MKT 300: Exam 1 Homework Review

Which of the following is NOT a market classification used in the book? A. Geographic markets B. Business-to-consumer markets C. Business-to-business markets D. Non-profit markets E. Internal markets

*A.* Geographic markets

The marketing mix is made up of four controllable variables, including product, price, place and what other variable? A. Promotion B. Planning C. Planning D. Quality

*A.* Promotion

How is marketing defined by the American Marketing Association (AMA)? A. The activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value B. The process of delivering and exchanging offerings C. The activity of communicating and delivering offerings targeted at specific segments D. The communication of goods and services that have values

*A.* The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value

Learned values, beliefs, language, symbols and behaviors shared by people in a society and passed on from one generation to the next comprise which environment? A. cultural environment B. legal/regulatory environment C. economic environment D. technological environment E. demographic environment

*A.* cultural environment

Which of the following is not a survey method? A. projective technique B. personal interview C. mall intercept D. telephone survey E. internet survey

*A.* projective technique

Which of the following is a main reason for companies to practice environmental scanning? A. to detect important changes or trends that can affect a company's strategy B. to ensure that operations are not located in environmentally unsafe areas C. to choose the location that will offer the most "green" options D. to conduct commercial resources for companies that want to increase sustainability E. to protect against fracking practices close to corporate facilities

*A.* to detect important changes or trends that can affect a company's strategy

An exchange is a process in which two or more parties provide something of value to one another. Another word for value is utility. Which of the following (contains a word that) is not a type of utility? A. Form and Place B. Quality and Place C. Place and time D. Time and Ownership E. Ownership and Form

*B.* Quality and Place

What are the six key forces important to create and capture value? A. Customers, Diversity, Ethics, Technology, Relationships, and Global B. Sustainability, Relationships, Ethics, Diversity, Global, and Technology & E-commerce C. Product, Price, Promotion, Place, Positioning, and Target Markets D. Distribution Channels, Physical Distribution, Promotion, Price, and Place

*B.* Sustainability, Relationships, Ethics, Diversity, Global and Technology & E-commerce

According to the text, what are the two categories of samples? A. probability and judgment B. probability and nonprobability C. probability and simple random sampling D. probability and stratified random sampling E. nonprobability and judgment samples

*B.* probability and nonprobability

Information that has already been collected is called: A. primary data B. secondary data C. recollected information D. internal data E. conventional data

*B.* secondary data

Which entities provide a company with necessary services, raw materials and components? A. intermediaries B. suppliers C. action groups D. competitive groups E. potential entrants

*B.* suppliers

Which of the global macroenvironments changes most frequently? A. economic environment B. technological environment C. demographic environment D. legal/regulatory environment E. cultural environment

*B.* technological environment

Which of the following is not a step in the marketing strategy process? A. Situation Analysis B. Targeting C. Manufacturing D. Positioning

*C.* Manufacturing

The Family Smoking and Prevention and Tobacco Control Act of 2009 is an example of which of the following? A. U.S. laws restricting big business B. U.S. laws protecting the environment C. U.S. laws protecting the consumers D. U.S. laws protecting free trade E. U.S laws promoting competition

*C.* U.S. laws protecting the consumers

Population density is part of which force in the global macroenvironment? A. technological environment B. economic environment C. demographic environment D. cultural environment E. ethical environment

*C.* demographic environment

Likert scales and bipolar adjective scales are units of measure for which of the following? A. experiments B. focus groups C. survey questionnaires D. depth interviews E. projective techniques

*C.* survey questionnaires

Which of the following is not the concept of marketing or the purpose of marketing? A. Understand the needs and wants of customers B. Create customer value through satisfaction quality C. Be more effective and efficient than competitors D. Create the highest quality goods and services E. All of the above are part of the marketing concept

*D.* Create the highest quality goods and services

Which of the superpower trading blocs discussed in the text has the highest combined GDP? A. North America B. Mexico C. Europe D. Pacific Rim E. Taiwan

*D.* Pacific Rim

Marketing has progressed through five eras - what are they? A. Historical, Industrial, Modern, Contemporary, and Future B. Marketing Research, Marketing Forecasting, Marketing Planning, Marketing Mix, Marketing Execution C. Industrial, Commercial, Societal, Customer, and Consumer D. Production, Sales, Customer, Value, and Social Media

*D.* Production, Sales, Customer, Value, and Social Media

According to the text, if during the marketing research process additional research is required, then what type of research is conducted? A. exploratory B. focus groups C. observation D. quantitative E. observation

*D.* quantitative

The sum of all factors that affect a business is considered to be which of the following? A. the economic environment B. the global macroenvironment C. the demographic environment D. the marketing environment E. the legal environment

*D.* the marketing environment

A marketing information system is best described as: A. The physical storage of information and data within direct access to marketers B. The process of turning raw data into information that can be utilized by marketers or an organization C. A system where big data can be accessed and analyzed D. A marketing technique known to provide a systematic approach to organize data efficiently and effectively E. A computerized system that collects and organizes marketing data on a timely basis to provide information for decision making

*E.* A computerized system that collects and organizes marketing data on a timely basis to provide information for decision making

A market consists of all of the following elements except: A. Individuals or Organizations B. Goods, Services, or Ideas C. Entities with the potential to have a desire D. Entities with the potential to have the ability to acquire E. All of the above are characteristics of a market

*E.* All of the above are characteristics of a market

Which of the following is a key benefit of a globally oriented organization? A. Bigger is always better B. They consult more customers with different needs C. Global companies are always more efficient D. You don't have to worry as much about economic demand shifts E. Companies that connect globally generally have a better understanding of diversity and competition

*E.* Companies that connect globally generally have a better understanding of diversity and competition

According to the text, which of the following types of analytics are used to turn big data into information for business use? A. descriptive analytics B. predictive analytics C. prescriptive analytics D. a and b only E. a, b and c

*E.* a, b and c

Which types of data can be collected for analysis and ultimately create information for decision making? A. external B. primary C. internal D. secondary E. all of these answers are correct

*E.* all of these answers are correct

Which of the following is true? A. information is raw and uninterpreted B. data is raw and uninterpreted C. information is data in a form that's useful for decision making D. a and c E. b and c

*E.* b and c

Which of the following is NOT a force that drives (shapes) industry competition? A. substitutes B. suppliers C. potential entrants D. intermediaries E. cartels

*E.* cartels

What is the last step in the marketing research process? A. problem definition B. research design C. exploratory research D. quantitative research E. interpret and report the findings

*E.* interpret and report the findings

A company's microenvironment includes all of the following EXCEPT: A. employees B. suppliers C. owners D. competitors E. trading blocs

*E.* trading blocs

Database

A collection of data that can be retrieved by a computer

Transaction-based information system (TBIS)

A computerized link between a firm and its customers, distributors, and suppliers

Cartel

A group of businesses or nations that work together to control the price and production of a particular product

Age cohort

A group of people close in age who have been shaped by their generation's experience with the media, peers, events and society at large

Sampling frame

A list of people in the universe who potentially could be contacted

Marketplace

A physical arena where marketing exchanges take place

Observation

A research technique whereby researchers simply watch the participants they are studying

Convenience sample

A sample composed of people who happen to come along, such as shoppers in a store at a given time, whoever answers the doorbell, or travelers passing through an airport

Probability sample

A sample in which the chance of selecting a given individual from the sampling frame or population can be calculated

Judgment sample

A sample selected by the researchers or interviewers based on their belief that those chosen represent a majority of the study population

Stratified random sampling

A sampling technique in which each member of a selected subgroup of the population has an equal chance of selection

Want

A specific form of consumption desired to satisfy need

Projective technique

A technique that enables respondents to project their thoughts onto a third party or object or through some type of contrived situation

Place utility

A want-satisfying value that is created by making goods and services conveniently available

Time utility

A want-satisfying value that is created when goods and services are made available when they are wanted

_________________ _________________ are stakeholders that support some cause in the interest of consumers or environmental safety

Action Group

Market

All the individuals and organizations with potential desire and ability to acquire a particular good or service

Population (universe)

All the individuals or organizations relevant to the marketing research project

Consumer orientation

An organizational philosophy that focuses on satisfying consumer needs and wants

Research design

An outline of what data will be gathered, what sources will be used, and how the data will be collected and analyzed

Substitute product

Any good or service that performs the same function or provides the same benefit as an existing one

Maastricht Treaty

Consists of 282 directives that eliminate border controls and custom duties among members of the European Union

_________________ _________________ refers to what consumers perceive they gain from owning or using a product when weighed against the cost of acquiring it

Customer value

External data

Data obtained outside the company

Internal date

Data obtained within the company

Information

Data that has been analyzed and put in useful form

The _________________ _________________ consists of the data that describe a population in terms of age, education, health and so forth

Demographic Enivronment

_________________ usually take place either where the marketing problem occurs or in a laboratory setting that is contrived to match research needs

Experiments

_________________ _________________ clarifies the problem and searches for ways to address it

Exploratory Research

Data

Facts or statistics obtained from outside or inside the company

_________________ _________________ occurs when knowledge and materials are converted into finished goods and services

Form Utility

The _________________ _________________ consists of large external influences considered vital to long-term decisions but not directly affected by the company itself

Global Macroenvironment

_________________ _________________ _________________ is the total market value of all final goods and services produced for consumption during a given period by a particular country

Gross Domestic Product (GDP)

Sales orientation

Historical marketing period that emphasized that consumers must be convinced to buy

_________________ are independently owned organizations that act as links to move products between producers and end users

Intermediares

Legal/regulatory environment

International, federal, state, and local regulations and laws, the agencies that interpret and administer them, and the court system

_________________ is a measure of how often, when selecting from a product class, a customer purchases a particular brand

Loyalty

The _________________ is made up of the forces close to the company that influence how it connects with customers

Microenvironment

Suppliers

Organizations that provide a company with necessary resources to produces its goods and services

A _________________ _________________ is a small-scale project that allows the researcher to refine and test the approaches that will ultimately be used

Pilot Study

_________________ _________________ makes goods and services conveniently available

Place utility

_________________ _________________ refers to the number of people within a standard measurement unit, such as a square mile

Population density

_________________ _________________ provides the information needed to select the best course of action and forecast probably results

Quantitative Research

A _________________ _________________ is an outline of what data will be gathered, what sources will be used, and how the data will be collected and analyzed

Research Design

Quantitative research

Research designed to provide the information needed to select the best course of action and estimate the probable results

_________________ refers to the consumer's overall rating of his or her experience with a company and its products

Satifaction

Ethnic background

Subculture membership usually determined by birth and related to one or more of four elements: country of origin, native language, race, and religion

A _________________ _________________ is any good of service that performs the same function of provides the same benefit as an existing one

Substitute Product

Marketing

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

Ethnicity

The amount of identification an individual feels with a particular ethnic group

Discretionary income

The amount of money consumers have left after paying taxes and purchasing necessities

Population density

The concentration of people within some unit of measure, such as per square mile or per square kilometer

Relationship marketing

The development and maintenance of successful relational exchanges; it involves interactive, ongoing, two-way connections among customers, organizations, suppliers, and other parties for mutual benefit

Economic environment

The financial and natural resources available to consumers, business and countries

Agility

The flexibility and speed with which organizations can identify or create new wants and take action to satisfy them

Sample

The group participating in a research project that represents the entire population of potential respondents

Case analysis

The in-depth study of a few example

Global macroenvironment

The large external influences considered vital to long-term decisions but not directly affect by the company itself

Cultural enviroment

The learned values, beliefs, language, symbols and patterns of behavior shared by people in a society and passed on from generation to generation

Buyer's market

The marketing environment that exists when an abundance of product lets the buyer control the market

Mass marketing

The mass production, mass distribution, and mass promotion of a product to all buyers

Positioning

The process of creating an image, reputation, or perception of the company or its goods and services in the consumer's mind

Digital marketing

The promotion of products or brands in one or more forms of electronic media

Sustainability

The steps and processes organizations undertake to manage growth without detrimentally affecting the resources of biological systems of the earth

Marketing environment

The sum of all factors that affect a business

Gross income

The total amount of money earned in one year by an individual, household or business

Technological environment

The total body of knowledge available for development, manufacturing and marketing of products and services

Gross domestic product (GDP)

The total market value of all goods and services produced by a country in a single year

Self-reference criterion

The unconscious reliance on values gained from one's own socialization when trying to understand another culture

_________________ _________________ makes goods and services available when they are wanted

Time Utility

Business-to-consumer (B2C) e-commerce

Trade involving businesses selling to consumers over the Internet

_________________ refers to the population shift from rural areas to cities

Urbanization

Business-To-Business marketing

When a business purchases goods or services to produce other goods, to support daily operations or to resell at a profit

Consumer marketing

When organizations sell to individuals or households that buy, consume, and dispose of products

An _________________ _________________ is a group of people close in age who have been shaped by their generation's experience with the media, peers, events and the larger society

age cohort