BUSN 319 Week 2 : Understanding Buyers and Markets – Quiz
***100% All correct answers***
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This quiz covers TCO’s 1, 5, and 6. You will have 2 hours to complete the 25 multiple choice questions. Please save your work often and be sure to submit your exam when you are finished.
1. (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 (Points : 3)
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.
ask 3M to support him while he pursued his new ideas.
2. (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? (Points : 3)
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.
no, because no money was exchanged.
no, because the church did not provide Jack with a product.
3. (TCO 1) The first objective in marketing is to discover consumer (Points : 3)
diversity
ability to pay.
objectives
needs
synergy
4. (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 (Points : 3)
moms of school-age children
business people looking for a quick snack
business travelers.
teenagers
seniors
5. (TCO 6) The four Ps are commonly known as (Points : 3)
the environmental or uncontrollable factors.
the environmental or controllable factors.
the marketing mix or controllable factors.
the marketing mix or uncontrollable factors.
product, price, promotion, and process
6. (TCO 1) __________ is the money left over after a business firm’s total expenses are subtracted from its total revenues. (Points : 3)
Shareholders’ equity
Profit
Inventory turnover
Contribution margin
Asset leverage
7. (TCO 1) Which of the following statements about strategy is most true? (Points : 3)
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.
All of the above are true of good strategy.
8. (TCO 1) A key role of the marketing department is to (Points : 3)
allocate financial resources across business units.
set the overall mission of the company.
provide talent management services.
look outward.
assess global political situations.
9. (TCO 1) Often used interchangeably with vision a(n) __________ statement frequently has an inspirational theme. (Points : 3)
point of difference
mission
business map
internal situation analysis
CEO s annual
10. (TCO 1) Market share is the ratio of sales revenue of the firm to the total sales revenue of all __________, including the firm itself. (Points : 3)
firms in the industry
firms in alternative industries
firms surveyed by the U.S. Government
firms sharing in marketing principles
domestic firms
11. (TCO 1) Step two in the planning phase of the strategic marketing process is (Points : 3)
the situation analysis.
the market-product focus and goal setting.
the marketing program.
implementation
obtaining resources.
12. (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 __________. (Points : 3)
strength; weakness
weakness; threat
threat; strength
opportunity; threat
opportunity; strength
13. (TCO 1) To provide quick access to topics, a well-organized marketing plan should begin with (Points : 3)
an executive summary.
the strategic focus.
a table of contents.
a situation analysis.
the market-product focus.
14. (TCO 5) The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called (Points : 3)
environmental trending.
organizational scanning.
environmental scanning.
a SWOT analysis.
acquisition scanning.
15. (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. (Points : 3)
living standards
social class
values
dialect
culture
16. (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. (Points : 3)
competitive
regulatory
geographic
demographic
economic
17. (TCO 6) The concern for obtaining the best quality, features, and performance of a product or service for a given price is called (Points : 3)
changing values.
multi-dimensional consumption.
buyer excellence.
purchasing excellence.
value consciousness.
18. (TCO 5) In a(n) __________ economy, the cost to produce and buy products and services escalates as prices increase. (Points : 3)
deflationary
inflationary
escalated
recessionary
depressive
19. (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. (Points : 3)
regulations
technology
laws
social change
economics
20. (TCO 5) __________ is a form of competition in which every company has a similar product. (Points : 3)
Pure competition
Cross-market competition
Oligopoly
Monopolistic competition
Monopoly
21. (TCO 6) In which stage in the consumer purchase decision process would a consumer ask, “Is installation included in the price of this HDTV?” (Points : 3)
problem recognition
information search
alternative evaluation
purchase decision
evaluation
22. (TCO 6) Customer satisfaction is an important focus for marketers because (Points : 3)
marketing research is an inexpensive process.
the financial value of a retained customer can be significant.
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.
23. (TCO 6) Organizational buyers include all the buyers in a nation EXCEPT (Points : 3)
retailers
government
manufacturers
wholesalers
ultimate consumers.
24. (TCO 6) Which of the following is characteristic of the organizational buying process? (Points : 3)
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.
25. (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. (Points : 3)
taste of the buyer
personal friendship with sales representative
ability to meet the quality specifications
current mood of the buyer
opinion of the firm’s senior management
