MKTG 101 Exam Review Questions

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

basic relationship

The primary key to delivering customer satisfaction is to match product performance with

buyer's expectations

Which of the following is a potential downside to using patriotic themes in marketing programs?

can be viewed as attempts to gain from others' triumph or tragedy

Which of the following is true with regard to media public's?

carries news, features, and editorial opinions in form of newspapers, magazines, television stations, and blogs

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of each of its sales is donated to local after-school programs for underprivileged youth. This is an example of

cause-related marketing

At Gina's retail stores, the posted policy reads, "without our customers, we don't exist". Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on

customer lifetime value

Building and maintaining a profitable customer relationships by delivering superior customer value and satisfaction is called

customer relationship management

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a

demand

The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments are being studied in this scenario?

demography

Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ___ of the organization.

macroenvironment

A ___ is the set of actual and potential buyers of a product or service.

market

Maria works for Sigma Inc., a firm that helps companies target and promote their products to the right markets. Sigma is most likely a

marketing intermediaries

Dan has been directed to study actors close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and public's. In this instance, Dan has been directed to study the ___ of the company.

microenvironment

In the context of geographical shifts in population, the migration toward ___ areas has resulted in a rapid increase in the number of people who telecommute.

micropolitan- small areas located beyond congested metropolitan areas

Consumers in the "lifestyles of health and sustainability (LOHAS) market are more likely to seek

natural products

A value marketer is most likely to

offer something with good product quality/service for a fair price

Which of the following statements about the internet is most accurate?

online marketing is now the most fastest growing form of marketing

It is most accurate to say that when customers purchase products they act on ___ as they judge values and costs.

perceived value

Sarah Parker is a senior manager in a manufacturing firm that hires lobbyists to influence legislation that affects the manufacturing industry. Sarah's firm takes a(n) ___ stance toward the marketing environment.

proactive

What is an accurate description of modern marketing?

process by which companies create value for customers and build strong customer relationships in order to capture value from cusotmers in return

For her current research project, Margaret Rogers wants to select a sample in which every member has a known and equal chance of selection. In other words, Margaret is looking for a

random sampling

Rachel works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachel most likely operates in a ___ market.

reseller

Which of the following is an accurate statement about the diversity of the American population?

salad bowl- various groups have mixed together but have maintained their diversity

Micropolitan areas are

small cities just outside of metropolitan areas

Iceco Inc., an ice-cream manufacturing company, encourages all stakeholders, including the top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects

social responsibility

___ provide the resources needed by a company to produce its goods and services.

suppliers

Selecting which segments of a population to serve is called

target marketing

___ are human needs that are shaped by culture and individual personality.

wants

Cape Sky Inc., an international insurance and financial services company, is the primary sponsor of the annual New York City Marathon, which is attended by over one million fans and watched by approximately 300 million viewers worldwide. The Cape Sky logo and name are displayed throughout the race course. Cape Sky most likely sponsors this event in order to appeal to which of the following types of publics?

General public

Price & Malone Corp., a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price & Malone caters to a ___ market.

General?

Which of the following is a result of a significant increase in the number of women in the workforce?

Has increased the need for child day-care and women's clothing/convenience foods, financial services, and time-saving services

Seth Hoffman's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which would be the LEAST effective component of a marketing plan for Seth to take advantage of this opportunity?

Implementing a mass marketing campaign

Diana, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Diana is using

Internal databases

Which of the following is true with regard to marketing research?

Is used in a wide variety of situations and has four steps: defining the problem and research objectives, developing the research plan, implementing the research plan, and interpreting and reporting the findings

Which of the following statements about income distribution in the United States is true?

It has created a tiered market where the rich are richer, the middle class has shrunk, and the poor are still poor

Which of the following is a characteristic of customer-driven marketing?

Knowing the needs and wants of target markets and delivering the desired results

A ___ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Market offerings

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of

Market segments

LandPort Transportation and Omega Warehousing help companies move and stock goods from their manufacturing units to their destinations. These two businesses are examples of

Marketing Intermediaries

The market researches at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents

Marketing information systems

The art and science of choosing target markets and building profitable relationships with them is called

Marketing management

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Marketing myopia

___ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

Wholesome Soups, a maker of organic soups, is starting a new marketing campaign emphasizing the ease of preparing and eating Wholesome Soups. Print, television, and Internet ads feature teens enjoying Wholesome Soups in between classes and during study breaks. Wholesome Soups' new marketing campaign is most likely aimed at which of the following?

Millennials

Which of the following is a trend that depicts the increasingly non traditional nature of today's American families?

More people are divorcing or separating

Which of the following statements is true of the selling concept?

Must make large scale selling and promotion effort

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the

Selling concept

Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith targeting to increase? (Ex: Amazon)

Share of customer

___ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable marketing

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of

Target marketing

Which of the following is true of Gen Xers?

They price experience and not acquisition and many organizations are focusing on them as their primary target segment

Which of the following is the aim of the product concept?

To create products that offer the most quality, performance, and features

Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?

True Friends

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs

Value proposition

Which of the following is true of the baby boomers?

Wealthiest generation in US history

A financial services firm has several loyal customers who conduct business with them exclusively. However, the company has noticed that this customer group is the least profitable for the company, and in some cases, it increases their losses when engaging in business with this group. Which of the following customer groups is being referred to in this scenario?

Barnacles

An increasing number of American workers currently work from their homes or remote offices and conduct their business by phone or the Internet. These trend has created a

a booming small office/home office (SOHO)

Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is

a marketing intermediary

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Capture value from customers to create profits

The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threat. Which of the following would help the firm achieve its objectives?

Competitive marketing intelligence

Which of the following statements is true of the production concept?

Consumers will favor products that are available and affordable

Mercury Inc., an American MNC, is currently planning to enter the promising consumer goods market in India. The firm will most likely discover that ___ beliefs and values are more open to change in India.

Cultural

Brad works with a reputed retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumer behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ___ team.

Customer insights

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage". The above statement specifically indicates loss in terms of

Customer lifetime value

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon

Customer-perceived value ?? Customer lifetime value

Government markets consist of government agencies that buy goods and services

??

The so-called green movement encouraged companies to

??

Which of the following is most likely influenced by marketers?

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