Exam 1 MKT3050

4) The primary key to delivering customer satisfaction is to match product performance with ________. A) The performance of competitive products B) Competitive prices C) Aggressive advertising D) Limited customer services E) Customer expectations

Customer expectations

5) "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 ________. A) Customer-perceived value B) Marketing offerings C) Partner relationship management D) Customer lifetime value E) Value proposition

Customer lifetime value

2) Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty? A) Customer divestment B) Customer-managed relationships C) The societal marketing concept D) Partner relationship management E) Customer relationship management

Customer relationship management

6) 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 ________. A) Share of customer B) Customer satisfaction C) Customer equity D) Customer-perceived value E) Customer lifetime value

Customer satisfaction

11) Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________. A) Need B) Necessity C) Demand D) Exchange E) Transaction

Demand

10) Which of the following strategies would a company most likely use to increase customer satisfaction? A) Decreasing the variety of offered services B) Divesting C) Lowering prices D) "Firing" unprofitable customers E) Limiting customer experiences with a brand

Lowering prices

1) A (n) ________ is the set of actual and potential buyers of a product or service. A) Market B) Control group C) Subsidiary D) Focus group E) Audience

Market

9) Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept. A) Production B) Product C) Selling D) Marketing E) Societal marketing

Marketing

3) Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a ________. A) Licensor B) Supplier C) Marketing intermediary D) Local public E) General public

Marketing intermediary

14) Which of the following marketing management concepts is most likely to lead to marketing myopia? A) Customer-driven marketing concept B) Customer-driving marketing concept C) Societal marketing concept D) Marketing concept E) Product concept

Product concept

36) Which of the following is most likely a result of regulations set up by the Food and Drug Administration and the Consumer Product Safety Commission? A) The time between new product ideas and their introduction to the market has decreased. B) Annual spending on research and development has decreased. C) Research costs for companies have risen. D) Product innovation has significantly declined. E) Marketers have grown increasingly apathetic toward meeting safety standards.

Research costs for companies have risen.

28) MS Azure is a type of SBU that will require heavy investment to finance its rapid growth. A) Cash cows B) Question marks C) Bears D) Dogs E) Stars

Stars

23) 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 ________. A) Market segment B) Strategic business unit C) Question mark D) Prospect E) Product portfolio

Strategic business unit (SBU)

20) Which of the following is true with regard to strategic planning? 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.

The focus of strategic planning is to define a game plan for long-run survival and growth.

34) Aristotle wants to purchase the Amazon Echo Alexa however Aristotle must meets certain financial obligations before doing so. Therefore, Aristotle must prioritize his purchase decision-making as his disposable income must first be allocated to meet his financial obligations. a. True______ b. False_______

True

21) Which of the following is a market-oriented mission statement? A) "We empower customers to achieve their dreams." B) "We sell jumbo burgers." C) "We are an online library." D) "We are a low-cost airline." E) "We make porcelain figurines."

"We empower customers to achieve their dreams"

39) Which of the following is most likely true with regard to people's views of institutions in contemporary America? A) In the American workplace, there has been an overall increase in organizational loyalty. B) Most Americans are confident in their employers and are unlikely to switch jobs as frequently as in the past. C) The past two decades have seen a sharp decrease in confidence in and trust in America's "mainstream media organizations. D) Most U.S. workers view work as a source of personal satisfaction and organizational pride. E) In the last decade, corporate scandals and layoffs had little impact on people's confidence in U.S. firms.

??? maybe: C The past two decades have seen a sharp decrease in confidence in and trust in America's "mainstream media organizations.

15) The HC Brill Company formulated a heart shaped chocolate chip cookie, packaged in an attractive red heart shaped container specifically for the Harris Teeter Company. Brill as well produced, inventoried and shipped the product to Harris Teeter warehouses in time for Valentine's Day. In this scenario (READ CAREFULLY) Brills marketing strategy created all five utilities. True______ False______

???True???

17) A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________. A) A frequency marketing program B) A basic customer relationship C) A club marketing program D) The selling concept E) Consumer-generated marketing

A club marketing program

22) Which of the following companies has a market-oriented business definition? 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 market hope and self-esteem." E) A pizzeria, whose business definition is: "We sell the world's most delicious thin-crust pizzas."

A cosmetic company, whose business definition is: "We market hope and self-esteem."

35) Amazon provides consumers with an excellent web based purchasing experience based on the products provided, promotional interface (prime membership, reviews, products specs, etc.,), attractive pricing, shipping options and a web portal that is easily navigated. The marketing mix strategies Amazon incorporates has created which one or all of the following utilities? a. Form and function, b. Time, c. Place, d. Possession, e. All of the above

All of the above

40) The market researchers at Honey Camp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________. A) Enterprise planning system B) Product mix C) Strategic planning system D) Marketing information system E) Business portfolio

Business portfolio

16) At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________. A) Managing partner relationships B) Selling new products C) Attracting new customers given that Gina is willing to lose some core customers D) Maximizing profitability E) Capturing customer lifetime value

Capturing customer lifetime value

41) Jessica, a senior marketing manager of a chain of pizzeria's in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________. A) Internal databases B) Ethnographic research C) Descriptive research D) Data warehouses E) Causal research

Causal research

38) A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales are donated to local after-school programs for underprivileged youth. This is an example of ________. A) Cause-related marketing B) Generational marketing C) Sustainable marketing D) Market segmentation E) Product differentiation

Cause-related marketing

42) The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives? A) Ethnographic research B) Strategic planning C) Data warehousing D) Competitive marketing intelligence E) Customer relationship management

Competitive marketing intelligence

33) The economic environment consists of economic factors that affect ________. A) Cultural patterns of communities B) Entrepreneurial orientation of a population C) The quality of technological innovation D) Consumer purchasing power E) The natural environment

Consumer purchasing power

13) 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 ________. A) Societal marketing B) The production concept C) The selling concept D) Partner relationship management E) Consumer-generated marketing

Consumer-generated marketing

31) Which of the following is the first step of business portfolio planning? 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

Determining which businesses should receive more, less, or no investment

27) H-P Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________. A) Niche marketing B) Local marketing C) Diversification D) Product adaptation E) Downsizing

Diversification

44) Juanita Petino, a nutritionist, decided to test the effects of two breakfast cereals, Kinglo and Loopy, on different consumer groups. For the purpose of her study, she divided 20 volunteers into two groups and asked the members of one group to have Kinglo cereal and the members of the other group to have Loopy cereal for breakfast. She decided to compare the responses of the volunteers after a week to gain deeper insights into consumer attitude. In this instance, Juanita is using ________. A) Experimental research B) Niche marketing C) Product differentiation D) Ethnographic research E) Viral marketing

Experimental research

43) Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth? A) Causal research B) Constructive research C) Descriptive research D) Statistical research E) Exploratory research

Exploratory research

19) The marketing plan HC Brill designed for the Valentine's Day holiday (as discussed in class) incorporated the following marketing mix strategies...product, price and promotion. a. True______ b. False______

False

32) The marketing plan HC Brill designed for the Valentine's Day holiday (as discussed in class) incorporated the following marketing mix strategies...product, price and promotion. a. True______ b. False______

False

7) A company's sustainability initiatives should be a minor component of its marketing mix strategies as the firms profitability are at all times its priority. a. True______ b. False_______

False

8) Soon-Yi Park's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the LEAST effective component of a marketing plan for Soon-Yi to take advantage of this opportunity? A) Develop a presence on LGBT-oriented social networking sites B) Position his agency as focused on specialized experiences C) Implement a mass marketing campaign D) Place specially-targeted ads in gay-themed publications E) Advertise on LOGO, the cable television network aimed at gays and lesbians and their friends and family

Implement a mass marketing campaign

18) In a SWOT analysis, which of the following would be considered a strength? A) Industry trends B) Technological shifts C) Environmental demands D) Performance challenges E) Internal core competencies

Internal core competencies

26) FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy. A) Market penetration B) Market development C) Downsizing D) Product adaptation E) Product development

Market development

45) Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. A) Market development B) Local marketing C) Diversification D) Product adaptation E) Product development

Market development

25) Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________. A) Market penetration B) Product development C) Diversification D) Product diversification E) Market segmentation

Market penetration

29) Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company. A) Macro environment B) Technological environment C) Micro environment D) Demographic environment E) Political environment

Micro environment

30) Which of the following generational groups is most comfortable with digital technology and embraces that technology? A) Generation X B) Millennials C) Baby Boomers D) Silent Generation E) Lost Generation

Millennials

12) The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________. A) Star B) Question mark C) Bear D) Cash cow E) Dog

Question mark

37) The ________ prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce. A) Clayton Act B) Lanham Trademark Act C) Fair Packaging and Labeling Act D) CAN-SPAM Act E) Sherman Antitrust Act

Sherman Antitrust Act

24) Which of the following is true with regard to cash cows? A) They are high-growth, high-share businesses or products. B) They do not promise to be large sources of cash. C) They require significant cash to maintain market share. D) They are low-share businesses and products. E) They can be used to help finance the company's question marks and stars.

They can be used to help finance the company's question marks and stars