Marketing Applications Unit 1

The essence of time management is to achieve which goal?
Control events in order to accomplish priorities
If a business lowers the price of a product for the purpose of taking business away from its competitors, which action is often the result?
A gain in market share
An energy company has misrepresented its financial status on its latest accounting reports. This is an example of which negative action?
Acting unethically
What type of buying behavior includes low customer involvement, significant brand awareness, and a desire for change?
Variety-seeking
Customers are more likely to spend a lot of time evaluating several options before buying a product during which situation?
When the product is expensive
Positive and negative results can often be directly related to which factors about a company?
It’s actions
Technological advances can help companies provide more customer service with fewer employees, but why must the companies be careful?
Customers may feel they are losing the human touch
Morgan Health Supply Company wants to expand its product line this year. It uses its budget surplus to invest in new products rather than to remodel its offices. This is an example of which positive action?
Align strategies and activities with goals
Complex buying behavior is most likely involved when the customer is purchasing which items?
Cars
Motives, perception, attitude, lifestyle, personality, and abilities are which factors influencing consumer behavior?
Physiological
When customers have low involvement with a product and there is little difference among brands, what type of buying behavior are they exhibiting?
Habitual
How does a marketing plan affect the way the marketing team plans its strategies?
The team can plan strategies with more precision
The purpose of the marketing planning process is to balance the internal strengths and weaknesses of a company with which external factors?
Opportunities and threats
One of the main reasons for developing a marketing plan is to identify the strategies necessary to achieve which component or components of marketing?
Objectives
What type of information do businesses include in their marketing plans?
Pricing strategies
When conducting an external environmental analysis, businesses often focus on which factor or factors?
Industry growth
Which is an example of an internal change that could affect a sales forecast?
A new product line is to be offered by the business
To convince someone to use quantitative sales forecasting, which factor should be stressed?
Factual basis
An international soft-drink company that wants to add bottled spring water to its product mix has determined that there are four major brands that hold the majority of the market share for that product. The strengths and weaknesses of each potential competitor have been examined. This is an example of what factor?
The situation analysis
A manufacturer expects product sales to increase during the coming year. How does this information affect product production?
Production should be increased
The financial component of a marketing plan helps a business to compare the projected costs of implementing the plan with which expected factors?
Benefits
What does applying the customer-orientation element of the marketing concept enable the business to do?
Offer products that consumers want to buy
Paul’s plant food is losing its popularity among his customer base. Which marketing function would come up with the improved product?
Product or service management
What does the selling function involve that makes it so important?
Contacting customers
Which marketing function helps businesspeople forecast how much will be sold in a given period?
Market planning
Which marketing function provides information to consumers that will assist them in making a decision to purchase a good or service?
Promotion
According to the marketing concept, which option shows company commitment?
Setting aside funds to research what customers want
By increasing awareness of the need for environmental controls, what has marketing done?
Improved the quality of life
After the popularity of a product dropped, the business needed a new product to promote that would help to improve its image. Which marketing function would come up with the new product?
Product or service management
Company XYZ has predicted it will sell 3,000 new microwaves during the “Back to School” sale. Which marketing function is this business using?
Market planning