Principles of Marketing 3350-999,9M1 Exam #1 Brandy Gregory (Jennings) (200 points) Multiple Choice 4.5 pts. each 1.

. The five alternative concepts under which organizations conduct their marketing activities include the production, ________, selling, marketing, and societal marketing concepts. a. promotion b. pricing c. distribution d. product e. marketing 2. an a. b. c. d. 3. The failure brought about by the attempt to build a better mousetrap is often-cited example of marketing ________. failures myopia problems incongruences

When a company recognizes that they need partnerships that go beyond simple supply chain management, they most likely are looking for ________. a. strategic alliances b. strategic planning c. partnering d. mutual reciprocity Studies have shown that a well-crafted mission statement aids a firms performance as the mission statement serves as a statement of ________. a. fact b. values c. purpose d. financial goals e. employee commitment Starbucks now sells CD and gift items. strategy for growth? a. product development b. market development c. market penetration d. diversification e. all of the above This practice represents which

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Your advertising agency is currently researching the gender, education, location, age, and occupations of your target market. They are engaging in what type of research on your behalf? a. demographic b. psychographic c. VALS

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d. geographic e. product-use 7. The systematic collection and analysis of publicly available information about competitors and developments in the marketing environment is called: a. product-driven research b. marketing intelligence c. Web master analysis 8. When people are unwilling or unable to provide information, marketers turn to the use of this method of research. observation focus groups personal interviews fax surveys questionnaires

a. b. c. d. e.

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McDonalds wishes to test the effects on sales of raising the price of cookies by $.10 and by .12 cents. It plans to introduce the 1 st new price in one city and the other new price in a second city. This is an example of a. Survey research b. Experimental research c. A focus group d. Observationalresearch

10. Which of all the contact methods discussed in the text provides the worst response rate and least control of the sample? a. Mail b. Online c. Mall d. None of the above

11.

Which group does your text say is the strongest influence on buyer behavior: a. Spouse b. Co-workers c. Neighbors d. Family _____ _____ are ones to which the individual wishes to belong, as when a teenage basketball player hopes to play someday for the LA Lakers: a. Membership groups b. Subcultural groups c. Reference groups d. Leisure groups e. Social class groups Which of the following are not one of Maslows Needs: a. Need for shelter b. Need for self-actualization/fulfillment c. Need for esteem d. Need to reproduce

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B2B buyers are thought to be: a. More rational buyers b. Making smaller purchases than B2C buyers c. More emotional than B2C buyers All EXCEPT the following are participants in the business (B2B) buying process: a. Users b. Influencers c. Movers d. Deciders e. Gatekeepers Almost all major purchases result in ________, or discomfort caused by postpurchase conflict. a. opinion leaders b. cognitive dissonance c. purchase decisions d. complex buying behavior e. dissatisfaction Short Answer 8 pts. each What is a marketers product positioning statement?

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A marketers product positioning statement is the way the product is defined by consumers on important attributes the place the product occupies its consumers minds relative to competing products.

18.

Respecting how your text defines the SWOT Analysis, perform a quick SWOT on your favorite company.

My SWOT analysis is for Sandys Gifts. The strengths for this company is that they are the only boyds bear dealer within 60 miles of my home town. Also the location is right on the square so they are able to serve customers who just want to window shop. The weaknesses for this company is not having enough help to serve their customers and not being able to keep enough stuff in stock. Opportunities are being able to expand their business to the internet. A person can order online and the company will ship it to them or they can come into the shop and buy stuff and have it shipped home. The threats would have to be the opening of other shops that are similar and carry similar products and the slowing economy.

19.

How can marketing still be applied in the not-for-profit sector?

Sound marketing can help them attract membership and support. The managers can obtain good marketing information simply by observing things around them. They can conduct informal surveys or conduct their own simple experiments.

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20.

What are the 4 quadrants that make up the Boston Consulting Group Matrix? Briefly discuss why the BCG matrix could be a valuable tool for executives.

The 4 quadrants are stars, cash cows, question marks, and dogs. Stars are highgrowth, high-score businesses or products. Cash cows are low-growth, highshare businesses or products, question marks are low-share business units in high-growth markets. Dogs are low-growth, low-share businesses and products. The BCG matrix could be valuable because they help to classify current businesses and they revolutionized strategic planning.

21.

What are 3 ways or tools companies can use to divide their market? What is this process called?

Companies can divide their market based on geographic, demographic, psychographic, and behavioral factors. The process of dividing a market into distinct groups is called market segmentation.

22.

The makers of Silk Soymilk have led their industry for 10 years in terms of most market share and highly profitable product lines. How would Michael Porter characterize their success?

Michael Porter would say focus was their reason for success. When a company uses focus they are focusing their efforts on serving a few market segments well rather than going after the whole market. This is what silk soymilk does where their product Jones soda. It targets young buyers 12 to 24. 23. Name two of the wealthiest segments of the US population vis--vis age group or ethnicity. Two of the wealthiest segments of the US population age group is the baby boomers and the generation x group.

24.

Name three (3) elements of a societys culture.

Consumer wants, company profits, and societys interest

25.

What are two (2) basic marketing intermediaries described in your text.

Financial intermediaries banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods. Resellers distribution channel firms that help the company find customers or make sales to them. These include wholesalers and retailers who buy and resell merchandise.

26.

Give two characteristics nontraditional nature.

of

todays

American

family

that

depict

its

Working moms, single parents, married couples without children, adult livetogethers of one or both sexes. 27. What are two (2) advantages of on-line surveys over traditional surveys?

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Two advantages of online surveys is the speed of data collection, cost, and the control of sample.

28.

In classifying customers into relationship groups, explain what marketers can expect from butterflies.

Butterflies are profitable but not loyal. There is a good fit between the companys offerings and their needs. Companies can enjoy butterflies for only a short while and then they are gone. Efforts to convert butterflies to loyal customers are rarely successful. Marketers should use promotional blitzes to attract them, create satisfying and profitable transactions with them, and then cease investing in them until the next time around.

29.

How do marketing managers encourage habitual buying behavior?

They encourage habitual buying behavior by establishing brand familiarity rather than brand conviction. Marketing managers use price and sales promotions to stimulate product trial. 30. Who makes up the institutional buying market? Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care. 31. What is a basic principle of Engels laws. People shifted their spending as their income rose.

32.

Give an example of a cultural or lifestyle shift that may impact the marketing of products or services.

The cultural shift toward greater concern about health and fitness can create a huge industry for health-and-fitness services, exercise equipment and clothing, more natural foods, and a variety of diets.

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