MKT Exam 1
Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. When they sell to consumers, it is considered _______ marketing -C2B -B2C -B2B -R2C -C2C
-B2C
Which of the following is true of marketing? -Marketing affects various stakeholders -Marketing is about satisfying the company's needs and wants -Marketing is performed by organizations, not individuals -Marketing requires place, product, promotion, and perception decisions -Marketing plays no role in creating value
-Marketing affects various stakeholders
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 evaluating alternatives. -the firms lawyers -company leaders and managers -community leaders -key customers
-all parties relevant to the decision
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 evaluating alternatives. -the senior managers most involved -all parties relevant to the decision -elected officials
-all parties relevant to the decision
To avoid having ethical situations become problematic for a firm, the short-term goals of each employee must -be aligned with the long-term goals of the firm -be overridden by the overall goals of the firm -be reviewed on an annual basis -change on a regular basis
-be aligned with the long-term goals of the firm
See the World, a line of travel books, provides travelers with background information about people's beliefs, values, and customs in various parts of the world. See the World's books educate travelers about a country's -generational cohorts -social concerns -demographics -culture -political parties
-culture
Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the -customers -competition -employees -shareholders
-employees
Tennorn Company knew that its customers were interested in environmentally friendly business practices, so it began marking all of its products as environmentally friendly because they were made with all-natural ingredients, even though Tennorn's plant was one of the worst polluters in town. The term for this practice is -enviromarketing -virtual greening -deceptive advertising -greenwashing -environmental exploitation
-greenwashing
The ethical decision-making framework includes -identify issues -describe the firm's business ethics -hiring a marketing firm
-identify issues
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? -identify the issues raided by the situation -let the board of directors decide what to do -brainstorm the available alternatives
-identify the issues raided by the situation
Marketing channel management is related to which of the four P's? -promotion -price -production -place -product
-place
If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers -internal -external -transactional -relational -divisional
-relational
Marketing Channel Management is also known as -a transactional orientation -supply chain management -endless chain marketing -wholesaling -production management
-supply chain management
What is the triple bottom line?
economic, social, environmental
Audi's mission statement addresses urbanization, the need to work on traffic flows and safety in urban areas. To that end, Audi is working with Airbus to develop the Pop.Up Next driving and flying transport system that will enable vertical individual mobility. The strategic planners are engaged in -implementing the marketing mix and allocating resources -defining the business mission -performing situation analysis -evaluating performance -identifying and evaluating opportunities
-defining the business mission
Viewers of the World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast are likely to see ads for clothing and hair care products, due to -male domination in corporate boardrooms -marketers' general perceptions -different demographic data for potential and past viewers -multiyear advertising contracts that cannot be broken -cultural expectations
-different demographic data for potential and past viewers
During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors? -technological -political -cultural -ethical -demographic
-ethical
When Kimberly-Clark introduced rolls of toilet paper without the cardboard core, what social trend did this product respond to? -technological advances -regulatory issues -time-prior society -cultural diversity -green marketing
-green marketing
The persistent increase in the price of goods and services is known as -interest rates -purchasing power -inflation -macroeconomics -global competition
-inflation
When Darnell went to college, tuition was $650 per semester. Now that same college charges $6,500 per semester. This number reflects a persistent increase in price known as -interest -recession -currency fluctuation -inflation -deflation
-inflation
How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers? -it can protect the privacy of personal information collected on its website -it can ensure that it pays its employee fairly -it can ensure that its packaging materials are recyclable
-it can protect the privacy of personal information collected on its website
Which of the following regarding corporate social responsibility is true? -it understands that decisions are ethically based -it incorporates higher purpose and a caring culture -it sees limited overlap between the business and society, and between business and the planet
-it sees limited overlap between the business and society, and between business and the planet
The political/regulatory environment comprises political parties, government organizations, and -interest groups -legislation and laws -citizens -for profit and nonprofit businesses -international influences
-legislation and laws
Woods, Inc. is a small, local heating and air conditioning business. The local military base is a potential source of growth, and Woods already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. Woods is considering a ________ growth strategy. -product development -market penetration -product proliferation -market development -diversification
-market development
To determine how attractive a particular market is using the BCG portfolio analysis. ___________ is(are) established as the vertical axis -competitive intensity -market profit potential -market size -sales dollars -market growth rate
-market growth rate
Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups would be called a -market segment -cash cow -marketing metric -strategic business unit -strategic group
-market segment
Many U.S. companies first discovered marketing during the __________ era. -market-orientated -sales-oriented -retailing-oriented -value-based marketing -production-oriented
-market-orientated
The primary purpose of the ____________ plan is to specify the marketing activities for a specific period of time -organizational -business -resource -marketing -strategic
-marketing
For many years, Southwest distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that -customer excellence cannot be achieved -no single strategy is likely to be sufficient to build a sustainable competitive advantage. -innovation is pointless because competitors will develop copycat offerings. -a situation analysis does not accurately predict a firm's strengths. -product excellence is the only true source of a sustainable competitive advantage.
-no single strategy is likely to be sufficient to build a sustainable competitive advantage.
Value oriented Marketers constantly measure -the desire to achieve against the need for a stable source of supply -the problem of price maximization against cost-efficiency -the goal of efficiency against the price charged by competitors -promotional effectiveness against ethical advertising standards -perceived customer benefits against the costs their offering
-perceived customer benefits against the costs their offering
Singapore Airlines seeks to differentiate itself from competing airlines, in part through innovative design of its airplane seats and in-flight entertainment systems. Through continuous innovation in these areas, Singapore Airlines is pursuing a(n) __________ macro strategy. -global excellence -customer excellence -locational excellence -operational excellence -product excellence
-product excellence
As a owners of a retail franchise store, Elena purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for speicals she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of: -build relationships with customers -keeping prices below those charged by competitors -balancing customers' benefits and costs -sharing information across the organization -evaluating strategic competition partnership
-sharing information across the organization
In the immediate marketing environment, the first factor that affects the consumer is -social trends -cultural values -demographics -technological advances -the company's capabilities
-the company's capabilities
One of the goals of value-based marketing is -to sell products for the highest possible price -to offer greater value than the competitors offer -to provide the greatest value for the least profit -to determine the value of the brand -to sell to all consumers, regardless of their needs
-to offer greater value than competitors offer.
Dana has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Scott, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Scott's approach is based on -transactional-oriented marketing -his seniority at the firm -premium pricing -value cocreation -special incentives from tour operations
-value cocreation
Which of the following descriptions embodies the conscious marketing principles? -not involved with the larger community -not socially responsible -both ethically and socially responsible
-both ethically and socially responsible
Which marketing activity is most directly served by the promotion element of the marketing mix? -communicating value -delivering value -producing value -capturing value -creating value
-communicating value
During the _________ phase of the strategic marketing planning process, marketers utilize systems to check whether each conscious marketing issue raised in earlier phases was addressed -assessment -social responsibility -control -planning
-control
Laurine is considering the question, "Did our actions have a negative impact on any stakeholder group?" She is addressing marketing ethical issues in the ________ phase of the strategic marketing planning process. -situation analysis -brainstorming -control -planning
-control
Eugene uses a database software system to remind him when his customers should be ready for their next lawn and/or garden service. With this reminder system, Eugene contacts his customers when they are most likely to be "in the buying mode." Eugene's system is part of -supply chain management -CDC marketing typical production era marketing practices -a transactional marketing orientation -customer relationship marketing
-customer relationship marketing
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged? -planning -implementation -control -metric -segmentation
-planning
Which of the following is the best way to build a sustainable advantage using product excellence? -being the first to offer customers desired features, even if competitors can copy them evenly -positioning the product using a clear, distinctive, desirable brand image -focusing on being cutting edge and continually eliminating older features that are still in use by customers -copying the market leader's features, but at a lower cost -having the most features on each model
-positioning the product using a clear, distinctive, desirable brand image
Grace phoned her auto insurance agent to renew her policy. The agent told her about new types of insurance now available—to cover her apartment, or even the engagement ring she just got from her fiancé. The agent was pursuing a ________ growth strategy. -product development -product proliferation -market development -market penetration -diversification
-product development
In most companies, portfolio management is typically done at the SBU or _________ level of the firm -product line -accounting -customer care -sales representative -corporate
-product line
Suppose your university made a sizable investment in its career services--additional counselors, increased efforts to bring in recruiters, and other services aimed at helping students to find jobs. This investment would enhance the university's _____________ in an attempt to create value for students and recent graduates. -segmentation strategy -place strategy -product value -locational excellence strategy -diversification strategy
-product value
The Fairtrade mark is a certification that is granted to products that are determined to -provide educational opportunities to combat obesity in children -make nutritional information readily available to consumers -promote sustainable farming -create advertising campaigns targeting elementary schoolchildren -use recycled paper in food packaging
-promote sustainable farming
Simone, who lives in Boston, refers to Coke as "tonic," while Dwayne, who lives in Chicago, calls it "pop." These different terms are an example of -country culture differences -different economic situations -different social trends -demographic differences -regional-culture differences
-regional-culture differences
When Walmart pressured its vendors to supply it with environmentally friendly merchandise with labels to prove it, this effort most relates to the concept of -business ethics -public relations -sustainability
-sustainability
