When a firm can provide product or service that is unique and valuable to buyers but not necessarily at a lower price than the competitor’s, it can be BEST described as having
When a firm can provide product or service that is unique and valuable to buyers but not necessarily at a lower price than the competitor’s, it can be BEST described as having ____________________.
cost competitive advantage
niche competitive advantage
sustainable competitive advantage
differentiation competitive advantage
QUESTION 2
________________ is the legal process whereby a company allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.
Turnkey management
Licensing
Direct foreign investment
Contract exportation
QUESTION 3
Which of the marketing management strategies conveys that organizations exist and meet their social and financial objectives only when they are able to satisfy customer wants and needs?
Sales orientation
Societal marketing orientation
Production orientation
Market orientation
QUESTION 4
In reference to the portfolio matrix, how can a firm turn its SBU that is classified as a question mark into a star?
Increase investment in this SBU to capture larger market share
Decrease investment in this SBU to cut costs
Maintain this SBU’s market share while reducing production costs
Reposition this SBU’s products for a niche market
QUESTION 5
A target market can be BEST described as ________________________.
A group of consumers currently served by the firm and is the target of competitors to capture
The geographical location where a firm decides to shape the external environment within which it operates
A defined group of consumers who have some similar characteristics and are most likely to buy a firm’s product or service
A group of customers who buy the firm’s product or service similarly at the frequency targeted by the firm
QUESTION 6
Which is NOT a characteristic of demand in the business market?
Fluctuating demand
Elastic demand
Joint demand
Derived demand
QUESTION 7
Which of the following is NOT in line with the marketing concept?
Quality sales force can push the organization’s product(s) onto the final buyers resulting in increase in sales volume and high profits.
All the organization’s activities and functions should work together toward the common goal of satisfying customer needs and wants.
Focus placed on customer wants and needs can help the organization distinguish its product(s) from competitors’ offerings.
The organization’s long term goals can be achieved by satisfying customer needs and wants legally and responsibly.
QUESTION 8
When an advertisement is used to get consumers to recognize an imbalance between their present status and their preferred state, the marketing manager is trying to address which stage of the consumer decision-making process?
Need recognition
Evaluation of alternatives
Postpurchase behavior
Information search
QUESTION 9
__________________ is the process of dividing a market into meaningful, relatively similar, and identifiable groups.
Market penetration
Market analysis
Market segmentation
Environmental scanning
QUESTION 10
When personalities are being used to segment the market, this refers to what type of segmentation?
Geodemographic segmentation
Demographic segmentation
Geneographic segmentation
Psychographic segmentation
QUESTION 11
A situation analysis or SWOT analysis allows the company to ________________________.
place less importance on the current and potential environment that the product or service will be marketed in
evaluate its competitors’ strengths and weaknesses
skip the process of environmental scanning
identify its internal strengths and weaknesses and to examine external opportunities and threats
QUESTION 12
1. A firm’s code of ethics should be based strictly on legal standards to provide clear guideline and rules for managers and employees to make decisions ethically.
True
False
2 points
QUESTION 13
1. In evaluating an evoked set of alternative products, the consumer only relies on internal information to make the final purchase decision.
True
False
QUESTION 14
Which is an example of nonmarketing-controlled information source?
Company websites
Consumer blogs
Super Bowl commercials
Newspaper advertisements
QUESTION 15
Which is considered a social factor within the external environment that requires adjustment to a firm’s marketing mix?
Use of credit cards for online purchasing has raised the protection of privacy and financial security issues.
Generation Y consumers were born in the age of technology thus they are tech-savvy.
Women have become more independent, having good career and busy lifestyle.
Current recession and high unemployment diminish the American purchasing power.
QUESTION 16
Which of the following includes the BEST set of elements that would help to develop a good marketing plan?
Situation or SWOT analysis, objectives, identification of target market(s), budgets, and implementation timetables Business mission statement,
situation or SWOT analysis, budgets, identification of target market(s), and appropriate marketing mix Objectives,
situation or SWOT analysis, appropriate marketing mix, budgets, and implementation timetables Business mission statement,
situation or SWOT analysis, objectives, identification of target market(s), and appropriate marketing mix
QUESTION 17 The company’s mission statement should ________________ .
be permanent and clearly states how the company can satisfy the needs of its customers and by what specific products or services
be stated in the broadest sense and as general as possible to avoid marketing myopia
be based on careful analyses of benefits sought by present and potential customers as well as existing and anticipated environment condition
focus primarily on the goods or services offered by the company
QUESTION 18
Business marketers form strategic alliances to strengthen operations and better compete. Which is NOT a form of strategic alliances?
Licensing agreement
Joint ventures
Reintermediation
Research and development consortia
QUESTION 19
Which is NOT true?
Even in the domestic market, toughest competition for a U.S. firm usually comes from foreign companies.
Having a global vision allows managers to recognize and effectively respond to international marketing opportunities and threats.
Targeting markets throughout the world has become an imperative for business.
Geographical limitations and political barriers have become more important than ever in marketing products and services.
QUESTION 20
In foreign markets, global marketing mix generally requires adaptations to product and pricing strategies. On the other hand, promotion and place (distribution) strategies should be the same as in the home market to maintain the firm’s position and its product’s image.
True
False
QUESTION 21
Which is unlikely a motivation for companies to “go global”?
Common access to foreign market information
Saturated domestic markets
Excess production capacity
Potential for economies of scale
QUESTION 22
Which is TRUE?
As rights of private property increase in a nation, government-owned industries and centralized planning in that nation tend to decrease.
Legal considerations in a nation tend to be unrelated to its political environment.
Because of lower cost of living in less developed nations, consumers tend to have more purchasing power.
Nations having the least business regulation tend to have the weakest economies.
QUESTION 23
Which is NOT true?
Business customers tend to be much less geographically concentrated than consumers.
Business marketers tend to have far fewer customers than consumer marketers.
Unlike consumers, business buyers usually approach purchasing rather formally.
Typically, more people are involved in a single business purchase decision than in a consumer purchase.
QUESTION 24
Markets around the world have become standardized; therefore, local cultures are irrelevant to global marketers.
True
False
QUESTION 25
“I would never be caught dead driving a van! I’m more of a hip, classy kind of guy. That’s why a sport BMW is right for me.” What individual influence is MOST prevalent to this person’s buying decision?
Age
Family life-cycle
Self-concept
Gender
QUESTION 26 Which BEST describes a market segment?
A subgroup of people who have product needs and the ability and willingness to buy
A subgroup of people or organizations with dissimilar characteristics and therefore having varying product needs.
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
A subgroup of people who share one or more characteristics but have varying needs for different products.
QUESTION 27
Which is NOT true?
A consumer will mostly engage in internal information search for extensive decision making because the decision is highly personal.
High level of involvement generally leads to extensive decision making.
When a consumer has used the product before but is not familiar with the current brands available, he/she will likely engage in limited decision making.
Frequently bought and low-cost products are generally linked to routine response behavior.
QUESTION 28
. When an organization concerns with not only to satisfy customer wants and needs while meeting its objectives, but also to preserve or enhance individuals’ and society’s long-term best interests, we can say that the organization adopts which of the marketing management philosophies?
Societal marketing orientation
Market orientation
Production orientation
Sales orientation
QUESTION 29
Which of the following about marketing mix is NOT correct?
Successful marketing mix requires all its components be blended to achieve optimal results.
Successful marketing mix includes strategies that have been carefully designed to satisfy general consumers.
Marketing mix should be designed to produce mutually satisfying exchanges with a target market.
Marketing mix is made up of product, place (distribution), promotion, and pricing strategies.
QUESTION 30
Of the four major categories of business customers, which constitutes the largest single market for goods and services?
Producers
Governments
Institutions
Resellers
QUESTION 31
When a firm uses an undifferentiated targeting strategy, it assumes that ________________________.
Individual customers have similar needs
Competition in the market is high
The market should be broken down into various segments
A common marketing mix is ineffective
QUESTION 32
Good marketing objectives should have the following characteristics,
EXCEPT Realistic
Non-specific to time
Measurable
Compared to a benchmark
QUESTION 33
A set of unique features of a company and its products that the target market perceives as important and superior to the competition is ________________________.
an experience curve
an industry’s benchmark
a value-added offer
a competitive advantage
QUESTION 34
In implementing ______________________ strategy, a firm may use aggressive advertising and promotional discount coupons to increase sales and market share among existing customers. diversification
market penetration
retrenchment
market development
QUESTION 35
The ultimate goal of most market-oriented organizations is to make profit by doing the following,
EXCEPT Providing customer satisfaction
Creating customer value
Developing long-term relationships with customers
Focusing on selling what the organization makes to all types of customers
QUESTION 36
A company using family life-cycle stage to segment the market refers to what type of segmentation? Psychographic segmentation
Demographic segmentation
Geodemographic segmentation
Geneographic segmentation
QUESTION 37
Relating to usage-rate segmentation, what does the 80/20 principle imply?
It implies that 80% of the consumers in the targeted market should be the aim for any company to capture, while the remaining 20% can be ignored.
It implies that heavy users of the company’s product make up only a small percentage of all users but contribute to the largest percentage of the company’s revenues.
It implies the light users who make up a small percentage of all users can be turned into heavy users 80% of the time.
It implies that 80% of the company’s product users generally require promotional effort that is equal to 20% of the revenue.
QUESTION 38 __________ are the driving forces that cause a person to take action to satisfy specific needs.
Perceptions
Attitudes
Beliefs
Motives
QUESTION 39
Which of the following about “Marketing” is NOT correct?
Marketing is more than just selling goods, services, and/or ideas but also delivering value and benefits to customers.
Marketing involves building long-term relationship that is mutually rewarding and benefits all parties concerned.
Marketing is 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.
Marketing activities should be assigned exclusively to the marketing department.
QUESTION 40 1.
Television commercials that use famous celebrities to represent the companies’ products aim to influence consumers with the power of __________________________.
Secondary membership groups
Aspirational reference groups
Primary membership groups
Dissociative reference groups
QUESTION 41
Which of the marketing management strategies focuses on what the firm can best produce or offer as service and generally ignores the desires and needs of the consumers?
Sales orientation
Societal marketing orientation
Market orientation
Production orientation
QUESTION 42
__________________ is a strategy used by some firms to distinguish their products from those of competitors.
Reintermediation
Cannibalization
Product mapping
Product differentiation
QUESTION 43
Which is considered business marketing?
Company G sells its shoes through Ebay website.
Company A sells health insurance to an individual working in company B.
Company K sells tires to Ford for the manufacture of new line of trucks.
Company T’s sales force sells encyclopedias using house visits or door-to-door approach.
QUESTION 44
Which is NOT one of the criteria in producing useful market segments?
Members of the targeted segments must be accessible by the firm with customized marketing mixes.
One market segment should not respond to a marketing mix differently than other segments.
Segments must be identifiable and their size measurable.
A segment must be large enough to make developing and maintaining a special marketing mix worthwhile.
QUESTION 45
__________________ refers to developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general.
Self-image
Positioning
Segmenting
Perceptual mapping
QUESTION 46
Which is NOT true?
Internet disintermediation allows companies to sell directly to business buyers.
An intermediary between producers and buyers still plays significant role in business to business commerce.
Companies selling to business buyers face the same challenges as all marketers.
Despite the Internet, business to business commerce is still behind in using this technology.
QUESTION 47
Marketing research is the process of planning, collecting, and analyzing data relevant to a marketing decision. Which is NOT a role of marketing research?
Predictive
Diagnostic
Descriptive
Legislative
QUESTION 48
At a small mid-Western company, Mary works as the company president’s secretary. She determines which vendors get an appointment with the president to present sales proposals. What role does Mary play in the business purchase process?
Influencer
Decider
Initiator
Gatekeeper
QUESTION 49
Followings are the impact of globalization, EXCEPT
Encouraging monopoly of inefficient and protected domestic producers
Offering access to foreign capital and global export markets
Improving productivity and living standards of people in many countries
Sharing of advanced technology as well as labor and environmental standards
QUESTION 50
Which of the following is NOT a characteristic of Strategic Planning?
Its primary goal is to maximize short-term profitability and achieve instant growth.
It results in strategic decisions that require long-term commitment of resources.
It is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and changing market opportunities.
Its failure can be detrimental to the organization’s survival.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
