MKT Final Review

____________ is the amount of time and effort a buyer invests in the search, evaluation and decision processes of consumer behavior A) economic value B) involvement C) opportunity cost D) temporal cost E) perceived level of personal risk

B) involvement

the distribution structure in business marketing typically: A) includes at least one wholesaler B) is direct C) is complex and multistage D) uses a three step channel E) uses retail distributors

B) is direct

which of the following statements is true about an organization's code of ethics? A) it is most effective when it is to detailed B) it can be an effective internal control of behavior C) it is typically drafted by government agencies D) it is created only for top managers of an organization E) it is created only for non management employees of an organization

B) it can be an effective internal control of behavior

which of the following is a disadvantage of cause related marketing? A) it does not increase the sale of products B) it can lead to customer fatigue C) it results in immediate losses for the company D) it requires corporations to use anti competitive measures E) it can result in ethnocentrism toward the company

B) it can lead to customer fatigue

imagine that you are the research director of a major industrial marketing firm. you need to select an NAICS code that defines the most homogenous group of companies in a particular group of highly competitive companies. which of the following codes might you use? A) 7432 B) 532 C) 19 D) 7 E) 999

A) 7432

Hallie has a tendency to be egocentric. She follows the rules of the company only to avoid punishment or not to gain respect. When making decisions she always focuses on what immediate benefits she will gain from an alternative. Which of the following stages of ethical development is illustrated in the scenario? A) Preconventional morality B) Postconventional morality C) conventional morality D) ethnocentric morality E) individualistic morality

A) Preconventional morality

which of the following is true of postconventional morality? A) at this level, people are concerned about how they see and judge themselves over the long run B) at this level, the focus is on societal norms and people worry about how society might see them C) at this level, people are more self-centered, calculating, even selfish D) at this level, people typically focus only on adhering to legal standards E) none of the above

A) at this level, people are concerned about how they see and judge themselves over the long run

The ________________ is the set of all persons in an organization who become involved in the purchasing process A) buying center B) stakeholder committee C) ad hoc purchasing staff D) board of directors E) comptroller's staff

A) buying center

social media: A) can help companies gain market share B) are most widely used by tweens C) are eliminating the effect of component lifestyles D) have significantly decreased the complexity of buyer behavior E) have significantly increased the complexity of buyer behavior

A) can help companies gain market share

by sending post purchase letters and giving guarantees on products, marketing managers can help reduce ____________ A) cognitive dissonance B) consumer involvement C) planned purchases D) need recognition E) cannibalization

A) cognitive dissonance

inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions is referred to as: A) cognitive dissonance B) psychological discomfort C) affect referral D) perceptual imbalance E) dissatisfaction

A) cognitive dissonance

the processes consumers use when making purchase decisions are called: A) consumer behavior B) marketing C) consumerism D) perceptual mapping E) database mining

A) consumer behavior

_______________ is a fast growing way to conduct global business in which all or part of the payment for goods and services is in the form of other goods and services A) countertrade B) global market standardization C) exporting D) market grouping E) containerized shipping

A) countertrade

companies can make strategic planning more effective by A) ensuring the participation of top management B) ensuring that decision making is Centralized C) making strategic planning an annual exercise D) avoiding cross functional teams E) provide training for all new employees

A) ensuring the participation of top management

The coca cola company has over 450 brands in over 195 countries. According to their website, their products range from samurai, an energy drink available in Asia to Vita, an african juice drink. It uses ____________ segmentation in this marketing strategy A) geographic B) economic C) demographic D) usage rate E) multipositioning

A) geographic

which of the following questions considered by marketers is closely associated with promotion? A) how can we use social media to increase our product sales? B) should we increase the price of our products? C) what should the packaging of our products look like? D) how can we improve our product quality? E) all of the above

A) how can we use social media to increase our product sales?

social class as a marketing tool: A) indicates which medium to use for promotion B) is solely a measure of income level and education C) offers few insights concerning consumer behavior D) has demonstrated that all classes of consumers shop in the same stores E) is only used in the united states

A) indicates which medium to use for promotion

Martha visits a departmental store and learns that a box of exotic candles would cost her ten percent more than what she had paid for it six months ago. In this scenario, Martha has to pay more as a result of ______________ A) inflation B) recession C) stagnation D) stagflation E) none of the above

A) inflation

a product is defined as a business product rather than a consumer product on the basis of its ________________ A) intended use B) physical characteristics C) price D) distribution method E) NAICS code

A) intended use

which of the following is true of globalization?' A) it expands economic freedom and increases the living standards of people B) it relies on strong government regulations to keep down prices C) it fails to offer access to advanced technology in less developed countries D) it makes it easier for government to abuse the freedom and property of their citizens E) none of the above

A) it expands economic freedom and increases the living standards of people

which of the following statements is true of the Great Recession of 2008-2009? A) it was the largest economic downturn since the Great Depression B) its impact was limited to the US C) it began in 1993 D) the economy recovered from the Great Recession in 2007 E) it began on Wall Street on "Black Tuesday"

A) it was the largest economic downturn since the great depression

The heart of the marketing mix is the: A) product offering and product strategy B) place and distribution strategy C) sales promotion and personal selling strategy D) pricing strategy E) none of the above

A) product offering and product strategy

A(n) _________ is the limit on the amount of a specific product that can enter a country A) quota B) tariff C) boycott D) exchange control E) product specification

A) quota

in a concentrated targeting strategy, a firm: A) selects one segment of a market for targeting its marketing efforts B) adopts a mass market philosophy for targeting a market C) views the market as one big market with no individual segments D) chooses to serve two or more well defined market segments E) none of the above

A) selects one segment of a market for targeting its marketing efforts

in the context of determinants of civil society, ______________ involves the voluntary acceptance of standards established by non-governmental entities A) self regulation B) opportunism C) self dealing D) socialization E) self actualization

A) self regulation

Target markets are sometimes defined on bases such as young singles, young married couples with children and middle ages married couples without children. such target markets are most likely defined in terms of ________________ A) the family life cycle B) gender demographics C) cultural differences D) the socialization process E) the self reference criterion

A) the family life cycle

Marketers are most likely to recognize an action as unethical when: A) There is a greater degree of agreement among managerial peers that the action is harmful B) there is a long time gap between the action and the onset of negative consequences C) fewer individuals in the organizations are likely to get affected by the action D) top managers exercise little control over the organizational culture E) when the chance of getting caught is very low

A) there is a greater degree of agreement among managerial peers that the action is harmful

which of the following is true about asian Americans? A) they are the fastest growing population among minority groups B) they are the least educated amongst all ethnic groups C) they have the least spending power among all ethnic groups D) they seldom retain their core asian values E) they make up the highest proportion of "internet gamers"

A) they are the fastest growing population among minority groups

Which of the following is an example of a market segment? A. A group of individuals who are diabetic B. A group of retailers selling the same products C. A group of companies manufacturing different products D. A group of individuals with different product requirements E. none of the above

A. A group of individuals who are diabetic

The notion of competitive advantage means that: A. a successful firm will stake out a position unique in some manner from its rivals B. the advantage can be enjoyed only for a short period C. a company manufactures products which are similar to those of its competitors D. An established firm focuses solely on developing a low price competitive advantage E. none of the above

A. a successful firm will stake out a position unique in some manner from its rivals

One of the reasons given for the decline of the passenger rail industry in the US Is that the industry defined its mission as trains and not as transportation sources. The railroad industry failed to: A. define its mission in terms of the benefits its customers seek B. ignore the marketing concept of serving customer needs and wants C. realize "customers only want what they know" D. have a sales orientation E. empower the consumer

A. define its mission in terms of benefits its customers seek

A market oriented firm: A. defines its mission in terms of the benefits its customers seek B. targets the average customer C. is highly centralized D. defines its business in terms of the goods and services it produces E. none of the above

A. defines its mission in terms of the benefits its customers seek

When properly created, a strategic business unit (SBU): A. has a specific target market B. plans collaboratively with other SBU's of the company C. has a maximum of hundred employees D. shares the mission of its parent company E. none of the above

A. has a specific target market

An effective marketing objective: A. is qualitative rather than quantitative B. is compared to a benchmark C. is written independently of the mission statement D. is unattainable E. is easily accomplished

B is compared to a benchmark

Cuisine Royale, a restaurant chain, has introduced many Asian and Mexican dishes in the menu. this was done because the top management had recognized that the number of their customers from minority groups was increasing. this scenario illustrates how ______________ factors influence marketing decisions A) environmental B) demographic C) legal D) ethical E) competitive

B) demographic

marketers at Omega pharmaceuticals are identifying stores and outlets that will be most convenient for customers to buy its products. The company is also planning the wood just sticks of how and when the product will be delivered to the outlets. Omega pharmaceuticals is working on it _________ strategy A) advertising B) distribution C) price D) diversting E) targeting

B) distribution

____________ is the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter A) exporting B) dumping C) boycotting D) contract manufacturing E) none of the above

B) dumping

_______________ is the primary determinant of a person's earning potential A) race B) education C) social class D) gender E) martial status

B) education

A(n) _______________ is an intermediary who brings a buyer and a seller together A) licenser B) export broker C) contract manufacturer D) export merchant E) wholesaler

B) export broker

currency markets operate under a system in which the prices of different currencies move up of down based on the demand for and supply of each currency. This is the system of __________________ A) countertrade B) floating exchange rates C) dumping D) contract manufacturing E) none of the above

B) floating exchange rates

which of the following is a disadvantage associated with an undifferentiated targeting strategy? A) it requires a firm to tailor marketing mixes to the preference of market segments B) it often results in product offerings that are unimaginative and sterile C) it involves a high risk of cannibalization of products D) it is expensive because of high production and marketing costs E) competitors are very likely to copy the undifferentiated strategy

B) it often results in product offerings that are unimaginative and sterile

Marketing managers often use in store promotions to stimulate the sale of products for which consumers may not recognize their wants until they are in a store. Such products can be categorized as _____________ products A) industrial B) low involvement C) technical D) high priced E) high involvement

B) low involvement

___________ are trade alliances in which several countries agree to work together to form a common trade area that enhances trade opportunities among those countries A) exchange controls B) market groupings C) joint ventures D) direct foreign investments E) shared controls

B) market groupings

apart from long term company profits, the major aim of customer relationship management (CRM) is to: A) implement concentrated targeting strategies B) optimize customer satisfaction C) reduce personalization of products according to customer's needs D) minimize the use of database technology E) none of the above

B) optimize customer satisfaction

The primary reason large US companies send US jobs abroad is because labor costs are higher in the US. Such companies are said to be engaging in _________________ A) employee export B) outsourcing C) inshoring D) joint ventures E) franchising

B) outsourcing

___________ is a process whereby a consumer notices certain stimuli and ignores others A) stimulus generalization B) selective exposure C) cognitive dissonance D) selective retention E) selective dissonance

B) selective exposure

Leo buys 500 sheets of paper from a vendor for his printing firm. he is saying the product and is order is the same quantity from the same vendor each time. This is most likely an example of a A) joint demand B) straight rebuy C) product exchange D) modified rebuy E) derived demand

B) straight rebuy

A(n) ____________ is a group of people or organizations for which an organization designs, implements and maintains a marketing mix intended to meet the needs of that group resulting in mutually satisfying exchanges A) hetergeneous segment B) target market C) responsive segment D) aggregated market E) undifferentiated target

B) target market

in order to combat US corporations' use of illegal payments and bribes in international business dealings, congress enacted: A) the future corporation protection act B) the foreign corrupt practices act C) the foreign trade act D) the international treaty clause E) federal accounting standards board act of 2010

B) the foreign corrupt practices act

during an external information search, a consumer is most likely to enlarge his search and consider more alternative brands when: A) he has a great deal of prior experience while shopping for the product or service B) the perceived risk of the product or service to be purchased increases C) he is confident of making a purchase decision with the information at hand D) the product or service to be bought is a frequently purchased, low-cost item E) all of the above

B) the perceived risk of the product or service to be purchases increases

the us government is: A) not a business market segment B) the worlds largest single customer C) an organization accounting for over 50 percent of the US gross national product D) mainly a military equipment purchaser E) using one centralized purchasing office for the entire government

B) the worlds largest single customer

marketing professionals are most likely to perceive questionable practices as unethical when: A) unethical practices are commonplace in the organization B) there is a short time gap between action and the onset of negative consequences C) there is no possibility that the action will result in severe adverse consequences D) The action is very unlikely to affect many people in the organization E) none of the above

B) there is a short time gap between the action and the onset of negative consequences

A business is concerned with many day to day activities. Some of the most important of these activities are the planning and development of a product, its ability to communicate value, its pricing policy, and the distribution strategy. These activities are all a part of: A. A control system B. Marketing C. Accounting D. Production E. Human Resources

B. Marketing

A sales oriented firm places minimal emphasis on: A. promotional strategies B. building long term customer relationships C. pricing strategies D. personal selling and direct selling activities E. all of the above

B. building long term customer relationships

A marketing plan is most likely to discuss: A. first line operational strategies B. distribution channels C. supplier details D. downsizing strategies E. all of the above

B. distribution channels

Which of the following statements is true of customer relationship management? A. it involves targeting the average customer or everybody B. it involves establishing and tracking customer interactions with the company C. it considers all the customers of the firm as one large group that should be targeted with a single promoted strategy D. it is used by sales oriented firms to convince customers to buy their products E. all of the above

B. it involves establishing and tracking customer interactions with the company

Many people fear world trade because it: A) closes the access to advanced technology for less developed countries B) slows down the rate at which people's living standards increase C) causes some people to lose their jobs due to production shifts abroad D) empowers governments to abuse the freedom and property of their citizens E) all of the above

C) causes some people to lose their jobs due to production shifts abroad

Libra electronics Inc. has launched a new range of light weight vacuum cleaners with enhanced features. Before developing the product, libra electronics conducted a thorough study about customer requirements. The company also studied the quality of its competitors' vacuum cleaners. Based on insights about customer wants and competitor strengths and weaknesses, libra electronics has designed vacuum cleaners that can be clearly distinguished from other brands. Libra electronics most likely has a ______________ orientation A. promotion B. market C. sales D. production E. none of the above

B. market

which of the following statements is true about the trends prevalent among various ethnicities in the ethnic markets? A) African Americans are on average older than all other ethnic groups B) women are the primary decision makers in the minority of hispanic households C) asian Americans retain strong core values as they acclimate to American culture D) asian Americans have the least spending power than any other minority group E) hispanic American households generally have more spending power than the average asian American houesehold

C) asian Americans retain strong core values as they acclimate to American culture

hispanic Americans: A) prefer to buy American products rather than brands found in their homelands B) are much older than the general US population C) believe that the traditional family is the main building block of a healthy community D) make the most homogenous ethnic group E) are much younger than the general US population

C) believe that the traditional family is the main building block of a healthy community

Irving inc, an apparel company, decides to expand operations to several countries around the world. However, it fails to take into account the various styles of clothing that are deemed acceptable in these countries. As a result, it suffers a major loss. In this scenario, Irving inc failed to be sensitive to the ____________ of the countries A) economic factors B) legal envornments C) cultural aspects D) political forces E) development stage

C) cultural aspects

Rose is shopping for a new camera. she has set a maximum of $250 as the highest price she will pay, so she doesn't even bother considering cameras that cost more than that. rose is narrowing the number of available choices by using a: A) cost margin B) product attribute C) cutoff D) boundary E) knockoff

C) cutoff

the first step in creating the global marketing mix is to: A) create a new product B) select the method of promotion C) develop a thorough understanding of the global target markets D) set pricing policies E) decide whether product modification is necessary

C) develop a thorough understanding of the global target markets

Hydralicious, a juice outlet, had to stop its business as health inspectors found that the storage facilities at the outlet were not hygienic as per standards set by the government. A _____________ factor affected Hydralicious in this scenario A) social B) economic C) legal D) cultural E) competitive

C) legal

general motors buys engines for use in its vehicles from BorgWarner, which in turn buys many of its vehicles it needs from GM. This is an example of: A) nested demand B) derived demand C) reciprocity D) elastic demand E) circular buying

C) reciprocity

in a buying center, gatekeepers are the people who: A) actually use the product B) influence a buying decision C) regulate the flow of info D) negotiate a purchase E) a key part of internal company security

C) regulate the flow of info

Code of ethics: A) should not include guidelines for day to day activities B) should exclusively include laws and regulations set by government agencies C) should not be too detailed D) should not be designed to guide decision making E) none of the above

C) should not be too detailed

to be useful, a segmentation scheme must produce segments that meet four basic criteria. The criteria are: A) segmentability, targetability, reliability and validity, and homogeneity B) tangibility, inseparability, nonperishibility, and uniqueness C) substantiality, identifiability and measureability, accessibility, and responsiveness D) reliability, flexibility, tangibility and unbiased E) complexity, compatitbility, relative advantage, trialability and observability

C) substantiality, identifiability and measureability, accessibility, and responsiveness

_______________ is an orderly series of stages in which consumers attitudes and behavioral tendencies evolve through maturity, experience and changing income and status A) socialization B) Maslow's hierarchy C) the family life cycle D) showrooming E) ethnocentrism

C) the family life cycle

which of the following is true of satisficers? A) they are customers that are generally found in the consumer market B) they consider numerous suppliers and study all proposals carefully before selecting one C) they place orders with the first supplier that fulfills their requirements D) they contact both familiar and unfamiliar suppliers when they need to purchase a product E) none of the above

C) they place orders with the first supplier that fulfills their requirements

Candys chocolate inc is a confectionary company that manufactures only one product. unlike its competitors, the firm does not have its target customer base as children. instead, it promotes its products using the same strategy across consumers of all age groups. Given this information, candy's chocolates inc has adopted a(n) ____________ strategy A) multisegment targeting B) niche targeting C) undifferentiated targeting D) concentrated targeting E) none of the above

C) undifferentiated targeting

Miller lite's long tasting "great taste..... less filling!" advertising campaign was ranked by advertising age magazine as the 8th best advertising campaign in history. Miller lite was using _____________ segmentation in this ad campaign A) geographic B) demographics C) psychographics D) benefit E) usage rate

D) benefit

A marketing plan should: A. be viewed as a series of sequential steps B. be developed independently of the external business environment C. define the budget mission D. exclude budgets and pricing E. none of the above

C. define the budget mission

A sales oriented firm: A. carefully identifies market segments B. extensively uses relationship marketing strategies C. extensively uses personal selling and advertising D. increases sales by creating customer value and satisfaction E. none of the above

C. extensively uses personal selling and advertising

In the context of SWOT analysis, a strength of an organization can be: A. favorable government policies B lack of competitors C. superior production technology D. component lifestyles E. All of the above

C. superior production technology

which of the following scenarios illustrates business marketing? A) Molly, a university student buys a book to gift her friend B) tom, the accountant at Martel inc buys a pair of shoes for his daughter C) mark a school student purchases a laptop for his personal use D) Jenny the manager of ikon inc purchases a set of printers for her office E) none of the above

D) Jenny the manager of ikon inc purchases a set of printers for her office

A company is said to be a direct foreign investor in another country if it: A) outsources a part of its production to the country due to the availability of cheaper labor B) exports finished products to that country C) manufactures products for the country based on contract manufacturing D) acquires an active ownership of marketing facilities in that country E) none of the above

D) acquires an active ownership of marketing facilities in that country

when prisly Inc introduced a liquid detergent in the market, it noticed that the sale of its detergent powder significantly declined. Prisly inc's loyal customers who previously purchased detergents powder switched to liquid detergent. as a result, prisly inc was forced to reduce production of its detergent powder. This scenario exemplifies ____________ A) segmentation B) diversification C) differentiation D) cannibalization E) maturation

D) cannibalization

The purpose of market segmentation is to: A) change consumer attitudes and beliefs toward a product B) divide a market into submarkets of equal size that have equal numbers C) group a large number of markets together, enabling a company to sell simultaneously D) enable a marketer to tailor marketing mixes to meet the needs of one or more specific segments E) enable market researchers to choose more accurate sameples

D) enable a marketer to tailor marketing mixes to meed the needs of one or more specific segments

Yuncen foods , a company that manufactures frozen food, gets over half of its revenue from international sales. It has been consistently ranked the best frozen foods manufacturer in the world. it has catered its products to suit people in different countries according to their tastes and preferences. This shows that Yuncen foods: A) needs to increase its domestic sales B) has used inshoring to increase its profits and market share C) should invest in another product line to compete effectively in the market D) has a global vision that is paying off well E) none of the above

D) has a global vision that is paying off well

managers can use the NAICS data to: A) create a more focused mission statement B) eliminate risk C) classify consumer behavior D) identify potential new customers E) determine purchase motives

D) identify potential new customers

which of the following is true of conventional morality? A) it is the most basic level of ethical development B) it is the most advanced level of ethical development C) it is predominately characterized by egocentrism D) it involves an emphasis on the expectations of society E) it is predominately characterized by ethnocentrism

D) it involves an emphasis on the expectations of society

sam's car was badly damaged after it accidentally caught fire. When he finds out that it cannot be repaired, he realizes that he has to buy a new car. Which stage of the consumer decision making process does this represent? A) information search B) post purchase behavior C) evaluation of alternatives D) Need recognition E) none of the above

D) need recognition

businesses that buy finished goods and sell them for a profit are called: A) inventory carriers B) producers C) distribution networks D) resellers E) business facilitators

D) resellers

what does the 80/20 principle purpose? A) roughly 80 percent of the profit comes from 20 percent of the sales B) roughly 80 percent of a firms customers are repeat business C) roughly 50 percent of a firms customers purchase 80 percent of the sales volume of the product D) roughly 20 percent of a firms customers purchase 80 percent of the sales volume of the product E) sales are equally divided among heavy, medium, and light users but they all need slightly different products

D) roughly 20 percent of a firms customers purchase 80 percent of the sales volume of the product

what do self sufficiency, upward mobility, work ethic, and conformity have in common? A) these are no longer valued attitudes B) they are attitudes that can easily be changed C) these are four perceptions that Americans have of the asian lifestyle D) these are four of the core values that influence lifestyles in the US E) they are the determinants of a component lifestyle

D) these are four of the core values that influence lifestyles in the US

which of the following is true of individuals belonging to the baby boom generation? A) they have the least spending power than any other cohort B) they spend more on food than any other generation demographic C) they are the first generation of latchkey children D) they are willing to change brands and try new things E) none of the above

D) they are willing to change brands and try new things

One facet of marketing is that it is: A. An approach that focuses on maximizing sales B. A short term oriented approach to profit maximization C. An approach that requires diversity D. A philosophy that stresses customer satisfaction E. Independent of value creation

D. A philosophy that stresses customer satisfaction

Turner electronics is a ten year old company. In the past decade, the company hasn't created any innovative products that have helped set it apart from the rest of its competitors. However, when any of its products need to be repaired or fine tuned, it offers its customers top notch product checks. As a result, the company has managed to retain its wide customer base. Which of the following strategies is Turner electronics using in this scenario? A. Product development B. Diversification C. Market penetration D. service differentiation E. none of the above

D. service differentiation

The focus of a mission statement of an organization should be on: A. supply chain management B. internal operational procedures C. Anti-competitive strategies D. the market business serves E. none of the above

D. the market business serves

all of the following statements about the creation of a code of ethics are true EXCEPT: A) a written code helps employees avoid confusion when determining whether their decisions are ethical B) a code can be an effective internal control on behavior C) the process of formulating the code facilitates discussions that ultimately create better decisions D) a code helps employees identify what their firm recognizes to be acceptable business practices E) a code guarantees ethical behavior among a firms employees

E) a code guarantees ethical behavior among a firms employees

after tax income is referred to as: A) gross income B) marginal income C) purchasing income D) unencumbered income E) disposable income

E) disposable income

the purpose of market segmentation is to: A) reduce the market down to a size the firm can handle B) divide the market into equal size and profit regions for sales territories C) group a large number of markets together, enabling a company to serve them simultaneously D) develop a generalized definition of the market as a whole E) enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups

E) enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups

the fact that many people believe that businesses should focus on making a profit and leave social and environmental issues to nonprofit organizations is: A) one of the arguments in support of social responsibility B) one of the reasons so many organizations have a sustainability plan C) creating a competitive disadvantage for larger corporations D) forcing organizations to choose between stakeholders and the environment in which stakeholders live E) one of the arguments agains social responsibility

E) one of the arguments against social responsibility

________________ is a measure of a web site's effectiveness and is calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit A) effective reach B) effective frequency C) gross rating points D) interactiveness E) stickiness

E) stickiness

A company adhering to the marketing concept will likely take which of the following steps if it learned that its customers were dissatisfied with its product? A. hire more salespeople B. decrease its organizational overhead C. increase its advertising to underserved markets D. increase the number of outlets in which the product is sold E. Conduct research to determine if its customers' needs have changed

E. conduct research to determine if its customers' needs have changed

_________________ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits A. opportunity cost B. marketing unity C. market quality D. satisfaction percentage E. customer value

E. customer value

A company that wants to implement a market orientation would need to: A. Do research on its customers, competitors and markets B. determine how to deliver superior customer value C. establish and maintain mutually satisfying relationships with customers D. implement actions that provide value to customers E. do all of the activities listed

E. do all of the activities listed

The American Marketing Association's definition of marketing: A. is limited to promotional activities B. Focuses on the value of empowerment, teamwork, and customer value C. Shows how marketing benefits the marketer D. Relies on the synergy created by exchange E. includes creating, communicating, delivering, and exchanging offerings that have value for customer, clients, partners and society at large

E. includes creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

__________ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities A. tactical management B. the market audit C. functional planning D. environmental planning E. strategic planning

E. strategic planning