it across the firm's various departments. vendors designers prices customers

Customers

When was the consumer "king"? During the value-based marketing era During the production-oriented era During the sales-oriented era During the market-oriented era

During the market-oriented era

The conventional wisdom in the German advertising world is that German clients are conservative and want ads that feature facts, not fun. A typical print ad in Germany is text heavy with arguments for a product's superiority. For example, the copy for Exquisa fitline 0.2%, a low-fact spreadable cheese, reads: "Exquisa fitline fulfills your wishes for a healthy and easy-to-digest bread spread with only 0.2% fat and lots of biological high protein." This suggests that emotional advertising appeals will work well in Germany. a. True b. False

False

True or false: Businesses should avoid using social and mobile media technologies.

False

Which events helped create a situation in which manufacturers produced more than customers could buy? (Select all that apply.) Great Depression World War II Great Recession World War I

Great Depression World War II

____________ is a phrase used to describe a country or regional culture where a business deal depends more on person's word than on formal paperwork or a legally-binding contract. a. High-context b. Low-context c. Cultural universal d. Self-reference criterion

High-context

Which of the following is NOT true of secondary data about global markets: a)It was not gathered specifically for the research project at hand. b) It is often so expensive that small companies can't afford to use it. c) It can be accessed quickly. d) A great deal is available from government agencies.

It is often so expensive that small companies can't afford to use it.

What are examples of High context Cultures?

Japan, Middle East

____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

Marketing

_____ is most closely associated with positive reinforcement. A) Projective conditioning B) Psychoanalytic theory C) Operant conditioning D) Affective theory E) The multiattribute motivational model

Operant conditioning

You're walking down a street and find yourself hankering for an ice cream cone. A few blocks later you see a Baskin Robbins ice cream shop. Which of the 4 Ps is most at play here? Promotion Product Place Price

Place

______ is one of the elements of the four Ps that embodies all activities needed to get the product to the right customer when and where he or she wants it. Marketing Marketing mix Place Positioning

Place

______ is the component of the four Ps that aims to capture value. Place Promotion Price Product

Price

Which of the following are elements of the marketing mix? (Select all that apply.) Purchase Price Plasticity Product

Price, Product

______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

Product

What are the 4P's of marketing?

Product, Price, Place, Promotion

Manufacturers in the production-oriented marketing era at the turn of the 20th century were concerned with efficient ______, not with satisfying needs of consumers. value creation support production pricing

Production

In the marketing mix, which element of the 4Ps communicates value to the consumer? Price Product Place Promotion

Promotion

______ is the part of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations. Place Price Product Promotion

Promotion

_____is the component of the four Ps of marketing that is used by marketers to inform, persuade, and remind potential buyers about a product or service to influence their opinions and produce a response.

Promotion

What are the three basic categories of global target marketing strategies?

Standardized global marketing - Mass marketing on a global scale and Undifferentiated target marketing Concentrated global marketing - Niche marketing and Single segment of global market Differentiated global marketing - Multi-segment targeting and Two or more distinct markets

Which of the following are components of price? (Select all that apply.) Time Cultural imperialism Ethical climate Energy Money

Time Energy Money

True or false: In the marketing mix, place attempts to deliver value by making the product or service available when and where the consumer needs or wants it.

True

U.S. Corp. established a joint venture with RussProm,a Russian aerospace concern. The U.S. partner reliedon teams of lawyers to pursue due diligence and ensurethat every eventuality was covered by contracts.RussProm managers found all this confusing,and were more interested in building personalrelationships and mutual trust.Which of the following best explains the situation: a) U.S. culture is low-context, Russia's is high context b) U.S. culture is high-context, Russia's is low context c) the U.S. and Russia are both low-context cultures d) the U.S. and Russia are both high-context cultures

U.S. culture is low-context, Russia's is high context

What are examples of Low context Cultures?

USA, Northern Europe

How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinions and elicit a response? Using place Using promotion Using price Using product

Using Promotion

In order to compete successfully, most firms today, operating in the market orientation phase of marketing, have to provide their customers with better ______-based marketing than their competitors.

Value

What are supply chain partners? (Select all that apply.) Wholesalers Competitors Retailers Transporters Federal regulators

Wholesalers Retailers Transporters

The U.S. government recently imposed multimillion dollar fines on the defendantsin a price fixing suit brought against American agribusiness giant Archer DanielsMidland. ADM agreed to pay $100 million in fines. This shows the importanceof ______________ issues in global marketing: a. expropriation b. bribery c. intellectual property d. licensing e. antitrust

antitrust

Which of the following does not represent "conventional wisdom" regarding global segmentation: a) assume heterogeneity between countries b) assume homogeneity within a given country c) focus heavily on macro-level cultural differences d) assume emergence of segments that transcend national boundaries

assume emergence of segments that transcend national boundaries

Economic transaction between the residents of a country and the rest of the world is ______________________.

balance of payments

For nearly 60 years, DeBeers has used the advertising slogan "A diamond is forever." Such a long-term investment in marketing is central to developing: a) brand extensions b) cobranding c) local brands d) brand equity e) brand marks

brand equity

The sum of impressions about a product or brand that come from all information sources and cues is known as: a) brand extensions b) cobranding c) brand image d) brand equity e) brand loyalty

brand image

In the four Ps of marketing, the task of the price is to ______ value for the market mix. capture decrease increase stabilize

capture

By definition, a ______ requires a large amount of learning on the part of users and typically creates new markets and consumption patterns: a) continuous innovation b) dynamically continuous innovation c) discontinuous innovation d) platform-based innovation

discontinuous innovation

A core aspect of marketing, borrowed from economics, includes a(n) __________, which is a transaction in which things of value are traded by buyers and sellers.

exchange

Increasing profits will most likely occur at which stage of the PLC? A) product development B) introduction C) growth D) maturity E) decline

growth

Products include goods and services, as well as ______ , which are thoughts, opinions, and philosophies that can be marketed, just as goods and services can.

ideas

Of the four Ps, ____is whatever the buyer gives up in exchange for the product--for example, money, time, or energy.

price

When the Coca-Cola Company convened focus groups in Europe and Asia to assess potential market acceptance of a contoured aluminum soft drink can, it was attempting to collect ___________ data. a) primary b) secondary c) incipient d) quantitative e) MIS

primary

A(n) _____ occurs during the first stage in the consumer decision making process. A) internal search B) external search C) problem recognition D) alternative evaluation E) post-purchase evaluation

problem recognition

Market research firms are discovering that global clients want more than mere descriptions of what is happening in the marketplace, they want explanations of why it is happening. This suggests an increased emphasis on: a) quantitative data b) qualitative data c) probability samples d) convenience samples e) MIS

qualitative data

The headline for the National Flood Insurance program ad reads, "There's a chance of flooding in your area. Are you willing to bet the house on it?" The ad shows a picture of a flooded home and shows how flood insurance helps to satisfy the ______ need as defined by Maslow's hierarchy. A) physiological B) social C) self actualization D) esteem E) safety

safety

The ad for Riverside Military Academy (RMA) states, "RMA sets standards that enable young men to achieve extraordinary excellence for a lifetime of accomplishments." In other words, students attending RMA will satisfy their ______ needs as defined by Maslow's hierarchy. A) physiological B) social C) self actualization D) esteem E) safety

self actualization

According to Abraham Maslow's hierarchy of needs theory, the highest level of needs are ______ needs. A) physiological B) social C) self actualization D) esteem E) safety

self-actualization

If a brand element can be used to introduce new products in the same or different categories, the brand element is said to be ________. a. memorable b. meaningful c. likeable d. transferable e. adaptable

transferable

Segmenting: A. is essentially a disaggregating or "break it down" process. B. assumes that all customers can be grouped into homogeneous and profitable market segments. C. tries to aggregate together individuals who have similar needs and characteristics. D. usually results in firms aiming at smaller and less profitable markets. E. assumes that each individual should be treated as a separate target market.

tries to aggregate together individuals who have