MRKT 239 Test 1 The impact of environmental forces on value can be extensive as market changes can easily influence how stakeholders perceive certain products.
The marketing mix consists of three major variables: product, price, and distribution. T/F
False
During which stage of the business cycle is unemployment low and total income relatively high? - Repression - Prosperity - Recover - Recession - Depression
Prosperity
Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as - Marketing Synthesis - Relationship marketing - A marketing orientation - The marketing concept - Strategic marketing
Relationship marketing
Which of the following statements about social responsibility is correct? - Social responsibility dimensions do not include philanthropic concerns. - Social responsibility does not deal with the total effect of all marketing decisions on society. - Social responsibility refers to a company's obligation to maximize its positive impact and minimize its negative impact on society - Social responsibility dimensions do not include economic concerns. - Social responsibility refers to principles and standards that define acceptable conduct in marketing as determined by various stakeholders.
Social responsibility refers to a company's obligation to maximize its positive impact and minimize its negative impact on society
The Better Business Bureau is probably the best-known - nongovernmental regulatory group - state-operated enforcement agency. - national evaluator of advertisements. - federal regulatory group - self-regulatory unit operating at the national level.
nongovernmental regulatory group
The Better Business Bureau is probably the best-known - nongovernmental regulatory group. - state-operated enforcement agency - national evaluator of advertisements. - federal regulatory group - self-regulatory unit operating at the national level
nongovernmental regulatory group
Three primary methods of collecting information for environmental scanning are - marketing research, company records, and advance orders - secondary sources, company records, and observation - executive knowledge, media, and marketing research. - observation, secondary sources, and marketing research. - company database, executive knowledge, and research.
observation, secondary sources, and marketing research.
Three primary methods of collecting information for environmental scanning are - marketing research, company records, and advance orders. - secondary sources, company records, and observation - executive knowledge, media, and marketing research - observation, secondary sources, and marketing research. - company database, executive knowledge, and research
observation, secondary sources, and marketing research.
The four major competitive structures are - monopolies, oligopolies, oligopolistic monopolies, and pure competition. - pure competition, heavy competition, moderate competition, and light competition. - brand, product, total budget, and generic. - oligopolies, monopolies, monopolistic competition, and pure competition. - monopolies, limited competition, oligopolistic competition, and pure competition.
oligopolies, monopolies, monopolistic competition, and pure competition.
Actions that promote human health and welfare address the ____ dimension of the pyramid of social responsibility. - philanthropic - legal - ethical - economic - social
philanthropic
The forces of the marketing environment include - political, legal and regulatory, sociocultural, technological, economic, and competitive. - sociocultural, legal, regulatory, economic, pricing strategies, and competitive. - legal, regulatory, political, sociocultural, pricing strategies, and technological. - legal and regulatory, competitive and noncompetitive forces that affect most lifestyles. - political, legal and regulatory, pricing strategies,fairly static components.
political, legal and regulatory, sociocultural, technological, economic, and competitive.
The most basic principles of marketing ethics are _____________ to encourage marketers to conform to society's expectations for conduct. - philanthropic responsibilities - economic responsibilities - universally accepted behaviors - written as laws and regulations - written as laws and regulations
written as laws and regulations
Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship? - Profits for the seller - A good bargain on the product for the buyer - Reducing the seller's inventory - One party having to compromise in the exchange - Satisfaction for both the buyer and seller
Satisfaction for both the buyer and seller
The marketing concept focuses on - Achieving the goals of top executives - Creating maximum visibility for the firm - Maximizing sales in a way that helps to achieve organizational objectives - Maximizing market share in a way that helps to achieve organizational objectives - Satisfying customers' needs in a way that helps to achieve organizational objectives
Satisfying customers' needs in a way that helps to achieve organizational objectives.
According to the text, a market is defined as - a place to buy products. - the buyers of the products that a company develops, promotes, prices, and distributes. - the specific group of customers on whom an organization focuses its marketing efforts - a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products. - the percentage of a group of customers that actually buys a specific product from a specific company.
a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
The marketing concept is best defined as - a second definition of marketing. - a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals. - the performance of business activities that direct the flow of goods and services from producer to customer or user. - a philosophy stating that an organization should attempt to accomplish its goals with no regard for the needs of customers. - the inclusion of marketing activities in the activities of an organization.
a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.Marketing activities are
A strategic window is - the right combination of circumstances and timing that permit an organization to take action to reach a particular target market. - what determines the factors that are most important in making a market attractive or strong. - a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market. - customers' requirements or desired benefits. - the process that seeks information about events and relationships in a company's outside environment.
a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market.
Business decisions made in creating a marketing mix - are made before a target market is identified - are unchangeable once they are agreed upon by management - usually take place when a strategic window is open. - must always be consistent with the firm's opportunities - are only as good as the organization's understanding of the needs of the target market.
are only as good as the organization's understanding of the needs of the target market.
Marketing is the process of - promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders - creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. - delivering a standard of living to a society. - creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives. - focusing on customers' needs.
creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
The marketing environment is best described as being - composed of controllable variables - composed of variables independent of one another. - an indirect influence on the performance of marketing activities - dynamic and changing. - slow, with infrequent fluctuations.
dynamic and changing.
The process of putting marketing strategies into action is called - marketing implementation - marketing control - marketing action. - marketing auditing. - the marketing action plan
marketing implementation
The three basic forms that a product can take are - markets, products, and images - goods, ideas, and intangibles - brands, services, and tangibles. - services, ideas, and goods. - ideas, services, and things
services, ideas, and goods.
Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____. - opportunities; core competencies - core competencies; strengths - opportunities; strengths - strengths; core competencies - strengths; opportunities
strengths; opportunities
A market opportunity results from - the right combination of circumstances and timing that permits an organization to take action to reach a particular target market - monitoring the firm's capabilities - an increase in market share and profits - an increase in market share and profits - an assessment of environmental forces. - technological determinism.
the right combination of circumstances and timing that permits an organization to take action to reach a particular target market
A market opportunity results from - the right combination of circumstances and timing that permits an organization to take action to reach a particular target market. - monitoring the firm's capabilities - an increase in market share and profits. - an assessment of environmental forces - technological determinism.
the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.
Marketing activities are - used by all sizes of organizations including for-profit, nonprofit, and government agencies - limited to use by larger for-profit and nonprofit organizations. - implemented only to increase profits for the organization and to expand the scope of its customer base. - used by all types and sizes of businesses but are not used by nonprofit organizations. - used by small businesses and small nonprofit organizations the most.
used by all sizes of organizations including for-profit, nonprofit, and government agencies.
Instead of addressing the question ____, many environmentalists and marketers believe the question should be ____. - "How can we reduce costs?"; "How can we keep prices low?" - "Where should we dispose of waste?"; "How can we protect society?" - "How can we make products better?"; "How can we reduce waste?" - "How can environmentalism be profitable?"; "Where is the benefit of environmental efforts?" - "What should we do with our waste?"; "How can we produce products without waste?"
"What should we do with our waste?"; "How can we produce products without waste?"
What percent of all civilian workers in the United States perform marketing activities? - 100% - 50% - 25 - 49% - 51 - 75% - 25 - 33%
25 - 33%
Marketers primarily focus their environmental analysis on ____ competitors - Brand - Product - Regional - Generic - Primary
Brand
According to the Boston Consulting Group, marketers may classify their products as all of the following except - Dogs - Cash pig - Question marks - Stars - Cash Cows
Cash pig
____ strategy determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization's goals. - Corporate - Business-unit - Marketing - Mission Statement - Marketing mix
Corporate
Consumer confidence is at a low during periods of - Recession - Prosperity - Recovery - Inflation - Depression
Depression
Changing the hours of operation for a service business involves the ____ component of the marketing mix. - Product - Price - Distribution - Promotion - Marketing concept
Distribution
Consumers buying products online have dramatically affected the ____ variable of the marketing mix. - Product - Price - Distribution - Research - Promotion
Distribution
Analisa understands that even small businesses like her local catering business have certain responsibilities to society. She knows that she must abide by the laws that apply to her business and try to make a profit. What are the other obligations Analisa should know about? - Ethical and moral - Economic and ethical - Philanthropic and legal - Environmental and ethical - Ethical and philanthropic
Ethical and philanthropic
A bribe offered to benefit an organization is generally considered acceptable T/F
False
At the highest level of marketing citizenship, marketers have an obligation to abide by principles and standards that define acceptable conduct in marketing. T/F
False
Centralized decision making may prove effective in firms that must respond quickly to fluctuations in customer demand. T/F
False
Employees can easily determine what behavior is acceptable even in organizations that do not have ethics compliance programs and policies on conduct. T/F
False
Marketing citizenship refers to an organization's obligation to maximize its positive impact and minimize its negative impact on society T/F
False
Marketing ethics concerns the impact of an organization's decisions on society, whereas social responsibility relates to individual decisions. T/F
False
Price fixing, predatory pricing, and failure to disclose the full price associated with a purchase are pricing activities that do not result in ethical issues. T/F
False
Pure competition is a common competitive environment. T/F
False
Relationship marketing focuses on satisfying customers to generate the most profit. T/F
False
In marketing, a product can be a good or a service but not an idea. T/F
False
Marketing efforts do not involve the design and development of products. T/F
False
Marketing strategies should be established before marketing objectives are decided. T/F
False
Stars are profitable products that usually generate more cash than is required to maintain share. T/F
False
The actual physical production of goods is a marketing activity. T/F
False
Which of the following agencies regulates marketing activities the most? - Environmental Protection Agency - Food and Drug Administration - Federal Trade Commission - Better Business Bureau - National Advertising Review Board
Federal Trade Commission
Which of the following is a characteristic of a marketing objective? - It is consistent with both business-unit and corporate strategy. - It is a verbal agreement, not in writing. - It is not written in measurable terms - It does not specify a time frame for its accomplishment. - It clearly identifies how marketing strategy will be implemented
It is consistent with both business-unit and corporate strategy.
T-Mobile implemented a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations? - Production - Sales - Market - Social - Development
Market
A group that has the willingness, ability, and authority to buy a product is a - Market - Consumer - Strategic Business unit - Business customer - Strategic window
Market
Which of the following is NOT an example of the implementation of the marketing concept? - Jimmy Dean's Sausage introduces turkey sausage patties for a healthier alternative to pork. - Ford asks customers to vote online for a new color for next year's Ford Focus. - McDonald's reduces the labor costs to produce its sausage-egg biscuits. - Linx offers rewards for users who can find flaws in its new software. - Volkswagen introduces pop-up rollover bars in its convertibles to protect its consumers in the event of a serious collision.
McDonald's reduces the labor costs to produce its sausage-egg biscuits.
For most firms, the costs of marketing activities consume approximately what portion of the consumer's dollar? - One-half - One-fifth - One-fourth - One-third - One-sixth
One-half
Which of the following actions is illegal? - Political officials influencing how much a government agency purchases and from whom - Corporate contributions to candidates - Corporate contributions to elected officials - Political officials helping businesses secure foreign markets - Paying political officials not to enforce a particular law
Paying political officials not to enforce a particular law
United Airlines introduced a new "basic economy" seat category to better compete with discount airlines like Southwest and Spirit. Which of the following aspects of the marketing mix is United likely altering? - Price - Promotion - Distribution - Product - Target Market
Price
____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices. - Service - Generic - Brand - Product - Price
Product
Which of the following is NOT a component of a marketing plan? - Environmental analysis - Marketing strategies - Product specifications - Executive summary - Marketing implementation
Product specifications
The element of the marketing mix used to increase awareness of a product or company is - Information - Product - Price - Distribution - Promotion
Promotion
Which of the following is NOT a dimension of social responsibility and marketing citizenship? - Economic - Ethical - Legal - Technological - Philanthropic
Technological
An individual can have a high income and very little wealth T/F
True
Any time an activity causes managers or consumers to feel manipulated or cheated, a marketing ethics issue exists, regardless of the legality of that activity T/F
True
Brand competitors market products with similar features, benefits, and prices to the same customers. T/F
True
Fraud and antitrust violations are the most frequently sentenced organizational crimes. T/F
True
Many laws that directly influence marketing activities were enacted either to preserve a competitive atmosphere or to protect consumers. T/F
True
Once trust is lost in marketing relationships, it can take a lifetime to rebuild T/F
True
Social responsibility is an organization's obligation to maximize its positive impact and minimize its negative impact on society T/F
True
State and local regulatory agencies usually do not establish and enforce regulations that conflict with the actions of national regulatory agencies T/F
True
State and local regulatory agencies usually do not establish and enforce regulations that conflict with the actions of national regulatory agencies. T/F
True
Technological developments have a direct impact on creating and maintaining a marketing mix. T/F
True
The impact of environmental forces on value can be extensive as market changes can easily influence how stakeholders perceive certain products. T/F
True
The strength of one's buying power depends partially on the state of the economy. T/F
True
Under President Kennedy's consumer bill of rights, consumers must have access and opportunity to review all relevant information about a product before buying it. T/F
True
A competitive advantage is created when a company matches its core competency to the opportunities it has discovered in the market. T/F
True
A core competency is something a firm does extremely well-sometimes so well that it gives the company an advantage over its competition. T/F
True
A target market is a specific group of customers on whom an organization focuses its marketing efforts. T/F
True
Customers are the focal point of all marketing activities. T/F
True
Marketing costs consume about one-half of a buyer's dollar. T/F
True
Marketing managers can classify a firm's products into four basic types: stars, cash cows, dogs, and question marks. T/F
True
Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately T/F
True
Marketing objectives should be stated in such a way that the degree of accomplishment can be measured accurately. T/F
True
The decisions made in creating a marketing mix are only as good as the organization's understanding of the target market. T/F
True
After determining that consumers had concerns about certain ingredients that may cause health issues, Patrizzi's Pizza began offering a gluten-free pizza product. The creation of this new product was the result of - a competitive advantage - a well-defined mission statement. - good strategic planning - a market opportunity. - opportunistic behavior.
a market opportunity
Apple has been successful by anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition. - benchmark - sustainable competitive advantage - core competency - strategic vision - marketing opportunity
core competency
In addition to the proliferation of new organic brands, many conventional marketers have introduced organic versions of their products, including Gatorade, Kraft Heinz, and even Kroger. These firms are responding to changes in - federal law - cultural values - demographics. - consumerism - technological forces
cultural values
Consumerism is a - diverse group of individuals and organizations opposed to foreign producers that sell products in the United States that are much cheaper than those produced by U.S. manufacturers. - social movement that is trying to encourage consumer satisfaction. - social movement that is reorganizing the Council of Better Business Bureaus. - diverse group of individuals and organizations attempting to protect the rights of consumers. - social movement that provides consumers with means for expressing satisfaction and expressing their gratitude to producers.
diverse group of individuals and organizations attempting to protect the rights of consumers.
The White Hat Corporation is committed to social responsibility. It is looking for a new shipping partner and has found LogiNext, one that seems to be perfect since it employs individuals with disabilities, contributes a portion of profit to the local school system, and allows its employees to work on flextime. White Hat is very interested in LogiNext's attention to social responsibility. However, its pricing is almost 12% higher than other shippers White Hat is considering. The fact that White Hat's decision has to balance the company's desire for social responsibility and investors' desires for profits is an example of a(n) _________ responsibility. - ethical - legal - cost - philanthropic - economic
economic
Organizations should define themselves not according to the products they produce but according to - how profitable they are. - the price of their stock. - the abundance of their product selection. - how they treat employees. - how they satisfy customers
how they satisfy customers
The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders is called - marketing citizenship - social responsibility. - stakeholders. - cause-related marketing. - strategic philanthropy.
marketing citizenship
An organization's business goals should be derived from its - mission statement. - strategic plan. - strategic business plan. - marketing plan. - marketing strategy.
mission statement.
When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitors' products, a(n) ____ structure exists in the competitive environment. - oligopoly - monopoly - pure competition - oligopolistic competition - monopolistic competition
monopolistic competition
Consumer protection legislation deals with all of the following legal concerns except - consumer safety - sale of hazardous products - monopolistic practices. - information disclosure. - health claims on food packages.
monopolistic practices.
Actions that promote human health and welfare address the ____ dimension of the pyramid of social responsibility. - philanthropic - legal - ethical - economic - social
philanthropic
The two least common competitive structures are - monopolies and oligopolies - pure competition and monopolies. - monopolistic competition and monopolies. - pure competition and no competition. - oligopolies and pure competition.
pure competition and monopolies
Marketing ethics - refers to laws and regulations that govern marketing. - maximizes an organization's positive impact and minimizes its negative impact on society. - refers to principles and standards that define acceptable conduct in marketing. - is most important for advertising agencies. - applies well-defined rules for appropriate marketing behavior.
refers to principles and standards that define acceptable conduct in marketing.
Any constituent who has a claim in some aspect of a company's products, operations, markets, industry, or outcomes is known as a(n) - shareholder - customer - employee - manager - stakeholder
stakeholder
Ford Motor has frequently extolled its efforts to reduce greenhouse gas emissions from its manufacturing and its products as well as the increased fuel efficiency of its vehicles. This is an example of - community relations. - cause-related marketing - sustainability marketing. - strategic philanthropy - consumerism.
sustainability marketing.
Ford Motor has frequently extolled its efforts to reduce greenhouse gas emissions from its manufacturing and its products as well as the increased fuel efficiency of its vehicles. This is an example of - community relations. - cause-related marketing - sustainability marketing. - strategic philanthropy. - consumerism.
sustainability marketing.
Consumerism is - the efforts of independent individuals, groups, and organizations to protect the rights of consumers. - President John F. Kennedy's consumer bill of rights. - marketers' efforts to contribute to the satisfaction and growth of the communities in which they operate. - the right to be informed - the specific development, pricing, promotion, and distribution of products that do not harm the environment
the efforts of independent individuals, groups, and organizations to protect the rights of consumers.
The primary value that a marketer expects to receive from a customer in an exchange relationship is - The price charged for the product - Customer satisfaction - References to other potential customers. - quality merchandise that meets expectations. - few returns of the merchandise purchased
the price charged for the product
Companies that compete for the same limited financial resources of the same customers are known as ____ competitors. - oligopolic - total budget - generic - product - brand
total budget
Business decisions made in creating a marketing mix - are made before a target market is identified. - are unchangeable once they are agreed upon by management. - are only as good as the organization's understanding of the needs of the target market. - usually take place when a strategic window is open - must always be consistent with the firm's opportunities.
are only as good as the organization's understanding of the needs of the target market.