Question 1 to serve both buyers and sellers marketing seeks

Question

Question 1: To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers.

• change
• create
• manipulate
• discover
• weigh

Question 2: An economics student would like to buy a mini-scooter but she cannot afford one. Which of the following reasons explain why marketing fails to occur here?

• There are not two or more parties with unsatisfied needs.
• A desire to satisfy a need is missing.
• No assessments of consumer wants and needs have been made.
• There is no way for the parties involved to communicate.
• The ability to satisfy a need is missing.

Question 3: The first objective in marketing is to discover consumer

• diversity.
• ability to pay.
• objectives.
• needs.
• synergy.

Question 4: Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Some versions contain Capri Sun drinks. Others are called Cracker Stackers and Fun Fuel. The box is bright yellow and the quantity of food contained within is small. The target market for Kraft Lunchables is most likely

• moms of school-age children.
• business people looking for a quick snack.
• business travelers.
• teenagers.
• seniors.

Question 5: Which of the following would a marketer use as a synonym for controllable marketing mix factors?

• The five external environmental forces
• Macromarketing forces
• The five Cs
• The four Ps
• Price, product, production, and promotion

Question 6: _____ is the money left over after a business firm's total expenses are subtracted from its total revenues.

• Shareholders' equity
• Profit
• Inventory turnover
• Contribution margin
• Asset leverage

Question 7: The corporate level in an organization is where

• the department heads direct overall strategy for the entire organization.
• groups of specialists actually create value for the organization.
• a small number of people from different departments are mutually accountable to accomplish a task or a common set of performance goals.
• a subsidiary, division, or unit of an organization markets a set of related offerings to a clearly defined group of customers.
• top management directs overall strategy for the entire organization.

Question 8: At the strategic business unit level, the marketing department provides leadership activities in

• talent management.
• fiscal restraint.
• look outward, keeping the organization focused on creating value both for it and for customers.
• creating the corporate culture.
• sustaining the means-end chain.

Question 9: The _____ for American Red Cross is The American Red Cross, a humanitarian organization led by volunteers and guided by its Congressional Charter and the Fundamental Principles of the International Red Cross Movement. It will provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies.

• benefit statement
• business portfolio
• functional philosophy
• mission
• corporate code

Question 10: Market share is the ratio of sales revenue of the firm to the total sales revenue of all _____, including the firm itself.

• firms in the industry
• firms in alternative industries
• firms surveyed by the U.S. government
• firms sharing in marketing principles
• domestic firms

Question 11: Step 2 in the planning phase of the strategic marketing process is

• the situation analysis.
• the market-product focus and goal setting.
• the marketing program.
• implementation.
• obtaining resources.

Question 12: A recent Congressional initiative mandated that the U.S. Department of Transportation (USDOT) establish a national traffic information collection system. The marketing manager of a company that provided traffic reports for local radio stations would most likely incorporate this knowledge into its SWOT analysis as

• a strength if the company has an existing working relationship with the USDOT.
• a threat if the USDOT will give this information directly to the radio stations.
• a weakness if the company that provides local traffic information has no employees technologically capable of using the USDOT system.
• an opportunity if the USDOT is creating a network of local traffic-information providers to address the mandate.
• All of the above

Question 13: To provide quick access to topics, a well-organized marketing plan should begin with

• an executive summary.
• the strategic focus.
• a table of contents.
• a situation analysis.
• the market-product focus.

Question 14: A company engaged in environmental scanning is

• taking into account the effect its marketing activities can have on plants and animals in our environment.
• continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
• maintaining a time constant horizon in its strategic planning process.
• maintaining retail customer databases.
• requiring all employees to spend time outside the office to avoid the "ivory tower" syndrome.

Question 15: Social forces

• include demographics and values.
• usually have little impact on marketing strategy.
• include reduced emphasis on trade regulation.
• empower workers to improve their performance.
• encourage international trade.

Question 16: Studies of the _____ characteristics of the U.S. population suggest several important trends. Generally, the population is becoming larger, older, and more diverse. Marketers are developing products that will appeal to these target markets.

• competitive
• regulatory
• geographic
• demographic
• economic

Question 17: The concern for obtaining the best quality, features, and performance of a product or service for a given price is called

• changing values.
• multidimensional consumption.
• buyer excellence.
• purchasing excellence.
• value consciousness.

Question 18: In an inflationary economy, the cost to produce and buy products and services _____ as prices _____.

• escalates; increase
• escalates; decrease
• decreases; increase
• decreases; decrease
• does not change; increase

Question 19: One reason some people don't like to buy clothing from Internet retailers is the inability to know if the clothes will fit once they have arrived. ImageTwin has developed a scanning system with which it has gathered the measurements of individuals of all different sizes. All of the information has been fed into a database. Now, when you buy something at LandsEnd.com, you can see a 3-D image of what the item should look like on your body. This is an example of _____ forces in the marketing environment.

• economic
• regulatory
• competitive
• social
• technological

Question 20: The form of competition in which many sellers compete with their products on a substitutable basis is called

• pure competition.
• cross-market competition.
• oligopoly.
• monopolistic competition.
• panopoly.

Question 21: Which stage in the consumer purchase decision process suggests criteria to use for the purchase, yields brand names that might meet the criteria, and develops consumer value perceptions?

• Problem recognition
• Information search
• Alternative evaluation
• Purchase decision
• Postpurchase evaluation

Question 22: Putting a dollar value on what a satisfied, loyal, repeat customer spends on a firm's products during a year or a lifetime reveals that

• focusing on customer retention is not very profitable.
• the calculation is flawed and not practical.
• companies that have focused on customer retention have not yet seen results.
• focusing on customer retention can be very profitable.
• companies are generally more profitable if they try to attract new customers rather than focus on customer retention.

Question 23: Organizational buyers include all the buyers in a nation, except

• retailers.
• government.
• manufacturers.
• wholesalers.
• ultimate consumers.

Question 27: Which of the following is characteristic of the organizational buying process?

• Multiple parties participate in purchase decisions.
• Negotiation between buyers and sellers is commonplace.
• Online buying over the Internet is widespread.
• Buying objectives and criteria are typically spelled out.
• All of the above

Question 25: Seven of the most commonly used organizational buying criteria are (1) _____, (2) ability to meet the quality specifications required for the item, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity.

• taste of the buyer
• personal friendship with sales representative
• price
• current mood of the buyer
• opinion of the firm's senior management