Exam 1 Review Questions
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This 4 page Study Guide was uploaded by Lauren Tremaglio on Tuesday April 19, 2016. The Study Guide belongs to mkt at Clemson University taught by Carter Willis McElveen in Fall 2015. Since its upload, it has received 301 views.
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Date Created: 04/19/16
Exam 1 1. When John and Dorothy go out to dinner, they always look for unusual wines on the wine list. Experience has taught them that unusual wines often are ones the restaurant owner knows personally and can be special experiences. John and Dorothy have their own ________ when choosing wines. a. decision heuristic 2. Colorific recently began competing with Crayola coloring products. At the beginning of the school year, the _______ for Colorific products consists of backtoschool shoppers. a. target market 3. Interest Rates, inflation, and consumer income that influence the marketing environment are called _______ factors. a. economic 4. Ethical development can be thought as having three levels. The most basic, childlike level is the _______ stage. a. preconventional morality 5. The development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment is sustainability. a. False 6. In terms of ethics, greed and short term profit seeking do not usually lead to long term consequences. a. False 7. STP refers to segmentation, targeting, and promotion. a. False 8. The actual planning process always proceeds sequentially through five steps. a. False 9. Companies seek to develop a sustainable competitive advantage that can be maintained over a long period of time and: a. is difficult for competitors to copy 10.Which of the following is NOT one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages? a. planning excellence b. Other choices: locational excellence, customer excellence, operational excellence, product excellence 11.Successful and effective marketing does not rely on luck or serendipity. Effective marketing is: a. planned 12.The shared meanings, beliefs, morals, values, and customs of a group of people are their: a. culture 13.The three participants in consumers’ immediate environment are the company, competition, and corporate partner a. True 14.The center of all marketing effort is: Exam 1 a. the consumer 15.Successful marketing firms focus their efforts on satisfying customer needs that: a. match their core competencies 16.In New England footlong sandwiches are called “grinders” while in many other parts of the country they are called “subs”. This is an example of a: a. regional cultural difference 17.Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions is referred to as: a. cognitive dissonance 18.The processes individuals use when making a purchase decision are called _______. a. consumer behavior 19.The consumer decision process model represents: a. the steps that consumers go through before, during, and after making purchases 20.GORETEX with its durability and waterproof characteristics and fashion appeal to consumers who need neither demonstrate that some products can satisfy both ________ needs. a. functional and psychological 21.Ryan believes he is responsible for his actions, and he will conduct extensive searches before making a purchase. Michael’s favorite phrase, on the other hand, is, “Whatever,” when confronted with the need to make a decision. In marketing terms, Ryan is said to have a(n) __________ and Michael, a(n) __________. a. internal locus of control; external locus of control 22.________ attributes are product or service features that are important to buyers and used to differentiate and compare choices. a. determinant 23.A _________ is a need or want that is strong enough to cause the person to seek satisfaction. a. motive 24.Typical _________ data include gender, income and geographic region. a. demographic 25.Viewers of Monday Night Football are likely to see ads for beer and razors and viewers of daytime soap operas are likely to see ads for cleaning products due to: a. viewership demographics that show Monday Night Football attracts men and daytime soap operas attract women that are at home 26.All of the following are factors in the external environment affecting marketing EXCEPT: a. marketing mix 27.A multicultural society is characterized by: a. even distribution of all ethnic groups in a geographic region 28.________ refers to the moral principles or values that generally govern the conduct of an individual or a group. a. ethics Exam 1 29.Which of the following is NOT something that company should do when facing a product safety crisis? a. maintain the status quo and keep the company running business as usual b. (Other choices: identify the true origin of the crisis, lose the crisis plan and find a leader, isolate the risk, and manage the relationship with the relevant regulatory) 30.As part of her company’s SWOT analysis, Valerie is assessing the company’s internal environment, including: a. strengths and weaknesses 31.Samantha is charged with assessing her company’s external environment as part of a SWOT analysis. Samantha will study her company’s: a. opportunities and threats 32.A market penetration strategy entails the creation of new products for current customers. a. False 33.The four Ps of the marketing mix are product, planning, promotion, and price. a. False 34._______ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities. a. strategic planning 35.The ________ answers the question, “What business are we in, and where are we going?” a. mission statement 36.________ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it. a. marketing myopia 37.The SWOT acronym refers to a firm’s analysis of its: a. strengths, weaknesses, opportunities, and threats 38._________ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization. a. environmental scanning 39.All of the following are the strategic alternatives that match products with markets EXCEPT: a. product penetration b. Other choices: product development, market penetration, diversification, market development 40.All of the following are categories used in the Boston Consulting Group’s portfolio matrix EXCEPT: a. Donkeys b. Other choices: cash cows, stars, problem children [question marks], dogs 41.Understanding a market’s needs and wants is fundamental to marketing success. a. True 42.When referring to “exchange,” marketers are focusing on: a. the trading of things of value Exam 1 43.Marketing traditionally has been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT: a. Performance b. Other choices: product, place, promotion, price 44.The four Ps comprise the __________, which is the controllable set of activities that the firm uses to respond to the wants of its target markets. a. marketing mix 45.The fundamental goal of marketers when creating goods, services, or combinations of both, is to: a. create value 46.The American Marketing Association’s definition of marketing: a. includes creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large 47.Toyota recognized a customer need as it developed the Prius, and as a result: a. it demonstrated that being ecofriendly can be successful if it is based on satisfying consumers’ needs 48.When mountain climbers purchase clothing for scaling Mount Everest, their purchases are primarily addressing ________ needs. a. functional 49.Marketers selling milk, bread, and other consumer staples, know most customers do not spend much time searching or comparing alternatives. For most consumers, these are _______ goods. a. convenience 50.When Mary Grace decided to buy a new computer, she thought about all the brands she could recall seeing advertised, but would only consider those brands she could serviced by her computer technician. For Mary Grace, this would be her ________ set. a. evoked
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