MKT Quiz 1

Which of the following statements about customer value is true?

Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

Evaluating opportunities in international markets is uniquely challenging for managers because

international variables are confusing and unfamiliar to outsiders.

From a micro view, marketing

is a set of activities performed by an individual organization to satisfy its customers.

Marketing is NOT needed in a ______________ economy.

pure subsistence

The _____ area of the marketing mix includes decisions related to telling the target market

promotion

All of the following are part of the direct market environment:

the company itself., competitors, customers.

A firm's product-market screening criteria for evaluating existing plans and possible new opportunities should consider

the firm's resources, trends in the market environment, the objectives of top management.

An organization practicing ______ aims all its efforts at satisfying its customers—at a profit.

the marketing concept

Mission Statement Components

sets out the organization's basic purpose for being.

The three basic ideas in the "marketing concept" are:

customer satisfaction, total company effort, profit.

_____ means trying to increase sales by selling present products in new markets.

Market development

Between 2010 and 2025, population in the U.S. is projected to grow about _____percent.

15

International opportunities should be considered by managers because:

All of the above.

___________ ___________ are the firms that are considered to be the organization's closest challengers.

Competitive rivals

Which of the following is true?

Baby Boomers refer to the generation born from 1946 to 1964.

_____ help(s) innovators develop hard-to-copy marketing strategies that will be very

Breakthrough opportunities

______ means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

Competitive advantage

_______ means the marketing mix is distinct from and better than what is available

Differentiation

The text discusses the evolution of business through five "eras." Which of the following is not one of these eras?

Diversification era.

Concerning marketing ethics:

Individuals develop moral standards based on their own values. Opinions about what is right or wrong vary from one society to another. The prevailing practice of most business people is to be fair and honest.

_______ is defined as the performance of activities that seek to accomplish an organization's

Marketing

Which of the following statements best describes the modern view of marketing?

Marketing anticipates customer needs.

Which of the following statements is true

Marketing encourages research and innovation

Which of the following is NOT a reason for you to study marketing?

Marketing involves actually making the goods that people need.

The "four Ps" of a marketing mix are:

Product, Place, Promotion, and Price.

The Price area of the marketing mix:

Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices. Requires an understanding of discounts and allowances.

A SWOT analysis includes:

Strengths Weaknesses Opportunities Threats

The most important variable in a firm's marketing mix is:

all contribute to one whole Price Product Promotion Place

A "marketing program":

blends all of a firm's marketing plans into one big plan.

The economic environment

can change very rapidly.

The __________ environment affects the number and types of competitors a marketing manager must face--and how they might.

competitive

The languages people speak, the type of education they have, and their religious beliefs are examples of the

cultural and social environment.

In monopolistic competition,

each competitor tries to get control in its "own" target market.

Marketing managers should remember that there are many variables in the ____________

economic and technological political and legal environments cultural and social environment

The difference between target marketing and mass marketing is that target marketing

focuses on specific customers, while mass marketing aims at an entire market.

Underlying any economic environment is technology which affects

how the economy's resources are converted to output.

A "marketing plan":

includes the time-related details for carrying out a marketing strategy.

The development and spread of new ideas, goods, and services for the marketplace is called:

innovation

With regard to a firm's resources (when searching for attractive opportunities):

lack of financial strength is often a barrier to entry.

A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ________environment.

legal

In a ____ the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

market-directed economy

The ______ area of the marketing mix is concerned with decisions about getting the "right"

place.

The marketing management process is the process of:

planning marketing activities. implementing marketing plans. controlling marketing plans.

"Nationalism" is an issue in the ______________ environment.

political

Exchange between producers and consumers is more difficult in an advanced economy because of:

separation in time separation in values. spatial separation. separation of information.

"Product" is concerned with:

services and physical goods. developing products which will satisfy some customers' needs. designing, packaging, and branding new products.

A marketing strategy

specifies a target market and a related marketing mix.

The universal functions of marketing include buying, selling, transporting, storing,

standardization and grading, financing, risk taking, and marketing information

Gross domestic product (GDP) is

the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.

Marketing could NOT take place without:

two or more parties who are willing to exchange something for something else.

Most Americans live in ________ areas.

urban