BUSN 319 Quiz Week 2 ***100% All correct answers***
1. Question : (TCO 1) 3M inventor David Windorski’s challenge was to design new products for college students. The first step in solving this challenge was to
satisfy students studying needs.
advertise the new products he had invented.
use word-of-mouth to tell college students about his ideas.
discover students studying needs. (Windorski had to first discover students studying needs. He did this by working with college students and observing how they studied.)
ask 3M to support him while he pursued his new ideas.
Points Received: 3 of 3
Comments:
2. Question : (TCO 1) A church has put advertisements in its weekly bulletins to encourage members of the church to participate in the services by reading. Jack volunteered and read during a service. He felt satisfied and felt he was contributing to his church. Was this a marketing exchange?
no, because the church is non-profit organization.
yes, because the church ran an advertisement.
yes, because reading at the service was exchanged for a feeling of satisfaction. (Marketers seek to discover and satisfy the needs and wants of customers. The key to achieving these objectives is exchange the trade of things of value between buyer and seller so that each benefits from the exchange. In this instance, Jack is the customer and the church is the marketer. An exchange occurs: Jack exchanges his reading at the service for a feeling of satisfaction; the church receives a person to read at the service and continues its weekly services.)
no, because no money was exchanged.
no, because the church did not provide Jack with a product.
Points Received: 3 of 3
Comments:
3. Question : (TCO 1) The first objective in marketing is to discover consumer
diversity
ability to pay.
objectives
needs (: Marketing seeks to (1) discover the needs of prospective customers, and (2) satisfy those needs.)
synergy
Points Received: 3 of 3
Comments:
4. Question : (TCO 6) Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Some versions contain Capri Sun drinks. Others are called Cracker Stackers and Fun Fuel. The box is bright yellow and the quantity of food contained within is small. The target market for Kraft Lunchables is most likely
moms of school-age children (A target market is a specific group of potential consumers toward which an organization directs its marketing program. In this case Lunchables is targeted toward moms of school-age children to be used for the children s lunch.)
business people looking for a quick snack
business travelers.
teenagers
seniors
Points Received: 3 of 3
Comments:
5. Question : (TCO 6) The four Ps are commonly known as
the environmental or uncontrollable factors.
the environmental or controllable factors.
the marketing mix or controllable factors. (Key term definition marketing mix)
the marketing mix or uncontrollable factors.
product, price, promotion, and process
Points Received: 3 of 3
Comments:
6. Question : (TCO 1) __________ is the money left over after a business firm’s total expenses are subtracted from its total revenues.
Shareholders’ equity
Profit (Key term definition profit)
Inventory turnover
Contribution margin
Asset leverage
Points Received: 3 of 3
Comments:
7. Question : (TCO 1) Which of the following statements about strategy is most true?
By following the best strategy an organization can be all things to all people.
Once an organization is focused and has developed goals, it can then develop its strategies.
Strategic direction must be explicit to be set by organizations.
Strategy is an organization s long-term course of action designed to deliver a unique customer experience while achieving its goals. (An organization has limited human, financial, technological, and other resources available to produce and market its offerings it can t be all things to all people! Every organization must develop strategies to help focus and direct its efforts to accomplish its goals. Strategy is an organization s long-term course of action designed to deliver a unique customer experience while achieving its goals.)
All of the above are true of good strategy.
Points Received: 3 of 3
Comments:
8. Question : (TCO 1) A key role of the marketing department is to
allocate financial resources across business units.
set the overall mission of the company.
provide talent management services.
look outward. (A key role of the marketing department is to look outward, keeping the organization focused on creating value both for it and for customers. This is accomplished by listening to customers, developing and producing offerings, and implementing marketing program activities.)
assess global political situations.
Points Received: 3 of 3
Comments:
9. Question : (TCO 1) Often used interchangeably with vision a(n) __________ statement frequently has an inspirational theme.
point of difference
mission (Key term definition mission)
business map
internal situation analysis
CEO s annual
Points Received: 3 of 3
Comments:
10. Question : (TCO 1) Market share is the ratio of sales revenue of the firm to the total sales revenue of all __________, including the firm itself.
firms in the industry (Key term definition market share)
firms in alternative industries
firms surveyed by the U.S. Government
firms sharing in marketing principles
domestic firms
Points Received: 3 of 3
Comments:
11. Question : (TCO 1) Step two in the planning phase of the strategic marketing process is
the situation analysis.
the market-product focus and goal setting. (The planning phase of the strategic marketing process has 3 steps. Step 1 is the situation analysis. Step 2 is market-product focus and goal setting. Step 3 is the marketing program. The Implementation phase is when resources are obtained.)
the marketing program.
implementation
obtaining resources.
Points Received: 3 of 3
Comments:
12. Question : (TCO 1) The consumer products industry is one with several large competitors, soaring raw materials prices, and strong demands from powerful retailers for lower prices. As a result Colgate-Palmolive Co. and Unilever Group, the makers of products such as Colgate toothpaste and Ben & Jerry s ice cream both reduced their earnings forecasts. Yet Proctor & Gamble, another consumer products company did not. At P & G innovation is a key attribute, allowing the company to update all 200 of their brands and to invent products such as Crest Whitestrips that consumers crave. P & G has also used its marketing know-how to develop unique product placements on television shows that highlight its brands. A SWOT analysis for P & G of this information would indicate that the overall industry situation is a __________ while the invention taking place at P & G is a __________.
strength; weakness
weakness; threat
threat; strength (A threat is an external factor such as soaring raw materials prices and strong demands from powerful retailers for lower prices; a strength is an internal attribute such as innovation and marketing know how that can be used to improve the company.)
opportunity; threat
opportunity; strength
Points Received: 3 of 3
Comments:
13. Question : (TCO 1) To provide quick access to topics, a well-organized marketing plan should begin with
an executive summary.
the strategic focus.
a table of contents. (The table of contents provides quick access to the topics in the plan, usually organized by section and subsection headings.)
a situation analysis.
the market-product focus.
Points Received: 3 of 3
Comments:
14. Question : (TCO 5) The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called
environmental trending.
organizational scanning.
environmental scanning. (Key term definition environmental scanning)
a SWOT analysis.
acquisition scanning.
Points Received: 3 of 3
Comments:
15. Question : (TCO 5) The social forces of the environment include the demographic characteristics of the population and its __________. Changes in these forces can have a dramatic impact on marketing strategy.
living standards
social class
values (Key term definition social forces)
dialect
culture
Points Received: 3 of 3
Comments:
16. Question : (TCO 5) Studies of the __________ characteristics of the U.S. population suggest several important trends. Generally, the population is becoming larger, older, and more diverse. Marketers are developing products that will appeal to these target markets.
competitive
regulatory
geographic
demographic (Demographic variables include those such as age, gender, ethnicity, income, and occupation that describe a population)
economic
Points Received: 3 of 3
Comments:
17. Question : (TCO 6) The concern for obtaining the best quality, features, and performance of a product or service for a given price is called
changing values.
multi-dimensional consumption.
buyer excellence.
purchasing excellence.
value consciousness. (Key term definition value consciousness )
Points Received: 3 of 3
Comments:
18. Question : (TCO 5) In a(n) __________ economy, the cost to produce and buy products and services escalates as prices increase.
deflationary
inflationary (In an inflationary economy, the cost to produce and buy products and services escalates as prices increase.)
escalated
recessionary
depressive
Points Received: 3 of 3
Comments:
19. Question : (TCO 5) Very recently ink has been developed that will conduct electricity. The application for this ink is to print circuitry that can be read electronically. This may help to drive down the cost of identification tags called RFID tags that are currently used in industry. This is an example of how __________ is applied to industry.
regulations
technology (Technology refers to inventions or innovations from applied science or engineering research such as this type of ink.)
laws
social change
economics
Points Received: 3 of 3
Comments:
20. Question : (TCO 5) __________ is a form of competition in which every company has a similar product.
Pure competition (Text term definition pure competition)
Cross-market competition
Oligopoly
Monopolistic competition
Monopoly
Points Received: 3 of 3
Comments:
21. Question : (TCO 6) In which stage in the consumer purchase decision process would a consumer ask, “Is installation included in the price of this HDTV?”
problem recognition
information search (The information search stage clarifies the problem for the consumer by suggesting criteria to use for the purchase, yields brand names that might meet the criteria, and develops consumer value perceptions. In this stage the consumer is asking about installation costs.)
alternative evaluation
purchase decision
evaluation
Points Received: 3 of 3
Comments:
22. Question : (TCO 6) Customer satisfaction is an important focus for marketers because
marketing research is an inexpensive process.
the financial value of a retained customer can be significant. (Research shows that a 5 percent improvement in customer retention can increase a company s profits by 70 to 80 percent.)
customer value is a non-quantifiable statistic.
attracting new customers is easier than keeping old ones.
a market development strategy is preferable to a market penetration strategy.
Points Received: 3 of 3
Comments:
23. Question : (TCO 6) Organizational buyers include all the buyers in a nation EXCEPT
retailers
government
manufacturers
wholesalers
ultimate consumers. (Organizational buyers are those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale )
Points Received: 3 of 3
Comments:
24. Question : (TCO 6) Which of the following is characteristic of the organizational buying process?
Multiple parties participate in purchase decisions.
Negotiation between buyers and sellers is commonplace.
Online buying over the Internet is widespread.
Buying objectives and criteria are typically spelled out.
All of the above are characteristics of the organizational buying process. (Buying process characteristics include: technically qualified and professional buyers exist and follow established purchasing policies and procedures; buying objectives and criteria are typically spelled out, as are procedures for evaluating sellers and products (services); multiple buying influences exist, and multiple parties participate in purchase decisions; reciprocal arrangements exist, and negotiation between buyers and sellers is commonplace; online buying over the Internet is widespread. )
Points Received: 3 of 3
Comments:
25. Question : (TCO 6) Seven of the most commonly used organizational buying criteria are (1) price, (2) __________, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity.
taste of the buyer
personal friendship with sales representative
ability to meet the quality specifications (Key term definition organizational buying criteria)
current mood of the buyer
opinion of the firm’s senior management
Points Received: 3 of 3
Comments:
