MKT 3413 Test 1 (Ch. 1)

Which of the following is the best definition for marketing?
A) Marketing is an organizational function and a set of business activities designed to make profits.
B) Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
C) Marketing is a business function and a process for determining the value customers desire in order to gain profit for business organizations and to seek societal benefits through nonprofit marketing.
D) Marketing is finding a hole and filling it while earning profitable dollars.
E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and marginal revenue.
B
Which of the following is most accurate?
A) Marketing is an attempt to create an exchange.
B) Marketing is an attempt to create long-term customer relationships.
C) Marketing is an attempt to create long-term customer relationships which will then likely satisfy the organization’s objectives.
D) Marketing is an attempt to earn profitable dollars.
E) Marketing is an attempt to gain customers from competitors while at least breaking even profitwise.
Answer: C
C
According to the AMA definition of marketing, which of the following is true of marketing?
A) “Making the sale” should be considered the end of marketing.
B) Marketing is carried out for the benefit of the customer.
C) Marketing is carried out for the benefit of the stakeholders.
D) Marketing should not be considered an organizational function.
E) all of the above
C
What does the phrase “hearing the voice of the consumer” mean?
A) Companies have the information they need to effectively satisfy wants and needs in the marketplace.
B) Companies specifically use telemarketing to hear their customers’ opinions.
C) Marketing is carried out for the benefit of the customers.
D) Marketing managers should take the time to listen in on focus groups.
E) Market trials are necessary for certain products.
A
The Key reason that the marketing concept has been recognized as the “right philosophy” is that it:
A) is well established in the marketing literature
B) has been recommended by successful marketing executives
C) does not rely on high-pressure selling
D) stresses understanding the competition
E) always puts the customer first
E
What would a strategy “that allows a firm to truly meet the wants and needs of the consumers within the market segment that is chosen” be called?
A) the “niche” strategy
B) the “incentivized” strategy
C) the information strategy
D) the “right” strategy
E) the recommended strategy
D
In order to develop the “right strategy” to succeed in business, managers must make the right decisions; and in order to make the right decisions, they must have objective, accurate, and timely:
A) reports about the competition
B) reports about customers wants and needs
C) information about market trends and changes
D) the number and sizes of market segments
E) information
C
Which of the following is the best definition of marketing research? Marketing research is:
A) the activity of analyzing secondary information and providing executives with timely reports
B) the process of designing experiments that provide decision makers with causal information
C) the linking of consumers with information managers
D) the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem
E) the process of designing, gathering, analyzing, and reporting information that may be used to solve general marketing problems
D
Which of the following products was actually a failure after marketing research predicted it would be successful?
A) Ice Breakers Pacs
B) Coca-Cola C2
C) Wolfgang Puck’s Self-Heating Latte
D) Coca-Cola Blak
E) all of the above
E
Market research refers to _____.
A) applying marketing research to a specific geographical marketing area
B) a process used by businesses to collect information used to make sound business decisions and successfully manage the business
C) a process used by businesses to analyze and interpret information used to make sound business decisions and successfully manage the business
D) the function that links the consumer, customer, and public to the marketer through information
E) information used to identify and define marketing opportunities and problems
A
Which of the following is the best statement reflecting the purpose of marketing research?
A) to provide information that improves profitability
B) to link the environments to the firm
C) to link the consumer to the marketer by providing information that can be used in making marketing decisions
D) to link target markets to specific decision makers at all levels within firms
E) to be perceived as providing value to higher level executives within the firm
A
When everyone saw the music industry facing a terrible decline due to pirating of songs on the internet, Apple saw an opportunity for iTunes. This example illustrates which use of marketing research?
A) identify market opportunities and problems
B) generate, refine, and evaluate potential marketing actions
C) monitor marketing performance
D) improve marketing as a process
E) improve marketing research as a process
A
Which of the following is an example of a study whose goal is to find opportunities or to identify problems with an existing strategy?
A) pricing test
B) image analysis
C) web site evaluation
D) environmental analysis studies
E) tracking studies
D
Which of the following best illustrates one of the uses of marketing research, monitoring marketing performance?
A) marketing research managers closely overseeing the work of subordinates in the marketing research industry
B) tracking research that monitors how well products are performing in the marketplace
C) describing the return on investment of firms using/not using marketing research
D) providing closed circuit TV to monitor the actions of marketing researchers practicing in the field
E) identifying opportunities and problems in the marketplace
D
The difference between basic research and applied research is that basic research is conducted to:
A) determine the most effective advertising copy
B) determine the most appropriate price for new products
C) determine the most efficient distribution channels for products
D) expand our knowledge rather than solve a specific problem
E) determine the most desired features in new products
D
Which of the following deals with the role of MIS?
A) determine decision makers’ information needs
B) acquire the needed information
C) distribute information to the decision makers in a form in which they can use it for decision making
D) distribute information to the decision makers at a time when they can use it for decision making
E) all of the above
E
Which of the following is NOT one of the subsystems of the marketing information system?
A) internal reports
B) marketing intelligence
C) marketing decision support
D) marketing research
E) consumer information support system
E
What is the purpose of the “internal reports system” subsystem of the marketing information system?
A) to obtain everyday information about pertinent developments in the environment
B) to supply collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making
C) to gather information generated by internal reports, which includes orders, billing, receivables, inventory levels, stock-outs, among others
D) to generate the particular information needed for the specific situation
E) to gather information not gathered by the other MIS component subsystems
C
Which of the following marketing information subsystems gathers information about event and happenings “outside” the firm?
A) marketing research
B) marketing intelligence
C) internal reports system
D) consumer information support system
E) external environment reporting system
B
What is the purpose of the “marketing intelligence system” subsystem of the marketing information system?
A) to obtain everyday information about pertinent developments in the environment
B) to supply collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making
C) to gather information generated by internal reports, which includes orders, billing, receivables, inventory levels, stock-outs, among others
D) to generate the particular information needed for the specific situation
E) to gather information not gathered by the other MIS component subsystems
A
Which of the following marketing information subsystems is NOT continuous?
A) consumer information support system
B) marketing research system
C) internal report system
D) decision support system
E) marketing intelligence system
B
Ad hoc is a Latin word, meaning _____.
A) out of chaos
B) from one, many
C) by that very act
D) with respect to a specific purpose
E) and the rest
D
Which MIS subsystem is also called a DSS?
A) a marketing decision support system
B) a delivery system for standardized data
C) a data support system
D) detailed systems for standardization
E) a distant system for data
A
Marketing research conducted on the popular TV program Seinfeld, starring Jerry Seinfeld, was used to illustrated:
A) how marketing research always correctly identifies a product or service that will be popular in the marketplace
B) when marketing research should not be used
C) when marketing research predicts a failure yet there is success
D) when marketing research predicts a failure and there is a failure
E) why marketing research may not be applied to all fields, such as entertainment
C
According to the AMA definition of marketing research, solving general, not specific, marketing problems is one of the uses of marketing research.
T/F
False
When a product fails, you can tell marketing research was not conducted.
t/f
False
Marketing research is a part of marketing
t/f
True
“Making the sale” is not the end of marketing id marketer want repeat buying and positive word-of-mouth promotion of their products and services.
t/f
True
Managers use philosophies that guide them in their decision making
t/f
True
The AMA’s definition of marketing research is longer than your author’s because it elaborates on the function as well as the uses of marketing research.
t/f
True
Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
T/f
True
The American marketing Association definition of marketing stresses that the function of marketing should be to create a sale that generates high profits for the firm.
t/f
False
The purpose of marketing research is to link the consumer to the marketer by providing information that can be used in making marketing decisions.
t/f
True
Marketing research is synonymous with market research
t/f
False
Sometimes marketing research studies lead to the wrong decisions.
t/f
True
Marketing research provides information collected only on consumers. Information collected on other entities such as employees, members of distribution channels, or competitors would not be considered marketing research.
t/f
False
One of the sues of marketing research is to identify marker opportunities; however, the identification of problems is not a use of marketing research, but rather a use of the firm’s internal auditing system.
t/f
False
“Consumer packaged goods” firms, lake Wal-Mart, want to monitor the sales of their brands and are not concerned about the sales of their competitor’s brands.
t/f
False
Another use of marketing research is to monitor marketing performance, which takes place prior to implementing marketing strategies.
t/f
False
The goal of environmental analysis studies is to find opportunities or to identify problems with an existing strategy.
t/f
True
One use of marketing research is to improve marketing as a process; such research information is often published in journals such as “The journal of marketing research” and “Marketing Research”
t/f
True
Applied research addresses specific problems, and this type of research represents the vast majority of marketing research studies.
t/f
True
Applied research is conducted to expand our knowledge rather than to solve a specific problem.
t/f
False
Studies that deal with monitoring marketing performance are control studies.
t/f
True
A marketing information system is a structure consisting of people, equipment, and procedures to gather, analyze, and distribute needed, timely, and accurate information to marketing decision makers,
t/f
True
The marketing intelligence system gathers information generate by internal reports, which includes order billing, receivables, inventory levels, stockouts, and so on
t/f
false
Everyday information about pertinent developments in the environment to an organization is gathered through the internal report system
t/f
false
a marketing decision support system is defined as collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making
t/f
False
The marketing research system gathers information for a specific situation facing the company and it is unlikely that the other component of an MIS have the information needed for the specific situation
t/f
False
Marketing research projects, like the other MIS components, are continuous, running 24/7.
t/f
False
By providing information for a specific problem at hand, marketing research provides information not provided by other components of the MIS
t/f
True
Because marketing research studies are continuous they cannot be referred to as “projects.”
t/f
False
A DSS is defined as a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment.
False
The internal reports system gathers information generated by internal reports, which includes orders, billing, receivables, inventory levels, stock-outs, among others.
True