Quiz 1 (ch1-3)

Question 1

Which of the following statements is true?

Answer 1

Marketing encourages research and innovation.

Question 2

_______ is defined as the performance of activities that seek to accomplish an organization’s objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer.

Answer 2

Marketing

Question 3

Which of the following statements best describes the modern view of marketing?

Answer 3

Marketing anticipates customer needs.

Question 4

Which of the following is NOT a reason for you to study marketing?

Answer 4

Marketing involves actually making the goods that people need.

Question 5

The development and spread of new ideas, goods, and services for the marketplace is called:

Answer 5

innovation.

Question 6

From a micro view, marketing

Answer 6

is a set of activities performed by an individual organization to satisfy its customers.

Question 7

Marketing could NOT take place without:

Answer 7

two or more parties who are willing to exchange something for something else.

Question 8

Marketing is NOT needed in a ______________ economy.

Answer 8

pure subsistence

Question 9

Exchange between producers and consumers is more difficult in an advanced economy because of:

Answer 9

separation in time.
separation in values.
spatial separation.
separation of information

Question 10

The universal functions of marketing include buying, selling, transporting, storing,

Answer 10

standardization and grading, financing, risk taking, and marketing information

Question 11

In a ____ the individual decisions of the many producers and consumers make the macro- level decisions for the whole economy.

Answer 11

market-directed economy

Question 12

The text discusses the evolution of business through five “eras.” Which of the following is not one of these eras?

Answer 12

Diversification era.

Question 13

An organization practicing ______ aims all its efforts at satisfying its customers—at a profit.

Answer 13

the marketing concept

Question 14

The three basic ideas in the “marketing concept” are:

Answer 14

customer satisfaction, total company effort, profit.

Question 15

Which of the following statements about customer value is true?

Answer 15

Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

Question 16

Concerning marketing ethics:

Answer 16

Individuals develop moral standards based on their own values.
Opinions about what is right or wrong vary from one society to another.
The prevailing practice of most business people is to be fair and honest.

Question 17

The marketing management process is the process of:

Answer 17

planning marketing activities.
implementing marketing plans.
controlling marketing plans.

Question 18

A marketing strategy

Answer 18

specifies a target market and a related marketing mix.

Question 19

The difference between target marketing and mass marketing is that target marketing

Answer 19

focuses on specific customers, while mass marketing aims at an entire market.

Question 20

The “four Ps” of a marketing mix are:

Answer 20

Product, Place, Promotion, and Price.

Question 21

“Product” is concerned with:

Answer 21

services and physical goods.
developing products which will satisfy some customers’ needs.
designing, packaging, and branding new products.

Question 22

The ______ area of the marketing mix is concerned with decisions about getting the “right” product to the target market when and where it’s wanted.

Answer 22

place.

Question 23

The _____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the “right” product.

Answer 23

promotion

Question 24

The Price area of the marketing mix:

Answer 24

Does not involve estimating consumer reaction to possible prices.

Question 25

The most important variable in a firm’s marketing mix is:

Answer 25

Product
Price
Promotion

Question 26

A “marketing plan”:

Answer 26

includes the time-related details for carrying out a marketing strategy.

Question 27

A “marketing program”:

Answer 27

blends all of a firm’s marketing plans into one big plan.

Question 28

_____ help(s) innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.

Answer 28

Breakthrough opportunities

Question 29

______ means that a firm has a marketing mix that the target market sees as better than a competitor’s mix.

Answer 29

Competitive advantage

Question 30

_______ means the marketing mix is distinct from and better than what is available from a competitor.

Answer 30

Differentiation

Question 31

A SWOT analysis includes:

Answer 31

strengths.
weaknesses.
opportunities.
threats.

Question 32

means trying to increase sales by selling present products in new markets.

Answer 32

Market development

Question 33

International opportunities should be considered by managers because:

Answer 33

the world is getting smaller.
serving international markets may improve economies of scale.
around the world, potential customers have needs and money to spend.

Question 34

Marketing managers should remember that there are many variables in the ____________ that affect strategy planning.

Answer 34

economic and technological environments political and legal environments cultural and social environment

Question 35

35. All of the following are part of the direct market environment except:

Answer 35

the technological environment.

Question 36

A mission statement

Answer 36

sets out the organization’s basic purpose for being.

Question 37

With regard to a firm’s resources (when searching for attractive opportunities):

Answer 37

lack of financial strength is often a barrier to entry.

Question 38

The __________ environment affects the number and types of competitors a marketing manager must face–and how they might.

Answer 38

competitive

Question 39

In monopolistic competition,

Answer 39

each competitor tries to get control in its “own” target market.

Question 40

___________ ___________ are the firms that are considered to be the organization’s closest challengers.

Answer 40

Competitive rivals

Question 41

The economic environment

Answer 41

can change very rapidly.

Question 42

Underlying any economic environment is technology which affects

Answer 42

how the economy’s resources are converted to output.

Question 43

“Nationalism” is an issue in the ______________ environment.

Answer 43

political

Question 44

A marketer considering a business opportunity in the U.S. health care market must first evaluate new rules and regulations originating from the ________environment.

Answer 44

legal

Question 45

The languages people speak, the type of education they have, and their religious beliefs are examples of the

Answer 45

cultural and social environment.

Question 46

A firm’s product-market screening criteria for evaluating existing plans and possible new opportunities should consider

Answer 46

the objectives of top management.
trends in the market environment
the firm’s resources.

Question 47

Between 2010 and 2025, population in the U.S. is projected to grow about _____percent.

Answer 47

15

Question 48

Most Americans live in ________ areas.

Answer 48

urban

Question 49

Gross domestic product (GDP) is

Answer 49

the total market value of all goods and services provided in a country’s economy in a year by both residents and nonresidents of that country.

Question 50

Which of the following is true?

Answer 50

Baby Boomers refer to the generation born from 1946 to 1964.

Question 51

Evaluating opportunities in international markets is uniquely challenging for managers because

Answer 51

international variables are confusing and unfamiliar to outsiders.