MKT Exam 1
The percentage of a market which actually buys a specific product from a specific company is referred to as that product's
market share
Kashi Heart to Heart cereal is aimed at people concerned about their heart health. These people represent the Kashi
target market.
Distribution, price, promotion, and product are all elements of
the marketing mix.
Marketing activities are
used by all sizes of organizations including for-profit, nonprofit, and government agencies.
PepsiCo has recognized the significant increase in population diversity within the U.S. soft-drink market. Which one of the following best illustrates the company's integration of this knowledge into its marketing strategy?
Ads featuring Hispanic actors and Tejano music
Sterling is a corn farmer. He sells his corn to stores such as Kroger. What type of competitive structure does Jerry most likely operate in?
Pure competition
____ are formalized rules and standards that describe what a company expects of its employees in terms of ethical behavior.
Codes of conduct
You work in the marketing department of shoe firm Weasley Inc. Over the past month you have been working with management to revise the company's mission statement and set specific marketing goals for the upcoming year. Today you are meeting with your marketing team and discussing the next step in the strategic planning process. What is this next step?
Formulating corporate and business-unit strategies
Verizon implements a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?
Market
Which of the following is a strategy of increasing sales of current products in new markets?
Market development
Which of the following survey methods has the potential to offer quick response at a lower cost than traditional mail and telephone surveys?
Online surveys
Panera wants to collect data about employee satisfaction within its organization. It decides to survey a sample of 500 employees by having a computer program automatically pick which employees will be in the sample. If it uses the payroll database as the list of names to choose from, which type of sampling method is Panera using?
Random sampling
Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?
Satisfaction for both the buyer and seller
If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the
Sherman Antitrust Act
Which of the following regulatory groups is a system of nongovernmental, independent, local regulatory agencies supported by local businesses?
The Better Business Bureau
For the Christmas season, a major toy retailer decided to donate to Angel Tree, an organization that provides gifts to the families of those who are incarcerated. The retailer claimed that it would donate 10% of the proceeds of all toys sold in the month of December to the Angel Tree organization. This is an example of
cause-related marketing
Marketing is the process of
creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
Long-term relationships with profitable customers is the key objective of
customer relationship management.
Julia was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Julia had also bought tickets to an Ariana Grande concert and new clothes to wear to the concert. The money spent on Julia's rent, car, electric, and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.
disposable income; discretionary income
Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in
environmental scanning.
If Papa John's wants to determine the impact of different coupon offers on pizza unit sales, it needs to conduct
experimental research.
When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research.
exploratory
Laurel Dudley and seven other people were paid to get together and discuss a new product idea proposed by Johnson & Johnson. Researchers observed the interaction of the group. During the discussion, Laurel was annoyed that Seth, another participant, seemed to "hog" the discussion and didn't give others a chance to speak. This is an example of a problem when using
focus-group interviews.
An informed guess or assumption about a certain problem or set of circumstances is known as
hypothesis
The Church of the Latter Day Saints has used advertising for many years, airing a commercial TV spot that shows parents actively playing games with their children. The Church is using marketing to promote its
ideas
Marketing planning and ______ are closely linked in successful companies.
implementation
The amount of money received through wages, rents, investments, pensions, and subsidies is called
income
King Mechanic is a very profitable automobile repair shop. The company is well known for its great service and involvement in the community, but it fails to properly dispose of its used oil as outlined in environmental regulations. King Mechanic is failing in its ____ responsibilities.
legal
Pepsi executives realized that more consumers are concerned with health. It has since expanded into the bottled water and bottled juice markets. This is an example of a firm identifying and capitalizing on a
market opportunity
A marketing manager for a small laptop manufacturer 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
Soft drink sales are declining as more consumers are concerned about their health. This represents a change in the __________. As a result, soft drink companies have begun releasing smaller sized soft drinks and soft drinks with less sugar.
marketing environment
The ____________ section of the marketing plan states what the company wants to accomplish through marketing activities, using a(n) ___________ of where the firm stands in the market.
marketing objectives; SWOT analysis
A valid study
measures what it is supposed to
LARC Salon is part of the hair and personal care service industry. In what type of competitive environment is LARC Salon most likely operating?
monopolistic competition
If Procter & Gamble, the maker of Dawn dishwashing liquid, wants to know what percentage of customers examine product labels before making a product selection in the grocery store, it can best gain this information through
observation
Designing research procedures that produce reliable marketing data means that
others using the same procedure will get almost identical data.
McDonald's supports and funds Ronald McDonald houses for the families of terminally ill children to stay in to be near their loved ones. McDonald's action demonstrates the fulfillment of ____ responsibility.
philanthropic
The International Company needs information about trends in housing starts and remodeling around the country. Since it will be difficult to collect _______ from the numerous locations, it decides to use _____ data from the U.S. Department of Commerce reports to get this information.
primary; secondary
The two basic types of sampling that marketing researchers use are
probability and nonprobability.
A marketing plan
provides a framework for implementing and controlling marketing activities.
Pointing out any deficiencies and the possible reasons for them should be done in the ____ step of the marketing research process.
reporting research findings
The marketing concept focuses on
satisfying customers' needs in a way that helps to achieve organizational objectives.
The objective of sampling in marketing research is to
select representative units from a total population.
Honeybees are disappearing at an alarming rate, and since they pollinate about a third of all the foods we eat, it is an important concern. That's why Ben & Jerry's launched a microsite to increase the awareness of the issue. In addition, it launched a "Twitcause" campaign on Twitter, raising $7,000 in two days. This example illustrates the positive consequences of
social responsibility
People for the Ethical Treatment of Animals (PETA) has demonstrated against the sale of coats made of animal furs. PETA's efforts to change shoppers' attitudes represent a ____ force for fur retailers.
sociocultural
A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its
stakeholders
Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are
stars
Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
strategic business unit.
Consumerism is
the efforts of independent individuals, groups, and organizations to protect the rights of consumers.
SUP ATX is the largest stand-up paddle board maker based in Austin, Texas, that markets their products directly to consumers via their website. SUP ATX mission is to spread the sport of stand up paddle surfing from oceans to lakes and rivers around the world. Stand up paddle surfing or boarding is a relatively new sport but is growing due to the relatively low price of the boards, ease in transportation and storage of the boards as well as the sport providing a fun way to exercise and allow users to enjoy the outdoors. Which of the following would be the "best" target market for SUP ATX paddle board products?
active adults aged 24 to 40 who enjoy outdoor recreational activities
