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Marketing Exam #1
| Question | Answer |
|---|---|
| (SG1) The American marketing association’s definition of marketing: | includes creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large |
| (SG2) 3RG is a line of wooden scripture art. The art sells for $25.00 a piece. The products are only available online. People learn about the product through word-of-mouth, social media, and demonstrations. This is a description of the company's | marketing mix |
| (SG3) Which of the following is one of the major external environmental factors that impacts marketing? | Demographic trends |
| (SG4) All of the following are necessary for exchange to occur EXCEPT | each party understands the needs and/or wants of the others |
| (SG5) Researchers at PPG spent time and money developing a windshield. Little research was done, but scientists were convinced this product would be better than existing windshields even though it was more expensive. It most likely has a ____ orientation | Production |
| (SG6) SB creates handmade wooden toys for retailers in the Midwest. Management believes its customers will stock more toys if salespeople use aggressive marketing techniques. In other words, the company has a _____ orientation | Sales |
| (SG7) In the video segment “Method – Live Clean” this company would best be described as having a | Social marketing orientation |
| (SG8) Kraft Foods created a magazine full of recipes and coupons for customers as well as a Web site with product and recipe information. The goal was to get current customers to purchase more of Kraft’s products. These activities show a _____ strategy | product penetration |
| (SG9) When McDonald’s introduced yogurt parfaits, entrée salads, and fruit to offer their current customers more healthy options, the company was engaging in a _____ strategy | product development |
| (SG10) LVMH, a maker of luxury goods, has expanded its existing product offerings into China, Russia, India, and the Middle East. This exemplifies a _____ strategy | market development |
| (SG11) Before Heinz sold its 9-Lives brand cat food unit, the company identified the product as having a low market share in a high-growth market. The portfolio matrix would classify 9-Lives as a(n): | Question mark / Problem child |
| (SG12) In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units the horizontal axis reflects the: | relative market share |
| (SG13) The industry has large competitors, soaring product prices, and demands from retailers for low prices. P&G has remained competitive via new products. SWOT analysis indicates that the prices are a __ while the development of their products is: | threat; strength |
| (SG14) Situation analysis requires a firm to consider both internal and external factors. Which of these is an example of an external factor? | A local governance requires that all businesses within the city limits must reduce their waste by 5% |
| (SG15) Which of the following is the best example of a well stated marketing objective? | to increase sales of Diet Coke by 20 percent during the next six months |
| (SG16) Which of the following is NOT a type of competitive advantage? | Management structure |
| (SG17) Joan is a calculating, self-centered salesperson. She looks on any sales situation as a “win–lose” situation, and she believes any method she can use is justified when she wins. Joan is most likely at the _____ stage of ethical development | none of the above |
| (SG18) Corporate social responsibility is defined as the: | business’s concern for society’s welfare |
| (SG19) Which level of the pyramid of corporate social responsibility is the foundation on which all other responsibilities rest? | Economic |
| (SG20) According to the lecture, which of the following events has had the greatest effect on marketing? | The increasing number of working women |
| (SG21) Which of the following statements about Generation X is true? | Members of Generation X are the first generation of latchkey kids |
| (SG22) A marketing researcher is conducting a focus group interview with working mothers to learn how Kraft can better meet their needs for convenience foods. What type of research does this represent? | Applied |
| (SG23) The CAN-SPAM Act: | prohibits commercial emailers from using false addresses and presenting false or misleading information |
| (SG24) Baby boomers can be defined as: | the generation of children born between 1946 and 1964 |
| (SG25) Generally, the U.S. population is becoming | larger, older, and more diverse |
| (SG26) _____ is defined as the relationship between the benefits a customer receives from a product and the sacrifice necessary to obtain those benefits | value |
| (SG27) _____ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the marketing environment | strategic planning |
| (SG28) A subgroup of a single business or a collection of related businesses within the larger organization is called a ______ | strategic business unit (SBU) |
| (SG29) A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____ | marketing plan |
| (SG30) The organization’s ______ is a statement that defines the core purpose of the organization and answers the question, “what business are we in?” | mission |
| (SG31) The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a _______. | competitive advantage |
| (SG32) ______ is the study of a population’s vital statistics such as age, race and ethnicity | demography |
| (SG33) ______ is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas | purchasing power |
| (SG34) _______ is a period of economic activity characterized by negative growth | recession |
| (SG35) The _______ is a federal regulatory agency that seeks out and challenges anti-competitive conduct in the marketplace, including monopolization and agreements between competitors | Federal Trade Commission |
| (SG36) ___ is charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drugs. | Food & Drug Administration (FDA) |
| (SG37) ___ is empowered to prevent persons or corporations from using unfair methods of competition in commerce | Federal Trade Commission (FTC) |
| (SG38) ___ has the power to set mandatory safety standards for almost all products consumers use | Consumer Product Safety Commission |
| (!) Identify the major elements common in all marketing plans. | Mission statement, Situation analysis, Marketing objectives, Marketing strategy, Implementation, evaluation, control |
| What are the five conditions of exchange? | 1. Must be at least two parties 2. Each party has something of value to the other 3. Each party is capable of communication/delivery 4. Each party can accept/reject the exchange offer 5. Each party believes it is appropriate/to deal with the other |
| exchange | a situation where one gives up something in order to receive something else they would rather have |
| Name the four different marketing management philosophies. | 1. Production orientation 2. Sales orientation 3. Market orientation 4. Societal marketing orientation |
| Good marketing begins with the _________ first. | customer |
| What is the AMA's definition of marketing? | The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large |
| What are the four "P's" of marketing? | Product, promotion, place, pricing |
| The marketing philosophy which focuses on the firm's internal capabilities, rather than the desires/needs of the marketplace, is called: | production orientation |
| The marketing philosophy based on the belief that people will buy more products if aggressive sales techniques are used is known as: | sales orientation |
| The marketing philosophy which focuses on satisfying customer needs while meeting organizational objectives is called: | marketing orientation |
| The marketing philosophy which exists to satisfy customer wants while preserving society's long-term best interest is called: | societal marketing orientation |
| Telemarketing firms and car dealerships are examples of companies with a: | sales orientation |
| Fast-food chains like McDonalds or Burger King are examples of companies with a: | production orientation |
| Environmentally-aware companies like Tesla and Ecosia are examples of companies with a: | societal marketing orientation |
| Companies with quality customer service, such as Amazon or Chick-Fil-A, are examples of companies with a: | marketing orientation |
| The question, "What can we make/do best?" determines a: | production orientation |
| The question, "How can we sell more aggressively?" determines a: | sales orientation |
| The question, "What do customers want and need?" determines a: | marketing orientation |
| The question, "What do customers want/need, and how can we benefit society?" determines a: | societal marketing orientation |
| strategic planning | process of creating and maintaining a fit between the organization's objectives/resources and its evolving marketing environment |
| strategic business unit | subgroup of a single business or a collection of related businesses within the larger organization |
| The tool known as Ansoff's Strategic Opportunity Matrix utilizes four concepts for SBU marketing strategies. What are they? | 1. Market penetration 2. Market development 3. Product development 4. Diversification |
| _________ focuses on increasing the market share with its current product and market | market penetration |
| Employing discounts, loyalty programs, etc. are examples of practicing: | market penetration |
| _________ focuses on attracting new customers to existing products. | market development |
| _________ focuses on new products for the same customers. | product development |
| _________ focuses on delivering the same services to new markets. | diversification |
| The _________ model uses market growth rate and relative market share to identify what combination of SBUs will generate the best revenue. | Boston Consulting Group |
| market growth rate | the annual sales growth of the industry one's SBU is competing in |
| relative market share | the ratio between the company’s share and the share of the largest competitor |
| If a SBU is in a trending market while also taking over a large portion of said market, BCGM labels it as a ____. | star |
| If a SBU has a large market share but low growth in the market, BCGM labels it as a ____. | cash cow |
| If a SBU is in a high-growth industry, but has a low share in the industry, BCGM labels it as a _____. | question mark (or problem child) |
| If a SBU has a low market share in a low-growth industry, BCGM labels is a s a ___. | dog |
| What are the four strategies for allocating resources for SBUs? | Build, hold, harvest, divest |
| If a question-mark SBU has the potential to become a star, _____ would be appropriate | building |
| For a successful cash cow, _______ the market share would be optimal. | holding |
| ______ is appropriate for every SBU except for stars; increasing short-term cash return without much concern for the long-run impact. | harvesting |
| Question marks and dogs are suitable for this strategy; getting rid of SBUs with low shares of low-growth markets. | divestment |
| marketing plan | written document that acts as a guidebook of marketing activities for the marketing manager |
| What are the components of the marketing plan, in order? | 1. Mission statement 2. SWOT analysis 3. Marketing objectives 4. Marketing strategy 5. Implementation, evaluation, control |
| situation/SWOT analysis | complete analysis of the firm’s situation which assesses internal strengths and weaknesses and external threats and opportunities |
| What does the "SWOT" acronym stand for? | Strengths, weaknesses, opportunities, threats |
| There are five "SMART" criteria for good marketing objectives. What are they? | Specific, measurable, attainable, relevant, time bound |
| target market | group of people/organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group |
| marketing mix | unique blend of product, place, promotion, and pricing strategies designed to appeal to the target market and produce mutually satisfying exchanges with them |
| The marketing plan follow-up involves three things. What are they? | Implementation, evaluation, control |
| implementation | putting the marketing plan into action |
| evaluation | comparing actual results with the objectives identified in the marketing plan |
| environmental scanning | collecting and interpreting information about forces, events, and trends in the external environment that may affect the future of the organization or the implementation of the marketing plan |
| social factors | relate to changes in a society’s values, attitudes and lifestyle |
| demography | study of people’s vital statistics, such as their age, race, ethnicity and location |
| Generation from 1946-1964 | Baby Boomers |
| Generation from 1965-1980 | Gen X |
| Generation from 1981-1996 | Gen Y (or Millennials) |
| Generation from 1997-2012 | Gen Z |
| Measured by comparing income to the cost of living in a geographic area | purchasing power |
| cost of living | cost of a set standard of goods and services such as housing, food, transportation, utilities and health care |
| inflation | When prices increase and cause a fall in the value of money |
| recession | Period of economic activity characterized by negative growth; Occurs when the GDP declines for two or more consecutive quarters |
| GDP (gross domestic product) | total market value of all final goods and services produced during a period of time |
| technology | inventions or innovations from applied science or basic research |
| What are the two types of research? | basic research, applied research |
| basic research | pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
| applied research | research attempting to develop new or improved products |
| competition | alternative firms that could provide a product to satisfy a specific product’s needs |
| What kind of competition offers a product in the same category as the business'? | direct |
| What kind of competition offers a product that satisfies the same need, but is in a different category? | indirect |
| ethics | the moral principles or values that generally govern the conduct of an individual or a group |
| law | the values and standards enforceable by the courts |
| Name the three levels of ethical development | postconventional, conventional, preconventional |
| postconventional development | making decisions by one's own moral code |
| conventional development | conforming to the expectations of society, legality, and others' opinions |
| preconventional | acting in one's own best interest, only being governed by what is punished or rewarded |
| What are the four foundations of Corporate Social Responsibility? | philanthropic, ethical, legal, economic |
Created by:
sviator1
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