BUS 306 Exam 1
A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. Select one: a. market offering b. value proposition c. brand positioning d. market segment e. market mix
a
A company can ________ an SBU by selling it or phasing it out and using the resources elsewhere. Select one: a. divest b. promote c. expand d. harvest e. hold
a
A company should not always target all possible customers. Which kind of customer is not the most valuable to a company, but, can over time, contribute to the firm's success? Select one: a. butterflies b. shooting stars c. barnacles d. true friends e. strangers
a
A company's broad mission leads it to develop all of the following EXCEPT ________. Select one: a. budget objectives b. business objectives c. sales objectives d. marketing objectives e. customer engagement objectives
a
According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. Select one: a. relative market share b. product development c. market diversification d. product attribute e. market segmentation
a
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals."We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."Carol Veldt's plan also involves a seasonal promotional gimmick that she wants to promote aggressively. This is an example of the ________ concept. Select one: a. selling b. marketing c. product d. production e. societal marketing
a
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals."We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________. Select one: a. market offering b. target market c. market segment d. product positioning e. marketing mix
a
Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________. Select one: a. product development b. market development c. market penetration d. diversification e. product differentiation
a
Dividing the market into various groups of customers that a company may serve is called ________. Select one: a. market segmentation b. positioning c. customization d. target marketing e. differentiation
a
Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning. Select one: a. market targeting b. marketing implementation c. supply-chain analysis d. price discrimination e. market diversification
a
Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater."My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!""Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety."Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning? Select one: a. market penetration b. market development c. product development d. product adaptation e. diversification
a
Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified as a ________. Select one: a. star b. question mark c. bear d. cat e. dog
a
Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose? Select one: a. SWOT analysis b. cluster analysis c. portfolio analysis d. regression analysis e. Porter's five forces analysis
a
In the marketing mix, place includes ________. Select one: a. logistics b. discounts c. sales promotion d. advertising e. packaging
a
Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept. Select one: a. product b. production c. selling d. marketing e. societal marketing
a
The art and science of choosing target markets and building profitable relationships with them is called ________. Select one: a. marketing management b. positioning c. marketing mix d. market offering e. differentiation
a
The marketing concept takes a(n) ________. It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers. Select one: a. outside-in perspective b. product-centered make-and-sell philosophy c. inside-out perspective d. consumer-generated marketing approach e. telling-and-selling approach
a
Through ________, companies today are strengthening their connections with all partners, from providers of raw materials and components to those involved in the delivery of final goods and services. Select one: a. supply chain management b. direct marketing c. customer relationship marketing d. customized marketing e. inventory management
a
Which of the following customer questions is answered by a company's value proposition? Select one: a. "Why should I buy your brand rather than a competitor's?" b. "What is your company's estimated customer equity?" c. "What are the costs involved in the production of your brand?" d. "What is the budget allocated by your company for research and development?" e. "What is the financial stability of your company?"
a
Which of the following is a major advantage of the market organization? Select one: a. The company is organized around the needs of specific customer segments. b. The company exploits bleeding-edge technologies to keep ahead in the market. c. The company has a flat organizational structure. d. The company allows its salespeople to settle into a specific territory. e. The company caters to a single, small market segment.
a
Which of the following statements is true about creating customer loyalty and retention? Select one: a. Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage. b. Customer delight creates a rational preference and not an emotional relationship with the brand. c. The aim of customer relationship management is to focus solely on customer delight. d. Losing a customer hardly makes a difference to a company's sales. e. The aim of customer relationship management is to focus solely on customer satisfaction.
a
Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy? Select one: a. market segmentation b. the production concept c. the marketing concept d. the inside-out perspective e. marketing myopia
a
The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. Select one: a. product b. production c. societal marketing d. marketing e. selling
a. product
A church targeting different demographic groups to increase attendance is an example of ________. Select one: a. affinity marketing b. not-for-profit marketing c. societal marketing d. evangelism marketing e. affiliate marketing
b
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________. Select one: a. marketing mixes b. market segments c. value propositions d. market offerings e. marketing intermediaries
b
Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms? Select one: a. Marketers want to increase their market share. b. Marketers want to increase the share they get of the customer's purchasing in their product categories. c. Marketers want to diversify their operations and customize their products to cater to the entire market. d. Marketers want to continuously increase their customers' levels of satisfaction. e. Marketers want to turn satisfied customers into delighted customers.
b
Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. Select one: a. positioning b. marketing c. outsourcing d. production e. logistics
b
Following the change in consumer values and consumption patterns after the Great Recession, marketers have changed their marketing strategies to emphasize the ________ of their products. Select one: a. image b. value c. durability d. safety e. uniqueness
b
Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use. Select one: a. club marketing programs b. social marketing campaigns c. consumer-generated marketing campaigns d. ambush marketing campaigns e. frequency marketing programs
b
Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him? Select one: a. full partnerships b. basic relationships c. causal relationships d. club marketing programs e. inverse relationships
b
Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept. Select one: a. product b. production c. selling d. marketing e. societal marketing
b
Iceco Inc., an ice cream manufacturing company, encourages all stakeholders, including the top management and all employees, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________. Select one: a. environmentalism b. social responsibility c. the selling concept d. partner relationship management e. marketing myopia
b
It is most accurate to say that when customers purchase products they act on ________ as they judge values and costs. Select one: a. objective value b. perceived value c. customer lifetime value d. company image e. society's interests
b
Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith trying to increase? Select one: a. shared value b. share of customer c. social responsibility d. customer-generated marketing e. customer loyalty
b
Many organizations use multiple social media, such as Facebook, Twitter, Instagram, and YouTube. What is the primary reason a company would use multiple social media? Select one: a. entice customers to one of the social media sites b. present a carefully integrated message to fans and customers c. improve its "hit" count d. appeal to new customers e. increase its prices because it is more well-known
b
Marketers use mobile channels for several purposes. Which of the following is LEAST likely to be one of those purposes? Select one: a. Enrich the brand experience. b. Send billing statement. c. Stimulate immediate buying. d. Make shopping easier. e. Boost sampling.
b
Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________. Select one: a. providing input to identify attractive market opportunities b. designing new products from scratch c. creating customer value and building profitable relationships with customer groups d. designing strategies for reaching a unit's objective e. providing a guiding philosophy
b
Modern strategic planning ________. Select one: a. exclusively consists of a company's short-term goals b. is decentralized c. does not involve cross-functional teams d. does not take the overall mission of the company into consideration e. is highly centralized
b
Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________. Select one: a. new product b. market segment c. marketing intermediary d. brand e. product line
b
Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________. Select one: a. share of customer b. customer satisfaction c. customer equity d. customer-perceived value e. customer lifetime value
b
The best business portfolio is the one that ________. Select one: a. provides the greatest opportunity for increasing profits b. best fits the company's strengths and weaknesses to opportunities in the environment c. ensures that the company will realize increased share of market d. allows the company to decrease its overall costs e. entices customers to purchase even more products from the company
b
The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ________. Select one: a. market segment b. strategic business unit c. question mark d. prospect e. product portfolio
b
When backed by buying power, wants become ________. Select one: a. social needs b. demands c. physical needs d. self-esteem needs e. exchanges
b
When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing. Select one: a. customer-driven b. customer-driving c. societal d. ambush e. affinity
b
Which of the following is the first step of business portfolio planning? Select one: a. shaping the future portfolio by developing strategies for growth and downsizing b. determining which businesses should receive more, less, or no investment c. identifying internal strengths and weaknesses d. identifying future opportunities e. determining short-term goals
b
Which of the following is true with regard to a market segment? Select one: a. A market segment consists of consumers with dissimilar needs and preferences. b. A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. c. Very few markets have segments. d. Dividing the market into segments decreases the efficiency of the selling process. e. Dividing the market into segments reduces composite demand.
b
Which of the following is true with regard to the product/expansion grid? Select one: a. It classifies SBUs into four distinct categories. b. It is a useful device for identifying growth opportunities. c. It helps companies analyze their internal strengths and weaknesses. d. It functions on the premise that firms should downsize to regain market share. e. It is a useful device for segregating customers into distinct categories.
b
Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors? Select one: a. market diversification b. market segmentation c. downsizing d. customer relationship management e. prospecting
b
Which of the following terms refers to customers who make repeat purchases and tell others about their positive experiences with a product or service? Select one: a. barnacles b. customer evangelists c. butterflies d. surrogate customers e. market mavens
b
________ are human needs that are shaped by culture and individual personality. Select one: a. Necessities b. Wants c. Demands d. Values e. Exchanges
b
________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs. Select one: a. Customer-driven b. Customer-driving c. Affinity d. Societal e. Ambush
b
According to management guru Peter Drucker, "The aim of marketing is to ________." Select one: a. maximize profits of the company b. emphasize customer wants and not customer needs c. make selling unnecessary d. fulfill unrealistic customer expectations e. sell products
c
Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________. Select one: a. portfolio b. marketing segment c. positioning d. marketing mix e. mission statement
c
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals."We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the ________ concept. Select one: a. selling b. marketing c. product d. production e. societal marketing
c
Companies may want to downsize their business portfolios for all but which of the following reasons? Select one: a. The firm may have grown too fast. b. The firm may have entered areas where it lacks experience. c. The customers may have purchased all they need. d. The market environment might change. e. The products might simply age.
c
Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors. Select one: a. psychographic b. behavioral c. technological d. demographic e. geographic
c
Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________. Select one: a. niche marketing b. local marketing c. diversification d. product adaptation e. downsizing
c
Emerson Studios has designed its marketing organization along the lines of a ________ organization in which operational specialists head different marketing activities. Select one: a. geographic b. product c. functional d. customer e. market
c
Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater."My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!""Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety."Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________. Select one: a. market penetration b. market development c. product development d. niche marketing e. diversification
c
In which of the following situations has a company most actively embraced customer-managed relationships? Select one: a. American Airlines awards frequent flyer points to returning customers. b. Paige Premium Denim jeans provide superior quality and perfect fit. c. iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner. d. Best Buy distinguishes between its best customers and its less profitable customers, stocking merchandise to appeal to each group. e. Toyota develops a marketing presence on social networks and other online communities.
c
Marketers set up company and brand Web sites that provide information and promote the company's products. Social media is a significant part of today's marketing strategy. Which of these tools is NOT part of the growth in digital technology? Select one: a. blogs b. e-mail c. telemarketing calls d. mobile apps e. videos
c
Most standard portfolio analysis methods evaluate SBUs on the ________. Select one: a. potential for niche or global marketing b. degree of product differentiation c. strength of the market or industry position d. accessibility to rural markets e. number of successful business acquisitions
c
The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation. Select one: a. breakeven b. SBU c. SWOT d. regression e. cluster
c
The set of marketing tools a firm uses to implement its marketing strategy is called the ________. Select one: a. promotion mix b. product mix c. marketing mix d. market offering e. marketing effort
c
The societal marketing concept seeks to establish a balance between ________. Select one: a. customer lifetime value and customer equity b. an inside-out perspective and an outside-in perspective c. consumer short-run wants and consumer long-run welfare d. marketing mixes and market offerings e. customer-driven marketing and customer-driving marketing
c
When demand for athletic shoes produced by Nike and endorsed by Michael Jordan is high, Nike limits how many pairs of shoes are manufactured. This action maintains strong demand by limiting supply. This decision contradicts the philosophy of which marketing concept? Select one: a. marketing concept b. product concept c. production concept d. societal marketing concept e. selling concept
c
Which of the following actions should a marketer take in response to the new economy? Select one: a. Offer selected discounts. b. Cut marketing budgets. c. Hold the line on prices. d. Cut costs. e. Discontinue products.
c
Which of the following functions is NOT part of managing the marketing process? Select one: a. planning b. control c. budgeting d. implementation e. organization
c
Which of the following is NOT an accurate description of modern marketing? Select one: a. Marketing is the creation of value for customers. b. Marketing involves managing profitable customer relationships. c. Marketing emphasizes selling and advertising exclusively. d. Marketing involves satisfying customers' needs. e. Marketing is building value-laden exchange relationships with customers.
c
Which of the following is NOT part of a company's decision about which customers it will serve and how? Select one: a. differentiation b. targeting c. budgeting d. segmentation e. positioning
c
Which of the following is true with regard to strategic planning? Select one: a. At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. b. A strategic plan deals with a company's short-term goals. c. The focus of strategic planning is to define a game plan for long-run survival and growth. d. The strategic plan is a statement of an organization's purpose. e. Strategic planning involves identifying segments of consumers with identical preferences.
c
Which of the following strategies would a company most likely use to increase customer satisfaction? Select one: a. decreasing the variety of offered services b. divesting c. lowering prices d. "firing" unprofitable customers e. limiting customer experiences with a brand
c
________ are low-share business units in high-growth markets that require a lot of cash to hold their share. Select one: a. Stars b. Dogs c. Question marks d. Cash cows e. Bears
c
"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________. Select one: a. customer-perceived value b. marketing offerings c. partner relationship management d. customer lifetime value e. value proposition
d
A company's broad mission leads to ________. Select one: a. increasing profits and more customers b. increasing sales and decreasing costs c. a higher share price d. a hierarchy of objectives, including business objective and marketing objectives e. increased market share and increasing profitability
d
A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________. Select one: a. product development b. market development c. market penetration d. diversification e. product differentiation
d
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________. Select one: a. ambush marketing b. social marketing c. societal marketing d. target marketing e. cause marketing
d
In a SWOT analysis, ________ include favorable trends in the external environment. Select one: a. strengths b. challenges c. weaknesses d. opportunities e. threats
d
Marketing control involves four steps including all the following EXCEPT ________. Select one: a. setting specific marketing goals b. measuring the marketing plan's performance in the marketplace c. evaluating the causes of any differences between expected and actual performance d. increasing the staffing in the planning department e. taking corrective action to close the gaps between goals and performance
d
Mission statements should ________ and be defined in terms of ________. Select one: a. be technology oriented; meeting the self-actualization needs of customers b. be product oriented; satisfying the esteem needs of customers c. embody the company's short-term plans; current opportunities d. be market oriented; satisfying basic customer needs e. address sales and profits; the net return on investments
d
Selecting which segments of a population to serve is called ________. Select one: a. market segmentation b. positioning c. customization d. target marketing e. differentiation
d
Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy. Select one: a. marketing concept b. product concept c. production concept d. societal marketing concept e. selling concept
d
The collection of businesses and products that make up a company is called its ________. Select one: a. strategic business unit b. supply chain c. strategic plan d. business portfolio e. internal value chain
d
The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________. Select one: a. business portfolio b. supply chain c. marketing mix d. value delivery network e. internal value chain
d
Which of the following companies has a market-oriented business definition? Select one: a. An electronics company, whose business definition is: "We produce microchips." b. A hotel, whose business definition is: "We rent rooms." c. An apparel company, whose business definition is: "We make and sell women's clothing." d. A cosmetic company, whose business definition is: "We sell hope and self-esteem." e. A pizzeria, whose business definition is: "We sell the world's most delicious thin-crust pizzas."
d
Which of the following is NOT an example of product-oriented mission statements? Select one: a. "We are an online library." b. "We run theme parks." c. "We sell athletic shoes." d. "We sell memorable experiences." e. "We rent hotel rooms."
d
Which of the following is the aim of the product concept? Select one: a. improve the marketing of a firm's best products b. market only those products with high customer appeal c. focus on the target market and make products that meet those customers' demands d. focus on making continuous product improvements e. ensure that product promotion has the highest priority
d
Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? Select one: a. the product concept b. the production concept c. the selling concept d. the marketing concept e. the societal marketing concept
d
Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? Select one: a. vendor lock-in b. social loafing c. value proposition d. marketing myopia e. conspicuous consumption
d
________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. Select one: a. Benchmarking b. SWOT analysis c. Market segmentation d. Strategic planning e. Diversification
d
________ measures the profits generated by investments in marketing activities. Select one: a. A SWOT analysis b. A marketing audit c. Regression analysis d. Return on marketing investment e. Marketing budget evaluation
d
________ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance. Select one: a. Field automation systems b. Market segments c. Market share d. Marketing dashboards e. Line extensions
d
Kao Corp., a deodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________. Select one: a. societal marketing b. the production concept c. the selling concept d. partner relationship management e. consumer-generated marketing
e
Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________. Select one: a. marketing plan b. product mix c. business portfolio d. marketing mix e. mission statement
e
The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. Select one: a. market segmentation b. differentiation c. target marketing d. market targeting e. positioning
e
Which of the following marketing management concepts is most likely to lead to marketing myopia? Select one: a. customer-driven marketing concept b. customer-driving marketing concept c. societal marketing concept d. marketing concept e. product concept
e
Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty? Select one: a. customer divestment b. customer-managed relationships c. the societal marketing concept d. partner relationship management e. customer relationship management
e
Which of the following statements is true of the production concept? Select one: a. It considers customer focus and value to be the paths to sales and profits. b. It follows the customer-centered sense-and-respond philosophy. c. It takes an outside-in perspective. d. It calls for sustainable marketing. e. It leads to companies focusing too narrowly on their own operations
e
The primary key to delivering customer satisfaction is to match product performance with ________. Select one: a. the performance of competitive products b. competitive prices c. aggressive advertising d. limited customer services e. customer expectations
e. customer expectations
Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty? Select one: a. barnacles b. strangers c. butterflies d. true friends e. cash cows
true friends
