MGMT 105 Ch. 1 Quiz

Which of the following describes the ultimate user of a good or​ service?

A.

Consumer

B.

Stakeholder

C.

Marketer

D.

Competitor

E.

Advertiser

Consumer

Which of the following terms is defined by the​ activity, set of​ institutions, and processes for​ creating, communicating,​ delivering, and exchanging offerings that have value for​ customers, clients,​ partners, and society at​ large?

A.

Marketing

B.

Advertising

C.

Promotion

D.

Consumer goods

E.

Distribution channel

Marketing

Which of the following is NOT one of the​ "Four Ps" of the marketing​ mix?

A.

Profit

B.

Product

C.

Promotion

D.

Price

E.

Place

Profit

A product can be all of the​ following, except​ a(n) _____.

A.

idea

B.

good

C.

service

D.

price

E.

place

price

​_____ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.

A.

Price

B.

Profit

C.

Place

D.

Product

E.

Promotion

Promotion

​_____ refers to the availability of the product to the customer at the desired time and location.

A.

Product

B.

Promotion

C.

Profit

D.

Place

E.

Price

Place

Intangible products that are paid for and​ used, but not owned are known as​ _____.

A.

advertisements

B.

services

C.

exchanges

D.

consumer goods

E.

ideas

services

Which of the following is NOT one of the four distinct eras in the evolution of​ marketing?

A.

Production Era

B.

Sales Era

C.

​Triple-Bottom-Line Era

D.

Relationship Era

E.

Social Media Era

Social Media Era

The​ _____ marketing concept states that marketers must satisfy​ customers' needs in ways that also benefit society while they still deliver a profit to the firm.

A.

quality

B.

financial

C.

environmental

D.

customer

E.

societal

societal

If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the​ world, that company is engaging in​ _____ marketing.

A.

accountability

B.

green

C.

branded content

D.

value proposition

E.

brandfest

green

ROMI is an acronym that stands for​ _____, and indicates how much value an​ organization's marketing activities create.

A.

return on marketing investment

B.

real operational marketing instructions

C.

realized operational metrics inbound

D.

realized operational​ mass-market investments

E.

return on monetary investment

return on marketing investment

Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in​ _____ marketing.

A.

annoyance

B.

social media

C.

green

D.

mobile

E.

traditional

mobile

When the Lego Movie was released to movie​ theaters, the intent was not necessarily to sell more​ Legos, but the firm did have a say in decisions about details of the movie. This is an example of​ _____ content.

A.

​consumer-generated

B.

production

C.

​business-to-business

D.

branded

E.

​user-generated

branded

A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as​ a(n) _____.

A.

absolute value

B.

value proposition

C.

accurate value

D.

value line

E.

value summation

value proposition

Which of the following is the formula for calculating the lifetime value of a​ customer?

A.

The amount a person will spend PLUS the cost to maintain the relationship

B.

The amount a person will spend TIMES the cost to maintain the relationship PLUS the profit generated

C.

The amount a person will spend TIMES the cost to maintain the relationship

D.

The amount a person will spend DIVIDED BY the cost to maintain the relationship

E.

The amount a person will spend MINUS the cost to maintain the relationship

The amount a person will spend MINUS the cost to maintain the relationship

An edge that a firm has over its competitors that allow it to have higher​ sales, higher​ profits, and more customers is known as​ _____.

A.

triple bottom line

B.

core competency

C.

higher advantage

D.

competitive advantage

E.

distinctive competency

competitive advantage

​Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of​ _____ competency.

A.

advantage

B.

managerial

C.

distinctive

D.

differential

E.

distribution

distinctive

Suppose a restaurant in a small community offers breakfast options​ 24-hours a​ day, however, none of the competition even offers breakfast options. This would be an example of​ a(n) _____ benefit.

A.

interpretive

B.

differential

C.

competition

D.

superior

E.

lifetime value

differential

The activities involved in​ designing, producing,​ marketing, delivering, and supporting any product is its​ _____.

A.

value chain

B.

marketing metrics

C.

distinctive competencies

D.

differentials

E.

life cycle

value chain

The concept that under the right​ circumstance, groups are smarter than the individuals in them is referred to as​ _____.

A.

anticonsumption

B.

folksonomy

C.

crowdsourcing

D.

wisdom of the crowds

E.

social networking

wisdom of the crowds

​_____ is the industry term for inventory and cash losses from shoplifting damage to​ merchandise, and employee theft.

A.

Crowdsourcing

B.

Addiction

C.

Folksonomy

D.

Shrinkage

E.

Anticonsumption

Shrinkage

A document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as​ a(n) _____ plan.

A.

marketing

B.

accounting

C.

operational

D.

human resources

E.

profit

marketing

If you own a small retail shop and you put ads in the local​ paper, put flyers on doors in every​ neighborhood, and buy billboards in the area so that you can reach as many potential consumers as​ possible, you are engaging in​ _____ marketing.

A.

segmented

B.

targeted

C.

specific

D.

niche

E.

mass

mass

A distinctive group of customers within a larger market who have some similarity but whose needs differ from other customers is known as a​ _____.

A.

market segment

B.

crowdsourced segment

C.

social network

D.

target market

E.

mass market

market segment

Why is it important to begin establishing your personal brand while you are still in​ college?

A.

A personal brand will help you determine what you want to do.

B.

A personal brand will eliminate the need for you to determine your value proposition.

C.

A personal brand will help you avoid job interviews that you may not be successful at.

D.

A personal brand will eliminate the need for lifelong learning and skill development.

E.

A personal brand will help you improve your communication skills.

A personal brand will help you determine what you want to do.