Marketing management Mid Term study guide

38) What is one of the four elements of the process cycle for customer relationship management? A) customer interaction B) customer loyalty C) customer satisfaction D) customer support E) customer profitability

A) customer interaction

The Stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ___________ orientation. A. Production B. Sales C. Marketing D. Customer E. relationship

B Sales

12) MERCOSUR is a regional market zone in ________. A) Asia B) Africa C) North America D) The Mideast E) South America

E) South America

Which of the following is NOT a facet of marketing? A. Research B. Advertising C. Brand Development D. Publiv Relations E. Recruiting

E. Recruiting

17) ________ encompasses a societal and professional standard of right and fair practices that are expected of marketing managers in their oversight of strategy formulation, implementation, and control. A) Marketing ethics B) Price fixing C) Social responsibility D) Accreditation E) Personal selling

A) Marketing ethics

32) In the market research process, once the management research deliverable has been identified, the next step is to ________. A) define the research problem B) establish the research design C) search secondary sources D) collect the data E) analyze the data

A) define the research problem

34) The owners of Tyrell's Tattoo Shop are interested in determining the nature of the relationship between their clients' professional occupation and the number of tattoos that individuals have. In this case, which research will result in the most appropriate way to explain the nature of this relationship? A) descriptive B) exploratory C) longitudinal D) clinical E) random

A) descriptive

28) Which of the following is one of the three factors a company needs to consider when creating a market information system? A) information needs B) technology needs C) flexibility D) diversity E) demographics

A) information needs

27) Biz Solutions has 12 call centers worldwide handling customer service issues for a variety of companies. The firm is considering the purchase of a software firm that serves the oil and gas industry. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ strategy. A) market diversification B) product differentiation C) market penetration D) product development E) market development

A) market diversification

35) Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem? A) secondary B) subjective C) experimental D) primary E) quantitative

A) secondary

Companies that promote sustainability practices like Starbucks, which has stringent recycling program, or General Electric, which makes environmentally sensitive products, are practicing ___________ marketing. A. Green B. Predictive C. Affiliate D. Shotgun E. One-to-one

A. Green

Relationship-oriented firms tend to ___________. A) be driven by meeting a quarter's financial projections B) keep and cultivate their profitable current customers who are highly satisfied with the firm's offering C) constantly invest in new customers that come with unknown return on investment D) often lose great customers and scramble to replace the associated lost revenue E) focus primarily on increasing sales through catchy and entertaining advertisements

B keep and cultivate their profitable current customers who are highly satisfied with the firm's offering

40) ________ means that structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture. A) Reliability B) Formalization C) Trust D) Interactivity E) Accommodation

B) Formalization

26) The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of competitive substitute products is ________. A) external opportunities B) external threats C) internal opportunities D) internal strengths E) internal weaknesses

B) external threats

20) Mark and Gregory are partners in a manufacturing firm that employs over 1,500 people. Recently, employees have been complaining that they were not told of changes in health insurance coverage and premiums. To which of the following support activities of the value chain can this problem be attributed? A) firm infrastructure B) human resource management C) technology development D) inbound logistics E) procurement

B) human resource management

42) An approach using ________ analytics utilizes data to make predictions about future marketing outcomes of interest. A) descriptive B) predictive C) prescriptive D) diagnostic E) determinant

B) predictive

15) Coca-Cola changes the taste of its soft drinks to meet local market preferences. This is an example of ________. A) direct product extension B) product adaptation C) backward product invention D) product invention E) hybrid products

B) product adaptation

23) Go Fish Sushi restaurants are primarily located in malls. The restaurants had rapid growth in their first seven years. The owner realizes that adding more restaurants would make it impossible to monitor operations. Therefore, he decides to continue current activities without making major changes. In this case, the owner is most likely pursuing a generic strategy of ________. A) retrenchment B) stability C) diversification D) growth E) differentiation

B) stability

14) Herbie recently read that Crane Airways of Japan, Kestrel Airlines of Germany, Heron Air of Australia, and Egret Airways of India have code sharing partnership, which allows passengers to fly on any of the airlines, share frequent flyer miles, and give each other logistical support. Herbie had just learned in his Global Marketing class that this arrangement is known as a(n) ________. A) franchising B) strategic alliance C) green field project D) acquisition E) licensing

B) strategic alliance

To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi's clothing website or some company-owned stores and order a pair of jeans that will be made especially for them, Levi's has adopted a _________ orientation approach. A. Market B. Mass customization C. Differentiation D. Customer E. Relationship.

B. Mass Customization

25) Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which of the following macro- level external environmental factors does this exemplify? A) Economic factors B) Natural factors C) Technological factors D) Political, legal, ethical factors E) Sociocultural/demographic factors

C) Technological factors

44) The marketing ________ is a comprehensive system providing managers with up-to-the-minute information, including data such as actual sales versus forecast and progress on marketing plan objectives. A) accelerator B) matrix C) dashboard D) equation E) strategy

C) dashboard

24) The activities a firm does better than its competitors are known as ________. A) core competencies B) strategic alignment C) distinctive competencies D) growth indicators E) competitive indicators

C) distinctive competencies

45) Which of the following is one of the basic elements that should be considered in making investment decisions in marketing? A) bounce rates B) inflation rates C) hurdle rates D) conversion rates E) expense rates

C) hurdle rates

10) Firms that manufacture in a foreign market and maintain an extensive sales organization and distribution network but have a "domestic first" mind-set are probably engaged in ________ marketing. A) organic B) buzz C) international D) viral E) local

C) international

29) The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of ________. A) portfolio analysis B) exploratory research C) marketing intelligence D) probability sampling E) mechanical observation

C) marketing intelligence

22) Which of the following is considered an objective? A) to deliver the best customer service B) to practice responsible financial management C) to increase revenue by 15 to 20 percent in each of the next five years D) to hire the best people E) to minimize waste

C) to increase revenue by 15 to 20 percent in each of the next five years

Of all the business fields, __________ id generally the most visible to people outside the organization. A. Financial Management B. Accounting C. Marketing D. Information Technology E. Operations Management

C. Marketing

43) ________ is an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering. A) Collaborative filtering B) Attribution C) Targeting D) Content filtering E) Content segmenting

D) Content filtering

37) Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time? A) customer retention B) customer service C) customer acquisition D) customer profitability E) customer loyalty

D) customer profitability

41) Which of the six key sources of Big Data is being used when a company collects Big Data on customers in order to sell it to other organizations? A) data from business systems B) data from Internet-connected devices C) data from mobile apps D) data from commercial entities E) data from government agencies

D) data from commercial entities

21) In the BCG matrix, firms categorized as problem children are characterized by ________. A) high share and high growth B) low share and low growth C) high share and low growth D) low share and high growth E) moderate share and moderate growth

D) low share and high growth

11) Many countries base their court systems on those of former rulers. For example, the Spanish ruled many South American countries; therefore, the court system is based on code or civil law. This would be identified in the ________ section of a global market research report. A) economic B) cultural, societal C) business environment D) political, legal E) history, geography

D) political, legal

18) The text discusses the triple bottom line metric, and outlines an approach to consider the impact of TBL in marketing management. This includes people, planet, and ________. A) community B) environment C) product D) profit E) promotion

D) profit

16) The task of handling crises and giving the company's perspective to news organizations belongs in the ________ element of marketing communications. A) advertising B) personal selling C) sales promotion D) public relations E) direct marketing

D) public relations

36) The marketing managers of Brand Z Shoes have clearly defined their research problem as "If we increase our promotions expenditures, by what percentage will it increase sales?" They have also decided that they need primary data to answer this question. To collect these data, it is best for them to use ________ research. A) qualitative B) mechanical C) exploratory D) quantitative E) case-based

D) quantitative

30) Small portable computers, powerful statistical software packages, and Internet-enabled supply chain management systems are all examples of how ________ influences marketing. A) competition B) the legal environment C) the natural world D) technology E) training

D) technology

The AMA's definition of marketing reflects the view towards marketing activities as focused on _________. A. Producing innovative products B. Increasing profitability C. maintaining relationships with supplier D. creating and delivering offerings the have value E. Advertising and selling

D. Creating and delivering offerings that have value

9) The concept of supply chain management is considered to be part of the ________ of the marketing mix. A) product B) price C) promotion D) place E) plan

D. Place

From a Customer's perspective, what is defined as a ratio of the bundle of the benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits? A. Exchange B. Strategy C. Sustainability D. Value E. Power

D. Value

33) Reasons for conducting exploratory research include ________. A) discovering the cause and effect between variables B) discovering differences across demographic characteristics C) identifying characteristics of the target market D) assessing competitors' actions in the marketplace E) answering the research question

E) answering the research question

31) Good market research will ________. A) develop answers to fit an already decided outcome B) not enhance the validity of information C) happen by accident D) be subjective E) be impartial

E) be impartial

13) Advantages to licensing as a market entry strategy include all of the following EXCEPT________. A) limited financial risk in the short run B) easy availability of raw materials C) services such as local distribution D) decrease in operational costs E) complete control of the patent

E) complete control of the patent

39) In the CRM process cycle, ________ is the process of analyzing the customer information acquired through various customer touchpoints. A) analysis and refinement B) supplier interface C) customer interaction D) marketing planning E) knowledge discovery

E) knowledge discovery

19) Although Michael knew he couldn't really afford the Mercedes, he wanted it anyway. The want- satisfying power of a good is called ________. A) exchange B) value C) necessity D) strategy E) utility

E) utility