Camford Exam Focus - Principles of Marketing
All of the following are accurate descriptions of modern marketing, EXCEPT which one?
A) Marketing is the creation of value for customers
B) Marketing is managing profitable customer relationships
C) Selling and advertising are synonymous with marketing
D) Marketing involves satisfying customers' needs
E) Marketing is used by for-profit and not-for-profit organizations
The set of marketing tools a firm uses to implement its marketing strategy is called the ____________.
A) promotion mix
B) product mix
C) marketing mix
D) TQM
E) marketing effort
Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
A) product
B) production
C) selling
D) marketing
E) equity
Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?
A) long-range planning
B) short-range planning
C) media planning
D) strategic planning
E) annual planning
Effective positioning begins with _____________ the company's marketing offer in order to give consumers more perceived value.
A) pricing
B) aligning
C) differentiating
D) promoting
E) placing
You are directed to study the actors close to the company that affect its ability to serve its customers-departments within the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. What are you studying?
A) the macroenvironment
B) the microenvironment
C) the marketing environment
D) the demographic environment
E) the global environment
Which of the following American government agencies is charged with setting an enforcing pollution standards?
A) the Environmental Protection Agency (EPA)
B) the Federal Trade Commission (FTC)
C) the Food and Drug Administration (FDA)
D) the Consumer Product Safety Commission
E) the Federal Energy Regulatory Commissiorn
Which of the following has encouraged marketers to pursue environmentally sustainable espite the data glut that marketing managers receive, they frequently complain that they lack strategies?
A) the EPA
B) the black market
C) the green movement
D) deregulation
E) green intervention
Despite the data glut that marketing managers receive, they frequently complain that they lack ___________.
A) enough information of the right kind
B) timely information
C) accurate information
D) reliable informatiorn
E) valid information
A consumer is most likely to be paid a small fee for participating in which of the following?
A) a telephone interview
B) a mail-in survey
C) an Internet survey
D) a focus group interview
E) an observational interview
The consumer market is made up of which of the following?
A) individuals who acquire goods or services for personal consumption
B) households that purchase goods or services for personal consumption
C) businesses that purchase goods and services
D) A and B
E) all of the above
Maslow's theory is that ________________ can be arranged in a hierarchy.
A) stimuli
B) beliefs and attitudes
C) perceptions
D) human needs
E) decisions
The major influences on the buying process at General Aeronautics include company olicies and systems, technological change, and economic developments. The influences on the buying process in this scenario are most accurately categorized as _____________ and ____________.
A) individual; environmental
B) organizational interpersonal
C) individual; organizational
D) environmental; interpersonal
E) organizational; environmental
The first step of the business buying process is _________________.
A) general need description
B) alternative evaluations
C) problem recognition
D) order-routine specification
E) performance review
By studying its less loyal buyers, a company can detect which brands are most _____________ its own
A) competitive with
B) used with
C) overlooked with
D) similar to
E) complementary to
Consumers can show their allegiance to brands, stores, or companies. Marketers can use this information to segment consumers by ______________.
A) user status
B) loyalty status
C) store type
D) brand preference
E) usage rate
A product is a key element in the _____________. At one extreme, it may consist of pure tangible goods or at the other extreme, pure services.
A) market offering
B) brand equity
C) brand extension
D) co-branding
E) value chain
To differentiate themselves, many companies are going beyond products and services they are developing and delivering customer ______________.
A) quality
B) experiences
C) brands
D) product lines
E) events
Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the _____________, which addresses the question, "What is the buyer really buying?"
A) actual product
B) augmented product
C) core customer value
D) co-branding
E) exchange
What are the two ways that a company can obtain new products?
A) line extension and brand management
B) internal development and brand management
C) new-product development and acquisition
D) service development and product extension
E) market mix modification and research and development
Product improvements, product modifications, and original products can all be classified as ____________.
A) pioneer products
B) new products
C) product concepts
D) product ideas
E) test products
If a seller charges ______________ than the buyer's perceived value, the company's sales will ___________.
A) more; benefit
B) more; suffer
C) less; increase
D) less; suffer
E) none of the above
Some companies have adopted a ____________ strategy, offering just the right combination of quality and good service at a fair price
A) value-based pricing
B) good-value pricing
C) cost-plus pricing
D) low-price image
E) none of the above
Wal-Mart is famous for using what important type of value pricing?
A) competition-based pricin
B) everyday low pricing
C) cost-plus pricing
D) break-even pricing
E) penetration pricing
A company sets not a single price, but rather a _____________ that covers different items in its line that change over time as products move through their life cycles.
A) pricing by-product
B) pricing structure
C) pricing loop
D) pricing cycle
E) pricing bundle
Companies facing the challenge of setting prices for the first time can choose between two broad strategies: market-penetration pricing and ________________.
A) market-level pricing
B) market-competitive pricing
C) market-skimming pricing
D) market-price lining
E) market-price filling
A distinguishing feature of a contractual VMS is that coordination and conflict management among the independent members of the channel are attained througl ______________.
A) agents and brokers
B) working partnerships
C) limited liability incorporation
D) contractual agreements
E) natural competitive forces
The most common type of contractual agreement in business is the ______________.
A) franchise organization
B) vertical marketing system
C) conventional marketing channel
D) corporate VMS
E) administered VMS
Leadership in which type of marketing system is assumed not through common ownership or contractual ties but through the size and power of one or a few dominant channel members?
A) horizontal marketing system
B) administered VMS
C) corporate VMS
D) multichannel distribution system
E) conventional marketing channel
Until retailers ____________ and _____________ their markets, they cannot make consistent decisions about product assortment, services, pricing, advertising, store décor, or any of the other decisions that must support their positions
A) compete with; position
B) target, compete with
C) define; profile
D) limit, serve
E) divest; climinate
Merchandising ________________ are corporations that combine several different retailing forms under central ownership.
A) conglomerates
B) agents
C) brokers
D) franchises
E) independents
Which major promotion category makes use of displays, discounts, coupons, and demonstrations?
A) sales promotion
B) direct marketing
C) publicity
D) public relations
E) advertising
The promotion mix is the company's primary communication activity; the marketing mix e coordinated for the greatest communication impact. What is NOT included in the entire marketing mix?
A) product
B) competitor
C) price
D) place
E) promotion
Mass-media advertising routinely involves a company investing millions or even billions of dollars to reach tens of _____________ of customers with a single ad
A) billions
B) thousands
C) millions
D) hundreds
E) tens
According to the opening scenario, GEICo has become the fourth-largest insut company by _____________.
A) integrating humor and creativity into its minicampaigns
B) targeting a niche market of people with exceptional driving records
C) offering cost savings directly to customers without sales personnel
D) marketing its product through creative print ads in major magazines
E) creating a website that is appealing to both young and old drivers
All of the following are important decisions during the process of developing an advertising program EXCEPT
A) setting advertising objectives
B) setting the advertising budget
C) developing advertising strategy
D) selecting a target market
E) evaluating advertising campaigns
Which of the following elements of the promotion mix involves making persona connections with customers for the purpose of making sales?
A) personal selling
B) advertising
C) e-commerce
D) publicity
E) public relations
A _______________ is an individual acting on behalf of a company who performs one or more of the following activities: prospecting, communicating, servicing, and information gathering
A) press agent
B) sales assistant
C) marketing director
D) salesperson
E) publicist
_____________ involves two-way, personal communication between salespeople and individual customers, either in person, by telephone, or through Web conferences
A) Advertising
B) Public relations conferences
C) Personal selling
D) Telemarketing
E) Integrated marketing communication
What are the two main goals of direct marketing?
A) to identify a potential customer and obtain an immediate response
B) to obtain an immediate response and to facilitate a purchase
C) to obtain an immediate response and build a lasting customer relationship
D) to provide information and build a lasting customer relationship
E) to save marketing dollars and facilitate a purchase
Modern direct marketers rely heavily on database technologies and the Internet, while early direct marketers primarily used direct mailers, telemarketing, and ________________.
A) door-to-door salespeople
B) catalogs
C) POP promotions
D) e-mail
E) inside salespeople
Having identified and evaluated its major competitors, the company now must design broad competitive marketing strategies by which it can gain competitve advantage through superior _____________.
A) customer value
B) customer service
C) employee value
D) employee service
E) target locations
Companies that operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising are using ______________ competitive marketing strategies.
A) informal
B) formal
C) blue ocean
D) red ocean
E) technical
Approaches to marketing strategy and practice often pass through which of the three following stages?
A) formulated marketing, intrepreneurial marketing, and innovative marketing
B) entrepreneurial marketing, intrepreneurial marketing, and innovative marketing
C) entrepreneurial marketing, formulated marketing, and strategic marketing
D) entrepreneurial marketing, formulated marketing, and intrepreneurial marketing
E) innovative marketing, strategic marketing, and formulated marketing
All of thc following are political-legal factors that should be considered when deciding whether to do business in a given country EXCEPT?
A) attitudes toward international buying
B) government bureaucracy
C) if a state religion is enforced
D) monetary regulations
E) political stability
Countries with _____________ economies may consist mostly of households with very low family incomes.
A) industrial
B) industrializing
C) service
D) technological
E) subsistence
All of the following are types of industrial structures EXCEPT
A) subsistence economies
B) raw material exporting economies
C) developing economies
D) industrializing economies
E) industrial economies
McDonald's "Plan to Win" strategy has added healthy food options to its menu, phased out traditional artery-clogging trans fats, launched a major multifaceted education campaign, and addressed environmental issues. "Plan to Win" best exemplifies which concept?
A) sustainable marketing concept
B) marketing concept
C) societal marketing concept
D) strategic planning concept
E) consumer business concept
Many critics charge that the American marketing system causes ____________ to be higher than they would be under more "sensible" systems
A) imports
B) exports
C) prices
D) product safety measures
E) employee morals
Critics charge that intermediaries ________________.
A) are too few in number
B) are inefficient
C) provide only necessary services
D) underprice their services
E) are too competitive
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