MKT 3350 CH1,2,5 PRACTICE TEST

During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors? A.technological B.ethical C.demographic D.cultural E.political

B.ethical

Rashid has been directed by his regional marketing manager to cut prices on seasonal items, place an ad in the local paper, and tell distributors to reduce deliveries for the next month. Rashid is engaged in A.evaluating performance. B.implementing marketing mix and resources. C.defining the business mission. D.identifying and evaluating opportunities. performing situation analysis.

B.implementing marketing mix and resources.

Marvel has increased its market penetration by expanding the distribution of its films. Marvel movies can be seen in theaters, accessed on Xfinity, and viewed on DVDs available in discount stores, grocery stores, and a host of other stores, including book and comic stores. This is an example of a ________ growth strategy. A.market development B.market penetration C.diversificationIn D.product proliferation E.product development

B.market penetration

Firms achieve ________ through efficient procedures and excellent supply chain management. A.locational excellence B.operational excellence C.customer loyalty D.value-based pricing E.customer excellence

B.operational excellence

Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages. The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices. There is no need even to navigate to Delta's website—users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook. Which element of the marketing mix does this represent? A.positioning and value promotion B.place and value delivery C.promotion and value communication D.price and value capture E.product and value creation

B.place and value delivery

Which element of the marketing mix is most relevant to the activity "capturing value"? A.purchasing B.price C.place D.promotion E.product

B.price

If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers. A.external B.relational C.internal D.divisional E.transactional

B.relational

_______ is(are) distinguished from the other generational cohorts in that the group's oldest members are now collecting Social Security. A.Generation Z B.Generation W C.Baby Boomers D.Generation Y E.Generation X

C.Baby Boomers

When clients work with their investment advisers, they ________ their investment portfolios. A.balance B.cocreate C.expand D.initiate E.discover

C.cocreate

Golden Gate Hair Company keeps track of the gender and age of its customers so it can target emails to them and be sure to have the right hair products in stock when they visit. This is an example of the use of ________ in marketing. A.innovation B.sustainability C.demographics D.competency E.competition

C.demographics

Introducing newly developed products or services to a market segment the company is not currently serving is called A.market penetration. B.market development. C.diversification. D.product proliferation. E.product development.

C.diversification.

Tandy's Styles involves its customers in the process of developing new products. In this way, it can benefit from current customers' insights and develop new products that will meet these customers' needs. Tandy's is pursuing a ________ growth strategy. A.market development B.product penetration C.product development D.diversification E.market penetration

C.product development

The Child Protection Act A.prohibits the manufacture or sale of adulterated or fraudulently labeled food and drug products. B.limits the number of commercials shown during children's programming. C.prohibits the sale of harmful toys and components to children. D.requires food manufacturers to display nutritional contents on product labels. E.regulates safety standards for consumer products.

C.prohibits the sale of harmful toys and components to children.

Which statement about the changing ethnicity in the United States is true? A.Asian Americans are the slowest-growing minority population. B.Hispanics differ vastly from other groups in America in terms of consumer behavior. C.In spite of an increase in the Hispanic population, Hispanic buying power is expected to maintain its current level. D.A majority of black Americans now live in the suburbs. E.Minorities now represent almost half of the population in the United States.

D.A majority of black Americans now live in the suburbs.

n BCG portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are called A.dogs. B.stars. C.anchors. D.cash cows. E.question marks.

D.cash cows.

A local hair salon keeps information on its customers regarding their preferences for certain products, companies, and services. The salon uses this information to inform the customers when new products arrive from their favorite companies and targets them with special promotions. In this way, the salon is using ________ to build loyalty among its customers. A.transactional marketing B.value cocreation C.B2B marketing D.customer relationship management E.the supply chain

D.customer relationship management

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ________ era of marketing. A.value-based marketing B.sales-oriented C.market-oriented D.production-oriented E.retailing-oriented

D.production-oriented

Generational cohorts are groups of people of the same generation who have similar ________ because they have shared experiences and are in the same stage of life. A.regional cultures B.political affiliations C.inflationary expectations D.purchase behaviors E.cultural values

D.purchase behaviors

In Boston, foot-long sandwiches are called "grinders," while in many other parts of the country they are called "subs." This is an example of the impact of A.social trends. B.generational factors. C.country culture. D.regional culture. E.regulatory factors.

D.regional culture.

Manufacturers that use just-in-time manufacturing systems coordinate closely with suppliers to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this system mismanagement would represent a(n) ________ in a SWOT analysis. A.strength B.opportunity C.threat D.weakness E.metric

D.weakness

Which of the following is true regarding modern gender roles? A.Gender roles are a constant cultural norm. B.Modern standards require firms to produce gender neutral advertising for every product. C.Gender boundaries should never be crossed in marketing efforts. D.Gender roles are unimportant to marketers. E.Gender roles have been blurred in the past several years.

E.Gender roles have been blurred in the past several years.

Which of the following groups has never lived without easy access to the Internet and other digital technologies? A.Baby Boomers B.Generation W C.Generation X D.Generation Y E.Generation Z

E.Generation Z

The basic difference between a good and a service is that a good A.provides intangible benefits. B.is more quickly forgotten by consumers. C.is always less expensive than a corresponding service. D.generates greater interest among consumers. E.can be physically touched

E.can be physically touched

Mario knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Mario's firm must look at everything it does A.to sensitize organization members to ethical values. B.to avoid cultural clashes. C.in order to value each person in the organization. D.for each generational cohort. E.from a consumer's point of view.

E.from a consumer's point of view.

Strategic efforts to supply consumers with environmentally friendly merchandise are called A.the green generation. B.earth marketing. C.the inconvenient truth. D.reduce, reuse, recycle. E.green marketing.

E.green marketing.

Mattie is the marketing manager for a spice company. While on vacation in Brazil, she visited food stores in Rio de Janeiro. Most of her company's products were available, except for baking spices, like vanilla. When she returned to work, she mentioned this observation to her international sales manager. Mattie was providing the important marketing function of A.cocreating an investment portfolio. B.selling products from one business to another. C.enhancing the customer experience. D.engaging customers, developing long-term relationships. E.identifying opportunities to expand.

E.identifying opportunities to expand.

Social media is of increasing importance. About ________ of the world's population uses Facebook. A.30 percent B.50 percent C.20 percent D.80 percent E.60 percent

A.30 percent

Which generation's members are also known as Millennials? A.Gen Y B.Baby Boomer C.the Digital Natives D.Gen Z E.Gen X

A.Gen Y

_______ is the cost to the customers or the fee the bank charges those customers for borrowing money. A.Interest B.A service charge C.Tax D.Tariff E.A user fee

A.Interest

To become a more value-driven organization, Pequot College is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pequot College is becoming more value-driven through A.building relationships with customers. B.keeping the faculty members happy. C.evaluating strategic competitive partnerships. D.sharing information across the organization. E.balancing its customers' benefits and costs.

A.building relationships with customers.

Sandstone Trucking provides transportation services for Betty's Best Bagels so that Betty's stores always have fresh stock. Sandstone Trucking is an example of a A.corporate partner. B.cultural cohort. C.customer. D.cartel. E.cooperative.

A.corporate partner.

Lamar owns four delis in the suburbs of Chicago, Illinois. He recently updated his STP analysis and has just finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining A.how to allocate resources among his four stores. B.how a new housing development will impact his business. C.when to shift from a customer excellence to an operational excellence strategy. D.which employees to promote or fire. E.what new government regulations might create opportunities or threats.

A.how to allocate resources among his four stores.

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that A.no single strategy is likely to be sufficient to build a sustainable competitive advantage. B.innovation is pointless because competitors will develop copycat offerings. C.product excellence is the only true source of a sustainable competitive advantage. D.customer excellence cannot be achieved. E.a situation analysis does not accurately predict a firm's strengths.

A.no single strategy is likely to be sufficient to build a sustainable competitive advantage.

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix? A.place B.price C.proximity D.product E.promotion

A.place

Pietro is in the marketing department of a midsized firm that develops and sells communications systems. He is proud of the human resource area in the company that provides the firm with excellent employees. Pietro himself really enjoys his work, but he knows the work of HR helps create an operational advantage for the firm because of all the following except A.the company provides products with a high perceived value. B.customers appreciate the kind of service that knowledgeable employees provide. C.employees play a major role in the success of the firm. D.it is easier to communicate with and inspire the customer if the employees believe in what the firm is doing. E.building customer loyalty depends on a committed workforce.

A.the company provides products with a high perceived value.

A regional manager at Sally's Beauty Supply, a chain of retail stores selling hair and beauty products, is reviewing sales data after a recent in-store promotion. The data show success in some stores and limited response in others. To understand the differences between stores, the manager will probably next review the company's A.brand awareness study, to assess national levels of awareness. B.financial statements, to investigate current and past profits. C.analysis of national trends in vitamins and herbal supplements, to help predict future sales. D.mission statement, to see if it needs adjusting. E.implementation programs, to see if the promotion was handled consistently in the different stores.

E.implementation programs, to see if the promotion was handled consistently in the different stores.

The Mayo Clinic in Minnesota is known for top-quality medical care. For decades, even presidents and dictators from around the world flew to the Mayo Clinic to utilize its services. The Mayo Clinic used its reputation to create additional medical facilities in Jacksonville, Florida, and elsewhere. This is an example of a firm focusing its efforts on satisfying customer needs that A.are easiest to satisfy. B.provide minimal core value. C.are important to all generational cohorts. D.competitors have tried and failed to satisfy.Incorrect E.match its core competencies.

E.match its core competencies.

After conducting STP analysis for her health food store and developing strategies for each of the four Ps, Nicki now has to make _____________ decisions. A.mission statement B.competitive response C.product line D.market growth E.resource allocation

E.resource allocation

Raoul is giving his wife a Hermès wallet for her birthday. It cost $2,000, but Raoul thinks this is a very fair value. Value here means that A.it was convenient to purchase the wallet, even though the price is not reasonable. B.anyone would think that the wallet is a reasonable price. C.the wallet is cheap in comparison with its competition. D.Raoul could not find a wallet that cost less. E.the product meets his needs and is offered at a price that is a fair value.

E.the product meets his needs and is offered at a price that is a fair value.

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide A.the age of its target market. B.how many new locations it should open. C.the type of coffee to sell. D.the type of food to sell. E.which kinds of stores to open.

E.which kinds of stores to open.