MKT 210 EXAM 1

Which of the following is not an element of a firm’s marketing mix?
people
Jane and Henry are debating who all their potential customers are, who share the need for their product and are willing and able to buy it. Jane and Henry are debating:
who there market is
A market-oriented company with the proper concept of exchange understands a market to be:
all potential customers with a particular need willing and able to engage in exchange
to meet the need
Normally, when one party to an exchange is actively seeking someone to engage in the exchange, the one seeking the exchange is called a
marketer
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and/or services to create exchanges is
marketing management
The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At that time, the firm offering these kits would likely be using the ______concept
product
Texas Instruments, one of the first producers of handheld calculators, put a great deal of effort into expanding production of calculators to drive down the cost and thus expand the market. This is most indicative of the __________ concept
production
The old adage, “Build a better mousetrap and the world will beat a path to your door,” is a ______concept
product
Which of the following should not be considered one of the controllable elements in a firm’s marketing strategy
the economic environment
The marketing mix tool that is the most difficult to modify in the short run is: a price.
place and channels of distribution
The set of controllable tactical marketing tools-product, price, place, and promotion that the firm blends to produce the response it wants in the target market
marketing mix
The American Marketing Association defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”
true
Big M marketing refers to the strategic, long-term, firm-level commitment to investing in marketing
true
If you have a Monopoly you do not have to do any marketing
false
Value may be defined as the ratio of bundled benefits received to the cost incurred by the customer to receive those benefits. ____________ is not thought of as one of the costs
customer satisfaction
Henry Ford is well known to business students for creating the assembly line that enabled mass production of the Model T. This is often cited as an example of the _____________
product orientation
The goal of the Marketing Manager is to maximize customer satisfaction
false
Creating, communicating, delivering and exchanging offerings that have value may be thought of as ___________________
The marketing mix or 4 Ps
Value focuses on _____________________
A. Product design
B. Branding and positioning
C. Attention to service
D. Pricing
E. All of the above*
A. Product design
B. Branding and positioning
C. Attention to service
D. Pricing
E. All of the above*
true
The simple 1950-style version of the marketing concept has been enhanced with more details about the customer orientation, relationship orientation, one-to-one marketing, mass customization, and the return on marketing investment
true
The modern marketing concept can be stated as a philosophy of competition in which the organization’s goal (e.g., profit) is achieved by identify and targeting a group of profitable customers with relatively homogenous needs and wants and delivering the desired solutions and satisfactions to those customers through an integrated marketing mix more efficiently and more effectively than the competitors
true
_____________ is not part of the marketing mix
manufacturing
High tech media options like cell phones and the internet have had a huge impact on the ________ aspect of marketing
promotion
The long-term objective of strategic marketing is ____________
Profitability through building a customer-oriented organization
Today many CEOs and shareholders expect to measure results of marketing efforts because ___________
Marketing metrics today are designed to assign specific results to specific marketing programs
Marketing misnomers occur because many people think of marketing as __________.
A. Pushy salespeople
B. Advertising and celebrity spokespersons
C. The firm’s department of advertising D. Overstated product claims
E. All of the above
The benefits of a product or service must include all types of utility
true
Starbucks is known to have shops located across the street from each other. It appears that the coffee shop chain is offering place utility
true
Firms should not be concerned that satisfied customers will switch to another brand
false
A Star in the BCG portfolio model is one that has high profitability with profitability being measured as Return on Investment (ROI)
true
In the BCG portfolio model a SBU characterized as having a high market growth and a high market share is predicted to have a return on investment and is classified as a star
true
The original purpose of the BCG model was to help senior executives of large corporations to allocate resources among strategic business units that make up the organization
true
According to the BCG matrix, a business that is classified as a star has high growth and low market share.
false
Linda imports fine art paintings and photographs that she sells to hotels. When the dollar is weak against foreign currencies, she struggles to cover her costs. Business has increased 400% in the last five years. With additional resources, she believes she can expand into the profitable hospital and nursing home markets. According to the BGC matrix, Linda’s business is a dog
false
A mission statement does not include a discussion of the firm’s strategic vision.
false
Market penetration strategies allow for the firm to invest additional resources to have existing customers consume new products
false
Market development strategies allow for the firm to introduce existing products to new customers, often including international markets.
true
Mammoth Foods, a major agricultural corporation, recently purchased MJS Organic Foods Co. MJS was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Most like, MJS would be classified as a ___________ under the Boston Consulting Group model.
star
Lately the demand for building materials has dropped due to the slow down in new housing construction. Wood-O Corp. is thinking of closing its fine wood division that produces mahogany and cherry lumber for building cabinets and other applications. Most likely the fine wood division would be classified as a ____________.
problem child
________________ is not considered an adequately defined objective objective
to be the leader in our field
A strategic business unit (SBU) is one which can be visualized as
having a distinct mission.
B. having its own competition.
C. controlling its own resources.
D. being planned independently of the other businesses. E. all of the above
High growth, high share businesses or products appear in the Boston consulting group growth-share matrix as:
stars
XYZ Corp is attempting to generate additional sales of its present products by promoting them more aggressively to its present customers. XYZ Corp is engaging in
market penetration
Which of the following would be a mistake in dealing with a portfolio of SBUs: A requiring each SBU to produce the same rate of return
A requiring each SBU to produce the same rate of return.
B insufficient milking of cash cows.
C continually reinvesting in dogs.
D maintaining too many question marks.
E all of the choices listed above are mistakes
) ABC Corp is attempting to generate additional sales of its present products by promoting them more to new types of customers. XYZ Corp is engaging in:
market development
The collection of businesses and SBU’s that make up the company comprise its:
business portfolio