The practice of marketing has an impact on customers, the firm, the market, and society in general. Which of the following is NOT a core aspect of marketing?
A) ensuring that financial statements correctly reflect the value of the firm's brands
B) satisfy
A) ensuring that financial statements correctly reflect the value of the firm's brands
Customers give up things they value�for example, money, information or time�to a firm in return for goods, services and ideas. This process is called
A) the marketing mix.
B) customer relationship management.
C) the free market economy.
D) a marketing exc
D) a marketing exchange.
The four Ps comprise the ________________, which is the controllable set of activities that the firm uses to respond to the wants of its target markets.
A) value statement
B) marketing mission
C) rules of engagement
D) marketing mix
E) marketing plan
D) marketing mix
___________ are intangible customer benefits that are produced by people or machines, and cannot be separated from the producer.
A) Product features
B) Brands
C) Services
D) Ideas
E) Goods
C) Services
The goal of _____________ is to inform, persuade or remind potential buyers about a good or service to influence their opinions and elicit a response.
A) price negotiations
B) promotion
C) the supply chain
D) exchange
E) the marketing plan
B) promotion
Marketing firms become more value driven by focusing on four activities. Which of the following is NOT one of those activities?
A) They share information about their customers and competitors.
B) They strive to balance their customers' benefits and costs.
C) They concentrate on making a profit above all else.
Customers seek benefits and will consider trade-offs among them, while also considering costs. In value-based marketing, the marketer must
A) decide which benefits most customers want and promote them heavily.
B) find opportunities to meet as many needs a
B) find opportunities to meet as many needs as possible while also keeping costs down.
Firms that focus on the lifetime profitability of their relationships with their customers as opposed to how much money they make in each transaction operate under a _______ orientation.
A) relational
B) profitability
C) transactional
D) supply chain
E) B
A) relational
The group of firms that make and deliver a given set of goods and services is known as the
A) distribution chain.
B) marketing mix.
C) CRM system.
D) supply chain.
E) delivery mix.
A) distribution chain.
As identified in the text, Marketing is important for all of the following reasons EXCEPT
A) marketers advise how much of a product should be produced.
B) marketers advise the logistics department when it should ship products.
C) marketers create long-las
E) marketers advise the human resource department on the right type of employees to hire.
Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a
A) strategic plan.
B) sustainable competitive advantage.
C) macro strategy.
D) marketing plan.
E) SWOT analysis.
B) sustainable competitive advantage.
Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ______________ if its products have high perceived value and effective branding or positioning.
A) competit
D) product excellence
A document that analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four Ps, action plans, and pro forma financial statements is known as
A) a positioning statement.
B) a unique selling pr
E) a marketing plan.
Of the five steps to the strategic marketing planning process, which step usually comes first?
A) Evaluate performance
B) Define the business mission
C) Analyze the situation
D) Identify and evaluate opportunities
E) Implement the marketing mix
B) Define the business mission
A SWOT analysis is part of a firm's situation audit. SWOT is an acronym for
A) strategies, work, operations, and threats.
B) strengths, weaknesses, organization, and timeliness.
C) sustainable competitive advantage, worth, opportunities, and thoughts.
D)
D) strengths, weaknesses, opportunities, and threats.
Steve has been working his way through the five steps in the development of a marketing plan. He has examined the firm's business mission and objectives and developed a SWOT analysis in some detail. Before he can implement the marketing mix, he must begin
A) evaluate each potential segment's attractiveness.
When marketers execute pricing, promotion, place and product strategies, they are in the ___________________ phase of marketing planning.
A) planning
B) marketing mix
C) control
D) implementation
E) strategic
D) implementation
Kathy has been assigned the task of assembling information to monitor whether the plans that were implemented are achieving what they are supposed to. She will look at both performance and financial measures. She will use a series of _____________, which
B) metrics
Brian heard his unit described as a cash cow. At first, he wasn't sure he liked that, but felt better about it when he learned it meant
A) his unit was the business version of a sacred cow, and the rest of the firm has an obligation to honor what he and h
B) his unit has excess resources that can be spun off to other business units that need it.
Which of the following is one of the four major growth strategies marketers typically pursue?
A) Dynamic market segmentation
B) Merger and acquisition
C) Customer evaluation and retention
D) Market development
E) Vertical integration
D) Market development
A good marketer can identify potential opportunities by paying close attention to customer needs and continuously monitoring
A) buyers' cognitive dissonance.
B) the business environment in which the company operates.
C) just-in-time marketing promotions.
B) the business environment in which the company operates.
A firm's macroenvironment includes _____________ factors, which the marketer cannot _______________.
A) corporate; anticipate
B) customer-focused; effectively monitor
C) demographic; measure
D) external; control
E) competition; ignore
D) external; control
The _____________ is the center of all marketing efforts.
A) product
B) marketing mix
C) mission
D) consumer
E) firm
D) consumer
Which of the following is NOT a macroenvironmental factor?
A) the economic situation
B) changes in laws and regulations
C) demographics
D) culture
E) the firm's competitors
E) the firm's competitors
_________ is the shared meanings, beliefs, morals, values, and customs of a group of people.
A) Demographics
B) Culture
C) A generational cohort
D) Ethnicity
E) A social trend
B) Culture
Compared to other groups, members of the _______________ generational cohort are more likely to marry and buy homes later in life, are more cynical, are shopping savvy and are considered to be astute consumers.
A) Baby Boom
B) Generation X
C) Generation Y
) Generation X
Which of the following is NOT an important trend, as outlined in your text, that marketers must monitor in the macroenvironment?
A) green marketing
B) red/blue marketing in election years
C) emphasis on thrift
D) privacy concerns
E) health and wellness co
B) red/blue marketing in election years
Consumers' privacy concerns led to enactment of the
A) Robinson-Patman Act.
B) Federal Trade Commission's Do Not Call registry.
C) Fair Packaging and Labeling Act.
D) Child Protection Act.
E) Federal Food and Drug Act.
B) Federal Trade Commission's Do Not Call registry.
Marketers must consider the political and regulatory environment, which may have a profound impact on competition, promotion, product safety and the operation of the marketplace. Key players in this environment include all of the following EXCEPT
A) legis
E) stock exchanges.
Market research firms can provide information indicative of human population segments such as age, gender, race and income. This information can provide marketers with a "snapshot" of the typical consumer in a specific target market and are collectively r
C) demographics.
Marketers often use principles and theories from sociology and psychology to
A) decipher many consumer choices and develop basic strategies for dealing with their behavior.
B) replace the old economic and accounting foundations of the disciplines in the t
A) decipher many consumer choices and develop basic strategies for dealing with their behavior.
______ describes the steps that consumers go through before, during, and after making purchases.
A) Maslow's Hierarchy of Needs
B) The universal set
C) The consumer decision process model
D) The internal locus of control
E) Need recognition
C) The consumer decision process model
The consumer decision process begins when
A) consumers see ads on television.
B) marketers convince people to buy goods and services they don't need.
C) psychological needs become stronger than functional needs.
D) customers recognize that they have an un
D) customers recognize that they have an unsatisfied need.
Once a consumer recognizes he or she would like to go from a needy state to a different, desired state, the consumer decision process continues with
A) internal and external searches for information.
B) purchase of a product to satisfy that need.
C) an ev
A) internal and external searches for information.
Marketers would like to be in the consumer's _________ set for a purchase decision, but even more, they would like to be in the consumer's _________ set.
A) global; preferred
B) determinant; focused
C) retrieval; evoked
D) latent; active
E) cognitive; beh
C) retrieval; evoked
Peter could attend any of several universities. He has high grades and test scores and is a star athlete at his high school. He has been approached by recruiters from several schools, all of whom talk about opportunities in their athletic programs, the qu
C) noncompensatory decision
The final step of the consumer decision process is _______, which is of particular interest to marketers because it entails actual rather than potential customers.
A) information search evaluation
B) decision rule analysis
C) self-actualization
D) postpur
D) postpurchase behavior
Maslow's Hierarchy of Needs is a powerful tool for marketers to
A) explain different kinds of motives consumers have and use.
B) set differential pricing based on how much an individual needs a product or service.
C) rank needs in compensatory decision ma
A) explain different kinds of motives consumers have and use.
The term "perception" refers to
A) the top of Maslow's Hierarchy of Needs.
B) learning curve interpretation.
C) the process by which individuals select, organize, and interpret information.
D) decision heuristics.
E) the formation of attitudes.
C) the process by which individuals select, organize, and interpret information.
Consumer purchases may be affected by perceived or actual ______________, which refer to the way consumers spend their time and money.
A) compensatory decision rules
B) social factors
C) cultural values
D) situational factors
E) lifestyles
E) lifestyles
The Segmentation, Targeting and Positioning Process is not always linear, but the final stage is to
A) identify and develop a positioning strategy.
B) select a target market.
C) describe the segments.
D) establish the strategy or objectives.
E) evaluate t
A) identify and develop a positioning strategy.
Your text outlines a number of segmentation methods a firm may choose to utilize. Which of the following is NOT one of the choices?
A) behavioral segmentation
B) benefits segmentation
C) psychographic segmentation
D) sociological segmentation
E) geographi
D) sociological segmentation
Marketers like Benetton want their ads to appeal to one's ________, suggesting to consumers "I'm like them, so I should buy their products."
A) self-awareness
B) self-concept
C) loyalty
D) life cycle
E) physiological needs
B) self-concept
Best Years Travel targeted consumers living in New York City who were over 50 years of age. Best Years Travel was using ________ segmentation.
A) benefit
B) self-actualization
C) psychographic
D) loyalty
E) geodemographic
E) geodemographic
One reason Forever Green Lawn Service invests in retention by using ______ segmentation is because finding new customers is costly.
A) demographic
B) benefit
C) psychographic
D) loyalty
E) geographic
D) loyalty
Once a marketer has selected potential market segments for a product or service, he or she can evaluate each segment to determine if customers in the segment will react similarly and positively to the firm's offering. In doing so, the marketer is evaluati
B) responsive.
Which of the following would NOT be used in calculating the profitability of a segment?
A) fixed costs
B) segment size
C) segment adoption percentage
D) profit margin percentage
E) variable costs
E) variable costs
When selecting a target market, a marketer should
A) examine the competitors' annual reports to determine their objectives.
B) be sure to comply with all federal and state targeting regulations.
C) evaluate the attractiveness of each potential new custome
D) match the firm's competency with a market segment's attractiveness.
Firms using a(n) _______ targeting strategy, target several market segments with a different offering for each.
A) one-to-one
B) mass marketing
C) differentiated
D) undifferentiated
E) Micromarketing
C) differentiated
Once segmentation and targeting have been completed, the marketer turns to ________, often using a perceptual map to display graphically the customers' perceptions of the product and of its competitors' products.
A) validating
B) displaying
C) branding
D)
D) positioning
When marketers systematically collect, record, analyze, and interpret data in order to aid in decision making, they are engaged in
A) sentiment mining.
B) supply chain management.
C) data mining.
D) marketing research.
E) market segmentation.
D) marketing research.
______ uses a variety of statistical analysis tools to uncover previously unknown patterns in data or relationships among variables.
A) Data warehousing
B) Data mining
C) Data learning
D) Data channeling
E) Primary data research
B) Data mining
Which of the following is NOT included in the American Marketing Association's guidelines for marketing research?
A) prohibiting selling under the guise of conducting research
B) supporting research integrity
C) encouraging fair treatment of clients
D) av
E) supporting efforts to overcome consumers' concerns about privacy.
One of the most important issues marketers must address before beginning a marketing research project is whether or not
A) the research will advance knowledge in the field of marketing.
B) the researcher can get a grant to support the research.
C) senior
C) senior management is willing to abide by the results.
Scanner data, U.S. Census data, internal company data and Internet background research are all examples of ______ data.
A) qualitative
B) quantitative
C) syndicated
D) primary
E) secondary
E) secondary
The major advantage of ________ data is that it can be tailored to meet specific marketing research needs.
A) syndicated
B) primary
C) secondary
D) qualitative
E) scientific
B) primary
Jerry is designing an online survey questionnaire. When designing the questionnaire, Jerry should
A) use the kinds of questions that will lead respondents to confirm his preliminary insights.
B) use language respondents are familiar with.
C) "scramble" th
B) use language respondents are familiar with.
The disadvantages to secondary research are that it may not be precisely relevant to the information that is needed, the data sources may be biased and
A) it can be very costly.
B) it requires more sophisticated training to collect data.
C) it is time con
E) the methodologies for collecting data may not be appropriate.
Commercial research firms such as Symphony IRI Group, J.D. Power and Associates and ACNeilsen all provide data that marketers can purchase. This type of data is known as _____ data.
A) syndicated
B) primary
C) biometric
D) scanner
E) panel
A) syndicated
Joe, the owner of a local hardware store, is in the process of going through his customer's purchase histories to determine if they purchase certain types of products together on a regular basis, so he can then market those products more effectively. What
B) data mining
Firms can choose to market its current products to current customers or take the same product to another market with similar customers. Otherwise, to succeed they must
A) seek government subsidies.
B) innovate.
C) repackage old products.
D) create new adv
B) innovate.
The _____ a product exists in the marketplace; the more likely it is that the market will become _____.
A) longer; diluted
B) less time; competitive
C) less time; saturated
D) longer; obsolete
E) longer; saturated
E) longer; saturated
Consumers who feel the need to be the first to see a new movie, try a new restaurant, own a piece of new technology, or wear the latest fashion accessory are crucial to the success of any new product for they help the product gain market acceptance. These
D) innovators.
Relative advantage, compatibility, observability, and trialability affect
A) how quickly an innovative product will be accepted by a market.
B) the way a new product can be promoted.
C) whether distributors or brokers should be the focus of the distributi
A) how quickly an innovative product will be accepted by a market.
Which of the following is NOT one of the steps in the Product Development Process?
A) idea generation
B) concept testing
C) market testing
D) evaluation of results
E) new product promotion
E) new product promotion
When Diego and his team took apart the competitor's product, analyzed it, and tried to create an improved product that did not infringe on the competitor's patents, they were engaged in the process of
A) spinning.
B) reverse engineering.
C) product dissec
B) reverse engineering.
Alpha testing and beta testing are two processes that take place during which stage of the product development process?
A) idea generation
B) concept testing
C) product launch
D) product development
E) market testing
D) product development
When fast food restaurants come up with new offerings, they often market them in a dozen or so of their outlets. When they do this, they are engaged in
A) pretesting.
B) product launch.
C) test marketing.
D) product development.
E) evaluation of results.
C) test marketing.
In the Product Development Process, the step that requires tremendous financial resources and extensive coordination of all aspects of the marketing mix is
A) pretesting.
B) product launch.
C) test marketing.
D) product development.
E) evaluation of resul
B) product launch.
Which of the following is the correct order for the product life cycle?
A) Introduction, maturity, decline, growth.
B) Introduction, growth, maturity, decline.
C) Introduction, growth, decline, maturity.
D) Growth, introduction, maturity, decline.
E) Decl
B) Introduction, growth, maturity, decline.