MKT 3301 Test 1 study
10) A firm's capability that is superior to that of its competition is referred to as a(n) ________. A) distinctive competency B) added value C) value proposition D) value chain E) social benefit
A
12) Which of the following is a true statement about the Four Ps of the marketing mix? A) A decision about one of the Ps affects every other marketing-mix decision. B) Product is always the most important of the Four Ps. C) Place is typically the least important of the Four Ps. D) The Four Ps have little effect on a product's market position. E) The Four Ps are used to determine a product's target market.
A
13) Which of the following is the best example of a service? A) the medical examination Jonathon had yesterday B) the sheet music purchased by the piano teacher C) the software Monica purchased from the Web site D) the cleaning supplies purchased for the veterinarian's office E) the t-shirt you got for running in a 5K race
A
17) Areas of business within a firm that are different enough to have their own missions, business objectives, resources, managers, and competitors are referred to as ________. A) strategic business units B) market development units C) market penetration units D) standard business units E) competitive intelligence units
A
19) A mission statement is a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its products, resources, and ________. A) customers B) profits C) employees D) shareholders E) competitors
A
20) Analysis of a firm's internal environment identifies the firm's ________. A) strengths and weaknesses B) strengths and opportunities C) opportunities and threats D) weaknesses and threats E) strengths and threats
A
21) Each year, Honeywell asks every department manager to rate his or her department's strengths and weaknesses as well as those of the other departments with which the department interacts. Then each department manager is asked what he or she sees as the greatest threats and opportunities for the company. Honeywell is asking its department managers to engage in a(n) ________. A) SWOT analysis B) portfolio analysis C) market analysis D) functional planning session E) compatibility assessment
A
11) The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. A) marketing mix B) marketing plan C) value proposition D) value chain E) open source model
B
15) The three levels of business planning are ________. A) managerial, operational, promotional B) strategic, functional, operational C) portfolio, strategic, functional D) SWOT, strategic, tactical E) operational, functional, tactical
B
A customer's desire for a product coupled with the buying power or resources to obtain that product is called a ________. A) benefit B) demand C) need D) stake E) service
B
A severe recession is a depression, a period in which prices fall but there is little demand because few people have money to spend and many are out of work. This condition is part of ________. A) the competitive environment B) the business cycle C) the technological environment D) demographics E) social norms
B
Kyrgyzstan is a small, poor, mountainous country with a predominantly agricultural economy. Cotton, wool, and meat are the main agricultural products and exports. Fifty-one percent of the population lives in poverty. Kyrgyzstan is an example of a(n) ________. A) BRIC country B) least developed country (LDC) C) industrializing country D) developed country E) G-8 country
B
Since the introduction of the iPhone, a booming market for smartphone applications has emerged. It is most accurate to say that this new opportunity was created through changes in the ________ environment. A) political and legal B) technological C) sociocultural D) economic E) competitive
B
The growth-market share matrix developed by the Boston Consulting Group (BCG) is a type of ________. A) SWOT analysis B) portfolio analysis C) value chain D) situational analysis E) compatibility assessment
B
________ are the tangible products that individuals purchase for personal or family use. A) Consumer services B) Consumer goods C) E-services D) E-products E) Industrial goods
B
________ involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. A) Value propositioning B) Customer relationship management (CRM) C) Differential benefit development D) Sales orientation E) Value chain management
B
________ is the extent to which research actually measures what it was intended to measure. A) Flexibility B) Validity C) Responsiveness D) Reliability E) Representativeness
B
1) Marketers first identify consumer needs and then provide products that satisfy those needs. This practice is referred to as ________. A) the stakeholder orientation B) the marketing concept C) Total Quality Management D) the production orientation E) the marketing mix
B) the marketing concept
14) When comparing itself to its competitors, Hidden Valley describes its Ranch dressing as the original. This is the ________ the manufacturer has selected for the product. A) marketing mix B) market segment C) market position D) marketing concept E) value chain
C
16) SBU stands for ________. A) strategic buying utilities B) successful business utilities C) strategic business units D) standard business units E) successful business units
C
18) In firms with multiple SBUs, the first step in strategic planning is for top management to ________. A) recruit and hire the right personnel B) examine historical data C) establish a mission for the entire corporation D) allocate resources to the company's various SBUs E) establish marketing's short-term objectives
C
Assignment of responsibilities, time lines, budgets, and measurement and control processes are documented in a(n) ________. A) price strategy B) promotion strategy C) action plan D) strategic plan E) marketing mix
C
Cellular providers who have begun signing deals with business partners wanting to market products based on specific phone users' locations and calling habits are participating in a new trend called ________. A) telemarketing B) data warehousing C) reality mining D) virtual mining E) prediction marketing
C
Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business. A) consumer B) marketing C) selling D) societal E) relationship
C
In a(n) ________ structure, there are many sellers, each having slightly different products and each having only a small share of the market. A) monopoly B) oligopoly C) monopolistic competition D) perfect competition E) natural competition
C
Nielsen compiles ratings of television shows and then sells the information to many firms. Nielsen conducts ________. A) custom research B) case study research C) syndicated research D) exploratory research E) ethnographic research
C
When General Mills urged consumers to lower their cholesterol by eating Cheerios twice a day over the course of six weeks, the aim was to increase usage among current customers. General Mills used a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development
C
When considering the Four Ps in international marketing, advocates of ________ focus on the unique characteristics of cultures and argue for products and promotional messages tailored to each culture. A) nationalization B) standardization C) localization D) expropriation E) ethnocentricism
C
Which of the following best describes the components of the marketing mix? A) all aspects of the marketing environment B) everything considered during functional planning C) product, price, place, and promotion D) production, price, distribution, and people E) people, product, price, and placement
C
A group of investors wants to bring a minor league baseball team to a community of 100,000 to create hometown spirit and offer a new form of family entertainment. The group surveyed people in the community to see if they would attend the games, how frequently they would attend, and whether the location of the proposed baseball stadium was acceptable. This survey is an example of ________. A) data mining B) a secondary internal source C) longitudinal data D) a primary data source E) a secondary external source
D
Advertising, sales promotion, public relations, direct marketing, and personal selling are all part of the ________. A) target market strategy B) pricing strategy C) product strategy D) promotion strategy E) distribution strategy
D
John H. Harland Company is best known for printing personal and business checks, but it also owns Scantron, a computerized testing and assessment company. Harland's purchase of Scantron is an example of the implementation of a ________ strategy. A) market development B) product penetration C) market penetration D) diversification E) product development
D
Marketers use ________ when they want to determine if a change in one thing is responsible for a change in something else. A) ethnography B) predictive techniques C) descriptive research D) causal research E) exploratory research
D
NAFTA is a(n) ________. A) South American economic community B) common market for eastern and southern Africa C) economic community that includes Peru, Brazil, and China D) trade agreement that includes Canada, Mexico, and the United States E) eastern European economic community that competes with the EU
D
Serengeti makes lightweight sunglasses with 100 percent UV protection for people who love to hunt, hike, and bike ride. Its long-term plans include the development of lenses that, in addition to protecting users from UV rays, will also have effective water-sheeting action to reduce lens spotting. This new feature will be valuable to people who fish. Serengeti has determined that fishing is one of the fastest growing sports in the United States. In terms of a SWOT analysis, Serengeti has recognized a market ________. A) weakness B) strength C) threat D) opportunity E) trend
D
Which of the following is NOT among the largest of the world's developing countries? A) Brazil B) Russia C) India D) Canada E) China
D
Which of the following is a true statement about the steps in the marketing research process? A) The research design should be determined before the problem is defined. B) The last step is to analyze and interpret the data. C) The first step is selecting a method of data collection. D) The first step is defining the research problem. E) The data must be collected before the sample can be designed.
D
Which of the following is the method by which marketers collect available information about what is going on in the world that is relevant to their business? A) a marketing decision support system B) marketing management C) longitudinal research D) a marketing intelligence system E) data mining
D
Which of the following is true of focus groups? A) They are typically conducted in mall settings. B) They are a type of descriptive research. C) They are a type of one-on-one interview. D) They are used to gather exploratory data. E) They do not use a discussion leader.
D
According to the BCG growth-market share matrix, ________ are strategic business units with products that have low market shares in fast-growth markets. A) dogs B) exclamation points C) cash cows D) stars E) question marks
E
Azerbaijan imported wheat from Romania in exchange for crude oil and Vietnam exchanged rice for Philippine fertilizer and coconuts. Both scenarios are examples of which of the following? A) convertible trade B) tariffs C) quotas D) protectionism E) countertrade
E
When a government adopts a policy of ________, it enforces rules on foreign firms in order to give home companies an advantage. A) gray marketing B) countertrade C) monopolistic competition D) economic sanctions E) protectionism
E
2) A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced. A) benefit B) demand C) value D) utility E) want
E) want
9) When companies calculate the lifetime value of a customer they look at ________. A) how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future B) the positive word of mouth about the product that the customer can spread among her family, friends, and acquaintances C) the lifetime expectancy of the product the customer purchased D) the age of the customer to see whether she is likely to live long enough to utilize the product being sold E) the career path of the customer to see if she may move to a different geographic area and no longer purchase from the company
A
In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following? A) sustainability B) the production orientation C) the selling orientation D) manufacturing on demand E) instapreneurship
A
In most cases, which of the following is true about a least developed country (LDC)? A) It has an economy based on agriculture. B) It is by definition landlocked. C) It has a viable middle class. D) It has high literacy levels. E) It has an advanced economic infrastructure.
A
To take advantage of the massive amount of data now available, sophisticated analysis techniques called ________ are becoming a priority for many firms. A) data mining B) prospecting C) cold calling D) data warehousing E) data tallying
A
Which step in developing a marketing plan includes an analysis of the marketing environment? A) situation analysis B) development of marketing objectives C) selection of a target market D) development of marketing strategies E) implementation of the marketing plan
A
________ income is the amount of money an individual has left to spend after paying for necessities such as housing, utilities, food, and clothing. A) Discretionary B) Gross product C) Standard of living D) Inflationary E) Competitive
A
4) ________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown. A) Form B) Place C) Time D) Possession E) Price
A) Form
