MGMT 105 Quiz 1 CH 1-4

In which competitive macroenvironment do athletic shoe manufacturers such as​ Nike, New​ Balance, Adidas, and Under Armour vigorously compete with one another for​ consumers?

Monopolistic competition

Which of the following is the most important key to successful​ marketing?

Satisfying consumer needs

How do countries benefit by being members of economic​ communities?

Trade policies are coordinated and there are fewer restrictions on imports and exports.

A​ firm's ________ is what it aspires to do or to be in the future.

vision

If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the​ world, that company is engaging in​ ________ marketing.

green

ROMI stands for​ ________ and indicates how much value an​ organization's marketing activities create.

return on marketing investment

The practice of identifying potential negative outcomes in​ advance, analyzing​ them, and taking precautionary steps to reduce or curb that potential is known as​ ________.

risk management

The​ ________ marketing concept states that marketers must satisfy​ customers' needs in ways that also benefit society while they still deliver a profit to the firm.

societal

According to the BCG growth-market share​ matrix, ________ are SBUs with products that have a dominant market share in​ high-growth markets.

stars

The activities involved in​ designing, producing,​ marketing, delivering, and supporting any product is its​ ________.

value chain

A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as​ a(n) ________.

value proposition

The shifting balance from tangible goods to intangible services has marketing leaders adopting​ ________ as a guiding principle.

​service-dominant logic

Which of the following countries make up the economic community known as​ USMCA?

​Canada, Mexico, and the United States

A​ ________ includes all possible customers in a market.

mass market

A​ ________ refers to the group of different products or brands owned by an organization and characterized by different​ income-generating and growth capabilities.

business portfolio

A distinctive group of customers within a larger market who have some similarity but whose needs differ from other customers is known as a​ ________.

market segment

A document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as​ a(n) ________ plan.

marketing

If you own a small retail shop and you put ads in the local​ paper, put flyers on doors in every​ neighborhood, and buy billboards in the area so that you can reach as many potential consumers as​ possible, you are engaging in​ ________ marketing.

mass

Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in​ ________ marketing.

mobile

Individuals employed by retailers and other service providers to experience and report back on the way actual customers are handled are known as​ ________.

mystery shoppers

​A(n) ________ is a firm with the​ culture, leadership, and operational capability to change very rapidly as external conditions demand.

nimble organization

The core attributes embraced by a firm that most closely reflect its culture are known as its​ ________.

organizational values

As part of the strategic planning​ process, Step 4 includes conducting a​ ________, which evaluates a​ firm's business mix and assesses the potential of an​ organization's strategic business units.

portfolio analysis

A product can be all of the​ following, except​ a(n) ________.

price

The concept that under the right​ circumstances, groups are smarter than the smartest individuals in them is referred to as​ ________.

wisdom of the crowds

Companies and their customers working together to develop products that meet customer needs is known as​ ________.

​co-creation of value

With the increased use of blogs and social​ media, ________ is expected to become more important than branded content marketing strategies of the past.

​user-generated content

Which of the following terms indicates ways to​ dress, how to​ speak, what to​ eat, how to​ eat, and how to​ behave?

Social norms

Which of the following occurs when someone in authority extracts payment under​ duress?

Extortion

Which of the following exploratory market research techniques typically involves a​ product-oriented discussion among a small group of consumers led by a trained​ moderator?

Focus group

According to the BCG growth-market share​ matrix, ________ are SBUs with a dominant market share in a​ low-growth-potential market.

cash cows

An edge that a firm has over its competitors that allow it to have higher​ sales, higher​ profits, and more customers is known as​ ________.

competitive advantage

Which of the following BEST describes a distinctive competency of a​ firm?

A capability that is superior to the competition

Which of the following is an event that a company hosts to thank its loyal​ customers?

Brandfest

Which term refers to the process of gathering and analyzing publicly available information about​ rivals?

Competitive intelligence

If a firm offers the same product for domestic and foreign​ markets, the company is demonstrating which type of product​ strategy?

Straight extension strategy

Which of the following refers to individual units within a firm that operate like separate​ businesses, with each having its own​ mission, business​ objectives, resources,​ managers, and​ competitors?

Strategic business units​ (SBUs)

Which of the following refers to a managerial decision process that matches an​ organization's resources and capabilities to its market opportunities for​ long-term growth and​ survival?

Strategic planning

​________ is the execution of the elements of a plan based on goals and objectives to bring about a desired future.

Strategy

A​ customer's overall assessment of his or her interaction throughout the entire process of​ finding, buying, and using a product is known as​ ________.

customer experience​ (CX)

Research with results that provide detailed verbal or visual information about​ consumers' attitudes,​ feelings, and buying behaviors rather than offering numeric data is known as​ ________.

qualitative research

Which of the following is one of the goals of the American Marketing​ Association?

To promote high standards of ethical norms and values

Which approach to research is based on observing people in their own homes or​ communities?

Ethnography

Which of the following refers to interpreted​ data?

Information

Within the food​ industry, a growing trend is​ locavorism, which means consumers actively look for products that come from farms within​ ________ miles of where they live.

50 to 100

Why is it important to begin establishing your personal brand while you are still in​ college?

A personal brand will help you determine what you want to do.

The​ ________ consisted of a series of​ anti-government protests and uprisings in a number of Arab countries that were largely aided by new social media​ tools, gave hope to many that dictatorships in countries in the Middle East would become democracies and bring a better life to peoples of the countries.

Arab Spring

​________ occurs when someone voluntarily offers payments to get an illegal advantage.

Bribery

Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long​ term?

Business planning

Which of the following describes the ultimate user of a good or​ service?

Consumer

What is the term for the buyer belief that products of certain other countries are superior to similar products made in​ one's own​ country?

Consumer xenocentrism

Which of the following refers to the​ collection, deployment, and interpretation of information that allows a business to​ acquire, develop, and retain its​ customers?

Customer insights

What is the process called in which marketers examine raw data to discover​ trends, answer​ questions, and gain insights in order to make​ evidence-based decisions?

Data analytics

​________ refers to the ability of organizations and individuals to determine what data collected about them can be shared with third parties.

Data privacy

​________ refers to the responsibility firms have to protect information collected from consumers from unauthorized​ access, use,​ disclosure, disruption,​ modification, or destruction.

Data security

​________ research is research that probes systematically into the marketing problem and bases its conclusions on a large sample of participants.

Descriptive

Which of the following involves marketing managers deciding which markets to target and determining how to position products in those​ markets?

Developing marketing strategies

​________ is the process whereby marketers understand an unmet customer​ need, figure out what is missing in the​ market, and step​ "outside the​ box" to displace​ well-established offerings—often to the point of turning existing marketing rules upside down.

Disruptive marketing

Which of the following refers to the availability of resources that make doing business in another country​ possible?

Economic infrastructure

Which of the following describes a type of primary research involving a technique marketers use to generate insights for​ future, more rigorous​ studies?

Exploratory research

Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role​ (job title) in the​ organization, when it comes to business​ planning, which level of planning would MOST describe your​ activities?

Functional planning

Which of the following is the MOST commonly used measure of a​ country's economic​ health?

GDP

Which term refers to items that are imported without the consent of the trademark​ holder?

Gray market goods

Which of the following terms refers to a formal statement in an​ organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its​ customers, products, and​ resources?

Mission statement

Which term refers to a market entry strategy involving two or more firms creating a new​ entity, allowing the partners to pool their resources for common​ goals?

Joint venture

Which of the following market entry strategies involves an agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for​ royalties?

Licensing agreement

Which of the following refers to a form of protectionism that stipulates a certain proportion of a product must consist of components supplied by industries in the host country or economic​ community?

Local content rules

Which of the following strategies are utilized to introduce existing products to new​ markets?

Market development

Which of the following describes a method by which marketers get information about everyday happenings in the marketing environment that is relevant to their​ business?

Market intelligence system

A firm seeking a growth strategy designed to increase sales of existing products to current​ customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing​ strategies?

Market penetration

Which of the following refers to the process of​ collecting, analyzing, and interpreting data about​ customers, competitors, and the business environment in order to improve marketing​ effectiveness?

Market research

Which of the following terms is defined by the​ activity, set of​ institutions, and processes for​ creating, communicating,​ delivering, and exchanging offerings that have value for​ customers, clients,​ partners, and society at​ large?

Marketing

Which of the following refers to the data analysis software and interactive software that allow managers to conduct analyses and find the information they​ need?

Marketing decision support system​ (MDSS)

Which of the following refers to a process that first determines what information marketing managers need and then​ gathers, sorts,​ analyzes, stores, and distributes relevant and timely marketing information to system​ users?

Marketing information system​ (MIS)

Which of the following marketing strategies is NOT a strategy in the​ product-market growth​ matrix?

Marketing investment

Which of the following is the document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies how the company will implement and control the strategies embedded in the​ plan?

Marketing plan

Which of the following is used by firms to outline marketing objectives and​ strategies, and identify who is responsible for carrying out each part of the​ strategy?

Marketing plan

Which of the following planning processes focuses on developing detailed plans for​ day-to-day activities that carry out an​ organization's functional​ plans?

Operational planning

​________ refers to the availability of the product to the customer at the desired time and location.

Place

What part of the sustainable marketing mix involves producing more environmentally friendly​ products, such as electric​ automobiles?

Product strategies

Which of the following is also referred to as marketing communication​?

Promotion

​________ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.

Promotion

Which of the following terms refers to limitations set by a government on the amount of a product allowed to enter or leave a​ country?

Quota

An economy experiencing falling​ demand, employment, and income is in which stage of the business​ cycle?

Recession

Which of the following processes involves physically deconstructing a​ competitor's product to determine how​ it's put​ together?

Reverse engineering

In Step 2 of the strategic planning​ process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis​ called?

SWOT analysis

Which of the following is the process of assessing the​ firm's internal and external​ environments?

Situation analysis

Which of these does the chapter identify as the biggest human rights problem in the​ world?

Slavery

​________ is a portfolio analysis model that assesses and compares the potential of a​ firm's SBUs to generate cash that a firm can then use to invest in new products.

The BCG​ growth-market share matrix

Which of the following is the formula for calculating the lifetime value of a​ customer?

The amount a person will spend MINUS the cost to acquire the customer and maintain the relationship

Which of the following replaced the General Agreement on Tariffs and Trades​ (GATT) and sets global rules of trade between​ nations?

World Trade Organization

Which of the following is defined as the flow of goods and services among different countries—the total value of all the exports and imports of the​ world's nations?

World trade

A process of determining just how much value an​ organization's marketing activities create and their impact on the bottom line is known as​ ________.

accountability

Suppose a restaurant in a small community offers breakfast options 24 hours a​ day, but none of the competition even offers breakfast options. This would be an example of​ a(n) ________ benefit.

differential

The revolutionary effect of digital technologies and business models on an​ organization's value propositions and market positions is known as​ ________.

digital disruption

The​ ________ refers to the inexorable movement of industries toward a​ "digital center" in which business​ models, offerings, and value chains are all digitized to the maximum extent possible.

digital vortex

​Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of​ a(n) ________ competency.

distinctive

The price of one​ country's currency in terms of another​ country's currency is known as the​ ________.

exchange rate

Intangible products that are paid for and​ used, but not owned are known as​ ________.

services

Executing a rapid change in a​ firm's business​ model, business​ direction, product​ line, or market​ focus, including the ability to rapidly increase​ output, in order to satisfy unexpected new​ and/or different demand is known as a​ ________.

strategic pivot