Marketing Final: Test 1 Multiple Choice

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Market Segmentation a scientific technique for selecting ways to attract specific population samples
Which of the following is NOT one of the four criteria identified in the text for successful market segmentation?
a. sustainabilityb. identifiability and measurabilityc. responsivenessd. accessibility e. targetability
e. targetability
A market is people or organizations that have... a. needs and wants and an ability and willingness to buy
A group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products b. market
Marketers use _______ to segment markets because of this information is widely available, and factors such as age or gender are often related to consumer purchasing and consumption behavior Demographics
______________ is the development of a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general, and is related to the place a product occupies in consumers' minds relative to competing forces Positioning
Income, ethnic background, gender, and ager are all examples of __________ segmentation bases. Demographic
The processes individuals use when making a purchase decision is called ___________. This is also the reason why individuals recognize and respond to the lettering used on cans of Campbell's soups, the shape of the golden arches, and the color of a can of Sprite. Perceptual mapping
Mike loves cola and is always on a diet. He will ONLY drink Diet Coke. When offered a Diet Pepsi one afternoon as an alternative, he refused to even consider it as part of his evoked set even though he generally drinks a soft drink about the time of day the offer was made. This illustrates that Mike: has a need motivator
Information that is collected for the first time for the purpose of solving a particular problem under investigation is called ____________ data. Primary
Competitive intelligence allows managers to:
a. predict changes in business relationshipsb. forecast a competitor's strategyc. learn about new technologies that can affect their companyd. learn about the impact of proposed government legislation on their industrye. do all of these things
e. do all of these things
People tend to be more satisfied with a purchase if: an information search was involved
The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and is transmitted from one generation to the next. Culture
Some marketers favor the shift away from the tangible hardware of the tradition 4 Ps toward the new 4 Cs, which are abstract and conceptual. Which of the following is not consistent with the new age 4 "Cs"?
a. co-creationb. communityc. choiced. co-minglinge. customization
d. co-mingling
Businesses typically enter into strategic alliances to:
a. gain access to markets or technologyb. facilitate faster entry of new products to marketc. share financial risksd. achieve economies of scale e. do all of these
e. do all of these
The U.S. government is: the world's largest single customer
One segment of the business market has primary goals that differ from the ordinary business goals such as profit, market share, or return on investment. This segment includes many schools, churches, and civic clubs and is often called the ________ market. Institution
If an increase or decrease in the price of a product does not significantly affect demand for the product, the demand is called price: inelastic
Which of the following is NOT a source of sustainable competitive advantage:
a. patentb. copyrightc. promotiond. customer servicee. fashion fad
e. fashion fad
Personal selling is persuasive in organization markets because: many organizational products are complex and require expertise on the salesperson's part
Business marketers increasingly recognize the important of _______ as a major component of marketing strategies customer service
Culture is the chief shaper and transmitter of: values
Which of the following statements about global marketing is true?
a. Marketing to target markets throughout the world has become an imperative for businessb. Often a U.S. firm's toughest domestic competition comes from foreign companiesc. Marketing managers must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at homed. Adopting a global vision can be lucrative for a company, and global marketing can offset weak domestic performancee. All of these statements about global marketing are true
e. All of these statement about global marketing are true
When Donnelly threatened to move its printing operation to China, where wages are much lower, its union objected because its members' jobs were at risk. Eventually, the union agreed to change work styles and to improve productivity to keep the jobs at home. How did the fact Donnelly is a multinational corporation create an advantage for the company? Its factory in Chine gave it the ability to reduce its labor costs
The goal of the Free Trade Area of the Americas (FTAA) would be to: create free-trade agreements between the United States and other industrialized nations
Which of these is NOT a ranked characteristic of product quality based on influence of value set?
a. reliabilityb. durabilityc. high priced. brande. ease of use
c. high price
Which method of entering the global marketplace would be LEAST risky?
a. exportingb. licensingc. contract manufacturingd. joint venturese. direct investment
b. licensing
The manufacturer of Marlboro cigarette has given Japan Tobacco the legal right to use tits trademarks and patents to manufacture Marlboro cigarettes in Japan. For this right, Japan Tobacco pays a fee. This is an example of the use of ______ to enter an international market licensing
Franchising is a form of licensing
Wal-mart has become the leading discount retailer in the United States and the world by focusing on the customer's needs and wants. This philosophy is at the heart of a _________ orientation Market
A defined group that managers feel is most likely to buy a firm's product Target market
The environmental factors concerned with the changes in people's values, lifestyles, and family roles Social Factors
Effective strategic planning requires a designated single time frame during the year
Which of the following is NOT a demographic characteristic of a population?
a. income levelb. agec. educationd. lifestylee. birth rate
d. lifestyle
Which of the following statements about ethnic and cultural diversity is true?
a. The Four Ps of marketing are not as useful as they used to be because there are no longer mass markets to be targetedb. Marketers can no longer realize any economies of scale because target markets are so fragmented and difficult to definec. The increasing cultural diversity won't affect how most manufacturers market their productsd. Most immigrants readily embrace U.S. branded products, and so mass marketing is still the best approach for most productse. Now more than ever marketers can use each of the Four Ps to customize marketing mixes for unique segments of the population
d. Most immigrants readily embrace U.S. branded products, and so mass marketing is still the best approach for most products
_______ is primarily responsible for the rise in disposable income in the United States.
a. Multiculturalismb. The personalized economyc. The increasing number of dual-income familiesd. The aging of the baby boomerse. Global competition
c. The increasing number of dual-income families
The use of ethical decision making:
a. can be influenced by top managersb. is influenced by the probability of harmful outcomesc. depends on the number of people to be affectedd. depends on the magnitude of possible consequencese. is accurately described by all of the above
e. is accurately described by all of the above
Corporate social responsibility is defined as the: development of inclusive codes of ethics
The ratio of benefits to the sacrifice necessary to obtain those benefits.
a. Opportunity Costb. Marketing utilityc. Market qualityd. Satisfaction percentagee. None of the above answers
e. None of the above answers
A strategy that entails forgoing long-term partnerships with customers Relationship MArketing
Some marketing-oriented firms give employees expanded authority to solve customer problems on the spot. This is known as:
a. trainingb. deregulationc. empowermentd. commissioninge. mediating
c. empowerment
The primary tool used by a sales-oriented organization to achieve its corporate goals Price
The U.S. Postal Service (USPS) argues that its express service is comparable to what is offered by FedEx and that its prices are much lower. Yet, FedEx dominates with more than a 45 percent share of the express-delivery market. Which of the following statement describes this situation
a. The USPS is perceived as offering greater customer valueb. The USPS should lower its prices even further to increase market sharec. FedEx and the USPS offer the same customer valued. Customer value is not an issue in deciding which express-delivery service to usee. FedEx is perceived as offering greater customer value
e. FedEx is perceived as offering greater customer value
The marketing mix strategy includes all of the following activities EXCEPT:
a. planningb. promotionc. priced. PLACEe. product
a. planning
Strategic plans require:
a. the addition of new personnelb. a change in organizational structurec. long-term resource commitmentsd. new product developmente. changes in prices
c. long-term resource commitments
Which of the following is one of the elements of the marketing plan?
a. a business mission statementb. situation analysisc. a target marketing strategyd. the marketing mixe. all of the choices are correct
e. all of the choices are correct
A popular technique for managing large organization with different technologies and markets is to divide it into: strategic business units
After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?
a. realisticb. profitablec. measurabled. time-specifice. consistent
b. profitable
For marketing objective to be realized, they must meet all of the following criteria EXCEPT:
a. be consistent with organization objectivesb. be measurablec. be attainabled. be challenginge. be set within a one-year time frame
e. be set within a one-year time frame
The SWOT acronym refers to a firm analysis of it's: strengths, weaknesses, opportunities, threats
Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes with emphasis on low-priced, private-label brands. Aldi stores are typically about one-third the size of the traditional supermarket. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The chain target bargain hunters who are willing to rent a cart and bag their own groceries. Aldi has a(n): cost competitive advantage
A strategy of increasing market share for present products in existing markets Market penetration
Due to several recent late spring freezes, orange growers in Florida have lost millions of dollars. As a result, some growers have decided to bulldoze their orange groves and put in freshwater lakes for raising shrimp, a product that has a strong popularity and is more weather-resistant. Former orange growers who are now raising shrimp are pursuing a _______ strategy. Diversification
The promotion element of the marketing mix deals exclusively with personal selling, advertising, sales promotion, and public relations
Which of the marketing mix elements is most flexible?
a. productb. promotionc. publicityd. placee. price
e. price
There is an overabundance of apartments in Atlanta. Post Properties, the owner of the metropolitan area's largest apartment complexes, has reduced its rent so it can fill vacant apartments. Which of the following types of strategies did Post Properties use to create more demand for its apartments? Price strategies
Which of the following is a characteristic of Generation Y?
a. Like to rent their homes 3 or 4 years before buying a homeb. Savvy and cynical, skeptical consumersc. Born after World War II and before the Vietnam Ward. Family orientede. They have a short attention span and need instant gratification
b. Savvy and cynical, skeptical consumers
Which of the following characteristic is NOT descriptive of Generation Y:
a. Born between 1979 and 1994b. Children of "boomers"c. Distrust electronic and technologyd. Called the "young and the restless generation"e. Stress "time management"
c. Distrust electronic and technology
Marketing a philosophy that stresses customer satisfaction
A set of activities used to implement a management orientation that stresses customer satisfaction Customer management
The key term in the American Marketing Association's definition of marketing is: exchange
Four competing philosophies strongly influence the role of marketing and marketing activities within an organization. Which of the following is NOT a marketing management philosophy?
a. sales orientationb. societal marketing orientationc. marketing orientationd. profitability orientatione. production orientation
d. profitability orientation
Data previously collected for purposes other than the one at hand are an important source of information as the researcher defines the problem. These data are called _____ data. Secondary
A true marketing decision support systems (DSS) should be:
a. flexibleb. discovery-orientedc. interactived. accessibilitye. a DDS should be all of these
e. a DDS should be all of these
Which one of the following is not a characteristic of a Marketing Objective:
a. realisticb. related to competitor strategiesc. measurabled. time specifice. consistent with organization priorities
b. related to competitor strategies
Marketing managers would typically use marketing research to : determine why a new product failed
The first step in the marketing research process is to :
a. define the marketing problem to be studiedb. collect the datac. analyze the marketplaced. plan the research designe. specify the sampling plan
a. define the marketing problem to be studied
Firms with a ____ orientation focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace production