MKT Quiz 1

Promotion and advertising are aspects of marketing closely monitored by the

Federal Trade Commission.

The Four Ps of the marketing mix include product, price, promotion, and

Place

Which of these is a reason that a buyer will have high levels of power in transactions with a seller?

There are few other buyers.

COVID-19 and the resulting shutdowns and mask mandates had dramatic impacts on most businesses, resulting in contractions of many but expansion for others. The pandemic and related restrictions would be considered

an environmental force

Marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting

an environmental scan

The market leader for a low-involvement product must make special efforts to: a. focus on promotions that would encourage buyers to break their habits. b. avoid stockout situations which would result in switching behavior. c. design a marketing mix to get the product into a buyer's consideration set. d. get information to the consumer through search engine optimization efforts. e. introduce novel buying criteria to stimulate curiosity.

b. avoid stockout situations which would result in switching behavior.

Which of these is an example of green marketing? a. McDonald's added apple snacks to its Happy Meals for children b. 3M created a new petrochemical-based fertilizer for trees. c. Xerox designed equipment that can be refurbished or recycled. d. Walmart issued a supplier requirement for cups made from polystyrene to save money. e. Joe's Lawn Service is offering a special spring promotion.

c. Xerox designed equipment that can be refurbished or recycled.

When consumers purchase selected books at its stores and online, Barnes & Noble directs part of that revenue toward programs that support literacy. This is an example of

cause marketing

The chief marketing officer is considered part of which organizational level?

corporate level

A primary challenge for marketers in discovering the needs of prospective customers is that

customers may not know or be able to describe what they need and want.

When you begin your first full-time job, you have a monthly income of $4,500. Your federal and state taxes are $1,000. You pay $1,600 in rent, have a $300 car payment, and spend $300 on food and $200 on clothes. The remaining $1,100 would be considered your

discretionary income

When its beer sales were flat, Budweiser became interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It launched Bud Light Lime-A-Rita, a margarita-flavored, beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of

diversification

Violations of written or implicit employment agreements with noncompete clauses are considered

economic espionage

__________ are moral principles and values that govern the actions and decisions of an individual or group.

ethics

Opinion leaders are considered to be ________, so their opinions influence others' choices.

knowledgeable about or users of particular products

The outdoor brand The North Face intends to capture some of its competitors' business in Europe in the next few years, even amid the stagnant economic conditions there. The firm cites the active lifestyles there and the relatively low cost of entry for its backpacking and hiking sports gear, which attracts those planning a low-budget "staycation." The North Face most likely has a ________ goal.

market share

Your marketing dashboard shows sales performance by SBU, which is an example of a ________.

marketing metric

During which stage of the purchase decision process do consumers determine how satisfied they are with their purchases?

postpurchase behavior

Emilio used the Consumer Reports website to research an economical choice for a new smoothie blender for his apartment, and he trusted the information because the website was not affiliated with the sellers of these products. This is an example of which type of information source?

public source

Mohammed cracked the glass on his smartphone. He had hoped it was just the screen protector, but he saw that he really could not do much with his phone in that condition. Mohammed knew he'd need to get a new one; he had just begun the

purchase decision process

discretionary income

pure competition

In BCG's business portfolio analysis, __________ require large injections of cash just to maintain their market share, much less increase it. Thus managers must choose the right ones to invest in and phase out the rest.

question marks

Orbitwheels are a cross between a skateboard and pair of inline skates. Riders insert each foot in a large wheel that rotates sideways. Orbitwheels differ from a skateboard in that they are self-propelled by the rider's wave-like motion so the need to push off the ground every few feet to get moving is eliminated. The product has been popular among some kids, especially athletic teen boys. Athletic teen boys could be described as the ________Blank for Orbitwheels.

target market

According to ________, consumers have the right to choose and the right to be heard, among others.

the Consumer Bill of Rights

Patagonia's Worn Wear program, which encourages its customers to repair, trade, and eventually recycle all of its products, is an application of

the societal marketing concept.