MKT 300: Exam 1 Practice Questions

Marketing is the process of…
creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
Distribution, price, promotion, and product are all elements of…
the marketing mix
____ are the focal point of all marketing activities
Customers
In which of the following situations is the marketer selling an idea, rather than a service or good?
The Green Party holds a press conference to let the public know its views on capital punishment.
The ______ variable of the marketing mix relates to activities used to inform individuals or groups about the organization and its products.
promotion
The marketing plan is…
a written document detailing activities to be performed to implement and control marketing actions
The process of putting marketing strategies into action is called…
marketing implementation
An organizations goals should be based on its _____, which is a long term view or vision of what the organization wants to become.
mission statement
Groups of individuals and/or organizations that need products in a product class and have the ability, willingness, and authority to purchase those products are called…
markets
Procter & Gamble’s superb marketing distribution skills and R&D capabilities in five core technologies (fats, oils, skin chemistry, surfactants, and emulsifiers) have enabled it to build a strong reputation in the marketplace and drive down competition. It can be said that these skills and capabilities are examples of Procter & Gamble’s…
core competencies
To monitor changes in the marketing environment effectively, marketers must engage in…
environmental scanning and analysis
Most marketers operate in a competitive environment of either…
oligopoly or monopolistic competition
Which of the following is a characteristic of pure competition?
Large number of sellers
Which of the following is a characteristic of the prosperity stage of the business cycle?
Total income is relatively high
The amount of money left after payment of taxes that is used by individuals for spending on purchase of basic necessities, and savings is referred to as…
disposable income
Employees, customers, communities, and investors are all considered ________ in relation to marketing.
stakeholder
All companies have a responsibility to _________ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.
be profitable
The term __________ refers to the principles and standards that define acceptable conduct in marketing as determined by various stakeholders.
marketing ethics
The practice of linking products to a particular social cause on an ongoing or short-term basis is known as…
cause-related marketing
________ refers to the potential for the long-term well-being of the nature environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies.
Sustainability
Marketing research is a process designed to gather information…
not currently available to decision makers.
An overall plan for obtaining the information needed to address a research problem or issue is called the…
research design
_______ is the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
Marketing research
The marketing research process begins with…
locating and defining the problem.
For the purpose of marketing research, Joe picked up the telephone directory and just selected a few numbers from it to from his sample. Joe is using _____ sampling to select the participants for his research.
random
To find a target market, a firm can use the….
undifferentiated strategy, the concentrated strategy, and the differentiated strategy.
Age, rate of product use, location, and gender are all examples of common…
segmentation variables.
A _______ market consists of purchasers and household members who intend to use or benefit from the purchased products and do not buy products for the main purpose of making profit.
consumer
____________ is the process of dividing a total market into groups of people with similar product needs in order to design a marketing mix that matches those needs.
Market segmentation
Which of the following is a geographic variable for segmentation of a market?
City size
An unplanned buying behavior resulting from a powerful urge to buy something immediately is called…
impulse buying
The 5 major stages of consumer buying decision process, in order, are:
problem recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation
Emma looks at her watch and realizes it has stopped. She knows that the watch is old and that she will have to buy a new one. Emma is in the _______ stage of consumer buying decision process.
problem recognition
The group of brands that a buyer views as possible alternatives is known as the…
evoked set
_______ describes the tendency of people to reject information that is inconsistent with their beliefs, even when presented with information to the contrary.
Selective distortion