Test 1
What kind of research is useful for a firm that needs to know more about why certain trends have surfaced? A.Custom Research B.Syndicated Research C.Market Research D.Reverse Engineering
Custom Research
A Mission statement is a formal document that describes the firm's overall purpose and what it hopes to achieve in terms of its A) Employees, stakeholders, board members B) Resources, profit, politics C) Partners, products, politics D) Customers, products, and resources
Customers, products, and resources
What is the first step in strategic planning? A) Define the Mission B) Establish a business portfolio C) Set organizational objectives D) Develop growth Strategies
Define the Mission
What is the first step in the market research process? A.Determine the Research Design B.Collect the data C.Define the Research problem D.Design the Sample
Define the Research problem
Which of these is not part of the business cycle? a.Recession b.Prosperity c.Deflation d.Recovery
Deflation
When you buy or sell a good or service electronically, you are participating in: a.E-business b.E-marketing c.E-commerce d.E-communication
E-commerce
Who believes that what is ethical in one culture is not necessarily ethical in another? a.All Business Men and Women b.Ethical Relativists c.Only women d.Ethical Absolutists
Ethical Relativists
Which of the following terms refers to the uncontrollable elements outside an organization that might affect its performance either positively or negatively? A.SWOT analysis B.Situation analysis C.Internal environment D.Portfolio analysis E.External environment
External environment
What is the ethical thought that believes that decision that treat all human beings equally - or if unequally, then fairly based on some standard that is defensible? a.Fair Justice Approach b.Absolute relativism c.Virtue Approach d.Common Good Approach
Fair Justice Approach
What two main purpose do use business laws serve? A)Fair competition and consumer protection from unfair practices B)Consumer protection and sustainability C)Sustainability and code of ethics D)Human right issues and following regulations
Fair competition and consumer protection from unfair practices
Strategic planning is part of which level of business planning A)First Level B)Second Level C)Third Level D)Strategic planning is not part of business planning
First level
What is another name for Foreign exchange rate? a.Forex rate b.International rate c.Global rate d.Tax rate
Forex rate
What form of licensing gives franchisee the right to adopt an entire way of doing business? A)Licensing agreement B)Partnership C)Franchising D)Business Ethics
Franchising
Which of these is not an activity of marketing mentioned in the book? a.Developing the product b.Better understanding of customer needs through marketing research c.Persuading the customer to buy your product d.Pricing the product
Persuading the customer to buy your product
Which of the 4 Ps of marketing is MOST closely related to a distribution strategy? A.Profit B.Place C.Price D.Promotion E.Product
Place
What is the benefit marketing can provide by making products available where customers want them? a.Time Utility b.Form Utility c.Place Utility d.Possession Utility
Place utility
What is not included in the Marketing Mix? a.Product Strategies b.Place Strategies c.Promotion Strategies d.Price Strategies e.Planning Strategies
Planning Strategies
____________ is a tool used by managers to help assess the potential of a firm's SBU's and whether they should receive more or less of the firm's resources A)Business Portfolio B)Portfolio Analysis C)Market Growth Rate D)Relative Market Share
Portfolio Analysis
Which of the following is not one of the 4 P's of marketing? a.Price b.Power c.Product d.Place e.Promotion
Power
____ uses shopping patterns of large numbers of people to determine which products are likely to be purchased if others are A.Bounce rate B.Predictive technology C.Mechanical systems D.Copyright
Predictive technology
____ Data refers to data collected by the firm to address a specific question. A.Secondary B.Descriptive C.Primary D.Casual
Primary
What are the 4 P's of Marketing
Product, Price, Place, Promotion
What is the most current marketing era? a.Production Era b.Sales Era c.Relationship Era d.Triple-Bottom-Line Era
Triple-Bottom-Line Era
According to Chapter 1 of the book, Michael Baumwoll works for which company? a.Facebook b.Twitter c.Snapchat d.Amazon
Sustainability
is about creating products that meet present needs while ensuring future generations can have their needs met.
What market growth strategy seeks to increase sales of current products to existing markets? A) market penetration B) market development C) product development D) diversification
market penetration
Utility
represents the sum of benefits a consumer receives from use of a product
Which of the following is NOT an advantage in face-to-face interview? A.Takes a lot of time B.Can use long questionnaires C.Cost D.Flexibility of questioning
Cost
Service transactions account for more than _____ percent of the GDP in the U.S. and other developed countries. a.80% b.50% c.25% d.75% e.90%
75%
How do you find per capita GDP? a.GDP/ people b.People/ GDP c.GDP-number of people in the country d.total GDP/ number of people in the country
total GDP/ number of people in the country
_____ is gathered via monitoring of everyday data sources, observations, and discussions with sales representatives. A.Marketing Research B.Information for Marketing Decisions C.Marketing Intelligence D.Computer Software
Marketing Intelligence
______refers to taking an above board approach in conducting market research that does no harm to the participant. A.Marketing Intelligence B.Marketing Research Ethics C.Interactive Software D.Descriptive Research
Marketing Research Ethics
What focuses on the day-to-day execution of the marketing plan? A) Action plans B)Leading indicators C)Operational Plan D)Lagging indicators
Operational Plan
Setting Marketing Objectives, is what step in the Market Planning process? A) Step 1 B) Step 2 C) Step 3 D) Step 4
Step 2
In which step of the Market Research Process is the method to collect primary data chosen? A.Step 2 B.Step 7 C.Step 5 D.Step 3
Step 3
What does SBU stand for? A) Strategic Business Unit B) Strategic Background Unit C) Snapshot Business Unit D) Second Business Unit
Strategic Business Unit
Which of the following refers to individual units within a firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors? A.Strategic business units (SBUs) B.Market development strategies C.Diversification strategies D.Business portfolio E.Strategic plan
Strategic business units (SBUs)
What is a tax on imported goods called? a.Import tax b.Standard tax c.Tariff d.Goods tax
Tariff
Which is not an example of an internal environment? A)Patents B)Financial Stability C)Technology Trends D)Human Capital
Technology Trends
Neuromarketing is a marketing approach where A.Stores promote products that have not yet been released B.Consumers are studied on a small scale C.Companies advertise their product to all age groups D.The brain is scanned to find out why consumers make certain decisions
The brain is scanned to find out why consumers make certain decisions
What is world trade? A.The total dollar value of goods and services produced by a nation within its borders in a year B.The flow of goods and services among different countries—the value of all the exports and imports of the world's nations C.A policy adopted by a government to give domestic companies an advantage D.A type of trade in which goods are paid for with other items instead of cash
The flow of goods and services among different countries—the value of all the exports and imports of the world's nations
What is the Business Cycle? a.The overall pattern of changes or fluctuations of an economy. b.Availability of resources for a firm. c.Total dollar value of goods and resources. d.Suggest that what is ethical in one culture is no necessarily the same as another culture. e.Stabilized exchange rate.
The overall pattern of changes or fluctuations of an economy.
Electronic collections of consumer and market information obtained from data source within the company network are ____ A.Commercial Online Databases B.Internal Databases C.Market Research D.Primary Data
.Internal Databases
How Many different eras of marketing have there been? a.0 b.1 c.2 d.3 e.4
4
What is a market segment? a.Developing a basic product and a single strategy to reach everyone b.Focusing on its marketing plan and its marketing efforts c.A distinct group of customers within a larger market who are similar to each other and differ from customers needs d.Develop positioning strategies to create a desired perception of the product in consumers' minds in comparison to competitors needs.
A distinct group of customers within a larger market who are similar to each other and differ from customers needs
Portfolio Analysis is... A)A tool management uses to assess the potential of a firm's' business portfolio B)The range of different business a large firm operates C)A business that offers specialized products in limited markets unlikely to grow quickly D)A formal statement that describes the businesses overall purpose
A tool management uses to assess the potential of a firm's' business portfolio
What is a marketplace? A.Any location/medium to facilitate exchange B.Set of institutions and processes for creating, communicating delivering, and exchanging offerings that have value for customers C.Any good/service or idea D.Consumer goods or services
Any location/medium to facilitate exchange
.Which of the following is NOT localization/standardization choices when it decides on a product strategy: to offer the same, modified or a new product: A.Product trade strategy B.Straight extension strategy C.Product adaptation strategy D.A, B E.B, C
B, C
Which of the following is not an example of a survey method? A.Online questionnaires B.Telephone interviews C.Contests D.Face-to-face interviews
Contests
_____ is a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products. A.Marketing plan B.Situation analysis C.SWOT analysis D.BCG growthdash-market share matrix E.Return on marketing investment (ROMI)
BCG growthdash-market share matrix
Exploratory research is useful for? A.Gaining better understanding of problem B.Identifying new opportunities C.Both A and B D.None of the above
Both A and B
Which the following refers to a plan that includes the decisions that guide the entire organization? A.Business plan B.Strategic business units (SBUs) C.Operational plan D.Strategic plan E.Functional plan
Business plan
Which of the following terms refers to an ongoing process of making decisions that guides the firm both in the short term and for the long term? A.Strategic planning B.Operational planning C.Business planning D.Marketing planning E.Functional planning
Business planning
A physiological or psychological dependency on a good or service: a.Consumer addiction b.Anticonsumption c.Customer Recurrence d.Consumer Frequency
Consumer addiction
Collaborative Consumption
Consumers increasingly would rather rent than purchase the products they use.
Assume you are the director of marketing for a major consumer products firm. You are directly involved in the planning process. Because of your role (job title) in the organization, when it comes to business planning, which level of planning would MOST describe your activities? A.Strategic business units (SBUs) B.Operational planning C.Strategic planning D.Business planning E.Functional planning
Functional planning
Which of the following is NOT a method to collect primary data? A.Telephone Interviews B.Face-to-Face Interviews C.Going door to door D.Mail Questionnaires
Going door to door
What is the difference between a Good and a Service? a.Goods are tangible and services are intangible b.Goods are intangible and services are tangible c.Goods are purchased while services are done for free d.There is no difference
Goods are tangible and services are intangible
Which of these is not an indicator of economic health? a.Gross Domestic Product (GDP) b.Economic Infrastructure c.Foreign Exchange Rates (Forex) d.Gross National Income
Gross National Income
__________ measures the total dollar value of goods and services produced by a nation within its borders in a year. A.Economic infrastructure B.Foreign exchange rate C.Standard of living D.Gross domestic product (GDP)
Gross domestic product (GDP)
What is the disadvantage of Direct investment globalization strategy: A.May limit growth opportunities B.Lose control of how product is produced C.Highest level of commitment and financial risk D.A, C
Highest level of commitment and financial risk
Which of the following refers to step 4 in the market planning process? A.Select a target market and the best marketing mix strategy. B.Implement and control the marketing plan. C.Set marketing objectives. D.Develop marketing strategies. E.Conduct a situation analysis.
Implement and control the marketing plan.
Which of the following is NOT a part of the 3 key considerations when dealing with Data and Measurement Quality issues? A.Validity B.Reliability C.Representativeness D.Longevity
Longevity
A firm's _______ stores and analyses data from a variety of sources. A.MIS B.MSDS C.Server D.Database
MIS
Which one is NOT one of the Three Levels of Business Planning? A) Functional Planning B) Strategic Planning C) Operational Planning D) Management Planning
Management Planning
Triple Bottom-Line Era
Management seeks to maximize financial, social, and environmental bottom lines.
Strategic Planning is the ___________ _________ that matches firm's resources and capabilities to market opportunities. A) Ongoing Process B) Managerial Decision C) Managerial Process D) Strategic Business Units
Managerial Process
Which of the following strategies are utilized to introduce existing products to new markets? A.Diversification B.Product development C.Market development D.Merger E.Market penetration
Market development
A firm seeking a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets would utilize which of the following marketing strategies? A.Market development B.Product development C.Control D.Market penetration E.Diversification
Market penetration
Which of the following marketing strategies is NOT one of the quadrants in the product-market growth matrix? A.Diversification B.Market development C.Market penetration D.Product development E.Marketing investment
Marketing investment
Which of the following is the document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy? A.Business plan B.Marketing plan C.Operational plan D.Functional plan E.Strategic plan
Marketing plan
A Firm trying to reach as many customers as possible would issue their goods and services to a.Target Market b.Market Segment c.Super Market d.Mass Market
Mass Market
Which of the following is NOT an element of the External Environment? a.Economic Environment b.Competitive Environment c.Socio Cultural Environment d.Political-Legal Environment e.Mini Environment
Mini Environment
In the first step of strategic planning process, a firm creates a , which is a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources. A)SWOT Analysis B)Mission Statement C)SBU Objectives D)Business Portfolio
Mission Statement
A marketing manager who wants to know how consumers perceive their brand vs. the competition might use this statistical technique. A.Conjoint analysis B.Cluster analysis C.Multidimensional scaling D.Transactional scaling
Multidimensional scaling
Not-for-profit organizations are also known as what? a.NFO b.NFP c.NGO d.NGP
NGO
Which of these is not a step in the decision process to enter global markets? a.Network with others b.Which Market(s) to Enter c.Whether to go global d.Level of Commitment
Network with others
What specific uses of new technologies are imperative to the development of primary data? Choose all that apply A.Neuromarketing B.Interviews C.Virtual Stores D.Mechanical Systems
Neuromarketing Virtual Stores
Which of the following would NOT be part of a firm's internal environment that would be assessed in step 2 of strategic planning? A.External environment B.SWOT analysis C.New products being offered by a competitor D.Portfolio analysis E.Situation analysis
New products being offered
____is a plan that specifies what information marketers will collect and what type of study they will do. a.Market Research b.Research Design c.Data Research d.Advertising Design
Research Design
Return on marketing investment (ROMI) is best defined as A)Revenue or profit margin generated by investment in a specific marketing campaign or program divided by the cost of that program at a given risk level B)What must be done in order to accomplish the intended purpose of the action plan C)The marketing programs that support the various marketing objectives and strategies within the marketing plan D)The monetary value of all the finished goods and services produced within a country's borders in a specific time period
Revenue or profit margin generated by investment in a specific marketing campaign or program divided by the cost of that program at a given risk level
In the second step of the strategic planning process, a firm conducts a , which enables the organization to develop strategies that make use of what the firm does best in seizing opportunities for growth, while at the same time avoiding external threats that might hurt the firm's sales and profits. A)SWOT Analysis B)Business Portfolio C)SBU Objectives D)Mission Statement
SWOT Analysis
In step 2 of the strategic planning process, a firm analyzes its strengths and weaknesses and the opportunities and threats in its internal and external environment. What is this analysis called? A.Situation analysis B.BCG growth market share matrix C.Portfolio analysis D.Product development strategy E.SWOT analysis
SWOT analysis
What is the 4th step of the marketing planning process? The step at which a firm assesses the potential demand for its Products - and decides whether it is able to create sustainable competitive advantage in the marketplace. A)Performing a situation analysis B)Selecting a target market and the best marketing mix strategy C)Developing marketing objectives D)Setting Marketing Objectives
Selecting a target market and the best marketing mix strategy
What is not one of the four steps in marketing planning? A)Perform a situation analysis B)Set marketing objectives C)Develop marketing strategies D)Sell product to consumers
Sell product to consumers
Which aspect of business controls 75% of Gross Domestic Production (GDP) in the US along with other developed countries? a.Consumer Goods b.Services c.Products d.Food Industry
Services
Which of the following are intangible products that consumers can buy? a.Price b.Services c.Consumer Goods d.Place
Services
Which of the following is not an era of marketing? a.Production Era b.Sales Era c.Relationship Era d.Solo-Bottom Line Era e.Triple-Bottom Line Era
Solo-Bottom Line Era
Which of the following is not a step in the Market Research Process? A.Define the research problem B.Design the sample C.Analyze and interpret the data D.Specify the research objectives
Specify the research objectives
What is counter trade? A.Type of trade when goods are paid for with other items instead of cash B.The flow of goods and services among different countries C.Type of trade when goods are paid for with cash D.The flow of goods and services within one country
Type of trade when goods are paid for with other items instead of cash
List the steps in the Value Chain
Understand the value proposition Determine the value propositions different customers want Develop the value proposition for the customer Deliver and communicate the value proposition
Which ethical philosophy approach would be a decision that provides the most good or least harm? a.Utilitarian Approach b.Rights Approach c.Fairness or Justice Approach d.Common Good Approach e.Virtue Approach
Utilitarian Approach
Which ethical philosophy provides the most good or the least harm? A.Rights Approach B.Common Good Approach C.Utilitarian Approach D.Virtue Approach
Utilitarian Approach
When does bribery occur? A)When someone voluntarily offers payment to get an illegal advantage B)When someone in authority extracts payments under duress C)When one company controls the whole market D)When a country takes over a foreign business
When someone voluntarily offers payment to get an illegal advantage
Which of the following are the steps in the decision process to enter global markets in the correct order? a.1) Which market(s) to enter, 2) whether to go global, 3) level of commitment, 4) How to adapt marketing mix strategies b.1) Level of commitment, 2) which market(s) to enter. 3) how to adapt marketing mix strategies, 4) whether to go global c.1) Whether to go global, 2) which market(s) to enter, 3) level of commitment, 4) how to adapt marketing mix strategies d.1) Whether to go global, 2) level of commitment, 3) how to adapt to marketing mix strategies, 4) which market(s) to enter e.1) How to adapt marketing mix strategies 2) level of commitment, 3) which market(s) to enter, 4) whether to go global
Whether to go global, 2) which market(s) to enter, 3) level of commitment, 4) how to adapt marketing mix strategies
.Which of the following questions applies to the common good approach of ethical philosophy? A.Which option treats people equally? B.Which option leads me to act as the sort of person I want to be? C.Which option best serves the community as a whole, not just some members? D.Which option will produce the most good and do the least harm?
Which option best serves the community as a whole, not just some members?
A ________ refers to the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities. A.business portfolio B.strategic business unit (SBU) C.strategic plan D.business plan E.BCG growth market share matrix
business portfolio
As part of the strategic planning process, step 4 includes conducting a ________, which evaluates a firm's business mix and assesses the potential of an organization's strategic business units. A.SWOT analysis B.BCG growth market share matrix C.product development strategy D.situation analysis E.portfolio analysis
portfolio analysis
In step 2 of the strategic planning process, a firm engages in a(n) ________ to assess its internal and external environments. A.portfolio analysis B.situation analysis C.operational plan D.BCG growth market share matrix E.action plan
situation analysis
In _____ of the marketing planning process, marketing managers decide which markets to target and develop the marketing mix strategies to support how they want to position the product in the market. A.step 4 B.step 3 C.step 5 D.step 1 E.step 2
step 3
Which of the following refers to a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival? A.Functional planning B.Strategic business units (SBUs) C.Strategic planning D.Operational planning E.Business planning
strategic planning
What are the 3 levels of business planning? A) strategic, organizational, operational B) functional, strategic, organizational C) strategic, business, managerial D) strategic, functional, operational
strategic, functional, operational
What are consumer goods? a.tangible products that individual consumers purchase for personal or family use b.intangible products that individual consumers purchase for personal or family use c.intangible products we pay for and use but don't own d.tangible products we pay for and use but don't own
tangible products that individual consumers purchase for personal or family use