MKT 331 Chapters 1 and 2 Test with answers - Voorhees College (A grade/School graded)

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5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 1/18 Chapters 1 and 2 Test Started: May 12 at 6:12pm Quiz Instructions This quiz/test consist... of 40 questions. You will have two attempts and will be timed for 90 minutes. Question 1 2.5 pts products events experiences luxury goods services As economies advance, a growing proportion of the economy's activities focuses on the production of ________. Question 2 2.5 pts Wants; needs Demands; wants Needs; wants Needs; demands Demands; needs ________ are basic human requirements, while ________ are the ways in which those requirements are satisfied.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 2/18 Question 3 2.5 pts relationship marketing integrated marketing internal marketing network marketing performance marketing Which aspect of holistic marketing motivates employees and ensures that everyone in the organization embraces appropriate marketing principles, especially senior management? Question 4 2.5 pts internal integrated socially responsible global relationship Tracy's is a chain of hair dressing salons for women. They use television, magazines, radio, and newspapers to advertise their services. The owners ensure that all communication channels deliver a common message to prospective customers. Tracy's believes in ________ marketing. Question 5 2.5 pts5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 3/18 Niche Holistic Relationship Supply chain Demand-centered ________ marketing is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Question 6 2.5 pts programs processes promotion people performance Which of the new four Ps encompasses the old four Ps as well as a range of other marketing activities that might not fit well into the old view of marketing? Question 7 2.5 pts social responsibility The Body Shop, Timberland, and Patagonia incorporate ________ as a way to differentiate themselves from competitors, build consumer preference, and achieve notable sales and profit gains.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 4/18 technology globalization collaboration goodwill Question 8 2.5 pts negative latent declining irregular nonexistent When consumers share a strong need that cannot be satisfied by an existing product, it is called ________ demand. Question 9 2.5 pts need want demand unstated need When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 5/18 latent demand Question 10 2.5 pts goods experiences events services information Car rental firms, hair dressers, and management consultants provide ________. Question 11 2.5 pts internal cultural social responsibility relationship integrated Holistic marketing incorporates ________ marketing, an understanding of broader concerns in the ethical, environmental, legal, and social context of marketing activities. Question 12 2.5 pts5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 6/18 demographics accountability social responsibility globalization technology Which of the three transformative forces mentioned in the chapter is associated with the number of mobile phones in India recently exceeding 500 million and Boston Consulting Group believing brand marketers must enhance their "digital balance sheets"? Question 13 2.5 pts decampment attention a purchase a vote a donation The responses marketers seek from prospects include all of the following EXCEPT ________. Question 14 2.5 pts strategy At the heart of any marketing program is the firm's ________, its tangible offering to the market.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 7/18 product brand value people Question 15 2.5 pts service distribution communication relationship standardized If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a ________ channel. Question 16 2.5 pts selling-oriented product-oriented production-oriented marketing-oriented consumer-oriented Managers of ________ businesses concentrate on achieving high manufacturing efficiency, low costs, and mass distribution.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 8/18 Question 17 2.5 pts It is of little importance when products are standardized. It can help create jobs in the economy by increasing demand for goods and services. It helps to build a loyal customer base but has no impact on a firm's intangible assets. It is more important for bigger organizations than smaller ones. It is seldom used by nonprofit organizations. Which of the following statements about marketing is true? Question 18 2.5 pts Buyers are usually not skilled at comparing competitive product offerings. Buyers have limited purchasing power. Property rights, language, culture, and local laws are the most important concerns. Products sold in such markets are usually highly standardized. Business buyers purchase goods to make or resell a product to others at a profit. Which of the following is true of business markets? Question 19 2.5 pts Financial accountability and social responsibility marketing are elements of ________ marketing.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 9/18 performance relationship internal social mass Question 20 2.5 pts increase trade barriers protect industries deregulate industries encourage intermediation reduce privatization In an attempt to create greater competition and growth opportunities, countries often ________. 2.5 pts HTML Editor Question 21 Michael Porter draws a firm distinction between operational effectiveness and a strategy. Briefly describe this distinction and identify when a company can claim that it has a strategy.                         12pt Paragrap5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 10/18 The strategy can be characterized as developmental innovation. When companies showcase different activities than their competitors then it can boast about having an effective strategy or it executes the related project in a distinctly different style. p 36 words 36 words  Question 22 2.5 pts core competency market sensing process corporate social responsibility effort strategic business unit philanthropic endeavor A ________ has three characteristics: (1) a source of competitive advantage making a significant contribution to perceived customer benefits; (2) has applications in a wide variety of markets; and (3) is difficult to imitate. Question 23 2.5 pts If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap, you would most likely explore ________ strategy first because it is easier to improve an existing business than to build a new one.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 11/18 market-penetration market-development diversification product-development exclusive Question 24 2.5 pts profitability target market feasibility opportunity continuous improvement quality products A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and ________. Question 25 2.5 pts concentric strategy conglomerate strategy horizontal strategy intensive growth strategy A(n) ________ is when a company might seek new businesses to purchase that have no relationship to its current technology, products, or markets.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 12/18 integrative strategy Question 26 2.5 pts True False Major cell manufacturers have released phones with digital photo and video capabilities and GPS. This is an example of converging industry trends to introduce hybrid products that are new to the market. Question 27 2.5 pts They can be independently developed without worrying about other functional areas. They provide direction and focus for a brand, product, or company. They are usually profit-oriented. They are of limited use to nonprofit organizations. They are typically five-year plans and they lay out the strategies required to achieve targets in those five years. Which of the following statements is true of marketing plans? Question 28 2.5 pts When two service businesses, H&R Block and Hyatt Legal Services, combined their efforts, they also joined marketing forces to create a strong alliance. This would classify as which type of strategic alliance? Explain your answer.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 13/18 HTML Editor This would be product and service alliance. Product and service alliance is where two companies jointly market their complementary products/services or any new products.                         12pt Paragrap p 25 words 25 words  Question 29 2.5 pts board of director major stakeholder management team division strategic Most large companies consist of four organizational levels: the corporate level, the ________ level, the business unit level, and the product level. Question 30 2.5 pts5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 14/18 True False The marketing strategy section of the marketing plan spells out goals and budgets for each month or quarter so the management can review each period's results and take corrective action as needed. 2.5 pts HTML Editor Question 31 Briefly list the contents of a marketing plan. The contents of a marketing plan include: Executive Summary & Table of Contents Situation Analysis Marketing Strategy Marketing Tactics Financial Projections Implementation Controls                         12pt Paragrap p » span 22 words 22 words  Question 32 2.5 pts5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 15/18 strategic selective tactical niche operational Juan Garcia plans the daily promotional releases about his company's products and services. He can be described as a(n) ________ planner. Question 33 2.5 pts procurement human resource management technology development inbound logistics firm infrastructure Which of the following can be considered a primary activity in the value chain process? Question 34 2.5 pts value managed partnership To keep their strategic alliances thriving, corporations have begun to develop organizational structures to support them and have come to view the ability to form and manage strategic alliances as core skills. This is called ________.5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 16/18 decentralized partnership centralized partnership partner relationship management intensive growth management Question 35 2.5 pts teamwork group horizontal integration domestic power center value exploration value delivery network Another way to describe a supply chain, where companies partner with specific suppliers and distributors to ensure a smooth functioning of the system, is to call it a ________. Question 36 2.5 pts They focus on a large number of goals. They expand the range of individual employee discretion. They define the major competitive spheres within which the company will operate. They take a short-term view. They are long and comprehensive to ensure that all critical concepts are included. Which of the following is one of the five major characteristics of good mission statements?5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 17/18 Question 37 2.5 pts long-term profit short-run product price The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus. Question 38 2.5 pts core competencies infrastructure market-sensing processes fulfillment management processes outbound logistics Angelo made the decision to outsource the software components of his consulting company so he could focus on the company's ________, which are sources of competitive advantage, make a contribution to perceived customer benefits, have application in a wide variety of markets, and are difficult to imitate. Question 39 2.5 pts5/12/2020 Quiz: Chapters 1 and 2 Test https://voorhees.instructure.com/courses/1197/quizzes/2526/take 18/18 Quiz saved at 9:25pm formulate goals define business mission implement strategies execute programs conduct SWOT analysis The first step in the business unit strategic-planning process deals with which of the following? Question 40 2.5 pts target strategic mass differentiated integrated A(n) ________ market definition of a business focuses on selling a product or service to an existing market. Submit Quiz [Show More]

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