Marketing Exam 1

The Brandenburg family makes $7,000 per month. About $1,800 goes toward taxes and savings. They spend $5,200 on goods and services. Based upon the information in the text, about how much of their money goes toward marketing activities?

$2600

Samuel spent $500 on a new television set. How much of this price is likely to go toward marketing expenses?

About $250

Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as _______.

B2B e-commerce sites

Anthony works at a local electronics retailer. He has two customers in particular that he sees regularly. One customer, Mr. Johnson, comes in frequently asking about new deals. However, he rarely buys anything, and when he does buy something it is usually small. The other customer, Mr. Montoya, comes in a little less frequently. He does not purchase products all the time, but when he does the products are expensive. Anthony recognizes that Mr. Montoya is a more valuable customer over time than Mr. Johnson. He has therefore worked hard to develop a strong relationship with Mr. Montoya. What marketing method is Anthony most likely using to direct his actions?

Customer lifetime value

Which of the following involves observation; secondary sources such as business, trade, government, and general-interest publications; and marketing research?

Environmental Scanning

Which of the following sentences is true about a marketing exchange?

It requires four conditions to take place.

What is the significance of the 2010 Supreme Court Decision Citizens United v. Federal Election Commission?

It ruled that the government is not authorized to ban corporate spending in candidate elections.

the marketing concept is based upon the idea that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals. During which orientation (time period) are marketers most likely to adopt the marketing concept?

Market Orientation

The Culture Marketing Council: The Voice of Hispanic Marketing (CMC) named Ford Marketer of the Year in 2017. The CMC cites the automaker's commitment to leading with ethnic insights, consistent focus on Latino research and business practices, and budgeting of multicultural business strategies. Ford has invested in and been committed to the Hispanic market for more than 20 years, consistently leading the category in Hispanic investment. In fact, over the last three years, Ford has topped the automotive category in Hispanic market spend with 17% in 2016 alone, according to Ad Insights. Based upon this information, which orientation best applies to Ford?

Market orientation

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?

Marketing concept

Which of the following is a major benefit of marketing?

Marketing knowledge enhances consumer awareness

Which of the following types of competitive structure often exists because of the difficulty and expense of entering a market?

Oligopoly

Sheryl works at Southwest Airlines as a digital marketer. A major part of her job is communicating with customers, answering questions and letting them know about how the airline offers them the best in customer value. Sheryl is working to create long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges with customers. This is an example of _______.

Relationship marketing

Which legislative action prohibits price discrimination that reduces competition among wholesalers or retailers and prohibits producers from giving disproportional services or facilities to large buyers?

Robinson-Patman Act

Charlotte loves her mom's edible cookie dough recipe, and she assumes everyone else will too. She starts a cookie dough business. Charlotte views promotion, such as advertising and personal selling, as the most important activities needed to sell her product. She figures that consumers only have to learn about her product before becoming loyal and steadfast customers. What type of orientation does Charlotte seem to embrace?

Sales orientation

Which of the following influences on the consumer buying decision process result from time, circumstances, and location?

Situational

Which of the following is true about codes of ethics?

They should be updated periodically.

Which of the following sales forecast methods uses historical sales data to discover a pattern in sales over time?

Time series analysis

If segmentation analysis shows that customer needs are essentially homogenous, what action may be most appropriate?

Undifferentiated approach

Which of the following consists of three major components: cognitive, affective, and behavioral?

attitude

Which of the following types of competition are geared toward market products with similar features and benefits to the same customers at similar prices?

brand competitors

Every year Walgreens sells red noses and other merchandise for Red Nose Day, which is a national fundraising campaign run by Comic Relief USA, a non-profit devoted to raising money and awareness to end child poverty. This event that Walgreens hosts each year is most likely which of the following?

caused related marketing

Behavior that violates generally accepted norms of a particular society is best described as _______.

consumer misbehavior

Mothers Fighting Added Sugar is sending emails to companies, posting on Facebook and Instagram, lobbying government agencies, running a petition on Change.org, and boycotting companies whose activities they deem irresponsible. This best illustrates _______.

consumerism

What is the major focus of the marketing concept?

customer satisfaction

Income that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter is known as

discretionary income

Charles works as a marketer at Microsoft. He has just spent the last few weeks collecting information about environmental forces that will impact computer industry. The time has come to try and make sense of this data and gather insights which he hopes will improve the company's marketing strategy in relation to competitors. Which type of activity is Charles working on?

environmental analysis

A(n)______ is an identifiable problem, situation, or opportunity that requires an individual or organization to choose from among several actions that must be evaluated as right or wrong, ethical or unethical.

ethical issue

Customers consciously calculate the value of a product in benefits and costs for most purchases.

false

The process through which a person acquires the knowledge and skills to function as a consumer is best related to which of the following social influences on the buying decision process?

family influence

Which of the following markets may have complex buying procedures due in part to their public accountability?

government market

_______ is a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.

green marketing

An ethical issue in the area of promotion is _______, which occurs when products are promoted as being more environmentally friendly than they really are.

greenwashing

Geodemographic segmentation allows marketers to engage in micromarketing, which _______.

involves focusing precise marketing efforts on very small geographic markets, such as community and even individual neighborhoods

ACME Corp. is adopting a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities that its stakeholders expect of it. This best describes _______.

marketing citizenship

When McDonald's decided to eliminate artificial flavorings and preservatives from its vanilla ice cream, it was most likely responding to which of the following?

marketing environment forces

Which of the following is NOT an example of illegal anticompetitive practices?

mislabeling products

Check My Work In the absence of ethics and compliance programs, employees will generally make decisions based primarily on their _______.

observations of how coworkers and superiors behave

Conditions that limit barriers or provide rewards are known as _______.

opportunity

Which of the following is often a better predictor of unethical activities than are personal values?

opportunity

ACME Corp. is striving to foster a set of ethical values, beliefs, goals, norms, and rituals that members of an organization share. This is best described as _______.

organizational conduct

To estimate the purchase potential of business customers, a marketer must find a relationship between a variable available in industrial classification data, such as number of employees, and the size of _______.

potential customers' purchases

Gorton's Seafood buys large amounts of fish to use in its frozen dinners and dinner components. Gorton's Seafood belongs in which of the following business markets?

producer market

When a business buyer invites vendors to bid to supply a specified good or service in competition with each other, with the lowest bidder winning the right to sell to the buyer, this is best described as _______.

reverse auction

Which of the following aspects of technology relates to the fact that technology acts as a catalyst to spur even faster development?

self-sustaining

Jim manages a small factory that produces circuit boards. Jim operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Darlene, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. Recently, Darlene has found that they have begun to reach market saturation. She is having trouble finding new customers. One solution would be to increase the company's reach, perhaps by opening up locations in other areas. However, she knows this will be expensive. After noticing that many of their customers are planning on expanding and purchasing bigger facilities, Darlene feels that the best option is to increase the company's _______.

share of customer

Which of the following is an open aggregate of people with similar social rank?

social class

Customers choose to go to buffalo wild wings based upon the value they place on the total product- including the food, the service, atmosphere of the restaurant, and more. The process consumers use to determine value is highly _________.

subjective

Which of the following products most closely resembles pure competition?

table salt

At ACME Corp., managers are trying to foresee the effects of new products and processes on their firm's operations, on other business organizations, and on society in general. This is best described as _______.

technology assessment

Marketing managers at ACME Corp. have had experts create initial forecasts, averaged their results, and then returned the averages to the experts to refine their individual forecasts. This best describes _______.

the Delphi technique

The group of people within an organization who make business buying decisions are best described as _______.

the buying center

A large proportion of customers in the total market must be homogeneous in order to effectively use a(n) _______.

undifferentiated strategy