MKT quizzes 1-4

A customer's desire for a product coupled with the buying power or resources to obtain that product is called ________.

benefit

service

need

utility

demand

demand

When a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown, ________ utility occurs.

place

price

form

possession

time

form

The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers.

sharing economy

marketplace

value proposition

marketing mix

market position

marketing mix

Which of the following is NOT one of the four Ps of marketing?

place

profit

product

price

promotion

profit

Companies placing a priority on sustainability are likely to have a ________ orientation.

triple-bottom-line

customer

production

TQM

selling

triple-bottom-line

Which of the following is the market entry strategy that avoids the difficulties of producing some products in other countries and may limit growth opportunities?

licensing

direct investment

franchising

exporting

joint venture

exporting

A straight extension strategy reflects product ________.

expropriation

ethnocentrism

nationalization

localization

standardization

standardization

Which of the following is the first step a firm should take when deciding whether or not to go global?

Select a market-entry strategy that fits the firm's desired level of commitment.

Analyze whether it is in the firm's best interest to focus on the domestic market or to expand to international markets.

Identify the most attractive global markets for the firm's products.

Develop marketing mix strategies for foreign markets.

Identify potential partners in international markets.

Analyze whether it is in the firm's best interest to focus on the domestic market or to expand to international markets

Marketers need to understand the ________ environment of a country from two perspectives: the overall level of development of a country and the current stage of its business cycle.

technological

natural

political and legal

sociocultural

economic

economic

________ income is the amount of money an individual has left to spend after paying for necessities such as housing, utilities, food, and clothing.

Gross product

Per capita

Inflationary

Discretionary

Standard of living

Discretionary

The three levels of business planning are ________.

portfolio, strategic, and functional

managerial, operational, and promotional

operational, functional, and tactical

strategic, functional, and operational

SWOT, strategic, and tactical

strategic, functional, and operational

________ is the managerial decision process that matches the organization's resources and capabilities to its market opportunities for long-term growth.

Portfolio analysis

Operational planning

SWOT analysis

Budgeting

Strategic planning

Strategic planning

Market planning is a type of ________.

financial planning

functional planning

day-to-day planning

independent planning

strategic planning

functional planning

Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that markets booklets. Each business is called a ________.

cash cow

star

business portfolio

separate entity

strategic business unit (SBU)

strategic business unit (SBU)

A formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its products, resources, and customers is a(n) ________.

strategic plan

situation analysis

mission statement

market plan

vision statement

mission statement

Analysis of a firm's internal environment identifies the firm's ________.

strengths and opportunities

weaknesses and threats

strengths and weaknesses

opportunities and threats

strengths and threats

strengths and weaknesses

The growth-market share matrix developed by the Boston Consulting Group (BCG) is a type of ________.

SWOT analysis

portfolio analysis

compatibility assessment

situational analysis

value chain

portfolio analysis

A growth strategy that attracts users of competitive brands is called a ________ strategy.

diversification

market development

market penetration

product development

product penetration

market penetration

In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives.

situation analyses

marketing controls

market development strategies

marketing objectives

strategic plans

marketing objectives

________ is the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness.

Market research

Marketing management

Internal marketing

Competitive intelligence

Market intelligence

Market research

A survey questioned men and women to determine how each group felt about low-fat foods advertised on television. The results from male and female respondents were examined separately to see if their responses were different. The research results were analyzed using ________.

projective techniques

ethnographic techniques

single-source data methods

standard correlation calculations

cross-tabulation

cross-tabulation

Nielsen compiles ratings of television shows and then sells the information to other firms. Nielsen conducts ________.

case study research

exploratory research

custom research

syndicated research

ethnographic research

syndicated research

________ is research a single firm conducts to provide answers to specific questions.

Longitudinal research

Customer insight research

Institutional research

Syndicated research

Custom research

custom research

A firm's sales records including back-orders, out of stock items, and customer buying history are examples of ________.

internal company data

marketing intelligence

marketing research

external primary data

acquired data points

internal company data

Which of the following best explains the difference between data and information?

Data is more structured and organized than information.

Data is created from the transformation of information.

Data is interpreted information.

Information needs to be processed to be useful, but data is useful without being processed.

Information is more structured and organized than data.

Information is more structured and organized than data.

Data that have been collected for some other purpose than to answer the question at hand are called ________.

mined data

ethnographic data

secondary data

primary data

experimental data

secondary data

Which of the following is gathered directly from respondents in order to specifically address a question at hand?

internal data

ethnographic observations

experimental hypotheses

primary data

secondary data

primary data

Descriptive research using a ________ design tracks the responses of the same sample of respondents over time.

cross-sectional

hierarchical

latitudinal

longitudinal

cause-and-effect

longitudinal

The two main types of samples used by researchers are ________.

static and dynamic

probability and nonprobability

valid and invalid

reliable and nonreliable

longitudinal and cross-sectional

probability and nonprobability