Multiple Choice Answers

1. Good marketing is no accident, but a result of careful planning and ________.
a. execution
b. selling
c. strategies
d. tactics
e. research

2. The most formal definition of marketing is ________.
a. meeting needs profitably
b. identifying and meeting human and social needs
c. the 4Ps (Product, Price, Place, Promotion)
d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.
e. improving the quality of life for consumers

3. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.”
a. we make profits
b. we challenge competitors
c. we implement ads
d. we sell hope
e. we sell quality

4. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities.
a. creative
b. measurable
c. macro
d. micro
e. niche

5. The task of any business is to deliver ________ at a profit.
a. customer needs
b. products
c. customer value
d. products and services
e. improved quality

6. Today, the “mass-market” is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria.
a. micromarkets
b. market targets
c. macromarkets
d. customer cliques
e. demographic units

7. The Japanese have refined the value delivery process to include a component that emphasizes ________.
a. zero servicing
b. zero customer feedback time
c. zero promotion
d. zero dependency on intermediaries
e. zero marketing costs

8. The firm’s success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________.
a. core strategies
b. satellite businesses
c. core values
d. core business processes
e. core technologies

9. The major responsibility for identifying significant marketplace changes falls to the ________.
a. Ministry of Labor & Social Affairs
b. company’s marketers
c. American Marketing Association
d. industry lobby groups found in Washington, D.C.
e. marketing research industry

10. Marketers have extensive information about how consumption patterns vary across countries. On a per capita basis within Western Europe, the ________ smoke the most cigarettes.
a. Swiss
b. Greeks
c. Irish
d. Austrians
e. French

11. The company’s marketing information system should be a cross between what managers think they need, what managers really need, and ________.
a. what the marketing research department is able to do
b. what consumers are willing to share
c. what the competition is doing
d. what is acceptable industry practice
e. what is economically feasible

12. A ________ is “unpredictable, short-lived, and without social, economic, and political significance.”
a. fad
b. fashion
c. trend
d. megatrend
e. style

13. Which of the following countries is known for having 99 percent of its population literate?
a. England
b. Germany
c. France
d. United States
e. Japan

14. The twenty-first century saw ________ markets grow more rapidly again due to a higher birth rate, a lower death rate, and rapid growth from foreign immigration.
a. suburban
b. urban
c. rural
d. coastal
e. secondary

15. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
a. Marketing intelligence
b. MIS (marketing information system)
c. Marketing research
d. Demographics
e. Marketing management

16. Companies normally budget marketing research at ________ percent of company sales.
a. 1 to 2
b. 2 to 3
c. 4
d. 6.5
e. 10 to 12

17. All of the following would be among the ways that small companies can conduct marketing research in creative and affordable ways EXCEPT ________.
a. using the Internet
b. engaging students to design and carry out projects
c. checking out rivals
d. engaging professors to design and carry out projects
e. hiring syndicated-service research firms to conduct projects

18. The marketing manager needs to know the cost of the research project before approving it. During which of the following stages of the marketing research process would such a consideration most likely take place?
a. Step 1—defining the problem.
b. Step 1—creating decision alternatives.
c. Step 1—drafting the research objectives.
d. Step 2—develop the research plan.
e. Step 3—information collection.

19. Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions.
a. quantitative
b. qualitative c.
d. covert
e. subliminal

20. If a marketing researcher selects the most accessible population members, he or she would have selected the ________ sampling method.
a. simple random
b. stratified random
c. cluster
d. judgment
e. convenience

21. ________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering.
a. Profit-centered companies
b. Customer-centered companies
c. Production-centered companies
d. Sales-centered companies
e. Promotion-centered companies

22. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
a. Perceived usefulness
b. Failure avoidance rate
c. Report rating
d. Customer perceived value
e. Competitors market share rate

23. One key to customer retention is ________. It would be wise for a company to measure this factor frequently.
a. heavy promotion
b. deep discounts for intermediaries
c. to have an ethics officer
d. customer satisfaction
e. to have customers on the board of directors

24. A ________ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream of attracting, selling, and servicing that customer.
a. profitable
b. semi-profitable
c. unprofitable
d. niche
e. target

25. ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
a. Target marketing
b. Psychographic segmentation
c. Psychology
d. Consumer behavior
a. Product differentiation

26. The fundamental determinant of a person’s wants and behavior is the person’s ________.
a. psyche
b. national origin
c. culture
d. peer group
e. family tree

27. A person’s ________ consist(s) of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior.
a. culture
b. subculture
c. psychographics
d. reference groups
e. demographics

28. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.
a. marketing channels
b. organizational buying
c. demand-oriented buying
d. purchasing
e. inventory control

29. The demand for business goods is ultimately derived from the demand for ________.
a. raw materials
b. consumer goods
c. electronics
d. business solutions
e. e-commerce

30. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________.
a. limiting the quantity that can be purchased
b. no refunds
c. no adjustments
d. no services
e. no customer advertising