management exam 1

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executives for whom time is extremely important.

The Transition is a 19-foot, two-seater road able light-sport aircraft with an anticipated price of US $148,000. The most likely prospective customers for this flying car include

marketing

The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as

market

People with both the desire and ability to buy a specific offering are referred to as a

Which of the following statements about 3M's market research, prior to introducing the Post-it® Flag Highlighter is most accurate?

Windorski used focus groups, observed students' studying behavior, and even gave out trial Post-it® Flag Highlighters to students to try for a month.

needs; wants

A television advertisement shows several teenagers searching through the refrigerator for something to quench their thirst. The refrigerator offers the youngsters many alternatives—soft drinks, fruit drinks, sport drinks, and bottles of Sunny Delight drink. The ad, which shows the teens happily selecting Sunny Delight over all the other product offerings, appeals to the consumers' __________ for liquid and attempts to shape consumers' __________ for the advertised product.

Promotion

The ability to buy a soda from a vending machine demonstrates which element of the marketing mix?

place.

The element of the marketing mix demonstrated when a newspaper carrier throws a paper on the front porch is

Social

Many large consulting firms are beginning to sponsor "women-only" networking events. The purpose of these events is to offer an opportunity for women in management to network with other women, either clients ormentors or protégés. This is an example of what type of environmental force?

price.

The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is

environmental forces.

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

Relationship marketing refers to

the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.

form

The process of taking wool off sheep and using it to make soft sweaters shows how manufacturing can create

organization

A(n) __________ is a legal entity of people who share a common mission.

Business firm refers to

a privately owned organization that serves its customers to earn a profit so that it can survive.

Profit refers to

the money left over after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

An example of a nonprofit organization is

the American Red Cross

Strategy refers to

an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.

a social element to reflect moral or ethical ideals.

Although companies have long used mission statements to guide them in business, in recent years many companies have altered their mission statements to include

Which of the following statements regarding organizational foundation is most accurate?

An organization's foundation is its philosophical reason for being- why it exists- and rarely changes.

business

The clear, broad, underlying industry category or market sector of an organization's offering is referred to as

marketing metric

A measure of the quantitative value or trend of a marketing activity or result is referred to as a

marketing plan

A road map for the marketing activities of an organization for a specified future time period, such as one year or five years is referred to as a __________.

marketing dashboard

A(n) __________ is the visual display on a single computer screen of the essential information related to achieving a marketing objective

dogs

SBUs found in quadrant "D" (Figure 2-4) would be called

star

In 2007, Kodak introduced a line of digital picture frames that allowed consumers to upload, store, and view digital images; additional higher priced and more sophisticated elements were added to the line. By 2012, sales could approach 50 million units for market leader Kodak. According to the BCG matrix, this SBU is a

situation analysis

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's plans and the external factors and trends affecting it is referred to as

Marketing program

At which step of the planning stage of the strategic marketing process does a firm develop its marketing mix?

strategy

A marketing __________ is defined as the means by which a marketing goal is to be achieved. It is characterized by a specified target market and the marketing program to reach it.

implementation phase.

The second phase of the strategic marketing process is the

Marketing strategy refers to

the means by which a marketing goals is to be achieved, usually characterized by a specified target market and a marketing program to reach it.

economic

A sudden drop in the average consumer income would be an example of which environmental factor?

regulatory

The Lemon Tree is a high-fashion boutique selling top-of-the-line women's clothing and accessories. The keys to its success include knowing the customers' changing tastes and providing something different from other retailers. In addition, because of the high value of the merchandise, The Lemon Tree's management is exploring the use of computerized inventory controls and sales order processing. From this description, one can infer that the
environmental category of least importance to The Lemon Tree, at this particular time, would be

"Geo-enthusiast" refers to

people who use information about their location to be more social.

economic

From the start of the war on terrorism, over $200 billion has been spent on the war effort in Iraq. According to an environmental scan of the United States, this military expenditure is an example of a change in __________ forces

The most recent estimates indicate that the population of the world is

growing

exurbs

Remote suburbs are called

373 million

By 2030 the U.S. population is expected to exceed

a reaction to a loss of discretionary income.

Last year the Parker family used to eat at nice restaurants almost four times a week. Even though Mr. Parker got a 5% raise, the cost of living increase this year was 7%. As a result the family eats most of their meals at home, dining out only four times a month. This reflects

economic

Policy makers at the Fed believe it takes a far bigger swing in unemployment to affect inflation than it did 25 years ago. Now, when inflation fluctuates, they are more likely to blame other factors such as the price of oil. This is an example of a (n) __________ environmental force

disposable income

The money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation is referred to as

technology

Inventions or innovations from applied science or engineering research are referred to as

extranets

Companies often use Internet-based technologies called __________ to communicate with its distributors, resellers, and other partners

precycling.

Efforts by manufacturers to reduce waste by decreasing the amount of packaging they use are termed

Competition refers to

alternative firms that could provide a product to satisfy a specific market's needs target markets.

monopolistic competition.

Paul Avery is a salesperson at the only Ford automobile dealership in Wausau, Wisconsin. However, there are several other auto dealerships in town, offering both domestic and foreign cars and trucks. Paul works hard to keep his customers satisfied because he knows that if his customers are unhappy, they can simply buy a car from one of the many other comparable dealers in Wausau. This is an example of

oligopoly

Boeing, United Technologies, and Lockheed Martin control the U.S. defense contractor industry. The defense contractor industry is an example of a(n)

regulatory

In 1998, F. Hoffman-LaRoche Ltd. and BASF AG, two international pharmaceutical companies, were ordered to pay $725 million in fines for plotting to raise and fix prices of vitamins used in virtually every home in the U.S. This is an example of how __________ forces affect the marketing environment

The purpose of patent law is to

give inventors the right to exclude others from making, using, or selling products that infringe the patented invention.

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