Exam 1 revamped Flashcards
Long-term relationships with profitable customers is the key objective of ____
A. e-marketing.
B. distribution channels.
C. personal selling.
D. customer relationship management.
E. production-oriented firms.
D. customer relationship management.
A marketing objective should be expressed in clear, simple terms; be _____________; specify a time frame for completion; and ensure the marketing objective is _____________ with both business-unit and corporate strategies.
A. encompassing; consistent
B. detailed; decentralized
C. legalistic; aligned
D. precise; centralized
E. measurable; consistent
E. measurable; consistent
Which of the following is a strategy of increasing sales of current products in new markets?
A. Diversification
B. Market development
C. Market share
D. Market penetration
E. Product development
B. Market development
Boeing is one of the world’s largest aerospace and defense companies, and it spent $17 million lobbying to pass legislation to protect its interest or to retaliate against its competitors. This best represents which of the following environmental forces?
A. Legal and regulatory
B. Political
C. Economic
D. Competitive
E. Technological
B. Political
The tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry could best be described as
A. price sensitive.
B. monopolistic competition.
C. an oligopoly.
D. opportunistic.
E. a monopoly.
C. an oligopoly.
Sara Lee introduced a new bread made with light whole wheat and packaged in smaller loaves as a response to the number of health-conscious customers who live alone. In this case, Sara Lee was most likely following the ________.
A. retailing concept
B. marketing concept
C. production concept
D. selling concept
E. customer concept
B. marketing concept
In today’s marketing environment, competitors can take on many forms. For example, a Starbucks latte can be seen as a competitor to an issue of The New York Times. In this circumstance, these two products are described as ____ competitors.
A. product
B. primary
C. total budget
D. pure
E. generic
C. total budget
San Francisco has banned toys in children’s fast-food meals because of the demand these toys might create among children for unhealthy fast food. What type of regulatory force is this?
A. Self-regulation
B. State regulation
C. Social regulation
D. City regulation
E. Federal regulation
C. Social regulation
American Office Supplies Wholesaler charges different prices to its various customers without any legal justification. This company is in violation of the
A. Robinson-Patman Act.
B. Wheeler-Lea Act.
C. Lanham Act.
D. Federal Trade Commission Act.
E. Sherman Antitrust Act.
A. Robinson-Patman Act.
Ace Manufacturing Company is not attracting sufficient customers. It has long defined itself as being a maker of shelving products. To improve its sales and long-term viability, it should perhaps consider redefining itself as
A. an employer of shelving makers.
B. helping the environment with shelving products.
C. helping potential customers satisfy their needs with Ace shelving products.
D. housing the homeless with shelving products.
E. selling shelving products.
C. helping potential customers satisfy their needs with Ace shelving products.
Organizations try to retain and increase long-term profitability through customer loyalty, which results from increasing
A. sales
B. production.
C. customer value.
D. market share.
E. market value.
C. customer value.
C.J. Foods, a pet food maker, purchased Lortscher Animal Nutrition, Inc. (LANI), a miller and ingredient supplier, and now operates this division as a separate profit center within the firm. In this example, LANI is a(n) ____ unit of C.J. Foods.
A. dependent
B. corporate
C. marketing
D. independent
E. strategic business
D. independent
The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called
A. first-mover disadvantage.
B. early-mover advantage.
C. first-mover advantage.
D. late-mover advantage.
E. strategic window
D. late-mover advantage.
When using credit to make purchases, consumers are
A. decreasing current buying power and increasing future buying power.
B. increasing current buying power at the expense of future buying power.
C. putting themselves at significant risk of financial disaster.
D. forgoing the accumulation of wealth to increase current income.
E. increasing their present discretionary income to extend purchasing power
B. increasing current buying power at the expense of future buying power.
A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.
A. market opportunity
B. competitive advantage
C. strategic window
D. competitive opportunity
E. market requirement
B. competitive advantage
Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike.
A. product
B. good
C. promotion
D. distribution
E. price
A. product
To be truly useful for sales analyses, marketers must compare current sales data with forecasted sales, industry sales, specific competitors’ sales, and
A. business-unit costs.
B. performance standards.
C. business-unit objectives.
D. the costs incurred from marketing efforts to achieve the sales volume.
E. market share.
E. market share.
During which stage of the business cycle is unemployment low and total income relatively high?
A. Depression
B. Recession
C. Prosperity
D. Repression
E. Recovery
C. Prosperity
Southwest Airlines’ planes are easily recognizable even when in the air due to their vibrant color scheme, striped tail, distinctive font, and striped heart. This use of color, font, and symbols to convey Southwest Airlines’ personality is an example of a(n)
A. Depression
B. Recession
C. Prosperity
D. Repression
E. Recovery
E. corporate identity.
The definition of marketing implies that ____ should receive benefits from exchange relationships.
A. only businesses
B. both customers and businesses
C. only the most important customers
D. only customers
E. company management
B. both customers and businesses
Alex has a good-paying job. However, even though he has not received any official confirmation, Alex suspects that his job might be cut in the near future. As a result, Alex has decided to forgo buying a house until he has a better idea of his job status. In this case, Alex lacks
A. credit.
B. a willingness to buy.
C. buying power.
D. discretionary income.
E. disposable income
C. buying power.
Dasani, SmartWater, Aquafina, Glaceau, Pure Life, and Fiji are examples of __________ competitors in the beverage industry.
A. product
B. total budget
C. generic
D. brand
E. category management
D. brand
T-Mobile implemented a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?
D. Market
The reputation and well-known brand name of Mercedes-Benz automobiles represents a ____ for Mercedes-Benz.
C. competitive advantage
Despite the fact that the FDA has mandated that they are safe, many people still distrust genetically-modified foods. Some are choosing to express their dissatisfaction by protesting and writing letters to their state governments. These activities are an example of ___________.
A. consumerism
According to the Boston Consulting Group, which of the following has a small share of a growing market and usually requires a large amount of cash to build market share?
D. Question marks
People for the Ethical Treatment of Animals (PETA) has demonstrated against the sale of coats made of animal furs. PETA’s efforts to change shoppers’ attitudes most directly represents a ____ force for fur retailers.
B. sociocultural
The Buddhas Brew Kombucha has become highly efficient in developing and manufacturing new kombucha products for the market. This is likely to give Buddhas Brew Kombucha a ______________ because it is able to match its skills with opportunities in the marketplace.
C. competitive advantage
A New York-based brand and customer loyalty and engagement research consulting firm called Brand Keys conducts research annually to identify the top 100 brands with the highest levels of customer loyalty. The top companies’ ability to generate high levels of customer loyalty demonstrates these firms are engaging in ________.
D. relationship marketing
Target’s tagline “Expect More, Pay Less” emphasizes which marketing mix variable?
A. Pricing
After several children became ill while playing with toys imported from outside the United States, which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of children’s toys?
B. Consumer Product Safety Commission
The four major competitive structures are
A. oligopolies, monopolies, monopolistic competition, and pure competition.
Coca-Cola has in recent years developed or acquired new non-cola products to appeal to changing consumer preferences for less sugar in their products. The most likely factor in this change is changes in
D. the sociocultural forces of the marketing environment.
A target market
E. is a specific group of customers on whom an organization focuses its marketing efforts.
Companies delivering mixed concrete know that it cannot be shipped farther than 25 miles because the concrete might harden in the truck. King County Concrete Company is the only supplier of mixed concrete to customers within a 30-mile radius. King County Concrete is an example of which one of the following competitive structures?
D. Monopoly
____ is a customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
E. Value
Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
A. strategic business unit.
The marketing concept focuses on
A. satisfying customers’ needs in a way that helps to achieve organizational objectives.
Herbal Organics used actor and former NFL player Sweet Dave Brown to act as its spokesperson as the “Herbal Organics Man.” What type of competitive growth strategy did Herbal Organics use?
D. Market penetration
The equation a buyer applies to assess a product’s value is
A. value = customer benefits−monetary price.
Why are marketers interested in consumers’ levels of disposable income?
A. It is what is left after taxes and savings to buy luxuries with.
What type of competitive structure exists when just a few sellers control a large portion of the supply of a product?
B. Oligopoly
A market is defined as
C. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
Which of the following includes a detailed assessment of the competitive, economic, political, legal, regulatory, technological, and sociocultural factors that could affect marketing activities?
D. Environmental analysis
A company’s customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its
C. stakeholders.
