Find study materials for any course. Check these out:
Browse by school
Make your own
To login with Google, please enable popups
To login with Google, please enable popups
Don’t have an account?
To signup with Google, please enable popups
To signup with Google, please enable popups
Sign up withor
All of the following are necessary for exchange to occur EXCEPT:
each party signs a contract before exchange occurs
A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation.
StoryBlox creates and markets handmade wooden toys, which it sells to retailers in the Midwest. The company’s management believes its retail customers will stock more toys if its salespeople use aggressive marketing techniques, so the company provides strong incentives for salespeople and promotional allowances to resellers to get distribution for its toys. In other words, the company has a _____ orientation.
Western Union failed to define its competitive arena as telecommunications, concentrating instead on telegraph services, and was eventually outflanked by fax technology. Had Western Union been a _____-oriented company, its management might have better understood the changes taking place and developed strategies to counter the threat.
A homeowner called Handyman Direct to replace a noisy bathroom exhaust fan. When the repairman arrived at the home and examined the fan, he convinced the homeowner that the fan simply needed to be cleaned and oiled rather than replaced. This would fix the problem better than replacing the fan—with less trouble and less expense. This sort of discussion between employees and customers is commonplace at Handyman Direct and indicates the business has a(n) _____ orientation.
Companies that rely on the marketing concept and that have implemented a market orientation strategy recognize that:
A company adhering to the marketing concept will likely take which of the following steps if it learned that its customers were dissatisfied with its product?
The marketing concept involves:
focusing on customers’ wants and needs so that the organization can distinguish its product (or products) from competitors’ products.
do all of the activities listed.
After hearing his company criticized for its failure to respond to consumer needs, the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy. Which of the following actions would be the best approach in achieving this goal?
Life is good® developed the “Good Karma” line of environmentally friendly 100% organic cotton apparel. The production of the Good Karma line is consistent with a _____ orientation.
The U.S. Postal Service (USPS) argues that its express service is comparable to what is offered by FedEx and that its prices are much lower. Yet, FedEx dominates with more than a 45 percent share of the express-delivery market. Which of the following statements describes this situation?
FedEx is perceived as offering greater customer value.
Marketers interested in offering customer value can:
offer products that perform.
give the consumer facts.
offer organization-wide commitment to service and after-the-sale support.
avoid unrealistic pricing.
The Ritz-Carlton has Service Values that guide employees in providing its Gold Standard service. One of the service values states, “I own and immediately resolve guest problems.” The Ritz-Carlton management uses _____ to provide customer service.
_____ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
A subgroup of a single business or a collection of related businesses within the larger organization is called a(n):
_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.
Russell Athletic, which is part of Berkshire Hathaway, Inc., is a market leader in sports apparel, an industry that is growing rapidly. Russell Athletic is an example of a(n) _____ according to the portfolio matrix.
Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed their mission, defined objectives for the bank for the coming years, and shared who their target market is. He talked about their product offerings and where their future branches would be located. Earl is sharing the bank’s:
The annual report of Albertson’s grocery has the following statement: “Guided by relentless focus on our five imperatives, we will constantly strive to implement the critical initiatives required to achieve our vision. In doing this, we will deliver operational excellence in every corner of the Company and meet or exceed our commitments to the many constituencies we serve. All of our long-term strategies and short-term actions will be molded by a set of core values that are shared by each and every associate.” This statement is an example of Albertson’s:
Tub King is a small company that refinishes antique claw foot bathtubs and antique sinks, and provides training for bathtub refinishing. The company’s management is currently conducting a formal study of its current strengths and weaknesses by looking at the company’s profit and sales histories and searching for opportunities and threats by studying consumer trends. Tub King is conducting a(n):
After learning that many of their customers were shopping at a nearby health-food store for free-range chickens and organic produce, IGA grocery stores began stocking more organic items. IGA adjusted its market strategy based on:
Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes with emphasis on low-priced, private label brands. Aldi stores are typically about one-third the size of the traditional supermarket. By controlling expenses, Aldi enables its customers to save 30 to 50 percent compared to Kroger customers. The chain targets bargain hunters who are willing to rent a cart and bag their own groceries. Aldi has a:
LaRosa’s is a popular and successful Italian restaurant chain located in the Cincinnati, Ohio area. It is found only in the “tri-state area” of southwestern Ohio, northern Kentucky, and southeastern Indiana. For over 50 years, this strategy has given the restaurant a:
niche competitive advantage.
iTunes has a(n) _____, as they have exclusive agreements with some of the most sought after music corporations that other digital music stores do not have.
Lands’ End guarantees its products for as long as you own them. The company would seem most concerned with which element of the marketing mix?
Making sure products are available when and where customers want them is the job of which element of the marketing mix?
All of the statements describe ethics:
Ethics are the moral principles or values that generally govern the conduct of an individual.
Ethics is the standard of behavior by which conduct is judged.
Morals are a foundation for ethical behavior.
Ethical values are situation specific and time oriented.
Hallie is a calculating, self-centered salesperson. She never engages in relationship marketing. She looks on any sales situation as a “win–lose” situation, and she believes any legal method she can use is justified when she wins. Hallie is most likely at the _____ stage of ethical development.
When a company engages in _____, it is implementing strategies that attempt to shape the external environment within which it operates.
Many people in the United States choose to drink light beer because they value thin and fit bodies. In Europe, light beers have had little success because flavor is valued more highly. For international beer manufacturers, this difference illustrates how _____ influence(s) marketing.
Lance is a 30-year-old, single professional who enjoys hiking, college sports, and poetry. He lives with his girlfriend but does not have plans to get married in the near future. He leads a life much different from his father, who married right after high school, had children, and worked for the same company his entire career. More and more in the U.S. consumers like Lance are enjoying _____, piecing together a variety of interests, products, and services instead of conforming to traditional stereotypes.
According to the Natural Marketing Institute, all of the following are likely consumer trends over the next ten years EXCEPT:
The growth of dual-income families has resulted in:
increased purchasing power
Zimmer-Centerpulse is the world’s largest producer of replacement hips and knees for orthopedic surgery. They are particularly interested in marketing in the southwestern United States, where a large aging population lives. Which external environmental element most directly explains its continued growth?
A company that specializes in planning and organizing large family reunions has hired you to identify a target ethnic market. Which market would be ideal?
Which demographic category represents the lowest percentage of the U.S. population, but has the highest average family income?
Shabby Chic fashion boutique has responded to economic trends by placing an emphasis on improving the quality of merchandise it offers, improving customer service, and reducing its cost of goods sold because consumers are not shopping as much as they used to due to lower purchasing power. Shabby Chic is apparently dealing with which level of economic activity?
Many people drink bottled water today, but one national brand of bottled water was not “spring-fresh” as advertised. The water actually came from a well located in the middle of an industrial warehouse facility and next to an industrial waste site. To which organization should the consumers who thought the advertising for the bottled water was misleading complain?
Over the years Cadillac has become to be thought of as “your grandparent’s car.” The new Cadillac ads showing a beautiful young woman driving a Cadillac along with the statement, “When you turn your car on, does it turn you on?” This is an example of marketing designed to help _____ Cadillac as a car for today’s younger driver.
Everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans is referred to as:
Soon after the Chenault Military Museum expanded its hours and began charging a small fee to pay for the extra help needed to keep it open longer, attendance decreased. To determine why this decrease in attendance occurred, the museum staff could rely on:
Information collected for the first time for the purpose of solving a particular problem under investigation is called _____ data.
Your supervisor has instructed you to conduct a marketing research effort that will determine how your company’s business customer demographics have changed. You have also been instructed to use primary data. You will:
One segment of the business market has primary goals that differ from the ordinary business goals such as profit, market share, or return on investment. This segment includes many schools, churches, and civic clubs. Which business market is this?
A _____ is a group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products.
Home Cookin’ Catering would like to improve customer satisfaction and increase repeat business. When you ask the owners to describe a typical customer, they say it is impossible and explain that with corporate functions, family affairs, and fund-raisers, they do not have a typical customer. You suggest it is time for market segmentation because:
it will enable them to build an accurate description of customer needs by group and to design a marketing mix to fit each segment
Military Spouses is the only publication in the world that targets readers who are “married to the military.” Its content reflects the unique set of challenges, hardships, and rewards to those whose spouses are in the military. The marital status that has been used to distinguish the market for this magazine is an example of a(n):
While most marketing to Generation Y tries so hard to be hip that it borders on parody, Vans has kept the decades-old brand real and vital for Gen Yers. Marketing programs the footwear manufacturer uses to reach Gen Yers include the Vans Skate Parks, which operate in malls around the country; the wildly successful Vans Warped Tour for alternative music; and the Vans Triple Crown, the brand’s answer to the X Games. The segmentation plan used by Vans relies heavily on _____ segmentation.
Which of the following products would most likely require the purchaser to use only an internal information search?
Andrea just purchased a trip to Jamaica as a present to her husband for their tenth wedding anniversary. Andrea is anxious about the trip, afraid Bill will not like her choice of location and worried she spent too much money. Andrea is experiencing:
Andersen Electronics is currently engrossed in its first estimations of costs and revenues for a new amusement park video skill game. This firm is engaged in a new-product business analysis.
Heterogeneity of services means the quality of a service may not be consistent.
Hotels will often offer deep discounts on weekends and during the off-season; for the same reason, airlines will adopt a similar pricing strategy during off-peak hours. These services cannot be stored, warehoused, or inventoried because they are perishable.
When discussing customer-oriented service industries, you will often hear channel members discussing the need to minimize wait times.
Unsought products typically are products that:
There are a number of toothpastes marketed under the Crest brand, including Cavity Protection Crest, Pro-Health Sensitive Shield Crest, Baking Soda Crest, Tartar Protection Crest, and Crest for Kids. This is an example of Crest’s:
product line depth.
Sherwin-Williams’ Dutch Boy paint has packaging that is getting rave reviews. The new Twist & Pour paint is packaged in an all-plastic gallon container with an easy twist-off lid, comfortable side handle, and even a pouring spout. There’s no other paint product like it on the market. This innovative packaging was most likely designed for which of the following functions?
After the research team at Nabisco had generated more than two dozen new-product ideas for a substitute for partially hydrogenated oils that tastes the same but has zero trans fat, the company formed a committee to analyze whether the product ideas were consistent with the organization’s new-product strategy. This is called:
During the _____ stage of the new-product development process, production starts, inventories are built up, the product is shipped to distribution points, the sales force is trained, and advertising and promotion begin.
Joaquin didn’t buy a netbook computer when they first came out, but he did purchase one a year after they were introduced to the market. He is very active in his church and local arts council, and many of his friends asked him which brand to buy when they were considering purchasing a netbook. Joaquin is best described as a(n):
If a customer expects to wait three hours for an auto repair but the repair is finished just one hour later, the customer’s evaluation of service quality will be high. However, a two day wait would result in a lower evaluation. The two day wait would illustrate a gap between:
the service customers receive and the service they want.
Peachtree Windows does not make a window until an order is received. It can promise delivery in five working days because of the excellent relationships it has established with its suppliers. The partnering relationship that Peachtree Windows has established with its suppliers indicates the use of:
Of the eight critical business processes on which supply chain managers must focus, which process allows companies to prioritize their marketing focus on different customer groups according to each group’s long-term value to the company or the supply chain?
A _____ is a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer.
Domino’s pizza, Hyatt Corporation, and Wendy’s are all examples of _____ because the franchisee buys the right to use the franchisor’s approach to doing business.
Sign up for free and study better.
Get started today!