Midterm

Question 1

The four types of utility are

Answer 1

Form, Time, Place, Ownership

Question 2

The exchange process is an activity in which two or more parties give something of value to each other to satisfy perceived needs. T/F

Answer 2

T

Question 3

On account of their unselfish goals of serving society, not-for-profit organizations are not required to have marketing objectives. T/F

Answer 3

F

Question 4

Many hotel chains offer free stays and other perks to repeat customers. This is an example of:

Answer 4

Relationship Marketing

Question 5

Production orientation is a business philosophy that stresses on the importance of quantity of products rather than the quality of products. T/F

Answer 5

F

Question 6

Fred Foods Inc. provides free cereals and biscuits to support a program that aims to end hunger in various emerging nations. This is an example of ___ marketing

Answer 6

Cause

Question 7

A seller’s market is one in which there are more goods and services than people willing to buy them. T/F

Answer 7

F

Question 8

As an official sponsor of the Olympics, The Coca-Cola Company engages in _____ marketing

Answer 8

Event

Question 9

Tim Howard, the goal keeper for the U.S. Men’s soccer team, has just signed a major marketing deal with your company. You plan to utilize him in a variety of marketing campaigns leading up to the 2018 Men’s Soccer World Cup in Russia. Which one of the following categories of nontraditional marketing will you emphasize in this situation

Answer 9

Person marketing

Question 10

Fame-us is a talent hunt agency focusing on the youth looking to enter Hollywood. As part of their marketing strategy, Fame-us generates time and place utility by:

Answer 10

Launching roadshows across cities and conduct talent hunts at campuses during Thanksgiving

Question 11

Marketing Myopia is management’s ability to recognize the scope of its business. T/F

Answer 11

F

Question 12

The ability to transfer title to goods or services from marketers to buyer is described as:

Answer 12

Ownership utility

Question 13

Marketing of a product begins after it hits the shelf. T/F

Answer 13

F

Question 14

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have values for customers, clients, partners, and society at large is called ____

Answer 14

Marketing

Question 15

The emergence of the marketing concept can be linked to the shift from a seller’s market to a buyer’s market. T/F

Answer 15

T

Question 16

The ______ is a companywide consumer orientation with the objective of achieving long-run success.

Answer 16

Marketing concept

Question 17

Branches of the U.S. military sometimes show recruitment advertisements in cinemas featuring movies that are most likely to attract viewers of military age. This is an example of place market. T/F

Answer 17

F

Question 18

Austin, TX is host to a popular festival, South by Southwest (SXSW) which recently celebrated its 30th anniversary. It has released dates for the new year and invites participants for the unique music, film, and interactive events or sessions from March 10th through 19th. Which category of nontraditional marketing would best characterize the marketing activities to attract attendees for the multi-day festival?

Answer 18

Event

Question 19

Sally Myers, head of marketing at Sally’s Salon, serviced six new customers over the past two
weeks. Through a feedback form, Sally learned that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of

Answer 19

Word of mouth marketing

Question 20

Ethics are:

Answer 20

the moral standards of behavior expected by society

Question 21

If a company such as J.B. Trucking wanted to avoid marketing myopia, it should define its business as:

Answer 21

A provider of transportation solutions

Question 22

Decisions involving transportation, warehousing, inventory control, and order processing relate to the ___ strategy component.

Answer 22

Distribution

Question 23

You are the head of marketing for a technology company in Boston, and you are meeting with your company’s CEO to discuss a new market opportunity that you believe offers significant profit potential for the firm. You are anxious to launch an initiative to establish the firm’s presence in this new market as quickly as possible. However, your CEO is a bit more cautious about the potential in this market and would prefer that you take a more conservative approach to entering the market. In fact, your CEO would rather see what others do in the market before launching the firm’s initiative.

Answer 23

A second mover strategy

Question 24

Tactical plans typically determine an organization’s primary strategic objectives and exclude short-term actions from their purview. T/F

Answer 24

F

Question 25

An example of a threat to a firm discovered by a SWOT analysis might be:

Answer 25

The entry of new competitors in the industry

Question 26

Strategic business units (SBUs) of a diversified firm have common managers, resources, objectives, and competitors. T/F

Answer 26

F

Question 27

Which of the following best describes the activity of promotion?

Answer 27

Communicating between buyers and sellers

Question 28

It can be said that the buying power enjoyed by customers has increased with Internet presence as the Internet provides detailed information that is not easily available elsewhere. T/F

Answer 28

T

Question 29

Middle and supervisory-level managers spend less time as compared to CEOs on planning activities. T/F

Answer 29

T

Question 30

A company's plans that focus largely on its current and near-future activities and are determined by its middle level management are referred to as ____ plans

Answer 30

Tactical

Question 31

A product strategy includes decisions about customer service, package design, brand names, trademarks, patents, and warranties. T/F

Answer 31

T

Question 32

A statement such as "to hit the 300 employee mark by the end of the year" is typically a part of a mission statement. T/F

Answer 32

F

Question 33

A bill passed by the government stipulates the mandatory use of revised engine mapping and particulate filters in the automobile industry. Which of the following factors of the marking environment as affected the automobile industry in this scenario?

Answer 33

Political-legal

Question 34

H&M stores have grown quickly and established a high share of the market by targeting women who like to wear the latest fashion trends and are price conscious. H&M determines their mix of product, pricing, promotion strategy, and retail store location based upon extensive research regarding consumer preferences and style trends. The identification of a target market and blending of marketing mix elements is known as the ________

Answer 34

Marketing strategy

Question 35

The Internet has impacted business for a new firms by increasing the barriers to market entry. T/F

Answer 35

F

Question 36

The BCG (Boston Consulting Group) matrix places strategic business units into which of the following four-quadrants

Answer 36

Stars, Cash Cows, Questions Marks and Dogs

Question 37

As the senior vice-president of marketing, Naomi will be closely involved in her firm's strategic planning. T/F

Answer 37

T