14 Aug Question 1.1.(TCO 1) 3M inventor David Windorski’s challenge was to design new p

Question 1.1.(TCO 1) 3M inventor David Windorski’s challenge was to design new products for college students. The first step in solving this challenge was to(Points : 3) satisfy students’ studying needs. advertise the new products he had invented. use word of mouth to tell college students about his ideas. discover students’ studying needs. ask 3M to support him while he pursued his new ideas.Question 2.2.(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 productQuestion 3.3.(TCO 1) The first objective in marketing is to discover consumer(Points : 3) diversity. ability to pay. objectives. needs. synergy.Question 4.4.(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.Question 5.5.(TCO 6) The fourPs of the marketing mix are(Points : 3) personnel, priorities, placement, and profits. promotion, product, personnel, and place. product, place, production, and promotion. product, promotion, price, and place. profitability, productivity, personnel, and packaging.Question 6.6.(TCO 1) _____ is the money left over after a business firm’s total expenses are subtracted from its total revenues.(Points : 3) Shareholders’ equity Profit Inventory turnover Contribution margin Asset leverageQuestion 7.7.(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 organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals. All of the aboveQuestion 8.8.(TCO 1) The marketing department helps keep the organization focused on creating value both for it and for customers. This is accomplished by(Points : 3) listening to customers. developing offerings. producing offerings. implementing marketing program activities. All of the aboveQuestion 9.9.(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 CEO’s annualQuestion 10.10.(TCO 1) The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is called(Points : 3) sales quality. market share. industry potential. contribution margin. marginal revenue. Question 11.11.(TCO 1) Step 2 in the planning phase of the strategic marketing process is(Points : 3) the situation analysis. the market-product focus and goal setting. the marketing program. implementation. obtaining resources.Question 12.12.(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 aboveQuestion 13.13.(TCO 1) There are no magic, one-size-fits-all guidelines for writing successful marketing and business plans. Nevertheless, all of the following generally apply, except(Points : 3) use a direct, professional writing style. be positive and specific to convey potential success. use bullet points for succinctness and emphasis. save the most important points for the conclusion. strive to develop a plan 15–35 pages in length, not including financial projections and appendices.Question 14.14.(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 aboveQuestion 15.15.(TCO 5) The social forces of the environment include the demographic characteristics of the population and its _____. Changes in these forces can have a dramatic impact on marketing strategy.(Points : 3) living standards social class values dialect cultureQuestion 16.16.(TCO 5) Generally, the U.S. population is becoming(Points : 3) smaller, younger, and more diverse. smaller, older, and more diverse. larger, older, and less diverse. larger, younger, and more diverse. larger, older, and more diverse.Question 17.17.(TCO 6) The concern for obtaining the best quality, features, and performance of a product or service for a given price is called(Points : 3) changing values. multidimensional consumption. buyer excellence. purchasing excellence. value consciousness.Question 18.18.(TCO 5) In an inflationary economy, the cost to produce and buy products and services _____ as prices _____.(Points : 3) escalates; increase escalates; decrease decreases; increase decreases; decrease does not change; increaseQuestion 19.19.(TCO 5) Medication sensors have been developed that can dispense medicines by circulating within the arteries of the body and sensing when the medication is needed. This is an example of how _____ help(s) to improve or replace existing products and companies.(Points : 3) technology medicine legal forces ecology competitive forcesQuestion 20.20.(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 MonopolyQuestion 21.21.(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 evaluationQuestion 22.22.(TCO 6) Putting a dollar value on what a satisfied, loyal, repeat customer spends on a firm’s products during a year or a lifetime reveals that(Points : 3) focusing on customer retention is not very profitable. the calculation is flawed and not practical. companies that have focused on customer retention have not yet seen results. focusing on customer retention can be very profitable. companies are generally more profitable if they try to attract new customers rather than focus on customer retention.Question 23.23.(TCO 6) Organizational buyers can be divided into three different markets. They are(Points : 3) industrial, wholesaler, and retailer. industrial, retailer, and government. retailer, manufacturer, and government agencies. industrial, government, and ultimate consumer. industrial, reseller, and government.Question 24.24.(TCO 6) Which of the following statements accurately characterizes the organizational buying process?(Points : 3) Multiple buying influences exist and many people may be involved in the purchase decision process. Buying objectives, procedures, and criteria are well established. Negotiations between buyers and sellers regarding price is common. The purchase of goods or services is usually handled by technically qualified and professional buyers. All of the aboveQuestion 25.25.(TCO 6) Seven of the most commonly used organizational buying criteria are (1) price, (2) ability to meet the quality specifications required for the item, (3) _____, (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 required delivery schedules current mood of the buyer opinion of the firm’s senior management

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