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BUS 105 1ST EXAM
Marketing Principles Exam #1
| Question | Answer |
|---|---|
| The utility of a product or service is its: | want-satisfying power |
| availability of goods and services at convenient locations creates: | time, place, form, and ownership utility |
| creating _________ utility is the responsibility of the production function | form |
| the organizational function and set of processes that creates, communicates and delivers value to customers and manages customer relationships in ways that benefit the organization and its stakeholders is: | marketing |
| a market in which there are more buyers for fewer goods and services is known as a: | seller's market |
| a buyer's market is characterized by: | market in which the goods and services outnumber the buyers |
| the failure of the management of a firm to recognize the scope of its business is referred to as: | marketing myopia |
| interactive marketing refers to: | buyer-seller communications inw hich the customer controls the amount and type of information received form a marketer through such channels as the internet and virtual reality kiosks |
| mobile marketing | marketing messages transmitted via wireless technology |
| ethics | moral standards of behavior expected by a society |
| the process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as: | planning |
| relationship marketing refers to a firm's effort to develop long-term, cost-effective links with individual customers and suppliers: TRUE OR FALSE | true |
| long-term plans focusing on those organizational objectives that will significantly affect a firm for five or more years are usually referred to as ________ plans | broad-stragetic |
| a company's plans that focus largely on current and near-future activities are referred to as _____ plans | tactical |
| the planning process begins with: | defining the mission: essential purpose that differentiates one company from others |
| which of the following is the last step in the marketing planning process | implement & monitor |
| the __________ is the organizational program for selecting a target market and satisfying customers in that market through the marketing mix | marketing strategy |
| Porter's five forces model | potential new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry among competitors |
| SWOT | strengths, weaknesses, opportunities, threats |
| southwest airlines has one of the lowest levels of operating expenses in the airline industry. this is classified as _______ | strength |
| matching an internal strength with an external opportunity products a situation known as: | leverage |
| an example of a firm's weakness discovered by a SWOT analysis might be: | lack of marketing, lack of communication between management |
| the group of people to whom a firm directs its marketing efforts and ultimately its merchandise is known as its _____ market | target |
| Marketing Mix variables | price, product, placement, promotion |
| decisions involving transportation, warehousing, inventory control, and order processing relate to _______ strategy | distribution |
| newsletters, catalogs, and invitations to company-sponsored events are most closely associated with the marketing mix activity of: | promotion |
| many companies use an approach called ______ to coordinate all promotional activities so that the consumer receives a unified and consistent message | integrated marketing communications (IMC) |
| the rule of three states that the three leading firms in an industry will have ______ percent of the market | 70-90 |
| monitoring local newspapers and television news shows for general information relating to a firm's business would be an example of: | environmental scanning |
| achieving organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social-cultural environment is referred to as: | environmental management |
| which of the following has ended total monopoly protection for most utilities like natural gas, electricity, water, and cable TV service? | deregulation movement |
| an industry with only a few large competing firms is called a: | oligopoly |
| which act prohibits restraint of trade an monopolization and identifies competitive marketing system as a national policy goal? | Sherman antitrust act |
| federal trade commission act is a: | law that prohibits unfair methods of competition; establishes the federal trade commission, an administrative agency that investigates business practices and enforces the FTC act |
| which act prohibits price discrimination in sales to wholesalers, retailers, or other producers? | robinson-patman act |
| ________ describes the wide range of transactions taking place via internet applications | e-business |
| comparing B2B e-business with B2C e-business, we find that: | 92% of e-business activity consists of B2B transactions |
| secure networks used for e-marketing and accessible through a firm's website by external customers, suppliers, or other authorized users for purposes of collaboration are called: | extranets |
| a _______ is a software program that allows online shoppers to compare the price of a particular product offered by several online retailers | bot (shopbot) |
| the process of encoding data for security purposes is called: | encryption |
| _________ refer to software used by online companies to automatically collect data from internet browsers in order to track their customers' shopping and viewing habits | cookies and spyware |
| to prevent intrusions, companies install combinations of hardware and software called __________ to keep unauthorized net users from tapping into private corporate data | firewalls |
| the term __________ is used to describe a high-tech scam that uses authentic-looking e-mail or pop-up messages | phishing |
| a _______ is an online journal for an individual or organization | blog |
| __________ are strip message placed in high-visibility areas of frequently visited websites | banner ad |
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cierra.dixon
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