Prelim

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210 terms

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ______.
* mission planning
* values planning
* strategic planning
* business-portfolio planning
* operations planning

strategic planning

A company's mission statement serves as a statement of ______.
* fact
* sustainability
* purpose
* financial goals
* employee commitment

purpose

The collection of businesses and products that make up a company is called its ______.
* strategic business unit
* mission statement
* strategic plan
* business portfolio
* operational factor

business portfolio

The best-known product portfolio planning method was developed by ______.
* the Boston Consulting Group
* Philip Kotler
* the SWOT Consulting Group
* the SRI Consulting Firm
* James P. Hess

the Boston Consulting Group

The four possible strategis that can be pursued for each SBU are builing, holding, ______, and ______.
* harvesting; divesting
* promoting; selling
* downsizing; expanding
* diversifying; penetration
* developing; growing

harvesting; divesting

While a valueable planning tool, the BCG matrix is problematic that it focuses on ______.
* the future instead of the present
* the present instead of the future
* financial issues instead of the customer
* the customer instead of suppliers
* the past instead of the present

the present instead of the future

Each department in a compan that carries out value-creating activities can be thought of as a link in the company's ______.
* market development
* product development
* business portfolio
* value chain
* supplier chain

value chain

Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?
* market segmentation then marketing targeting
* differentiation then marketing targeting
* positioning then differentiation
* market segmentation then postioning
* market targeting then differentiation

market segmentation then marketing targeting

The process of customer-driven marketing incolves which of the following?
* product; price; promotion; adaptation
* market segmentation; market targeting; differentiation; positioning
* marketing analysis; planning; implementation; feedback
* analysis; targeting; implementation; control
* problem identification; information search; decision; implementation

market segmentation; market targeting; differentiation; positioning

Effective positioning begins with ______ the company's marketing offer in order to give consumers more perceived value.
* pricing
* aligning
* differentiating
* promoting
* placing

differentiating

Today the four Ps are compared to the four Cs. Product and placed are called ______ and ______, respectively.
* convenience; customer solution
* customer cost; convenience
* communication; customer solution
* customer solution; convenience
* communication; convenience

customer solution; convenience

An increasingly large number of firms are changing their organizational focus from ______ to ______.
* product management; functional management
* product management; geographical management
* brand management; customer management
* geographic management; functional management
* global management; regional managment

brand management; customer management

Evaluating the results of marketing strategies and plands and aking corrective action to ensure that objectives are attained is called ______.
* marketing control
* strategic control
* operating control
* developmental control
* efficiency

marketing control

Which of the following measures the profits generated by investments in marketing activities?
* SWOT analysis
* a marketing audit
* an executive summary
* marketing ROI
* a budget

marketing ROI

Starbucks has introduced a debit car that lets customers prepay for coffe and snacks. This effort by Starbucks management is an example of ______.
* market development
* product development
* diversification
* market penetration
* product adaptation

market penetration

Walmart, the world's largest retailer, has successfully launched its stores in Mexico, Canada, the U.K., Germany, and other nations. This is an example of how Walmart is pursuing ______ as a growth strategy.
* market penetration
* product development
* demographic market development
* geographic market development
* diversification

geographic market development

Walmart relies on sound relationships with its low-cost suppliers in order to pass low prices on the consumers. This, forming a______ is crucial to Walmart's success.
* value delivery network
* growth-share matrix
* customer relationship management policy
* market concept philosophy
* diversification

value delivery network

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?
* a SWOT analysis
* a business portfolio analysis
* an executive summary
* a marketing plan
* a marketing mix

a SWOT analysis

Emerson Studios, a chain of 25 portrait stores in five states, has organized its marketing organization into groups headed by a sales manager, an advertising manager, and a customer-service manager. What type of organization is this?
* geographic
* product
* functional
* customer
* market

functional

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. In order to increase market share, managers would be most likely to decide which of the following?
* hold the pharmaceuticals division's share
* implement a harvest strategy
* use money from a cash cow to promote the pharmaceuticals division
* divest the SBU
* diversify the pharmaceutical division

use money from a cash cow to promote the pharmaceuticals division

Consumer perceptions of the product's value set the ______ for prices.
* demand curve
* floor
* ceiling
* variable cost
* image

cceiling

Product costs set a(n) _______ to a product's price.
* demand curve
* floor
* ceiling
* break-even cost
* experience curve

floor

Value-based pricing is the reverse process of ______.
* variable cost pricing
* cost-plus pricing
* cost-based pricing
* good-value pricing
* value-added pricing

cost-based pricing

When there is price competition, many companies adopt ______ rather than cutting prices to match competitors.
* pricing power
* value-added strategies
* fixed costs
* price elasticity
* image pricing

value-added strategies

______ are the sum or the ______ and ______ for any given level of production.
* Fixed costs; variable; total costs
* Fixed costs; total; variable costs
* Variable costs; fixed; total costs
* Total costs; fixed; variable costs
* Break-even costs; fixed; total costs

Total costs; fixed; variable costs

The learning curve is also reffered to as the ______.
* LRAC
* experience curve
* demand curve
* break-even curve
* price elasticity curve

experience curve

With a higher volume of product, most companies can expect to ______.
* gain economies of scale
* become less efficient
* see fixed costs increase
* have a straight, horizontal learning curve
* find competitors using the experience curve strategically

gain economis of scale

The simplest pricing method is ______.
* value-based pricing
* sealed-bid pricing
* markup pricing
* value-added pricing
* target profit pricing

markup pricing

Many people feel that ______ pricing is fairer to both buyers and sellers. Sellers earn a fair return on their investment but do not take advantage of buyers when buyers' demand becomes great.
* skimming
* markup
* elasticity
* inelasticity
* penetration

markup

Target return pricing uses the concept of a(n) ______, which shows the total cost and total revenue expected at different sales volume levels.
* value-based chart
* break-even chart
* competition-based chart
* demand curve
* experience curve

break-even chart

In industries in which pricing is a key factor, ______ often set the best prices or help others in setting them.
* sales managers
* salespeople
* production managers
* finance managers
* pricing departments

pricing departments

Under ______, the market consists of many buyers and sellers who trade over a range of prices rahter than a single market price.
* pure competition
* monopolistic competition
* oligopolistic competition
* a pure monopoly
* socialism

monopolistic compeition

______ describes how responsive demand will be to a change in price.
* Price elasticity
* Break-even pricing
* The demand curve
* Target costing
* Supply

Price elasticity

Dips in the economy and the instant price comparisons made possible by the internet have both contributed to ______.
* decreased consumer price sensitivity
* increased consumer price sensitivity
* a less direct relationship between supply and demand
* a more direct relationship between supply and demand
* decreased brand loyalty

increased consumer price sensitivity

Trader Joe's offers and assorment of exclusive gourmet products at impossibly low prices. These prices are not limited-time offers or special discounts. Instead, they reflect Trader Joe's ______ strategy.
* everyday low pricing
* cost-plus pricing
* dynamic pricing
* value-based pricing
* cost-based pricing

everyday low pricing

General Motors prices its automobiles to achieve a 15 to 20 percent profit on its investment. This approach is called ______.
* value-based pricing
* going-rate pricing
* cost-plus pricing
* low-price image
* target-return pricing

target-return pricing

A company faces fixed costs of $100,000 and variable costs of $8.00/unit. it plans to directly sell its product to the market for $12.00. How many units must it produce and sell to break even?
* 20,000
* 25,000
* 40,000
* 50,000
* not enough information to calculate

25,000

In Vin del Mar, Chile, there are a dozen stores specializing in selling the same quality of seafood products on one street. An individual store dare not charge more than the going price without the risk of losing busness to the otehr stores that are selling the fish at a common price. This is an example of what type of market?
* pure competition
* monopolistic competition
* oligopolistic competition
* pure monopoly
* socialist

pure competition

Jimmy's Hardware, an independent local retailer, is losing business to Walmart. This is most likely because he cannot match Walmart's pricing strategy of ______.
* EDLP
* EFGF
* fixed prices
* value-added pricing
* skimming pricing

EDLP

Consumers who have less time and patience for watching for supermarket specials and slipping coupons would most likely prefer ______.
* variable pricing
* high-low pricing
* EDLP
* break-even pricing
* value-added pricing

EDLP

Which of the following is a reason that a marketer would choose a penetration pricing strategy?
* to ensure the company has the ability to increase prices once demand decreases
* to focus on the rapid achievement of profit objectives
* to appeal to different consumer segments with different levels of price sensitivity
* to create markets for highly technical products
* to discourage competition from entering the market

to discourage competition from entering the market

Mach 3 razor blades must be used in the Mach 3 razor. Which type of pricing is being used?
* product line pricing
* optional product pricing
* captive product pricing
* by-product pricing
* product bundle pricing

captive product pricing

HiPoint Telephone company uses two-part pricing for its long-distance call charges. Because this is a service, the price is broken into fixed fee pluss a(n) ______.
* fixed usage rate
* variable usage rate
* standard usage rate
* market usage rate
* optional usage rate

variable usage rate

Using product bundle pricing, sellers combine several products and offer the bundle ______.
* as a functional unit
* at a reduced price
* as a complete sel-service package
* as a reward to loyal customers
* at a premium price

at a reduced price

When General Motors provides payments or price reductions to its new car dealers as rewards for participating in advertising and sales support programs, it is granting a______.
* trade discount
* functional discount
* cash discount
* promotional allowance
* trade credit

promitonal allowance

By definition, ______ is used when a firm sells a product or service at two or more prices, even though the differerence in price is not based on differences in cost.
* segmented pricing
* variable pricing
* flexible pricing
* cost-plus pricing
* reference pricing

segmented pricing

When a firm varies its price by the season, month, day or even hour, it is using ______ pricing.
* revenue management
* penetration
* variable
* time-based
* value added

time-based

Which of the following refers to the prices that a buyer carries in his or her mind and refers to when looking at a given product?
* target prices
* reference prices
* promotional prices
* geographical prices
* dynamic prices

reference prices

What type of pricing is being used when a company temporarily prices its product below the list price or even below cost to create buying excitement and urgency?
* segmented pricing
* psychological pricing
* referent pricing
* promotional pricing
* basing-point pricing

promotional pricing

Freight-absorption pricing is used for ______ and ______.
* market penetration; higher profit margins
* holding on to increasingly competitive markets; higer profit margins
* market penentration; holding on to increasingly competitive markets
* generating temporary higher profits; discouraging competitors
* services; installations

market penentration; holding on to increasingly competitive markets

The internet offers ______, where the price can easily be adjusted to meet changes in demand.
* captive pricing
* dynamic pricing
* basing-point pricing
* price bundling
* cost-price pricing

dynamic pricing

Which of the following is a major factor that influences price increases?
* cost inflation
* surplus of raw materials
* governement intervention
* foreign compeition
* excess capacity

cost inflation

Mark's Markers, a manufacturer of color markers, has required its dealers to charge a specified retail price for its markers. Mark's is most likely guilty of ______.
* price fixing
* retail price maintenance
* price discrimination
* price collusion
* unfair price skimming

retail price maintenance

Failure to enter the current price into a retailer's system may result in charges of ______.
* predatory pricing
* scanner fraud
* retail maintenance pricing
* discriminatory pricing
* price fixing

scanner fraud

Valeo Fashions has just introduced a new line of fashion dresses for teens. It will initially enter the market at high prices in a ______ pricing strategy.
* market-penetration
* market-skimming
* competitive market
* psychological
* demographic

market-skimming

When Pepsi came out with Pepsi Blue and priced it at half price to attract buyers, Pepsi was using ______.
* market-skimming pricing
* market-penetration pricing
* new-priduct pricing
* discount pricing
* value-added pricing

market-penetration pricing

Big Mike's Health Food sells nutritional energy-producing foods. The price of the products sold varies according to individual customer accounts and situations. For example, long-time customers receive discounts. This is an example of ______.
* price elasticity
* cost-plus pricing
* dynamic pricing
* everyday low pricing
* penetration pricing

dynamic pricing

In response to price cuts from competitors, a ceral company with several more expensive and higher quality cereals introduced a lower-priced option to its product line. This is an example of which of the following responses to a competitor's price cut?
* raising the perceived value of a product
* improving product quality
* accepting a reduced market share
* launching a "fighter brand"
* using high-low pricing

launching a "fighter brand"

Savings for You, a discount retail chain, is highly competitive. When entering a new market, Savings for you often cuts its prices so deeply that is sells below costs, effectively pushing smaller companies with less purchasing power out of the market. Savings for you is most at risk of being accused of ______.
* market skimming
* price fixing
* deceptive pricing
* price confusion
* predatory pricing

predatory pricing

A manufacturer offers 3/10, net 30 terms to a wholesaler for recent purchase. The wholesaler may deduct ______ percent if the bill is paid within ______ days.
* 10; 30
* 10; 3
* 3; 30
* 3; 10
* 7; 10

3; 10

Marketing may be analyzed as applied ______.

microeconomics

Economists define utility as the ______ ______ power of a good or service.

want satisfying

In 1985, The American Marketing Association approved the following marketing definition:

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, good, and services to create ______ that will satisfy individual and organizational objectives.

exchanges

The philosophy of the marketing era is a company-wide ______ orientation.

customer

______ marketing is concerned with establishing long term positive value experiences with consumers and other partners in the marketing chain.

Relationship

CLV is short for ______ ______ ______. The potential sum of all the purchases a satisfied consumer may make over time.

Customer Lifetime Value

In marketing "SALE" is the operational application of microeconomic's concept of ______ ______.

price elasticity

What are the two components of the Boston Consulting Group's (BCG) Market Attractiveness matrix?

Market ______ and Market ______

share; growth

Selling beer on the 4th of July at a deep discount (at cost or a bit below) is an example of pricing known as a ______ ______ promotion.

loss leader

Identify the four (4) steps in customer-driven marketing: ______, ______, ______ and ______.

segmentation, targeting, positioning, differentiation

BE = P (or Q = FC-VC) is also referred to as contribution to ______.

margin

Which customer question is answered by a company's value proposition?
* "Why should I buy your brand rahter than a competitor's?"
* "How does your brand benefit society?"
* "What are the costs and benefits of your brand?"
* What kind of experience will I have with products and services associated with this brand?"
* What are the benefits of being a loyal consumer of your brand?"

"Why should I buy your brand rahter than a competitor's?"

According to the production concept, consumers will favor products that are ______ and ______.
* satisfying; quality focused
* advertising; affordable
* in high demand; hard to find
* segmented; convenient
* available; affordable

available; affordable

The ______ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose producs that offer the most in quality, performance, and innovative features.
* product
* production
* customer
* marketing
* promotion

product

According to the authors of your text, the ______ concept is a "sense and respond" philosophy rahter than a "make and sell" philosophy.
* product
* production
* marketing
* retailing
* societal marketing

marketing

Which marketing orientation holds that firms must strive to deliver value to custoemrs in a way that maintains or improves the consumer's and society's well-being?
* marketing concept
* selling concept
* product concept
* societal marketing concept
* equity concept

societal marketing concept

The set of marketing tools a firm uses to implement its marketing strategy is called the ______.
* promotion mix
* product mix
* marketing mix
* TQM
* marketing effort

marketing mix

You observe that your marketing manager is heavily involed in the process of building and maintained profitable customer relationships. Your marketing manager frequently speaks about the need to acquire, keep, and grow customers. Your manager is concerned with with one of the following?
* customer development
* customer-managed relationships
* the societal marketing concept
* partner relationship management
* customer relationship management

customer relationship management

It is most accurate to say that customers buy from stores and firms that offer which of the following?
* the highest value for the dollar
* the highest customer-perceived value
* the highest level of customer satisfaction
* the most attractve company image
* the most concern for society's interest

the highest customer-perceived value

The key to delivering customer satisfaction is to match ______ with ______.
* company performancel the competition's performance
* company performance; competitive prices
* relationship building; performance tools
* company performance; unique products
* customer expectations; product performance

customer expectations; product performance

Which of the following best explains why consumers have greater power and control in today's marketplace?
* The production concept and competition have lowered prices.
* Implementation of the product concept has resulted in continually improving products
* Customer-drive marketing creates products and service that meet customers' future needs.
* More companies are implementing societal marketing and weighing long-term costs and benefits
* Through new communication technologies, customer have more access to information and more methods of sharing their opinions with other customers.

Through new communication technologies, customer have more access to information and more methods of sharing their opinions with other customers.

Through ______, many companies today are strengthening their connections to all partners, from providers of raw materials to components to final products that are deliverd to final buyers.
* supply chain management
* direct marketing
* partnership relationship marketing
* customized marketing
* equity marketing

supply chain management

Stew Leonard reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchaces that a customer is likely to make is she remains in the area. Leonard's conern is an illustration of which of the following?
* share fo customer
* market share
* partner relationship management
* customer lifetime value
* market share maintenance

customer lifetime value

______ is one of the best ways to increase share of customer.
* Targeting new customers
* Using bait and switch
* Cross-selling
* Divesting
* Partnership marketing

Cross-selling

Which of the following is the total combined customer lifetime values of all a company's current and potential customers?
* share of customer
* customer lifetime value
* customer equity
* profitability
* share of market

customer equity

A potentially highly profitable, short-term customer is a ______.
* true friend
* butterfly
* stranger
* barnacle
* true believer

butterfly

Since the beginning of the Great Recession, marketers have been emphasizing the ______ of their products more than ever.
* image
* value
* personality
* safety
* uniqueness

value

Which of the following is currently the fastest-growing form of marketing?
* consumer-generated marketing
* online marketing
* mass media marketing
* societal marketing
* word-of-mouth marketing

online marketing

Greh Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a(n) ______.
* need
* necessity
* demand
* exchange
* transaction

demand

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm most likely practices the ______.
* production concept
* marketing concept
* selling concept
* social marketing concept
* societal marketing concept

selling concept

Elisandra has decided to sponsor a contest calling for customers to create commercials for the restaurant. Winning enteries will be posted on the organization's home page. Elisandra's plan is an example of ______.
* consumer-generated marketing
* partnership relationship management
* customer lifetime value
* community development around a brand
* customer divestment

consumer-generated marketing

Gaining ______ requires delivering more value and satisfaction to target consumers than competitors do.
* competitive advantage
* competitor analysis
* benchmarking
* a market-center
* a target advantage

competitive advantage

To plan effective marketing strategies, the company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotion with those of close competitors. This is an example of ______.
* benchmarking
* competitor analysis
* customer value analysis
* product leadership
* continuous innovation

competitor analysis

Companies need to know each competitor's product wuality, features, and mix; cusomter services; pricing policy; distribution coverage; sales force strategy; and advertising and sales promotion programs. These are all the dimensions that identify ______ groups within the industry
* target
* leading
* geographic
* strategic
* competing

strategic

Rather than competing head to head with established competitors, many companies sekk out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ______.
* "red ocean strategy"
* " strategic sweet spot"
* "common platform"
* "blue ocean strategy"
* "strategic platform"

"blue ocean strategy"

There are specific kinds of information that companies need about their competitors. The ______ system first identifies the vital types of competitive information and the best scources of this information.
* marketing information
* global network
* competitive intelligence
* marketing research
* marketing database

competitive intelligence

Approaches to marketing strategy and practice often pass through which of the three following marketing stages?
* formulated, intrepreneurial, innovative
* entrepreneurial, intrepreneurial, innovative
* entrepreneurial, formulated, strategic
* entrepreneurial, formulated, intrepreneurial
* innovative, strategic, formulated

entrepreneurial, formulated, intrepreneurial

Michael Porter suggests four basic competitive positioning strategies that companies can follow-three winning strategies and one losing one. Which of the following are considered wining strategies?
* middle-of-the-roader, focus, overall cost leadership
* focus, differentiation, middle-of-the-roader
* overall cost leadership, differentiation, middle-of-the-roader
* overall cost leadership, differentiation, focus
* differentiation, operational excellence, focus

overall cost leadership, differentiation, focus

Sears and Holiday Inn encountered difficult times because they did not stand out as teh lowest in cost, highest in perceived value, or best in serving some market segment. Both companies are ______.
* nichers
* challenger risk-takers
* middle-of-the-roaders
* differentiated
* formulated

middle-of-the-roaders

Although it might seem that the market leader has the most going for it, challengers often have what some strategists call a ______. The challenger observes what has made the leader successful and improves upon it.
* "competitor myopia"
* "second mover advantage"
* strategic sweet spot"
* "blue ocean strategy"
* "red ocean strategy"

"second mover advantage"

The market follower must keep its manufacturing costs and prices ______ or its product quality and services ______.
* stable; low
* low; high
* high; low
* fair; low
* low; fair

low; high

Whereas the mass marketer achieves ______, the nicher achieves ______.
* low margins; low volume
* low volume; high margins
* high volume; high margins
* high volume; low margins
* high margins; high volume

high volume; high margins

Kodak's film business didn't suffer at the hands of direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers and online image sharing services. This is an example of ______.
* a blue ocean strategy
* benchmarking
* competitor phobia
* competitor myopia
* marketing myopia

competitor mypoia

PepsiCo conducts a survey of Coca-Cola drinkers to assess the Pepsi's and Coke's strengths and weaknesses in product qualities value by both company's target customers. PepsiCo is using a(n) ______.
* innovative market analysis
* global marketing strategy
* coompetitive marketing strategy
* customer value analysis
* blue ocean strategy

customer value analysis

Most competitors in the music download industry see Apple's iTunes Music Store as a ______ because it created a closed system with mass appeal.
* good competitor
* marginal competitor
* bad competitor
* benchmarked competitor
* distanct competitor

bad competitor

Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-wuality products or services, but who want them cheaply and easily. These companies are all known for pursing a value discipline known as _______.
* operational excellence
* customer intimacy
* middle-of-the-roader
* product leadership
* marketing insight

operational excellence

50 percent of the market is in the hands of Company A. Another 30 percent is in the hands of Company B. 15 percent is in the hands of Company C, and the remaining 5 percent is in teh hands of Company D. Based on these hypothetical numbers, Company B is the market ______.
* leader
* challenger
* follower
* nicher
* strategist

challenger

50 percent of the market is in the hands of Company A. Another 30 percent is in the hands of Company B. 15 percent is in the hands of Company C, and the remaining 5 percent is in teh hands of Company D. Based on these hypothetical numbers, Company B is the market ______.
* leader
* challenger
* follower
* nicher
* strategist

nicher

Cozy Country Market entered the candle market with a niche product: flamless candles. Cozy Country Market sold its new line for about twice what you would pay for candles from a chain gift shop such as Hallmark. The product was sold online and in unconventional outlets not dominated by the market leaders. in this case, CCM was using ______ against the market leaders.
* a direct attack
* an individual attack
* a leadership attack
* an indirect attack
* a frontal attack

an idirect attack

Which of the collowis is the best response a company can make to competitive threats?
* continuous innovation
* a frontal attack
* an indirect attack
* to find partners
* to ignore them

continuous innovation

The marketing team at The Grass Is Greener, a lawn care company, carefully tracks the moves of competing companies, watching for shifting strategies and new promotions. The marketing term is also in constant touch with customers, using surveys and other feedback methods to find out what kind of services customer value most. The Grass Is Greener is most accurately described as having a ______ orientation.
* market
* product
* customer
* competitor
* leadership

market

You are directed to study the actors close to the company that affect its ability to serve its customers-departments within the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. What are you studying?
* the macroenvironment
* the microenvironment
* the internal environment
* the marketing mix
* the global environment

the microenvironment

You are directed to study the demographic, economic, natural, technological, political, and cultural factors that are larger societal forces affecting your company. What are you studying?
* the macroenvironment
* the microenvironment
* the internal environment
* the marketing mix
* the global environment

the macroenvironment

Banks, credit companies, insurance companies, and other businesses that help finance transactions or insurance against the risks associated with the buying and selling of goods and services are referred to as ______.
* financial intermediaries
* physical distribution firms
* marketing services agencies
* resellers
* wholesalers

financial intermediaries

Percy Original caters to a market of indivisuals and households that buys goods and services for personal consumption. Percy original caters to a ______ market.
* business
* reseller
* government
* consumer
* marketing intermediary

consumer

Which type of market buys goods and services for further processing or for use in the production process?
* business
* reseller
* wholesale
* consumer
* retail

business

The three largest generational groups in America are the baby boomers, Generation X, and ______.
* seniors
* Millennials
* teens
* tweens
* toddlers

Millennials

Which demographic group is also referred to as the echo boomers?
* Generation X
* Millennials
* Generation Z
* baby boomers
* baby busters

Millennials

Large tween and teen markets belong to which demographic group?
* Generation X
* Millennials
* baby busters
* baby boomers
* Generation Z

Millennials

An increasing number of American workers currently work out of their homes with technological conveniences such as PCs, Internet access, and fax machines. These workers are referred to as the ______ market.
* micropolitan
* SOHO
* mobile
* independent
* contract

SOHO

Of the following, which ethnic minority is expected to be nearly 25% of the U.S. population by 2050?
* African Americans
* Asian Americans
* Hispanics
* Native Americans
* Arab Americans

Hispanics

The ______ environment consists of factors that affect consumer purchasing power and spending patterns.
* cultural
* political
* technological
* economic
* natural

economic

Many firms today use RFID technology to ______.
* identify new target markets
* analyze threats and opportunities in the macroenvironment
* move toward environmental sustainability
* track products through various points in the distribution channel
* track patterns of consumer online behavior

track products through various points in the distribution channel

Marketers should be aware of laws, government agencies, and pressure groups that influence or limit various organizations and individual in a given societ. This is most accurately described as the ______ envrionment.
* socio-legal
* cultural
* political
* legal-technological
* economic

political

The recent rash of business scandals and increased concerns about the envrionment have created fresh interest in the issues of ______ and _______.
* ethics; promotion responsibility
* ethics; social responsibility
* finances; employee discrimination
* management ethics; insider trading
* promotion; pricing

ethics; social responsibility

The primary concern for consumers with the boom in internet marketing is ______. * accessibility
* false advertising
* privacy
* sustainabilit
* social responsibility

privacy

A society's basic value, perceptions, preferences, and behaviors are all part of its ______ environment.
* social
* cultural
* political
* cultural-economic
* natural

cultural

A chain of travel agencies have identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be LEAST effective component of a marketing plan fo them to take advantage of this opportunity?
* develop a presence on LGBT-oriented social networking sites
* position the agency as focused on specialized experiences
* implement a mass marketing campaign
* place specially-targeted ads in gay-themed publications
* advertise on LOGO

implement a mass marketing campaign

A regional supermarket chain runs print, radio, and television advertisements announcing that 1% of each of its sales is donated to local after-school programs for underprivileged youth. This is an example of ______ marketing.
* cause-related
* generational
* sustainable
* tiered
* cultural

cause-related

Toyota's Prius was the first mass-produced hybrid vehicle, known for its fuel efficiency and environmental friendliness. The Prius was initially most likely marketed to which of the following groups?
* the SOHO market
* the LOHAS market
* the LGBT market
* the Asian American market
* the Millennials market

the LOHAS market

Which of the following best explains why Gen Xers who are parents tend to put family before career?
* Gen Xers were the first generation of latchkey kids.
* Gen Xers were minimally affected by the recent economic downturn
* Gen Xers are more skeptical about marketing that members of other generations are.
* Gen Xers are not as educated as members of other generations are
* Gen Xers do not face as many economic pressures as members of other generations do.

Gen Xers were the first generation of latchkey kids.

Marketing provides three (3) utilities to the consumers: ______, ______ and ______.

time; place; ownership

In 1960 Ted Levitt wrote the influential Harvard Business Review article "______ ______" which argued that most managers focused on the product and confused selling with marketing.

Marketing Myopia

Consumer satisfaction is defined as meeting of ______ customer ______.

exceeding; expectations

The 4 Ps

product, price, place (distribution), promotion

The 4 Cs

consumer solution, consumer cost, convenience, communication

A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. This is also called ______.

the promotion mix

Companies are doing less ______ and more ______ as a result of an explosion of more focused media that better match today's targeting strategies.

broadcasting; narrowcasting

Today, marketers are moving toward viewing communications as managing the ______ over time.

customer relationship

A consumer is reading a magazine with an advertisement, but is distracted from reading the advertisement or its key points. This unplanned static or distortion during the communication process is called ______.

noise

The AIDA model identifies the characteristics of an effective ______.

marketing message

A message showing a product's quality, economy, value, or performance is called a(n) ______ appeal

rational

Though the ______ model of setting an advertising budget is simple to use and helps management think about the relationships among promotion spending, selling price, and profit per unit, it wrongly views sales as the cause of promotion rather that the result

percentage-of-sales

Perhaps the most logical budget-setting method is the ______ method because it is based on spending necessary to accomplish specific promotion goals

objective-and-task

"Buy it now" is the message of ______.

publicity

Business-to-Consumer companies are more likely to emphasize a ______ promotion strategy, while business-to-business companies are more likely to emphasize a ______ promotion strategy

pull; push

Delia's is a clothing retailer that targets teenage girls. it runs coordinated promotions for is catalogs, web site, and retail outlets. It uses the same models in its catalog and in its print ads as well as on its Web site. Delia's works to make sure its public relations activities as well as its sales promotions harmonize with its advertising in all venues. From this information, you can infer that Delia's is using ______.

Integrated marketing communication

An example of a(n) ______ appeal is the Salvation Army appeal, "While you are trying to figure out what to get the man who has everything, don't forget the man who has nothing."

moral

A manufacturer os a variety of technological devices asked its marketing department to develop inexpensive methos of building and maintaining brand awareness and excitement. The marketing department then recruited consumers who were early adopters of technological devices to spread the word about the company's new products. This is an example of ______.

buzz marketing

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