Marketing 3501 (Exam 1_Homework_Chapters 1-5)

Chapter 1: Marketing was once understood in the sense of making a sale.​ Today, marketing is understood in the new sense of​ __________.

A. Not engaging customers
B. Developing innovative products.
C. Satisfying customer needs
D. Telling customers what they need
E. Eliminating promotion

C. Satisfying customer needs
Chapter 1: What is the key to building lasting customer​ relationships?

A. Marketing on the web
B. Selling products at a discount
C. Offering everyday low prices
D. Creating superior customer value and satisfaction
E. Creating unique products that competitors do not offer

D. Creating superior customer value and satisfaction
Chapter 1: In marketing​ terms, what is a​ market?

A. The set of actual and potential buyers of a product or service
B. The products that are sold to customers
C. A​ company’s current customers
D. A retail establishment
E. All sellers of a product or service

A. The set of actual and potential buyers of a product or service
Chapter 1: The total combined lifetime value of a​ company’s current and potential customers is called​ __________.

A. Market share
B. Customer retention
C. Customer equity
D. Share of customer
E. Customer loyalty

C. Customer equity
Chapter 1: Which of the following uses a​ sense-and-respond philosophy to promote a​ customer-centered marketing​ orientation?

A. The selling concept
B. The marketing concept
C. The product concept
D. The production concept
E. The societal marketing concept

B. The marketing concept
Chapter 1: What are the 4 Ps of​ marketing?

A. ​Product, price,​ place, promotion
B. ​Product, price,​ people, packaging
C. ​Product, price,​ promotion, profit
D. ​Product, people,​ price, promotion
E. ​Product, promotion,​ price, packaging

A. ​Product, price,​ place, promotion
Chapter 1: You are thirsty and decide to have an iced tea. Your thirst is a​ ________ and your choice of iced tea is a​ ________.

A. Need; Want
B.​ Want; Demand
C. Demand; Want
D. Need; Demand
E. Want; Need

A. Need; Want
Chapter 1: Companies such​ asIBM, Walmart, and Google now look beyond economic gain​ and, in their marketing​ strategies, they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy?

A. The marketing concept
B. The production concept
C. The selling concept
D. The societal marketing concept
E. The product concept

D. The societal marketing concept
Chapter 1: __________ is the​ customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

A. Objective value
B. Satisfaction
C. Demand
D. ​Customer-perceived value
E. Exchange

D. ​Customer-perceived value
Chapter 1: Which marketing orientation states that consumers will favor products that offer the most in​ quality, performance, and innovative​ features?

A. The production concept
B. The product concept
C. The selling concept
D. The societal marketing concept
E. The marketing concept

B. The product concept
Chapter 2: What is the overall goal of marketing​ strategy?

A. To identify​ competitors, suppliers, and publics
B. To position and differentiate the product
C. To segment the market and target specific segments
D. To create customer value and build profitable relationships
E. To develop the marketing mix

D. To create customer value and build profitable relationships
Chapter 2: What are the two measurements used in the BCG matrix to classify strategic business​ units?

A. Relative market​ share; market growth rate
B. Market growth​ rate; return on investment​ (ROI)
C. Market growth​ rate; degree of competitiveness
D. Relative market​ share; number of products the company produces
E. Relative market​ share; return on investment​ (ROI)

A. Relative market​ share; market growth rate
Chapter 2: Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.

A. The 4 Ps
B. Packaging
C. The marketing mix
D. Market targeting
E. Positioning

D. Market targeting
Chapter 2: In portfolio​ analysis, a company must identify​ __________, which are key businesses that make up the company.

A. Potential future businesses
B. Marketing intermediaries
C. Competitors
D. Functional departments
E. Strategic business units

E. Strategic business units
Chapter 2: When a firm starts up or buys a business outside of its current product line and​ markets, it is pursuing which growth​ strategy?

A. Product development
B. Divesting
C. Market development
D. Market penetration
E. Diversification

E. Diversification
Chapter 2: Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)?

A. Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI.

B. Marketers are increasingly using​ customer-centered measures of ROI which include brand​ awareness, sales, and market share.

C. One reason ROI is used is because it is very easy to measure.

D. There is a consistent definition of ROI used by marketers.

E. One measure of ROI is sales generated by investments in marketing activities.

A. Marketers are increasingly using measures such as customer acquisition and​ retention, customer​ engagement, and customer equity as measures of ROI.
Chapter 2: Effective positioning is based on​ __________.

A. Choosing which segments to profitably serve with a market offering
B. Differentiation
C. Identifying groups of consumers with similar needs
D. Eye level​ in-store shelf space
E. Market share

B. Differentiation
Chapter 2: To grow​ sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this​ represent?

A. Diversification
B. Market penetration
C. Market development
D. Product development
E. Divesting

B. Market penetration
Chapter 2: The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________.

A. Opportunity; Threat
B. Opportunity; Strength
C. Threat; Strength
D. Opportunity; Opportunity
E. Strength; Opportunity

B. Opportunity; Strength
Chapter 2: According to the​ growth-share matrix,​ __________ are​ high-share, high-growth products. When the market growth slows these products become​ __________.

A. Question​ marks; Cash cows
B. Cash​ cows; Stars
C. Stars; Cash cows
D. Cash​ cows; Dogs
E. Question​ marks; Stars

C. Stars; Cash cows
Chapter 3: Which of the following correctly lists marketing​ intermediaries?

A. The company​ itself, competitors,​ suppliers, and customer markets
B. ​Suppliers, competitors,​ resellers, and publics
C. ​Resellers, physical distribution​ firms, customer​ markets, and competitors
D. ​Resellers, physical distribution​ firms, marketing services​ agencies, and financial intermediaries
E. ​Resellers, physical distribution​ firms, marketing services​ agencies, and customer markets

D. ​Resellers, physical distribution​ firms, marketing services​ agencies, and financial intermediaries
Chapter 3: Which of the following correctly lists actors in a​ company’s microenvironment?

A. ​Publics, demographics,​ suppliers, competitors
B. ​Suppliers, marketing​ intermediaries, competitors, culture
C. The​ economy, publics,​ competitors, suppliers
D. ​Competitors, marketing​ intermediaries, suppliers, publics
E. ​Suppliers, marketing​ intermediaries, technology, publics

D. ​Competitors, marketing​ intermediaries, suppliers, publics
Chapter 3: Demography studies statistics that include​ __________.

A. Age, gender, government​ regulation, and race
B. The​ economy, technology,​ family, and age structure of the population
C. Age, gender,​ race, and occupation
D. Population​ size, density, income​ distribution, and culture
E. Age, race, income​ distribution, and lifestyle

C. Age, gender,​ race, and occupation
Chapter 3: ​P&G launched their​ “Tide Loads of​ Hope” program, which provides mobile laundromats to families in​ disaster-stricken areas.​ P&G washes,​ dries, and folds clothes for these families free of charge. This is an example of​ __________.

A. Adhering to government regulation
B. Being socially irresponsible
C. Environmental sustainability
D. Cause-related marketing
E. Putting profits ahead of social responsibility

D. Cause-related marketing
Chapter 3: Which of the following is true regarding the technological​ environment?

A. The pace of technological change is slowing down.

B. Companies must keep up with changes in technology or risk being left behind.

C. Changes in technology are always beneficial to consumers and society.

D. As products and technology become more​ complex, safety becomes less of a concern.

E. Government regulation has no impact on applying new technologies to products.

B. Companies must keep up with changes in technology or risk being left behind.
Chapter 3: The​ __________ consists of larger societal forces that affect how a company engages and serves its customers.

A. Macro-environment
B. Competitive environment
C. Business environment
D. Micro-environment
E. Customer environment

A. Macro-environment
Chapter 3: One important reason that business legislation is enacted is to​ __________.

A. Provide legal guidelines for businesses and marketers without actually enforcing them
B. Protect consumers from unfair business practices
C. Ensure that competition is unregulated
D. Ensure that companies make profits
E. Remove legal regulations from a free market economy

B. Protect consumers from unfair business practices
Chapter 3: Which of the following statements regarding the current demographic environment is​ correct?

A. The ethnic diversity of the U.S. population should remain stable in the years to come.
B. The combined size of the Millennials and Gen Z has resulted in the U.S. population getting younger.
C. The LGBT community is not an attractive target for marketers.
D. There are few differences between different generational groups.
E. The U.S. population is rapidly getting older.

E. The U.S. population is rapidly getting older.
Chapter 3: Which of the following statements regarding generational marketing is​ correct?

A. Marketers need to form more precise​ age-specific segments within each generational group.
B. Marketers see Gen Z as one homogenous group.
C. Marketers see baby boomers as one homogenous group.
D. Each generation is typically at the same socioeconomic level.
E. The most effective way to segment by age is to use birth date as the basis.

A. Marketers need to form more precise​ age-specific segments within each generational group.
Chapter 3: The most important actors in the​ company’s microenvironment are​ __________.

A. Publics
B. The company itself
C. Customers
D. Competitors
E. Suppliers

C. Customers
Chapter 4: Which of the following statement regarding competitive marketing intelligence is​ correct?

A. Monitoring a​ competitor’s website is unethical.
B. The goal of competitive marketing intelligence is to improve strategic decision making.
C. Companies should not be concerned about​ competitor’s accessing publicly available information about them.
D. Marketing intelligence information is not available from the U.S. government.
E. Marketing intermediaries are not a good source of competitive marketing intelligence

B. The goal of competitive marketing intelligence is to improve strategic decision making.
Chapter 4: You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in​ a(n) __________.

A. Individual interview
B. Focus group interview
C. Experiment
D. Ethnographic study
E. Immersion group

B. Focus group interview
Chapter 4: Which of the following best describes a marketing information system​ (MIS)?

A. The company databases which store information
B. The marketing team that makes decisions based on customer insights
C. The​ hardware, software, and networks that are used in collecting and analyzing data
D. People and procedures that are used to manage information to generate and validate actionable customer and market insights
E. Data obtained from the Internet that is used to gain customer insights

D. People and procedures that are used to manage information to generate and validate actionable customer and market insights
Chapter 4: Competitive marketing intelligence uses​ __________ data sources.

A. Competitor’s internal
B. Private
C. Expensive
D. Internal
E. Publicly available

E. Publicly available
Chapter 4: To develop needed​ information, marketing information systems utilize​ __________.

A. Marketing​ managers, information​ users, and internal databases
B. Internal​ databases, big​ data, and market research
C. Internal​ databases, marketing​ intelligence, and marketing research
D. Internal​ databases, marketing​ research, and marketing managers
E. Marketing​ intelligence, marketing​ research, and the marketing environment

C. Internal​ databases, marketing​ intelligence, and marketing research
Chapter 4: Which of the following is an advantage to using internal databases for​ information?

A. Internal information sources are easy to manage.
B. They can be accessed quickly and cheaply.
C. The information stored in internal databases is always current.
D. Internal information is in a form that is useful for making marketing decisions.
E. Internal information is accurate and complete.

B. They can be accessed quickly and cheaply.
Chapter 4: Which of the following statements about online research is​ correct?

A. It is more expensive to conduct online research than using​ mail, phone, or personal interviews.
B. Online surveys generally have higher response rates than those conducted by mail or phone.
C. Experiments cannot be conducted online.
D. The Internet is especially well suited to qualitative research.
E. Online research is only feasible for large companies.

B. Online surveys generally have higher response rates than those conducted by mail or phone.
Chapter 4: After defining the problem and​ objectives, what is the next step in the marketing research​ process?

A. Report the findings.
B. Implement the plan.
C. Analyze the data
D. Collect the data
E. Develop the research plan.

E. Develop the research plan
Chapter 4: Defining the problem and research objectives is the​ __________ step in the marketing research process.

A. Fifth
B. First
C. Fourth
D. Second
E. Third

B. First
Chapter 4: What are the three types of research​ objectives?

A. ​Exploratory, descriptive, and causal
B. Exploratory, descriptive, and definitive
C. ​Exploratory, formal, and casual
D. Exploratory, causal, and experimental
E. Causal, experimental, and hypothetical

A. ​Exploratory, descriptive, and causal
Chapter 5: Which of the five characteristics identified in the text has an inverse relationship with an​ innovation’s rate of​ adoption? As this characteristic​ increases, the rate of adoption is slower.

A. Compatibility
B. Complexity
C. Communicability
D. Relative advantage
E. Divisibility

B. Complexity
Chapter 5: Which adopter category consists of opinion leaders who adopt new ideas early but​ carefully?

A. Innovators
B. Lagging adopters
C. Early adopters
D. Late mainstream
E. Early mainstream

C. Early adopters
Chapter 5: A purse​ company’s ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the​ fans’ viewpoint, the cast is​ a(n) __________.

A. Social network
B. Subculture
C. Opinion leader
D. Membership group
E. Reference group

E. Reference group
Chapter 5: Which of the following statements regarding the buyer decision process is​ correct?

A. The nature of the product has no effect on the buyer decision process.

B. The buyer decision process consists of four stages.

C. Consumers​ may, in some​ situations, skip steps in the buyer decision process.

D. Consumers tend to take the same amount of time going through the stages of the buyer decision process.

E. Consumers go through all stages of the buyer decision process for every purchase situation.

C. Consumers​ may, in some​ situations, skip steps in the buyer decision process.
Chapter 5: People can be classified into adopter categories. Which two categories are the first to adopt a new product​ idea?

A. Early adopters and the early mainstream
B. Early mainstream and the late mainstream
C. Innovators and the early mainstream
D. Innovators and early adopters
E. Early adopters and lagging adopters

D. Innovators and early adopters
Chapter 5: ​Dissonance-reducing buying behavior would result from which of the following​ conditions?

A. High involvement and significant differences between brands
B. Low involvement and few differences between brands
C. Any buying situation with significant differences between brands
D. Low involvement and significant differences between brands
E. High involvement and few differences between brands

E. High involvement and few differences between brands
Chapter 5: Which of the following correctly defines the consumer​ market?

A. Consumers and the businesses who sell to them
B. ​Manufacturers, resellers, and consumers
C. Individuals and households that buy goods and services for personal consumption
D. Consumers and the resellers who consumers buy their products from
E. Consumers who spend more than​ $5,000 yearly on goods and services

C. Individuals and households that buy goods and services for personal consumption
Chapter 5: What is the correct order of the five stages in the buyer decision​ process?

A. Need recognition​, information search​, evaluation of alternatives​, the purchase decision​, and post-purchase behavior

B. Need recognition​, the purchase​ decision, information search​, evaluation of alternatives​, and post-purchase behavior

C. Information​ search, need recognition​, evaluation of alternatives​, the purchase decision​, and post-purchase behavior

D. Information search​, evaluation of alternatives​, need​ recognition, the purchase decision​, and post-purchase behavior

E. Evaluation of​ alternatives, information​ search, need​ recognition, the purchase​ decision, and post-purchase behavior

A. Need recognition​, information search​, evaluation of alternatives​, the purchase decision​, and post-purchase behavior
Chapter 5: What is the correct order of the five stages of the new product adoption​ process?

A. ​Awareness, interest,​ trial, evaluation, adoption
B. ​Awareness, interest,​ evaluation, trial, adoption
C. ​Awareness, interest,​ trial, adoption, evaluation
D. ​Awareness, evaluation,​ interest, trial, adoption
E. ​Interest, awareness,​ evaluation, trial, adoption

B. ​Awareness, interest,​ evaluation, trial, adoption
Chapter 5: Which of the following statements regarding habitual buying behavior is​ correct?

A. In these types of purchases buyers see significant differences between brands.
B. In these types of purchases buyers search extensively for information.
C. In these types of purchases buyers are highly committed to one brand.
D. In these types of purchases buyers carefully weigh their choices.
E. In these types of purchases marketers often use price and sales promotion as incentives for purchase

E. In these types of purchases marketers often use price and sales promotion as incentives for purchase