Marketing 101 Final Exam Review

Which of the following is NOT one of the roles typically played by one of the members of a buying center? a. Auctioneer b. Initiator c. Influencer d. Decider e. Gatekeeper

a. Auctioneer

In a recent Gallup survey, which of the following professions was rated lowest in ethical standards? a. Car salespeople b. Lawyers c. Senators d. Real estate agents e. Medical doctors

a. Car salespeople

Which of these is a macroenvironmental factor? a. Culture b. Corporate partners c. Competition d. Company e. All of these are macroenvironmental factors.

a. Culture

After a firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluation of alternatives. __________ then review and refine these alternatives, and choose a course of action. a. Managers b. The firm's lawyers c. Key customers d. Community leaders e. All stakeholders

a. Managers

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described? a. Market-oriented b. Sales-oriented c. Production-oriented d. Value-based marketing e. Economic-oriented

a. Market-oriented

Which of the following details is/are included in the order specification stage of the B2B buying process? a. Prices and delivery dates b. Vendor performance assessment c. The RFP d. Bids for supplying the required components or parts e. Vendor selection

a. Prices and delivery dates

A firm's macroenvironment includes all of the following EXCEPT a. competition. b. culture. c. demographics. d. economics. e. political/legal issues.

a. competition.

Which of the following is the definition of social media? a. content distributed through social interaction b. a collection of websites that support the posting of videos and photos c. a group of websites that allow users to establish formal connections d. the practice of users forwarding video and photo links to each other e. web services that allow users to share their physical locations

a. content distributed through social interaction

For every consumer who purchases a pair of TOMS shoes for $55.00, the company promises that a child will receive a pair of shoes. TOMS shoes is actively engaging in a. corporate social responsibility. b. business ethics. c. marketing ethics. d. environmental marketing. e. overpricing its products.

a. corporate social responsibility.

The difference between a firm's immediate marketing environment and its macroenvironment is that the macroenvironment is a. external. b. easier to understand. c. easier to control. d. the same as the immediate environment. e. fundamental to creating core competency.

a. external.

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about a. its value. b. the environment. c. the cost to manufacture the product. d. the economic outlook. e. the product's new advertising campaign.

a. its value.

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged? a. planning b. implementation c. control d. segmentation e. metrics

a. planning

When you register your telephone number with the Do Not Call Registry, you are responding to a need for a. privacy. b. enhanced information flow. c. lower phone bills. d. marketing contact. e. tactical communication skills.

a. privacy.

Benefit-cost analysis in market research weighs a. the benefits of answering questions against the cost of the research. b. the benefit of qualitative research against the cost of quantitative research. c. the benefit of primary data research against the cost of secondary data research. d. the benefit of a data warehouse against the cost of syndicated data. e. the benefit of internal secondary data against the cost of external secondary data.

a. the benefits of answering questions against the cost of the research.

The 4E framework for social media guides marketers in using social media effectively to build and deepen customer relationships. Which of the following is NOT one of the four E's in this framework? a. Engage b. Energize c. Excite d. Experience e. Educate

b. Energize

Which of the following is the third step in the strategic marketing planning process? a. Define the business mission. b. Identify and evaluate opportunities. c. None of these. d. Implement marketing mix and allocate resources. e. Situation analysis.

b. Identify and evaluate opportunities.

__________ is an extreme form of a targeting strategy. a. Macromarketing b. Micromarketing c. Benefit marketing d. Differentiated targeting e. Concentrated targeting

b. Micromarketing

After defining the business mission, what should a firm do next to develop a marketing plan? a. Conduct an STP analysis. b. Perform a situation analysis. c. Develop a positioning strategy. d. Select a target market. e. Implement the four Ps.

b. Perform a situation analysis.

__________ is communication by a marketer that informs, persuades, or reminds potential customers about a product. a. Pricing b. Promotion c. Placement d. A relational orientation e. Value cocreation

b. Promotion

Social media first began to get more professional and offer more to users a. just after its invention phase in the early 1990s. b. at the turn of the twentieth century, during its industrialization phase. c. when Apple launched the first App Store. d. in the last few years, during its entrepreneurial phase. e. in 2011-2012, when the market became flooded with smartphones.

b. at the turn of the twentieth century, during its industrialization phase.

The basic difference between a good and a service is that a good a. provides intangible benefits. b. can be physically touched. c. is always less expensive than a corresponding service. d. generates greater interest among consumers. e. is more quickly forgotten by consumers.

b. can be physically touched.

Business-to-business marketing involves buying and selling goods or services by all of the following EXCEPT a. manufacturers. b. consumers. c. retailers. d. producers. e. wholesalers.

b. consumers.

During the __________ phase of the strategic marketing planning process, marketers utilize systems to check whether each potential ethical issue raised in earlier phases was addressed. a. implementation b. control c. planning d. assessment e. social responsibility

b. control

This type of thought-sharing site typically provides the highest level of control for companies. a. professional blog b. corporate blog c. personal blog d. Flickr e. Google+

b. corporate blog

The firms that work along with the focal firm to provide goods and services to consumers are viewed as a. cultural cohorts. b. corporate partners. c. cartels. d. cooperatives. e. customers.

b. corporate partners.

Marketing research includes all of the following EXCEPT a. collecting data. b. creating data. c. recording data. d. interpreting data. e. analyzing data.

b. creating data.

When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to: a. generate cost-based performance ratios. b. evaluate performance and make adjustments. c. increase product excellence without reducing customer excellence. d. develop segmentation strategies. e. choose a business mission.

b. evaluate performance and make adjustments.

Differences in weather and climate create opportunities for a. concentrated targeting. b. geographic segmentation. c. benefit segmentation. d. psychographic segmentation. e. demographic segmentation.

b. geographic segmentation.

One measure of traffic from visitors on sites, the total page requests, is measured in units called a. clickers. b. hits. c. paths. d. tweets. e. impressions.

b. hits.

Charges that firms are using "sweatshop" labor to produce their products are likely to occur during the __________ phase of the strategic marketing planning process. a. planning b. implementation c. control d. evolution e. marketing mix

b. implementation

At many universities, education faculty members were among the first to ask for personal computers. These faculty members were __________ in the buying center. a. buyers b. initiators c. influencers d. deciders e. gatekeepers

b. initiators

A __________ growth strategy employs the existing marketing offering to reach new market segments. a. product proliferation b. market development c. market penetration d. diversification e. product development

b. market development

Deceptive advertising and promotion of inferior products are examples of __________ ethical issues. a. accounting b. marketing c. social d. finance e. economic

b. marketing

YouTube is an example of what type of social media site? a. microblogging b. media sharing c. thought sharing d. social networking e. social bookmarking

b. media sharing

The Ethical Decision-Making Framework includes all of the following steps EXCEPT a. identify issues. b. promote the firm's corporate social responsibility efforts. c. gather information and identify stakeholders. d. brainstorm and evaluate alternatives. e. choose a course of action.

b. promote the firm's corporate social responsibility efforts.

Typically, B2B buyers ask potential suppliers to a. write the RFP for the buyer. b. submit formal proposals. c. sponsor interviews with final customers in order to determine product needs. d. always be involved in reselling. e. organize themselves into selling cooperatives.

b. submit formal proposals.

The marketing goal of getting the "right quantities to the right locations, at the right time" is: a. communicating the value proposition. b. supply chain management. c. creating value. d. capturing value. e. price and performance management.

b. supply chain management.

Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in a. Duluth, Montpelier, and Augusta. b. smaller states. c. New York, Los Angeles, and Chicago. d. coastal resort areas. e. Great Lakes agricultural areas.

c. New York, Los Angeles, and Chicago.

__________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of the firm's offerings relative to competitors' offerings. a. Processing b. Perceptualizing c. Positioning d. Proportioning e. Prospecting

c. Positioning

When discussing the marketing planning process, STP stands for: a. Strategies, tactics, and plans. b. Strategize, target, and promote. c. Segmentation, targeting, and positioning. d. Situation analysis, trend spotting, and planning. e. Sustaining, trending, and positioning.

c. Segmentation, targeting, and positioning.

Compared to the average company, firms with strong ethical climates tend to a. employ more business development consultants. b. offer more goods and services. c. be more socially responsible. d. invest more in sales training software. e. have higher turnover.

c. be more socially responsible.

Retail checkout scanning systems create a tremendous amount of purchasing information usually stored in a company's a. website. b. file cabinets. c. data warehouse. d. cash registers. e. qualitative research department.

c. data warehouse.

Market research begins with a. designing the research project. b. analyzing data. c. defining objectives and research needs. d. presenting results. e. creating the data collection process.

c. defining objectives and research needs.

NASCAR redirected its marketing efforts when a survey indicated that almost 50 percent of race fans were female. This is an example of __________ segmentation. a. geographic b. psychographic c. demographic d. benefits e. behavioral

c. demographic

Multinational corporations are recognizing their responsibility to the people who make their products a. when public attention might embarrass the corporation. b. if the local government suggests that the company pay bribes to officials. c. even if they aren't their employees. d. unless another firm actually employs the workers. e. when it suits them financially.

c. even if they aren't their employees.

Hospitals, schools, and religious organizations are examples of __________ buyers. a. manufacturing b. retail c. institutional d. factory agent e. reseller

c. institutional

During the RFP stage, B2B buyers a. recognize obstacles that the firm must work around. b. revise their need recognition analysis. c. invite suppliers to bid on supplying what is requested. d. proceed to vendor analysis. e. negotiate contract terms.

c. invite suppliers to bid on supplying what is requested.

Compared to consumers in the United States, Europeans are a. less ethnically diverse. b. a considerably older population. c. more green-consumer conscious. d. less sensitive to environmental concerns. e. more demanding of just-in-time material delivery systems.

c. more green-consumer conscious.

Effective promotion enhances a product or service's a. supply chain management system. b. wholesaling capabilities. c. perceived value. d. design features. e. trialability.

c. perceived value.

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT a. product. b. place. c. performance. d. promotion. e. price.

c. performance.

A(n) ___________ is a group of products that consumers may use together or perceive as similar in some way. a. SBU b. STP c. product line d. market segment e. promotional service

c. product line

Marketing was once an afterthought to a. accounting. b. economics. c. production. d. finance. e. none of these—marketing was never an afterthought.

c. production.

Unlike manufacturers, __________ buy products from other businesses but do not significantly alter the form of the products they buy. a. producers b. consumers c. resellers d. English auctioneers e. gatekeepers

c. resellers

The first step in the process of creating a social media campaign is to a. develop a budget. b. identify the target audience. c. set goals. d. design the elements of the campaign. e. monitor the program.

c. set goals.

A(n) __________ occurs when the purchasing agent orders additional units of products that have previously been purchased. a. new buy b. modified rebuy c. straight rebuy d. adapted buy e. generic buy

c. straight rebuy

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including: a. strengths. b. opportunities. c. strengths and weaknesses. d. threats. e. opportunities and threats.

c. strengths and weaknesses.

Unlike other business functions like accounting or finance, people in marketing are often singled out as the root cause of ethical concerns because a. they are trained in the art of effective persuasive communication. b. they are not considered to be as quantitatively skilled as accounting and finance people. c. they interact directly with consumers. d. the problems that occurred at Enron, Tyco, and WorldCom were caused by marketers. e. doing a good job of marketing requires some degree of unethical behavior.

c. they interact directly with consumers.

When looking at ethical issues associated with the strategic marketing planning process, questions a. should only be addressed during the evaluation stage. b. should never be asked; only managers should deliberate marketing ethical issues. c. vary at each stage of the process. d. are never asked during the implementation stage. e. always follow a standard format.

c. vary at each stage of the process.

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. In addition, trend-watchers are noting the increasing popularity of a. flu shots. b. high-carbohydrate diets. c. yoga. d. cooking shows on TV. e. all of these.

c. yoga.

VALS is the most widely used __________ segmentation tool. a. geographic b. behavioral c.psychographic d. benefits e. geodemographic

c.psychographic

How might Starbucks ensure that it behaves in a socially responsible way towards members of its supply chain? a. By paying its employees minimum wage as required by law. b. By using cups made from recycled paper. c. By offering healthy drinks and snacks in its stores. d. By purchasing coffee beans from suppliers who pay coffee growers a fair price. e. Social responsibility isn't relevant where channel partners are concerned; it has to do with serving society as a whole.

d. By purchasing coffee beans from suppliers who pay coffee growers a fair price.

A meat packing company discovers that six months ago it unknowingly distributed meat from a cloned cow. The firm is unaware of any specific risks to humans consuming the meat; however, some scientists have raised questions, and some consumers are afraid of possible future problems. The meat company has to decide whether or not to make this matter public. How should it begin the process of making an ethical decision? a. Brainstorm the available alternatives. b. Ask its managers to vote for or against public disclosure. c. Let the board of directors decide what to do. d. Identify the issues raised by the situation. e. Find out who purchased the meat, and offer them refunds in return for their silence.

d. Identify the issues raised by the situation.

Which of the following is a core aspect of marketing? a. Satisfying as many needs as possible b. Creating a product that everyone will want to buy c. Setting prices lower than all competitors d. Making product, place, promotion, and price decisions e. Increasing the company's profit

d. Making product, place, promotion, and price decisions

_________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products. a. Targeting b. Market segmentation c. A sustainable competitive advantage d. Positioning e. A customer excellence strategy

d. Positioning

Companies that specialize in sentiment analysis are LESS likely to look at __________ for data. a. personal blogs b. Facebook c. Twitter d. YouTube e. Mommy blogs

d. YouTube

What is Google+? a. an experimental, advanced search engine b. a website where users can work together to create documents c. a site offering analytical information about website usage d. a social networking site e. a video sharing site intended for businesses

d. a social networking site

The factors in the immediate marketing environment include the actions of the a. company. b. company's competitors. c. company's corporate partners. d. all of these e. none of these

d. all of these

The goal of a customer excellence strategy is to gain loyal customers. Customer loyalty can be developed through: a. having a strong brand b. offering unique merchandise c. providing superior customer service d. all of these e. none of these

d. all of these

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision making situation, __________ should engage in brainstorming and evaluation of alternatives. a. the senior managers most involved b. key customers c. elected officials d. all parties relevant to the decision e. any individuals with competing interests

d. all parties relevant to the decision

Which of the following is NOT one of the four general types of organizational cultures? a. autocratic b. democratic c. consultative d. capitalist e. consensus

d. capitalist

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices, but was also a. practicing marketing ethics. b. falsifying the company's finances through charitable donations. c. creating a local ethical business climate. d. demonstrating corporate social responsibility. e. manipulating the public sentiment for its own benefit.

d. demonstrating corporate social responsibility.

Introducing newly developed products or services to a market segment the company is not currently serving is called: a. product development b. market development c. market penetration d. diversification e. product proliferation

d. diversification

Products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of a. internal, controllable marketing issues. b. issues that don't even need to be discussed in ethical firms. c. marketing issues but not ethical issues. d. marketing ethical issues. e. ethical issues but not marketing issues.

d. marketing ethical issues.

Excluding computers, which of the following methods is used by more consumers to access social media? a. e-readers b. iPads c. iPods d. mobile phones e. GPS units

d. mobile phones

When making decisions, managers often have to decide between doing what is beneficial for them (and possibly the firm) in the short run, and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm a. must evaluate its quarterly profit statement from an ethics standpoint. b. must state its long-term goals in general terms, so as to not interfere with managers' short-term goals. c. must always put society's needs ahead of the firm's needs. d. must ensure that long-term goals are aligned with the short-term goals of each individual within the firm. e. do all of these.

d. must ensure that long-term goals are aligned with the short-term goals of each individual within the firm.

Frequently a B2B buyer will post its RFP a. on Twitter. b. in Commerce Business Daily. c. in the legal section of a local newspaper. d. on its website. e. in the employee human resources office.

d. on its website.

After defining objectives and research needs, the next step in the marketing research process involves a. research evaluation. b. data collection. c. data analysis. d. research design. e. report writing.

d. research design.

In order to develop psychographic segments, the marketer must understand consumers' a. age, income, and education. b. gender, race, and religion. c. disposable personal income, benefit perceptions, and alternative egos. d. self-values, self-concept, and lifestyles. e. buying patterns and behaviors.

d. self-values, self-concept, and lifestyles.

LinkedIn is an example of what type of social media site? a. microblogging b. media sharing c. thought sharing d. social networking e. social bookmarking

d. social networking

In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n): a. weakness. b. opportunity. c. strength. d. threat. e. strategic plan.

d. threat.

A __________ is a type of reseller, a business that buys from other businesses but does not significantly alter the form of the products it buys. a. manufacturer b. producer c. consumer d. wholesaler e. factory

d. wholesaler

_________ segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach. a. Geographic b. Psychographic c. Behavioral d. Benefits e. Demographic

e. Demographic

The members of the __________ generational cohort were born into a world where the Internet and extensive digital technologies already existed. a. Baby Boomers b. Generation W c. Generation X d. Generation Y e. Generation Z

e. Generation Z

Which of the following is NOT one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantage? a. Locational excellence b. Customer excellence c. Operational excellence d. Product excellence e. Planning excellence

e. Planning excellence

Marketers have learned that culture influences __________ consumers buy. a. what b. how c. where d. when e. all of these

e. all of these

Typical demographic data include a. gender. b. income. c. race. d. geographic region. e. all of these.

e. all of these.

Many executives and corporate boards of directors do not perceive social responsibility as part of their mission or responsibility. These business leaders consider corporate social responsibility to be a. a basic requirement of any business. b. the equivalent of the AMA ethical value, "Do no harm." c. the key to operational effectiveness. d. a component of basic business ethics. e. beyond the norms of corporate ethical behavior.

e. beyond the norms of corporate ethical behavior.

After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision making situation, all parties relevant to the decision should engage in a. legal discourse. b. a vote, with the majority deciding the best course of action. c. re-identification of issues. d. choosing a course of action. e. brainstorming and evaluation of alternatives.

e. brainstorming and evaluation of alternatives.

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies. a. geographic b. benefit-based c. economic d. global e. concentrated

e. concentrated

The fundamental goal of marketers when creating goods, services, or combinations of both, is to: a. defeat the competition. d. serve all consumers. c. operate according to government regulations. d. stimulate short-term sales. e. create value.

e. create value.

How is the cost to companies and entrepreneurs using Google Analytics calculated? a. a few cents per 100 hits b. correlated to conversion rates of website c. flat fee d. free for individuals; corporate rates based on usage e. free for everyone

e. free for everyone

Demographic segmentation is segmentation based on all of the following EXCEPT a. age. b. gender. c. education. d. income. e. lifestyle.

e. lifestyle.

The final step in the process of creating a social media campaign is to a. develop a budget. b. identify the target audience. c. set goals. d. design the elements of the campaign. e. monitor the program.

e. monitor the program.

Marketers who design and offer new products and services to their existing customers are pursuing a ____________________ growth strategy. a. product proliferation b. market development c. market penetration d. diversification e. product development

e. product development

Marketing involves all of the following EXCEPT a. conducting exchanges. b. satisfying customer needs and wants. c. creating value. d. efforts by individuals and organizations. e. production scheduling.

e. production scheduling.

For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's marketing mix. The market segment must be a. substantial. b. perceptive. c. identifiable. d.reachable. e. responsive.

e. responsive.

When referring to "exchange," marketers are focusing on a. the location where products and services are traded. b. the price charged, adjusted for currency exchange rates. c. location-based tactics for creating value. d. promotional offers designed to stimulate barter. e. the trading of things of value.

e. the trading of things of value.

During the research design step of the marketing research process, researchers identify the type of data needed and a. the statistical software to be used. b. the dates when data will be collected. c. the forum in which the data will be presented. d. the identities of research participants in the project. e. the type of research necessary to collect the data.

e. the type of research necessary to collect the data.

Value is a. the lowest cost option. b. represented by brand names. c. the highest priced alternative. d. everyday low prices. e. what you get for what you give.

e. what you get for what you give.

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems. Previously, they were only expected to answer buyers' questions. The new regulation addressed the marketing ethical problem of a. high-pressure sales techniques. b. deceptive pricing tactics. c. misrepresentation of company data. d. misleading advertising. e. withholding information.

e. withholding information.