Marketing Exam 1
Everyone knows the brand name Kleenex, Kleenex is what many customers think of when they think of tissues. This widely recognized brand name is a source of ____ a. competitive advantage b. a cost advantage c. a market augmentation d. a niche advantage
A
The set of actual and potential buyers of a product is called a. market b. audience c. group d. segment
A
Which is the correct association between the AMA's definition of marketing and the corresponding element of the marketing mix? a. creating offerings = product b. communicating offerings = product c. customer relationships d. making a sale
A
Al manages a grocery store. He decided to put the bread on aisle 1 and the milk next to aisle 10. He is controlling his store's ___ to increase the time his customers spend in the store, which will hopefully result in more sales per customer
Atmospherics
Trent would like to increase his clothing sales by 4% over the next 24 months. Which of the following has went created? a. market penetration strategy b. mission statement c. objective d. marketing plan
C
Which of the following examples best illustrates the marketing concept? a. a mail order company begins using less expensive packing material to increase profits per sale b. a manufacturing firm opens a new distribution facility closer to the factory c. a catering firm decides to expand its hours of operations to better serve working mothers d. an automobile manufacturer installs a new assembly chain that increases output by 20 percent
C
The shared beliefs, customs, behaviors, and attitudes of a society are known as
Culture
Which of the following describes the personal value equation of a customer? a. value = benefits offered + [price - hassle] b. value = [price + hassle] + benefits received c. value = price - [benefits offered + hassle] d. value = benefits received - [price + hassle]
D
Which of the following is NOT a marketing management philosophy? a. sales/selling orientation b. production orientation c. marketing concept orientation d. profitability orientation
D
Which of the following phrases reflects a firms value proposition? a. altoids is positioned as "the curiously strong mint" b. porsche promises driving performance and excitement c. cheer laundry detergent promises powerful cleaning at all temperatures d. all of the above
D
The first task in strategic planning is to
Define the companys mission statement
The study of peoples vital statistics such as their gender, age, birth, ethnic background.. is called
Demographics
The marketing environment consists of a number of uncontrollable variables such as a. economic b. competitive c. technological d. socio-cultural e. all of the above
E
Selective perception is the process of
Filtering out information based on how relevant it is to you
According to Maslows hierarchy of needs
Higher level needs are met after basic needs are fulfilled
Human behavior is largely
Learned/ observed
A consumers ___ involves how one spends his or her time
Lifestyle
A skincare company has decided to market its lotion to older women in addition to its current youth female market. This company is utilizing a ____ strategy.
Market development
With reference to the external environment, the ___ includes competition, suppliers, marketing intermediaries, the public, the company and customers
Micro environment
People within a reference group who because of special skills, knowledge, personality, or other characteristics, exert influence on others are called ____
Opinion leaders
The external environment is a strong influence on a target market and can be a source of ___ for the marketing manager
Opportunities and threats
___ is how you interpret the world around you and make sense of it in your brain
Perception
According to Maslows hierarchy of needs, the lowest order of needs are called
Physiological needs
Laws and regulations of various governments and their ongoing development and change are an example of ___ factors and are a part of an organizations external environment
Political and legal
Jilly is a student and has spent $150 on a pair of oakley pro sunglasses for her boyfriend. When she gets home with the sunglasses, she experienced a high level of anxiety about whether she has made the right decision. She experienced ____
Post purchase cognitive dissonance
A ___ strategy involves creating new products or services for existing markets
Product development
____ is the place a product occupies in the consumers mind relative to competition
Product positioning
___ combines the lifestyle traits of consumers and their personality styles with an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics
Psychographics
A firms objective should be
Realistic and measurable
___ are groups a consumer identifies with and wants to join
Reference groups
According to Maslows hierarchy of needs, the highest order of needs are called
Self actualization needs
A ___ is a road map that improves the firms understanding of its competitive situation.
Situation analysis
___ factors are the environmental factors concerned with the changes in peoples values, lifestyles, and family roles
Social
Sarah owns a store in town where the population has changed from low-income singles to high-income families. Based on which of the following types of environmental changes does Sarah need to make changes?
Social and cultural
Planning encourages management to think systematically about what has happened, what is happening, and ____
What might happen
In marketing, ___ involves collaboration with customers and suppliers in order to generate offerings of value to customers.
creating
Central to any definition of marketing is ___
customer relationships
A car, a house, and a boat are all examples of what type of product?
high involvement
Purchasing a product with no planning or forethought is called ___
low involvement purchasing
A firm's ___ states the purpose of the organization and why its exists
mission statement
An individuals disposition as other people see it is known as
personality
Which element of the marketing mix would involve delivering offerings/products to a retail store where they may be purchased?
place
How a person sees himself/herself is known as
self concept
___ refers to a philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully.
selling/sales orientaton
When non profit organizations try to convince people that global warming is a real threat, it is an example of ___
social marketing
A firms value proposition states the:
specific benefits a product or service offering provides to a buyer
The purpose of ___ is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment
strategic planning
____ is a long term process that helps an organization allocate its resources to capitalize on opportunities in the marketplace
strategic planning
The group of customers toward which an organization directs its marketing efforts is known as the ___
target market
Motivation refers to
the inward drive we have to get what we need
