Marketing Management: Marketing 525 Quiz 1 Flashcards

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Marketing Management
Chapters 1, 2
marketing management, business & economics, marketing
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The _____ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).

a) tertiary activities
b) primary activities
c) secondary activities
d) operations processes
e) manufacturing processes

b) primary activities


During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ____ markets.

a) demographic
b) developing
c) capital
d) target
e) tertiary

d) target


Once Starbucks established its presence in thousands of cities internationally, the company sought to increase the number of purchases by existing customers with a _____ strategy that led to new in-store merchandise, including compilation CDs and high-speed wireless access.

a) product development
b) conglomerate
c) market-development
d) market-penetration
e) diversification

a) product-development


The ______ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization's products.

a) selling
b) holistic marketing
c) product
d) marketing
e) production

a) selling


Rick Johnson trains his company's sales force to target the consumer. He repeatedly asks his team to bear in mind the fact that it is the sales team's responsibility to rouse the consumer's interest and make the consumer feel that he or she needs the product. A true salesman is one who can convert an indifferent consumer walking into the store into a new customer. Johnson believes in the _____ concept.

a) marketing
b) selling
c) product
d) production
e) social responsibility

b) selling


P&G sells cosmetics, laundry detergent, and products like Pringles to the ____ market by establishing strong brand images, developing superior products, ensuring their availability, and backing them with engaging communications and reliable performance.

a) business
b) governmental
c) nonprofit
d) consumer
e) global

d) consumer


Holistic marketing incorporates ______ marketing, an understanding of broader concerns in the ethical, environmental, legal, and social context of marketing activities.

a) integrated
b) relationship
c) internal
d) social responsibility
e) cultural

d) social responsibility


A strategic-planning gap can be corrected by _______.

a) adjusting its core values
b) increasing resource use
c) choosing integrative growth strategies
d) changing the company's mission
e) redefining organizational culture

c) choosing integrative growth strategies


When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) _________.

a) need
b) latent demand
c) want
d) unstated need
e) demand

c) want


Which of the following is true of business markets?

a) Buyers are usually not skilled at comparing competitive product offerings.
b) Products sold in such markets are usually highly standardized.
c) Property rights, language, culture, and local laws are the most important concerns.
d) Buyers have limited purchasing power.
e) Business buyers purchase goods to make or resell a product to others at a profit.

e) Business buyers purchase goods to make or resell a product to others at a profit.


While viewing businesses in terms of customer needs can suggest additional growth opportunities, a ________ definition tends to focus on selling a product or service to a current market.

a) strategic market
b) cognitive
c) product
d) tactical
e) target market

e) target market


The first step in the business unit strategic-planning process deals with which of the following?

a) execute programs
b) implement strategies
c) formulate goals
d) conduct SWOT analysis
e) define business mission

e) define business mission


The drugstore chain CVS uses loyalty-card data to better understand what consumers purchase, the frequency of store visits, and other buying preferences, which is associated with which technology-enhanced company capability?

a) Companies can improve cost efficiency.
b) Companies can reach consumers quickly and efficiently via social media and mobile marketing sending targeted ads, coupons, and information.
c) Companies can improve purchasing, recruiting, and internal and external communications.
d) Companies can collect fuller and richer information about markets, customers, prospects, and competitors.
e) Companies can use the internet as a powerful sales channel.

d) Companies can collect fuller and richer information about markets, customers, prospects, and competitors.


The marketing plan, the central instrument for directing and coordinating the marketing effort of a company, operates at the _____ levels.

a) corporate and operational
b) corporate and division
c) functional and operational
d) customer and expenditure
e) strategic and tactical

e) strategic and tactical


Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles, especially senior management?

a) integrated marketing
b) relationship marketing
c) internal marketing
d) performance marketing
e) network marketing

c) internal marketing


How does a marketing plan affect relationships?

a) It influences how marketing staff work with each other.
b) It influences how marketing staff work with other departments.
c) It affects how the company works with suppliers.
d) It influences the company's dealings with other stakeholders.
e) All of these

e) All of these


When Volvo runs ads suggesting that its cars are the safest that money can buy, it is trying to ______.

a) provide a service.
b) position its product
c) develop brand loyalty
d) segment the market
e) enter a new market

b) position its product


During Jill's market research study, many customers indicated that traditional oven mitts made it very difficult to hold baking dishes, resulting in frequent spills. Jill brought her findings to the research department, and her company leveraged its engineering and design competencies to develop a new handheld hotpad that allows for significantly greater dexterity in handling hot cooking implements, while protecting the cook from burns. This is an example of the ______ element of the holistic marketing framework.

a) value creation
b) value networking
c) integrated marketing
d) negative demand
e) value focus

a) value creation


A ______ has three characteristics: (1) a source of competitive advantage making a significant contribution to perceived customer benefits; (2) has applications in a wide variety of markets; and (3) is difficult to imitate.

a) corporate social responsibility effort
b) philanthropic endeavor
c) core competency
d) strategic business unit
e) market sensing process

c) core competency


Companies address needs by putting forth a _______, a set of benefits that they offer to customers to satisfy their needs.

a) brand
b) value proposition
c) deal
d) marketing plan
e) demand

b) value proposition