BUSN 319 Week 2 : Understanding Buyers and Markets Quiz

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1. (TCO 1) A study of marketing can (Points : 3)

enable you to be a more informed citizen.
help you in your career.
demonstrate how marketing affects your life.
make you a better consumer.
All of the above

2. (TCO 1) The American Red Cross created a series of advertisements encouraging viewers to
donate blood. After viewing the advertisement, Amanda went to the local Red Cross office and
donated a pint of blood. Afterwards, Amanda returned home feeling satisfied that she had
performed a good deed. Was this a marketing exchange? (Points : 3)
No, because the Red Cross is a nonprofit organization
Yes, because the Red Cross ran an advertisement
Yes, because the donated blood was exchanged for a feeling of satisfaction
No, because no money was exchanged
No, because the Red Cross did not provide Amanda with a product

3. (TCO 1) The two central concerns of marketing are (Points : 3)

market share and customer satisfaction.
discovering and satisfying needs.
promotion and sales.
maximizing an organizations sales and products.
needs and wants.

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) Which of the following would a marketer use as a synonym for controllable
marketing mix factors? (Points : 3)
The five external environmental forces
Macromarketing forces
The five Cs
The four Ps
Price, product, production, and promotion

6. (TCO 1) Profit is (Points : 3)

the point at which company assets equal company liabilities.
the reward to a business firm for the risk it undertakes in marketing its offerings.

the goodwill earned from implementing the societal marketing concept.

the money earned when the economic order quantity is maintained.
accurately described by all of the above.

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 in order to be set by organizations.
Strategy is an organizations long-term course of action designed to deliver a unique customer
experience while achieving its goals.
All of the above

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
CEOs annual

10. (TCO 1) Market share is (Points : 3)

the ratio of the profit of the firm to the total profits of all firms in the industry, not including the
firm itself.
the ratio of the profit of the firm to the total profits of all firms in the industry, including the firm
itself.
the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, not
including the firm itself.
the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry,
including the firm itself.
the ratio of the profits of all firms in an industry to the profits of the firm.

11. (TCO 1) What are the three steps involved in the planning phase of the strategic marketing
process? (Points : 3)
Situation (SWOT) analysis, market-product focus and goal setting, and marketing program
development
Planning, implementation, and control
Set market and product goals, select target markets, find points of difference, and position the
product
Identify industry trends, analyze competitors, assess own company, and research customer
Identify where we have been, where we are headed, and where we are now

12. (TCO 1) A recent Congressional initiative mandated that the U.S. Department of
Transportation (USDOT) establish a national traffic information collection system. The
marketing manager of a company that provided traffic reports for local radio stations would
most likely incorporate this knowledge into its SWOT analysis as (Points : 3)
a strength if the company has an existing working relationship with the USDOT.
a threat if the USDOT will give this information directly to the radio stations.
a weakness if the company that provides local traffic information has no employees
technologically capable of using the USDOT system.
an opportunity if the USDOT is creating a network of local traffic-information providers to
address the mandate.
All of the above

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) Which of the following statements about environmental scanning is true? (Points :
3)
Environmental scanning changes the marketing environment.
Environmental scanning identifies and interprets potential trends.
Environmental scanning is an annual event.
Environmental scanning focuses primarily on geographical factors.
All of the above

15. (TCO 5) Social forces (Points : 3)

include demographics and values.
usually have little impact on marketing strategy.
include reduced emphasis on trade regulation.
empower workers to improve their performance.
encourage international trade.

16. (TCO 5) The age segment in America expected to double in size by 2030 is composed of
(Points : 3)
infants.
people aged 65 and over.
children of baby boomers.
teens.
people in their early 30s.

17. (TCO 6) Which are the two most important values for all age groups in the United States?
(Points : 3)
Health and fitness
Patriotism and loyalty
Protecting the family and honesty
Self-esteem and health
Friendship and fitness

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 the form of competition in which just a few companies control the
majority of industry sales. (Points : 3)
Pure competition
Cross-market competition
Oligopoly
Monopolistic competition

Monopoly

21. (TCO 6) Which stage in the consumer purchase decision process suggests criteria to use for
the purchase, yields brand names that might meet the criteria, and develops consumer value
perceptions? (Points : 3)
Problem recognition
Information search
Alternative evaluation
Purchase decision
Postpurchase 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 nonquantifiable statistic.
attracting new customers is easier than keeping old ones.
a market development strategy is preferable to a market penetration strategy.

23. (TCO 6) _____ buy raw materials and parts that they reprocess into the finished goods they
sell.(Points : 3)
Retailers
Wholesalers
Manufacturers agents
Manufacturers
Ultimate consumers

24. (TCO 6) Because orders in organizational buying are typically much larger than in
consumer buying, buyers must often _____ when the order is above a specific amount, such as
$5,000.(Points : 3)

get competitive bids from at least three prospective suppliers

lie to their superiors about how much things really cost
carry personal insurance to cover possible losses
pay taxes out of their own pockets
All of the above

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 firms senior management

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