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WorksheetsMarketing Concepts and Social Responsibility MCQs (Transcribed)
Total questions: 83
Worksheet time: 42mins
The statement, "Marketing should be introduced at the beginning rather than the end of the production cycle and integrated into each phase of the business," is consistent with a(n) ____ orientation.
production
market
retail
sales
enterprise
The marketing concept includes a goal orientation to remind managers that:
achieving long-term organizational goals is as important as satisfying customers
customers must be satisfied no matter what the long-term effect on the firm
the only reason for any business to exist is to make a profit
the objective is to find a target market that differs from that of the competition
functional integration of all departments is useful but not essential
An organization with a(n) ____ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests.
sales orientation
market orientation
ethical business mission
focused target market strategy
societal orientation
Which of the following statements about the societal orientation is true?
Companies that protect the environment by using all-natural materials in their products are showing a societal marketing orientation.
Marketers cannot deliver all benefits sought by customers because these benefits may not be in the long-term best interests of the customers.
The societal marketing concept is an important refinement of the market concept.
Organizations have both a social and economic justification for their existence.
All of these statements about the societal orientation are true.
____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.
Opportunity cost
Marketing utility
Market quality
Satisfaction percentage
Customer value
When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, ____ is created.
a value line
a quality rift
planning excellence
customer satisfaction
expectation satisfaction
What is the fundamental objective of most businesses?
employee empowerment, teamwork, and relationship marketing
satisfied stakeholders
low costs and high quality
customer loyalty and retention
survival, profits, and growth
Corporate social responsibility is defined as the:
belief that the legal system defines ethical behavior
development of inclusive codes of ethics
rules by which social rewards are attained
concern for social welfare by businesses
coordination of social programs for publicity purposes
Corporate social responsibility:
is mandated by federal law
requires companies to sacrifice economic performance for the sake of their stakeholders
does not influence competition
may not always result in profit and growth
is unaffected by environmental changes
____ is the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profit and help the world at the same time.
Sustainability
Philanthropy
Cause marketing
Creative ethics
International ethics
The four components of the pyramid of corporate social responsibility are:
sustainability, creativity, profit, and culture
organizational culture, creativity imagery, economic performance, and objectivity
organizational, financial, social, and cultural responsibilities
sustainability, legality, creativity, and competition
economic, legal, ethical, and philanthropic responsibilities
Which of the following statements describes ethics?
Ethics are the moral principles or values that generally govern the conduct of an individual.
Ethics is the standard of behavior by which conduct is judged.
Morals are a foundation for ethical behavior.
Ethical values are situation specific and time oriented.
All of the statements describe ethics.
A(n) ____ is a defined group that managers feel is most likely to buy a firm's product.
target market
buying center
aggregated unit
consumer cluster
demographic sample
Which of the following statements best describes the typical target market?
A target market will remain stable over time, with the same group of consumers.
Target markets change over time as consumers drop in or out of the market, and as tastes change.
Target markets are not strongly affected by changes in the external environment.
Target markets only change when the features and benefits of the product offering change.
Target markets cannot be specifically defined according to age, income, or location because these factors are continually changing.
The external environment:
can be controlled in much the same manner as the internal marketing mix
cannot be influenced by marketing managers
does not change over time
does not have an impact on Fortune 500 companies
must be continually monitored by marketing managers
The external environment is a strong influence on a target market and can be a source of ____ for the marketing manager.
opportunities and threats
threats and strengths
environmental loopholes
opportunities and weaknesses
product myopia
What is apparently the most difficult external variable for marketing managers to forecast, influence, or integrate into marketing plans?
technology
social factors
demography
competition
economic conditions
When a company engages in ____, it is implementing strategies that attempt to shape the external environment in which it operates.
synergistic control
environmental management
transactional management
market control
reactive management
____ factors are the environmental factors concerned with the changes in people's values, lifestyles, and family roles.
Social
Economic
Political
Competitive
Demographic
What do self-sufficiency, upward mobility, and conformity have in common?
These are no longer valued attitudes.
They are attitudes that can easily be changed.
These are three perceptions that Americans have of the Asian lifestyle.
These are three of the core values that have influenced lifestyles in the United States.
They are the determinants of a component lifestyle.
The study of people's vital statistics, such as their ages, births, deaths, and locations, is called:
cultural sociology
psychometrics
ecology
ethnography
demography
Which of the following is NOT a demographic characteristic of a population?
income level
age
values
education
birthrate
Factors, such as interest rates, inflation, and consumer income that influence the marketing environment, are called ____ factors.
economic
socio-demographic
political
government
consumption
A period of economic activity when income, production, and employment tend to fall, reducing overall demand, is called:
stagnation
an inflation
a recession
price escalation
a depression
Which of the following is sometimes an effective weapon for fighting inflation and recession?
technology
line extensions
increased capital gains taxes
introducing product-line extensions
reducing R&D expenditures
Research that attempts to expand the frontiers of knowledge rather than solving a specific, pragmatic problem is called:
technical diversity
reactive research
applied research
experiential research
basic research
Laws and regulations of various governments and their ongoing development and change are an example of ____ factors and are part of all organizations' external environment.
economic investment
political and legal
research and development
competitive
demographic
___ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.
Tactical management
The market audit
Functional planning
Environmental scanning
Strategic planning
____ is the process of anticipating events and determining strategies to achieve organizational objectives.
Planning
Portfolio evaluation
Forecasting
Implementation
Evaluation
Marketing plans should be written to do all of the following EXCEPT:
compare actual and expected performance
provide clearly stated activities
create common goals for employees to work toward
allow managers to enter the marketplace with an awareness of possibilities and problems
control the elements of the external marketing environment
Which of the following is one of the elements of the marketing plan?
a business mission statement
a situation analysis
a target market strategy
the marketing mix
all of the choices
The ____ answers the question, "What business are we in, and where are we going?"
mission statement
financial statement
situation analysis
market strategy
strategic plan
The focus of an organization's mission statement should be on:
the products it wishes to sell
the market it wishes to serve
its social responsibilities
the desires of government regulators
technologies it understands well
A popular technique for managing a large organization with different technologies and markets is to divide it into:
strategic business units
different technologies
An SBU:
competes with the same companies as the other SBUs in the parent organization
shares the same mission with all the other SBUs in the parent organization
controls its business independent of other SBUs in the organization
usually benefits from the combined corporate raw materials purchases
still has strategic planning performed back at corporate headquarters
After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?
profitable
realistic
measurable
time-specific
consistent
A _____ is defined as a statement of what is to be accomplished through marketing activities.
mission statement
business plan
marketing objective
goal-driven directive
marketing criteria
A _____ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.
situation analysis
marketing audit
trend analysis
strategic alternative selection
competitive advantage audit
The SWOT acronym refers to a firm's analysis of its:
sales, width of product mix, observations, and technology
situations, wealth, organizational strengths, and target markets
strengths, weaknesses, opportunities, and threats
service levels, willingness to spend, organizational culture, and total revenues
strategies, willingness to change, objectives, and trends
_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.
Market sampling
An internal audit
Opportunity analysis
Environmental scanning
Stakeholder analysis
_____ is a strategy of increasing market share for present products in existing markets.
Market penetration
Product development
Market development
Diversification
Product penetration
_____ is a strategy that attracts new customers to existing products.
Product development
Market development
Market penetration
Product development
Diversification
_____ is a strategy that creates new products for present markets.
Product penetration
Market penetration
Product development
Market development
Diversification
_____ is the strategy of increasing sales by introducing new products into new markets.
Product penetration
Product development
Market penetration
Market development
Diversification
The _____ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
internal environmental mix
marketing mix
product mix
product line
market portfolio
The starting point of any firm's marketing mix is the:
analysis of what production equipment is available and owned by the company
design of the promotion campaign to be used for the product
selection of the places through which the good or service will be sold
determination of the product's price, enabling future revenues and budgets to be estimated
development of the good or service to be sold
Making sure products are available when and where customers want them is the job of which element of the marketing mix?
advertising strategies
production strategies
product strategies
promotion strategies
distribution strategies
Global marketing standardization:
is becoming less popular with the large multinationals
encourages product, packaging, and advertising variations for each nation or local market
actually raises production costs
presumes markets throughout the world are becoming more alike
is more popular with consumer products than with industrial goods
A business thinking of expanding into global markets needs to examine all of the following external environments EXCEPT:
culture
political structure and actions
its marketing mix
natural resources
demographic makeup
Central to any society is a common set of values shared by its citizens that determines what is socially acceptable. Marketers refer to these values collectively as a country's:
ethical system
culture
ethnocentricity
national personality
socialization
Which of the following is an important cultural factor that should be considered by global marketers?
competitive synergy
language
natural resources
technology sensitivity
level of economic development
Customer relationship management:
is often described as a closed-loop system
only involves personnel in marketing and management departments
organizes the company around functional departments
is a very simplistic method of encouraging customer satisfaction
is only a theory and has not been proven successful in any practical way
The basic assumption of _____ is that marketing to repeat customers is more profitable than marketing to first-time buyers.
customer segmentation
predictive modeling
customer valuation
data manipulation
lifetime value analysis
Everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans is referred to as:
competitive intelligence
marketing information
decision support information
marketing research
observation
_____ is the creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns.
Electronic targeting
Sampling procedure specification
Database marketing
Competitive data mining
Consumer behavior marketing
_____ is the process of planning, collecting, and analyzing data relevant to a marketing decision. The results of this analysis are then communicated to management.
Data collection
Artificial intelligence
Decision support
Marketing research
Single-source research
Marketing research has three functional roles. These roles are:
normative, descriptive, and explanatory
predictive, normative, and persuasive
descriptive, diagnostic, and predictive
flexible, interactive, and discovery-oriented
descriptive, explanatory, and predictive
Trade groups, commercial publications, and government departments can be used as sources of:
secondary data
consensual information
primary data
artificial intelligence
marketing audits
Information collected for the first time for the purpose of solving a particular problem under investigation is called _____ data.
primary
secondary
dichotomous
observation
convenience
In-home personal interviews:
offer high-quality data at a high cost
offer the ability to obtain high-quality data at a low cost
are becoming increasingly more popular
are less expensive than mall intercepts
offer information of moderate quality but at a low cost
Telephone interviews offer:
speed in gathering data
a potential for reaching all households
few nonresponses
the ability to collect large amounts of complex data
the lowest-cost method for obtaining data
_____ research depends on watching what people do.
Anonymous viewership
Observation
Interactive
Personal scanner
Survey
An intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors is called:
competitive research
competitive intelligence
industrial espionage
an audit
differential competitive advantage
New-to-the-world products, where the product category itself is new, are also called:
discontinuous innovations
moderate innovations
slow-diffusing products
venture products
creative offerings
The first stage of the new-product development process is:
screening and concept testing
establishing the new-product strategy
exploring opportunities
developing a business analysis
the building of a prototype
The process of converting applications for new technologies into marketable products is called:
basic research
product modification
marketing development
product development
correlation analysis
The phase of the product life cycle in which healthy profits usually begin to appear is the _____ stage.
growth
decline
introductory
maturity
commercialization
In which stage of the product life cycle do marginal competitors start dropping out of the market?
Introduction
Growth
Maturity
Decline
Shake-out
A market is people or organizations that have:
the ability, willingness, and power to buy
a medium of exchange and products they desire
needs and wants and an ability and willingness to buy
unmet needs or wants and products or services that satisfy those unmet needs or wants
communication, financial, and capital resources
A(n) ____ is a subgroup of individuals or organizations sharing one or more characteristics that cause them to have similar product needs.
market universe
market segment
aggregated market
segmentation base
population sample
____ is the process of dividing a market into meaningful groups that are relatively similar and identifiable.
Perceptual mapping
Positioning
Micromarketing
Market sampling
Market segmentation
The purpose of market segmentation is to:
reduce the market down to a size the firm can handle
divide the market into equal size and profit regions for sales territories
group a large number of markets together, enabling a company to serve them simultaneously
develop a generalized definition of the market as a whole
enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups
To be useful, a segmentation scheme must produce segments that meet four basic criteria. The criteria are:
segmentability, targetability, reliability and validity, and homogeneity
tangibility, inseparability, nonperishability, and uniqueness
substantiality, identifiability and measurability, accessibility, and responsiveness
reliability, flexibility, tangibility, and unbiased
complexity, compatibility, relative advantage, trialability, and observability
Income, ethnic background, gender, and age are all examples of ____ segmentation bases.
geodemographic
organizational
demographic
socioeconomic
psychographic
____ segmentation is based on personality, motives, and lifestyles.
Psychographic
Demographic
Benefit
Family life cycle
Character
The steps of the consumer decision-making process in order are:
need recognition, alternative aggregation, reevaluation, purchase decision, postpurchase behavior
need positioning, stimulus response reactions, evaluation of alternatives, purchase decision, postpurchase behavior
need positioning, alternative aggregation and divestment, purchase decision, postpurchase evaluation
information search, need positioning, evaluation of alternatives, product trial, purchase decision, postpurchase satisfaction
need recognition, information search, evaluation of alternatives, purchase, and postpurchase behavior
Which of the following is any unit of input affecting one or more of the five senses: sight, smell, taste, touch, and hearing?
Tactic
Need
Stimulus
Want
Desire
Which of the following is an information source that is not associated with advertising or promotion?
External
Nonmarketing-controlled
Marketing-controlled
Unbiased
is defined as the quantity of a product that will be sold at various prices for a specified period.
Market share
Demand
Supply
Value
Revenue
The price of the good or service is a key decision for a marketer because it most significantly and directly affects the product's:
distribution
costs
demand
promotion
quality
is defined as the quantity of product offered to the market by suppliers at various prices for a specified period.
Supply
Demand
Equity
Liquidity
Current asset
Profit maximization occurs when:
total costs equals average fixed revenue
average variable costs are larger than average total costs
total costs equal total variable costs
marginal variable costs equal average revenues
marginal revenue equals marginal cost
The point at which marginal cost and marginal revenue are equal always results in:
maximization of elasticity
maximization of revenue
maximization of costs
maximization of profits
break-even equilibrium
