Two factors that usually characterize a marketing strategy are:

specified target market and a marketing program to reach it

strengths, weaknesses, opportunities, threats

The term "market" is best defined as:

people with both desire and ability to buy a product.

the money left over after total sales minus total expenses

Key activities in the implementation phase include:

all of the these activities are key in implementation

Which of the following is true regarding the marketing process?

Its exchanges satisfy both consumers and sellers.

The SWOT analysis helps to analyze:

internal strengths & weaknesses

Which of the following is an example of a service?

professional landscaping of a front yard

The four utilities created by marketing are:

form, place, time and possession

Which of the following represents an effective statement of a company's business?

Disney is in the business of entertaining people

The five major environmental factors in marketing are:

social, technological, economic, competitive and regulatory

Compared to marketing strategies, marketing tactics generally involve actions that:

are detailed day-to-day operational decisions

The text explains that two central concerns of marketing are:

discovering and satisfying consumer needs.

How could McDonald's engage in a market development strategy?

by opening the first McDonald's in North Korea

The key steps of planning, implemention and control are part of what is called:

the strategic marketing process

What are the four Ps of the marketing mix?

product, price, promotion, place

Which of the following statements is an example of possession utility?

a computer store offers six-month financing with no interest

The two major aspects of the control phase of the strategic marketing process are:

identifying deviations from the plan and acting on them

The BCG model's vertical and horizontal axis reflects:

market growth rate AND relative market share

Which of the following statements about a competitive advantage is true?

an innovation can be a source of competitive advantage

In terms of an organization's business, railroads may have lost customers because they:

defined their business too narrowly

After identifying deviations, firms typically attempt to:

exploit a positive deviation and correct a negative one

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Chapter 1 and 2 Review

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Review for a test of Ch 1 and 2 of The Core (marketing textbook)

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Questions 71

Answers

1
Which market-product strategy uses existing products to sell to new customers in new markets?
market development
market penetration
product development
diversification
2
What element of the marketing mix? An art gallery suggests a $2.00 donation at the door.
product
promotion
price
place
3
Two factors that usually characterize a marketing strategy are:
specific goals and organizational objectives
marketing programs and deviation control
a detailed marketing plan and marketing budget
specified target market and a marketing program to reach it
4
Often used interchangeably with "vision" a _______ statement often has an inspirational theme.
annual report
SWOT
mission
business portfolio
5
The Boston Consulting Group developed the ______ to analyze a firm's strategic business units.
marketing strategic planning
market segmentation
target marketing
business portfolio analysis
6
SWOT stands for:
strengths, weaknesses, opportunities, timing
sweat, weaknesses, odor, tears
strengths, weaknesses, opportunities, threats
strengths, weaknesses, optimizing, technology
7
_________________ is a trade of things of value between buyer and seller so each is better off
Commerce
Utility
Consumerism
Exchange
8
The term "market" is best defined as:
people with the desire and the need for a product.
places with products which satisfy people's needs & wants.
people with both desire and ability to buy a product.
people with a need and a want for a product.
9
Profit is:
the money earned from the economic order quantity
the point at which company assets = liabilities
the goodwill earned from implementing societal marketing
the money left over after total sales minus total expenses
10
What element of the marketing mix: must donate an unwrapped toy to gain admission to concert?
place
price
promotion
product
11
Key activities in the implementation phase include:
obtaining resources
designing the marketing organization
developing schedules
all of the these activities are key in implementation
12
Which element of the marketing mix? A company places an ad on Facebook
product
promotion
price
place
13
______ must be customer-focused & provide genuine value to current and prospective customers
statements of competitive advantage
goals and objectives
competencies
strategic directions
14
The first step in the planning phase of the strategic marketing process is:
marketing programming
situation analysis
establishing the budget
goal setting
15
In BCG Analysis, SBUs with a low share of a high growth market is known as a:
dog
star
question mark
cash cow
16
Which of the following is true regarding the marketing process?
Its exchanges satisfy consumers only.
It is synonymous to advertising.
Its exchanges satisfy both consumers and sellers.
Its exchanges satisfy sellers only.
17
The SWOT analysis helps to analyze:
internal strengths & opportunities
internal weaknesses & threats
internal strengths & weaknesses
internal opportunities & threats
18
What environmental factors might cause Toyota to manufacture cars in the US instead of Japan?
All of the above
A declining US dollar relative to the Japanese yen
The success of Honda in manufacturing the Accord in Ohio
A growing trend in the US to "Buy American"
19
A marketing plan is like a ________ for the marketing activities for a specific period of time.
competency plan
market-product analysis
marketing plan
road map
20
Which of the following is an example of a service?
wearing a ribbon for breast cancer awareness
professional landscaping of a front yard
a new mini van
a donation to a church
21
The four utilities created by marketing are:
product, price, promotion and place
form, place, time and possession
form, place, product and quality
gas, oil, electricity and water
22
Which of the following represents an effective statement of a company's business?
Nordstrom is a fashion apparel leader
Toyota is in the automobile business
Disney is in the business of entertaining people
Ben and Jerry's is in the business of ice cream treats
23
The five major environmental factors in marketing are:
product, price, promotion, place and process.
consumer, retailer, manufacturer, organization, and society.
air, water, soil, mineral, and gas.
social, technological, economic, competitive and regulatory
24
Compared to marketing strategies, marketing tactics generally involve actions that:
are detailed day-to-day operational decisions
are long term and need to be carefully developed
are general in nature
involve upper levels of management
25
In BCG Analysis, SBUs with a high share of a high growth market are called
stars
question marks
cash cows
dogs
26
Which of the following represents a prospective customer in the marketing process?
Alan, a bachelor who wants to buy a new computer
All of the above
IBM, which purchases office supplies
Kroger Foods, which works with many vendors to stock product
27
________ is a unique strength that an organization has relative to its competitors?
product differentiation
business competency
market penetration
competitive advantage
28
The term for grouping prospective buyers with common needs and similar responses is:
market clustering
mass marketing
market segmentation
aggregation marketing
29
Individuals who use the goods & services purchased for a household are collectively called:
family members
household buyers
ultimate consumers
organizational buyers
30
The text explains that two central concerns of marketing are:
promotion and sales.
discovering and satisfying consumer needs.
maximizing an organization's sales and products.
market share and customer satisfaction.
31
Forces that are largely beyond the control of the organization/marketing dept. are called:
utilities.
the marketing mix.
the four Ps.
environmental factors.
32
How could McDonald's engage in a market development strategy?
by adding deli sandwiches to the menu of existing stores
by opening the first McDonald's in North Korea
by developing a line of McDonalds toys to be sold at ToysRUs
by giving coupons for free fries with purchase of a Big Mac
33
The key steps of planning, implemention and control are part of what is called:
the strategic marketing process
the market determinant method
the situational marketing process
gap analysis
34
A(n) _______________ occurs when a person feels physiologically deprived of basic necessities.
want
exchange
environmental factor
need
35
What are the four Ps of the marketing mix?
product, price, promotion, place
price, production, place, principle
product, principle, promotion, production
product, price, popularity, profit
36
The name of a ____________ generally refers to its specialized function, such as marketing.
business unit
organization
SBU
department
37
Which of the following statements is an example of possession utility?
a gourmet food store carries a line of ready-made salads
a computer store offers six-month financing with no interest
the local dairy offers delivery to a customer's doorstep
A new motor oil container comes with a disposable spout
38
The two major aspects of the control phase of the strategic marketing process are:
designing the marketing mix and setting the budget
identifying deviations from the plan and acting on them
segmenting the market and selecting target markets
establishing a mission and designing measurable goals
39
The marketing plan gets carried out in what phase of the strategic marketing process?
the control phase
the implementation phase
the planning phase
the goal setting phase
40
The BCG model's vertical and horizontal axis reflects:
market growth rate AND relative market share
return on investment AND national forecast
market segment size AND years of experience
relative market share AND market segment size
41
Which of the following is something that is marketed?
services, such as haircuts and oil changes
goods, such as cereal and cars
ideas, like a message from Mothers Against Drunk Driving
all of the above are marketed
42
The benefits or customer value received by users of a product is called
utility
autonomy
consumerism
synergy
43
A _____ is a privately owned organization that serves customers in order to earn a profit.
household
non-profit organization
business firm
government agency
44
Which of the following statements about a competitive advantage is true?
a competitive advantage does not have to be unique
an innovation can be a source of competitive advantage
only improving quality can create a competitive advantage
all of these statements are true
45
Market share = (sales revenue of Firm A) / (total sales revenue of ___________ incl. Firm A)
all firms in the industry
all firms in targetted industries
all firms sharing marketing principles
all domestic firms
46
A _____ is a plan that integrates the marketing mix to provide a good/service/idea to buyers.
sales promotion
marketing strategy
all of the above
marketing program
47
In terms of an organization's business, railroads may have lost customers because they:
defined their business too broadly
defined their business too narrowly
priced their services too high
are simply an outmoded form of transportation
48
After identifying deviations, firms typically attempt to:
use statistical trend analysis to interpret the results
decide if the time horizon should be increased or decreased
exploit a positive deviation and correct a negative one
adopt a product-market focus
49
Vending machines in dormitories create ___________ utilities.
form and possession
time and place
form and place
time and form
50
_____ is the idea that organizations should strive to satisfy customer needs & their own goals.
The concept of synergy
The societal marketing concept
The marketing concept
The principle of consumerism
51
SBU stands for:
strategic business unit
service business unit
standard business unit
strategic benefit of usage
52
Which of the following is a type of quantitative goal a business firm might pursue?
profit
all of the above
sales revenue
customer satisfaction
53
One or more groups of potential consumers toward which a company directs its mktg program is a:
tangent market
promotional market
mass market
target market
54
Which of the following groups would utilize marketing?
non-profit organizations
major corporations
politicians
all of the above
55
Which of the following statements about marketing activities is true?
All of the above
Mktg Dept works closely with other depts on mktg activities
Marketing is affected by society and it also affects society
Environmental factors affect marketing activities
56
The strategic marketing process is formalized through the development of a:
growth-share matrix
market-product analysis
marketing plan
market segmentation
57
Which of the following is an example of a good?
a new dining room set
a blood donation to the Red Cross
All of the above are examples of goods
an airline flight
58
Which element of the marketing mix? A company develops a low-calorie chocolate chip cookie
product
price
place
promotion
59
Market-Product Analysis consists of 4 market product strategies - which is not one:
market penetration
diversification
market development
product penetration
60
The corporate level is where top management directs:
all of the above
all employees' training and orientation
recruitment strategy and tactics
overall strategy for the entire organization
61
Which of the following statements about organizational goals is true?
The terms "goal" and "objective" can be used interchangeably
all the statements accurately describes organizational goals
goals exist at the corporate, business and functional levels
all lower level goals contribute to higher level goals
62
A non-governmental organization that serves customers but doesn't have profit as a goal is a:
not-for-profit governmental agency
not-for-profit organization
for-profit organization
for-profit service provider
63
A retailer sets a goal to reduce merchandise returns by 20% by 2017. This is an example of:
a market share goal
a customer satisfaction goal
a profit goal
an employee welfare goal
64
Which of the following statements about relationship marketing is true?
Ideally, relationship mktg is personal, ongoing & long-term.
relationship marketing has a short-term focus on profit only
The internet is an ideal forum for relationship marketing.
Relationship marketing is easy to implement.
65
The market for cosmetic dentistry (which can cost $15,000 for straightening and whitening) is:
anyone who has ever had plastic surgery
children with crooked teeth.
anyone who has time, money, & desire to undergo procedures.
all former smokers.
66
Which element of the marketing mix? You buy a cold pop from a vending machine
promotion
product
price
place
67
Which of the following is the best example of an organizational buyer?
a store owner buying gloves to sell in her store
a baseball player buying a t-ball set for her daughter
a botanist buying a rose bush for his home garden
a father buying milk for his young son
68
In BCG Analysis, SBUs with a high share of a low growth market is known as:
cash cow
dog
star
question mark
69
Which is the BEST description of the target market for the latest Disney movie?
Everyone who likes movies
Everyone who can afford to buy a movie ticket
Professionals who are parents of children aged 3 to 12
People who collect Mickey Mouse memorabilia
70
In BCG Analysis, SBUs with a low share of a low growth market are known as:
star
cash cow
question mark
dog
71
What links an organization to its customers, employees, and suppliers for mutual benefit?
Holistic marketing
Tactical marketing
Synergistic marketing
Relationship marketing

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