Principles of Marketing Exam !
Which of the following describes the current trend in businesses regarding relationships with customers? A.Hand-pick the most profitable customers and allow them more input. B.Find a few customers and develop strong relationships with them. C.Gather as many customers as possible on a surface level. D.Maintain strong relationships with as many customers as possible. E.Avoid developing relationships with customers at all.
A
Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Juanita's situation? A.Customer insights can provide valuable information to a small businesses. Your answer is correct. B.Customer insights are not dependable. C.Customer insights can be gained only through costly market research. D.Customer insights are emotional and often irrelevant to a small business. E.Most small businesses have no way of easily accessing customer insights.
A`
Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention? A.The political environment B.The natural environment C.The economic environment D.The technological environment E.The sociocultural environment
B
Which of the following is NOT one of the marketing management functions? A.Analysis B.Promoting C.Planning D.Implementation E.Control
B
A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging in? A.Product placement B.Advertising C.Market research D.Market exchange E.Building customer relationships
D
How do market demands relate to needs and wants? A.Needs, wants, and demands all describe the same state in the customer. B.Wants and demands are equivalent, and both satisfy needs at the same rate. C.Needs and wants outweigh demands in the customer's mind. D.Needs are satisfied by wants, and buying power converts wants into demand. Your answer is correct. E.Demands result in customers needing and wanting a particular product.
D
Vaughn's Video has suffered because more people are subscribing to online streaming sites such as Netflix, YouTube, iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected Vaughn's Video? A.Sustainable marketability B.Rapid globalization C.The changing economic environment D.The digital age E.Not-for-profit marketing
E
What constitutes a marketing information system (MIS)? a. a system to generate and validate actionable customer and market insights b. a customer insights and analysis team c. a customer relationship management system d. a system of competitive marketing intelligence e. an internal database that is used with big data
a
A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this company's research plan? A.Implement the plan B.Share the data with other companies in similar situations C.Determine the best method to conduct research D.Analyze potential data sources E.Define the problem.
A
A marketing dashboard is used to do which of the following? A.Monitor strategic marketing performance B.Determine the financial cost of developing a product C.Develop a course of action to market a product D.Promote a product to a target group E.Analyze the new product lines being developed
A
The act of obtaining a desired object from someone by offering something in return is known as which of the following? A.An exchange B.A sale C.An auction D.A barter E.A trade
A
A company's marketing information system (MIS) is valuable because it ___________________. A.increases the likelihood that a customer will buy a product B.enables a company to use customer insights to improve relationships with customers Your answer is correct. C.ensures that the company will have good customer service D.maintains the company's internal database of customers E.allows a company to outperform its competitors in the marketplace
B
What is the ultimate aim of customer relationship management? A.To establish brand equity B.To produce high customer equity C.To increase share of customer D.To produce high customer profitability E.To maintain high customer loyalty
B
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________. A.differentiation B.market segment C.market D.value chain E.target market
B
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ________. A.individual interview B.ethnographic study C.focus group D.experiment E.immersion group
C
Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial situation? A.Reexamine its relationship with its resellers B.Find a new physical distribution firm C.Work out a plan with its financial intermediaries D.Devise a marketing plan with a marketing service agency E.Analyze the finances of one of its competitors
C
__________________ is a group numbering 55 million or more consumers and sometimes is an overlooked "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition. A.Generation Z B.Baby boomers C.Generation X D.Senior citizens E.Echo boomers
C
How has the internet MOST affected companies and customers? A.The internet has increased the potential customer base. B.The internet has lowered prices. C.The internet has made advertising easier. D.The internet has allowed consumers to take marketing content and share it. E.The internet has made creating an image more important.
D
Which of the following best describes the purpose of customer insights? a. to advertise new products to customer bases b. to represent the company to its customers c. to create more value for customers d. to instruct other company departments in customer service e. to develop new markets of customers for the compan
c
There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes? A.Strong emphasis on free trade and open borders B.Strong government agency enforcement C.Greater emphasis on ethics D.Greater emphasis on social responsibility E.Increasing legislation regulating business
A
The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following? A. Macroenvironment B.Marketing environment C.Technological environment D.Cultural environment E.Microenvironment
A
To exercise social responsibility, many companies are linking themselves to what type of marketing? A.Cause-related B. Technological C.Generational D.Environmental E.Intermediaries
A
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features? A.Selling concept B.Product concept C.Societal marketing concept D.Production concept E.Marketing concept
B
The ultimate goal of the marketing process is to do which of the following? A.Create a quality product B.Develop relationships with customers C.Receive value from customers D.Evaluate customer needs E.Determine a target market
C
To be successful, why should companies try to adopt a proactive stance on marketing? A.A proactive stance allows a company to compete with its competitors on pricing alone. B.A proactive stance allows a company to compete with its competitors on quality alone. C.A proactive stance allows a company to take advantage of opportunities as they arise. D.A proactive stance ensures that a company will increase its market share. E.A proactive stance allows a company to let the market determine prices for its products.
C
What is MOST likely to cause a variation in customer-perceived value? A.The popularity of a product to the customer B.The customer's satisfaction with a product C.The customer's opinion of what constitutes value D.The cost of advertising to the target market E.The cost to produce a product
C
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive company? A.A jewelry company taking advantage of the new trend of charm bracelets B.A small family winery offering a broader selection of red wines in response to a growing preference for red wines C.A dairy creating new flavors of organic yogurt in response to a trend toward healthy eating D.A local restaurant refusing to counter false allegations of salmonella Your answer is correct. E.A utility company hiring lobbyists to influence legislation regarding climate change
D
Which of the following statements about big data is correct? A.Big data is only used by big companies. B.Analyzing big data always leads to useful customer insights. C.Big data actually refers to very small data sets. D.Analyzing big data is a very easy task. E.One result of big data is that marketing managers are often overloaded and overwhelmed with information.
E
Which of the following would be good advice for someone conducting marketing research in a foreign country? A.Language translation will be easy. B.Consumers in foreign markets generally enjoy participating in marketing research. C.You can easily find good secondary data in most foreign markets. D.Globalization has slowed down, so international research is no longer necessary. E.Reaching respondents in other parts of the world is more difficult than it is in the United States.
E
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment? A.Social B.Natural C.Political D.Cultural E.Technological
E
Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The owner of Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Tina's Tunes? A.Tina's Tunes will experience a rebound as the fear of the Great Recession declines. B.Tina's Tunes is likely to fail because it is ignoring the current political environment. C.Tina's tunes are likely to prosper as mistrust in the digital age increases. D.Tina's Tunes is likely to fail because it is ignoring the natural environment. E.Tina's Tunes is likely to fail because it is ignoring the technological environment.
E
___________consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. A.Big data B.Marketing information C.CRM D.Touch points E.Marketing analytics
E
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS? a. assess the information needs of the company b. determine how to use the information gathered by market research c. distribute necessary information to the marketing team d. conduct surverys or focus groups to gather information e. analyze the information gathered in market research
a
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product—blue jeans—but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation? A.Market management organization B.Product management organization C.Geographic organization D.Combination organization E.Functional organization
A
The purpose of business legislation is primarily based on ________. A.protecting companies from each other B.protecting consumers from unfair business practices C.protecting the interests of society against unrestrained business practices D.regulating and constraining companies E.punishing companies for unlawful behavior
A
The real value of marketing information rests in the _____________________. A.customer insights it provides Your answer is correct. B.marketing intelligence it uncovers C.amount of big data it analyzes D.support of a company's marketing research E.social media data it uses
A
What are stars in the growth-share matrix? A.High-growth, high-share businesses or products B.Low-share, high-growth businesses or products C.The growth-share matrix does not contain stars. D.Low-growth, low-share businesses and products E.Low-growth, high-share businesses or products
A
What is the importance of selling and advertising in marketing? A.They work in tandem with building customer relationships. B.They can substitute for a faulty product. C.They work only with product placement and promotion. D.They are not essential if the product is good. E.They emphasize the need for marketing myopia.
A
What is the main problem that sellers suffering from marketing myopia face? A.They focus more on products than on the customer's underlying need. B.They focus on customer wants instead of demands. C.They focus more on the customer's experience than on the product itself. D.They focus on brand image to the detriment of quality. E.They focus more on profit than on the customer's benefit.
A
Which of the following BEST describes research relationships? A.Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research. B.Observation is best suited for exploratory research, surveys for causal research, and experiments for descriptive research. C.Observation is best suited for descriptive research, surveys for exploratory research, and experiments for causal research. D.Observation is best suited for descriptive research, surveys for causal research, and experiments for exploratory research. E.Observation is best suited for causal research, surveys for exploratory research, and experiments for descriptive research.
A
Which of the following scenarios BEST describes the societal marketing concept? A.Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term. B.Wanda's Wedding Wear frequently promotes itself to customers through commercials, fliers, and other forms of advertising. C.Robert's Rotors does everything to improve production and lower the cost of its rotors in order to gain customers. D.Amy's Apple Cart regularly asks its customers what kind of apples they want to buy. E. Tim's Tires constantly tries to improve on the tires it sells by placing all of its efforts into new design research.
A
Why is it important for a company to collect both primary and secondary data when conducting marketing research? A.To have a "full picture" of the subject of its study B.To guarantee the product being researched will be successful C.To ensure the data is usable D.To avoid complaints that the study is not reliable E.To keep costs down
A
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build? A.Customer equity B.Share of customer C.Customer loyalty D.Partner relationships E.Customer lifetime value
A
Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the claims, the restaurant called in a company to test not only its veggie burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the restaurant's Facebook page. What BEST describes Beverly's Burgers' response to the allegations? A.Proactive B.Passive C.Reactive D.Determinative E.Steadfast
A
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following? A.Growth-share matrix B.Market segmentation C.SWOT analysis D.Value delivery network E.Product expansion grid
A
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company? A.We embrace the deeper meaning of home and commercial improvements. B.We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses. Your answer is correct. C.We will be the best hardware company in the world. No other company will ever outsell us. D.We will have $2 million in profit by the end of our second fiscal year and twice that amount by the end of year five. E.We are providers of hardware, lumber-based, and appliance products to be used for home improvement and commercial construction projects.
B
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche product—premium, organic dog and cat food—and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now? A.Work on a line of leashes, pet brushes, and pet furniture B.Create a promotion strategy to increase customer awareness C.Determine the target market for the product D.Develop the formula for the organic pet food E.Determine the company's primary competition in the pet food market
B
Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial? A.Big data analytical information B.Secondary information C.Focus group information D.Primary information E.Survey information
B
Which of the following statements about online research is correct? A.Experiments cannot be conducted online. B.Online surveys generally have higher response rates than those conducted by mail or phone. C.It is more expensive to conduct online research than to do a mail, phone, or personal interview. D.Focus groups are rarely conducted online. E.Online research is only feasible for large companies.
B
elling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as ________. A.market offerings B.the marketing mix C.the marketing concept D.customer equity E.customer-engagement marketing
B
A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information? A.A company website B.A data warehouse C.A company extranet D.A company data mine E.A company intranet
C
A value chain consists of which of the following? A.An acquisitions team that buys products for the company to sell B.Customers who assign value to products within the company C.Internal departments and other companies that carry out value-creating activities Your answer is correct. D.A chain of SBUs within a company that provide the most value E.The network of distributors and suppliers that support a company
C
After creating a company's mission and objectives, the executive team must then plan ____________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment. A.its overall growth strategy B.individual department objectives C.its business portfolio D.its research and development efforts E.revenue goals and objectives
C
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using? A.Consumer-generated marketing B.Direct marketing C.Frequency marketing program D.Customer-perceived value E.Mass-media marketing
C
Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation? A.Should Jantel, Inc., follow a production or selling concept? B.Should Jantel, Inc., follow a marketing concept or a societal marketing concept? C.Should Jantel, Inc., follow a product or marketing concept? D.Should Jantel, Inc., follow a societal marketing or production concept? E.Should Jantel, Inc., follow a product or selling concept?
C
How do the individual components of a SWOT analysis work together to determine the status of a company? A.By streamlining a company's core processes so that all of the company's operations flow smoothly and contribute to the development and sale of its products B.By developing a course of action that best determines a core market, the proper product to give the core market, and how to do so at an affordable price C.By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development Your answer is correct. D.By developing a marketing strategy that promotes a company's highest-selling products in such a way that there is a measurable return on the company's investment E.By creating a niche in a market that can be exploited by a company to gain the greatest profits
C
How does the microenvironment of a company differ from its macroenvironment? A.The microenvironment is company-based, whereas the macroenvironment is customer-based. B.The microenvironment uses more financial resources than the macroenvironment. C.The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. D.The microenvironment affects a larger portion of the company than the macroenvironment. E.The microenvironment deals with the big problems, whereas the macroenvironment deals with trivial problems.
C
In analyzing a company's current business portfolio, what is management's first step? A.Determine the company's target market B.Outline the company's mission statement C.Identify strategic business units D.Perform a SWOT analysis E.Determine the company's goals
C
Of the following, which best reflects how the American population has changed over time? A.It has become more likely to develop brand loyalty. B.It has become wealthier, more cultured, and more frivolous in its spending habits. C.It has become more diverse, better educated, and more mobile. D.It has become more skeptical about marketing schemes. E.It has become closer knit and more family-oriented.
C
The group of factors that affect consumers' purchasing power and spending patterns is called the _________________. A.natural environment B.sociocultural environment C. economic environment D.demographic environment E.political environment
C
The major cultural values of a society are expressed by people's views of ____________________. A.the universe, society, and themselves B.organizations and themselves C.themselves, others, organizations, society, nature, and the universe D.society, organizations, and nature E.themselves, nature, and society
C
Using the BCG growth-share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company? A.The company will be unable to sustain itself because its profits will be spent on developing question marks and not on maintaining more profitable SBUs. B.The company will not show any growth or change at all because profits will neither increase nor decrease. C.The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star. D.The company will gain market share and prosper as the question marks are developed. E.The company will go bankrupt because all of its profits will be wasted on uncertain SBUs.
C
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies? A.Sales calls B.Service calls C.Touch points D.Satisfaction surveys E.Purchases
C
Which of the following is the primary reason firms use competitive marketing intelligence? A.To assess and respond to a competitor's social media strategies B.To make early decisions regarding pricing strategies of competitors C.To gain early insights into competitor moves and strategies, and to prepare quick responses Your answer is correct. D.To understand more about a competitor's new product development efforts E.To gain an understanding of a competitor's channels of distribution
C
Why is good marketing management critical? A.To ensure that the company is always on the cutting edge of product development B.To ensure that the company has a positive image in the eyes of the community C.To ensure that the company serves as many customers as it can and as well as it can D.To ensure that investments are properly spent in order to maximize profits E.To ensure that products are promoted well enough to encourage a large flow of customers
C
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family? A.Karin Petersen, an operations specialist who would be hired as the new chief operating officer B.Jose Gonzalez, one of the Sanchez family's best friends and a fellow entrepreneur who would come on as an additional chief executive officer C.Claudia Jimenez, a well-educated accountant who would begin working as the new chief financial officer D.Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer E.Craig Moore, an extremely successful entrepreneur who is actually looking to acquire the company and grow the business exponentially
D
Scott Frost has been coming to Aldwin's Diner for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwin's, loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the following? A.True friend B.Stranger C.Butterfly D.Barnacle E.True believer
D
The second purpose of government regulation is to _____________________. A.protect the interests of society against business competition B.regulate and constrain companies C.protect companies from each other D.protect consumers from unfair business practices E.punish companies for unlawful behavior
D
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers. A.marketing system B.internal value chain C.strategic plan D.value delivery network E.competitive delivery network
D
What is the purpose of the marketing mix as part of the overall marketing strategy? A.To create an overall positive image in the customer's mind that is favorably associated with the company B.To maximize the company's profits through successful marketing and sales of a particular product C.To compare some or all of the company's products with the products of the company's competitors D.To produce a response that influences a demand for the product from the customers the company is targeting Your answer is correct. E.To streamline a company's research, marketing, production, and sales of a particular product
D
When a company chooses a group of customers to serve, it is engaging in which of the following? A.Market segmentation B.Demand management C.Societal marketing D.Target marketing E.Differentiation
D
When a company starts the strategic planning process at the corporate level, it begins by _____________________________. A.formulating product innovation objectives B.setting growth strategy goals C.creating research and development plans D.defining its overall purpose and mission E.defining its revenue objectives
D
Which of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources? A.Financial and revenue planning B.Research and development planning C.Individual departmental planning D.Strategic planning E.Marketing planning
D
Which of the following describes the type of research used to help define the research problem and suggest hypotheses? A.Descriptive research B.Primary research C.Secondary research D.Exploratory research E.Causal research
D
Which of the following generational groups represents one of the most powerful forces shaping the marketing environment? A.Generation Y B.The Greatest Generation C.Generation Z D.Baby boomers E.Generation X
D
Which of the following identifies a change in the technological environment that could affect the success of a business? A.A company develops a new battery that costs twice as much as its predecessor. B.A company develops a customer support program that customers rate twice as responsive as the previous program. C.A company develops a new warranty that lasts as long as its predecessor. D.A company develops a new battery that lasts twice as long as its predecessor. Your answer is correct. E.A company packages its product to be twice the size of its predecessor.
D
Which of the following is NOT one of the four Ps of the marketing mix? A.Promotion B.Price C.Place D.Production E.Product
D
Which of the following is NOT part of an overall SWOT analysis evaluation of a company? A.Weakness B.Threats C.Strengths D.Strategy E.Opportunities
D
Which of the following is a valid concern when it comes to the four Ps concept? A.It is not helpful for not-for-profit companies. B.It does not include services. C.It uses the buyer's view of the markets. D.It may omit or underemphasize certain important activities. Your answer is correct. E.It does not include comprehensive elements from market strategy.
D
Which of the following is enhancing how marketers learn about and interact with customers? A.Machine learning B.New digital devices C.Big data and social media D.Big data and marketing analytics E.Social media analytics
D
Which types of companies would most benefit from conducting marketing research? A.Only large multinational firms like Disney and IBM B.Only small local firms, like Beatrice's Bistro C.Only medium-sized companies that are about half the size of Disney and IBM D.Both large multinational firms like Disney and IBM and small local firms Your answer is correct. E.Neither large multinational firms like Disney and IBM nor small local firms
D
Why is marketing return on investment (ROI) so difficult to measure? A.Marketers do not keep adequate records. B.Customer-centered measures are inconvenient. C.Marketing dashboards are inconsistent. D. There is no consistent definition E.The market economics constantly change.
D
Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want new-style organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation? A.Cut the prices on its pizza. B.Run an ad campaign on the health benefits of pizza. C.Sell a different food product, such as hamburgers or sushi. D.Target a new market with a different product. E.Be proactive and convince customers that "exotic is better."
D
Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do? A.Develop the best jump rope possible B.Advertise the company as a location in which to purchase jump ropes C.Develop relationships with the customers who come to purchase jump ropes D.Determine who in the community wants or needs a jump rope E.Develop a plan to sell as many jump ropes as possible
D
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ (lesbian/gay/bisexual/transgender/queer) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze? A.Political B.Economic C.Natural D.Technological E.Cultural
E
All of the following are aspects of sustainable marketing EXCEPT which one? A.Practice caring capitalism by being civic-minded and responsible. B.Seek ways to profit by serving the long-run interests of customers and communities. C.Help protect the natural environment. D.Deliver value in a socially and environmentally responsible way. E.Observe environmental legislation as it is instituted.
E
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her job? A.Compile an exhaustive resource of customer data B.Track the clicks of customers on websites C.Use customer data in such a way to convince customers to buy products D.Scour consumer financial information E.Inform customers of the company's privacy policy
E
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve? A.Determine the company's proper marketing mix and the team's ability to execute on it B.Examine the various elements of the BCG growth-share matrix. C.Perform micro-environmental and macro-environmental analyses D.Perform a business and product competitive analysis. E.Examine how well each group performs its work of adding customer value.
E
How does the new concept of marketing differ from the old concept of marketing ("telling and selling")? A.The new concept requires less work from marketing executives. B.The new concept focuses on making money. C.The new concept is more cost efficient. D.The new concept focuses on having a well-developed product. E.The new concept focuses on customer needs.
E
Jill Parker owns 2,000 acres of ranchland in Iowa. Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing environment, she asks you what she should do. Which of the following is the BEST advice? A.Jill should try to find propane reseller markets. B.Jill should focus on ranching and ignore trying to commercialize or sell the natural gas. C.Jill should focus her attention on the government markets. D.Jill should focus on negotiating with a local gas company for personal consumption. E.Jill should focus on the business market and license the natural gas rights.
E
Marketers obtain needed marketing information from which of the following? A.Marketing managers, information users, and internal databases B.Internal data, big data, and market research C.Marketing intelligence, marketing research, and the marketing environment D.Internal data, marketing research, and marketing managers E.Internal data, marketing intelligence, and marketing research
E
The goal of a market development growth strategy is to do which of the following? A.Offer modified or new products to current markets B.Buy businesses beyond its current products and markets C.Make more sales to current customers without changing its original products D.Create businesses beyond its current products and markets E.Identify and develop new markets for current products of a company's market
E
The role of a company's marketing intermediaries is to do which of the following? A.Purchase the company's product B.Determine which products a company should market C.Manage the company's human resources efforts D.Provide the resources needed by the company to produce goods and services E.Help the company find, promote, sell, and distribute products
E
The third purpose of government regulation is to _____________________. A.regulate and constrain companies B.protect consumers from unfair international trade C.protect companies from each other D.punish companies for unlawful behavior E.protect the interests of society against unrestrained business practices
E
Which generational group seamlessly blends online and offline worlds as they socialize and shop? A.Baby boomers B.Generation Y C.Generation X D.The Greatest Generation E.Generation Z
E
Which of the following is NOT a primary goal of competitive marketing intelligence? A.Assessing and tracking competitors' actions, B.Providing early warnings of threats C.Improving strategic decision making D.Providing early warnings of opportunities E.Creating an understanding of the business-to-business environment
E
Which of the following is NOT a step in the marketing research process? A.Developing the research plan B.Interpreting and reporting the findings C.Implementing the research plan D.Defining the research problem E.Comparing research findings to other studies
E
Which of the following is NOT a step in the strategic planning process? A.Define overall purpose and mission B.Development of individual detailed departmental plans C.Creation of overall supporting objectives for the company D.Decisions regarding portfolio of business and products E.Set revenue and financial goals
E
Which of the following is at the center of marketing strategy and programs? A.Customer relationship engagement and value chains B.Value chains of both customers and suppliers C.Customer and supplier relationship management D.Product and supply chain management E.Customer engagement, value, and relationships
E
