Exam 1 - K "’1 2 E Kama 1. The firm looks for...

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Unformatted text preview: K "’1 2 E Kama 1. The firm looks for its “competitive advantage” in the marketplace. When will this advantage most likely occur? a. 'when the firm segments the market when an environmental opportunity’s success requirements match the firm's competences c. when the right goal is chosen for the stockholders d. when the firm does not segment the market e. the firm cannot recognize its differential advantage because of environmental constraints 2. it appears that there are certain trends occurring in organizations. Which of the , following is not one of these trends? fa? increase in employee accountability r Jo? interdependability Lei" longvterm customer focus — 5de? demise of entitlement v [/57 actually all are trends 3. When an employee receives something just because they are employed by the firm, this is called: ‘ a empowerment b enablement c. ownership A d. actually, nothing is deserved "just" by employment entitlement i, -- 4. The marketing concept: a. is service oriented, not profit oriented. fl ' .s is. is intended to increase profits quickly by satisfying customers. 0. suggests that advertising is the key element in marketing success because it is customer—oriented. @ says that whatever completely satisfied customers is what the marketer should do. a suggests that marketing plans and actions be evaluated in terms of their effect on long-term profits. PM? Six women were invited to participate in a discussion on motels, hotels, and resorts. A discussion leader first asked them what differentiated motels, hotels, and resort accommodations. Then she asked them to identify all the amenities they expect to find in overnight accommodations where they may stay. These six women and their group leader participated in a a]. mall intercept 2b". chat room [437/ one-way communication channel Md. virtual community ' (3.! focus group Which of the following elements of the marketing mix strategy has the greatest potential for unethical use? .. a. promotion b. product distribution d. form utility e. production Which survey method has the lowest cost and provides the highest degree of standardization in terms of format? Telephone '6“) Mail 9% Mail interview Personal xe/ Door—to—door An individual unit of the overall parent organization, such as a company, division, department, or product line that has its own mission, objectives, resources, =anagers, etc. (a3 a marketing department b. a strategic business unit /e./ a tactical planning unit a strategic planning department e. a tactical business unit _ Companies that have a r orientation tend to be more successful at making one—time sales than they are at building repeat business. consumer marketing 2t? . (S? selling A. ' production x65 New Era 10. Codes of ethics: a. are legal requirements for all companies doing business in the United is, States are written standards of behaviors to which everyone in the organization must adhere often perform the same function as an organizational mission statement C. d. are generalities that can be interpreted in various ways e. are standardized across all U.S.—based companies 11. impartiality, validity, and reliability are aspects that should be checked when a researcher is using a. existing data sources,gi.e.., open publications» b. company files all of the above @ government publications v d. e. both a and b only 12. The first part of marketing strategy is defining the target market. What is the second part? far" determine the people you wish to serve ‘ b. the four p's of marketing creation of the appropriate marketing mix segment the market e. all of the above 7/13. One of the functions of salespeople is to provide feedback to management regarding the environment. The Gerald Albaum Study reveals that salespeople are: Very good performing this function ’/b. _ Not aware of this function /o./, Motivated to perform this function Jadf/ More interested in providing persuasive communication fie/:3 Not very good at performing this function 14. The environment of an organization contains many forces and variables that affect what marketing managers can do. Managers are more or less free to manipulate the elements of their marketing mixes. Thus, elements of the environment are variables while the elements of the marketing mix are variables. controllable...uncontrollable internal....controllable uncontrollable....controllable external...uncontrollable external....internal )69: .m pkg. 15. Which of the following is true? Selling and marketing are the same thing. )3 Selling and marketing are almost the same thing. 169:?” Marketing is the basic part of selling. 5d..." Selling and marketing are not the same thing. Selling is a much broader concept than marketing. 16. Marketing research is distinguished from other information the manager might have because it: fa: comes to the manager via the MlS. is a specific, systematic effort to gather new information. "’“CMsaguantitative" 7' . ' g/‘Liecimeiapadpythwanag’é‘rmgimuificm fer” essentially tells the manager what to do. 17. One of the major problems in conducting experiments in marketing is a. that people are hard to survey (t3) controlling the influence Sfenvironmental variables designing the experiment idrj no one knows how to do it none of the above i8. , One important part of the definition of marketing, is to meet the needs of diverse stakeholders ‘ jar.” help keep people employed carMeacfipedptervvaysiersp'éndrtfi‘eiLmeney~. dmchangecpneeseveTy—monthabased—opggothemise’onfaii—ef’thestodbrnarket demand of a product is not something that is re.” understand why consumer’s important 19. The need for marketers to consider the collective needs of society as well as those of their customers is referred to as: a. governmental regulations to. social medicine c. the "Great Society" @ the societal marketing concept e. marketing myopia 20. The process of planning, executing and controlling marketing activities to attain marketing goals and objectives effectively and efficiently is called a. marketing tactical planning b. marketing strategy development {5) marketing management marketing research none of the above [.11 21. refers to claims of superiority that neither sponsors nor critics of the ads can prove as true or untrue. Status quo advertising Putiery c. Dynamic advertising d. Fair and equitable advertising a. Metaphoric promotions 22. When one is asked to change, they typically ask two questions. Which of the following is one of those questions? a. Will the change be financially costly? to. Will others be changing? 0. Can i delay the change? d. Who else is involved? {a} What are my chances of success? 23. According to the Consumer Bill of Rights, consumers have the right to all of the following EXCEPT: W equal treatment Wm de Moose/freely 24. Science and technology are advancing at a rapid rate. One reason for this rapid advancement is the number of individuals working in the science areas. ln tact, it has been estimated that of all scientists that have ever lived since recorded time are alive today. a. 65% b. 70% c. 80% d. 85% ® 90% 25. The Dow Chemical Company’s historical dealings with latex (an example given in class) illustrates: that the marketing environment is fairly constant a. is: that marketing operates in a vacuum 0. that many marketers use deceptive business practices 7 that environmental changes may be viewed as opportunities rather than 7t» disasters that latex will always be a profitable product 26. Which of the following is _n_o_t one of the three components of the Marketing COncept? Isa/j" long~term profit orientation being consumer—oriented in all matters ' always watching out for the ecological system (d7 integrating marketing with other corporate functions e. all of the above 27. Which of the following statements regarding the blending of the marketing mix is false? 51/ Companies offering similar or even identical products can have vastly V_ different marketing mixes. " b} The marketing mix should not change much once the planning and testing of the plan has been completed. Even though marketers spend thousands of hours researching and 'Z studying, there are no pat solutions in marketing. Jet/ Differences between marketing mixes will vary greatly depending on the _ product being offered. e/f" An ever—changing environment ensures that the marketing mix must be a dynamic process, not static. 28. Goals are important to the firm because they form a reference b. the firm can be concentrated toward a goal they aiddecision making d? all of the above V none of the above 29. A company's marketing mix ordinarily does not include its: {3 production b. pricing 0. product d. promotion e distribution 9) A.) 30. The attitudes or philosophy prevalent during the "Production Era" was that consumers would buy a decent product with little or no sales and marketing effort on the part of the suppliers. (“You can have any color you want as long as it's black") it was possible to succeed with this attitude because: a; The general population was more educated than today. /b. There were fewer people in the country at that time. c»? The population was more rural than today. ‘ Producers generally faced what economists call a "seller's market,” i.e., demand exceeded supply. a. Henry Ford and his fellow business magnates had much influence in Washington. 31. What is the difference between the 4 P‘s and the marketing mix? 3? The mix is the combination of the 4 P's. . There is no difference. They are the same thing, (6/ There are only 3 variables in the mix. d The mix includes production while the 4 P's does not. e The mix does not include distribution. 32. Marketing managers need information to make decisions. Which of the following areas do they need information about? a. Customers b. Marketing activities c; The environment @ All of the above e. Actually none of the above since the firm cannot control any of them 33. Marketing managers need information today more than ever before. Why? because of international markets “ff”,- because of buyer needs 0. because of price competition d. all of the above e none of the above in 34. The above diagram depicts which of the following situations? : Marketing is not an equal function with other company functions. f8] The customer is thwmg factor, while marketing is an integrative funcfion. c. The customer is the controlling factor, while marketing is better than the ,,.r—.—‘ __/o—/ other firm’s,__tu notions. 1* Marketing is more important than other functions. ' e. none of the above 'i ‘~\/ 35. Which of the following can be marketed? a. an idea for a new television show based on the Robert Ludlum suspense senes b. the Methodist Church 0. a political candidate running for the U.S. Senate d. the State of North Dakota .5 {all all of the above (\ 36. Relationship marketing emphasizes that / a sale is the end of the process a sales is the beginning of the. relationship, not the end dissatisfied customers can be replaced easily relationships cannot exist in a capitalistic society if customers need related products, they can start another relationship at another company 10 37. A disadvantage of the observation method is that it: g/a'i' costs too much. needs expert researchers to use the method. tic) does not determine why consumers behave in a certain manner. cannot determine which brand consumers purchased. e. none of the above 38. lnformation about company sales, shipment of goods, and inventory on hand would come from systems of the wortd wide information system. ,a’./ marketing intelligence I - _ b marketing research Kc". decision—making ‘f’d/l. , internal data base“ jet" the manufacturing 39. When a company tries to increase sales by selling more to current markets for an existing product it is attempting fi/ product development (E) market penetration :ci' '1 market development "/d? market diversification e. creative marketing 40. The exam questions on this course’s exam came from: a. Lists given in class b. Examples given in class c. Sections and topics in the text that are emphasized by the instructor (d. Actually are all sources e. None of the above 41. The “Benny Labarr” story given in class illustrates: fit?” the importance of time management bf how hard it is to be successful ii how little effort it takes to be “great” " ./" the role of market segmentation in job hunting (87" all of the above -~~W~ 42. The most important activity that takes place each day within the firm is: profit is generated management's goals are met correct accounting procedures are followed each employee is satisfied the transaction between the firm and its customers “uni .0- .D .U a 43. When supply exceeds demand, such as during the Great Depression (1929- 1933): at" this encourages companies to adopt the marketing concept. this forces companies to stress product efficiency. as many firms embrace a sales—oriented philosophy. it means that fewer products were available for sale. e. this encourages firms to develop market research capabilities. 44. The main point of the “not letting your child date until he/she is 16 years old” was a. goals are easy to set b. employees should help set goals c. the key to goal setting is simplicity d. there is no problem in obtaining one’s objectives @ a key to reaching a goal is commitment 45. it is estimated that marketing and marketing related jobs constitute what percent of the total jobs available? 25%—30% 55’. 30%~40% c. 50% d. 55%-60% e. 1 00/0 46. You have arranged for your company’s production personnel to meet with your customer's production personnel. This is an example of creating: /a./' a structural bond b. a co—dependent bond a financial tie / a social bond f/e'f/ all of the above i 47. The “doing the laundry” example given in class illustrated what about the environmental variables of marketing? there are more environmental variables no one knows what the variables are the most important environmental variable is technology a b c , ; environmental variables are the same as internal variables .3} the environmental variables are noncontrollable by the firm 48. 49. 50. 5‘1. 52. 53 12 Which of the following utilities does marketing ggt create? Kai/j being informed about the usefulness of the product LTC,’»MJ‘ (/1er the convenience of buying a product locally rather than from the place of production i~' forming a product from raw materials di/ being able to buy antifreeze when it is really needed m4 e. marketing actually creates all of the above The “MAPP” gas example given in class illustrates the shortcomings of which prientation? \aji production orientation b. societal orientation c. selling orientation d. marketing orientation e. all of the above Which of the following is a reason for firms to grow? /a./ survival 4b?" owner’s mandate i c./ prestige x d__ power {a} actually all are reasons to grow A very good way to forecast sales of a totally new product is: A? classical time series by. statistical demand analysis " sales force opinion? market test Xe“? wild guess The Nicoiet (asbestos) example given in class illustrated what? a. The complexity of the sales force composite forecasting method. b. The validity of trend analysis. @ Sometimes it is to the buyer’s advantage not to reveal how much product ‘ they use. d. The value of the market text. e. None of the above Which of the following is the _b_e§_t statement regarding sales forecasting? it is better to overforecast than underforecast. it is better to underforecast than overforecast. Since forecasting is not an exact science, a close estimate is okay. Very few firms actually forecast sales. A forecast is very important for planning and therefore needs to be ._,a fb/ C ' . z 5; (at «J accurate. ...
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Exam 1 - K "’1 2 E Kama 1. The firm looks for...

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